Document:

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                                                                   EXHIBIT 10.13

C L I F F O R D

C H A N C E                                                       EXECUTION COPY

P U N D E R

                                Dated 24 May 2002

                               DEUTSCHE EXIDE GmbH

                           DEUTSCHE EXIDE STANDBY GmbH

                                       And

                         EXIDE AUTOMOTIVE BATTERIE GmbH

                              together, the Sellers

                            EXIDE HOLDING EUROPE S.A.

                                 as Offer Agent

                            BATTERIES FUNDING LIMITED

                                    as Buyer

                                       and

                                 CITIBANK, N.A.

                               as Operating Agent

                        GERMAN RECEIVABLES SALE AGREEMENT

       PARTNERSCHAFTSGESELLSCHAFT VON RECHTSANWALTEN, WIRTSCHAFTSPRUFERN,
  STEUERBERATERN UND SOLICITORS SITZ: FRANKFURT AM MAIN . AG BAD VILBEL PR 1000

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                                    CONTENTS
<TABLE>
<CAPTION>
CLAUSE                                                                      PAGE

<S>                                                                            <C>
1.       Definitions and Construction ......................................   2

2.       Facility ..........................................................  28

3.       Conditions Precedent ..............................................  28

4.       Purchases .........................................................  32

5.       Collections and Settlement ........................................  39

6.       Fees, Costs and Administrative Reserve ............................  43

7.       Payments and Computations, etc. ...................................  44

8.       Representations and Warranties of Each Seller and Exide Europe ....  46

9.       Affirmative Covenants of Each Seller ..............................  50

10.      Negative Covenants of the Seller ..................................  53

11.      Reporting Requirements of each Seller .............................  54

12.      Servicer, Collections and Buyer Account ...........................  56

13.      Protection of the Buyer's Rights ..................................  61

14.      Responsibilities of each Seller ...................................  62

15.      Agency and Indemnities ............................................  64

16.      Amendments, Etc. ..................................................  68

17.      Notices ...........................................................  69

18.      No Waiver: Remedies ...............................................  69

19.      Binding Effect: Assignability .....................................  70

20.      Further Assurance - Restructuring .................................  71

21.      Termination .......................................................  72

22.      No Proceedings ....................................................  72

23.      Execution in Counterparts: Severability ...........................  72
</TABLE>

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<TABLE>
<S>                                                                          <C>
24.      Confidentiality ..................................................  73

25.      Governing Law and Jurisdiction ...................................  73

SCHEDULE 1 ................................................................  75

Part 1 Seller Non-Transaction Accounts ....................................  75

Part 2 Offices of the Sellers/Collection Account ..........................  75

Part 2 Buyer Account ......................................................  76

Part 3 Buyer Collection Account(s) ........................................  77

SCHEDULE 2 Form of Admission of Additional Seller .........................  78

SCHEDULE 3 Form of Settlement Statement ...................................  81

SCHEDULE 4 Form of Summary Report .........................................  82

SCHEDULE 5 Initial Conditions Precedent ...................................  84

SCHEDULE 6 Letter of Offer, Acceptance and Receipt ........................  86

Part 1 Letters of Offer ...................................................  86

- Form of Offer Letter to be sent on Initial Offer Date - .................  86

- Form of Letter of Offer to be sent on any Subsequent Offer Date - .......  88

Part 2 Form of Letter of Acceptance .......................................  90

Part 3 Form of Receipt of Purchase Price ..................................  92

SCHEDULE 7 Form of Contract ...............................................  94

SCHEDULE 8 ................................................................  95

Part 1 Information to be Provided to Exide Europe .........................  95

Part 2 Form of Monthly Summary ............................................  97

SCHEDULE 9 Letter of Undertaking ..........................................  99

SCHEDULE 10 List of Account Debtors other than Designated Account
            Debtors .......................................................  100

SCHEDULE 11 Payment Instructions ..........................................  101
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<S>                                                                          <C>
Part 1 Form of Notification of Customers by Letter on the Payment
       Notification Date .................................................   101

Part 2 Form of Notification of Customers on each invoice .................   103

SCHEDULE 12 [INTENTIONALLY LEFT BLANK] ...................................   104

SCHEDULE 13 Form of Power of Attorney in Favour of Citibank and the
            Buyer ........................................................   105

SCHEDULE 14 Form of Directors' Certificate in Respect of Sellers .........   109

SCHEDULE 15 Form of Authorities to Represent and Sign ....................   112

SCHEDULE 16 Special Dilution Reserve .....................................   114

EXECUTION PAGES ..........................................................   116
</TABLE>

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THIS GERMAN RECEIVABLES SALE AGREEMENT (the "Agreement"), dated 24 May 2002, is
made among:

(1) DEUTSCHE EXIDE GMBH, a company having its address at Im Tiergarten, 63654
    Budingen;

(2) DEUTSCHE EXIDE STANDBY GMBH, a company having its address at Im Tiergarten,
    63654 Budingen; and

(3) EXIDE AUTOMOTIVE BATTERIE GMBH, a company having its address at Im
    Tiergarten, 63654 Budingen;

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

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

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

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

Preliminary Statements

(A) This Agreement is entered into in the context of a restructuring of a
    previous transaction and is intended to substitute the agreement entitled as
    "German Receivables Purchase Agreement", dated 5 June 1997 and made between,
    inter alios, the Sellers and EXIDE Europe Funding Limited, 22 Greenville
    Street, St Helier, Jeryey JE4 8PX, Channel Islands;

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

(C) The Operating Agent has been requested and is willing to act as Operating
    Agent as set out in this Agreement and, in particular, in Clause 15.1,
    subject to the ability of the Operating Agent to delegate its obligations
    pursuant to the terms of this Agreement, in particular, Clause 4.10.

                                       -1-

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NOW, THEREFORE, the parties agree as follows:

1.  DEFINITIONS AND CONSTRUCTION

    In this Agreement (including the Preliminary Statements):

1.1 Accounting Terms
    All accounting terms not specifically defined in this Agreement shall be
    construed in accordance with generally accepted accounting principles
    (Grundsatze ordnungsgema(beta)er Buchfuhrung) as in effect on the date
    hereof in Germany.

1.2 Defined Terms:
    The following terms shall have the meanings indicated:

    "Acceptance Fee" has the meaning ascribed to that term in Clause 4.2.

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

    "Account Pledge Agreement" means the Agreement of even date herewith
    entitled as Account Pledge Agreement (Kontenverpfandung) between each of the
    Sellers and the Buyer under which pledges over the Collection Accounts are
    created in favour of the Buyer to secure the obligations of each of the
    Sellers hereunder.

    "Accounts Receivable Listing" means a list, by invoice number, of all of the
    Contracts entered into with Designated Account Debtors which are shown on
    each Seller's general ledger as outstanding as at (but excluding) each
    relevant Reference Date, including the information specified in Clause 4.8
    together with such other information concerning each Contract, and in such
    format, as the Operating Agent may specify.

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

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

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         "Additional Designated Account Debtor" means an Account Debtor
         designated by a Seller as a Designated Account Debtor pursuant to
         Clause 4.1(b).

         "Additional Seller" means any member of the Exide Europe Group which
         becomes party to this Agreement in accordance with Clause 19.4.

         "Adjustment Agreement" means the agreement of even date herewith
         between the parties hereto pursuant to which the Buyer will make
         adjustment payments (as provided therein) in relation to the relevant
         Seller's Proportionate Share of all amounts standing to the credit of
         the Buyer Account after payment of the amounts set forth in Clause
         5.2.2 (a), (b) and (c).

         "Administrative Reserve" means the reserve maintained pursuant to and
         for the purposes outlined in Clause 6.4 which shall not at any time
         exceed 9% of the Outstanding Balance of Purchased Receivables (giving
         effect to all amounts on deposit in the Administrative Reserve
         Account).

         "Administrative Reserve Account" means the account kept pursuant to
         Clause 6.4.

         "Advance Payment" means, (i) prior to the Payment Notification Date,
         the aggregate amount of any withdrawals from the Collection Accounts
         and (ii) on and following the Payment Notification Date, the aggregate
         amount of any advances from the Buyer Collection Account pursuant to
         Clause 12.3 to the extent they are outstanding and not repaid.

         "Adverse Claim" means any charge, encumbrance, proprietary or security
         interest, lien or retention of title (Eigentumsvorbehalt), any form of
         extended retention of title (any form of verlangerten or erweiterten
         Eigentumsvorbehalt), priority, or other right or claim in, over or on
         any Person's assets or properties in favour of any other person;

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

         "Affiliate" when used with respect to (i) any company incorporated in
         Germany, means any related company or corporation within Section 15 of
         the German Stock Corporation Act (Aktiengesetz) or (ii) any other
         Person, a Subsidiary of that Person or a Holding Company or any other
         Subsidiary of that Holding Company.

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

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

         "Base Currency" means Euro.

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

         "Buyer Collection Account" means in respect of each Seller, the account
         in the name of the Buyer with the Collection Account Bank as set forth
         in Schedule 1 Part 3.

         "Buyer Entitlement" means, at any time, in respect of the total amount
         standing to the credit of each Collection Account, the portion thereof
         attributable to or representing Collections together with interest
         credited by the Collection Account Bank to such portion.

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

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

         "Collection Account" means in respect of each Seller, the account set
         opposite the relevant Seller's name in Schedule 1 Part 2 under the
         heading "Collection Account", in each case in the name of the
         appropriate Seller, established with the Collection Account Bank or
         such other account or accounts with the Collection Account Bank as may,
         with the prior written consent of the Operating Agent, be

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         utilised for the purposes of this Agreement and designated as a
         Collection Account.

         "Collection Account Bank" means, (i) in respect of each Seller, for the
         time being, such banks and branches with which the Collection Accounts
         set forth in Schedule 1 are maintained or such bank and branch at which
         the Collection Account is, with the prior written consent of the
         Operating Agent, maintained from time to time and (ii) in respect of
         the Buyer, Citibank N.A..

         "Collections" means, with respect to any Purchased Receivable, all cash
         collections received and other cash collections relating to that
         Purchased Receivable including VAT (including, for the avoidance of
         doubt, any such cash collection arising prior to the date on which a
         Receivable became such a Purchased Receivable but excluding any cash
         collections arising under any transaction as referred to in Clause
         19.3) and relating to any Related Security with respect to that
         Purchased Receivable received.

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

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

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

         "Country" means Germany.

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

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

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

         "Custody Documents" means this Agreement or any Letter of Offer
         hereunder.

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

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

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

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

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

         "Default Ratio" as of any date, is equal to the ratio (expressed as a
         percentage) for the most recent month for which such ratio is available
         of (i) aggregate Eligible Receivables which are Paid Receivables that
         were 91-120 days past due

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         at the end of each such month plus Eligible Receivables which are Paid
         Receivables that were charged off (or, without duplication, which
         should have been charged off) as uncollectible during each such month
         which, if they had not been charged off (or, without duplication, which
         should have been charged off) would have been less than 90 days past
         due during such month to (ii) aggregate sales giving rise to
         Receivables that were generated during the calendar month immediately
         preceding the commencement of the Loss Horizon preceding such date.

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

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

         (2)  in respect of which the Designated Account Debtor has taken any
              action, or suffered any event to occur, of the type described in
              Clause 11.4(b); or

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

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

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

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

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

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

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

         "Dilution Reserve" means as of any Settlement Date:

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

         where:

         DYN      =        [(SF2 x ED) + DVF] x DHR

         FLOOR    =        ED x DHR

         Provided that the Dilution Reserve shall never be used to cover for any
         losses on the basis of Defaulted Receivables

         where:

         PER  =   The aggregate amount of the Programme Eligible Receivables

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

         SF2  =   Stress Factor 2 = 2.25

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

         DVF  =   Dilution Volatility Factor

         DHR  =   Dilution Horizon Ratio.

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

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

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

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

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

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

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

         (2)   subject to Clause 12.4, any Originator, Exide Europe or the Offer
               Agent (if an Affiliate of Exide Technologies other than Exide
               Europe) defaults in the performance or observance of any of its
               other covenants and obligations, or breaches any representation
               or warranty under the Relevant Documents to which it is a party,
               which in the reasonable opinion of the Operating Agent is
               materially prejudicial to the interests of the Buyer and/or the
               Lenders and/or the Operating Agent, and such default is not
               remedied to the satisfaction of the Operating Agent within five
               Local Business Days of the earlier of such Originator, Exide
               Europe

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          or the Offer Agent (if an Affiliate of Exide Technologies other than
          Exide Europe) becoming aware of such default and receipt by such
          Originator, Exide Europe or the Offer Agent (if an Affiliate of Exide
          Technologies other than Exide Europe) of written notice by the
          Operating Agent requiring the same to be remedied (for the avoidance
          of doubt, for the purposes of this paragraph (2) if such Originator
          satisfies its obligations pursuant to Clause 5.4 within such five
          Local Business Day period, such default or breach shall not be
          considered to be an Early Amortisation Event);

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

     (4)  any Originator, Exide Europe or the Offer Agent (if an Affiliate of
          Exide Technologies other than Exide Europe) ceases or threatens to
          cease to carry on its business or ceases to carry on the whole or a
          substantial part of its business, or stops payment or threatens to
          stop payment of its debts and which in the reasonable opinion of the
          Operating Agent would be likely to materially adversely affect such
          Originator's or the Offer Agent's ability to perform any of its
          obligations under the Relevant Documents or in relation to any
          Transaction, or such Originator becomes Insolvent or reasons exist
          which would warrant the opening of Insolvency Proceedings against such
          person (Eroffungsgrund within the meaning of Section 16 et seq. of the
          German Insolvency Code (Insolvenzordnung) or any other analogous laws
          in such person's jurisdiction, in the case of Exide Europe, within the
          meaning of Law No. 85-98 of 25 January 1985 (as amended);

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

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

     (7)  any sale of Eligible Receivables pursuant to this Agreement ceases to
          create or is determined not to be a valid sale in equity of such
          Eligible Receivables;

     (8)  proceedings are initiated against any Originator, Exide Europe or the
          Offer Agent (if an Affiliate of Exide Technologies other than Exide

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

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

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

     (11) for any three month period, the average Dilution Ratio exceeds 10%;

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

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

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

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

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

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

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

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

     "Eligible Receivable" means a Receivable:

     (1)  the Account Debtor of which is a corporate body or corporate entity or
          Person which is (according to the address specified in the related
          invoice) resident of an Approved Jurisdiction and qualifies as a
          merchant (Kaufmann) within the meaning of the German Commercial Code
          (Handelsgesetzbuch) or, in the case of any Account Debtor resident in
          any Approved Jurisdiction other than Germany, qualifies under the
          equivalent concept under the laws of its jurisdiction of residence;

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

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

     (4)  in respect of the Account Debtor of which no delivery or shipment has
          been cancelled or suspended for credit reasons and no credit line or
          accommodation has been cancelled or suspended for credit reasons, in
          either case at any time in the 2 years preceding the date that the
          invoice relating thereto is despatched;

     (5)  which is not a Defaulted Receivable at the date of Purchase;

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     (6)  which, according to the Contract related thereto, is required to be
          paid in full on a date which falls (A) not earlier than the Purchase
          Date (in respect of Existing Receivables) and not earlier than the
          date on which such Receivable becomes a Paid Receivable (in respect of
          Future Receivables) and (B) within 120 days in respect of Deutsche
          Exide GmbH and Deutsche Exide Standby GmbH or 180 days in respect of
          Exide Automotive Batterie GmbH after the earlier of the original
          billing date and the date that the invoice relating thereto is
          despatched;

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

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

     (9)  which (A) arises under a Contract as set out in Schedule 7 (or which
          otherwise has been authorised by the Operating Agent) and is governed
          by the laws of Germany and which (i) is (in the case of Existing
          Receivables), or, (ii) (in the case of Future Receivables) will as at
          the date of it being scheduled to come into existence pursuant to the
          underlying Contract (notwithstanding and in accordance with Clause
          8.20) be in full force and effect and constitutes the legal, valid,
          binding and enforceable (in accordance with its terms) obligation of
          the Account Debtor, (B) is freely assignable (or if not assignable
          without the consent of the Account Debtor, such consent has been
          obtained to the satisfaction of the Operating Agent) and (C) is not
          subject to any Adverse Claim (but excluding customary extended
          retention of title arrangements of the suppliers of such Seller, in
          which context Clause 8.12 shall apply) or dispute, set off,
          counterclaim or defence whatsoever;

     (10) which, together with the Contract related thereto, does not contravene
          in any material respect any applicable laws, rules or regulations and
          with respect to which the Seller is not in violation of any such law,
          rule or regulation in any material respect;

     (11) which (A) satisfies all applicable requirements of the Credit and
          Collection Policy and (B) complies with such other criteria and
          requirements (other than those relating to the collectability of such
          Receivable) as the Operating Agent may from time to time specify to
          the

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         Seller and which are based on a criterion or requirement of any one or
         more of the Rating Agencies;

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

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

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

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

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

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

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

         "Enigma Licence Agreement" has the meaning ascribed to that term in the
         UK RSA.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

         "Future Receivables Purchase Price" means, on any Settlement Date, in
         respect of Future Receivables comprised in a Group of Receivables which
         have come into existence during any Reference Period, an amount in Euro
         equal to

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          the Outstanding Balance of such Receivables which are Eligible
          Receivables as at the Reference Date immediately preceding such
          Settlement Date less the Discount applicable on such Settlement Date,
          as calculated by the Operating Agent.

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

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

          (1)  to pay or to purchase;

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

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

          (4)  to be responsible otherwise for,

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

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

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

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

          "Initial Reference Date" means 24 May 2002.

          "Insolvent", "Insolvency", "insolvent" and "insolvency", in relation
          to any person (including, without limitation, any Account Debtor or
          any party to the Relevant Documents) means that the relevant person is
          either unable to fulfil its payment obligations as they become due
          (zahlungsunfahig) or that the liabilities of that person exceed its
          assets (Uberschuldung) or that such person is presumably unable to pay
          its debts as they fall due (drohende Zahlungsunfahigkeit) or similar
          or analogous proceedings under the laws of the jurisdiction in which
          such person is incorporated (or, if not a company or corporation,
          domiciled) or any jurisdiction in which such person has its principal
          place of business;

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          "Insolvency Proceedings" means any proceedings against a Person based
          on the existence of a reason to open insolvency proceedings pursuant
          to Sections 16 et seq. of the German Insolvency Code
          (Insolvenzordnung) or similar or analogous proceedings under the laws
          of the jurisdiction in which such person is incorporated (or, if not a
          company or corporation, domiciled) or any jurisdiction in which such
          person has its principal place of business.

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

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

          "Letter of Acceptance" means a letter substantially in the form set
          out in Schedule 6 Part 2 pursuant to which the Buyer accepts an offer
          pursuant to a Letter of Offer.

          "Letter of Offer" has the meaning ascribed to that term in Clause 4.1.

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

          "LIBOR" means (a) the applicable Screen Rate or (b) (if no Screen Rate
          is available one week Dollars) the arithmetic mean of the rates
          (rounded upwards to four decimal places) as supplied to the Operating
          Agent at its request quoted by the Reference Banks to leading banks in
          the London interbank market, as of 11:00 a.m. London time on the
          Quotation Day for the offering of deposits in Dollars for a period
          comparable to the Interest Period.

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

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

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

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

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

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

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

          where:

          DYN = SFl x LR x LHR

          FLOOR = CF

          where:

          PER = The aggregate amount of Programme Eligible Receivables
          DefR = the aggregate amount of Programme Eligible Receivables that are
          Defaulted Receivables (as defined in and aggregated among all
          Origination Agreements)
          SF1 = Stress Factor One = 2.25
          LHR = Loss Horizon Ratio
          CF = Concentration Floor = 17%
          LR = Loss Ratio.

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

          "Letter of Offer" has the meaning assigned to that term in Clause 4.1.

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

          "Margin" means 3.75% per annum.

          "Moody's" means Moody's Investors Service Limited.

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

          "Origination Agreement" means as of any time each agreement pursuant
          to which a member of the Exide Europe Group sells trade receivables
          originated in the ordinary course of business of such member company
          and which has been designated from time to time as such by the
          Operating Agent. Until and unless a designation has been made by the
          Operating Agent to the contrary, the Origination Agreements shall
          consist of (i) for the United Kingdom, the Receivables Sale Agreement
          between CMP Batteries Limited, Deta UK Limited, Exide (Dagenham)
          Limited, Fulmen (U.K.) Limited and B.I.G. Batteries Limited as sellers
          (the "UK Sellers"), Exide Holding Europe S.A. as offer agent,
          Batteries Funding Limited as Buyer and Citibank, N.A. as Operating
          Agent (the "UK RSA"), (ii) for France, (a) the Receivables Purchase
          Agreement dated 3 June 1997 (as amended on the date hereof) between
          CEAC, Compagnie Europeenne d'Accumulateurs S.A.S. (the "French
          Seller"), Exide Europe Funding Ltd. ("Exide Funding"), Exide Holding
          Europe S.A. as offer agent and the Operating Agent (the "French RSA")
          and (b) the Onward Receivables Sale Agreement (the "French ORSA")
          dated as of the date hereof between Exide Europe Funding Ltd., the
          Buyer, Exide Holding Europe S.A. as offer agent and the Operating
          Agent, (iii) for Spain, the Receivables Sale Agreement dated as of the
          date hereof between Sociedad Espanola del Acumulador Tudor, S.A. and
          Fulmen Iberica S.L. (the "Spanish Sellers"), the Buyer, Exide Holding
          Europe S.A. as offer agent and the Operating Agent (the "Spanish
          RSA"), (iv) for Italy, (a) the Receivables Sale Agreement dated 3 June
          1997 (as amended on the date hereof) between Exide Italia S.r.l (the
          "Italian Seller"), Archimede Securitisation s.r.l., Exide Holding
          Europe S.A. as offer agent and the Operating Agent (the "Italian RSA")
          and (b) the Onward Sale Agreement (the "Italian OSA") dated as of the
          date hereof between Archimede Securitisation s.r.l., the Buyer and the
          Operating Agent, and (v) for Germany, this Agreement.

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

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

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

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          "Payment Notification Date" is the date on which and from which the
          Sellers will notify the Account Debtors to pay to the Buyer Collection
          Account which shall be 1 July 2002.

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

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

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

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

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

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

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

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

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

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

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          "Programme Receivables" means the aggregate Dollar Equivalent of
          Receivables (as that term is defined in each Origination Agreement),
          aggregated among all Origination Agreements.

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

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

          "Proportionate Share" equals, at any time:

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

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

          "Purchase" means a purchase or purported purchase by the Buyer of a
          Group of Receivables from a Seller (if applicable, through the Offer
          Agent) pursuant to the acceptance of an offer in accordance with this
          Agreement.

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

          "Purchase Price" means both of the Existing Receivables Purchase Price
          and the Future Receivables Purchase Price.

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

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

          "Quotation Day" means, in relation to any Interest Period, two
          Business Days before the first day of that period unless market
          practice differs in the London

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          interbank market for Sterling, in which case the Quotation Day for
          that currency will be determined by the Operating Agent in accordance
          with market practice in the London interbank market (and if quotations
          would normally be given by leading banks in the London interbank
          market on more than one day, the Quotation Day will be the last of
          those days).

          "Rating Agencies" means S&P and Moody's and any such other rating
          agencies as may be agreed upon by the parties hereto.

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

          "Records" means, in respect of any Receivable, all Contracts,
          correspondence, notes of dealings and other documents, books, books of
          account, registers, records and other information (including, without
          limitation, all media of data storage, including, without limitation,
          tapes, CD-Roms, discs, punch cards, data processing software and
          related property and rights) maintained (and recreated in the event of
          destruction of the originals thereof) with respect to such Receivable
          and the related Designated Account Debtor (including but not limited
          to any related bills of exchange (Wechsel));

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

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

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

          "Related Security" means with respect to any Receivable all of the
          Seller's interest, respectively, in any goods and work in progress
          (including returned or repossessed goods and work in progress)
          relating to the sale creating such Receivable and all insurance
          policies, security, deposits, guarantees, indemnities, letters of
          credit, bills of exchange, cheques, other negotiable

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          instruments, warranties, any ownership or retention of title (any form
          of einfacher verlangerter or erweiterter Eigentumsvorbehalt) and other
          agreements and arrangements not created or made by the Buyer
          supporting or securing payment of such Receivable as well as all
          Records relating to such Receivables.

          "Relevant Date" means the earlier of:

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

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

          "Relevant Documents" means this Agreement, the Adjustment Agreement,
          the Account Pledge Agreement, the Letter of Undertaking and the Fees
          Letter.

          "Reserves" means as of any date, the Dollar Equivalent of the sum of
          (i) the Country's Proportional Share of the sum of the Dilution
          Reserve, the Yield Reserve and the Foreign Currency Reserve and (ii)
          the lower of (a) the Country's Proportional Share of the Loss Reserve
          and (b) 9% of the Outstanding Balance of the Paid Receivables, (iii)
          the Administrative Reserve, and (iv) the Special Dilution Reserve.

          "S&P" means Standard & Poor's Ratings Services, A Division of the
          McGraw-Hill Companies Inc.

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

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

          "Sellers" means the persons set out as Sellers at the beginning of
          this Agreement and any Additional Seller made party to this Agreement
          in accordance with Clause 19.4, and "Seller" means any of them.

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

          "Seller Non-Transaction Account" means in respect of each Seller, the
          account set opposite the relevant Seller's name in Schedule 1 Part 1,
          under the heading "Seller Non-Transaction Account", in each case in
          the name of the appropriate

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          Seller, established with the Collection Account Bank, or such other
          account at such branch of such bank as each Seller may from time to
          time specify by written notice to the Collection Account Bank with a
          copy to the Operating Agent.

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

          "Set-off" and "Offset" include any analogous right or claim under any
          applicable legal system.

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

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

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

          "Special Dilution Reserve" means:

          (a)  on each Settlement Date other than that falling immediately prior
               to a Deemed Settlement Date, an amount equal to the percentage,
               set opposite such settlement Date in Schedule 16, of the
               Programme Eligible Receivables on such date (including any
               Eligible Receivables sold or transferred on such date under or
               pursuant to each Origination Agreement); and

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

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

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

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

          (b)  in which Easter falls; and

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

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

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

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

          "Subsidiary" of a company or corporation shall be construed as a
          reference to any company or corporation:

          (a)  which is controlled, directly or indirectly, by the
               first-above-mentioned company or corporation pursuant to section
               15 et seq. German Stock Corporation Act (Aktiengesetz); or

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

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

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

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          "Summary Report" means a report as of each Determination Date or more
          frequently if requested by the Operating Agent, substantially in the
          form of Schedule 4, furnished by each Seller to the Operating Agent
          pursuant to Clause 11.5.

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

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

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

          "Temporary Adjustment Account" means the sub-account held by the Buyer
          with Citibank, N.A., London branch, utilised for the purposes set out
          in Clause 12.4, under the account number 60918971.

          "Termination Date" means (without prejudice to the unlimited right of
          the Buyer at any time to refuse or otherwise not to accept any Letter
          of Offer delivered under this Agreement with or without a cause) the
          earliest to occur of (1) 15 February 2004, (2) an Early Amortisation
          Event and (3) the US DIP Facility Termination Date.

          "Transaction" means each of the transactions contemplated by the
          Origination Agreements.

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

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

          "US DIP Facility Termination Date" has the meaning given to "Scheduled
          Termination Date" in the US DIP Facility Agreement.

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

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

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

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

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

1.3       This Agreement

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

1.4       Origination Agreements

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

1.5       Headings

          Headings shall be ignored in construing this Agreement.

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1.6       Time

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

1.7       Time of Essence

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

1.8       Third Party Rights

          A person who is not party to this Agreement will have no rights under
          or in relation to this Agreement and this Agreement shall not in any
          way be construed as a contract for the benefit of third parties
          howsoever (no Vertrag zugunsten Dritter or Vertrag mit Schutzwirkung
          zugunsten Dritter).

1.9       Limited Recourse Provisions under Facilities Agreement and Currency
          Exchange Agreement

          Any amount payable hereunder by reference to amounts payable by the
          Buyer under the Facilities Agreement and the Currency Exchange
          Agreement shall be due and payable irrespective of whether the Buyer
          is liable to pay such amounts as a result of the limited recourse
          provisions contained in the Facilities Agreement and the Currency
          Exchange Agreement.

2.        FACILITY

          On the terms and conditions set out in this Agreement until the
          Termination Date, each Seller will offer and the Buyer will (i)
          purchase at a discount from each Seller Receivables arising under
          Contracts by acceptance of a Letter of Offer in accordance with the
          terms of this Agreement (which includes, for the avoidance of doubt,
          that all conditions set out in Clause 3 are satisfied) and (ii)
          acquire full title and ownership in such Receivables and Related
          Securities assigned to it.

3.        CONDITIONS PRECEDENT

3.1       To Initial Purchase

          The Initial Purchase is subject to the condition precedent that the
          Operating Agent receives on or before the date on which the relevant
          Letter of Offer may be accepted the documents and information
          specified in Schedule 5, each in form and substance satisfactory to
          the Operating Agent.

3.2       To All Purchases (including the Initial Purchase)

          Each Purchase (including the Initial Purchase) is subject to the
          further following conditions precedent:

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

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

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

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

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

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

               (v)   there has been no sale by a Seller of any of its
                     Receivables out of the ordinary course of its business
                     without the prior written consent of the Operating Agent
                     (this shall, for the avoidance of doubt, not apply to
                     customary extended retention of title arrangements of the
                     suppliers of such Seller, in which context Clause 8.12
                     shall apply);

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

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

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

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

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

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

3.3  To All Payments of Future Receivables Purchase Price

     The payment by the Buyer of the Future Receivables Purchase Price in
     respect of Purchased Receivables on each Settlement Date in the manner
     contemplated in Clause 4.6 is subject to the fulfilment of the following
     conditions precedent on the relevant Settlement Date:

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

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

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

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

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

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

     (g)  on or prior to each Quarterly Settlement Date, the Operating Agent has
          received a Directors' Certificate from each Seller; and

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

3.4      To any Purchase and any payment for Future Receivables from the Payment
         Notification Date

         Any purchase of Receivables and payment for Future Receivables from the
         Payment Notification Date is, in addition to the conditions set out in
         Clause 3.2 and 3.3 subject to the following conditions precedent on the
         relevant Settlement Date:

     (a)  each Seller has provided evidence to the Operating Agent that it has
          given to each Designated Account Debtor by way of registered letter
          notice of assignment and instructions in the form set out in Schedule
          11 Part 1 to make all the payments in respect of Receivables to the
          credit of the Buyer Collection Account and that similar instructions
          to this effect in the form set out in Schedule 11 Part 2 have been
          inserted in each of the invoices to be addressed to such Designated
          Account Debtors; and

     (b)  the Buyer Collection Account shall have been opened with mandates
          satisfactory to the Operating Agent.

3.5  To any Purchase and any payment for Future Receivables from the date
     falling three months after the date of this Agreement

     Any purchase of Receivables and payment for Future Receivables from the
     date falling three months after the date of this Agreement is, in addition
     to the conditions set out in Clause 3.2, 3.3 and 3.4 subject to the
     conditions precedent that either (a) each Originator shall have obtained
     from the competent courts either (i) a servicer licence under the German
     Act on the Rendering of Legal Advice (Rechtsberatungsgesetz) in respect of
     the Transaction or (ii) a binding confirmation that an existing servicer
     licence by such Originator effectively applies to the Transaction, and that
     the Operating Agent shall have received from such Originator a certified
     copy of such licence or binding confirmation, as the case may be, or (b)
     the German Act on the Rendering of Legal Advice (Rechtsberatungsgesetz)
     effectively shall have been amendend to exclude companies that have sold
     receivables during the course of their respective business from the
     requirement of obtaining a servicer licence for the collection of such
     receivables.

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3.6  New Forms of Contracts

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

4.   PURCHASES

4.1  Making Offers

     The  Offer Agent on behalf of each Seller, by 11:00 a.m., London time:

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

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

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

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

          such Initial Letter of Offer to specify (1) the proposed Purchase Date
          of the Receivables in respect of which such Initial Letter of Offer is
          delivered and (2) the Outstanding Balance of the Receivables (if any)
          set out in 4.1(a)(i) above and the Existing Receivables Purchase Price
          with

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          respect thereto, as computed by the Operating Agent. The computation
          of the Existing Receivables Purchase Price by the Operating Agent
          shall, in the absence of manifest error, be deemed to be conclusive;

     (b)  may, on any Offer Date subsequent to the Initial Offer Date and
          falling prior to the Termination Date, nominate a new Account Debtor
          to be a Designated Account Debtor (and if one new Account Debtor is so
          designated, all new Account Debtors will, unless the Operating Agent
          agrees otherwise, be so designated) (an "Additional Designated Account
          Debtor");

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

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

          (ii) in relation to each Additional Designated Account Debtor (if any)
               on such Offer Date:

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

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

               such Letter of Offer to specify (i) the proposed Purchase Date of
               the Receivables in respect of which such Letter of Offer is
               delivered and (ii) the Outstanding Balance of the Existing
               Receivables (if any) set out in Clause 4.1(c)(ii)(1) above and
               the Existing Receivables Purchase Price with respect thereto. The

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               Operating Agent shall compute the Existing Receivables Purchase
               Price in accordance with this Agreement and the computation of
               the Existing Receivables Purchase Price by the Operating Agent
               shall, in the absence of manifest error, be deemed to be
               conclusive.

     (d)  Specification of Receivables and Related Security

          The relevant Seller shall be under the obligation to specify in
          accordance with Clause 4.8 (i) all Receivables the subject of a Letter
          of Offer and (ii) to the extent practicable all Related Security.

4.2  Offer

     The delivery of the Letter of Offer by facsimile shall be irrevocable and
     will constitute an offer by each relevant Seller to sell to the Buyer each
     of (i) the Existing Receivables (if any) designated pursuant to Clause 4.8
     and the Related Security with respect thereto for the Existing Receivables
     Purchase Price applicable to such Existing Receivables as set out in the
     Letter of Offer and (ii) the Future Receivables (if any) designated
     pursuant to Clause 4.8 and the Related Security with respect thereto for an
     amount of Euro 10 in cash (the "Acceptance Fee") plus the Future
     Receivables Purchase Price in accordance with Clause 4.7 of this Agreement.

4.3  Acceptance

     The Buyer will, subject to the satisfaction of the conditions precedent as
     set out in Clause 3 above, accept a Letter of Offer with respect to both
     (a) all Existing Receivables referred to in such Letter of Offer and (b)
     all Future Receivables referred to in such Letter of Offer by way of either
     (x) payment in full of the Existing Receivables Purchase Price relating to
     such Existing Receivables and the Acceptance Fee (which Acceptance Fee
     shall be paid in cash) in accordance with Clause 4.5 or (y) by way of
     delivery of a written Letter of Acceptance substantially in the form of
     Schedule 6 Part 2.

4.4  Transfer and assignment of Receivables and Related Security

     (a)  Automatic Transfer of Receivables and Related Security

          Upon the acceptance of a Letter of Offer all Receivables (regardless
          of whether or not such Receivables qualify as Eligible Receivables)
          and the Related Security the subject of such Letter of Offer shall be
          sold and assigned to the Buyer and title and interest thereto shall
          pass from the relevant Seller to the Buyer after the Purchase Price
          and the Acceptance Fee have either been paid or after both have
          otherwise been fulfilled (erfullt) by the Buyer.

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     (b)  Additional Duty to Transfer Receivables and Related Security/ Treuhand

          If any Receivable and/or Related Security is not transferred for any
          reason as provided in Clause 4.4(a) and/or 4.4(c), the relevant Seller
          shall be obliged to take all actions necessary for the effective
          transfer of such Receivable and/or Related Security without undue
          delay and at its own expense (and shall in particular be obliged to
          endorse in blank any cheques or bills of exchange relating to such
          Purchased Receivable and/or Related Security). The relevant Seller
          shall indemnify the Buyer and/or the Operating Agent against any loss
          or expense incurred by the Buyer and/or the Operating Agent, acting on
          behalf of the Buyer, as a result of the failure to transfer the same
          in accordance with Clause 4.4(a) and/or 4.4(c), as applicable. Until
          any such full transfer and assignment of Purchased Receivables and/or
          Related Security is fully effected and legally valid and binding, the
          relevant Seller shall hold such Receivable and/or Related Security
          (which by failure of their transfer and/or their assignment and
          contrary to the intentions of this Agreement legally remains the
          Eigentum (property) of such Seller) as a Treuhander for the account of
          the Buyer. All Collections in respect of any such Receivables received
          by a Seller shall, pending their application to the Buyer Account, be
          held on trust for and to the order of the Buyer. Without detriment to
          the foregoing and the generality of Clause 16.3, for the avoidance of
          doubt, in the event of the Buyer having any right hereunder to receive
          indemnification, this shall not be subject in any way to a right of
          the Seller to subsequent performance (Nachbesserung) but the Buyer
          shall immediately be entitled to liquidate its claim arising therefrom
          against the Seller.

     (c)  Transfer of Related Security

          To the extent that title to the Related Security cannot be transferred
          by mere agreement between a Seller and the Buyer as provided above in
          Clause 4.4(a), the Sellers and the Buyer agree that:

          (i)  insofar as Related Security governed by German law is concerned:

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

                    -    in case that the Seller has direct possession
                         (unmittelbaren Besitz) in the relevant objects over
                         which the security is created, the Seller holding the

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                    -    relevant chattel in custody for the Buyer free of
                         charge (unentgeltliche Verwahrung); and/or

                    -    in case that the Seller has indirect possession
                         (mittelbaren Besitz) or otherwise a claim for return
                         (Herausgabeanspruch) of or to the relevant objects over
                         which the security is created, assigning hereby to the
                         Buyer all claims for return (Abtretung des
                         Herausgabeanspruchs) against the relevant persons which
                         are in actual possession of such chattel;

               (2)  any notice to be given in order to effect transfer of title
                    shall immediately be given by the relevant Seller in such
                    form as the Operating Agent requires and the Sellers hereby
                    agree that if the relevant Seller fails to give such notice,
                    the Operating Agent is hereby irrevocably authorised to give
                    such notice on behalf of such Seller; and

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

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

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

               (2)  insofar as applicable law does allow, sub-paragraphs
                    4.4(c)(i)(1) to 4.4(c)(i)(3) shall apply mutatis mutandis to
                    such Related Security.

4.5  Method of Payment in relation to acceptance of a Letter of Offer

     If the Buyer wishes to accept a Letter of Offer by way of payment, it will
     do so by way of making payment in full of the Existing Receivables Purchase
     Price in respect of Existing Receivables (if any) referred to in such
     Letter of Offer and the Acceptance Fee in respect of Future Receivables
     referred to in such Letter of Offer on the immediately succeeding proposed
     Purchase Date in the currency and funds specified in Clause 7.2 and
     (subject to the provisions of Clause 12.3 in respect of the Existing
     Receivables Purchase Price in relation to Existing Receivables offered on
     any Offer Date other than the Initial Offer Date) to the account specified
     in Clause 7.3.

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4.6   Confirmation of Receipt of the Purchase Price

      The relevant Seller shall always confirm the receipt of the relevant
      Purchase Price by sending a receipt to the Operating Agent substantially
      in the form set out in Schedule 6, Part 3.

4.7   Covenant for Payment in respect of Purchased Receivables which are Future
      Receivables

      In consideration of the sale and assignment by the relevant Seller of
      Future Receivables (which Receivables have been automatically assigned
      pursuant to Clause 4.4(a)), the Buyer shall (subject to the conditions set
      out in Clause 3), on each Settlement Date, pay in full the Future
      Receivables Purchase Price (as calculated by the Operating Agent in
      accordance with this Agreement) in respect of Future Receivables having
      come into existence during the Reference Period immediately preceding such
      Settlement Date in the currency and funds specified in Clause 7.2 and
      (subject to the provisions of Clause 12.3) to the account specified in
      Clause 7.3. The computation of the Future Receivables Purchase Price by
      the Operating Agent shall, in the absence of manifest error, be deemed to
      be conclusive.

4.8   Determination of Receivables and Related Security

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

4.8.1 on the Initial Offer Date:

      (a)  the Initial Reference Date;

      (b)  each Designated Account Debtor;

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

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

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

      (f)  the Seller of the Future Receivables referred to in the Letter of
           Offer delivered on the Initial Offer Date; and

      (g)  to the extent practicable all Related Security.

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4.8.2    on each subsequent Determination Date:

         (a)  the relevant Reference Date;

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

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

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

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

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

         (g)  each of such Purchased Receivables set out in 4.8.1(f) above
              which is an Eligible Receivable as at (but excluding) the
              Reference Date immediately preceding such Determination Date;

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

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

4.9      Perfection

         Subject to Clause 13, each of the Seller, the Offer Agent and the Buyer
         will take all such steps and comply with all such formalities as may be
         required by the Buyer to perfect or more fully to evidence or secure
         title to the Receivables assigned (or purported to be assigned)
         pursuant to Clause 4.

4.10     Delegation of Powers of Operating Agent

         The Operating Agent hereby delegates to the Offer Agent its obligations
         to compute the Existing Receivables Purchase Price and Future
         Receivables Purchase Price under this Clause 4, which delegation is
         irrevocably accepted by the Offer Agent and each Seller. The Offer
         Agent shall notify the Operating Agent of all calculations made by it
         under this Clause 4. The Operating Agent

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         may revoke this delegation in writing at any time and may override any
         computation made by the Offer Agent if it reasonably deems such
         computation to be false.

4.11     Appointment of Offer Agent

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

4.11.2   Each Seller agrees that the Buyer and the Operating Agent shall be
         entitled to assume without further enquiry that performance by the
         Offer Agent purportedly on behalf of such Seller is duly authorised and
         undertaken on behalf of such Seller.

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

4.12     Appointment of Deutsche Exide GmbH

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

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

4.12.3   Deutsche Exide GmbH may not resign from its appointment under this
         Clause 4.12 without the consent of the Operating Agent.

5.       COLLECTIONS AND SETTLEMENT

5.1      Collection of Receivables

5.1.1    Prior to an Early Amortisation Event, each Servicer shall:

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

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

         (c)  on each Settlement Date (subject to Clause 12.3) transfer all
              Collections received since the last Settlement Date to the Buyer
              Account.

5.1.2    Upon demand of the Operating Agent, each Servicer shall set aside and
         hold in trust for the Buyer all Collections received by it and
         immediately deposit such Collections to the Buyer Account.

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

5.1.4    It is the clear intention of all parties that the question of a Seller
         or Servicer collecting or not collecting (for any reason whatsoever)
         the Purchased Receivables and Related Security shall not impact on the
         validity or enforceability of this Agreement as such, in particular,
         without limitation, the purchase arrangements hereunder.

5.2      Settlement Procedures prior to Termination Date

         Prior to the Termination Date the procedures described in this Clause
         shall apply.

5.2.1    On each Determination Date the Operating Agent shall calculate:

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

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

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

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

         (b)  to each Seller, (i) (on the date of the Initial Purchase) the
              Existing Receivables Purchase Price for the Existing Receivables
              offered for Purchase on the Initial Offer Date and the Acceptance
              Fee in respect of all Future Receivables offered for Purchase on
              such Initial Offer Date and (ii) (on any Settlement Date
              thereafter) the Acceptance Fee for all Future Receivables offered
              for Purchase on the immediately preceding Offer Date and, to the
              extent such amounts are not satisfied by way of

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                    set-off pursuant to Clause 12.3, the Existing Receivables
                    Purchase Price for all Existing Receivables (if any) offered
                    for Purchase on the immediately preceding Offer Date and the
                    Future Receivables Purchase Price for all Purchased
                    Receivables (which were Future Receivables) which have come
                    into existence during the immediately preceding Reference
                    Period;

               (c)  to the credit of a bank account with Citibank, N.A., London
                    branch, at the Operating Agent's discretion and in
                    accordance with Clause 6.4, amounts towards the
                    Administrative Reserve;

               (d)  to the Buyer, such amounts as determined by the Operating
                    Agent as are required to repay Programme Capital and result
                    in the Programme Reserves being equal to the amount
                    calculated pursuant to Clause 5.2.3; and

               (e)  to each Seller, its Proportionate Share of all amounts
                    standing to the credit of the Buyer Account after payment of
                    the amounts set forth in (a), (b), (c) and (d) above, as
                    provided in the Adjustment Agreement.

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

         5.3   Settlement Procedures after Termination Date

               On the Termination Date and each day thereafter, the procedures
               described in this Clause 5.3 will be applicable for all Purchased
               Receivables:

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

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

         5.4   Adjustments and Allowances

               (a)  If on any day the Outstanding Balance of any Paid Receivable
                    is either (a) reduced or adjusted as a result of any
                    defective, rejected, repossessed or returned goods or
                    services or any cash discount (whether commercial,

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               financial or otherwise), rebate or other adjustment made by the
               Seller or any other Person, or (b) reduced or cancelled as a
               result of a set off or by agreement in respect of any claim by
               the Designated Account Debtor thereof against any Seller or any
               other Person (whether such claim arises out of the same or
               another transaction) (including without limitation any change in
               the due date for payment of any Paid Receivable otherwise than
               with the prior consent of the Operating Agent), such Seller will
               be deemed to have received on such day a Collection of such Paid
               Receivable in the amount of such reduction, adjustment or
               cancellation and shall credit such amount to the Buyer Account by
               way of indemnity.

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

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

          (d)  If, following any payment in respect of a deemed Collection of a
               Paid Receivable pursuant to Clause 5.4(a), (b) and (c) above, the
               Buyer shall receive any further Collections in respect of such
               Paid Receivable, the Buyer shall (provided the Termination Date
               has not yet occurred) pay to the relevant Seller an amount or
               amounts equal to such further Collections by way of repayment of
               indemnity.

5.5       Application of Collections

          Any payment by a Designated Account Debtor in respect of any
          indebtedness owed by it to a Seller and any credits in respect of
          defective, rejected, repossessed or returned goods or other non cash
          items of a Designated Account Debtor will, except as otherwise
          specified in writing by such Account Debtor or

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         otherwise required by contract or law and unless otherwise instructed
         by the Operating Agent, be applied as a Collection of Purchased
         Receivables of such Designated Account Debtor, in the order of the age
         of such Purchased Receivables, starting with the oldest such Purchased
         Receivables, to the extent of any amounts then due and payable
         thereunder before being applied to or in respect of any other
         indebtedness of such Designated Account Debtor.

5.6      Sellers' obligations joint and several

         All obligations, covenants, indemnities, representations and warranties
         of, given or made by any Seller under the Relevant Documents (in any of
         its capacities under the Relevant Documents) are joint and several with
         those of any other Seller (in any of its capacities under the Relevant
         Documents).

6.       FEES, COSTS AND ADMINISTRATIVE RESERVE

6.1      Servicer Fees

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

6.2      Costs and Expenses

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

6.3      Duties and Taxes

         In addition, each Seller will pay on demand of the Operating Agent any
         sales, excise, registration and other taxes, duties and fees payable in
         connection with the execution, delivery, filing or recording of the
         Relevant Documents or the purchase, assignment or reassignment of
         Receivables under or pursuant to the Relevant Documents or the other
         documents to be delivered under the Relevant Documents or in any way
         connected with any transaction contemplated by the

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         Relevant Documents (including, for the avoidance of doubt, any
         Gewerbesteuer to which the Buyer may or may not become liable in
         Germany pursuant to the Relevant Documents and the transactions
         contemplated thereby or their refinancing). Each Seller agrees to
         indemnify the Operating Agent and the Buyer on demand of the Operating
         Agent against any liabilities with respect to or resulting from any
         delay in paying or omission to pay any such taxes, duties or fees.

6.4      Administrative Reserve

         The Operating Agent may, on any Settlement Date, arrange that an amount
         of Collections is paid from the Buyer Account to a bank account with
         Citibank, N.A., London branch (the "Administrative Reserve Account")
         pursuant to Clause 5.2.2 above in order to be build-up or, as the case
         may be, maintain the Administrative Reserve, which may be utilised for
         the purposes specified in this Clause 6.4. Funds standing to the credit
         of the Administrative Reserve Account may only be used to pay any
         costs, fees and expenses in connection with the verification, recovery
         and enforcement by the Buyer of Purchased Receivables in the event of
         (i) the Insolvency of the relevant Seller and (ii) the relevant court
         holding that title to any of the Purchased Receivables originated by
         such Seller has not passed to the Buyer in the manner contemplated in
         this Agreement.

6.5      Default Interest

         The Offer Agent (on behalf of each Seller and Servicer) shall pay to
         the Operating Agent or, as the case may be, the Buyer, interest (as
         well after as before judgment) on all amounts owed by the Offer Agent
         and/or a Seller not paid or repaid when due (fallig) under this
         Agreement at the statutory default interest rate (Verzugszinssatz)
         applicable from time to time pursuant to Section 288 of the German
         Civil Code (Burgerliches Gesetzbuch).

6.6      Computations

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

6.7      Computation of Time Periods

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

7.       PAYMENTS AND COMPUTATIONS, ETC.

7.1      Mechanics

         All amounts to be paid to or deposited with the Operating Agent for its
         own account or for the account of the Buyer by any Seller and/or the
         Servicer under

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         this Agreement shall be paid or deposited no later than 12:00 noon
         (local time in the place of payment) on the day when due in immediately
         available same day funds to the relevant account specified below.

7.2      Currency

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

7.3      Accounts

         Any amounts payable under this Agreement shall be remitted to the
         following accounts:

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

         (b)  if to the Buyer to the Buyer Account; and

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

7.4      Grossing Up

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

7.5      Appropriation of Payments

         Regardless of any appropriation by any Seller or Servicer, the
         Operating Agent shall determine the appropriation of any payment to it
         for the account of the

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         Buyer to any amount to be paid to or deposited with it for the account
         of the Buyer by such Seller and/or Servicer under this Agreement.

8.       REPRESENTATIONS AND WARRANTIES OF EACH SELLER AND EXIDE EUROPE

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

8.1      Incorporation

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

8.2      Seller Power and Authority

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

8.3      Exide Europe Power and Authority

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

8.4      Non-Violation

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

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

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

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

8.5      Consents

         No consent, authorisation, approval, notice or filing is required (or,
         if required, which has not been obtained on a timely basis) for the due
         execution, delivery or performance by each Seller Exide Europe of the
         Relevant Documents to which it is a party or any other document to be
         delivered in connection with the Relevant Documents to which it is a
         party or for the transactions contemplated by the Relevant Documents to
         which it is a party.

8.6      Obligations Binding

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

8.7      Accounts

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

8.8      No Material Adverse Change to Seller

         Since the date of this Agreement, there has been no change in the
         business or financial condition of such Seller which may materially
         adversely affect the ability of such Seller to perform its obligations
         under the Relevant Documents to which it is a party.

8.9      No Material Adverse Change to Exide Europe Group

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

8.10     No Litigation

         There are no actions, suits or proceedings current or pending, or to
         the knowledge of any Seller threatened, against or affecting such
         Seller or its

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         Subsidiaries (if any) or any of their respective assets, or Exide
         Europe or Exide Europe's assets, in any court, or before any arbitrator
         of any kind, or before or by any governmental body, which may
         materially adversely affect the financial condition of such Seller and
         its Subsidiaries taken as a whole or Exide Europe, or materially
         adversely affect the ability of such Seller to perform its obligations
         under the Relevant Documents to which it is a party.

8.11     No Default

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

8.12     No Adverse Claim

         Each Receivable will, together with the Contract related thereto, at
         all times be owned by such Seller with the exception of customary
         retention of title claims of any suppliers of the relevant Seller be
         free and clear of any Adverse Claim, and upon each Purchase and in
         accordance with Clause 4.4(a) of this Agreement, the Buyer will acquire
         full equitable and beneficial title and ownership to and of each such
         Receivable and the Related Security then existing or thereafter arising
         free and clear of any Adverse Claim (except, for the avoidance of
         doubt, as excluded above).

         Notwithstanding the foregoing, each Seller shall provide that no
         extended retention of title clauses (verlangerter or erweiterter
         Eigentumsvorbehalte), or similar clauses which provide for an
         assignment of Receivables to the supplier exist, unless the relevant
         contractual arrangements between such Seller and its supplier
         containing such retention of title clauses or similar clauses do not
         prevent such Seller (expressly or impliedly) to sell and validly assign
         the relevant Receivables in the manner provided under and pursuant to
         this Agreement. Furthermore, in such cases the relevant Seller warrants
         that it will duly pay the relevant suppliers. Where supplies have been
         purchased by a Seller subject to retention of title and/or ownership
         rights due to manufacturing clauses of the suppliers of such Seller,
         such Seller (upon the sale to the Buyer of a Receivable which arises in
         relation to the sale of a good to an Account Debtor which is subject to
         the retention of title and/or ownership rights due to manufacturing
         clauses of the suppliers of such Seller) shall put the Buyer
         economically into the same position as if the goods had been owned by
         such Seller.

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8.13     Performance of Contracts

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

8.14     Information

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

8.15     Place of Business

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

8.16     Location of Books

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

8.17     Location of Bank Accounts

         The bank accounts to which each Seller has directed the Designated
         Account Debtor to remit payments for the Receivables are (i) prior to
         the Payment Notification Date the Collection Accounts set out in
         Schedule 1 hereto and (ii) thereafter the Buyer Collection Account.

8.18     No Winding-Up

         No step has been taken or is intended by any Seller, Exide Europe or,
         to the best of such Seller's or Exide Europe's knowledge, by any other
         Person for such Seller's or Exide Europe's winding-up, liquidation,
         dissolution, administration, merger or consolidation or for the
         appointment of a receiver or administrator of such Seller or Exide
         Europe on all or any of its assets.

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8.19     No Breach

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

8.20     Eligibility

         Each (i) Existing Receivable the subject of a Letter of Offer which is
         expressed to be an Eligible Receivable in the relevant Accounts
         Receivables Listing is an Eligible Receivable as at the time of
         Purchase and (ii) each Future Receivable the subject of a Letter of
         Offer which is expressed to be an Eligible Receivable in the relevant
         Accounts Receivable Listing is an Eligible Receivable as at the
         Settlement Date immediately succeeding the Reference Period in which
         such Future Receivable has come into existence. For the avoidance of
         doubt, no Seller shall be liable towards the Buyer for the credit risk
         (Delkredererisiko) resulting from the ability or the inability of a
         Debtor to pay its obligations under a Purchased Receivable and such
         credit risk shall pass with each Purchased Receivable from the relevant
         Seller to the Buyer.

8.21     Exide Europe Group

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

8.22     Aggregate Amount of Receivables

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

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

9.       AFFIRMATIVE COVENANTS OF EACH SELLER

         Until the later of the Termination Date and the Relevant Date, each
         Seller will (in each of its capacities under the Relevant Documents),
         unless the Operating Agent otherwise consents (which consent shall not
         be unreasonably withheld):

9.1      Compliance with Law

         Comply in all material respects with all applicable laws, rules,
         regulations and orders binding on it, its business and assets and all
         Receivables and related

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         Contracts, except where non-compliance would not have a material
         adverse effect on its ability to perform its obligations hereunder.

9.2      Maintain Existence

         Preserve and maintain its corporate existence.

9.3      Access

         Upon reasonable prior notice, permit the Operating Agent, or its agents
         or representatives, to visit the offices of such Seller during normal
         office hours and examine and make and take away copies of all books,
         records and documents relating to the Receivables and to discuss
         matters relating to the Receivables or such Seller's performance
         hereunder with any of the officers or employees of such Seller having
         knowledge of such matters and co-operate in the reconstruction of the
         Accounts Receivable Trial Balance pursuant to Clause 13.3.

9.4      Maintain Records

         Maintain and implement administrative and operating procedures
         (including, without limitation, an ability to recreate records in the
         event of their destruction), and keep and maintain, all documents,
         books, records and other information reasonably necessary or advisable
         for the collection of all Receivables (including, without limitation,
         records adequate to permit the identification on each Purchase Date of
         each new Purchased Receivable and the daily identification of all
         Collections of and adjustments to each existing Purchased Receivable)
         and it will ensure that the Purchased Receivables will at all times
         (until 10 years following the collection of such Purchased Receivables)
         be identifiable in its systems and Records as Purchased Receivables.

9.5      Perform Contracts

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

9.6      Priority

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

9.7      Credit and Collection Policy

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

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9.8      Value Added Tax

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

9.9      Collections

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

9.10     Payment Instructions

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

9.11     Bank Accounts

         (i) prior to the Payment Notification Date, instruct all Designated
         Account Debtors to pay all Collections into the relevant Collection
         Account referred to in Clause 8.17 and (ii) on and following the
         Payment Notification Date, instruct all Designated Debtors in
         accordance with the procedures set out in Clause 9.10 above to pay all
         Collections into the Buyer Collection Account.

9.12     Audit Costs

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

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9.13     Provision of Information to Exide Europe

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

9.14     Allocation of Losses

         Prior to delivery of the first Letter of Offer hereunder, the Sellers
         and the Offer Agent shall enter into and maintain in effect and in full
         force at all times, such internal arrangements between the Sellers, any
         other Originator as well as the sellers and any other originators of
         receivables sold under any Origination Agreements other than this
         Agreement (such sellers and originators together the "Foreign
         Originators") which are necessary under applicable law to ensure (i)
         the due compliance of the Originators with the applicable capital
         maintenance requirements (including, if applicable, without limitation,
         under Section 30 of the GmbH-Gesetz or any other applicable capital
         maintenance requirements under German law) and (ii) that none of the
         Sellers, the Originators and the Foreign Originators (each a
         "Disadvantaged Originator") has recourse (express or implied, direct or
         indirect, by way of indemnity or otherwise) against any other Seller
         for any disadvantage suffered or reduction of any payment received by
         such Disadvantaged Originator from the Purchaser in respect of
         receivables sold by it which is caused by any Defaulted Receivable
         attributable to such other Seller, and which recourse would reduce or
         otherwise have the effect of a reduction in economic value of any
         Purchase Price received or to be received by such other Seller from the
         Purchaser.

10.      NEGATIVE COVENANTS OF THE SELLER

         Until the later of the Termination Date and the Relevant Date, no
         Seller will (in each of its capacities under the Relevant Documents),
         without the consent of the Operating Agent:

10.1     No Disposal of Receivables

         Except as otherwise provided herein, sell, assign (by operation of law
         or otherwise) or otherwise dispose of, or create or suffer to exist any
         Adverse Claim upon or with respect to, any Receivable purchased or to
         be offered for purchase under this Agreement or the related Contract,
         or assign any right to receive income in respect thereof.

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10.2     No Transfer of Business

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

10.3     No Security Interest over Receivables and Contracts

         No Seller shall create nor permit to subsist any Security Interest on
         any of its Receivables and related Contracts (but excluding customary
         extended retention of title arrangements of the suppliers of such
         Seller, in which context Clause 8.12 shall apply).

10.4     No Amendment to Receivables

         Extend, amend or otherwise modify the terms of any Purchased
         Receivable, or amend, modify or waive any term or condition of any
         Contract related thereto, or commence or settle any legal action to
         enforce collection of any Purchased Receivable without the prior
         written consent of the Operating Agent.

10.5     No Change to Credit and Collection Policy

         Make any change in the character of its business or in the Credit and
         Collection Policy, which change would or might, in either case,
         materially impair the collectability of any Receivable purchased or to
         be offered for purchase under this Agreement or the enforcement of any
         related Contract against the related Designated Account Debtor or any
         other relevant Person the operation of this Agreement without the prior
         written consent of the Operating Agent.

11.      REPORTING REQUIREMENTS OF EACH SELLER

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

11.1     Annual Accounts of Seller

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

11.2     Annual Accounts of Exide Europe

         As soon as available and in any event within 180 days after the end of
         each of Exide Europe's financial years, a copy of Exide Europe's annual
         accounts, prepared (as appropriate) on a consolidated basis in
         conformity with generally accepted accounting principles, applied on a
         basis consistent with that of the

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         preceding financial year, together with the report of an
         internationally recognised firm of independent auditors.

11.3     Other Financial Information

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

11.4     Defaults and other Events

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

         (a)    such Seller or Exide Europe fails to pay any principal of or
                premium or interest on any Debt in excess (in the aggregate) of
                the Euro Equivalent of $5,000,000, when the same becomes due and
                payable (whether by scheduled maturity, required prepayment,
                acceleration, demand or otherwise) and such failure shall
                continue after the applicable grace period, if any, specified in
                the agreement or instrument relating to such Debt, or any other
                default under any agreement or instrument relating to any Debt,
                or any other event, shall occur and shall continue after the
                applicable grace period, if any, specified in such agreement or
                instrument, if the effect of such default or event is to
                accelerate or to permit the acceleration of the maturity of such
                Debt, or any such Debt shall be declared to be due and payable
                or required to be prepaid (other than by a regularly scheduled
                required prepayment) prior to the stated maturity thereof, or
                any present or future mortgage, charge or other security
                interest on or over any assets of such Seller or Exide Europe
                becomes enforceable;

         (b)    a resolution is passed or a petition is presented or an order
                made for the winding up, liquidation, dissolution, merger or
                consolidation of such Seller or Exide Europe (except for the
                purposes of a bona fide reconstruction or amalgamation with the
                consent of the Operating Agent), or a petition is presented or
                an order made for the appointment of an administrator in
                relation to such Seller, Exide Europe or a receiver,
                administrative receiver, administrator or liquidator is
                appointed over any part of the assets or undertaking of such
                Seller or Exide Europe or any event analogous, to any of the
                foregoing occurs (except, in the case where a petition is
                presented (i) the proceeding is frivolous or vexatious

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                and (ii) the Originator or Exide Europe is solvent and is
                contesting the proceeding in good faith); or

         (c)    an Early Amortisation Event occurs; or

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

11.5     Summary Report

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

11.6     Designated Account Debtors

         Within two calendar weeks after the end of each calendar quarter (or
         such more frequent time as the Operating Agent may request in writing),
         each Seller shall deliver to the Operating Agent a current list of all
         Designated Account Debtors in respect of Purchased Receivables and the
         addresses of such Designated Account Debtors. The obligations of each
         Seller to deliver reports or similar information to the Buyer pursuant
         to this Agreement may be delegated by each Seller to Exide Europe, and
         the performance by Exide Europe of such obligations hereunder shall be
         deemed to be the performance by each Seller of such obligations;
         provided however, that such Seller shall remain liable for any
         non-performance of such obligations.

12.      SERVICER, COLLECTIONS AND BUYER ACCOUNT

12.1     Designation of Servicer

         The servicing, administering and collection of the Receivables shall be
         conducted by Citibank, N.A., London Branch (the "Servicer") or such
         other Person so designated from time to time pursuant to this Clause
         12.1. Until the Operating Agent gives notice to the Servicer of a
         designation of a new Servicer, Citibank, N.A., London Branch is
         designated as, and agrees, subject to the provisions of this paragraph,
         to perform the duties and obligations of the Servicer pursuant to the
         terms of this Agreement. The Servicer hereby delegates to each Seller
         in respect of the Purchased Receivables originated by such Seller, its
         duties and obligations of Servicer and each such Seller (each a
         "Sub-Servicer") hereby agrees to perform the duties and obligations of
         a Servicer pursuant to the terms of this Agreement in relation to the
         Purchased Receivables

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

12.2     Duties of Servicer
         Each Servicer:

         (a)    will take or cause to be taken and is, until further notice from
                the Operating Agent allowed and empowered to take all such
                actions as may be necessary or advisable to collect each
                Purchased Receivable, all in accordance with applicable laws,
                rules and regulations, with reasonable care and diligence, and
                in accordance with the Credit and Collection Policy and the
                instructions of the Operating Agent. Each of the Seller and the
                Buyer hereby appoints the Servicer as its agent to enforce its
                respective rights and interests in and under the Purchased
                Receivables, the Related Security and the Contracts. For this
                purpose the Servicer is hereby authorised (ermachtigt) to sue
                Debtors in any court in Germany or in any other competent
                jurisdiction in its own name and for the benefit of the Buyer
                (gewillkurte Proze(beta)standschaft);

         (b)    will (i) prior to the Payment Notifications Date, pay all
                Collections to be paid directly by all Designated Account
                Debtors in the relevant Collection Account and deposit to the
                relevant Collection Account

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

     (c)  (i) may, unless and until instructed otherwise by the Operating Agent,
          deposit in the relevant Collection Account monies other than
          Collections and (ii) will not deposit in any Buyer Collection Account
          monies other than Collections. Notwithstanding Clause 5.1 each
          Servicer shall segregate all cash, cheques and other instruments
          received by it from time to time constituting Collections of Purchased
          Receivables as the Operating Agent may direct and deposit in a bank
          account designated by the Operating Agent all such cash, cheques and
          other instruments (together with the Buyer's Entitlement to the
          Collection Account) as soon as practicable and in any event on the
          first Local Business Day following receipt by such Servicer of such
          Collections and will take such other steps as the Operating Agent may
          require (for the avoidance of doubt, it is the intention of the
          parties that following the Payment Notification Date, all payments
          will be received into the Buyer Collection Account and that all cash,
          cheques and other instruments should be paid or made payable directly
          to the Buyer or to the Operating Agent for the account of the Buyer);

     (d)  confirms that the relevant Collection Account Bank has been instructed
          to make available to such Servicer information showing amounts
          received on each Local Business Day and standing to the credit of the
          relevant Collection Account as at the close of business on that day;

     (e)  upon receipt of the information referred to in 12.2(d) above the
          Servicer shall, on behalf of the Buyer and the relevant Seller, make
          all such determinations and calculations as are necessary in order to
          determine, in respect of amounts standing to the credit of the
          relevant Collection Account and the Buyer Collection Account on each
          Local Business Day, the Buyer Entitlement and the Seller Entitlement
          respectively in relation to the Collection Account, and shall direct
          (subject to Clause 12.3) the relevant Collection Account Bank, prior
          to 12:00 noon on each Local Business Day, to transfer to the Buyer
          Account the Buyer Entitlement;

     (f)  other than the transfers referred to in paragraph 12.2(b) above,
          Clause 5.1.1 and Clause 12.3 no Servicer shall, without the prior
          written consent of the Operating Agent, withdraw funds from the
          relevant

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                Collection Account or Buyer Collection Account or direct the
                Collection Account Bank to make any transfers from such
                Collection Account or Buyer Collection Account, except for
                withdrawals or transfers of cleared funds standing to the credit
                of any Collection Account which represent the Seller Entitlement
                and provided that any such withdrawal or transfer would not
                cause such Collection Account to become overdrawn;

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

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

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

         (j)    if other than a Seller (and such Seller has ceased to be a
                sub-servicer), and notwithstanding anything to the contrary
                contained in this Agreement, will have no obligation to collect,
                enforce or take any other action described in this Agreement
                with respect to any Receivable that is not a Purchased
                Receivable other than to turn over, make available or deliver to
                the relevant Seller the collections and documents with respect
                to any such Receivable as described in 12.2(h) and 12.2(i)
                above.

12.3     Advance Payments

         The Sellers may, from time to time on any Local Business Day prior to
         the Termination Date unless and until the Operating Agent directs
         otherwise (i) prior to the Payment Notification Date, withdraw, by way
         of advance

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         payment on account of such Existing Receivables Purchase Price and
         Future Receivables Purchase Price as will or may be payable to the
         Sellers on the next following Settlement Date, any amount or amounts
         standing to the credit of the Collection Accounts and (ii) on and
         following the Payment Notification Date, by requesting corresponding
         advances from the Operating Agent in relation to corresponding amounts
         standing the credit of the Buyer Collection Account representing
         Collections. Any amount so withdrawn (an "Advance Payment") during each
         Reference Period shall be set off pro tanto against the Buyer's
         obligation (if any) to pay Existing Receivables Purchase Price and
         Future Receivables Purchase Price payable on the next following
         Settlement Date and, to the extent the amount of the Advance Payments
         made during such Reference Period exceeds the amount of the Existing
         Receivables Purchase Price and Future Receivables Purchase Price (or,
         where no Existing Receivables Purchase Price and Future Receivables
         Purchase Price is payable), be refunded by the Sellers in full by way
         of transfer of cleared funds to the Buyer Accounts not later than 12:00
         noon on the next following Settlement Date; provided always that any
         Advance Payment shall be refunded by the Sellers by the transfer of
         cleared funds to the Buyer Account immediately upon the demand of the
         Operating Agent. The Sellers shall not be obliged to pay interest on
         any Advance Payment.

12.4     Failure to Report

         If there is a failure at any time by a Servicer to report and quantify
         the amount of Collections received or the amounts of any Advance
         Payments and/or the funds standing to the credit of the Collection
         Account, Buyer Collection Account or Buyer Account in respect of any
         Settlement Period such that the amounts due by any Seller and the Buyer
         pursuant to Clauses 4.7, 5 and 12.3 cannot be accurately determined (in
         the Operating Agent's reasonable opinion), there will fall due from the
         relevant Seller to the Buyer on the Settlement Date at the end of such
         Settlement Period (on account of repayment of Advance Payments) an
         amount equal to the anticipated Collections in respect of such
         Settlement Period as determined by the Operating Agent, acting
         reasonably. For the purposes of this Clause 12.4, it shall be
         considered reasonable for the Operating Agent to anticipate that all
         Collections due during such Settlement Period were received by the
         relevant Servicer during such Settlement Period. The Buyer shall
         deposit such amount into the Temporary Adjustment Account. Upon the
         Operating Agent becoming satisfied that a proper assessment of the
         amounts due by way of repayment of Advance Payments has been made,
         there shall be an adjustment in accordance with such assessment, by way
         of repayment from the Buyer (provided the Termination Date has
         occurred) or by way of further payment by the relevant Seller, as
         required, and such adjusted sum shall be treated for all purposes under
         this Agreement as the Collections received during such Settlement
         Period. Provided that such failure by the relevant Servicer does not
         last longer than two consecutive Settlement Periods and the provisions
         of this

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         Clause 12.4 are complied with, such failure shall not by itself
         constitute an Early Amortisation Event.

13.      PROTECTION OF THE BUYER'S RIGHTS

13.1     Notice of Sale

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

13.2     Legal Assignment

         Each Seller shall, if requested by the Operating Agent, forthwith
         execute a document evidencing the legal assignment to the Buyer or the
         Operating Agent or as the Operating Agent may direct (as determined by
         the Operating Agent) in such form as the Operating Agent requires of
         all or any of the Purchased Receivables and the Related Security and
         the full benefit thereof and will, if so required, give notice thereof
         to the relevant Designated Account Debtor.

13.3     Reconstruction of Accounts Receivable Trial Balance

         If at any time a Seller does not (i) generate an Accounts Receivable
         Trial Balance on the Determination Date immediately preceding each
         Settlement Date or (ii) provide the information to Exide Europe
         enumerated in Clause 9.13, the Operating Agent will have the right to
         reconstruct that Accounts Receivable Trial Balance or such information
         so that a determination of the Purchased Receivables can be made, and
         such reconstruction will be conclusive (in the absence of manifest
         error) for the purposes of determining Purchased Receivables.

13.4     Operating Agent's Right to Perform

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

13.5     Power of Attorney

         Without prejudice to the provisions of Clauses 13.1 to 13.4, each
         Seller irrevocably constitutes and appoints the Operating Agent, with
         full power of substitution, as its true and lawful attorney and agent,
         with full power and authority in its name or otherwise, and in its
         place and stead, and for its use and benefit at any time after the
         occurrence of an Early Amortisation Event to take

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         such action as the Operating Agent may deem necessary or desirable in
         order to protect the interests of the Buyer and/or the Lenders and/or
         the Operating Agent and/or to perfect title to any of the Purchased
         Receivables, or Related Security, including the redirection of mail and
         the endorsement of drafts, cheques and other payment media, to perform
         any agreement or obligation of such Seller under or in connection with
         this Agreement, and to exercise all other remedies of such Seller under
         this Agreement or existing at law. In furtherance of the power herein
         granted, the Originator will assist and co-operate with the Operating
         Agent and provide such facilities as the Operating Agent may request.
         The power of attorney hereby granted is given by way of security, is
         coupled with an interest, and is irrevocable and will extend to and be
         binding upon the successors and assigns of each Seller. The Operating
         Agent shall be exempt from any restrictions on self dealing pursuant to
         Section 181 German Civil Code or otherwise. The Sellers hereby agree
         that they shall execute the Power of Attorney set out in the form of
         Schedule 13 in respect of their obligations under this Clause 13.5.

14.      RESPONSIBILITIES OF EACH SELLER

         Anything herein to the contrary notwithstanding:

14.1     Perform Contracts

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

14.2     Exoneration of Buyer and Operating Agent

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

14.3     Keeping of Records

         Until the Operating Agent requests otherwise, each Seller will hold for
         the sole benefit of the Buyer the Records and other documentary items
         relating to the uncollected Purchased Receivables at its address
         specified in this Agreement title to which such Records and other
         documentary items has been transferred to the Buyer by virtue of such
         Records relating to such Purchased Receivables having been transferred
         as Related Security to the Buyer. To the extent that the relevant
         Records also relate to Receivables that are not Purchased Receivables,
         such Seller will hold them in trust as a German law Trustee
         (Treuhander) for both the Buyer and itself to the extent of any
         respective rights of the Buyer and

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         itself therein unless possession thereof is required by the Buyer to
         enforce any of its rights. Each Seller will deliver such Records to the
         Operating Agent (or as it may direct), if so directed by the Operating
         Agent and the Operating Agent will make them available to the relevant
         Seller to the extent that they contain material or information that
         does not relate to Purchased Receivables and to the extent that the
         Buyer's interests are not thereby compromised.

14.4     Marking

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

14.5     Third Party Servicer

         At any time following the designation of a Servicer other than
         Citibank, N.A., London Branch or the termination of the delegation
         granted to any Sub-Servicer pursuant to Clause 12.1:

         (a)    The relevant Seller will, at the Operating Agent's request, (a)
                assemble all the documents, instruments and other records
                (including, without limitation, computer tapes and disks) which
                evidence the Purchased Receivables, and the related Contracts
                and Related Security, or which are otherwise necessary or
                desirable to collect such Purchased Receivables, and will make
                the same available to the Operating Agent at a place selected by
                the Operating Agent or its designee or (if so requested) deliver
                the same to the Operating Agent (or as it may direct), and (b)
                segregate all cash, cheques and other instruments received by it
                from time to time constituting Collections of Purchased
                Receivables in a manner acceptable to the Operating Agent and
                will, promptly upon receipt, remit all such cash, cheques and
                instruments, duly endorsed or with duly executed instruments of
                transfer, to the Operating Agent or its designee.

         (b)    The relevant Seller authorises the Operating Agent to take any
                and all steps in such Seller's name and on behalf of such Seller
                necessary or desirable, in the determination of the Operating
                Agent, to collect all amounts due under any and all Purchased
                Receivables, including, without limitation, endorsing such
                Seller's name on cheques and other

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                instruments representing Collections and enforcing such
                Purchased Receivables and the related Contracts and Related
                Security.

14.6     Value Added Tax

         For the purpose of ensuring recoupment of any value added tax forming
         part of a Purchased Receivable:

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

         (b)    (without prejudice to Clause 5.4) which or the Outstanding
                Balance of which is, or would be, reduced, adjusted or cancelled
                by any Seller and/or any other Person whether as a result of the
                matters in Clause 5.4 or for any other reason;

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

15.      AGENCY AND INDEMNITIES

15.1     Agency

         In acting under this Agreement the Operating Agent shall have only such
         duties, obligations and responsibilities as are expressly set out in
         this Agreement (and such other duties, obligations and responsibilities
         as are reasonably incidental) and acts solely as agent of the Buyer.
         However, without prejudice to the generality of the foregoing, only the
         Operating Agent shall be entitled to receive and retain fees and other
         amounts (including indemnification under this Clause 15) payable to the
         Operating Agent for its own account.

15.2     Indemnities by Sellers and Exide Europe

         The Sellers and (in relation to matters relating to itself) Exide
         Europe agree to indemnify the Buyer, the Operating Agent and their
         respective Affiliates and any Servicer (if a Seller has ceased to be a
         Sub-Servicer) from and against any and all damages, losses, claims,
         liabilities and related reasonable costs and expenses, including
         attorneys' fees and disbursements together with VAT thereon (all of the
         foregoing being collectively referred to as "Indemnified Amounts")
         awarded against or incurred by any of them arising out of or relating
         to this Agreement or the ownership of Purchased Receivables, excluding,
         however, (a) such amounts

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         resulting from gross negligence or wilful misconduct on the part of the
         Person who would otherwise be entitled to claim such indemnification or
         (b) recourse (except as otherwise specifically provided in this
         Agreement) for uncollectible Purchased Receivables or for losses
         arising out of late Collections. Without limiting the foregoing,
         Indemnified Amounts include amounts relating to or resulting from:

          (a)  reliance on any representation or warranty made or deemed made by
               any Seller (in any of its capacities under the Relevant
               Documents) or Exide Europe under or in connection with this
               Agreement, or any other information or report delivered by such
               Seller (in any of its capacities under the Relevant Documents)
               pursuant to this Agreement, which shall have been false or
               incorrect in any material respect when made or deemed made or
               delivered (to the extent that such amounts have not already been
               recovered by the applicable indemnified party pursuant to Clause
               5.4);

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

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

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

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

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         (f)   the Buyer makes a request for a Loan and/or contracts for a
               foreign exchange transaction to fund any anticipated payment of
               an Existing Receivables Purchase Price and/or Acceptance Fee
               following the delivery of a Letter of Offer or to pay a Future
               Receivables Purchase Price payment in the manner contemplated in
               this Agreement and such Purchase not taking place or such
               Existing Receivables Purchase Price or Acceptance Fee or such
               Future Receivables Purchase Price payment not being made as a
               result of the operation of Clause 3 or any other provision of
               this Agreement, or a sale of Receivables not being effected in
               relation to a Letter of Offer or an Existing Receivables Purchase
               Price or Acceptance Fee or a Future Receivables Purchase Price
               payment not being made by reason of any event described in Clause
               11.4(a), 11.4(b), 11.4(c) or 11.4(d) or any breach by any Seller
               (in whatever capacity) or Exide Europe of any of its obligations
               under or in connection with this Agreement;

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

         (h)   the payment of the Existing Receivables Purchase Price or the
               Future Receivables Purchase Price of any Receivable other than an
               Eligible Receivable (to the extent that such amounts have not
               already been recovered by the applicable indemnified party
               pursuant to Clause 5.4).

         The Operating Agent will provide each Seller with a certificate or
         certificates showing in reasonable detail the basis for the calculation
         of Indemnified Amounts claimed under this Clause 15.2 provided, for the
         avoidance of doubt, that the provision of such certificate or
         certificates shall not be a condition for the making of any claim under
         this Clause 15.2.

15.3     Costs, increased costs and gross-up for tax

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

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         Without limitation to the foregoing, in the event of and to the extent
         any taxes or charges becoming due, being imposed upon or otherwise
         becoming attributable to or payable by the Buyer or the Operating Agent
         in Germany (in particular but without limitation any income tax,
         corporate income tax or trade tax (Gewerbesteuer)) by whatever reason
         in connection with this Agreement or the refinancing of the
         transactions contemplated thereby or if the Operating Agent reasonably
         determines that as a result of any change in or in the interpretation
         of or of the introduction of any law, regulation or regulatory
         requirement relating to taxation coming into force, after the Effective
         Date, or as a result of any act or omission of the Offer Agent, any
         Seller or any Person controlling the Offer Agent, any Seller, the Buyer
         or the Operating Agent, incurs or will incur an increased cost in
         respect of purchase or agreements to purchase made under or pursuant to
         this Agreement other than an increased cost arising solely as a result
         of change in the rate of taxation on the overall net income of the
         relevant indemnified party, the Offer Agent (on behalf of the Sellers)
         shall immediately pay to the Operating Agent for the account of the
         Buyer or the Operating Agent or, as the case may be, for its own
         account from time to time, additional amounts as specified by the
         Operating Agent, equal to such cost. A certificate as to such amount
         submitted to the Offer Agent (on behalf of the Sellers) (in any of
         their capacities under the Relevant Documents) by the Operating Agent
         shall, in the absence of manifest error, be conclusive and binding for
         all purposes.

15.4     Judgment Currency

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

15.5     Payment

         Any amounts subject to the indemnification provisions of Clause 15.2 or
         15.3 shall be paid by the Sellers or Exide Europe to the Operating
         Agent within two Programme Business Days following the Operating
         Agent's demand therefor.

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15.6     After Tax Amount

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

16.      AMENDMENTS, ETC.

16.1     Amendments and Waivers

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

16.2     Entire Agreement

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

16.3     No Right to Subsequent Performance/ Grace Periods

         No claim by the Buyer or the Operating Agent for recission, termination
         or damages against the Buyer or any other person under this Agreement
         or under law shall be subject to any right of a Seller or such other
         person to (a) subsequent performance (Nacherfullung/ Nachbesserung)
         and/or (b) any grace period (Fristsetzung), unless expressly agreed by
         the Buyer and/or prescribed by mandatory law (nicht dispositives
         Recht).

16.4     Capital Maintenance

         The rights and claims (including, without limitation, any set-off
         rights) of the Purchaser and the Operating Agent against each
         Originator arising under or resulting from this Agreement, the Account
         Pledge Agreement and/or the Adjustment Agreement shall be limited to
         the extent such rights or claims or the enforcement thereof would
         otherwise constitute a breach by the relevant Originator (or any of its
         directors) of the restrictions set forth in Sections 30 et seq.
         GmbH-Gesetz (Act on Limited Liability Companies), or, as applicable,
         Section 57 Aktiengesetz (German Stock Corporation Act).

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17.      NOTICES

         All notices and other communications provided for under this Agreement
         shall, unless otherwise stated in this Agreement, be in writing in the
         English language (including telex and fax communication) and mailed
         (first class, postage paid) or delivered to each party at its address
         set out under its name on the execution pages of this Agreement or at
         such other telex or fax number or address as may be designated by such
         party in a written notice to the other parties. All such notices and
         communications will be effective (other than in respect of a Letter of
         Offer delivered pursuant to Clause 4.1), (i) in the case of written
         notice, five days after being deposited in the post, or (ii) in the
         case of notice by telex, when telexed against receipt of answer back,
         or (iii) in the case of notice by fax, at the time of transmission
         unless served on a day which is not a Local Business Day or after
         5.00pm at the place in which the recipient is located, in which case it
         will be effective at 9.00am at the place in which the recipient is
         located on the following Local Business Day. In each case notice must
         be addressed as aforesaid. Any failure to send or receive a
         confirmation shall not prejudice the effectiveness of a communication
         made which has actually been received.

18.      NO WAIVER: REMEDIES

18.1     No Waiver

         No failure on the part of the Buyer, any Seller (in any of its
         capacities under the Relevant Documents) or the Operating Agent to
         exercise, and no delay in exercising, any right hereunder shall operate
         as a waiver thereof, nor shall any single or partial exercise of any
         right or remedy preclude any other or further exercise thereof or the
         exercise of any other right or remedy. The remedies in this Agreement
         are cumulative and not exclusive of any remedies provided by law.

18.2     Set Off

         Without limiting the provisions of Clause 18.1 the Buyer and the
         Operating Agent are hereby authorised (except in relation to the
         payment of the Acceptance Fee) by the Sellers and Exide Europe at any
         time after any of the Sellers or Exide Europe is in default of its
         obligations under this Agreement or the Adjustment Agreement or an
         Early Amortisation Event has occurred, to set off and apply, and/or to
         instruct Citibank or any of Citibank's Affiliates to set off and apply,
         any and all deposits at any time held and other indebtedness at any
         time owing (whether general or special, time or demand, provisional or
         final and in whatever currency) by the Buyer, the Operating Agent,
         Citibank or, as the case may be, any such Affiliate to or for the
         credit or the account of any Seller or Exide Europe against any and all
         of the obligations of any Seller (in any of its capacities under the
         Relevant Documents), now or hereafter existing under this Agreement
         and/or the Adjustment Agreement, to the Buyer or the Operating

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         Agent or their respective successors and assigns or, as the case may
         be, now or hereafter due or owing on any account to Citibank or any of
         Citibank's Affiliates (and for this purpose to convert one currency
         into another).

19.      BINDING EFFECT: ASSIGNABILITY

19.1     Successors and Assigns

         This Agreement is binding upon and enures to the benefit of (1) each
         Seller, Exide Europe and any of their successors and permitted
         assignees in accordance with Clause 19.2; (2) the Buyer and also in
         relation to the benefit, but not the burden of this Agreement, each
         Person to whom the Buyer has for the time being in accordance with
         Clause 19.3 granted or assigned (or agreed to grant or assign) all or
         part of any Purchased Receivable (or any participation or interest,
         whether proprietary or contractual, in or in respect of all or part of
         any Purchased Receivable) and/or all or any of its rights, benefits and
         interest in or under this Agreement and their respective successors and
         assignees; and (3) Citibank and its successors as Operating Agent (and
         the terms "Seller", "Exide Europe", "Buyer" and "Operating Agent" shall
         be construed accordingly).

19.2     Sellers and Exide Europe

         Neither a Seller nor Exide Europe may assign any of its rights,
         benefits or interest in or under this Agreement except with the prior
         express written consent of the Operating Agent.

19.3     The Buyer

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

19.4     Additional Sellers

         The Operating Agent may, in its sole and absolute discretion, at the
         request of Exide Europe, admit a member of the Exide Group as a Seller
         under this Agreement (for the purposes of this Clause 19.4, such party
         or parties shall be referred to as the "Additional Seller"). In
         addition to the discretion of the Operating Agent, the admission the
         Additional Seller shall also be subject to the following conditions
         precedent:

         (a)   the Operating Agent receives the documents and information
               specified in Schedule 2 in respect of the Additional Seller, each
               in form and substance satisfactory to the Operating Agent;

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

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German Receivables Sale Agreement                                 EXECUTION COPY

               indicated its consent by execution of the Admission of Additional
               Seller; and

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

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

20.      FURTHER ASSURANCE - RESTRUCTURING

         Each of the Sellers and Exide Europe hereby agrees that:

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

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

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

         upon commercial terms consistent with those applicable under the
         existing Programme (save in relation to additional costs arising as a
         result of the involvement of a FCC and/or a Law 130 Company), each of
         the Sellers and Exide Europe undertakes to the Operating Agent and the
         Buyer that it will enter into such arrangements, documents and
         agreements as are necessary or desirable, in the opinion of the
         Operating Agent (acting reasonably), for the purposes of giving effect
         to the transactions set out in paragraphs (1) to (2) and ensuring
         consistency between such transactions and the other transactions
         contemplated under the Programme.

20.2     if, by reason of any change (a) in any law or regulation or in its
         interpretation or application or (b) in the generally recognised market
         practice after the date hereof (in each case as evidenced by legal
         advice from a reputable law firm

                                      -71-

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 German Receivables Sale Agreement                                EXECUTION COPY

         delivered by the Operating Agent to Exide Europe), the Operating Agent
         determines that the interests of the Buyer and/or the Operating Agent
         under the Programme may be affected as a result of such change, then
         the parties to this Agreement, acting in good faith, shall co-operate
         with a view to restructuring this Agreement, the other Relevant
         Documents and the transactions contemplated herein and therein upon
         such terms and conditions as would result in the interests of the Buyer
         and/or the Operating Agent to be protected, to the best extent possible
         under applicable law, in the same manner as if that change had not
         occurred.

         All the fees, costs and expenses (including legal fees) arising as a
         result of any of the events described in paragraphs 20.1 and 20.2 will
         be borne by the Sellers.

21.      TERMINATION

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

22.      NO PROCEEDINGS

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

23.      EXECUTION IN COUNTERPARTS: SEVERABILITY

23.1     Counterparts

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

                                      -72-

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23.2     Severability

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

24.      CONFIDENTIALITY

24.1     Unless otherwise required by applicable law or regulation, or as
         requested by any regulator or tribunal with competent jurisdiction
         over, or over any business of, the relevant party, and subject to
         Clause 24.2 below, each of the parties agrees to maintain the
         confidentiality of this Agreement in its communications with third
         parties and otherwise.

24.2     The provisions of Clause 24.1 shall not apply:

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

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

         (c)   to any professional advisors which are bound by professional
               duties of confidentiality and which professional duties of
               confidentiality are protected under procedural law;

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

25.      GOVERNING LAW AND JURISDICTION

25.1     Governing Law

         This Agreement is governed by and shall be construed in accordance with
         the laws of Germany, save to the extent that any right or interest
         transferred hereunder which is mandatorily governed by a law other than
         German law shall be governed by such law.

                                      -73-

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25.2     Consent to Jurisdiction

         The place of jurisdiction for any and all disputes arising under or in
         connection with this agreement shall be the Landgericht (district
         court) in Frankfurt am Main. The parties hereto hereby irrevocably
         waive, to the fullest extent they may effectively do so, the defence of
         an inconvenient forum to the maintenance of such action or proceeding.
         The Sellers, Exide Europe and the Buyer agree that a final judgment in
         any action or proceeding shall be conclusive and may be enforced in
         other jurisdictions by suit on the judgment or in any other manner
         provided by law. Nothing shall affect the right to serve process in any
         other manner permitted by law.

25.3     Agent for the service of process

         Upon the reasonable request of the Seller, the relevant other parties
         hereto not having a valid address or process agent
         (Zustellungsbevollmachtigter) in Germany shall appoint a competent
         third party as its agent for service of process
         (Zustellungsbevollmachtigter) in relation to any proceeding before the
         German courts in connection with this Agreement.

         As an alternative method of service, the Sellers, Exide Europe and the
         Buyer also irrevocably consent to the service of any and all process in
         any such action or proceeding by the delivery of copies of such process
         to the Sellers, Exide Europe or the Buyer, as applicable, at the
         address designated for notices under this Agreement.

                                      -74-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 1

                                     Part 1
                         Seller Non-Transaction Accounts
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------

                                     Account          Bank Sorting Code      Name of Bank and
Seller/Account Holder                Number              (Bankleitzahl)      Location
<S>                                  <C>              <C>                    <C>
----------------------------------------------------------------------------------------------------
Deutsche Exide GmbH                    As notified to the Seller prior to the Effective Date
----------------------------------------------------------------------------------------------------
Deutsche Exide Standby GmbH            As notified to the Seller prior to the Effective Date
----------------------------------------------------------------------------------------------------
Exide Automotive Batterie GmbH         As notified to the Seller prior to the Effective Date
----------------------------------------------------------------------------------------------------
</TABLE>

                                     Part 2
                    Offices of the Sellers/Collection Account
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------

                                     Account          Bank Sorting Code      Name of Bank and
Seller/Account Holder                Number              (Bankleitzahl)      Location
----------------------------------------------------------------------------------------------------
<S>                                  <C>              <C>                    <C>
Deutsche Exide GmbH                           36012          500 202 00      BHF-Bank
                                                                             Frankfurt
                                     ---------------------------------------------------------------
Im Tiergarten, 63654 Budingen               6102834          263 510 15      Sparkasse
                                                                             Kreis Osterode
----------------------------------------------------------------------------------------------------
Deutsche Exide Standby GmbH                   36244          500 202 00      BHF-Bank
                                                                             Frankfurt
                                     ---------------------------------------------------------------
Im Tiergarten, 63654 Budingen                 56178          500 604 00      DZ-Bank
                                                                             Frankfurt
                                     ---------------------------------------------------------------
                                           90132500          500 800 00      Dresdner Bank AG
                                                                             Frankfurt
----------------------------------------------------------------------------------------------------
                                              50013          500 202 00      BHF-Bank
                                                                             Frankfurt
                                     ---------------------------------------------------------------
                                              36384          500 202 00      BHF-Bank
                                                                             Frankfurt
                                     ---------------------------------------------------------------
                                              36376          500 202 00      BHF-Bank
                                                                             Frankfurt
                                     ---------------------------------------------------------------
Exide Automotive Batterie GmbH                49197          500 604 00      DZ-Bank
                                                                             Frankfurt
                                     ---------------------------------------------------------------
Im Tiergarten, 63654 Budingen              91156200          500 800 00      Dresdner Bank AG
                                                                             Frankfurt
----------------------------------------------------------------------------------------------------
</TABLE>

*The Sellers have also designated a Collection Account which is currently opened
 in the name of Exide Batteries Limited - Account No. 15385183 (Sort Code
 56-00-59) with Citibank.

                                      -75-

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German Receivables Sale Agreement                                EXECUTION COPY

                                     Part 2

                                  Buyer Account

Account No.:                                10123765

Currency:                                   Euro

Sort Code:                                  18-50-04

Citibank London Swift Code:                 CITIGB21

                                      -76-

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                                     Part 3

                           Buyer Collection Account(s)

  To be established in the name of Buyer prior to the Payment Notification Date

                                      -77-

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German Receivables Sale Agreement                                EXECUTION COPY

                                   SCHEDULE 2

                     Form of Admission of Additional Seller

To:       Citibank, N.A.
          336 Strand
          WC2R 1HB
          U.K.

Copy to:  Exide Holding Europe S.A.
          5-7 Allee des Pierres Mayettes
          92636 Gennevilliers Cedex
          France

                         ADMISSION OF ADDITIONAL SELLER

Pursuant to the German Receivables Sale Agreement dated 24 May 2002 (the
"Agreement") among inter alia, you, Batteries Funding Limited and certain German
Affiliates of Exide Holding Europe S.A.

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

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

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

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

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

                                      -78-

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German Receivables Sale Agreement                                EXECUTION COPY

      no responsibility for the financial condition of Batteries Funding Limited
      or any Seller or for the performance and observance by Batteries Funding
      Limited or any Seller of any of their respective obligations under the
      Agreement or any document relating thereto and any and all such conditions
      and warranties, whether express or implied by law or otherwise, are hereby
      excluded.

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

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

(ii)  Date of most recent audited annual accounts for the        .
      purposes of Clause 8.7.

(iii) principal place of business of Additional Seller for       ..
      the purposes of Clause 8.15 and Schedule 1.

(iv)  Collection Account for the purposes of Schedule 1.         . (Sort Code)

(v)   Seller Non-Transaction Account for the purposes of         . (Sort Code)
      Schedule 1

7.    This Admission of Additional Seller and the rights, benefits and
      obligations of the parties hereunder are governed by and shall be
      construed in accordance with German law, place of jurisdiction shall be
      Frankfurt am Main, Germany.

[ADDITIONAL SELLER]

By:

Address:

Attention:

Telefax:

Date:

AGREED TO BY:

                                      -79-

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German Receivables Sale Agreement                                EXECUTION COPY

[ANY ADDITIONAL SELLER]

By:

[Existing Sellers under the German Receivables Sale Agreement]

CONSENTED TO THIS ______ DAY OF __________, ________:

Citibank, N.A., London Branch

By:

CONSENTED TO THIS ______ DAY OF __________, ________:

Batteries Funding Limited

By:

                                      -80-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 3
                          Form of Settlement Statement

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

                              SETTLEMENT STATEMENT
                              --------------------

             SELLER: Exide Germany (Exide Automotive Batterie GmbH,
                          Deutsche Exide GmbH and Deutsche Exide Standby
            CURRENCY: EUR

          Batteries Funding - Settlement Statement as of:            23-May-02
          ----------------------------------------------

          Next Settlement Date:                                      30-May-02
          --------------------

          PRIOR SETTLEMENT STATEMENT:
          --------------------------
                                                                       EUR

      (1) Outstanding Balance                                             -
      (2) Reserve Accounts                                                -
      (3) Unearned Discount                                               -
      (4) Capital                                                         -

          Adjustments to Prior Month Balance
          ----------------------------------

      (5) Total Collections                                               -
      (6) Adjustments to Reserve Account                                  -
      (7) Discount Collected                                              -
      (8) Cash & Deemed Collections                                       -

      (9) New Receivables Sold                                            -
     (10) Change in Reserve                                               -
     (11) Change in Discount                                              -
     (12) Net Cash Paid (7-8)                                             -

          Ending Balance as of this Date:
          ------------------------------

     (13) Outstanding Balance                                             -
     (14) Reserve Account                                                 -
     (15) Discount                                                        -
     (16) Capital                                                         -

          PAYMENT OF FEES DUE ON NEXT SETTLEMENT DATE
          -------------------------------------------

          Purchaser Fees Due on the next Settlement Statement
          above 0.0000%                                         EUR     -

          Agency Fee           50.00 bp                         EUR     -

          Facility Fee         75.00 bp                         EUR     -

          Please remit funds to Batteries Funding Limited's account at
          Citibank London, account number 0010123765

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

                                      -81-

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German Receivables Sale Agreement                                EXECUTION COPY

                                   SCHEDULE 4

                             Form of Summary Report

                            Batteries Funding Limited

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

     Sold Portfolio Ageing by invoice due date :

            Current - Due beyond 91      ----->           553.121,04    2,039%
            Current - Due in 90 days     ----->         2.264.572,17    8,347%
            Current - Due in 60 days     ----->         4.144.198,79   15,275%
            Current - Due in 30 days     ----->        13.173.655,13   48,557%
            1 - 30 days Overdue          ----->         4.212.352,42   15,526%
            31 - 60 days Overdue         ----->           830.976,51    3,063%
            61 - 90 days Overdue         ----->           319.819,36    1,179%
            91 - 120 days Overdue        ----->           110.321,13    0,407%
            121 - 150 days Overdue       ----->           -44.299,89   -0,163%
            151 - 180 days Overdue       ----->           116.671,33    0,430%
            181 + days Overdue           ----->         1.449.051,58    5,341%
                                                  ------------------
            Total                        ----->        27.130.439,57

     Estimated Cash         Days 1 - 30           ----->        20.168.547,57
     Collections in         Days 31 - 60          ----->         4.144.198,79
     future periods         Days 61 - 90          ----->         2.264.572,17
                            Days 91 +             ----->           553.121,04
                                                           ------------------
                            Total                 ----->        27.130.439,57

     Collections in
     current period Received by due date          ----->           664.017,37
     by due date :  Received 30 days after due date --->         2.528.960,83
                    Received 60 days after due date --->            68.073,88
                    Received 90 days after due date --->            61.642,47
                    Received 91+ days after due date -->            21.713,38
                                                           ------------------
                    Total Collections             ----->         3.344.407,93

     Total new receivables sold this month        ----->   1.821.882.41

     Sold Credit Notes Outstanding     -------->         5.377.517,23  16,542%
     Credit Notes issued in last 30 days ------>         1.198.439,87   4,230%

     Total Credit Notes Outstanding    -------->         6.992.964,19  21,122%
     Credit Notes issued in last 30 days ------>         1.205.289,57   4,412%

     Total Invoices sold                       -------->               20.551
     Total New Invoices sold                   -------->                    0

     Total delinquent receivables in sold portfolio --->         2.782.540,02
     Total delinquent receivables (Sold + Unsold) ----->         1.652.522,44

     Total defaulted receivables in sold portfolio ---->         1.631.744,15
     Total defaulted receivables (Sold + Unsold) ------>           681.251,60

                                      -82-

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German Receivables Sale Agreement                                EXECUTION COPY

                            Batteries Funding Limited

     Seller   :        Germany
     Currency :        Total Deutschemarks Portfolio in EURO
     Summary Report Date                                           02/05/19
     Summary Report for period ended                               02/05/18
     ==========================================================================

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

     Net new invoices issued in the last seven days ---->       1.471.661,88

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

              Current                    ----->        20.242.948,17   77,516%
              1 - 30 Days Overdue        ----->         4.219.170,46   16,156%
              31 - 60 Days Overdue       ----->           787.526,88    3,016%
              61 - 90 Days Overdue       ----->           183.743,96    0,704%
              91 - 120 Days Overdue      ----->            95.470,51    0,366%
              121 - 150 Days Overdue     ----->           -66.701,50   -0,255%
              151 - 180 Days Overdue     ----->           116.267,66    0,445%
              181 +   Days Overdue       ----->           536.214,93    2,053%
                                                  ------------------
              Total Receivables          ----->        26.114.641,07

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

     ____________________________                      ____________________
       Authorised Signature                            Authorised Signature

                                      -83-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 5

                          Initial Conditions Precedent

(b)      Certified copy of (i) shareholder's resolutions of each Seller
         approving the restructuring documents and (ii) the board of directors
         (or analogous body) of the Sellers approving this Agreement and the
         other documents to be delivered by it and the transactions contemplated
         in this Agreement;

(c)      Latest Satzung or Gesellschaftsvertrag of each Seller;

(d)      Officially certified up to date Commercial Register extracts
         (Handelsregisterauszug) in respect of each German Originator dated no
         earlier than 15 days prior to the signing of this Agreement;

(e)      A certificate of an appropriate officer of each Seller certifying the
         names and true signatures of the officers authorised on its behalf to
         sign or, as appropriate, witness the signature of this Agreement and
         the other documents to be delivered by it (on which certificate the
         Operating Agent may conclusively rely until such time as the Operating
         Agent receives from the Seller a revised certificate meeting the
         requirements of this paragraph). For the time being, due completion of
         Schedule 15 hereto shall satisfy this requirement;

(f)      Certified copy of (a) an application sent by each Originator to the
         competent courts for the granting of a servicer licence under the
         German Act on the Rendering of Legal Advice (Rechtsberatungsgesetz) in
         respect of the Transaction or (b) a binding confirmation that existing
         servicer licence held by such Originator effectively applies to the
         Transaction;

(g)      A favourable opinion of legal advisors to the Sellers as to capacity
         and corporate power of each Seller in such form as the Operating Agent
         may reasonably require;

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

(i)      The Account Pledge Agreement in relation to the Collection Accounts of
         the Sellers needs to be duly executed by each Seller and notified to
         the applicable Collection Account Banks with a copy to the Buyer and
         Citibank;

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

                                      -84-

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German Receivables Sale Agreement                                 EXECUTION COPY

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

(l)      Collection arrangements in place for the Originator's Collection
         Accounts;

(m)      Execution of the Relevant Documents (as defined in each of the
         Origination Agreements) and all documentation to be delivered
         therewith;

(n)      Enigma Licence Agreement, duly executed by Exide Europe;

(o)      Satisfaction of all initial conditions precedent set forth in Schedule
         2 to the Facilities Agreement; (p) Preparation of a written Credit and
         Collection Policy by each Seller, in form and substance satisfactory to
         the Operating Agent;

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

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

(s)      Power of Attorney granted to Citibank and Batteries Funding, duly
         executed by the Sellers substantially in the form of Schedule 13;

(t)      Execution of the Currency Exchange Agreement.

                                      -85-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 6

                     Letter of Offer, Acceptance and Receipt

                                     Part 1

                                Letters of Offer

            - Form of Offer Letter to be sent on Initial Offer Date -

From:       Exide Europe Funding Ltd
            c/o Exide Holding Europe S.A.
            5-7 Allee des Pierres Mayettes
            92636 Gennevilliers Cedex-France

To:         Batteries Funding Limited
            West Block
            International Financial Services Centre
            Dublin 1

Copy to:    Citibank, N.A.
            Citicorp Centre
            33 Canada Square
            Canary Wharf
            London E14 5LB

Attention:                                                                 Date:

                               SUBJECT TO CONTRACT

Dear Sirs

Reference is made to the German Receivables Sale Agreement dated 24 May 2002 (as
from time to time amended, supplemented or novated) (the "Agreement") among
Deutsche Exide GmbH, Deutsche Exide Standby GmbH and Exide Automotive Batterie
GmbH each as Seller (the "Sellers"), ourselves as Offer Agent, Batteries Funding
Limited as Buyer and yourselves as Operating Agent. Terms defined in the
Agreement shall bear the same meaning herein.

We, on behalf of [name of Seller or Sellers] hereby offer to you the sale and
assignment of:

(i)    Existing Receivables with an Outstanding Balance of [.] (being the
       Existing Receivables identified for you pursuant to Clause 4.8 of the
       Agreement in the

                                      -86-

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German Receivables Sale Agreement                                 EXECUTION COPY

         Accounts Receivables Listing) on the Effective Date for an Existing
         Receivables Purchase calculated in accordance with the Agent Price of
         [.];

(ii)

         (a)  Future Receivables which have come and will come into existence
              between (and including) the Initial Reference Date and (but
              excluding) the Effective Date as specified in the Accounts
              Receivables Listing; and

         (b)  Future Receivables which will come into existence during the next
              Settlement Period as specified in the Accounts Receivables
              Listing, for payment of the Acceptance Fee in the amount of Euro
              10.

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

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

The offer made under this letter constitutes an irrevocable offer by [name of
Seller or Sellers] to sell and to assign to you the Receivables and Related
Security referred to in this Letter of Offer.

This Letter of Offer shall be governed by German law.

Yours faithfully

EXIDE HOLDING EUROPE S.A., acting on behalf of [Sellers]

By:

Authorised Signatory

                                      -87-

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German Receivables Sale Agreement                                 EXECUTION COPY

         - Form of Letter of Offer to be sent on any Subsequent Offer Date -

From:         Exide Europe Funding Ltd
              c/o Exide Holding Europe S.A.
              5-7 Allee des Pierres Mayettes
              92636 Gennevilliers Cedex-France

To:           Batteries Funding Limited
              West Block
              International Financial Services Centre
              Dublin 1

Copy to:      Citibank, N.A.
              Citicorp Centre
              33 Canada Square
              Canary Wharf
              London E14 5LB

Attention:                          Date:

                               SUBJECT TO CONTRACT

Dear Sirs

Reference is made to the German Receivables Sale Agreement dated 24 May 2002 (as
from time to time amended, supplemented or novated) (the "Agreement") among
Deutsche Exide GmbH, Deutsche Exide Standby GmbH and Exide Automotive Batterie
GmbH each as Seller (the "Sellers"), ourselves as Offer Agent, Batteries Funding
Limited as Buyer and yourselves as Operating Agent. Terms defined in the
Agreement shall bear the same meaning herein.

We, on behalf of [name of Seller or Sellers] hereby offer to you the sale and
assignment of:

(i)    Future Receivables which will come into existence during the next
       Settlement Period for payment of an Acceptance Fee in the amount of Euro
       10.

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

                                      -88-

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German Receivables Sale Agreement                                 EXECUTION COPY

(ii)     Existing Receivables with respect to Additional Designated Account
         Debtors notified to you on the date hereof with an Outstanding Balance
         of [.] (being the Existing Receivables identified for you pursuant to
         Clause 4 of the Agreement) on the next Settlement Date for an Existing
         Receivables Purchase Price calculated in accordance with the Agreement
         of [.]; and

(iii)    Future Receivables with respect to Additional Account Debtors notified
         to you on the date hereof which have come and will come into existence
         between (and including) the last Reference Date and (but excluding) the
         next Settlement Date for payment of the Acceptance Fee in the amount of
         Euro 10;

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

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

The offer made under this letter constitutes an irrevocable offer by [name of
Seller or Sellers] to sell and to assign to you the Receivables and the Related
Security referred to in this Letter of Offer.

This Letter of Offer shall be governed by German law.

Yours faithfully

EXIDE HOLDING EUROPE S.A., acting on behalf of [Sellers]

By:

Authorised Signatory

                                      -89-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                     Part 2

                          Form of Letter of Acceptance

From:            Citibank, N.A.
                 Citicorp Centre
                 33 Canada Square
                 Canary Wharf
                 London E14 5LB

To:              Exide Europe Funding Ltd
                 c/o Exide Holding Europe S.A.
                 5-7 Allee des Pierres Mayettes
                 92636 Gennevilliers Cedex-France

Copy to:         Batteries Funding Limited
                 West Block
                 International Financial Services Centre
                 Dublin 1

Dear Sirs,

We refer to the letter of offer dated [.] between, inter alios, yourselves as
Offer Agent acting on behalf of [include Name of Sellers] and ourselves as
Operating Agent acting on behalf of Buyer (the "Letter of Offer") delivered
pursuant to the German Receivables Sale Agreement dated [.] between, Deutsche
Exide GmbH, Deutsche Exide Standby GmbH and Exide Automotive Batterie GmbH each
as Seller, Exide Holding Europe S.A. as Offer Agent, Batteries Funding Limited
as Buyer and ourselves as Operating Agent (the "Agreement").

Terms defined in the Agreement shall bear the same meaning herein.

We hereby accept to purchase from [include Name of Sellers], pursuant to the
Agreement, the Receivables identified in the Letter of Offer pursuant to Clause
4.2 of the Agreement at the Purchase Price calculated in accordance with the
Agreement and confirm that we will pay the Purchase Price and the Acceptance Fee
in the [total] amount of [.] less any set-offs made pursuant to the paragraph
below, into the below account on [Purchase Date].

[specify account]

                                      -90-

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German Receivables Sale Agreement                                 EXECUTION COPY

Pursuant to Clause 12.3 of the Agreement, we hereby set-off the Purchase Price
against any Advance Payments made to [insert names of the Sellers].

We hereby confirm our acceptance of the assignment of the Receivables specified
in your Letter of Offer.

Yours faithfully,

Citibank, N.A. as Operating Agent
acting on behalf of
Batteries Funding Limited

By:
Authorised Signatory
Witness:
Address:

                                      -91-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                     Part 3
                        Form of Receipt of Purchase Price

From:        [include details of Seller who is the recipient of the relevant
             purchase price]

To:          Citibank, N.A., as Operating Agent                        Date: [.]
             acting on behalf of Batteries Funding Limited

Address:     Citicorp Centre
             33 Canada Square
             5/th/ Floor
             Canary Wharf
             London E14 5LB

Attention:   [.]
             Fax No: +[.]

Copied to:   [.]
Attention:   [.]

Dear Sirs

We refer to the German Receivables Sale Agreement dated [.] between Deutsche
Exide GmbH, Deutsche Exide Standby GmbH and Exide Automotive Batterie GmbH each
as Seller, Exide Holding Europe S.A. as Offer Agent, Batteries Funding Limited
as Buyer and ourselves as Operating Agent (the "Agreement").

Terms defined in the Agreement shall bear the same meaning herein. This Receipt
is given pursuant to Clause 4.6 of the Agreement.

We hereby acknowledge receipt of the Purchase Price in the amount of [.] on
[specify date] and the Acceptance Fee in the amount of [.] on [specify date] in
respect of the Receivables identified in the Letter of Offer dated [.],
calculated in accordance with the Agreement less the amount of [.] which was
set-off by you in accordance with the Agreement.

Yours faithfully,

Exide Holding Europe S.A., as Offer Agent

                                      -92-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

acting on behalf of
[Specify Sellers]
By:
Authorised Signatory
Witness:
Address:

                                      -93-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 7
                                Form of Contract

                                      -94-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 8

                                     Part 1
                   Information to be Provided to Exide Europe

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

         a computerised download containing the following fields:

         - number, which identifies the applicable Seller

         - customer number

         - customer name

         - customer type

         - location of customer (country)

         - invoice number

         - journal number

         - issue date of invoice

         - due date of invoice

         - currency of invoice

         - currency amount of invoice

         - type of invoice

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

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

3.       On or before the third Determination Date of each of the calendar
         months of March, June, September and December (or such more frequent
         time as the Operating Agent may request in writing in accordance with
         Clause 11.6 of the Agreement):

                                      -95-

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German Receivables Sale Agreement                                 EXECUTION COPY

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

         - full customer name

         - address field 1

         - address field 2

         - address field 3

         - town

         - area code

         - country of address

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

                                      -96-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                     Part 2

                             Form of Monthly Summary

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

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

Seller:        ...............................

Date Prepared: ...............................

For month:     ...............................

All information relates to 3rd party domestic customers.

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

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

3.       Total value of Credit Notes               ............................

         (Disputes/Claims/invoicing errors etc, incl. VAT):

                                                   ............................

4.       Level of accruals for volume rebates:     ............................

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

6.       Expenses for warranty claims
         during the month:                         ............................

7.       Prompt payment discounts paid
         during the month:                         ............................

Receivable Ageing - Month-end Ledger

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

Days Past Due            Amounts in Ledger Currency

Current

1 - 30

                                      -97-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

31 - 60

61 - 90

91 - 120

121 +

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

[SELLER NAME]

...................................

Name

                                      -98-

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German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 9

                              Letter of Undertaking

    The Letter of Undertaking is set out as Schedule 9 to the UK RSA and also
                            refers to this Agreement

                                      -99-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 10

          List of Account Debtors other than Designated Account Debtors

..  FIAT

                                      -100-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 11

                              Payment Instructions

                                     Part 1

  Form of Notification of Customers by Letter on the Payment Notification Date

           - to be sent by registered mail with receipt confirmation -

                               - German Version -

An:      [Customer]

Von:     [Name of German Seller]

Datum:   [.]

Sehr geehrte Damen und Herren,

wir haben [heute/ am [.] 2002], samtliche unserer gegenwartigen Anspruche und
Forderungen gegen Sie aus unserer Geschaftsbeziehung an Batteries Funding
Limited, ansassig in West Block, International Financial Services Centre, Dublin
1, Ireland abgetreten. Wir bitten Sie, samtliche diesbezugliche Zahlungen auf
das Konto von Batteries Funding Limited No. [account details] bei [.] zu zahlen
und etwaige Zahlungen per Scheck zur Order von Batteries Funding Limited
auszuschreiben und diese an die folgende Adresse zu ubermitteln:

                            Batteries Funding Limited
                          Attn.: the Company Secretary
                     International Financial Services Centre
                                    Dublin 1
                                     Irland

Wir planen auch, samtliche unserer zukunftigen Anspruche und Forderungen gegen
Sie im Rahmen unserer Geschaftsbeziehung an Batteries Funding Limited abzutreten
und weisen Sie an, bis zum Zeitpunkt eines anderslautenden Hinweises auf Ihrer
jeweiligen Rechnung auch alle diesbezuglichen zukunftigen Zahlungen wie oben
beschrieben an Bateries Funding Limited zu leisten.

Fur Ruckfragen stehen wir Ihnen gerne zur Verfugung.

Mit freundlichen Gru(beta)en,

................................................................

                                      -101-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

[Name of German Seller]

                               - English Version -

To:      [Customer]

From:    [Name of German Seller], Germany

Dated:   [.]

Dear Sirs,

We have, [on the date hereof/ on [.] 2002], assigned to Batteries Funding
Limited all our rights, title and interest in all receivables owing to us by you
in the course of our business relations. You are asked to (i) make all payments
in cash in respect of such receivables to the account of Batteries Funding
Limited No. [account details] with [.] and (ii) make all your payments by cheque
in respect of such receivables to the order of Batteries Funding Limited and to
remit such cheques to:

                            Batteries Funding Limited
                          Attn.: the Company Secretary
                     International Financial Services Centre
                                    Dublin 1
                                     Irland

We are also intending to assign to Batteries Funding Limited all our rights,
title and interest in all [other] receivables which you will be owing to us in
the course of our business relations and that we direct you to make all your
further payments in respect of such receivables in the manner set out above or
as otherwise instructed to you in the invoice related to such receivables.

Yours faithfully,

.....................................................
[NAME OF GERMAN SELLER]

                                      -102-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                     Part 2

                Form of Notification of Customers on each invoice

                               - German Version -

Wir haben samtliche unserer Anspruche und Forderungen gegen Sie aus unserer
Geschaftsbeziehung an Batteries Funding Limited (West Block, International
Financial Services Centre, Dublin 1, Ireland) abgetreten. Wir bitten Sie,
samtliche diesbezugliche Zahlungen auf das Konto von Batteries Funding Limited
No. [account details] bei [.] zu zahlen und etwaige Zahlungen per Scheck zur
Order von Batteries Funding Limited auszustellen und diese an die folgende
Adresse zu ubermitteln: Batteries Funding Limited, Attn.: the Company Secretary,
International Financial Services Centre, Dublin 1, Ireland.

                               - English Version -

Payment Instruction to be printed on each invoice of the Sellers
We have assigned to Batteries Funding Limited all our rights, title and interest
in all receivables owing to us by you in the course of our business relations.
You are asked to (i) make all payments in cash in respect of such receivables to
the account of Batteries Funding Limited No. [account details] with [.] and (ii)
make all your payments by cheque in respect of such receivables to the order of
Batteries Funding Limited and to remit such cheques to Batteries Funding
Limited, Attn.: the Company Secretary, International Financial Services Centre,
Dublin 1, Ireland.

                                      -103-

<PAGE>

German Receivables Sale Agreement                                EXECUTION COPY

                                   SCHEDULE 12
                           [INTENTIONALLY LEFT BLANK]

                                      -104-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 13
          Form of Power of Attorney in Favour of Citibank and the Buyer

To:        Citibank, N.A.
           Citicorp Centre
           33 Canada Square
           Canary Wharf
           London E14 5LB

and

           Batteries Funding Limited
           West Block
           International Financial Services Centre
           Dublin 1

THIS POWER OF ATTORNEY is made on the [.] day of [.] by (A) Deutsche Exide GmbH
having its offices at [.], Deutsche Exide Standby GmbH having its offices at [.]
and Exide Automotive Batterie GmbH having its offices at [.], respectively,
acting in their capacity as Sellers and by (B) EXIDE HOLDING EUROPE, a French
Societe Anonyme, with its registered office at 5-7 Allee des Pierres Mayettes,
92636 Gennevilliers Cedex, France acting in its capacity Offer Agent (together
the "Appointors" and each an "Appointor") in favour of CITIBANK, N.A., a company
whose registered office is at 336 Strand, London WC2R 1HB acting in its capacity
as Operating Agent ("Citibank") and BATTERIES FUNDING LIMITED, a company with
its registered office at West Block, International Financial Services Centre,
Dublin 1, Ireland (the "Buyer"). Citibank and the Buyer are referred to herein
collectively as the "Attorneys".

WHEREAS :

(A)  Pursuant to a German receivables sale agreement (the "RSA") dated [.] made
     by and between the Sellers, Citibank and others, the Sellers may, from time
     to time, offer to sell to the Buyer under the RSA, through the Offer Agent,
     certain receivables (the "Receivables") and Related Security evidenced by
     invoices rendered by the Sellers and the Buyer may, in its sole discretion,
     accept an assignment of all Receivables and Collections and Related
     Security for its benefit as a beneficiary under certain trust arrangements
     (Treuhandvereinbarungen).

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

                                      -105-

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German Receivables Sale Agreement                                 EXECUTION COPY

(C)  Under the RSA, Citibank is appointed as the Operating Agent of the Buyer
     and the Buyer's assigns hereunder (if applicable).

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

NOW THEREFORE, the parties agree as follows:

1.   THE APPOINTORS EACH HEREBY APPOINT each of the Attorneys individually and
     any receiver appointed from time to time in respect of the Receivables,
     Collections and Related Security to be its true and lawful attorney for it
     and in its name to do any of the following acts, deeds and things or any of
     them as may be within the power of that Appointor after an Early
     Amortisation Event has occurred:

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

     (d)  to exercise all the rights, powers, remedies and discretions
          exercisable by a Seller by reason of such Seller remaining for the
          time being legal owner of any of the Purchased Receivables or the
          Ancillary Rights;

     (e)  to execute, sign, seal and deliver any document and to do any other
          act or thing which it may deem to be necessary to protect the
          interests of the Buyer and/or the Operating Agent, proper or expedient
          for fully and effectually vesting or transferring the Purchased
          Receivables and the Ancillary Rights in or to the Buyer or their
          successors in title or other person or persons entitled to the benefit
          thereof (as the case may require) pursuant to and in accordance with
          the RSA;

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

     (g)  to redirect mail and endorse drafts, cheques and other payments media,
          to perform any agreement or obligation of an Appointor under or in
          connection with the RSA and to exercise all other remedies of an
          Appointor under the RSA or existing at law; and

     (h)  from time to time to substitute and appoint severally one or more
          attorneys (the "Substitute Attorneys") for all or any of the purposes

                                      -106-

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German Receivables Sale Agreement                                 EXECUTION COPY

               aforesaid (including the power to authorise any person so
               appointed to make further appointments).

2.       Each of the Appointors hereby agrees at all times hereafter to ratify
         and confirm any act, matter or deed whatsoever the Attorneys or any
         Substitute Attorney shall lawfully do or cause to be done under or
         pursuant to this Power of Attorney to the extent that such act or acts
         and execution are within the power of the Appointor and within the
         contemplation of this Power of Attorney and the Appointor shall
         indemnify the Attorneys or any Substitute Attorney in respect of any
         loss, claim, cost, expense or liability in connection with this Power
         of Attorney save to the extent that the same arises out of their gross
         negligence, wilful default or bad faith.

3.       Each of the Appointors declares that this Power of Attorney shall be
         irrevocable and shall not be affected by the bankruptcy, liquidation,
         receivership, the making of an administration order or appointment of
         an administrative receiver or any other equivalent event of or
         affecting any of the Appointors. The Attorneys and any Subsitute
         Attorneys shall be exempt from any restrictions on self dealing
         pursuant to Section 181 German Civil Code or otherwise.

4.       The Attorneys hereby accept their appointment hereunder on the terms
         and subject to the conditions of this Power of Attorney and the RSA and
         for these purposes shall be released from the restrictions set forth in
         Section 181 of the German Civil Code (restriction on self-dealing).

5.       The laws of the Federal Republic of Germany shall apply to this Power
         of Attorney and the interpretation thereof and to all acts of the
         Attorneys or any Substitute Attorney carried out under the terms
         hereof.

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

DEUTSCHE EXIDE GmbH

By:      ________________________________________

Name in Print:    __________________________________

DEUTSCHE EXIDE STANDBY GmbH

By:      ________________________________________

                                      -107-

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German Receivables Sale Agreement                                EXECUTION COPY

Name in Print:    __________________________________

EXIDE AUTOMOTIVE BATTERIE GmbH

By:      ________________________________________

Name in Print:    __________________________________

EXIDE HOLDING EUROPE S.A.

By:      ________________________________________

Name in Print:    __________________________________

                                      -108-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 14
              Form of Directors' Certificate in Respect of Sellers

To:         Citibank, N.A.
            Citicorp Centre
            33 Canada Square
            Canary Wharf
            London E14 5LB

Copy to:    Batteries Funding Limited
            West Block
            International Financial Services Centre
            Dublin 1

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

WE HEREBY CERTIFY having made all appropriate searches and investigations of the
Company's books and records, the information held by the commercial register
(Handelsregister), the Company's management and statutory accounts (including
the notes thereto and the reports thereon); made all enquiry of its officers,
auditors and professional advisers and without limiting the generality of the
foregoing, duly considered the provisions of Sections 49(3), 60(1) No. 4 and 64
of the German Act of Limited Liability Companies (Gesetz betreffend die
Gesellschaften mit beschrankter Haftung), as well as, inter alia of Sections 13
and 17 to 20 of the German Insolvency Act (Insolvenzordnung) and of Section 32
of the German Commercial Code (Handelsgesetzbuch) and the provisions of (i) the
German Receivables Sale Agreement ("German RSA") dated [.] between, inter alios,
the Company, Exide Holding Europe S.A. as Offer Agent and Batteries Funding
Limited as Buyer and (ii) the first Letter of Offer delivered by us or on our
behalf under the German RSA (the documents at (i) and (ii) above being the
"Relevant Transaction Documents") have, as at the date hereof, with respect to
the Company determined that on the basis of the consolidated financial
statements in respect of the Company for most recently ended financial year, the
financial statements of the Company were presented on a going concern basis and:

1.   The Company is not unable or presumably unable to pay its debts as they
     fall due within the meaning of Sections 17 and 18, or in a status of
     overindebtedness within the meaning of Section 19, of the German Insolvency
     Act (Insolvenzordnung) and, to the best of [my/our] knowledge and belief,
     the Company would not become unable to pay its debts as a consequence of
     the periodic sale of trade receivables during the term of the German RSA,
     i.e. would not be in a stoppage of payment situation (Zahlungsunfahigkeit)
     or presumably

                                      -109-

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German Receivables Sale Agreement                                EXECUTION COPY

     unable to pay its debts as they fall due (drohende Zahlungsunfahigkeit) or
     in a status of overindebtedness (Uberschuldung).

2.   No order has been made or resolution passed for the liquidation (Auflosung)
     of the Company and no court order for the opening of insolvency proceedings
     in relation to the Company has been made and no opening of insolvency
     proceedings in relation to the Company has been registered pursuant to
     Section 32 of the Commercial Code, and, to the best of my/our knowledge and
     belief that no petition for the liquidation of the Company or bankruptcy or
     insolvency petition or a petition for the making of an administration order
     has been presented;

3.   no insolvency administrator (Insolvenzverwalter) and/or sequester has been
     appointed in relation to the Company;

4.   no receiver, administrative receiver, administrator or receiver and
     manager, including, inter alios, any Konkursverwalter, Vergleichsverwalter,
     Zwangsverwalter, Insolvenzverwalter and/or sequester has been appointed in
     relation to the Company; and

5.   no step has been taken for the dissolution of the Company.

6.   In our opinion the value of the consideration which would be received for
     the sale of the Receivables from time to time calculated in accordance with
     the Relevant Transaction Documents would in all the circumstances be fair
     and reasonable.

7.   The sale of Receivables to Batteries Funding Limited from time to time
     under the Relevant Transaction Documents and all matters concerning the
     Company, would, to the extent to which these were carried out by the
     Company, be effected by the Company in good faith and in connection with
     its business, and in our opinion there are reasonable grounds for believing
     that the sale of Receivables and all related matters contemplated by the
     Relevant Transaction Documents would benefit the Company; and

8.   In authorising the submission of Letters of Offer the Company has not been
     influenced by a desire to prefer Batteries Funding Limited as a creditor
     over any other creditors of the Company.

We hereby certify that the persons whose names and signatures [are set out in
the attached list] [listed below] are duly authorised to give any communication
and execute and certify any document for or on behalf of the Company in relation
to the Relevant Transaction Documents, with immediate copy to the Company.
Batteries Funding Limited and the Operating Agent may conclusively rely upon any
such communication until such time as Batteries Funding Limited and the
Operating Agent shall receive from

                                      -110-

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German Receivables Sale Agreement                                 EXECUTION COPY

the Company a revised corporate authorisation meeting the requirements of this
paragraph.

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

This certificate is given on behalf of the Company by:

Dated as of [.]

__________________________
Geschaftsfuhrer

                                      -111-

<PAGE>

German Receivables Sale Agreement                                EXECUTION COPY

                                   SCHEDULE 15
                    Form of Authorities to Represent and Sign

For the purposes of the German Receivables Sale Agreement dated 24 May 2002 (the
"Agreement") among inter alios Deutsche Exide GmbH, Deutsche Exide Standby GmbH
and Exide Automotive Batterie GmbH each as Seller (the "Sellers") and Batteries
Funding Limited as Buyer on which this Schedule 15 is based, the following
signatures are the specimen signatures of the persons duly authorised (until
written revocation) to represent each of the Sellers in relation to the
Agreement and the transactions contemplated thereby or to be entered into in
relation thereto.

For Deutsche Exide GmbH

1. Name of individual:                          ____________________
                                                (specimen signature)

2. Name of individual:                          _____________________
                                                (specimen signature)

3. Name of individual:                          ____________________
                                                (specimen signature)

For Deutsche Exide Standby GmbH

1. Name of individual:                          ____________________
                                                (specimen signature)

2. Name of individual:                          _____________________
                                                (specimen signature)

3. Name of individual:                          ____________________
                                                (specimen signature)

                                      -112-

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German Receivables Sale Agreement                                 EXECUTION COPY

For Exide Automotive Batterie GmbH

1. Name of individual:                          ____________________
                                                (specimen signature)

2. Name of individual:                          _____________________
                                                (specimen signature)

3. Name of individual:                          ____________________
                                                (specimen signature)

For the avoidance of doubt, this Schedule as well as all other Schedules shall
form an integral part of the German Receivables Sale Agreement.

                                      -113-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                   SCHEDULE 16
                            Special Dilution Reserve

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

                                      -114-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

    *Settlement Date       *Settlement Date           Table             Reserve
       May 2, 2003          April 29, 2004          May Week 1            1.0%
       May 8, 2003            May 6, 2004           May Week 2            3.2%

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

                                      -115-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

                                 EXECUTION PAGES

SELLERS:

DEUTSCHE EXIDE GMBH

By: ____________________________________

Name in print: _________________________

Address:          Im Thiergarten
                  63654 Budingen
                  Germany

Telefax:          +49-604281274

Telephone:        +49-604281413

Attention:        Axel Pape

DEUTSCHE EXIDE STANDBY GMBH

By: ____________________________________

Name in print: _________________________

Address:          Im Thiergarten
                  63654 Budingen
                  Germany

Telefax:          +49-604281274

Telephone:        +49-604281413

Attention:        Axel Pape

                                      -116-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

EXIDE AUTOMOTIVE BATTERIE GMBH

By: ____________________________________

Name in print: _________________________

Address:          Im Thiergarten
                  63654 Budingen
                  Germany

Telefax:          +49-604281274

Telephone:        +49-604281413

Attention:        Axel Pape

OFFER AGENT

EXIDE HOLDING EUROPE S.A.

By: ____________________________________

Name in print: _________________________

Address:          5-7 Allee des Pierres Mayettes
                  92 636 Gennevilliers cedex
                  France

Attention:        Dr. Albrecht Leuschner

Telefax:          + 33 1 47 92 74 81

Telephone:        + 33 1 41 21 23 00

BUYER:

                                      -117-

<PAGE>

German Receivables Sale Agreement                                 EXECUTION COPY

BATTERIES FUNDING LIMITED

By: ____________________________________

Name in print: _________________________

Address:          Batteries Funding Limited
                  West Block
                  International Financial Services Centre
                  Dublin 1
                  Ireland

Telefax:          + 353 1 8743050

Attention:        The Company Secretary

OPERATING AGENT:

CITIBANK, N.A., LONDON BRANCH

By: ____________________________________

Name in print: _________________________

Address:          Citicorp Centre
                  33 Canada Square
                  5th Floor
                  Canary Wharf
                  London E14 5LB

Attention:        Nigel Kilvington/Charles Prowse

Telefax:          +44 (0) 207 986 4705

                                      -118-<PAGE>

                                                                   EXHIBIT 10.14

                                                                  EXECUTION COPY

                                   24 May 2002

                               EXIDE ITALIA S.r.l.
                                    as Seller

                         ARCHIMEDE SECURITISATION S.r.l.
                       (acting through its London branch)
                                    as Buyer

                              EXIDE HOLDING EUROPE
                                 as Offer Agent

                                 CITIBANK, N.A.
                       (acting through its London branch)
                               as Operating Agent

                                       and

                                 CITIBANK, N.A.
                        (acting through its Milan branch)
                               as Allocation Agent

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

                      AMENDED AND RESTATED RECEIVABLES SALE
                                    AGREEMENT

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

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                               <C>
1.   DEFINITIONS AND CONSTRUCTION ..........................................................       3
2.   SCOPE OF THE AGREEMENT ................................................................      23
3.   CONDITIONS PRECEDENT ..................................................................      23
4.   PURCHASES .............................................................................      26
5.   COLLECTIONS AND SETTLEMENT ............................................................      30
6.   FEES, COSTS AND DUTIES ................................................................      33
7.   PAYMENTS AND COMPUTATIONS, ETC. .......................................................      34
8.   REPRESENTATIONS AND WARRANTIES OF THE SELLER ..........................................      35
9.   AFFIRMATIVE COVENANTS OF THE SELLER ...................................................      38
10.  NEGATIVE COVENANTS OF THE SELLER AND EXIDE EUROPE .....................................      40
11.  REPORTING REQUIREMENTS OF THE SELLER ..................................................      41
12.  SERVICER, ALLOCATION AGENT, COLLECTIONS AND BUYER ACCOUNT .............................      43
13.  PROTECTION OF THE BUYER'S RIGHTS ......................................................      47
14.  RESPONSIBILITIES OF THE SELLER ........................................................      48
15.  AGENCY AND INDEMNITIES ................................................................      50
16.  AMENDMENTS, ETC. ......................................................................      52
17.  NOTICES ...............................................................................      53
18.  NO WAIVER: REMEDIES ...................................................................      53
19.  BINDING EFFECT: ASSIGNABILITY .........................................................      53
20.  FURTHER ASSURANCE - RESTRUCTURING .....................................................      55
21.  TERMINATION ...........................................................................      55
22.  NO PROCEEDINGS ........................................................................      56
23.  EXECUTION IN COUNTERPARTS: SEVERABILITY ...............................................      56
24.  CONFIDENTIALITY .......................................................................      56
25.  GOVERNING LAW AND JURISDICTION ........................................................      57
</TABLE>

                                      -2-

<PAGE>

THIS AGREEMENT is made on or about the ______ day of May 2002

BETWEEN

(1)   Exide Italia S.r.l., a company incorporated in Italy, quota capital of
      (Euro)26,000,000 fully paid up having its registered office at Via Dante
      Alighieri, 100/106, Romano di Lombardia (BG), Italy, registered with the
      Bergamo Register of Companies under No. 09178790151 (the "Seller");

(2)   Exide Holding Europe, a French Societe Anonyme, with its registered office
      at 5-7 Allee des Pierres Mayettes, 92636 Gennevilliers Cedex, France (the
      "Offer Agent");

(3)   Archimede Securitisation S.r.l., a corporation incorporated under the laws
      of Italy, registered with the Elenco Speciale held by the Bank of Italy
      pursuant to Article 107 of Legislative Decree No.385 of 1 September 1993
      under No. 481 acting through its branch at 336 Strand, London WC2R 1HB, as
      buyer (the "Buyer");

(4)   Citibank, N.A., a banking corporation incorporated under the laws of the
      State of New York, acting through its branch at 336 Strand, London WC2R
      1HB, as administrator (the "Operating Agent"); and

(5)   Citibank, N.A., a banking corporation incorporated under the laws of the
      State of New York, acting through its Italian branch at Foro Buonaparte
      16, 20121 Milan, as allocation agent (the "Allocation Agent").

Preliminary Statements

(A)   The Seller desires to sell, from time to time, all of its rights and title
      to and interest in certain of its Receivables, and the Buyer desires to
      purchase, from time to time, such Receivables from the Seller on or after
      the Effective Date, pursuant to the provisions of Law No. 52 of 21
      September 1991;

(B)   the Seller and the Buyer have agreed, upon the terms and pursuant to the
      conditions of this Agreement, that the Offer Agent shall from time to time
      for and on behalf of the Seller offer to assign Receivables arising, from
      time to time, from Contracts and, the Buyer will subject to the terms and
      pursuant to the conditions of this Agreement, accept such offers in the
      manner prescribed herein; and

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

NOW, THEREFORE, the parties agree as follows:

1.    DEFINITIONS AND CONSTRUCTION

In this Agreement (including the Preliminary Statements):

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

                                      -3-

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

"Allocation Agent" means Citibank, N.A., Milan branch.

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

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

                                      -4-

<PAGE>

assignment shall include full notice to the applicable bank issuing the letter
of credit), requiring payment to be made directly to the Operating Agent on
behalf of the Buyer.

"Buyer Account" means the account in the name of the Buyer with Citibank, N.A.,
Milan branch designated as such by the Buyer, or (with the prior written consent
of the Operating Agent) such other account at such bank as the Buyer may utilise
for the purposes of this Agreement and designate as the Buyer Account.

"Buyer Collection Account" means the collection account in the name of the Buyer
operated pursuant to the Collection Account Bank Mandate and referred to in
Clause 8 (Q) (b) hereunder or such other account or accounts with the Collection
Account Bank as may, with the prior written consent of the Operating Agent, be
utilised for the purposes of this Agreement.

"Buyer Entitlement" means, at any time, in respect of the total amount standing
to the credit of the Buyer Collection Account, the portion thereof attributable
to or representing Collections together with interest credited by the Collection
Account Bank to such portion.

"Capital" equals, at any time, the Euro Equivalent of the Seller's Proportionate
Share of Programme Capital.

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

"Collection Account Bank" means in respect of each Seller, such bank and branch
at which a Buyer Collection Account is, with the prior written consent of the
Operating Agent, maintained from time to time and operated pursuant to the
Collection Account Bank Mandate.

"Collection Account Bank Mandate" means the resolutions, instructions and
signature authorities given by the Servicer to the Collection Account Bank in
form and substance satisfactory to the Operating Agent.

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

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

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

                                      -5-

<PAGE>

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

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

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

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

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

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

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

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

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

"Default Ratio" as of any date, is equal to the ratio (expressed as a
percentage) for the most recent month for which such ratio is available of (i)
aggregate Eligible Receivables which are Paid Receivables that were 91-120 days
past due at the end of each such month plus Eligible Receivables which are Paid
Receivables that were charged off (or, without duplication, which should have
been charged off) as uncollectible during each such month which, if they had not
been charged off (or, without duplication, which should have been charged off)
would have been less than 121 days past due during such month to (ii) aggregate
sales giving rise to Receivables that were generated during the calendar month
immediately preceding the commencement of the Loss Horizon preceding such date.

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

                                       -6-

<PAGE>

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

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

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

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

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

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

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

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

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

"Dilution Reserve" means as of any Settlement Date:

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

where:

                                      -7-

<PAGE>

DYN        = [(SF2 x ED) + DVF] x DHR

FLOOR      = ED x DHR

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

where:

PER   =    The aggregate amount of the Programme Eligible Receivables

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

SF2   =    Stress Factor 2 = 2.25

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

DVF   =    Dilution Volatility Factor

DHR   =    Dilution Horizon Ratio

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

"Directors' Certificate" means a certificate in the form attached as Schedule
12.

"Discount" means with respect to (i) Existing Receivables, the subject of a
Letter of Offer or (ii) Purchased Receivables (which were Future Receivables at
the time of their Purchase) having come into existence during the relevant
Reference Period, on the relevant Settlement Date, the amount agreed from time
to time between the Seller and the Operating Agent on behalf of the Buyer and
which reflects the cost of funding and the Programme Costs from time to time
applicable to the Buyer, applicable Accruals, applicable Reserves and, in
addition, the fact that the credit risk on the Purchased Receivables are borne
by the Buyer without recourse against the Seller (cessione pro-soluto).

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

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

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

(1)  the Seller or Exide Europe defaults in the payment on the due date of any
     payment due and payable by it under or relating to the Relevant Documents
     to which it is a party and such default continues unremedied for a period
     of five (5) Local Business Days after the earlier of the Seller or Exide
     Europe becoming aware of such default and the

                                      -8-

<PAGE>

     receipt by the Seller or Exide Europe of written notice by the Operating
     Agent requiring the same to be remedied;

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

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

(4)  the Seller, Exide Europe or the Offer Agent (if an Affiliate of Exide
     Technologies other than Exide Europe) ceases or threatens to cease to carry
     on its business or ceases to carry on the whole or a substantial part of
     its business, or stops payment or threatens to stop payment of its debts,
     or the Seller becomes unable to pay its debts, or is deemed unable to pay
     its debts within the meaning of Article 5 of Royal Decree No. 267 of 16
     March 1942, (or with respect to the Exide Europe or the Offer Agent (if an
     Affiliate of Exide Technologies other than Exide Europe), any equivalent
     provisions under applicable laws) or becomes unable to pay its debts as
     they fall due, or the value of its assets falls to less than the amount of
     its liabilities (taking into account for both these purposes its contingent
     and prospective liabilities) or otherwise becomes insolvent;

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

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

(7)  any sale of Eligible Receivables pursuant to this Agreement ceases to
     constitute a perfected assignment of such Eligible Receivables pursuant to
     Article 5 of Law No. 52 of 21 February 1991;

(8)  proceedings are initiated against the Seller, Exide Europe or the Offer
     Agent (if an Affiliate of Exide Technologies other than Exide Europe) in
     respect of its liquidation,

                                      -9-

<PAGE>

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

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

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

(11) for any three month period, the average Dilution Ratio exceeds 10 %;

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

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

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

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

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

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

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

                                      -10-

<PAGE>

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

"Eligible Account Debtor" means, at any time, the Account Debtors agreed and
approved by and between the Seller and the Operating Agent (unless the Operating
Agent has advised the Seller that an Account Debtor shall not be considered an
Eligible Account Debtor) including:

(1)  Account Debtors whose Receivables are collected by the Collection Account
     Bank in accordance with the Collection Account Bank Mandate;

(2)  Account Debtors which are corporate bodies/entities being (according to the
     address specified in the related invoice) resident of an Approved
     Jurisdiction;

(3)  Account Debtors which are not Affiliates of any party to this Agreement;

(4)  Account Debtors to which no delivery or shipment has been cancelled or
     suspended for credit reasons and no credit line or accommodation has been
     cancelled or suspended for credit reasons, in either case at any time in
     the 2 years preceding the date that the invoice relating thereto is
     despatched; and

(5)  Account Debtors which are not government agencies or local authorities
     unless considered separate corporate entities under applicable law that are
     owned, directly or indirectly by a government agency or local authority.

"Eligible Receivable" means a Receivable:

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

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

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

(4)  in respect of the Account Debtor of which no delivery or shipment has been
     cancelled or suspended for credit reasons and no credit line or
     accommodation has been cancelled or suspended for credit reasons, in either
     case at any time in the 2 years preceding the date that the invoice
     relating thereto is despatched;

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

(6)  which, according to the Contract related thereto, is required to be paid in
     full on a date which falls (i) not earlier than the Purchase Date (in
     respect of Existing Receivables)

                                      -11-

<PAGE>

     and not earlier than the date on which such Receivables becomes a Paid
     Receivable (in respect of Future Receivables) and (ii) within 180 days
     after the earlier of the original billing date and the date that the
     invoice relating thereto is despatched;

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

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

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

(10) which, together with the Contract related thereto, does not contravene in
     any material respect any applicable laws, rules or regulations and with
     respect to which the Seller is not in violation of any such law, rule or
     regulation in any material respect;

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

(12) which is not an interest bearing receivable;

(13) which represents all or part of the sales price in respect of the supply of
     goods or services in the Approved Jurisdiction in question; (14) the
     Account Debtor of which is not a government agency or local authority
     unless, the Account Debtor of which is considered a separate corporate
     entity under applicable law that is owned, directly or indirectly by a
     government agency or local authority;

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

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

                                      -12-

<PAGE>

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

(18) whose amount appearing in the corresponding invoice is an amount including
     the value added tax (VAT) payable thereon.

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

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

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

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

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

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

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

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

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

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

"Facilities Agreement" means the agreement entered into on or about the date
hereof between, inter alios, Batteries Funding Limited and the Lenders.

"Facility Fee" means 0.50 % per annum of the positive difference between (i) the
Facility Limit and (ii) Programme Capital (as such fee is calculated monthly in
arrears and applied on each Settlement Date).

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

                                      -13-

<PAGE>

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

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

"Future Receivables" means all Receivables owing by a Designated Account Debtor
which are not Existing Receivables and which are or will be generated pursuant
to Contracts entered into not later than 24 months after the relevant Purchase
Date.

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

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

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

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

(19) to pay or to purchase;

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

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

(22) to be responsible otherwise for,

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

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

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

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

                                      -14-

<PAGE>

"Initial Reference Date" means 24 May 2002.

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

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

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

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

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

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

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

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

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

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

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

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

where:

DYN = SFl x LR x LHR

FLOOR = CF

                                      -15-

<PAGE>

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

where:

PER = The aggregate amount of Programme Eligible Receivables

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

SF1 = Stress Factor One = 2.25

LHR = Loss Horizon Ratio

CF = Concentration Floor = 17%

LR = Loss Ratio

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

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

"Margin" means 3.75% per annum.

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

"Onward Buyer" means Batteries Funding Limited.

"Onward Sale Agreement" means the Onward Sale Agreement dated the same date
hereof and made between the Buyer and the Onward Buyer.

"Origination Agreement" means as of any time each agreement, including this
Agreement, pursuant to which a member of the Exide Europe Group sells trade
receivables originated in the ordinary course of business of such member company
and which has been designated from time to time as such by the Operating Agent.
Until and unless a designation has been made by the Operating Agent to the
contrary, the Origination Agreements shall consist of (i) for the United
Kingdom, the Receivables Sale Agreement dated 3 June 1997 (as amended on the
date hereof) between CMP Batteries Limited, Deta UK Limited, Fulmen (U.K.)
Limited and B.I.G. Batteries Limited (the "UK Sellers"), Exide Funding as Buyer
and Citibank as Operating Agent, (ii) for France, (a) the Receivables
Subrogation Agreement dated 6 June 1997 (as amended on the date hereof) between
CEAC Compagnie Europeenne d'Accumulateurs S.A.S. (the "French Seller"), Exide
Europe Funding Ltd., the Offer Agent and the Operating Agent (the "French RSA")
and (b) the Onward Receivables Sale Agreement dated as of the date hereof
between Exide Europe Funding Ltd., the Buyer, the Offer Agent and the Operating
Agent (the "French ORSA"), (iii) for Spain, the Receivables Sale Agreement dated
as of the date hereof between Sociedad Espanola del Acumulador Tudor, S.A.,
Fulmen Iberica, S.L. (the "Spanish Seller"), the Buyer, the Offer Agent and the
Operating Agent (the "Spanish RSA"), (iv) for Italy, (a) this Agreement and (b)
the Onward

                                      -16-

<PAGE>

Sale Agreement dated as of the date hereof between Archimede Securitisation
S.r.l., the Buyer and the Operating Agent (the "Italian OSA"), and (v) for
Germany, the German Receivables Sale Agreement dated as of the date hereof
between Exide Automotive Batterie GmbH, Deutsche Exide GmbH, Deutsche Exide
Standby GmbH (the "German Sellers"), the Buyer, the Offer Agent and the
Operating Agent (the "German RSA").

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

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

"Payment Notification Date" means 31 July 2002

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

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

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

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

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

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

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

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

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

                                      -17-

<PAGE>

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

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

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

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

"Proportionate Share" equals, at any time:

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

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

"Purchase" means a purchase or purported purchase by the Buyer of a Group of
Receivables from a Seller pursuant to the acceptance of an offer in accordance
with this Agreement and substantially in the form of Schedule 6, Part 3.

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

"Purchased Receivable" means a Receivable (whether an Eligible Receivable or a
Permitted Ineligible Receivable) purchased or purported to be purchased by the
Buyer pursuant to the acceptance of an offer in accordance with this Agreement.

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

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

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

"Receivable" means the indebtedness (including VAT) owed or which will become
owed by any Designated Account Debtor under a Contract arising from a sale or
contract of sale of merchandise or provision or contract of provision of
services by a Seller and representing part or all of the sale price of such
merchandise or services and includes the right to payment of

                                      -18-

<PAGE>

any interest or finance charges and other obligations of such Designated Account
Debtor with respect thereto.

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

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

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

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

"Relevant Date" means the earlier of:

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

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

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

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

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

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

"Seller" means Exide Italia S.r.l. and any Additional Seller made party to this
Agreement in accordance with Clause 18(D).

"Seller Collection Account" means each dedicated collection account opened in
the name of the relevant Seller and operated pursuant to the Collection Account
Bank Mandate and referred to in Clause 8 (Q) (a) hereunder.

                                      -19-

<PAGE>

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

"Seller Original Account" means the account in the name of the Seller,
established with the Collection Account Bank designated as such by the Seller,
or such other account at such branch of such bank as the Seller may from time to
time specify by written notice to the Collection Account Bank with a copy to the
Operating Agent.

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

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

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

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

"Special Dilution Reserve" means:

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

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

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

                                      -20-

<PAGE>

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

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

(b)  in which Easter falls; and

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

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

"Subsidiary" means, in respect of any Person (the "first Person") at any
particular time, any other Person (the "second Person"):

(a)  whose majority of votes in ordinary shareholders' meetings of the second
     Person is held by the first Person, or

(b)  in which the first Person holds a sufficient number of votes giving the
     first Person a dominant influence in ordinary shareholders' meetings of the
     second Person, or

(c)  which are under the dominant influence of the first Person by virtue of
     certain contractual relationships between the first Person and the second
     Person,

pursuant to the provisions of Article 2359 of the Italian Civil Code, or, where
the context so requires, any equivalent concept under the laws of the relevant
jurisdiction.

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

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

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

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

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

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

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

                                      -21-

<PAGE>

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

"US DIP Facility Termination Date" has the meaning given to "Scheduled
Termination Date" in the US DIP Facility Agreement.

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

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

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

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

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

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

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

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

                                      -22-

<PAGE>

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

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

2.   SCOPE OF THE AGREEMENT

     On the terms and conditions set out in this Agreement, the Buyer commits,
     (subject to the conditions precedent set out in Clause 3) until the
     Termination Date, to purchase at a discount from the Seller full title and
     ownership in and to certain Receivables arising under Contracts by
     acceptance of a Letter of Offer in accordance with the terms of this
     Agreement.

3.   CONDITIONS PRECEDENT

(A)  To Initial Purchase: The Initial Purchase is subject to the condition
     precedent that the Operating Agent receives on or before the date of such
     Initial Purchase the documents and information specified in Schedule 5,
     each in form and substance satisfactory to the Operating Agent.

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

     (1)  on each Determination Date immediately prior to each proposed Purchase
          Date which is a Settlement Date and on each Purchase Date which is an
          Additional Settlement Date, the Offer Agent has delivered by
          electronic mail or facsimile to the Operating Agent each Accounts
          Receivables Trial Balance to be entered into Enigma and, as soon as
          practicable thereafter but before 10.00 a.m. Rome time on the relevant
          Determination Date, the relevant Accounts Receivables Listing; and

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

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

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

          (c)  after the proposed Purchase the Outstanding Balance of Paid
               Receivables which are Eligible Receivables would be at least
               equal to the sum of (i)

                                      -23-

<PAGE>

               aggregate outstanding Capital, (ii) applicable Accruals and (iii)
               Reserves in relation to outstanding Capital;

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

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

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

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

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

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

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

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

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

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

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

                                      -24-

<PAGE>

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

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

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

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

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

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

(D)  To any Purchase and any payment for Future Receivables from the Payment
     Notification Date: Any purchase of Receivables and payment for Future
     Receivables from the Payment Notification Date is, in addition to the
     conditions set out in Clause 3(B) and 3(C) subject to the following
     condition precedent on the relevant Settlement Date that the Seller has
     provided evidence to the Operating Agent that it has given to each
     Designated Account Debtor by way of registered letter notice of assignment
     and instructions in the form set out in Schedule 11 Part 1 to make all the
     payments in respect of Receivables to the credit of the Buyer Collection
     Account and that similar instructions to this effect in the form set out in
     Schedule 11 Part 2 have been inserted in each of the invoices to be
     addressed to such Designated Account Debtors.

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

                                      -25-

<PAGE>

4.   PURCHASES

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

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

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

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

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

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

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

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

                                      -26-

<PAGE>

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

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

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

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

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

(B)  Offer and Acceptance: The delivery of the Letter of Offer by facsimile
     shall be irrevocable and will constitute an offer by each relevant Seller
     to sell (by way of assignment) to the Buyer absolutely and without recourse
     against the Seller in case of non-payment by the relevant Debtors
     ("cessione pro-soluto") each of (i) the Existing Receivables (if any)
     designated pursuant to Clause 4(E) and the Related Security with respect
     thereto for the Existing Receivables Purchase Price applicable to such
     Existing Receivables as set out in the Letter of Offer and (ii) the Future
     Receivables (if any) designated pursuant to Clause 4(E) and the Related
     Security with respect thereto for an amount of (Euro)15 in cash (the
     "Acceptance Fee") plus the Future Receivables Purchase Price in accordance
     with Clause 4(D) of this Agreement. The Buyer subject to the satisfaction
     of the conditions precedent as set out in Clause 3 above, will accept a
     Letter of Offer with respect to both (i) all Existing Receivables referred
     to in such Letter of Offer and (ii) all Future Receivables referred to in
     such Letter of Offer by payment in full of the Existing Receivables
     Purchase Price relating to such Existing Receivables and the Acceptance Fee
     (which Acceptance Fee must be paid in cash) to the account referred to and
     in accordance with Clause 4(C).

                                      -27-

<PAGE>

     Payment of the Existing Receivables Purchase Price in respect of the
     Existing Receivables referred to in such Letter of Offer will constitute:

     (1)  acceptance of the offer in respect of the Existing Receivables
          referred to in such Letter of Offer; and

     (2)  the transfer to the Buyer of title and ownership in and to those
          Receivables and the Related Security with respect to those
          Receivables, and

     Payment of the Acceptance Fee in respect of Future Receivables referred to
     in such Letter of Offer will constitute:

     (1)  acceptance of the offer in respect of the Future Receivables referred
          to in such Letter of Offer; and

     (2)  the transfer to the Buyer of title and ownership in and to those
          Receivables and the Related Security with respect to those Receivables
          and

     (3)  an undertaking by the Buyer to pay the Future Receivables Purchase
          Price pursuant to Clause 4(D) of this Agreement.

(C)  Method of Payment in relation to acceptance of a Letter of Offer: The Buyer
     will make payment in full of the Existing Receivables Purchase Price in
     respect of Existing Receivables (if any) referred to in such Letter of
     Offer and the Acceptance Fee in respect of Future Receivables referred to
     in such Letter of Offer on the immediately succeeding proposed Purchase
     Date in the currency and funds specified in Clause 7(B) and (subject to the
     provisions of Clause 12(D) in respect of the Existing Receivables Purchase
     Price in relation to Existing Receivables offered on any Offer Date other
     than the Initial Offer Date) to the account specified in Clause 7(C). Upon
     any such payment being made by the Buyer, the Buyer shall procure that the
     bank where the payment is credited issues a formal receipt bearing an
     undisputable date (data certa, pursuant to Article 2704 of the Italian
     Civil Code).

(D)  Covenant for Payment in respect of Purchased Receivables which are Future
     Receivables: In consideration of the sale and assignment by the relevant
     Seller of Future Receivables, the Buyer shall (subject to the conditions
     set out in Clause 3 (C)), on each Settlement Date, pay in full the Future
     Receivables Purchase Price (as calculated by the Operating Agent in
     accordance with this Agreement) in respect of Future Receivables having
     come into existence during the Reference Period immediately preceding such
     Settlement Date in the currency and funds specified in Clause 7(B) and
     (subject to the provisions of Clause 12(D)) to the account specified in
     Clause 7(C). The computation of the Future Receivables Purchase Price by
     the Operating Agent shall, in the absence of manifest error, be deemed to
     be conclusive.

(E)  Determination of Receivables: No later than 11: 00 a.m. on the Initial
     Offer Date and thereafter on each Determination Date immediately preceding
     a Settlement Date, the Offer Agent will, on behalf of the Seller, deliver
     to the Operating Agent (or as the

                                      -28-

<PAGE>

Operating Agent may direct) the Accounts Receivables Listing generated in
relation to such Settlement Date specifying, inter alia:

(1)  on the Initial Offer Date:

     (i)    the Initial Reference Date;

     (ii)   each Designated Account Debtor;

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

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

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

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

(2)  on each subsequent Determination Date:

     (vii)  the relevant Reference Date;

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

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

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

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

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

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

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

                                      -29-

<PAGE>

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

(F)  Perfection: The Seller, the Offer Agent and the Buyer will take all such
     steps and comply with all such formalities required under Article 5 of Law
     No.52 of 21 February 1991 to perfect or more fully to evidence or secure
     title to the Receivables assigned (or purported to be assigned) pursuant to
     this Clause 4.

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

(H)  Appointment of Offer Agent:

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

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

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

5.   COLLECTIONS AND SETTLEMENT

(A)  Collection of Receivables:

     (1)  Prior to an Early Amortisation Event, the Servicer shall:

          (a)  on each Local Business Day prior to the Payment Notification
               Date, deposit and cause the Collection Account Bank to deposit
               all Collections of Purchased Receivables to the Buyer Collection
               Account pursuant to the Collection Account Bank Mandate;

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

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

                                      -30-

<PAGE>

     (2)  upon demand of the Operating Agent the Servicer shall set aside and
          hold in trust for the Buyer all Collections received by it and
          immediately deposit such Collections to the Buyer Collection Account;
          and

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

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

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

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

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

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

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

          (b)  to the Seller and the Additional Seller, (if any), (i) (on the
               date of the Initial Purchase) the Existing Receivables Purchase
               Price for the Existing Receivables offered for Purchase on the
               Initial Offer Date and the Acceptance Fee in respect of all
               Future Receivables offered for Purchase on such Initial Offer
               Date and (ii) (on any Settlement Date thereafter) the Acceptance
               Fee for all Future Receivables offered for Purchase on the
               immediately preceding Offer Date and, to the extent such amounts
               are not satisfied by way of set-off pursuant to Clause 12 (C),
               the Existing Purchase Price for all Existing Receivables (if any)
               offered for Purchase on the immediately preceding Offer Date and
               the Future Receivables Purchase Price for all Purchased
               Receivables (which were Future Receivables) which have come into
               existence during the immediately preceding Reference Period;

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

          (d)  to the Seller and the Additional Seller, if any, its
               Proportionate Share of all amounts standing to the credit of the
               Buyer Account after payment of

                                      -31-

<PAGE>

               the amounts set forth in (a), (b) and (c) above, by way of
               deferred purchase price for the Purchased Receivables.

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

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

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

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

(D)  Adjustments and Allowances:

     (1)  If on any day the Outstanding Balance of any Paid Receivable is either
          (a) reduced or adjusted as a result of any defective, rejected,
          repossessed or returned goods or services or any cash discount
          (whether commercial, financial or otherwise), rebate or other
          adjustment made by the Seller or any other Person, or (b) reduced or
          cancelled as a result of a set off or by agreement in respect of any
          claim by the Designated Account Debtor thereof against the Seller or
          any other Person (whether such claim arises out of the same or another
          transaction) (including without limitation any change in the due date
          for payment of any Paid Receivable otherwise than with the prior
          consent of the Operating Agent), such Seller will be deemed to have
          received on such day a Collection of such Paid Receivable in the
          amount of such reduction, adjustment or cancellation and shall credit
          such amount to the Buyer Account by way of indemnity.

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

     (3)  If any Existing Receivable expressed to be an Eligible Receivable in
          the relevant Accounts Receivables Listing was not an Eligible
          Receivable at the

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<PAGE>

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

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

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

6.   FEES, COSTS AND DUTIES

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

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

                                      -33-

<PAGE>

     other documents to be delivered pursuant to the Relevant Documents or in
     connection therewith and the Purchased Receivables.

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

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

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

7.   PAYMENTS AND COMPUTATIONS, ETC.

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

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

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

     (1)  if to the Seller, the relevant Seller Original Account;

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

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<PAGE>

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

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

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

8.   REPRESENTATIONS AND WARRANTIES OF THE SELLER AND EXIDE EUROPE

Each of the Seller and Exide Europe represents and warrants to the Buyer and the
Operating Agent, in each case in relation to matters relating to itself as of
the Effective Date, as follows:

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

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

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

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

                                      -35-

<PAGE>

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

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

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

     (E)  Consents: No consent, authorisation, approval, notice or filing is
          required (or, if required, which has not been obtained on a timely
          basis) for the due execution, delivery or performance by the Seller or
          by Exide Europe of the Relevant Documents to which it is a party or
          any other document to be delivered in connection with the Relevant
          Documents to which it is a party or for the transactions contemplated
          by the the Relevant Documents to which it is a party.

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

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

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

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

                                      -36-

<PAGE>

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

     (K)  No Default: Neither the Seller nor Exide Europe or any of its
          Subsidiaries is in default with respect to any order of any court,
          arbitrator or governmental body, excluding defaults with respect to
          orders of governmental agencies which are not material to the business
          or operations of the Seller, Exide Europe or any of its Subsidiaries
          and would not materially adversely affect the ability of the Seller,
          Exide Europe or any of its Subsidiaries to perform its obligations
          under the Relevant Documents to which it is a party.

     (L)  No Adverse Claim: Each Receivable will, together with the Contract
          related thereto, at all times be owned by the Seller free and clear of
          any Adverse Claim, and upon each Purchase the Buyer will acquire full
          equitable and beneficial title and ownership to and of such
          Receivable, the Collections and the Related Security then existing or
          thereafter arising free and clear of any Adverse Claim.

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

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

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

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

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<PAGE>

     (Q)  Location of Bank Accounts: The bank accounts to which the Seller has
          directed the Designated Account Debtor to remit payments for the
          Receivables are (a) prior to the Payment Notification Date, the Seller
          Collection Account (subject to the provisions of the Collection
          Account Bank Mandate) and (b) on and following the Payment
          Notification Date, the Buyer Collection Account (or, in each case,
          such other account(s) at such location(s) as may have been previously
          approved by the Operating Agent and in relation to each of which (in
          relation to a Buyer Collection Account) a Collection Account Bank
          Mandate has been duly executed by the Seller (in such capacity and in
          its capacity as Sub-Servicer) and delivered to the Operating Agent)
          and in respect of which the relevant bank has agreed not to exercise
          any right of set-off, net-off, combination or consolidation of
          accounts or counterclaim whatsoever (such agreement being given, in
          respect of the Buyer Collection Account, only in respect of the Buyer
          Entitlement).

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

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

     (T)  Eligibility: Each (i) Existing Receivable the subject of a Letter of
          Offer which is expressed to be an Eligible Receivable in the relevant
          Accounts Receivables Listing is an Eligible Receivable as at the time
          of Purchase and (ii) each Future Receivable the subject of a Letter of
          Offer which is expressed to be an Eligible Receivable in the relevant
          Accounts Receivable Listing is an Eligible Receivable as at the
          Settlement Date immediately succeeding the Reference Period in which
          such Future Receivable has come into existence.

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

     (V)  Aggregate Amount of Receivables: The amount of Receivables in relation
          to which the purchase price to be paid within the first three months
          commencing from the Initial Purchase is not less than Euro 12,700,000.

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

     9.   AFFIRMATIVE COVENANTS OF THE SELLER

          Until the later of the Termination Date and the Relevant Date, the
          Seller will, unless the Operating Agent otherwise consents:

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<PAGE>

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

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

     (C)  Access: Upon reasonable prior notice, permit the Operating Agent, or
          its agents or representatives, to visit the offices of the Seller
          during normal office hours and examine and make and take away copies
          of all books, records and documents relating to the Receivables and to
          discuss matters relating to the Receivables or the Seller's
          performance hereunder with any of the officers or employees of such
          Seller having knowledge of such matters and co-operate in the
          reconstruction of the Accounts Receivable Trial Balance pursuant to
          Clause 12(B).

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

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

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

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

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

                                      -39-

<PAGE>

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

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

     (K)  Bank Accounts: (i) prior to the Payment Notification Date, instruct
          all Designated Account Debtors to pay all Collections into the Seller
          Collection Account referred to in Clause 8(Q) (a) (subject, however,
          to the provisions of the Collection Account Bank Mandate), and (ii) on
          and following the Payment Notification Date, instruct all Designated
          Debtors to pay all Collections into the Buyer Collection Account
          referred to in Clause 8(Q) (b).

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

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

10.  NEGATIVE COVENANTS OF THE SELLER AND EXIDE EUROPE

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

                                      -40-

<PAGE>

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

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

     (C)  No Security Interest over Receivables and Contracts: (a) The Seller
          shall not create or permit to subsist any Security Interest on any of
          its Receivables and related Contracts.

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

     (E)  No Change to Credit and Collection Policy: Make any change in the
          character of its business or in the Credit and Collection Policy,
          which change would or might, in either case, materially impair the
          collectability of any Receivable purchased or to be offered for
          purchase under this Agreement or the enforcement of any related
          Contract against the related Designated Account Debtor or any other
          relevant person or the operation of this Agreement without the prior
          written consent of the Operating Agent.

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

11.  REPORTING REQUIREMENTS OF THE SELLER AND EXIDE EUROPE

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

(A)  Annual Accounts of Seller: As soon as available and in any event within 180
     days after the end of the Seller's financial years, a copy of the Seller's
     annual accounts and (if they are prepared) consolidated accounts in
     conformity with generally accepted

                                      -41-

<PAGE>

          accounting principles in the Seller's jurisdiction of incorporation,
          applied on a basis consistent with that of the preceding financial
          year.

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

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

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

          (1)  the Seller or Exide Europe fails to pay any principal of or
               premium or interest on any Debt in excess (in the aggregate) of
               the Euro Equivalent of $5,000,000, when the same becomes due and
               payable (whether by scheduled maturity, required prepayment,
               acceleration, demand or otherwise) and such failure shall
               continue after the applicable grace period, if any, specified in
               the agreement or instrument relating to such Debt, or any other
               default under any agreement or instrument relating to any Debt,
               or any other event, shall occur and shall continue after the
               applicable grace period, if any, specified in such agreement or
               instrument, if the effect of such default or event is to
               accelerate or to permit the acceleration of the maturity of such
               Debt, or any such Debt shall be declared to be due and payable or
               required to be prepaid (other than by a regularly scheduled
               required prepayment) prior to the stated maturity thereof, or any
               present or future mortgage, charge or other security interest on
               or over any assets of the Seller or Exide Europe becomes
               enforceable;

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

                                      -42-

<PAGE>

               and (ii) the Originator or Exide Europe is solvent and is
               contesting the proceeding in good faith); or

          (3)  an Early Amortisation Event occurs; or

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

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

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

          The obligations of the Seller to deliver reports or similar
          information to the Buyer pursuant to this Agreement may be delegated
          by the Seller to Exide Europe, and the performance by Exide Europe of
          such obligations hereunder shall be deemed to be the performance by
          the Seller of such obligations; provided however, that the Seller
          shall remain liable for any non-performance of such obligations.

     12.  SERVICER, ALLOCATION AGENT, COLLECTIONS AND BUYER ACCOUNT

     (A)  Designation of Servicer: The servicing, administering and collection
          of the Receivables shall be conducted by Citibank, N.A., London Branch
          (the "Servicer") or such other Person so designated from time to time
          pursuant to this Clause 12(A). Until the Operating Agent gives notice
          to the Servicer of a designation of a new Servicer, Citibank, N.A.,
          London Branch is designated as, and agrees, subject to the provisions
          of this paragraph (A), to perform the duties and obligations of a
          Servicer pursuant to the terms of this Agreement. The Servicer hereby
          delegates to the Seller in respect of the Purchased Receivables
          originated by the Seller, duties and obligations as Servicer and the
          Seller (the "Sub-Servicer") hereby agrees to perform the duties and
          obligations of the Servicer pursuant to the terms of this Agreement in
          relation to the Purchased Receivables originated by it. The delegation
          hereby granted to the Sub-Servicer may not be terminated by the
          Sub-Servicer without the prior written consent of the Servicer and may
          be terminated at any time without a cause by the Servicer and, for so
          long as a Seller is acting as Sub-Servicer pursuant to the terms of
          this Agreement, (i) it shall perform the duties and obligations of the
          Servicer in respect of the Purchased Receivables originated by it and
          (ii) all duties, obligations and indemnities expressed to be those of
          a "Servicer" pursuant to Clause 5 and Clause 12 shall be regarded for
          all purposes as those of the relevant Sub-Servicer. The Servicer shall
          not be liable for the

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<PAGE>

          performance of the duties and obligations of any Sub-Servicer under
          this Agreement and the Sub-Servicer shall be liable to the Operating
          Agent and the Buyer for the performance of its duties and obligations
          as Sub-Servicer under this Agreement. The Sub-Servicer may, with the
          prior written consent of the Operating Agent, subcontract with any
          other Person for servicing, administering or collecting the Purchased
          Receivables; provided, however, that the Sub-Servicer (a) procures to
          the Operating Agent that its sub-contractor shall not delegate the
          servicing duties and obligations sub contracted to it by the
          Sub-Servicer without the prior written consent of the Operating Agent
          and (b) will remain liable for the performance of its duties and
          obligations of Sub-Servicer under this Agreement. The Operating Agent
          may at any time designate as Servicer any Person to succeed the
          Servicer (which designation shall, for the avoidance of doubt,
          automatically terminate the delegation hereby granted to the
          Sub-Servicer) or any successor Servicer, on the condition in each case
          that any such Person agrees to perform the duties and obligations of
          Servicer pursuant to the terms of this Agreement.

     (B)  Designation of Allocation Agent: the Parties hereto hereby appoint
          Citibank, N.A., Milan branch, as Allocation Agent for the purposes of
          determining and calculating the Buyer Entitlement and the Seller
          Entitlement in accordance with Clause 12(E) and pursuant to the terms
          of this Agreement. The Allocation Agent hereby appointed is expressly
          allowed to appoint other persons for the purposes of performing its
          duties under this Clause 12.

     (C)  Duties of the Servicer:

          The Servicer:

          (1)  will take or cause to be taken all such actions as may be
               necessary or advisable to collect each Purchased Receivable, all
               in accordance with applicable laws, rules and regulations, with
               reasonable care and diligence, and in accordance with the Credit
               and Collection Policy and the instructions of the Operating
               Agent. The Seller and the Buyer hereby appoints the Servicer as
               its agent to enforce its respective rights and interests in and
               under the Purchased Receivables, the Related Security and the
               Contracts;

          (2)  will take or cause to be taken all such actions as may be
               necessary or advisable to collect each Purchased Receivables only
               through the Collection Account Bank (or such banks which, by
               executing and approving the Collection Account Bank Mandate,
               become Collection Account Banks) no later than 30 days from the
               date hereof. Alternative collection procedures within this 30-day
               grace period shall be agreed in advance by the Operating Agent.
               For the avoidance of doubt, any Designated Account Debtor the
               Purchased Receivables of which are not collected by the
               Collection Bank pursuant to the Collection Account Bank Mandate
               (or in accordance with any agreed alternative collection
               procedures) will be deemed a non-Eligible Account Debtor.

                                      -44-

<PAGE>

     (3)  confirms that, in accordance with the Collection Account Bank Mandate,
          the Collection Account Bank has been instructed to credit all
          Collections due to be paid into the Seller Collection Account directly
          into the Buyer Collection Account;

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

     (5)  upon receipt of the information referred to in (4) above the
          Allocation Agent shall, on behalf of the Buyer and the Seller, make
          all such determinations and calculations as are necessary in order to
          determine, in respect of amounts credited on the Buyer Collection
          Account on each Local Business Day, the Buyer Entitlement and the
          Seller Entitlement respectively in relation to the Buyer Collection
          Account, and shall direct (subject to Clause 12 (D)) the Collection
          Account Bank, prior to 12:00 noon on each Settlement Date, to transfer
          to the Buyer Account the Buyer Entitlement;

     (6)  other than the transfers referred to in paragraph (5) above, Clause 5
          (A) and Clause 12 (D), the Servicer shall not, without the prior
          written consent of the Operating Agent, withdraw funds from the Buyer
          Collection Account or direct the Collection Account Bank to make any
          transfers from such Buyer Collection Account, except for withdrawals
          or transfers of cleared funds standing to the credit of the Buyer
          Collection Account which represent the Seller Entitlement and provided
          that any such withdrawal or transfer would not cause the Buyer
          Collection Account to become overdrawn;

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

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

     (9)  if other than the Seller (and the Seller has ceased to be a
          Sub-Servicer), will as soon as practicable upon demand make available
          or (if so demanded) deliver to the Seller all documents, instruments
          and records in its possession which

                                      -45-

<PAGE>

          evidence or relate to Receivables of the Seller other than Purchased
          Receivables, and copies of documents, instruments and records in its
          possession which evidence or relate to Purchased Receivables which the
          Operating Agent may reasonably request; and

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

(D)  Advance Payments: The Seller may, from time to time on any Local Business
     Day prior to the Termination Date unless and until the Operating Agent
     directs otherwise withdraw, by way of advance payment on account of such
     Existing Receivables Purchase Price and Future Receivables Purchase Price
     as will or may be payable to the Seller on the next following Settlement
     Date, any amount or amounts standing to the credit of the Buyer Collection
     Account representing Collections. Any amount so withdrawn (an "Advance
     Payment") during each Reference Period shall be set off pro tanto against
     the Buyer's obligation (if any) to pay Existing Receivables Purchase Price
     and Future Receivables Purchase Price payable on the next following
     Settlement Date and, to the extent the amount of the Advance Payments made
     during such Reference Period exceeds the amount of the Existing Receivables
     Purchase Price and Future Receivables Purchase Price (or, where no Existing
     Receivables Purchase Price and Future Receivables Purchase Price is
     payable), be refunded by the Seller in full by the transfer of cleared
     funds to the Buyer Account not later than 12:00 noon on the next following
     Settlement Date; provided always that any Advance Payment shall be refunded
     by the Seller by the transfer of cleared funds to the Buyer Account
     immediately upon the demand of the Operating Agent. The Seller shall not be
     obliged to pay interest on any Advance Payment.

(E)  Duties of the Allocation Agent: The Allocation Agent, on behalf of the
     Seller and the Buyer, will ensure that all moneys on each Local Business
     Day standing on the account of the Buyer Collection Account are made
     available to the Seller, pursuant to Clause 12 (D) and subject to as
     otherwise provided under this Agreement.

(F)  Failure to Report: If there is a failure at any time by the Servicer to
     report and quantify the amount of Collections received or the amounts of
     any Advance Payments and/or the funds standing to the credit of the Buyer
     Collection Account or Buyer Account in respect of any Settlement Period
     such that the amounts due by the Seller and the Buyer pursuant to Clauses
     4(B), 4(C) and 12(D) cannot be accurately determined (in the Operating
     Agent's reasonable opinion), there will fall due from the Seller to the
     Buyer on the Settlement Date at the end of such Settlement Period (on
     account of repayment of Advance Payments) an amount equal to the
     anticipated Collections in respect of such Settlement Period as determined
     by the Operating Agent,

                                      -46-

<PAGE>

     acting reasonably. For the purposes of this Clause 12(F), it shall be
     considered reasonable for the Operating Agent to anticipate that all
     Collections due during such Settlement Period were received by the Servicer
     during such Settlement Period. The Buyer shall deposit such amount into the
     Temporary Adjustment Account. Upon the Operating Agent becoming satisfied
     that a proper assessment of the amounts due by way of repayment of Advance
     Payments has been made, there shall be an adjustment in accordance with
     such assessment, by way of repayment from the Buyer (provided the
     Termination Date has occurred) or by way of further payment by the Seller,
     as required, and such adjusted sum shall be treated for all purposes under
     this Agreement as the Collections received during such Settlement Period.
     Provided that such failure by the Servicer does not last longer than two
     consecutive Settlement Periods and the provisions of this Clause 12(F) are
     complied with, such failure shall not by itself constitute an Early
     Amortisation Event.

13.  PROTECTION OF THE BUYER'S RIGHTS

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

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

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

(D)  Power of Attorney: Without prejudice to the provisions of Clauses 13(A) to
     (C), the Seller irrevocably constitutes and appoints the Operating Agent,
     with full power of substitution, as its true and lawful attorney and agent,
     with full power and authority in its name or otherwise, and in its place
     and stead, and for its use and benefit at any time after the occurrence of
     an Early Amortisation Event to take such action as the Operating Agent may
     deem necessary or desirable in order to protect the interests of the Buyer,
     the Onward Buyer, and/or the Operating Agent and/or the Lenders and/or to
     perfect title to any of the Purchased Receivables, or Related Security,
     including the redirection of mail and the endorsement of drafts, cheques
     and other payment media, to perform any

                                      -47-

<PAGE>

     agreement or obligation of the Seller under or in connection with this
     Agreement and/or under the Collection Account Bank Mandate(s), and to
     exercise all other remedies of the Seller under this Agreement or existing
     at law. In furtherance of the power herein granted, the Originator will
     assist and co-operate with the Operating Agent and provide such facilities
     as the Operating Agent may request, including the execution of a notarised
     power of attorney in favour of the Buyer for the purposes of this Clause
     13(D). The power of attorney is irrevocable and will extend to and be
     binding upon the successors and assigns of the Seller. The Seller hereby
     agrees that it shall execute the Power of Attorney set out in the form of
     Schedule 14 in respect of its obligations under this Clause 13(D).

14.  RESPONSIBILITIES OF THE SELLER

     Anything herein to the contrary notwithstanding:

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

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

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

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

                                      -48-

<PAGE>

     Receivables, the Collections and the Related Security and pending such time
     will keep an up to date record of all Purchased Receivables.

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

     (1)  The Seller will, at the Operating Agent's request, (a) assemble all
          the documents, instruments and other records (including, without
          limitation, computer tapes and disks) which evidence the Purchased
          Receivables, and the related Contracts and Related Security, or which
          are otherwise necessary or desirable to collect such Purchased
          Receivables, and will make the same available to the Operating Agent
          at a place selected by the Operating Agent or its designee or (if so
          requested) deliver the same to the Operating Agent (or as it may
          direct), and (b) segregate all cash, cheques and other instruments
          received by it from time to time constituting Collections of Purchased
          Receivables in a manner acceptable to the Operating Agent and will,
          promptly upon receipt, remit all such cash, cheques and instruments,
          duly endorsed or with duly executed instruments of transfer, to the
          Operating Agent or its designee.

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

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

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

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

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

                                      -49-

<PAGE>

     accept a re-assignment of any such Purchased Receivable (for a nil
     consideration) solely for the purpose of facilitating recoupment of such
     value added tax.

15.  AGENCY AND INDEMNITIES

(A)  Agency: In acting under this Agreement the Operating Agent shall have only
     such duties, obligations and responsibilities as are expressly set out in
     this Agreement (and such other duties, obligations and responsibilities as
     are reasonably incidental) and acts solely as agent of the Buyer. However,
     without prejudice to the generality of the foregoing, only the Operating
     Agent shall be entitled to receive and retain fees and other amounts
     (including indemnification under this Clause 15) payable to the Operating
     Agent for its own account.

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

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

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

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

                                      -50-

<PAGE>

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

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

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

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

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

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

(C)  Costs, increased costs and gross-up for withholding tax under the
     Facilities Agreement and the Currency Exchange Agreement: The Seller hereby
     agrees from time to time to indemnify the Buyer for, and to pay to it on
     demand of the Operating Agent, an amount equal to that notified by the
     Onward Buyer to the Buyer under the Onward Sale Agreement corresponding to
     (i) all costs, increased costs, indemnities,

                                      -51-

<PAGE>

     tax, tax gross-up, tax indemnities, default interest and all other amounts
     (other than interest and principal payments) which are required to be paid
     by the Onward Buyer under and in accordance with the Facilities Agreement
     and (ii) all costs, indemnities, tax, tax gross-up and termination costs
     which are required to be paid by the Onward Buyer under and in accordance
     with the Currency Exchange Agreement.

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

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

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

16.  Amendments, Etc.

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

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

                                      -52-

<PAGE>

17.  NOTICES

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

18.  NO WAIVER: REMEDIES

(A)  No Waiver: No failure on the part of the Buyer, the Seller (in of its
     capacities under the Relevant Documents) or the Operating Agent to
     exercise, and no delay in exercising, any right hereunder shall operate as
     a waiver thereof, nor shall any single or partial exercise of any right or
     remedy preclude any other or further exercise thereof or the exercise of
     any other right or remedy. The remedies in this Agreement are cumulative
     and not exclusive of any remedies provided by law.

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

19.  BINDING EFFECT: ASSIGNABILITY

(A)  Successors and Assigns: This Agreement is binding upon and enures to the
     benefit of (1) the Seller, Exide Europe and any of their successors and
     permitted assignees in

                                      -53-

<PAGE>

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

(B)  Seller and Exide Europe: Neither the Seller nor Exide Europe may assign any
     of its rights, benefits or interest in or under this Agreement except with
     the prior consent of the Operating Agent which shall not be unreasonably
     withheld or delayed.

(C)  The Buyer: The Buyer may assign all or part of any Purchased Receivebles
     and/or all or any of its rights, benefits and interest in or under this
     Agreement to Batteries Funding Limited in accordance with the Onward Sale
     Agreement.

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

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

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

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

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

                                      -54-

<PAGE>

20.  FURTHER ASSURANCE - RESTRUCTURING

     The Seller and Exide Europe hereby agrees that:

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

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

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

     upon commercial terms consistent with those applicable under the existing
     Programme (save in relation to additional costs arising as a result of the
     involvement of a FCC, and/or a Law 130 Company), the Seller and Exide
     Europe undertakes to the Operating Agent and the Buyer that it will enter
     into such arrangements, documents and agreements as are necessary or
     desirable, in the opinion of the Operating Agent (acting reasonably), for
     the purposes of giving effect to the transactions set out in paragraphs (1)
     and (2) and ensuring consistency between such transactions and the other
     transactions contemplated under the Programme.

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

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

21.  TERMINATION

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

                                      -55-

<PAGE>

     of any representation and warranty made by the Seller in or pursuant to
     this Agreement, the provisions of Clause 21 and the indemnification and
     payment provisions of this Agreement will be continuing and will survive
     any termination of this Agreement.

22.  NO PROCEEDINGS

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

23.  EXECUTION IN COUNTERPARTS: SEVERABILITY

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

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

24.  CONFIDENTIALITY

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

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

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

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

                                      -56-

<PAGE>

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

25.  GOVERNING LAW AND JURISDICTION

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

(B)  Consent to Jurisdiction: The parties hereto hereby irrevocably and for the
     benefit of each other submit to the jurisdiction of the courts of Milan in
     any action or proceeding arising out of or relating to this Agreement, and
     hereby irrevocably agree that all claims in respect of such action or
     proceeding may be heard and determined in such courts. The parties hereto
     hereby irrevocably waive, to the fullest extent they may effectively do so,
     the defence of an inconvenient forum to the maintenance of such action or
     proceeding. As an alternative method of service, the Seller, Exide Europe
     and the Buyer also irrevocably consent to the service of any and all
     process in any such action or proceeding by the delivery of copies of such
     process to the Seller, Exide Europe or the Buyer, as applicable, at the
     address designated for notices under this Agreement. The Seller, Exide
     Europe and the Buyer agree that a final judgment in any action or
     proceeding shall be conclusive and may be enforced in other jurisdictions
     by suit on the judgment or in any other manner provided by law. Nothing
     shall affect the right to serve process in any other manner permitted by
     law.

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered.

                                      -57-

<PAGE>

                                   SCHEDULE 1

     Offices of the Seller/Seller Collection Account/Seller Original Account

<TABLE>
<CAPTION>
Seller                            Seller Collection Account      Seller Original Account
<S>                               <C>                            <C>
EXIDE ITALIA S.r.l.               6462 (Sort Code ABI 01025)     7088 (Sort Code ABI 01025)

Via Dante Alighieri, 100/106,              6463 (Sort Code ABI 01025)
24058 Romano di Lombardia
(Bergamo) (Italy)
</TABLE>

                                      -58-

<PAGE>

                                   SCHEDULE 2

                     Form of Admission of Additional Seller

To:       Citibank, N.A.
          336 Strand
          WC2R 1HB

Copy to:  Exide Holding Europe
          5-7 Allee des Pierres Mayettes
          92636 Gennevilliers Cedex France

                         ADMISSION OF ADDITIONAL SELLER

Pursuant to the Receivables Sale Agreement dated [.] May 2002 (the "Agreement")
among inter alios, you, Archimede Securitisation S.r.l. and an Italian
Affiliates of Exide Holding Europe.

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

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

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

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

(5)  The Operating Agent makes no representation or warranty and assumes no
     responsibility with respect to the legality, validity, effectiveness,
     adequacy or enforceability of the Agreement or any document relating
     thereto and assumes no responsibility for the financial condition of the
     Buyer or the Seller or for the performance and observance by the Buyer or
     the Seller of any of their respective

                                      -59-

<PAGE>

     obligations under the Agreement or any document relating thereto and any
     and all such conditions and warranties, whether express or implied by law
     or otherwise, are hereby excluded.

(6)  The Additional Seller requests that in respect of references to the parties
     comprising the Seller in the Agreement, the following information be
     inserted in respect of the Additional Seller:

<TABLE>
<S>                                                                      <C>
============================================================================================
i)   number of days in respect of the payment of invoices for the        . days
purposes of paragraph (6) of the definition of "Eligible Receivable"
--------------------------------------------------------------------------------------------
ii)  date of most recent audited annual accounts for the purposes of     .
Clause 8(G)
--------------------------------------------------------------------------------------------
iii) principal place of business of Additional Seller for the            .
purposes of Clause 8(O) and Schedule 1
                                                                         .
--------------------------------------------------------------------------------------------
iv)  Seller Collection Account for the purposes of Schedule 1            . (Sort Code .)
--------------------------------------------------------------------------------------------
iv)  Seller Original Account for the purposes of Schedule 1              . (Sort Code .)
============================================================================================
</TABLE>

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

[ADDITIONAL SELLER]

By:

Address:

Attention:

Telefax:

Telephone:

Date:

AGREED TO BY:

[RELEVANT ADDITIONAL SELLER]

CONSENTED TO THIS________DAY OF___________,___________:

Citibank, N.A., London Branch

                                      -60-

<PAGE>

By:

                                      -61-

<PAGE>

                                   SCHEDULE 3

                          Form of Settlement Statement

                                     Italy

--------------------------------------------------------------------------------
                              SETTLEMENT STATEMENT
                              --------------------

                      SELLER: Exide Italy

                    CURRENCY: EUR

          Batteries Funding - Settlement Statement as of:            23-May-02
          ----------------------------------------------

          Next Settlement Date:                                      30-May-02
          --------------------

          PRIOR SETTLEMENT STATEMENT:
          --------------------------
                                                                       EUR

      (1) Outstanding Balance                                             -
      (2) Reserve Accounts                                                -
      (3) Unearned Discount                                               -
      (4) Capital                                                         -

          Adjustments to Prior Month Balance
          ----------------------------------

      (5) Total Collections                                               -
      (6) Adjustments to Reserve Account                                  -
      (7) Discount Collected                                              -
      (8) Cash & Deemed Collections                                       -

      (9) New Receivables Sold                                            -
     (10) Change in Reserve                                               -
     (11) Change in Discount                                              -
     (12) Net Cash Paid (7-8)                                             -

          Ending Balance as of this Date:
          ------------------------------

     (13) Outstanding Balance                                             -
     (14) Reserve Account                                                 -
     (15) Discount                                                        -
     (16) Capital                                                         -

          PAYMENT OF FEES DUE ON NEXT SETTLEMENT DATE
          -------------------------------------------

          Purchaser Fees Due on the next Settlement Statement
          above 0.0000%                                         EUR     -

          Agency Fee           50.00 bp                         EUR     -

          Facility Fee         75.00 bp                         EUR     -

          Please remit funds to Batteries Funding Limited's account at
          Citibank London, account number 0010123765

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

                                      -62-

<PAGE>

                                   SCHEDULE 4

                             Form of Summary Report

                         Archimede Securitisation S.r.l.

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

      Sold Portfolio Ageing by invoice due date :

             Current - Due beyond 91      ----->         7.860.016,01   19,540%
             Current - Due in 90 days     ----->         7.662.589,99   19,049%
             Current - Due in 60 days     ----->         8.011.347,22   19,916%
             Current - Due in 30 days     ----->         9.025.400,37   22,437%
             1 - 30 days Overdue          ----->         3.951.042,00    9,822%
             31 - 60 days Overdue         ----->         2.041.436,27    5,075%
             61 - 90 days Overdue         ----->           970.966,33    2,414%
             91 - 120 days Overdue        ----->           123.959,99    0,308%
             121 - 150 days Overdue       ----->           127.504,42    0,317%
             151 - 180 days Overdue       ----->           102.402,99    0,255%
             181 + days Overdue           ----->           348.497,71    0,866%
                                                   ------------------
             Total                        ----->        40.225.163,30

      Estimated Cash         Days 1 - 30           ----->        16.691.210,08
      Collections in         Days 31 - 60          ----->         8.011.347,22
      future periods         Days 61 - 90          ----->         7.662.589,99
                             Days 91 +             ----->         7.860.016,01
                                                            ------------------
                             Total                 ----->        40.225.163,30

      Collections in
      current period Received by due date          ----->             9.170,06
      by due date :  Received 30 days after due date --->         1.769.348,05
                     Received 60 days after due date --->           462.876,77
                     Received 90 days after due date --->            80.123,42
                     Received 91+ days after due date -->            18.433,77
                                                            ------------------
                     Total Collections             ----->         2.339.952,07

      Total new receivables sold this month        ----->            27.354,13

      Sold Credit Notes Outstanding     -------->         2.303.518,75   5,416%
      Credit Notes issued in last 30 days ------>         1.019.344,45   2,471%

      Total Credit Notes Outstanding    -------->         2.759.444,70   6,400%
      Credit Notes issued in last 30 days ------>         1.128.553,70   2,721%

      Total Invoices sold                       -------->               15.685
      Total New Invoices sold                   -------->                    0

      Total delinquent receivables in sold portfolio --->         3.714.767,71
      Total delinquent receivables (Sold + Unsold) ----->         3.844.224,39

      Total defaulted receivables in sold portfolio ---->           702.365,11
      Total defaulted receivables (Sold + Unsold) ------>           831.821,79

                                      -63-

<PAGE>

                         Archimede Securitisation S.r.l.

      Seller   :        Italy
      Currency :        Total Italian Lira Portfolio in EURO
      Summary Report Date                                           02/05/19
      Summary Report for period ended                               02/05/18
      =========================================================================

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

      Net invoices issued in last seven days  ----->        -122.363,14

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

               Current                    ----->        32.558.864,55   80,683%
               1 - 30 Days Overdue        ----->         3.951.042,00    9,791%
               31 - 60 Days Overdue       ----->         2.041.436,27    5,059%
               61 - 90 Days Overdue       ----->           970.966,33    2,406%
               91 - 120 Days Overdue      ----->           119.064,38    0,295%
               121 - 150 Days Overdue     ----->           125.569,39    0,311%
               151 - 180 Days Overdue     ----->            31.074,66    0,077%
               181 +   Days Overdue       ----->           556.113,36    1,378%
                                                   ------------------
               Total Receivables          ----->        40.354.130,94

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

       --------------------                            --------------------
       Authorised Signature                            Authorised Signature

                                      -64-

<PAGE>

                                   SCHEDULE 5

                          Initial Conditions Precedent

(a)  A certified copy of the resolutions of the board of directors of the Seller
     approving this Agreement and the other documents to be delivered by it and
     the transactions contemplated in this Agreement.

(b)  Certified copies of the memorandum and articles of association (atto
     costitutivo and statuto) of the Seller.

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

(d)  A Collection Account Bank Mandate duly executed by the Seller, the Buyer
     and Citibank in relation to the Buyer Collection Account.

(e)  A favourable opinion of legal advisers to the Seller as to corporate
     capacity of the Seller.

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

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

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

(i)  A Directors' Certificate from the directors of the Seller in relation to
     its solvency.

(j)  Execution of the Relevant Documents and all documentation to be delivered
     therewith.

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

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

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

                                      -65-

<PAGE>

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

(o)  Designation by the Buyer of the Buyer Account.

(p)  Designation by the Seller of the Seller Original Account.

(q)  Satisfaction of all Initial Conditions Precedent set forth in Schedule 2 to
     the Facilities Agreement.

(r)  Execution of the Currency Exchange Agreement.

                                      -66-

<PAGE>

                                   SCHEDULE 6
                                     Part 1

                                 LETTER OF OFFER

To:   The Buyer (via the Operating Agent)

From: Exide Italia S.r.l.

Dated:   [   ]

Dear Sirs,

We refer to the receivables sale agreement (such receivables sale agreement, as
from time to time amended or supplemented being herein called the "Receivables
Sale Agreement") dated on or about _____ May 2002 and made between, inter alios,
ourselves as Seller and yourselves as Buyer and Citibank, N.A. as Operating
Agent. We hereby offer you to sell and assign under Law No. 52 of 21 February
1992 without recourse against us in the case of non-payment by the relevant
Account Debtors (cessione pro-soluto):

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

(ii)    Future Receivables which have come and will come into existence between
        (and including) the Initial Reference Date and (but excluding) the next
        Settlement Date and (b) Future Receivables which will come into
        existence during the next Settlement Period for an Acceptance Fee of
        (Euro) 15.

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

We warrant that each of the representations referred to in Clause 8 of the
Receivables Sale Agreement is true on and as of the date hereof in respect of
each Receivable and that each of the representations referred to in Clause 8 of
the Receivables Sale Agreement is true on and as of the date hereof.

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

The offer made under this Letter constitutes an irrevocable offer by Exide
Italia S.r.l. binding upon it to assign and to sell to you the ownership,
interest in the Receivables referred to in this Letter of Offer and the Related
Security.

This Letter of Offer shall be governed by Italian Law.

Yours faithfully,

EXIDE HOLDING EUROPE,
acting on behalf of Exide Italia S.r.l.

By:

                                      -67-

<PAGE>

Authorised Signatory

                                      -68-

<PAGE>

Yours faithfully,

____________________________

EXIDE HOLDING EUROPE,
acting on behalf of Exide Italia S.r.l.

                                      -69-

<PAGE>

                                   SCHEDULE 6
                                     Part 2

                          ON ANY SUBSEQUENT OFFER DATE

To:     The Buyer (via the Operating Agent)

From:   Exide Italia S.r.l.

Dated:  [    ]

Dear Sirs,

We refer to the receivables sale agreement (such receivables sale agreement, as
from time to time amended or supplemented being herein called the "Receivables
Sale Agreement") dated on or about _____ May 2002 and made between, inter alios,
ourselves as Seller and yourselves as Buyer and Citibank, N.A. as Operating
Agent. We hereby offer you to sell and assign under Law No. 52 of 21 February
1992 without recourse against us in the case of non-payment by the relevant
Account Debtors (cessione pro-soluto):

(i)   Future Receivables which will come into existence during the next
      Settlement Period for an Acceptance Fee of (euro) [15];

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

(ii)  Existing Receivables with respect to Additional Designated Account Debtors
      notified to you on the date hereof with an Outstanding Balance of [.]
      (being the Existing Receivables identified for you pursuant to Clause 4(D)
      of the Agreement) on the next Settlement Date for an Existing Receivables
      Purchase Price of (euro) [.]; and

(iii) Future Receivables with respect to Additional Designated Account Debtors
      notified to you on the date hereof which have come and will come into
      existence between (and including) the Initial Reference Date and (but
      excluding) the next Settlement Date for the Acceptance Fee.

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

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

The offer made under this Letter constitutes an irrevocable offer by Exide
Italia S.r.l. binding upon it to assign and to sell to you the ownership,
interest in the Receivables referred to in this Letter of Offer and the Related
Security.

This Letter of Offer shall be governed by Italian Law.

                                      -70-

<PAGE>

Yours faithfully

_______________________________________

EXIDE HOLDING EUROPE, acting on behalf of Exide Italia S.r.l.

                                      -71-

<PAGE>

                               SCHEDULE 6- PART 3

                               FORM OF ACCEPTANCE

To:    Exide Italia S.p.A as Seller

From:  The Buyer (via the Operating Agent)

Dated: [.]

Dear Sirs,

We refer to the receivables sale agreement (such receivables sale agreement, as
from time to time amended, supplemented or novated being herein called the
"RSA") dated _____ May 2002 and made between ourselves as Buyer and yourselves
as Seller and the Servicer and Citibank, N.A. as Operating Agent.

Terms defined in the RSA shall bear the same meaning herein.

We hereby notify you of our acceptance of the Receivables pursuant to your
letter of offer dated [     ]. The Purchase Price in respect thereof was Euro
[    ] and was paid to you on [date] to the Seller Original Account.

Yours faithfully,

for and on behalf of

Archimede Securitisation S.r.l., London Branch]

                                     -72-

<PAGE>

                                   SCHEDULE 7

                                Form of Contract

                                      -73-

<PAGE>

                               SCHEDULE 8 - Part 1

                   INFORMATION TO BE PROVIDED TO EXIDE EUROPE

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

     a computerised download containing the following fields:

     -number, which identifies the applicable Seller

     -customer number

     -customer name

     -customer type

     -location of customer (country)

     -invoice number

     -journal number

     -issue date of invoice

     -due date of invoice

     -currency of invoice

     -currency amount of invoice

     -type of invoice

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

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

(3)  On or before the third Determination Date of each of the calendar months of
     March, June, September and December (or such more frequent time as the
     Operating Agent may request in accordance with Clause 10(G) of the
     Agreement):

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

- full customer name
- address field 1
- address field 2
- address field 3
- town
- area code
- country of address

                                      -74-

<PAGE>

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

                                      -75-

<PAGE>

                               SCHEDULE 8 - Part 2

                             FORM OF MONTHLY SUMMARY

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

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

Seller:            ..................................

Date Prepared:     ..................................

For month:         ..................................

All information relates to 3rd party domestic customers.

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

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

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

Level of accruals for volume rebates:   ......................................

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

Expenses for warranty claims during the month:  ............................

Prompt payment discounts paid during the month:    .............................

Receivable Ageing - Month-end Ledger

============================================================
Days Past Due            Amounts in Ledger Currency

============================================================
Current

------------------------------------------------------------
1 - 30
------------------------------------------------------------
31 - 60

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

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

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

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

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

                                      -76-

<PAGE>

[THE SELLER]

...............................................

Name

                                      -77-

<PAGE>

                                   SCHEDULE 9

                              LETTER OF UNDERTAKING

                        [EXIDE HOLDING EUROPE LETTERHEAD]

                              Letter of Undertaking

                                                              Date: [.] May 2002

To:      Archimede Securitisation S.r.l.; and
         Citibank, N.A., London Branch ("Citibank") as Operating Agent and
         Servicer under the Origination Agreements and Agent under the
         Facilities Agreement,

Dear Sirs

(1)  We refer to the following agreements:

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

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

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

     (iv)   (a) the Receivables Purchase Agreement dated 3 June 1997 (as amended
            on the date hereof and renamed as Receivables Sale Agreement)
            between Societa Industriale Accumulatori S.r.l. and Compagnia
            Generale Accumulatori S.p.A.(now Exide Italia S.r.l.) (together with
            any additional member of the Exide Group acceding to the Receivables
            Sale Agreement after the date hereof, the "Italian Originators"),
            ourselves as Offer Agent, Archimede

                                      -78-

<PAGE>

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

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

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

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

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

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

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

(6)  We confirm that we currently own indirectly and beneficially at least 80 %
     of the issued share capital of each Originator and Exide Funding and that
     we control each Originator and Exide Funding and we covenant, subject to
     paragraph 6 below, that we will not reduce our percentage shareholding or
     alter our control of each Originator and Exide Funding (so long as Exide
     Funding is a party to any Relevant Document) until the Facilities Agreement
     and the Origination Agreements have been terminated and all

                                      -79-

<PAGE>

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

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

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

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

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

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

                                      -80-

<PAGE>

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

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

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

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

(12) This Letter of Undertaking is governed by the laws of Italy. We hereby
     irrevocably and for your benefit submit to the jurisdiction of the courts
     of Italy in any action or proceeding arising out of or relating to this
     letter, and hereby irrevocably agree that all claims in respect of such
     action or proceeding may be heard and determined in such courts. We hereby
     irrevocably waive, to the fullest extent that we may effectively do so, the
     defence of an inconvenient forum to the maintenance of such action or
     proceeding. We agree that a final judgement in any action or proceeding
     shall be conclusive and may be enforced in other jurisdictions by suit on
     the judgement or in any other manner provided by law.

Yours faithfully

_______________________
EXIDE HOLDING EUROPE S.A.

                                      -81-

<PAGE>

                                   SCHEDULE 10

          LIST OF ACCOUNT DEBTORS OTHER THAN DESIGNATED ACCOUNT DEBTORS

FIAT

                                      -82-

<PAGE>

SCHEDULE 11

                              PAYMENT INSTRUCTIONS

                                     Part 1

To: [Designated Account Debtor]

Dear Sir,

(1)  We refer to the payments to be made to us in relation to [relevant
     Contract(s)].

(2)  We hereby kindly instruct you to make all such payments, from the date
     hereof, to the credit of our account [account details] with [ ] and, in
     relation to payments by cheques, to the order of [ ] and remit such cheques
     to [ ].

Yours sincerely

[the Seller]
                                     Part 2

                                      -83-

<PAGE>

                                   SCHEDULE 12

                            ENIGMA LICENCE AGREEMENT

                                                                    [.] May 2002
Attention: Company Secretary and Financial Director

                            Enigma Licence Agreement

Dear Sirs:

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

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

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

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

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

Very truly yours,

CITIBANK, N.A.,

                                      -84-

<PAGE>

London Branch

By:

Title:  Vice President

Agreed and accepted

EXIDE HOLDING EUROPE

By:  ____________________

     Name:
     Title:

By:  ____________________

     Name:
     Title:

                                      -85-

<PAGE>

                                   SCHEDULE 13

                               EXIDE ITALIA S.r.l.
                   (registered in Italy under No. 09178790151)
 Registered Office: Romano di Lombardia (Bg), Via Dante Alighieri 100/106, Italy

                                                                   [.] May 2002

                              SOLVENCY CERTIFICATE

We, directors of Exide Italia S.r.l. (the "Company") having duly considered the
provisions of Articles 5, 66 and 67 of the Italian Bankruptcy Law (Royal Decree
No. 267 of 16th March 1942), are of the opinion that as at the date hereof:

(a)  to the best of our knowledge and belief ,the Company is able to pay its
     debts as they fall due;

(b)  to the best of our knowledge and belief, no resolution has been passed for
     the winding-up of the Company which has been notified to the Company and:

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

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

     (iii)  no order for the winding up of the Company had been made.

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

(c)  to the best of our knowledge and belief, the entering into of the
     Transaction Documents by the Company and all matters in connection
     therewith are being effected by the Company in good faith and in connection
     with its business, and in our opinion there are reasonable grounds for
     believing that the transactions contemplated by the Transaction Documents
     and all related matters will benefit the Company; and

(d)  to the best of our knowledge and belief, the Company, in entering into the
     Transaction Documents, has not been influenced by a desire to prefer one
     creditor over any other creditor of the Company.

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

                                     -86-

<PAGE>

________________________

________________________

                                      -87-

<PAGE>

                                   SCHEDULE 14

                     POWER OF ATTORNEY IN FAVOUR OF CITIBANK

THIS POWER OF ATTORNEY is made on the ___ day of May 2002 by EXIDE ITALIA
S.r.l., a company with its registered office at Via Dante Alighieri 100/106
Romano di Lombardia (Bergamo), Italy, share capital (Euro) 26,000,000, fully
paid up, registered with the Register of Company of Bergamo under No.
09178790151, acting in its capacity as Seller and Sub-Servicer (the "Appointor")
in favour of CITIBANK, N.A., London Branch, a company whose registered office is
at 336 Strand, London WC2R 1HB acting in its capacity as Operating Agent
("Citibank").

WHEREAS

(A)  Pursuant to a receivables sale agreement (the "RSA") dated [.] May 2002
     entered into between, inter alios, the Seller and Citibank, the Seller
     shall, from time to time offer to sell to Archimede Securitisation S.r.l.
     through the Offer Agent, certain receivables (the "Receivables") and
     Archimede Securitisation S.r.l. shall accept an assignment of all
     Receivables and Collections and Related Security for its benefit.

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

(C)  Under the RSA, Citibank is appointed as the Operating Agent.

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

NOW THEREFORE

1.   The Appointor appoints Citibank individually and any receiver appointed
     from time to time in respect of the Receivables, Collections and Related
     Security to be its true and lawful agent (mandatario) for it and in its
     name to do any of the following acts, deeds and things or any of them as
     may be within the power of the Appointor after an Early Amortisation Event
     has occurred:

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

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

     (c)  to execute, sign, seal and deliver any document and to do any other
          act or thing which it may deem to be necessary to protect the
          interests of Archimede Securitisation S.r.l. and/or the Lenders and/or
          the Operating Agent, proper or expedient for fully and effectually
          vesting or transferring the Purchased

                                      -88-

<PAGE>

          Receivables and the Ancillary Rights in or to Archimede Securitisation
          S.r.l. or its successors in title or other person or persons entitled
          to the benefit thereof (as the case may require) pursuant to and in
          accordance with the RSA;

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

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

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

2.   The Appointor hereby agrees at all times hereafter to ratify and confirm
     any act, matter or deed whatsoever Citibank or any Substitute Attorney
     shall lawfully do or cause to be done under or pursuant to this Power of
     Attorney to the extent that such act or acts and execution are within the
     power of the Appointor and within the subject matter of this Power of
     Attorney and the Appointor shall indemnify Citibank or any Substitute
     Attorney in respect of any loss, claim, cost, expense or liability in
     connection with this deed save to the extent that the same arises out of
     this latter's gross negligence, wilful default or bad faith.

3.   The Appointor declares that this Power of Attorney has been given for
     security purposes and to secure continuing obligations of the Appointor
     under the Agreements and the abovementioned assignments, assignations and
     trusts and the powers hereby created shall be irrevocable and shall not be
     affected by the bankruptcy, liquidation, receivership, the making of an
     administration order or appointment of an administrative receiver or any
     other equivalent event of or affecting the Appointor.

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

IN WITNESS whereof this Power of Attorney has been executed by the Appointor as
a deed the day and year first above written.

EXIDE ITALIA S.r.l.

(as Seller)

________________

By:

                                      -89-

<PAGE>

                                         SCHEDULE 15

                                   Special Dilution Reserve

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

                                      -90-

<PAGE>

           *Settlement Date     *Settlement Date          Table          Reserve
            April 17, 2003       April 15, 2004       April Week 3        0.0%
            April 24, 2003       April 22, 2004       April Week 4        2.0%
             May 2, 2003         April 29, 2004        May Week 1         1.0%
             May 8, 2003           May 6, 2004         May Week 2         3.2%

       *Settlement Date     *Settlement Date         Table             Reserve

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

                                      -91-

<PAGE>

EXECUTION PAGES

SELLER:

EXIDE ITALIA S.r.l.

____________________

By:

Address:      Via Dante Alighieri, 100/106, 24058 Romano di Lombardia (Bergamo)
              (Italy)
Attention:    Chairman of the Board of Directors.
Copy to:      Mr. Antonio Ferri
Telefax:          (39-363) 903 366
Telephone:    (39-363) 9991

BUYER:

ARCHIMEDE SECURITISATION S.r.l. (acting through its London branch)

___________________________________

By:

Address:    336 Strand, London WC2R 1HB   United Kingdom
Attention:
Telefax:
Telephone:

OPERATING AGENT:

CITIBANK, N.A. (acting through its London branch)

___________________________________

By:

Address:          Citicorp Centre
                  33 Canada Square, 5/th/ Floor, Canary Wharf
                  London E145LB
                  Attention:        Nigel Kilvington/Charles Prowse
                  Telefax:          +44 (0) 207 986 4705
                  Telephone:

OFFER AGENT

                                      -92-

<PAGE>

EXIDE HOLDING EUROPE

__________________________

By:

Address:          5-7 Allee Des Pierres Mayettes
                  92 636 Gennevilliers Cedex

Attention:        Dr. Albrecht Leuschner

Telefax:          0033 147927481

Telephone:        0033 141212300

ALLOCATION AGENT:

CITIBANK, N.A. (acting though its Milan branch)

___________________________________

By:

Address:          Foro Bonaparte 16
                  20121, Milan, Italy

Attention:

Telefax:

Telephone:

                                      -93-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]