Document:

SUBSCRIPTION AGREEMENT
                        FOR NON-UNITED STATES PERSONS

                      Brampton Crest International, Inc.
                       1210 Washington Avenue Suite 21
                            Miami Beach, FL 33139

Ladies and Gentlemen:

      Brampton Crest International, Inc. (successor to Hamilton Biophile
Companies) (the "Company" or "BRAMPTON"), desires to sell common shares of the
Company (the "Shares") at a price of $0.15 per Share and warrants to purchase an
equal number of common share of the Company at an exercise price of $0.001 per
share of common stock and exercisable for 3 years (collectively, the "Units")
(the "Offering"). The undersigned ("Subscriber") desires to purchase the number
of Shares set forth on the signature page of this Agreement (the "Agreement").
Accordingly, the Company and Subscriber agree as follows:
1. Sale and Purchase. Subject to the terms and conditions set forth in this
 Agreement, Subscriber hereby tenders the amount set forth on the signature page
 of this Agreement for the purchase of the number of Shares set forth on said
 signature page. Subscriber acknowledges that this offer and the acceptance
 contained herein were made outside the United States and that this Subscription
 Agreement was executed outside the United States.

2. Representations, Warranties, and Agreements of Subscriber. In connection with
 this subscription, Subscriber hereby makes the following representations,
 warranties, and agreements and confirms the following understandings, each of
 which are made or confirmed, as the case may be, with respect to Shares
 subscribed for herein:

      (a) Investment Purpose. Subscriber is acquiring the Shares for
Subscriber's own account and for investment purposes only.

      (b) Review and Evaluation of Information Regarding the Company.

                     (i) Subscriber is familiar with the Company's financial
      condition and proposed operations. Without limiting the foregoing, the
      Subscriber acknowledges that the undersigned has reviewed the corporate
      documents regarding the Company, its forms filed as Hamilton Biophile
      Companies with the Securities and Exchange Commission pursuant to the
      requirements of the Securities Exchange Act of 1934, as amended, and the
      terms of this Offering.

                     (ii) In addition to the foregoing, Subscriber acknowledges
      that Subscriber has conducted, or has been afforded the opportunity to
      conduct, an investigation of the Company and has been offered the
      opportunity to ask representatives of the Company questions about the
      Company's financial condition and proposed business and that Subscriber
      has obtained such available information as Subscriber has requested, to
      the extent Subscriber has deemed necessary, to permit Subscriber to fully
      evaluate the merits and risks of an investment in the Company.
      Representatives of the Company have answered all inquiries that Subscriber
      has put to them concerning the Company and its activities, and the
      offering and sale of the Shares.
<PAGE>

      (c) Risks. Subscriber recognizes that the purchase of Shares involves a
high degree of risk and is suitable only for persons of adequate financial means
who have no need for liquidity in this investment in that (i) Subscriber may not
be able to liquidate the investment in the event of an emergency; (ii)
transferability is limited; and (iii) in the event of a disposition, Subscriber
could sustain a complete loss of the entire investment.

      (d) Foreign Status. Subscriber is not a United States Person, nor is the
Subscriber acquiring the Shares directly or indirectly for the account or
benefit of a United States Person. None of the funds used by the Subscriber to
purchase the Shares have been obtained from United States Persons. For purposes
of this Agreement, "United States Person" within the meaning of U.S. tax laws,
means a citizen or resident of the United States, any former U.S. citizen
subject to Section 877 of the Internal Revenue Code, any corporation, or
partnership organized or existing under the laws of the United States of America
or any state, jurisdiction, territory or possession thereof and any estate or
trust the income of which is subject to U.S. federal income tax irrespective of
its source, and within the meaning of U.S. securities laws, as defined in Rule
902(o) of Regulation S, means: (i) any natural person resident in the United
States; (ii) any partnership or corporation organized or incorporated under the
laws of the United States; (iii) any estate of which any executor or
administrator is a U.S. person; (iv) any trust of which any trustee is a U.S.
person; (v) any agency or branch of a foreign entity located in the United
States; (vi) any non-discretionary account or similar account (other than an
estate or trust) held by a dealer or other fiduciary for the benefit or account
of a U.S. person; (vii) any discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary organized, incorporated,
or (if an individual) resident in the United States; and (viii) any partnership
or corporation if organized under the laws of any foreign jurisdiction, and
formed by a U.S. person principally for the purpose of investing in securities
not registered under the Securities Act of 1933, as amended (the "Securities
Act"), unless it is organized or incorporated, and owned, by accredited
investors (as defined in Rule 501(a)) who are not natural persons, estates or
trusts.

      (e) Regulation S. Subscriber understands that this offering of Shares is
made pursuant to Regulation S of the Securities Act of 1933, as amended (the
"Securities Act"). Subscriber was not solicited to purchase Shares, nor were
Shares offered to Subscriber while present in the United States. Subscriber is
outside the United States at the time this Agreement is being submitted and
Subscriber expects to remain outside the United States while Subscriber's
purchase of Shares is being effected.

      (f) Transferability. Subscriber agrees to resell the Shares only in
accordance with Regulation S of the Securities Act, pursuant to registration
under the Securities Act, or pursuant to an available exemption from
registration under the Securities Act. It shall be Subscriber's burden to
present evidence, legal opinions and/or certificates to the Company
demonstrating the compliance with Regulation S or an exemption from registration
under the Securities Act before any transfers shall be permitted with respect to
the Shares purchased hereunder.

                                       2
<PAGE>

      (g) Hedging. The Subscriber agrees not to engage in hedging transactions
with regard to the Shares unless in compliance with the Securities Act.

      (h) Subscriber's Financial Experience. Subscriber is sufficiently
experienced in financial and business matters to be capable of evaluating the
merits and risks of an investment in the Company or, if he has utilized the
services of a purchaser representative, together with such representative, are
sufficiently experienced in financial and business matter to be capable of
evaluating the merits and risks of an investment in the Company.

      (i) Suitability of Investment. Subscriber has evaluated the merits and
risks of Subscriber's proposed investment in the Company, including those risks
particular to Subscriber's situation, and has determined that this investment is
suitable for Subscriber. Subscriber has adequate financial resources for an
investment of this character, and at this time Subscriber can bear a complete
loss of Subscriber's investment. Further, Subscriber will continue to have,
after making an investment in the Company, adequate means of providing for
Subscriber's current needs, the needs of those dependent on Subscriber, and
possible personal contingencies. Subscriber specifically represents that he has
a net worth at least five times greater than the investment made herein.

      (j) Exempt Offering. Subscriber understands that the sale of Shares are
not being registered on the basis that this issuance is exempt from registration
under the Securities Act, and the applicable state securities laws, and the
rules and regulations promulgated thereunder, and that reliance on such
exemptions is predicated, in part, on Subscriber's representations and
warranties contained in this Agreement.

      (k) Limitations on Disposition. Subscriber understands that there are
substantial restrictions on the transferability of the Shares pursuant to the
Securities Act; the Shares will not be, and Subscriber has no right to require
that the Shares be, registered under the Securities Act; and, accordingly,
Subscriber may have to hold the Shares for an indefinite period of time until
the Shares have been registered by the Company or are subject to an exemption
from registration. Subscriber represents that Subscriber can afford to hold the
Shares for an indefinite period of time. Subscriber further understands that an
opinion of counsel and other documents may be required to transfer the Shares.
The Subscriber acknowledges that any certificates representing the shares
underlying the Shares, shall bear the following, or a substantially similar,
legend:

      "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
      THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY
      STATE SECURITIES LAWS AND NEITHER SUCH SHARES NOR ANY INTEREST THEREIN MAY
      BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A
      REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE
      SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) IN
      ACCORDANCE WITH THE PROVISIONS OF REGULATION S, OR (3) PURSUANT TO AN
      EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT"

                                       3
<PAGE>

      (l) Absence of Official Evaluation. Subscriber understands that no federal
or state agency has made any finding or determination as to the fairness of the
terms of an investment in neither the Company, nor any recommendation for or
endorsement of the Shares offered hereby.

      (m) Additional Financing. Subscriber further acknowledges that nothing
hereunder shall preclude the Company from seeking and/or procuring additional
equity and/or debt financing.

      (n) Nonreliance. Subscriber is not relying on the Company or any
representation contained herein or in the documents referred to herein with
respect to the tax and economic effect of Subscriber's investment in the
Company.

      (o) Acceptance. Subscriber acknowledges that the Company shall, in its
sole discretion, have the right to accept or reject this subscription, in whole
or in part, for any reason or for no reason. If Subscriber's subscription is
accepted by the Company, Subscriber shall, and Subscriber hereby elects to,
execute any and all further documents necessary in the opinion of the Company to
complete his subscription and become a shareholder of the Company.

        (p) Authority to Enter into Agreement. Subscriber has the full right,
power, and authority to execute and deliver this Agreement and perform
Subscriber's obligations hereunder.

       (q) Entity as a Subscriber. If Subscriber is a corporation, partnership,
trust, or other entity, (i) Subscriber is authorized and qualified to become a
shareholder of, and is authorized to, make its investment in the Company; (ii)
Subscriber has not been formed for the purpose of acquiring an interest in the
Company; (iii) Subscriber has not been in existence for less than 90 days prior
to the date hereof; and (iv) the person signing this Agreement on behalf of such
entity has been duly authorized by such entity to do so.

      (r) Prohibitions on Cancellation, Termination, Revocation,
Transferability, and Assignment. Subscriber hereby acknowledges and agrees that,
except as may be specifically provided herein or by applicable law, Subscriber
is not entitled to cancel, terminate, or revoke this Agreement, and this
Agreement shall survive Subscriber's death or disability or any assignment of
the Shares. Subscriber further agrees that Subscriber may not transfer or assign
Subscriber's rights under this Agreement, and Subscriber understands that, if
Subscriber's subscription is accepted, the transferability of the Shares will be
restricted.

      (s) Obligation. This Agreement constitutes a valid and legally binding
obligation of Subscriber and neither the execution of this Agreement nor the
consummation of the transactions contemplated herein will constitute a violation
of or default under, or conflict with, any judgment, decree, statutes or
regulation of any governmental authority applicable to Subscriber, or any
contract, commitment, agreement, or restriction of any kind to which Subscriber
is a party or by which Subscriber's assets are bound. The execution and delivery
of this Agreement does not, and the consummation of the transactions described
herein will not, violate applicable laws, or any mortgage, lien, agreement,
indenture, lease or understanding (whether oral or written) of any kind
outstanding relative to Subscriber.

                                       4
<PAGE>

      (t) Required Approvals. No approval, authorization, consent, order, or
other action of, or filing with, any person, firm or corporation or any court,
administrative agency or other governmental authority is required in connection
with the execution and delivery of this Agreement by Subscriber or the purchase
of the Shares.

      (u) No General Solicitation. Subscriber is not subscribing for Shares
because of or following any advertisement, article, notice, or other
communication published in any newspaper, magazine or similar media or broadcast
over television or radio, or presented at any seminar or meeting, or any
solicitation or a subscription by a person other than an authorized
representative of the Company.

      (v) Additional Conditions. Upon receipt of the shares of common stock of
Brampton Crest International, Inc. and the warrants (including any shares of
common stock of Brampton Crest International, Inc. underlying the warrants), you
hereby agree that you shall not sell, transfer, or number such shares, warrants
or shares underlying the warrants for a period of twelve (12) months from the
date of the issuance of the shares without the express written consent of
Brampton Crest International, Inc. In the event that shares of common stock of
Brampton Crest International, Inc. are sold as a block sale (which block sale
includes the shares of common stock of Brampton Crest International, Inc. held
by affiliates Brampton Crest International, LLC), you hereby agree to include,
if requested by Brampton Crest International, LLC., your shares of common stock
of Brampton Crest International, Inc. in such block sale at the sale price
(which shall not be less than your purchase price) for all the shares in the
block sale. You shall receive no less than a 30% return on investment if the
call is made within twelve (12) months from the date herein, such return in
investment can be valued in cash, shares of another entity, some other in kind"
measure or a combination thereof. In the event that shares of common stock of
Brampton Crest International, Inc. are sold as a block sale (which block sale
includes the shares of Common stock of Brampton Crest International, Inc. held
by affiliates Brampton Crest International, LLC), and you are not requested to
include, your shares of common stock of Brampton Crest International, Inc. in
such block sale, you may, at your option, request to be included in the sale at
the sale price (which shall not be less than your purchase price) for your
shares in the block sale and Brampton Crest International, LLC. shall
accommodate your request.

3. Survival of Representations, Warranties, Agreements and Acknowledgments. The
representations, warranties, agreements, and acknowledgments of the Company and
Subscriber shall survive the offering and purchase of Shares.

4. Representations, Warranties and Agreements of the Company. In connection with
this subscription, the Company makes the following representations, warranties
and agreements and confirms the following understandings:

      (a) Company's Good Standing. The Company is a corporation organized and
validly existing under the laws of its incorporation, and it has all corporate
authority and power to conduct its business and to own its properties.

                                       5
<PAGE>

      (b) Legal and Other Proceedings. Neither the Company, nor any of its
affiliates or its executive officers or directors (in their capacity as
executive officers or directors), is a party to any pending or, to the best
knowledge of the Company, threatened, or unasserted but considered by it to be
probable of assertion, claim, action, suit, investigation, arbitration or
proceeding, or is subject to any order, judgment or decree that is reasonably
expected by management of the Company to have, either individually or in the
aggregate, a material adverse effect on the condition (financial or otherwise),
earnings or results of operations of the Company. The Company is not, as of the
date hereof, a party to or subject to any enforcement action instituted by, or
any agreement or memorandum of understanding with, any federal or state
regulatory authority restricting its operations or requiring that actions be
taken, and no such regulatory authority has threatened any such action,
memorandum or order against the Company and the Company has not received any
report of examination from any federal or state regulatory agency which requires
that the Company address any problem or take any action which has not already
been addressed or taken in a manner satisfactory to the regulatory agency.

      (c) Authorization; Conflict; Valid and Binding Obligation. This Agreement
and the transactions contemplated hereby have been duly and validly authorized
by all requisite corporate action of the Company. The Company has full right,
power and capacity to execute, deliver and perform its obligations under this
Agreement. No governmental license, permit or authorization and no registration
or filings with any court, governmental authority or regulatory agency is
required in connection with the Company's execution, delivery and/or performance
of this Agreement, other than any filings required by applicable federal and
state securities laws. The execution, delivery, and performance of this
Agreement, the consummation of the transactions herein contemplated and the
compliance with the terms of this Agreement by the Company will not violate or
conflict with any provision of the Articles or Certificate of Incorporation or
By-laws of the Company, or any agreement, instrument, law or regulation to which
the Company is a party or by which the Company may be bound. This Agreement,
upon execution and delivery by the Company, will represent the valid and binding
obligation of the Company enforceable in accordance with its terms.

5. Indemnification of the Company. Subscriber agrees to indemnify and hold
harmless the Company against and in respect of any and all loss, liability,
claim, damage, deficiency, and all actions, suits, proceedings, demands,
assessments, judgments, costs and expenses whatsoever (including, but not
limited to, attorneys' fees reasonably incurred in investigating, preparing, or
defending against any litigation commenced or threatened or any claim whatsoever
through all appeals) arising out of or based upon any false representation or
warranty or breach or failure by Subscriber to comply with any covenant or
agreement made by it herein or in any other document furnished by it in
connection with this subscription.

6. Miscellaneous.

            (a) Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto, and supersedes all prior negotiations,
letters and understandings relating to the subject matter hereof.

            (b) Amendments. This Agreement may not be amended, supplemented, or
modified in whole or in part except by an instrument in writing signed by the
party or parties against whom enforcement of any such amendment, supplement, or
modification is sought.

                                       6
<PAGE>

            (c) Notices. Any notice, demand, or other communication that any
party hereto may be required, or may elect, to give to anyone interested
hereunder shall be deemed given on the date initially received if delivered by
facsimile transmission followed by registered or certified mail confirmation; on
the date delivered by an overnight courier service; or on the third business day
after it is mailed if mailed by registered or certified mail (return receipt
requested, with postage and other fees prepaid) addressed to such addresses as
provided herein.

            (d) Successors and Assigns. Except as otherwise provided herein,
this Agreement shall be binding upon and inure to Subscriber's benefit and the
benefit of Subscriber's heirs, executors, administrators, successors, legal
representatives, and permitted assigns. If the undersigned is more than one
person, the obligation of the undersigned shall be joint and several and the
agreements, representations, warranties and acknowledgements herein contained
shall be deemed to be made by and be binding upon each such person and his
heirs, executors, successors, administrators, legal representatives, and
permitted assigns.

            (e) Choice of Law; Venue. This Agreement will be interpreted,
construed, and enforced in accordance with the laws of the State of Florida,
without giving effect to the application of the principles pertaining to
conflicts of laws. Any proceeding arising between the parties in any manner
pertaining or relating to this Agreement shall, to the extent permitted by law,
be held in the state of Florida.

            (f) Effect of Waiver. The failure of any party at any time or times
to require performance of any provision of this Agreement will in no manner
affect the right to enforce the same. The waiver by any party of any breach of
any provision of this Agreement will not be construed to be a waiver by any such
party of any succeeding breach of that provision or a waiver by such party of
any breach of any other provision.

            (g) Severability. The invalidity, illegality, or unenforceability of
any provision or provisions of this Agreement will not affect any other
provision of this Agreement, which will remain in full force and effect, nor
will the invalidity, illegality, or unenforceability of a portion of any
provision of this Agreement affect the balance of such provision. In the event
that any one or more of the provisions contained in this Agreement or any
portion thereof shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, this Agreement shall be reformed, construed, and
enforced as if such invalid, illegal, or unenforceable provision had never been
contained herein.

            (h) Enforcement. Should it become necessary for any party to
institute legal action to enforce this Agreement, the successful party will be
awarded reasonable attorneys' fees at all trial and appellate levels, expenses,
and costs.

            (i) Counterparts. This Agreement may be executed in one or more
counterparts, each of which will be deemed an original and all of which together
will constitute one and the same instrument.

                                       7
<PAGE>

            (j) Further Assurances. The parties hereto will execute and deliver
such further instruments and do such further acts and things as may be
reasonably required to carry out the intent and purposes of this Agreement.

                      [SIGNATURES ON THE FOLLOWING PAGE]

                                       8
<PAGE>

                      BRAMPTON CREST INTERNATIONAL, INC.

               NON-UNITED STATES PERSONS SUBSCRIPTION AGREEMENT
                        SIGNATURE PAGE FOR INDIVIDUALS

      IN WITNESS  WHEREOF,  the  undersigned  has caused this  Agreement to be
executed as of the _____day of ______, 200__.

Total Number of Shares Subscribed for: _____________Shares

Total Purchase Price at $____________U.S.D.

------------------------------------
(Signature of Subscriber)                (Signature of Spouse or Joint Tenant,
                                         If Any)

Robert  Wineberg
------------------------------------
(Print Name of Subscriber)               (Print Name of Spouse or Joint Tenant,
                                         If Any)

P.O. Box CB11904
------------------------------------
Nassau, The Bahamas
------------------------------------
(Address) (Address)

1-242-327-7672
------------------------------------
(Telephone Number)                       (Telephone Number)

November 1, 2004
------------------------------------
(Date)                                   (Date)

Note: If two purchasers are signing, please check the manner in which the
ownership is to be legally held (the indicated manner shall be construed as if
written out in full accordance with applicable laws or regulations):

_______   JT TEN:     As joint tenants with right of  survivorship  and not as
                      tenants in common.
_______   TEN COM:    As tenants in common.
_______   TEN ENT:    As tenants by the entireties.

                                       9
<PAGE>

                      BRAMPTON CREST INTERNATIONAL, INC.

               NON-UNITED STATES PERSONS SUBSCRIPTION AGREEMENT
  SIGNATURE PAGE FOR CORPORATIONS, TRUSTS, PARTNERSHIPS OR RETIREMENT PLANS

      IN WITNESS  WHEREOF,  the  undersigned  has caused this  Agreement to be
executed as of the _____day of ______, 200__.

Total Number of Shares Subscribed for: _____________Shares

Total Purchase Price at $____________U.S.D.

(Print Name of Subscriber)

By:
   ---------------------------------
    (Signature of Authorized Person)

------------------------------------
(Print Name of Authorized Person)

------------------------------------
(Title of Authorized Person)

------------------------------------
------------------------------------
------------------------------------
(Address)

------------------------------------
(Telephone Number)

                                       10
<PAGE>

                      BRAMPTON CREST INTERNATIONAL, INC.

      APPROVED AND ACCEPTED in accordance with the terms of this  Subscription
Agreement on this ____ day of _________________, 200__.

BRAMPTON CREST INTERNATIONAL, INC.

                      By: _______________________________
                      Name: _____________________________
                     Title: ______________________________

                                       11Exhibit
      10.1

    

    RECEIVABLES
      SALE AGREEMENT

    

    

    DATED
      AS
      OF JUNE 27, 2005

    

    among

    

    ARCH
      CHEMICALS, INC.,

    as
      an
      Originator,

    

    

    ARCH
      CHEMICALS SPECIALTY PRODUCTS, INC., as an Originator,

    

    ARCH
      TREATMENT TECHNOLOGIES, INC.

    as
      an
      Originator,

    

    ARCH
      WOOD
      PROTECTION, INC.,

    as
      an
      Originator,

    

    ARCH
      PERSONAL CARE PRODUCTS, L.P.,

    as
      an
      Originator,

    

    and

    

    ARCH
      CHEMICALS RECEIVABLES CORP.,

    as
      Buyer

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

    

    Page

     

    
      
        	
                Article
                  I Amounts and Terms of the Purchase

              	
                1

              
	
                Section
                  1.1

              	
                Initial
                  Contribution of Receivables.

              	
                1

              
	
                Section
                  1.2

              	
                Purchase
                  of Receivables.

              	
                2

              
	
                Section
                  1.3

              	
                Payment
                  for the Purchase.

              	
                3

              
	
                Section
                  1.4

              	
                Purchase
                  Price Credit Adjustments.

              	
                5

              
	
                Section
                  1.5

              	
                Payments
                  and Computations, Etc.

              	
                5

              
	
                Section
                  1.6

              	
                Transfer
                  of Records.

              	
                6

              
	
                Section
                  1.7

              	
                Characterization.

              	
                6

              
	
                Article
                  II Representations and Warranties

              	
                7

              
	
                Section
                  2.1

              	
                Representations
                  and Warranties of each Originator.

              	
                7

              
	
                Article
                  III Conditions of Purchase

              	
                11

              
	
                Section
                  3.1

              	
                Conditions
                  Precedent to Purchase.

              	
                11

              
	
                Section
                  3.2

              	
                Conditions
                  Precedent to Subsequent Purchases.

              	
                11

              
	
                Article
                  IV Covenants

              	
                12

              
	
                Section
                  4.1

              	
                Affirmative
                  Covenants of Originators.

              	
                12

              
	
                Section
                  4.2

              	
                Negative
                  Covenants of Originators.

              	
                17

              
	
                Article
                  V Termination Events

              	
                19

              
	
                Section
                  5.1

              	
                Termination
                  Events.

              	
                19

              
	
                Section
                  5.2

              	
                Remedies.

              	
                21

              
	
                Article
                  VI Indemnification

              	
                21

              
	
                Section
                  6.1

              	
                Indemnities
                  by Originators.

              	
                21

              
	
                Section
                  6.2

              	
                Other
                  Costs and Expenses.

              	
                24

              
	
                Article
                  VII Miscellaneous

              	
                24

              
	
                Section
                  7.1

              	
                Waivers
                  and Amendments.

              	
                24

              
	
                Section
                  7.2

              	
                Notices.

              	
                24

              
	
                Section
                  7.3

              	
                Protection
                  of Ownership Interests of Buyer.

              	
                24

              
	
                Section
                  7.4

              	
                Confidentiality.

              	
                26

              
	
                Section
                  7.5

              	
                Bankruptcy
                  Petition.

              	
                27

              
	
                Section
                  7.6

              	
                Limitation
                  of Liability.

              	
                27

              
	
                Section
                  7.7

              	
                CHOICE
                  OF LAW.

              	
                27

              
	
                Section
                  7.8

              	
                CONSENT
                  TO JURISDICTION.

              	
                27

              
	
                Section
                  7.9

              	
                WAIVER
                  OF JURY TRIAL.

              	
                28

              
	
                Section
                  7.10

              	
                Integration;
                  Binding Effect; Survival of Terms.

              	
                28

              
	
                Section
                  7.11

              	
                Counterparts;
                  Severability; Section References.

              	
                29

              

      

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    Exhibit

      

        
          	
                  Exhibit
                    I

                	
                  Definitions

                
	 	 
	
                  Exhibit
                    II

                	
                  Jurisdiction
                    of Organization; Principal Place of Business; Location(s) of
                    Records;
                    Federal Employer Identification Number; Other Names

                
	 	 
	
                  Exhibit
                    III

                	
                  Lock-Boxes;
                    Collection Accounts; Collection Banks

                
	 	 
	
                  Exhibit
                    IV

                	
                  Form
                    of Compliance Certificate

                
	 	 
	
                  Exhibit
                    V

                	
                  Copy
                    of Credit and Collection Policy

                
	 	 
	
                  Exhibit
                    VI

                	
                  Form
                    of Subordinated Note

                
	 	 
	
                  Exhibit
                    VII

                	
                  Form
                    of Purchase Report

                
	 	 
	 	 
	
                  Schedules

                	 
	 	 
	
                  Schedule
                    A

                	
                  List
                    of Documents to Be Delivered to Buyer on or Prior to the
                    Purchase

                
	
                  Schedule
                    1.1

                	
                  Initial
                    Contributed Receivables

                

        

      

    

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    RECEIVABLES
      SALE AGREEMENT

     

    THIS
      RECEIVABLES SALE AGREEMENT, dated as of June 27, 2005, is by and among ARCH
      CHEMICALS, INC., a Virginia corporation, ARCH CHEMICALS SPECIALTY PRODUCTS,
      INC., a Delaware corporation, ARCH TREATMENT TECHNOLOGIES, INC., a Virginia
      corporation, ARCH WOOD PROTECTION, INC., a Delaware corporation, ARCH PERSONAL
      CARE PRODUCTS, L.P., a New Jersey limited partnership (each, an “Originator”
      and
      collectively, the “Originators”),
      and
      ARCH CHEMICALS RECEIVABLES CORP., a Delaware corporation (“Buyer”).
      Unless defined elsewhere herein, capitalized terms used in this Agreement shall
      have the meanings assigned to such terms in Exhibit
      I
      hereto
      (or, if not defined in Exhibit
      I
      hereto,
      the meaning assigned to such term in Exhibit I to the Purchase
      Agreement).

    

    PRELIMINARY
      STATEMENTS

    

    Each
      Originator now owns, and from time to time hereafter will own, Receivables.
      Such
      Originator wishes to sell and assign to Buyer, and Buyer wishes to purchase
      from
      such Originator, all of such Originator’s right, title and interest in and to
      such Receivables, together with the Related Security and Collections with
      respect thereto.

     

    Each
      Originator and Buyer intend the transactions contemplated hereby to be true
      sales of the Receivables from such Originator to Buyer, providing Buyer with
      the
      full benefits of ownership of the Receivables, and the Originators and Buyer
      do
      not intend these transactions to be, or for any purpose to be characterized
      as,
      loans from Buyer to any Originator.

     

    Following
      the purchase of Receivables from the Originators, Buyer will sell undivided
      interests therein and in the associated Related Security and Collections
      pursuant to that certain Receivables Purchase Agreement dated as of June 27,
      2005 (as the same may from time to time hereafter be amended, supplemented,
      restated or otherwise modified, the “Purchase
      Agreement”)
      among
      Buyer, Arch Chemicals, Inc. (“Arch
      Chemicals”),
      as
      initial Servicer, Three Pillars Funding LLC (“TPF”),
      and
      SunTrust Capital Markets, Inc. (“STCM”),
      as
      agent and administrator pursuant to the terms of the Purchase Agreement (in
      such
      capacity, the “Administrator”).

     

    NOW,
      THEREFORE, in consideration of the foregoing premises and the mutual agreements
      herein contained and other good and valuable consideration, the receipt and
      adequacy of which are hereby acknowledged, the parties hereto agree as
      follows:

     

    Article
      I

     

    Amounts
      and Terms of the Purchase

     

    Section
      1.1  Initial
      Contribution of Receivables. 

     

    On
      the
      date hereof, each Originator does hereby contribute, assign, transfer, set-over
      and otherwise convey to Buyer, and Buyer does hereby accept from such
      Originator, Receivables originated by such Originator and existing as of the
      close of business on the Business Day immediately prior to the date hereof
      (the
“Initial
      Cutoff Date”)
      having
      an aggregate Outstanding Balance in the amounts set forth on Schedule
      1.1
      (the
“Initial
      Contributed Receivables”),
      together with all Related Security relating thereto and all Collections
      thereof.

     

    Section
      1.2  Purchase
      of Receivables.

     

    (a)  Effective
      on the date hereof, in consideration for the Purchase Price and upon the terms
      and subject to the conditions set forth herein, each Originator does hereby
      sell, assign, transfer, set-over and otherwise convey to Buyer, without recourse
      (except to the extent expressly provided herein), and Buyer does hereby purchase
      from each Originator, all of such Originator’s right, title and interest in and
      to all Receivables existing as of the close of business on the Initial Cutoff
      Date (other than the Initial Contributed Receivables) and all Receivables
      thereafter arising through and including the Termination Date, together, in
      each
      case, with all Related Security relating thereto and all Collections thereof.
      In
      accordance with the preceding sentence, on the date hereof Buyer shall acquire
      all of each Originators’ right, title and interest in and to all Receivables
      existing as of the Initial Cut-Off Date and thereafter arising through and
      including the Termination Date, together with all Related Security relating
      thereto and all Collections thereof. Buyer shall be obligated to pay the
      Purchase Price for the Receivables purchased hereunder in accordance with
Section
      1.3.

     

    (b)  On
      the
      Monthly Reporting Date, each Originator shall (or shall require the Servicer
      to)
      deliver to Buyer a report in substantially the form of Exhibit
      VII
      hereto
      (each such report being herein called a “Purchase
      Report”)
      with
      respect to the Receivables sold by each Originator to Buyer during the
      Settlement Period then most recently ended. In addition to, and not in
      limitation of, the foregoing, in connection with the payment of the Purchase
      Price for any Receivables purchased hereunder, Buyer may request that each
      Originator deliver, and each Originator shall deliver, such approvals, opinions,
      information or documents as Buyer may reasonably request.

     

    (c)  It
      is the
      intention of the parties hereto that the Purchase of Receivables made hereunder
      shall constitute a sale and/or contribution, which sale and/or contribution,
      as
      the case may be, is absolute and irrevocable and provides Buyer with the full
      benefits of ownership of the Receivables. Except for the Purchase Price
      Credits owed
      pursuant to Section
      1.4,
      the
      sale of Receivables hereunder is made without recourse to any Originator;
provided,
      however,
      that
(i)
      each
      Originator shall be liable to Buyer for all representations, warranties,
      covenants and indemnities made by such Originator pursuant to the terms of
      the
      Transaction Documents to which such Originator is a party, and (ii)
      such
      sale does not constitute and is not intended to result in an assumption by
      Buyer
      or any assignee thereof of any obligation of any Originator or any other Person
      arising in connection with the Receivables, the related Contracts and/or other
      Related Security or any other obligations of any Originator. In view of the
      intention of the parties hereto that the Purchase of Receivables made hereunder
      shall constitute a sale of such Receivables rather than loans secured thereby,
      each Originator agrees that it will, on or prior to the date
      hereof and in accordance with Section
      4.1(e)(ii),
      mark
      its master data processing system and all accounts receivable reports generated
      thereby, each Confidential Contract and its records relating to all other
      Contracts with a legend reasonably acceptable to Buyer and to the Administrator
      (as Buyer’s assignee), evidencing that Buyer has purchased such Receivables as
      provided in this Agreement and to note in its financial statements that its
      Receivables have been absolutely transferred to Buyer. Upon the request of
      Buyer
      or the Administrator (as Buyer’s assignee), each Originator will execute and
      file such financing or continuation statements, or amendments thereto or
      assignments thereof, and such other instruments or notices, as may be necessary
      or appropriate to perfect and maintain the perfection of Buyer’s ownership
      interest in the Receivables and the Related
      Security and Collections with respect thereto, or as Buyer or the Administrator
      (as Buyer’s assignee) may reasonably request; provided,
      however,
      that
      unless and until an Amortization Event or an Unmatured Amortization Event has
      occurred, none of the Originators shall be required to take any actions to
      establish, maintain or perfect the Buyer’s ownership interest in the Related
      Security other than the filing of financing statements under the UCC of all
      appropriate jurisdictions.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Section
      1.3  Payment
      for the Purchase.

     

    (a)  The
      Purchase Price for the Purchase of Receivables in existence as of the close
      of
      business on the Initial Cutoff Date (other than the Initial Contributed
      Receivables) shall be payable in full by Buyer to each Originator on the date
      hereof, and shall be paid to each Originator in the following
      manner:

     

    (i)  by
      delivery of immediately available funds, to the extent of funds on hand to
      Buyer
      or made available to Buyer in connection with its subsequent sale of an interest
      in such Receivables to TPF under the Purchase Agreement; provided that
      a
      portion of such funds shall be offset by amounts such Originator has agreed
      to
      make as capital contributions such that after giving effect thereto, the Buyer’s
      Net Worth shall not be less than the Required Capital Amount, and

     

    (ii)  the
      balance, by delivery of the proceeds of the related subordinated revolving
      loan
      from such Originator to Buyer (each, a “Subordinated
      Loan”
      and
      collectively, the “Subordinated
      Loans”)
      in an
      amount not to exceed the least of (A)
      the
      remaining unpaid portion of such Purchase Price, (B)
      the
      maximum Subordinated Loan that could be borrowed without rendering Buyer’s Net
      Worth less than the Required Capital Amount, and (C)
      fifteen
      percent (15%) of such Purchase Price. Each Originator is hereby authorized
      by
      Buyer to endorse on the schedule attached to the related Subordinated Note
      an
      appropriate notation evidencing the date and amount of each advance thereunder,
      as well as the date of each payment with respect thereto,
      provided that the failure to make such notation shall not affect any obligation
      of Buyer thereunder.

     

    The
      Purchase Price for each Receivable coming into existence and purchased by the
      Buyer after the Initial Cutoff Date shall be due and owing in full by Buyer
      to
      the related Originator or its designee on the date each such Receivable came
      into existence (except that Buyer may, with respect to any such Purchase Price,
      offset against such Purchase Price any amounts owed by such Originator to Buyer
      hereunder and which have become due but remain unpaid) and shall be paid to
      such
      Originator in the manner provided in the following paragraphs
      (b),
      (c)
      and
(d).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b)  With
      respect to any Receivables coming into existence after the Initial Cutoff Date,
      on each Settlement Date, Buyer shall pay, to the relevant Originator, the
      Purchase Price therefor in accordance with Section
      1.3(d)
      and in
      the following manner:

     

    first,
      by
      delivery of immediately available funds, to the extent of funds available to
      Buyer from its subsequent sale of an interest in the Receivables to TPF under
      the Purchase Agreement or other cash on hand; and

     

    second,
      either (i)
      by
      delivery of the proceeds of the related Subordinated Loan, provided that the
      making of any such Subordinated Loan shall be subject to the provisions set
      forth in Section
      1.3(a)(ii)
      or
(ii)
      unless
      such Originator or Buyer has declared the Termination Date to have occurred
      pursuant to this Agreement, by accepting a contribution to its capital in an
      amount equal to the remaining unpaid balance of such Purchase
      Price.

     

    Subject
      to the limitations set forth in Section
      1.3(a)(ii),
      each
      Originator irrevocably agrees to advance each related Subordinated Loan
      requested by Buyer on or prior to the Termination Date. The Subordinated Loans
      shall be evidenced by, and shall be payable in accordance with the terms and
      provisions of the related Subordinated Note and shall be payable solely from
      funds which Buyer is not required under the Purchase Agreement to set aside
      for
      the benefit of, or otherwise pay over to, TPF.

     

    (c)  From
      and
      after the Termination Date, no Originator shall be obligated to (but may, at
      its
      option): (i)
      sell
      Receivables to Buyer, or (ii)
      contribute Receivables to Buyer’s capital pursuant to clause third of
Section
      1.3(b)
      unless,
      in either case, such Originator reasonably determines that the Purchase Price
      therefor will be satisfied with funds available to Buyer from sales of interests
      in the Receivables pursuant to the Purchase Agreement, Collections, proceeds
      of
      Subordinated Loans, other cash on hand or otherwise.

     

    (d)  Although
      the Purchase Price for each Receivable coming into existence after the Initial
      Cutoff Date shall be due and payable in full by Buyer to the related Originator
      on the date such Receivable came into existence, settlement of the Purchase
      Price between Buyer and
      such
      Originator shall be effected on a monthly basis on Settlement Dates with respect
      to all Receivables coming into existence during the same Calculation Period
      and
      based on the information contained in the Purchase Report delivered by such
      Originator for the Calculation Period then most recently ended. Although
      settlement shall be effected on Settlement Dates, increases or decreases in
      the
      amount owing under the related Subordinated Note made pursuant to Section
      1.3
      and any
      contribution of capital by an Originator to Buyer made
      pursuant to Section
      1.3(b)
      shall be
      deemed to have occurred and shall be effective as of the last Business Day
      of
      the Calculation Period to which such settlement relates.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Section
      1.4  Purchase
      Price Credit Adjustments. 

     

    If
      on any
      day:

     

    (a)  the
      Outstanding Balance of a Receivable is:

     

    (i)  reduced
      or cancelled as a result of any defective or rejected goods or services, any
      cash discount or any other adjustment or otherwise by any Originator or any
      Affiliate thereof, or as a result of any governmental or regulatory action,
      or,

     

    (ii)  reduced
      or canceled as a result of a setoff in respect of any claim by the Obligor
      thereof (whether such claim arises out of the same or a related transaction
      or
      an unrelated transaction), or

     

    (iii)  reduced
      on account of the obligation of any Originator or any Affiliate thereof to
      pay
      to the related Obligor any rebate or refund; or

     

    (iv)  less
      than
      the amount included in calculating the Outstanding Balance for purposes of
      any
      Purchase Report (for any reason other than such Receivable becoming a Defaulted
      Receivable or payment in full of the entire Outstanding Balance being made
      on
      such Receivable); or

     

    (b)  any
      of
      the representations and warranties set forth in Section
      2.1(h),
      Section
      2.1(i),
      Section
      2.1(j),
      Section
      2.1(r),
      Section
      2.1(s),
      Section
      2.1(t)
      are not
      true when made or deemed made with respect to any Receivable,

     

    then,
      in
      such event, Buyer shall be entitled to a credit (each, a “Purchase
      Price Credit”)
      against the Purchase Price otherwise payable hereunder equal to, in the case
      of
clause
      (a)
      above,
      the amount of such reductions relating to such Receivable and, in the case
      of
clause
      (b)
      above,
      the Outstanding Balance of such Receivable (calculated before giving effect
      to
      the applicable reduction or cancellation). If such Purchase Price Credit exceeds
      the Original Balance of the Receivables coming into existence on any day, then
      the related Originator shall pay the remaining amount of such Purchase Price
      Credit in cash immediately, provided that if the Termination Date has not
      occurred, such Originator shall be allowed to deduct the remaining amount of
      such Purchase Price Credit from any indebtedness owed to it under its
      Subordinated Note.

     

    Section
      1.5  Payments
      and Computations, Etc. 

     

    All
      amounts to be paid or deposited by Buyer hereunder shall be paid or deposited
      in
      accordance with the terms hereof on the day when due in immediately available
      funds to the account of the related Originator designated from time to time
      by
      such Originator or as otherwise directed by such Originator. In the event that
      any payment owed by any Person hereunder becomes due on a day that is not a
      Business Day, then such payment shall be made on the next succeeding Business
      Day. If any Person fails to pay any amount hereunder when due, such Person
      agrees to pay, on demand, the Default Fee in respect thereof until paid in
      full;
provided,
      however,
      that
      such Default Fee shall not at any time exceed the maximum rate permitted by
      applicable law. All computations of interest payable hereunder 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.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Section
      1.6  Transfer
      of Records.

     

    (a)  In
      connection with the Purchase of Receivables hereunder, each Originator hereby
      sells, transfers, assigns and otherwise conveys to Buyer all of such
      Originator’s right and title to and interest in the Records relating to all
      Receivables sold or contributed by it hereunder, without the need for any
      further documentation in connection with the Purchase (it being understood
      and
      agreed that any Records that are not freely assignable (whether by express
      provision or by virtue of confidentiality provisions) according to their terms
      are excluded from such sale, transfer, assignment or conveyance; provided,
      that
      upon reasonable request of the Buyer (or its assigns), the applicable Originator
      will use its reasonable efforts to obtain consent to the assignment from the
      relevant counterparty). In connection with such transfer, each Originator hereby
      grants to each of Buyer, the Administrator and the Servicer an irrevocable,
      non-exclusive license to use, without royalty or payment of any kind, all
      software used by such Originator to account for the Receivables,
      to the extent necessary to administer the Receivables, whether such software
      is
      owned by such Originator or is owned by others and used by such Originator
      under
      license agreements with respect thereto, provided that should the consent of
      any
      licensor of such software be required for the grant of the license described
      herein, to be effective, the applicable Originator hereby agrees that upon
      the
      reasonable request of Buyer (or Buyer’s assignee), such Originator will use its
      reasonable efforts to obtain the consent of such third-party licensor. The
      license granted hereby shall be irrevocable until the indefeasible payment
      in
      full of the Aggregate Unpaids, and shall terminate on the date this Agreement
      terminates in accordance with its terms.

     

    (b)  Each
      Originator (i)
      shall
      take such action requested by Buyer and/or the Administrator (as Buyer’s
      assignee), from time to time hereafter, that may be reasonably necessary or
      appropriate to ensure that Buyer and its assigns under the Purchase Agreement
      have an enforceable ownership interest in the Records relating to the
      Receivables purchased from the Originators hereunder ; provided,
      however,
      that
      the applicable Originator shall not be required to take any actions with respect
      to its Records other than those required by Sections
      1.6(a)
      and
4.1(e)
      hereto
      unless and until an Unmatured Amortization Event has occurred, and (ii)
      shall
      use its reasonable efforts to ensure that Buyer, the Administrator and the
      Servicer each has an enforceable right (whether by license or sublicense or
      otherwise) to use all of the computer software used to account for the
      Receivables and/or to recreate such Records.

     

    Section
      1.7  Characterization. 

     

    If,
      notwithstanding the intention of the parties expressed in Section
      1.2(c),
      any
      sale or contribution by any Originator to Buyer of Receivables hereunder shall
      be characterized as a secured loan and not a sale or contribution or such sale
      or contribution, as the case may be, shall for any reason be ineffective or
      unenforceable, then this Agreement shall be deemed to constitute a security
      agreement under the UCC and other applicable law. For this purpose and without
      being in derogation of the parties’ intention that the sale of Receivables
      hereunder shall constitute a true sale thereof, each Originator hereby grants
      to
      Buyer a security interest in all of such Originator’s right, title and interest,
      whether now owned or hereafter acquired, in, to and under all Receivables now
      existing and hereafter arising, all Collections and Related Security with
      respect thereto, each Lock-Box and Collection Account, all other rights and
      payments relating to the Receivables and all proceeds of the foregoing to secure
      the prompt and complete payment of a loan deemed to have been made in an amount
      equal to the Purchase Price of the Receivables together with all other
      obligations of such Originator hereunder, which security interest shall be
      prior
      to all other Adverse Claims thereto. Buyer and its assigns shall have, in
      addition to the rights and remedies which they may have under this Agreement,
      all other rights and remedies provided to a secured creditor under the UCC
      and
      other applicable law, which rights and remedies shall be
      cumulative.

     

    
      
        
        

      

      
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    Article
      II

     

    Representations
      and Warranties

     

    Section
      2.1  Representations
      and Warranties of each Originator. 

     

    Each
      Originator with respect to itself, hereby represents and warrants to Buyer
      on
      the date hereof, on the date of the Purchase and on each date that any
      Receivable comes into existence that:

     

    (a)  Existence
      and Power.
      Such
      Originator’s jurisdiction of organization is correctly set forth in Exhibit
      II
      to this
      Agreement and such jurisdiction is its sole jurisdiction of organization. Such
      Originator is duly organized under the laws of its jurisdiction of organization
      and is a “registered organization” as defined in the UCC in effect in such
      jurisdiction. Such Originator is validly existing and in good standing under
      the
      laws of its jurisdiction of organization, and
      no
      other state or jurisdiction, and as to which such state or jurisdiction must
      maintain a public record showing the organization to have been organized. Such
      Originator is qualified to do business and is in good standing as a foreign
      entity, and has and holds all corporate power and all governmental licenses,
      authorizations, consents and approvals required to carry on its business in
      each
      jurisdiction in which its business is conducted except where the failure to
      so
      qualify or so hold could not reasonably be expected to have a Material Adverse
      Effect.

     

    (b)  Power
      and Authority; Due Authorization, Execution and Delivery.
      The
      execution and delivery by such Originator of this Agreement and each other
      Transaction Document to which it is a party, and the performance of its
      obligations hereunder and thereunder and, such Originator’s use of the proceeds
      of the Purchase made hereunder, are within its organizational powers and
      authority and have been duly authorized by all necessary organizational action
      on its part. This Agreement and each other Transaction Document to which such
      Originator is a party has been duly executed and delivered by such
      Originator.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (c)  No
      Conflict.
      The
      execution and delivery by such Originator of this Agreement and each other
      Transaction Document to which it is a party, and the performance of its
      obligations hereunder and thereunder do not contravene or violate (i)
      its
      Organizational Documents, (ii)
      any law,
      rule or regulation applicable to it, (iii)
      any
      restrictions under any agreement, contract or instrument to which it is a party
      or by which it or any of its property is bound, or (iv)
      any
      order, writ, judgment, award, injunction or decree binding on or affecting
      it or
      its property, and do not result in the creation or imposition of any Adverse
      Claim on assets of such Originator or its Subsidiaries (except as created
      hereunder) except, in any case, where such contravention or violation could
      not
      reasonably be expected to have a Material Adverse Effect; and no transaction
      contemplated hereby requires compliance with any bulk sales act or similar
      law.

     

    (d)  Governmental
      Authorization.
      Other
      than the filing of the financing statements required hereunder, no authorization
      or approval or other action by, and no notice to or filing with, any
      governmental authority or regulatory body is required for the due execution
      and delivery
      by such Originator of this Agreement and each other Transaction Document to
      which it is a party and the performance of its obligations hereunder and
      thereunder.

     

    (e)  Actions,
      Suits.
      There
      are no actions, suits or proceedings pending, or to the best of such
      Originator’s knowledge, threatened, against it, or any of its properties, in or
      before any court, arbitrator or other body, that could reasonably be expected
      to
      have a Material Adverse Effect. Such Originator is not in default with respect
      to any order of any court, arbitrator or governmental body which default could
      reasonably be expected to have a Material Adverse Effect.

     

    (f)  Binding
      Effect.
      This
      Agreement and each other Transaction Document to which such Originator is a
      party constitute the legal, valid and binding obligations of such Originator
      enforceable against such Originator in accordance with their respective terms,
      except as such enforcement may be limited by applicable bankruptcy, insolvency,
      reorganization or other similar laws relating to or limiting creditors’ rights
      generally and by general principles of equity (regardless of whether enforcement
      is sought in a proceeding in equity or at law).

     

    (g)  Accuracy
      of Information.
      All
      information (other than any projection or other forward-looking information)
      heretofore furnished by such Originator or any of its Affiliates to Buyer (or
      its assigns) for purposes of or in connection with this Agreement, any of the
      other Transaction Documents or any transaction contemplated hereby or thereby
      is, and all such information (other than any projection or other forward-looking
      information) hereafter furnished by such Originator or any of its Affiliates
      to
      Buyer (or its assigns) will be, true and accurate in every material respect
      on
      the date such information is stated or certified and does not and will not
      contain any material misstatement of fact.

     

    (h)  Use
      of
      Proceeds.
      No
      portion of any Purchase Price payment hereunder will be used by such Originator
      (i)
      for a
      purpose that violates, or would be inconsistent with, any law, rule or
      regulation applicable to such Originator or (ii)
      to
      acquire any security in any transaction which is subject to Section 12, 13
      or 14
      of the Securities Exchange Act of 1934, as amended other than the repurchase
      of
      equity securities of Arch Chemicals so long as such repurchase does not violate
      Sections 12, 13 or 14 of the Securities Exchange Act of 1934, as
      amended.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (i)  Good
      Title.
      Immediately prior to the Purchase hereunder and upon the creation of each
      Receivable coming into existence after the Initial Cut-Off Date, such Originator
      (i)
      is the
      legal and beneficial owner of the Receivables created by it and (ii)
      is the
      legal and beneficial owner of the Related Security with respect thereto, free
      and clear of any Adverse Claim, except as created by the Transaction Documents.
      There have been duly filed all financing statements or other similar instruments
      or documents necessary under the UCC (or any comparable law) of all appropriate
      jurisdictions to perfect such Originator’s ownership interest in each
      Receivable, its Collections, “Supporting Obligations” (as defined in Article 9
      of the UCC in effect in each relevant jurisdiction), each Originator’s right,
      title and interest in, to and under each of the Transaction Documents to which
      it is a party, returned goods the sale of which gave rise to any Receivable,
      security interests in favor of any Originator that secure payment of such
      Receivable and all other items of Related Security in which an interest therein
      may be perfected by the filing of a financing statement under Article 9 of
      the
      UCC and proceeds of the foregoing.

     

    (j)  Perfection.
      This
      Agreement, together with the filing of the financing statements contemplated
      hereby, is effective to transfer to Buyer (and Buyer shall acquire from such
      Originator) (i)
      legal
      and equitable title to, with the right to sell and encumber each Receivable
      existing and hereafter arising, together with the Collections with respect
      thereto, and (ii)
      all of
      such Originator’s right, title and interest in the Related Security associated
      with each Receivable, in each case,
      free and clear of any Adverse Claim, except as created by the Transactions
      Documents. There have been duly filed all financing statements or other similar
      instruments or documents necessary under the UCC (or any comparable law) of
      all
      appropriate jurisdictions to perfect Buyer’s ownership interest in the
      Receivables, its Collections, “Supporting Obligations” (as defined in Article 9
      of the UCC in effect in each relevant jurisdiction), each Originator’s right,
      title and interest in, to and under each of the Transaction Documents to which
      it is a party, returned goods the sale of which gave rise to any Receivable,
      security interests in favor of any Originator that secure payment of such
      Receivable and all other items of Related Security in which an interest therein
      may be perfected by the filing of a financing statement under Article 9 of
      the
      UCC and proceeds of the foregoing. Such Originator’s jurisdiction of
      organization is a jurisdiction whose law generally requires information
      concerning the existence of a nonpossessory security interest to be made
      generally available in a filing, record or registration system as a condition
      or
      result of such a security interest’s obtaining priority over the rights of a
      lien creditor which respect to collateral.

     

    (k)  Places
      of Business and Locations of Records.
      The
      principal places of business and chief executive office of such Originator
      and
      the offices where it keeps all of its Records are located at the address(es)
      listed on Exhibit
      II
      or such
      other locations of which Buyer has been notified in accordance with Section
      4.2(a)
      in
      jurisdictions where all action required by Section
      4.2(a)
      has been
      taken and completed. Such Originator’s Federal Employer Identification Number is
      correctly set forth on Exhibit
      II.

     

    
      
        
        

      

      
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    (l)  Collections.
      The
      conditions and requirements set forth in subclause
      (i)
      of
Section
      4.1(i)
      have at
      all times since June 27, 2005, been satisfied and duly performed. The conditions
      and requirements set forth in subclause
      (ii)
      of
Section
      4.1(i)
      have
      been satisfied from and after the Closing Date. The names and addresses of
      all
      Collection Banks, together with the account numbers of the Collection Accounts
      of such Originator at each Collection Bank and the post office box number of
      each Lock-Box, are listed on Exhibit
      III.
      Such
      Originator has not granted any Person, other than Buyer (and its assigns)
      dominion and control of any Lock-Box or Collection Account, or the right to
      take
      dominion and control of any such Lock-Box or Collection Account at a future
      time
      or upon the occurrence of a future event.

     

    (m)  Material
      Adverse Effect.
      Since
      March 31, 2005, no event has occurred that would have a Material Adverse
      Effect.

     

    (n)  Names.
      The
      name in which such Originator has executed this Agreement is identical to the
      name of such Originator as indicated on the public record of its state of
      organization which shows such Originator to have been organized.
      In
      the
      past five (5) years, such Originator has not used any corporate names, trade
      names or assumed names other than the name in which it has executed this
      Agreement and as listed on Exhibit
      II.

     

    (o)  Ownership
      of Buyer.
      Arch
      Chemicals owns, directly or indirectly, 100% of the issued and outstanding
      equity interests of Buyer, free and clear of any Adverse Claim. Such equity
      interests are validly issued, fully paid and nonassessable, and there are no
      options, warrants or other rights to acquire securities of Buyer. 

     

    (p)  Not
      a
      Holding Company or an Investment Company.
      Such
      Originator is not a “holding company” or a “subsidiary holding company” of a
“holding company” within the meaning of the Public Utility Holding Company Act
      of 1935, as amended, or any successor statute. Such Originator is not an
“investment company” within the meaning of the Investment Company Act of 1940,
      as amended, or any successor statute.

     

    (q)  Compliance
      with Law.
      Such
      Originator has complied in all respects with all applicable laws, rules,
      regulations, orders, writs, judgments, injunctions, decrees or awards to which
      it may be subject, except where the failure to so comply could not reasonably
      be
      expected to have a Material Adverse Effect. Each Receivable, together with
      the
      Contract related thereto, does not contravene
      any laws, rules or regulations applicable thereto (including, without
      limitation, laws, rules and regulations relating to truth in lending, fair
      credit billing, fair credit reporting, equal credit opportunity, fair debt
      collection practices and privacy), and no part of such Contract is in violation
      of any such law, rule or regulation, except where such contravention or
      violation could not reasonably be expected to have a Material Adverse
      Effect.

     

    (r)  Compliance
      with Credit and Collection Policy.
      Such
      Originator has complied in all material respects with the Credit and Collection
      Policy with regard to each Receivable and the related Contract, and has not
      made
      any material change to such Credit and Collection Policy, except such material
      change as to which Buyer (or its assigns) has been notified in accordance with
      Section
      4.1(a)(vii).

     

    
      
        
        

      

      
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    (s)  Payments
      to Originator.
      With
      respect to each Receivable transferred to Buyer hereunder, the Purchase Price
      received by such Originator constitutes reasonably equivalent value in
      consideration therefor and such transfer was not made for or on account of
      an
      antecedent debt. No transfer by such Originator of any Receivable hereunder
      is
      or may be voidable under any section of the Bankruptcy Reform Act of 1978 (11
      U.S.C. §§ 101 et
      seq.),
      as
      amended.

     

    (t)  Enforceability
      of Contracts.
      Each
      Contract with respect to each Receivable is effective to create, and has
      created, a legal, valid and binding obligation of the related Obligor to pay
      the
      Outstanding Balance of the Receivable created thereunder and any accrued
      interest thereon, enforceable against the Obligor in accordance with its terms,
      except as such enforcement may be limited by applicable bankruptcy, insolvency,
      reorganization or other similar laws relating to or limiting creditors’ rights
      generally and by general principles of equity (regardless of whether enforcement
      is sought in a proceeding in equity or at law).

     

    (u)  Eligible
      Receivables.
      Each
      Receivable reflected in any Purchase Report as an Eligible Receivable was an
      Eligible Receivable on the date
      of its
      acquisition by Buyer hereunder.

     

    (v)  Accounting.
      The
      manner in which such Originator accounts for the transactions contemplated
      by
      this Agreement does not jeopardize the characterization of the transactions
      contemplated herein as being true sales.

     

    (w)  Contract
      Provisions.
      Except
      for customary adjustments in the ordinary course of business, no Contract with
      respect to any Receivable contains provisions that either (i) permit or provide
      for any reduction in the Outstanding Balance of the Receivable created
      thereunder and any accrued interest thereon or (ii) could otherwise hinder
      the
      ability to receive Collections with respect to such Receivable.

     

    Article
      III

     

    Conditions
      of Purchase

     

    Section
      3.1  Conditions
      Precedent to Purchase. 

     

    The
      Purchase under this Agreement is subject to the conditions precedent that
(a)
      Buyer
      shall have been capitalized with the Initial Contributed Receivables,
(b)
      Buyer
      shall have received on or before the Closing Date those documents listed on
      Schedule
      A
      and
(c)
      all of
      the conditions to the initial purchase under the Purchase Agreement shall have
      been satisfied or waived in accordance with the terms thereof.

     

    Section
      3.2  Conditions
      Precedent to Subsequent Purchases. 

     

    Each
      Purchase after the Initial Cutoff Date shall be subject to the further
      conditions precedent that: (a)
      the
      Facility Termination Date shall not have occurred under the Purchase Agreement;
      (b)
      Buyer
      (or its assigns) shall have received such other approvals, opinions or documents
      as it may reasonably request and (c)
      on the
      date such Receivable came into existence, the following statements shall be
      true
      (and acceptance of the proceeds of any payment for such Receivable shall be
      deemed a representation and warranty by each Originator that such statements
      are
      then true):

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (i)  the
      representations and warranties set forth in Article
      II
      are true
      and correct on and as of the date such Receivable came into existence as though
      made on and as of such date, except to the extent such representations and
      warranties are expressly limited to an earlier date; and

     

    (ii)  no
      event
      has occurred and is continuing that will constitute a Termination Event or
      an
      Unmatured Termination Event.

     

    Notwithstanding
      the foregoing conditions precedent, upon payment of the Purchase Price for
      any
      Receivable (whether by payment of cash, through an increase in the amounts
      outstanding under the related Subordinated Note, by offset of amounts owed
      to
      Buyer and/or by offset of capital contributions), title to such Receivable
      and
      the Related Security and Collections with respect thereto shall vest in Buyer,
      whether or not the conditions precedent to Buyer’s obligation to pay for such
      Receivable were in fact satisfied. The failure of any Originator to satisfy
      any
      of the foregoing conditions precedent, however, shall give rise to a right
      of
      Buyer to rescind the related purchase and direct such Originator to pay to
      Buyer
      an amount equal to the Purchase Price payment that shall have been made with
      respect to any Receivables related thereto.

     

    Article
      IV

     

    Covenants

     

    Section
      4.1  Affirmative
      Covenants of Originators. 

     

    Until
      the
      date on which this Agreement terminates in accordance with its terms, each
      Originator, with respect to itself hereby covenants as set forth
      below:

     

    (a)  Financial
      Reporting.
      Such
      Originator will maintain, for itself and each of its Subsidiaries, a system
      of
      accounting established and administered in accordance with GAAP, and furnish
      to
      Buyer (or its assigns):

     

    (i)  Annual
      Reporting.
      Within
      90 days after the close of each of its fiscal years, audited, unqualified
      consolidated financial statements (which shall include balance sheets,
      statements of income and retained earnings and a statement of cash flows) for
      Arch Chemicals and its consolidated Subsidiaries for such fiscal year certified
      in a manner acceptable to Buyer (or its assigns) by KPMG LLP, independent public
      accountants or any other independent public accountants of recognized national
      standing.

     

    (ii)  Quarterly
      Reporting.
      Within
      45 days after the close of the first three (3) quarterly periods of each of
      its
      respective fiscal years, balance sheets of Arch Chemicals and its consolidated
      Subsidiaries as at the close of each such period and consolidated statements
      of
      income and a statement of cash flows for Arch Chemicals and its Subsidiaries
      for
      the period from the beginning of such fiscal year to the end of such quarter,
      all certified by its chief financial officer, principal accounting officer,
      treasurer or corporate controller.

     

    
      
        
        

      

      
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    (iii)  Compliance
      Certificate.
      Together with the financial statements required hereunder, a compliance
      certificate in substantially the form of Exhibit
      IV
      signed
      by such Originator’s Authorized Officer and dated the date of such annual
      financial statement or such quarterly financial statement, as the case may
      be.

     

    (iv)  Shareholders
      Statements and Reports.
      Promptly after becoming publicly available to the shareholders of such
      Originator, copies of all financial statements, reports and proxy statements
      furnished
      to
      them.

     

    (v)  S.E.C.
      Filings.
      Promptly after becoming publicly available, copies of all registration
      statements and annual, quarterly, monthly or other regular reports which such
      Originator or any of its Subsidiaries files with the Securities and Exchange
      Commission.

     

    (vi)  Copies
      of Notices.
      Promptly upon its receipt of any notice, request for consent, financial
      statements, certification, report or other communication under or in connection
      with any Transaction Document from any Person other than Buyer, the
      Administrator or TPF, copies of the same if such notice, request, consent,
      financial statements, certification, report or other communication can
      reasonably be expected to have an adverse effect on the Receivables, the Related
      Security or the Buyer’s (or its assigns) rights therein.

     

    (vii)  Change
      in Credit and Collection Policy.
      At
      least thirty (30) days prior to the effectiveness of any material change in
      or
      material amendment to the Credit and Collection Policy, a copy of the Credit
      and
      Collection Policy then in effect and a notice (A)
      indicating such proposed change or amendment, and (B)
      if such
      proposed change or amendment would be reasonably likely to adversely affect
      the
      collectibility of the Receivables or decrease the credit quality of any newly
      created Receivables, requesting Buyer’s (and the Administrator’s, as Buyer’s
      assignee) consent thereto.

     

    (viii)  Other
      Information.
      Promptly, from time to time, such other information, documents, records or
      reports relating to (i) the financial condition or operations of such Originator
      as Buyer (or its assigns) may from time to time reasonably request in order
      to
      protect the interests of Buyer (and its assigns) under or as contemplated by
      this Agreement
      or (ii)
      the Receivables as the Buyer (or its assigns) may reasonably
      request.

     

    Information
      required to be delivered pursuant to paragraphs
      (i),
      (ii),
      (iv)
      and
(v)
      of this
Section
      4.1(a)
      shall be
      deemed to have been delivered by the date indicated therein, provided
      that
      such information has been filed with the Securities and Exchange Commission
      by
      such date; provided
      further
      that the Originator shall deliver paper copies of the statements, reports,
      financial statements and other information referred to in paragraph
      (i),
      (ii),
      (iv)
      and
(v)
      of this
Section
      4.1(a)
      to the
      Buyer promptly upon request following such filing.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    (b)  Notices.
      Such
      Originator will notify Buyer (or its assigns) in writing of any of the following
      promptly upon learning of the occurrence thereof, describing the same and,
      if
      applicable, the steps being taken with respect thereto:

     

    (i)  Termination
      Events or Unmatured Termination Events.
      The
      occurrence of each Termination Event and each Unmatured Termination Event,
      by a
      statement of an Authorized Officer of such Originator.

     

    (ii)  Judgment
      and Proceedings.
      (A)
      The
      entry of any judgment or decree against such Originator or any of its
      Subsidiaries if the amount of such judgment or decree then outstanding against
      such Originator and its Subsidiaries exceeds $5,000,000 after deducting
(1)
      the
      amount with respect to which such Originator or any such Subsidiary is insured
      and with respect to which the insurer has not disclaimed responsibility in
      writing, and (2)
      the
      amount for which such Originator or any such Subsidiary is otherwise indemnified
      if the terms of such indemnification are satisfactory to Buyer (or its assigns),
      and (B)
      the
      institution of any litigation, arbitration proceeding or governmental proceeding
      against such Originator which, individually or in the aggregate, could
      reasonably be expected to have a Material Adverse Effect.

     

    (iii)  Material
      Adverse Effect.
      The
      occurrence of any event or condition that has had, or could reasonably be
      expected to have, a Material Adverse Effect.

     

    (iv)  Defaults
      Under Other Agreements.
      The
      occurrence of a default that could lead to an event of default or an event
      of
      default under any other financing arrangement in a principal amount greater
      than
      or equal to $5,000,000 pursuant to which such Originator is a debtor or an
      obligor.

     

    (c)  Compliance
      with Laws and Preservation of Existence.
      Such
      Originator will comply in all respects with all applicable laws, rules,
      regulations, orders, writs, judgments, injunctions, decrees or awards to which
      it may be subject, except where the failure to so comply could not reasonably
      be
      expected to have a Material Adverse Effect. Such Originator will preserve and
      maintain its legal existence, rights, franchises and privileges in the
      jurisdiction of its organization, and qualify and remain qualified in good
      standing as a foreign entity in each jurisdiction where its business is
      conducted, except where the failure to so qualify or remain in good standing
      could not reasonably be expected to have a Material Adverse Effect.
      Notwithstanding the preceding sentence, it is expressly understood and agreed
      that any Originator may merge or consolidate with, or transfer all or
      substantially all of its assets to, any other Originator , so long as Buyer
      (or
      its assigns) shall have received such approvals, opinions or documents as it
      may
      reasonably request.

     

    
      
        
        

      

      
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    (d)  Audits.
      In
      addition to information that may be required pursuant to Section
      4.1(a)(viii),
      each
      Originator will furnish to Buyer (or its assigns) from time to time such
      information with respect to it and the Receivables as Buyer (or its assigns)
      may
      reasonably request. Each Originator will, from time to time during regular
      business hours as requested by Buyer (or its assigns), upon reasonable notice
      and at the sole cost of such Originator, permit Buyer (or its assigns) or their
      respective agents or representatives (i)
      to
      examine and make copies of and abstracts from all Records in the possession
      or
      under the control of such Originator relating to the Receivables and the Related
      Security, including, without limitation, the related Contracts (other than
      any
      Confidential Contract (except for any Confidential Contract as to which the
      related Obligor has consented to such disclosure or which may be disclosed
      to
      others who are subject to a confidentiality agreement) as to which the
      disclosure thereof cannot be satisfied by the execution and delivery of a
      confidentiality agreement), and (ii)
      to visit
      the offices and properties of such Originator for the purpose of examining
      such
      materials described in clause
      (i)
      above,
      and to discuss matters relating to such Originator’s financial condition or the
      Receivables and the Related Security or such Originator’s performance under any
      of the Transaction Documents or such Originator’s performance under the
      Contracts and, in each case, with any of the officers or employees of Originator
      having knowledge of such matters (each of the foregoing examinations and visits,
      a “Review”);
      provided,
      however,
      that so
      long as no Termination Event has occurred and is continuing, (A)
      such
      Originator shall only be responsible for the costs and expenses of one (1)
      Review in any one calendar year, and (B)
      the
      Buyer (or its assigns) will not request more than four (4) Reviews in any one
      calendar year.

     

    (e)  Keeping
      and Marking of Records and Books.

     

    (i)  Such
      Originator will, maintain and implement administrative and operating procedures
      (including, without limitation, an ability to recreate records evidencing
      Receivables in the event of the destruction of the originals thereof), and
      keep
      and maintain all documents, books, records and other information, in each such
      case as reasonably necessary or advisable for the collection of all Receivables
      (including, without limitation, records adequate to permit the immediate
      identification of each new Receivable and all Collections of and adjustments
      to
      each existing Receivable). Such Originator will give Buyer (or its assigns)
      notice of any material change in the administrative and operating procedures
      referred to in the previous sentence.

     

    (ii)  Such
      Originator will on or prior to the date hereof, mark its master data processing
      system and all accounts receivable reports generated thereby, each Confidential
      Contract and its records relating to all other Contracts with a legend,
      reasonably acceptable to Buyer (or its assigns), describing Buyer’s ownership
      interests in the Receivables and further describing the Receivable Interests
      of
      the Administrator (on behalf of TPF and its assigns) under the Purchase
      Agreement.

     

    (f)  Compliance
      with Contracts and Credit and Collection Policy.
      Such
      Originator will timely and fully (i)
      perform
      and comply in all material respects with all provisions, covenants and other
      promises required to be observed by it under the Contracts related to the
      Receivables, in each case to the same extent as though such Contracts had not
      been transferred to the Buyer, but only to the extent there would not be an
      adverse effect upon the Receivables, and (ii)
      comply
      in all material respects with the Credit and Collection Policy in regard to
      each
      Receivable and the related Contract. 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    (g)  Ownership.
      Such
      Originator will take all necessary action to establish and maintain, irrevocably
      in Buyer, (A)
      legal
      and equitable title to the Receivables and the Collections and (B)
      all of
      such Originator’s right, title and interest
      in the Related Security associated with the Receivables, in each case, free
      and
      clear of any Adverse Claims other than Adverse Claims in favor of Buyer (and
      its
      assigns) (including, without limitation, the filing of all financing statements
      or other similar instruments or documents necessary under the UCC (or any
      comparable law) of all appropriate jurisdictions to perfect Buyer’s interest in
      such Receivables, Related Security and Collections and such other action to
      perfect, protect or more fully evidence the interest of Buyer as Buyer (or
      its
      assigns) may reasonably request); provided,
      however,
      that
      unless and until an Amortization Event or an Unmatured Amortization Event has
      occurred, none of the Originators shall be required to take any actions to
      establish, maintain or perfect the Buyer’s ownership interest in the Related
      Security other than the filing of financing statements under the UCC of all
      appropriate jurisdictions.

     

    (h)  TPF’s
      Reliance.
      Such
      Originator acknowledges that the Administrator and TPF are entering into the
      transactions contemplated by the Purchase Agreement in reliance upon Buyer’s
      identity as a legal entity that is separate from such Originator and any
      Affiliates thereof. Therefore, from and after the date of execution and delivery
      of this Agreement, such Originator will take all reasonable steps including,
      without limitation, all steps that Buyer or any assignee of Buyer may from
      time
      to time reasonably request to maintain Buyer’s identity as a separate legal
      entity and to make it manifest to third parties that Buyer is an entity with
      assets and liabilities distinct from those of such Originator and any Affiliates
      thereof and not just a division of such Originator or any such Affiliate.
      Without limiting the generality of the foregoing and in addition to the other
      covenants set forth herein, such Originator (i)
      will not
      hold itself out to third parties as liable for the debts of Buyer nor purport
      to
      own the Receivables and other assets acquired by Buyer, (ii)
      will
      take all other actions necessary on its part to ensure that Buyer is at all
      times in compliance with the “separateness covenants” set forth in Section
      7.1(i) of the Purchase Agreement and (iii)
      will
      cause all tax liabilities arising in connection with the transactions
      contemplated herein or otherwise to be allocated between such Originator and
      Buyer on an arm’s-length basis and in a manner consistent with the procedures
      set forth in U.S. Treasury Regulations §§1.1502-33(d) and 1.1552-1.

     

    (i)  Collections.
      Such
      Originator will cause (i)
      all
      proceeds from all Lock-Boxes to be directly deposited by a Collection Bank
      into
      a Collection Account and (ii)
      each
      Lock-Box and Collection Account to be subject at all times to a Collection
      Account Agreement that is in full force and effect. In the event any payments
      relating to Receivables are remitted directly to such Originator or any
      Affiliate of such Originator, such Originator will remit (or will cause all
      such
      payments to be remitted) directly to a Collection Bank and deposited into a
      Collection Account within two (2) Business Days following receipt thereof and,
      at all times prior to such remittance, such Originator will itself hold or,
      if
      applicable, will cause such payments to be held in trust for the exclusive
      benefit of Buyer and its assigns. Such Originator will transfer exclusive
      ownership, dominion and control of each Lock-Box and Collection Account to
      Buyer
      and, will not grant the right to take dominion and control of any Lock-Box
      or
      Collection Account at a future time or upon the occurrence of a future event
      to
      any Person, except to Buyer (or its assigns) as contemplated by this Agreement
      and the Purchase Agreement.

     

    
      
        
        

      

      
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    (j)  Taxes.
      Such
      Originator will file all tax returns and reports required by law to be filed
      by
      it and promptly pay all taxes and governmental charges at any time owing, except
      any such taxes which are not yet delinquent or are being diligently contested
      in
      good faith by appropriate proceedings and for which adequate reserves in
      accordance with GAAP shall have been set aside on its books. Such Originator
      will pay when due any taxes payable in connection with the Receivables,
      exclusive of taxes on or measured by income or gross receipts of Buyer and
      its
      assigns.

     

    Section
      4.2  Negative
      Covenants of Originators. 

     

    Until
      the
      date on which this Agreement terminates in accordance with its terms, each
      Originator, with respect to itself, hereby covenants that:

     

    (a)  Change
      in
      Name, Jurisdiction of Organization.
      Such
      Originator will not change (i)
      its name
      as it appears in official filings in the jurisdiction of its organization,
      (ii)
      its
      status as a “registered organization” (within the meaning of Article 9 of any
      applicable enactment of the UCC) in such jurisdiction, (iii)
      its
      organizational identification number, if any, issued by its jurisdiction of
      organization, or (iv)
      its
      jurisdiction of organization unless it shall have: (A)
      given
      Buyer (or its assigns) at least thirty (30) days’ prior written notice thereof
      and (B)
      delivered to Buyer (or its assigns) all financing statements, instruments and
      other documents requested by Buyer (or its assigns) in connection with such
      change or relocation.

     

    (b)  Change
      in Payment Instructions to Obligors.
      Such
      Originator will not add or terminate any bank as a Collection Bank, or make
      any
      change in the instructions to Obligors regarding payments to be made to any
      Lock-Box or Collection Account, unless Buyer (or its assigns) shall have
      received, at least ten (10) days before the proposed effective date therefor,
      (i)
      written
      notice of such addition, termination or change and (ii)
      with
      respect to the addition of a Collection Bank
      or a
      Collection Account or Lock-Box, an executed Collection Account Agreement with
      respect to the new Collection Account or Lock-Box; provided,
      however,
      that
      such Originator may make changes in instructions to Obligors regarding payments
      if such new instructions require such Obligor to make payments to another
      existing Collection Account.

     

    (c)  Modifications
      to Contracts and Credit and Collection Policy.
      Such
      Originator will not make any material change or material amendment to the Credit
      and Collection Policy unless, at least 30 days prior to such material change
      or
      material amendment, it has delivered to the Buyer (or its assigns) a copy of
      the
      Credit and Collection Policy then in effect and notice (i)
      indicating such proposed change or amendment, and (ii)
      if such
      proposed change would be reasonably likely to adversely affect the
      collectibility of the Receivables or decrease the credit quality of any newly
      created Receivables, requesting Buyer’s (and the Administrator’s, as Buyer’s
      assignee) consent thereto. Except as otherwise permitted in its capacity as
      Servicer pursuant to the Purchase Agreement, Originator will not extend, amend
      or otherwise modify the terms of any Receivable or Contract related thereto
      other than in accordance with the Credit and Collection Policy.

     

    
      
        
        

      

      
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    (d)  Sales,
      Liens.
      Such
      Originator will not sell, assign (by operation of law or otherwise) or otherwise
      dispose of, or grant any option with respect to, or create or suffer to exist
      any Adverse Claim upon (including, without limitation, the filing of any
      financing statement) or with respect to, any Receivable, Related Security or
      Collections, or upon or with respect to any Contract under which any Receivable
      arises, or any Lock-Box or Collection Account, or assign any right to receive
      income with respect thereto (other than, in each case, (i) the creation of
      the
      interests therein in favor of Buyer (and its assigns) provided for herein or
      in
      any other Transaction Document and (ii) in connection with any transaction
      permitted by Section
      4.1(c)),
      and
      such Originator will defend the right, title and interest of Buyer in, to and
      under any of the foregoing property, against all claims of third parties
      claiming through or under such Originator. Such Originator shall not create
      or
      suffer to exist any mortgage, pledge, security interest, encumbrance, lien,
      charge or other similar arrangement on any of its inventory the sale of which
      gives rise to any Receivable.

     

    (e)  Accounting
      for Purchase.
      Such
      Originator will not, and will not permit any Affiliate to, account for the
      transactions contemplated hereby in any manner other than the sale or capital
      contributions of the Receivables and the Related Security by such Originator
      to
      Buyer or in any other respect account for or treat the transactions contemplated
      hereby in any manner other than as a sale or contribution of the Receivables
      and
      the Related Security by such Originator to Buyer except (i)
      to the
      extent that such transactions are not recognized on account of consolidated
      financial reporting in accordance with generally accepted accounting principles
      and (ii)
      in
      accordance with applicable tax principles, each Purchase and contribution is
      ignored for tax reporting purposes.

     

    (f)  Contract
      Provisions.
      Except
      for customary adjustments in the ordinary course of business, such Originator
      will not permit any Contract with respect to any Receivable to contain
      provisions that either (i)
      permit
      or provide for any reduction in the Outstanding Balance of the Receivable
      created thereunder and any accrued interest thereon or (ii)
      could
      otherwise hinder the ability to receive Collections with respect to such
      Receivable.

     

    
      
        
        

      

      
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    Article
      V

     

    Termination
      Events

     

    Section
      5.1  Termination
      Events. 

     

    The
      occurrence of any one or more of the following events shall constitute a
      Termination Event:

     

    (a)  Any
      Originator shall fail (i)
      to make
      any payment or deposit required hereunder when due and such failure shall
      continue for three (3) consecutive Business Days, or (ii) to perform or observe
      any term, covenant or agreement hereunder (other than as referred to in
clause
      (i)
      of this
paragraph
      (a))
      or any
      other Transaction Document to which it is a party and such failure shall
      continue for ten (10) consecutive Business Days.

     

    (b)  (i)
      Any
      representation or warranty made by any of the Originators in this Agreement
      or
      the Receivables Purchase Agreement shall prove to have been incorrect in any
      respect when made or deemed made, (ii) any information contained in any Monthly
      Report shall prove to have been incorrect in any respect when made, or (iii)
      any
      representation, warranty, certification or statement (other than relating to
      projections or other forward-looking information) made by any of the Originators
      in any other Transaction Document or in any other document delivered pursuant
      hereto or thereto (other than in a Monthly Report) shall prove to have been
      incorrect in any material respect when made or deemed made; provided
      that no
      such event shall constitute a Termination Event unless such event is unremedied
      for a period of ten (10) Business Days after the earlier to occur of (i) written
      notice thereof shall have been given by the Buyer (or its assigns) to the
      applicable Originator or (ii) an Authorized Officer of such Originator shall
      have actual knowledge thereof or should have had knowledge thereof if such
      Authorized Officer had exercised reasonable care in the performance of his
      or
      her duties; provided,
      further
      that no
      grace period shall apply to Sections 2.1(f), 2.1(i), 2.1(j), 2.1(n),
      2.1(p)
      and 2.1(u); and provided
      further no
      such
      event shall constitute a Termination Event if the Seller have timely paid to
      the
      Administrator the Purchase Price Credit required to be paid as a result of
      such
      event in accordance with Section 1.4.

     

    (c)  Failure
      of any Originator to pay any Indebtedness when due in excess of $5,000,000
      (after giving effect to any applicable grace periods); or the default by any
      Originator in the performance of any term, provision or condition contained
      in
      any agreement under which any such Indebtedness was created or is governed,
      the
      effect of which is to cause, or to permit the holder or holders of such
      Indebtedness to cause, such Indebtedness to become due prior to its stated
      maturity; or any such Indebtedness of any Originator shall be declared to be
      due
      and payable or required to be prepaid (other than by a regularly scheduled
      payment) prior to the date of maturity thereof.

     

    (d)  an
      Event
      of Bankruptcy shall occur with respect to any Originator or any of its
      Subsidiaries.

     

    
      
        
        

      

      
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    (e)  A
      Change
      of Control shall occur.

     

    (f)  One
      or
      more final judgments of a court of competent jurisdiction for the payment of
      money in an amount in excess of $5,000,000, individually or in the aggregate,
      shall be entered against any Originator or any of its Subsidiaries on claims
      not
      covered by insurance or as to which the insurance carrier has denied its
      responsibility, and such judgment shall continue unsatisfied and in effect
      for
      sixty (60) consecutive days without a stay of execution.

     

    (g)  This
      Agreement shall terminate in whole or in part (except in accordance with its
      terms), or shall cease to be effective or to be the legally valid, binding
      and
      enforceable obligation of any Originator, or any Originator shall directly
      or
      indirectly contest in any manner such effectiveness,
      validity, binding nature or enforceability, or Buyer (or its assigns) shall
      cease to have a valid and perfected first priority security interest in the
      Receivables, its Collections, “Supporting Obligations” (as defined in Article 9
      of the UCC in effect in each relevant jurisdiction), each Originator’s right,
      title and interest in, to and under each of the Transaction Documents to which
      it is a party, returned goods the sale of which gave rise to any Receivable,
      security interests in favor of any Originator that secure payment of such
      Receivable and all other items of Related Security in which an interest therein
      may be perfected by the filing of financing statements under Article 9 of the
      UCC and proceeds of the foregoing, or any Person shall contest the Buyer’s
      perfected first priority ownership interest in that portion of the Related
      Security in which perfection cannot be accomplished under Article 9 of the
      relevant UCC, or the Buyer (or its assigns) shall incur any loss resulting
      from
      any Originator’s failure to perfect Buyer’s ownership interest in that portion
      of the Related Security in which perfection cannot be accomplished under Article
      9 of the relevant UCC.

     

    (h)  The
      Internal Revenue Service shall file notice of a lien pursuant to Section 6323
      of
      the Tax Code with regard to any of the Receivables or the Related Security
      or
      the PBGC shall file notice of a lien pursuant to Section 4068 of ERISA with
      regard to any of the Receivables or the Related Security and any such lien
      shall
      not have been released within the earlier to occur of (i)
      seven
      (7) days after the date of such filing and (ii) the
      day
      on which the Buyer (or any of its assigns) becomes aware of such
      filing.

     

    (i)  Any
      Plan
      of any Originator or any of its ERISA Affiliates:

     

    (i)  shall
      fail to be funded in accordance with the minimum funding standard required
      by
      applicable law, the terms of such Plan, Section 412 of the Tax Code or Section
      302 of ERISA for any plan year or a waiver of such standard is sought or granted
      with respect to such Plan under applicable law, the terms of such Plan or
      Section 412 of the Tax Code or Section 303 of ERISA; or

     

    (ii)  is
      being,
      or has been, terminated or the subject of termination proceedings under
      applicable law or the terms of such Plan; or

     

    
      
        
        

      

      
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    (iii)  shall
      require any Originator or any of its ERISA Affiliates to provide security under
      applicable law, the terms of such Plan, Section 401 or 412 of the Tax Code
      or
      Section 306 or 307 of ERISA; or

     

    (iv)  results
      in a liability to any Originator or any of its ERISA Affiliates under applicable
      law, the terms of such Plan, or Title IV ERISA,

     

    and
      there
      shall result from any such failure, waiver, termination or other event a
      liability to the PBGC or a Plan that would have a Material Adverse
      Effect.

     

    (j)  Any
      other
      event shall occur which has, or could be reasonably expected to have a Material
      Adverse Effect.

     

    Section
      5.2  Remedies. 

     

    Upon
      the
      occurrence and during the continuation of a Termination Event, Buyer may take
      any of the following actions: (a)
      declare
      the Termination Date to have occurred, whereupon the Termination Date shall
      forthwith occur, without demand, protest or further notice of any kind, all
      of
      which are hereby expressly waived by each Originator; provided,
      however,
      that
      upon the occurrence of a Termination Event described in Section
      5.1(d),
      or of
      an actual or deemed entry of an order for relief with respect to any Originator
      under the Federal Bankruptcy Code, the Termination Date shall automatically
      occur, without demand, protest or any notice of any kind, all of which are
      hereby expressly waived by each Originator and (b)
      to the
      fullest extent permitted by applicable law, declare that the Default Fee shall
      accrue with respect to any amounts then due and owing by each Originator to
      Buyer. The aforementioned rights and remedies shall be without limitation and
      shall be in addition to all other rights and remedies of Buyer and its assigns
      otherwise available under any other provision of this Agreement, by operation
      of
      law, at equity or otherwise, all of which are hereby expressly preserved,
      including, without limitation, all rights and remedies provided under the UCC,
      all of which rights shall be cumulative.

     

    Article
      VI

     

    Indemnification

     

    Section
      6.1  Indemnities
      by Originators.

     

    Without
      limiting any other rights that Buyer may have hereunder or under applicable
      law,
      each Originator hereby agrees to indemnify (and pay upon demand to) Buyer and
      its assigns, officers, directors, agents and employees (each an “Indemnified
      Party”)
      from
      and against any and all damages, losses, claims, taxes, liabilities, costs,
      expenses and for all other amounts payable, including reasonable attorneys’ fees
      and disbursements (all of the foregoing being collectively referred to as
“Indemnified
      Amounts”)
      awarded against or incurred by any of them arising out of or as a result of
      this
      Agreement or the acquisition, either directly or indirectly, by Buyer of an
      interest in the Receivables, excluding, however:

     

    (a)  Indemnified
      Amounts to the extent a final judgment of a court of competent jurisdiction
      holds that such Indemnified Amounts resulted from gross negligence or willful
      misconduct on the part of the Indemnified Party seeking
      indemnification; 

     

    
      
        
        

      

      
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    (b)  Indemnified
      Amounts to the extent the same includes losses in respect of Receivables that
      are uncollectible on account of the insolvency, bankruptcy or lack of
      creditworthiness of the related Obligor; or

     

    (c)  taxes
      imposed by the United States, the Indemnified Party’s jurisdiction of
      organization (or in the case of an individual, primary resident) or any other
      jurisdiction in which such Indemnified Party has established a taxable nexus
      other than in connection with the transaction contemplated hereby, on or
      measured by the overall net income of such Indemnified Party to the extent
      that
      the computation of such taxes is consistent with the characterization for income
      tax purposes of the acquisition by TPF of Receivable Interests under the
      Purchase Agreement as a loan or loans by TPF to Buyer secured by, among other
      things, the Receivables, the Related Security and the Collections;

     

    provided,
      however,
      that
      nothing contained in this sentence shall limit the liability of any Originator
      or limit the recourse of Buyer to any Originator for amounts otherwise
      specifically provided to be paid by such Originator under the terms of this
      Agreement. Without limiting the generality of the foregoing indemnification,
      but
      subject in each case to clauses (a),
      (b)
      and
(c)
      above,
      an Originator shall indemnify Buyer for Indemnified Amounts relating to or
      resulting from:

     

    (i)  any
      representation or warranty made by such Originator (or any officers of such
      Originator) under or in connection with any Purchase Report, this Agreement,
      any
      other Transaction Document or any other information or report delivered by
      such
      Originator pursuant hereto or thereto for which Buyer has not received a
      Purchase Price Credit that shall have been false or incorrect when made or
      deemed made;

     

    (ii)  the
      failure by such Originator, to comply with any applicable law, rule or
      regulation with respect to any Receivable or Contract related thereto, or the
      nonconformity of any Receivable or Contract included therein with any such
      applicable law, rule or regulation or any failure of such Originator to keep
      or
      perform any of its obligations, express or implied, with respect to any
      Contract;

     

    (iii)  any
      failure of such Originator to perform its duties, covenants or other obligations
      in accordance with the provisions of this Agreement or any other Transaction
      Document;

     

    (iv)  any
      products liability, personal injury or damage, suit or other similar claim
      arising out of or in connection with merchandise, insurance or services that
      are
      the subject of any Contract or any Receivable; 

     

    (v)  any
      dispute, claim, offset or defense (other than discharge in bankruptcy of the
      Obligor) of the Obligor to the payment of any Receivable (including, without
      limitation, a defense based on such Receivable or the related Contract not
      being
      a legal, valid and binding obligation of such Obligor enforceable against it
      in
      accordance with its terms), or any other claim resulting from the sale of the
      merchandise or service related to such Receivable or the furnishing or failure
      to furnish such merchandise or services;

     

    
      
        
        

      

      
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    (vi)  the
      commingling of Collections of Receivables at any time with other
      funds;

     

    (vii)  any
      investigation, litigation or proceeding related to or arising from this
      Agreement or any other Transaction Document, the transactions contemplated
      hereby, the use of the proceeds of the Purchase hereunder, the ownership of
      the
      Receivables or any other investigation, litigation or proceeding relating to
      such Originator in which any Indemnified Party becomes involved as a result
      of
      any of the transactions contemplated hereby;

     

    (viii)  any
      inability to litigate any claim against any Obligor in respect of any Receivable
      as a result of such Obligor being immune from civil and commercial law and
      suit
      on the grounds of sovereignty or otherwise from any legal action, suit or
      proceeding;

     

    (ix)  any
      Termination Event described in Section
      5.1(d);

     

    (x)  any
      failure to vest and maintain vested in Buyer, or to transfer to Buyer, legal
      and
      equitable title to, and ownership of, the Receivables and the Collections,
      and
      all of such Originator’s right, title and interest in the Related Security
      associated with the Receivables, in each case, free and clear of any Adverse
      Claim except for Adverse Claims in favor of the Buyer and its
      assigns;

     

    (xi)  the
      failure to have filed, or any delay in filing, financing statements or other
      similar instruments or documents under the UCC of any applicable jurisdiction
      or
      other applicable laws with respect to any Receivable, the Related Security
      and
      Collections with respect thereto, and the proceeds of any thereof, whether
      at
      the time of the Purchase or at any subsequent time;

     

    (xii)  any
      action or omission by such Originator which reduces or impairs the rights of
      Buyer (or its assigns) with respect to any Receivable or the value of any such
      Receivable;

     

    (xiii)  any
      attempt by any Person to void the Purchase hereunder under statutory provisions
      or common law or equitable action; and

     

    (xiv)  the
      failure of any Receivable reflected as an Eligible Receivable on any Purchase
      Report to be an Eligible Receivable at the time acquired by Buyer.

     

    
      
        
        

      

      
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    Section
      6.2  Other
      Costs and Expenses. 

     

    Each
      Originator shall pay to Buyer promptly on demand all reasonable costs and
      out-of-pocket expenses in connection with the preparation, execution, delivery
      and administration of this Agreement, the transactions contemplated hereby
      and
      the other documents to be delivered hereunder. Each Originator shall pay to
      Buyer promptly on demand any and all reasonable costs and expenses of Buyer,
      if
      any, including reasonable counsel fees and expenses in connection with the
      enforcement of this Agreement and the other documents delivered hereunder and
      in
      connection with any restructuring or workout of this Agreement or such
      documents, or the administration of this Agreement following a Termination
      Event.

     

    Article
      VII

     

    Miscellaneous

     

    Section
      7.1  Waivers
      and Amendments.

     

    (a)  No
      failure or delay on the part of Buyer (or its assigns) in exercising any power,
      right or remedy under this Agreement shall operate as a waiver thereof, nor
      shall any single or partial exercise of any such power, right or remedy preclude
      any other further exercise thereof or the exercise of any other power, right
      or
      remedy. The rights and remedies herein provided shall be cumulative and
      nonexclusive of any rights or remedies provided by law. Any waiver of this
      Agreement shall be effective only in the specific instance and for the specific
      purpose for which given.

     

    (b)  No
      provision of this Agreement may be amended, supplemented, modified or waived
      except in writing signed by each Originator and Buyer and, to the extent
      required under the Purchase Agreement, the Administrator and the Liquidity
      Banks
      or the Required Liquidity Banks.
      Any
      material amendment, supplement, modification of waiver will required
      satisfaction of the Rating Agency Condition.

     

    Section
      7.2  Notices. 

     

    All
      communications and notices provided for hereunder shall be in writing (including
      bank wire, telecopy or electronic facsimile transmission or similar writing)
      and
      shall be given to the other parties hereto at their respective addresses or
      telecopy numbers set forth on the signature pages hereof or at such other
      address or telecopy number as such Person may hereafter specify for the purpose
      of notice to each of the other parties hereto. Each such notice or other
      communication shall be effective (a)
      if given
      by telecopy, upon the receipt thereof, (b)
      if given
      by mail, ten (10) Business Days after the time such communication is deposited
      in the mail with first class postage prepaid or (c)
      if given
      by any other means, when received at the address specified in this Section
      7.2.

     

    Section
      7.3  Protection
      of Ownership Interests of Buyer.

     

    (a)  Each
      Originator agrees that from time to time, at its expense, it will promptly
      execute and deliver all instruments and documents, and take all actions, that
      may be necessary or desirable, or that Buyer (or its assigns) may request,
      to
      perfect, protect or more fully evidence the interest of Buyer hereunder and
      the
      Receivable Interests, or to enable Buyer (or its assigns) to exercise and
      enforce their rights and remedies hereunder; provided,
      however,
      that
      unless and until an Amortization Event or an Unmatured Amortization Event has
      occurred, none of the Originators shall be required to take any actions to
      establish, maintain or perfect the Buyer’s ownership interest in the Related
      Security other than the filing of financing statements under the UCC of all
      appropriate jurisdictions. During the occurrence and continuance of an Unmatured
      Amortization or an Amortization Event, Buyer (or its assigns) may, at the
      related Originator’s sole cost and expense, direct such Originator to notify the
      Obligors of Receivables of the ownership interests of Buyer under this
      Agreement. During the occurrence and continuance of an Unmatured Amortization
      or
      an Amortization Event, Buyer (or its assigns) may direct any Originator (and
      if
      any Originator fails to do so) Buyer (or its assigns) may direct
      that payments
      of all amounts due or that become due under any or all Receivables be made
      directly to an account specified by the Buyer or its designee which may be
      an
      account of the Buyer (or its assigns).

     

    
      
        
        

      

      
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    (b)  If
      any
      Originator fails to perform any of its obligations hereunder, Buyer (and
      Administrator, as Buyer’s assignee) may (but shall not be required to) upon
      notice to such Originator perform, or cause performance of, such obligations,
      and Buyer’s (or such assigns’) costs and expenses incurred in connection
      therewith shall be payable by such Originator as provided in Section
      6.2.
      Each
      Originator irrevocably authorizes Buyer (and Administrator, as Buyer’s assignee)
      at any time and from time to time in the sole discretion of Buyer (or such
      assignee), and appoints Buyer (and such assignee) as its attorney(ies)-in-fact,
      to act on behalf of such Originator (i)
      to
      execute (if required) on behalf of such Originator as debtor or seller and
      to
      file financing statements necessary or desirable in Buyer’s (or such assignee’s)
      sole discretion to perfect and to maintain the perfection and priority of the
      ownership interest of Buyer in the Receivables and associated Related Security
      and Collections and (ii)
      to file
      a carbon, photographic or other reproduction of this Agreement or any financing
      statement with respect to the Receivables as a financing statement in such
      offices as Buyer (or Administrator, as Buyer’s assignee) in its sole discretion
      deems necessary or desirable to perfect and to maintain the perfection and
      priority of Buyer’s ownership interest in the Receivables. This appointment is
      coupled with an interest and is irrevocable. (A)
      Each
      Originator hereby authorizes Buyer (and Administrator, as Buyer’s assignee) to
      file financing statements and other filing or recording documents with respect
      to the Receivables and Related Security (including any amendments thereto,
      or
      continuation or termination statements thereof), without further authorization
      of such Originator, in such form and in such offices as Buyer (or such assignee)
      reasonably determines appropriate to perfect or maintain the perfection of
      the
      ownership or security interests of Buyer (and Administrator, as Buyer’s
      assignee) hereunder, (B)
      each
      Originator acknowledges and agrees that it is not authorized to, and will not,
      file financing statements or other filing or recording documents with respect
      to
      the Receivables or Related Security (including any amendments thereto, or
      continuation or termination statements thereof), without the express prior
      written approval by the Administrator (as Buyer’s assignee), consenting to the
      form and substance of such filing or recording document, and (C)
      each
      Originator approves, authorizes and ratifies any filings or recordings made
      by
      or on behalf of the Administrator (as Buyer’s assignee) in connection with the
      perfection of the ownership or security interests in favor of Buyer or the
      Administrator (as Buyer’s assignee).

     

    
      
        
        

      

      
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    Section
      7.4  Confidentiality.

     

    (a)  Each
      Originator shall maintain and shall cause each of its employees and officers
      to
      maintain the confidentiality of the Fee Letter and any confidential or
      proprietary information with respect to TPF and TPF’s business obtained by it or
      them in connection with the structuring, negotiating and execution of the
      transactions contemplated herein, except that such Originator and its officers
      and employees may disclose such information to such Originator’s directors,
      external accountants and attorneys and in accordance with any applicable law,
      rule, regulation, direction, request or order of any judicial, administrative
      or
      regulatory authority or proceedings (whether or not having the force or effect
      of law).

     

    (b)  Anything
      herein to the contrary notwithstanding, each Originator hereby consents to
      the
      disclosure of any nonpublic information with respect to it (i)
      to
      Buyer, the Administrator, SunTrust Bank or TPF by each other, (ii)
      by
      Buyer, the Administrator, SunTrust Bank or TPF to any prospective or actual
      assignee or participant of any of them and (iii)
      by the
      Administrator to any rating agency, Commercial Paper dealer or provider of
      a
      surety, guaranty or credit or liquidity enhancement to TPF or any entity
      organized for the purpose of purchasing, or making loans secured by, financial
      assets for which STCM or one of its affiliates acts as the administrator and/or
      agent and to any officers, directors, employees, outside accountants and
      attorneys of any of the foregoing, provided
      each
      such Person is informed of the confidential nature of such information. In
      addition, TPF, SunTrust Bank and the Administrator may disclose any such
      nonpublic information in accordance with any law, rule, regulation, direction,
      request or order of any judicial, administrative or regulatory authority or
      proceedings (whether or not having the force or effect of law).

     

    (c)  Buyer
      shall maintain and shall cause each of its employees and officers to maintain
      the confidentiality of any confidential or proprietary information with respect
      to each Originator, the Obligors and their respective businesses obtained
      by it
      in
      connection with the due diligence evaluations, structuring, negotiating and
      execution of the Transaction Documents, and the consummation of the transactions
      contemplated herein and any other activities of Buyer arising from or related
      to
      the transactions contemplated herein provided,
      however,
      that
      each of Buyer and its employees and officers shall be permitted to disclose
      such
      confidential or proprietary information: (i)
      to the
      Administrator, TPF and SunTrust Bank, (ii)
      to any
      prospective or actual assignee or participant who executes a confidentiality
      agreement for the benefit of any Originator and Buyer on terms comparable to
      those required of Buyer hereunder with respect to such disclosed information,
      (iii)
      to any
      rating agency, provider of a surety, guaranty or credit or liquidity enhancement
      to TPF, (iv)
      to any
      officers, directors, employees, outside accountants and attorneys of any of
      the
      foregoing, and (v)
      to the
      extent required pursuant to any applicable law, rule, regulation, direction,
      request or order of any judicial, administrative or regulatory authority or
      proceedings with competent jurisdiction (whether or not having the force or
      effect of law) so long as such required disclosure is made under seal to the
      extent permitted by applicable law or by rule of court or other applicable
      body;
provided
      each
      such Person is informed of the confidential nature of such
      information.

     

    
      
        
        

      

      
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    Section
      7.5  Bankruptcy
      Petition.

     

    (a)  Each
      of
      the Originators and Buyer hereby covenants and agrees that, prior to the date
      that is one year and one day after the payment in full of all outstanding senior
      indebtedness of TPF, it will not institute against, or join any other Person
      in
      instituting against, TPF any bankruptcy, reorganization, arrangement, insolvency
      or liquidation proceedings or other similar proceeding under the laws of the
      United States or any state of the United States.

     

    (b)  Each
      of
      the Originators covenants and agrees that, prior to the date that is one year
      and one day after the payment in full of all outstanding obligations of Buyer
      under the Purchase Agreement, it will not institute against, or join any other
      Person in instituting against, Buyer any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings or other similar proceeding
      under the laws of the United States or any state of the United
      States.

     

    Section
      7.6  Limitation
      of Liability. 

     

    Except
      with respect to any claim arising out of the willful misconduct or gross
      negligence of TPF, the Administrator or any Liquidity Bank, no claim may be
      made
      by any Originator or any other Person against TPF, the Administrator or any
      Liquidity Bank or their respective Affiliates, directors, officers, employees,
      attorneys or agents for any special, indirect, consequential or punitive damages
      in respect of any claim for breach of contract or any other theory of liability
      arising out of or related to the transactions contemplated by this Agreement,
      or
      any act, omission or event occurring in connection therewith; and each
      Originator hereby waives, releases, and agrees not to sue upon any claim for
      any
      such damages, whether or not accrued and whether or not known or suspected
      to
      exist in its favor.

     

    Section
      7.7  CHOICE
      OF LAW. 

     

    THIS
      AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
      (AND NOT THE LAW OF CONFLICTS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL
      OBLIGATIONS LAW) OF THE STATE OF NEW YORK.

     

    Section
      7.8  CONSENT
      TO JURISDICTION. 

     

    EACH
      PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF
      ANY
      UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK
      IN
      ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
      DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AGREEMENT AND EACH PARTY HERETO
      HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
      PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES
      ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT,
      ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN
      INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF BUYER (OR ITS
      ASSIGNS) TO BRING PROCEEDINGS AGAINST ANY ORIGINATOR IN THE COURTS OF ANY OTHER
      JURISDICTION. ANY JUDICIAL PROCEEDING BY ANY ORIGINATOR AGAINST BUYER (OR ITS
      ASSIGNS) OR ANY AFFILIATE THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
      IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR
      ANY
      DOCUMENT EXECUTED BY ANY ORIGINATOR PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT
      ONLY IN A COURT IN NEW YORK, NEW YORK.

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    Section
      7.9  WAIVER
      OF JURY TRIAL. 

     

    EACH
      PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING,
      DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR
      OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS
      AGREEMENT, ANY DOCUMENT EXECUTED BY ANY ORIGINATOR PURSUANT TO THIS AGREEMENT
      OR
      THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

     

    Section
      7.10  Integration;
      Binding Effect; Survival of Terms.

     

    (a)  This
      Agreement and each other Transaction Document contain the final and complete
      integration of all prior expressions by the parties hereto with respect to
      the
      subject matter hereof and shall constitute the entire agreement among the
      parties hereto with respect to the subject matter hereof superseding all prior
      oral or written understandings.

     

    (b)  This
      Agreement shall be binding upon and inure to the benefit of each Originator,
      Buyer and their respective successors and permitted assigns (including any
      trustee in bankruptcy). No Originator may assign any of its rights and
      obligations hereunder or any interest herein without the prior written consent
      of Buyer. Buyer may assign at any time its rights and obligations hereunder
      and
      interests herein to any other Person without the consent of any Originator.
      Without limiting the foregoing, each Originator acknowledges that Buyer,
      pursuant to the Purchase Agreement, may assign to the Administrator, for the
      benefit of TPF and its assigns, its rights, remedies, powers and privileges
      hereunder and that the Administrator may further assign such rights, remedies,
      powers and privileges to the extent permitted in the Purchase Agreement. Each
      Originator agrees that the Administrator, as the assignee of Buyer, shall,
      subject to the terms of the Purchase Agreement, have the right to enforce this
      Agreement and to exercise directly all of Buyer’s rights and remedies under this
      Agreement (including, without limitation, the right to give or withhold any
      consents or approvals of Buyer to be given or withheld hereunder) and each
      Originator agrees to cooperate fully with the Administrator in the exercise
      of
      such rights and remedies. This Agreement shall create and constitute the
      continuing obligations of the parties hereto in accordance with its terms and
      shall remain in full force and effect until terminated in accordance with its
      terms; provided,
      however,
      that
      the rights and remedies with respect to (i)
      any breach
      of
      any representation and warranty made by any Originator pursuant to Article
      II;
      (ii)
      the
      indemnification and payment provisions of Article
      VI;
      and
      (iii) Section
      7.5
      shall be
      continuing and shall survive any termination of this Agreement.

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    Section
      7.11  Counterparts;
      Severability; Section References. 

     

    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. Delivery of an executed counterpart of a signature page
      by
      facsimile or other means of electronic transmission shall be effective as
      delivery of a manually executed counterpart of this Agreement. Any provisions
      of
      this Agreement which are prohibited or unenforceable in any jurisdiction shall,
      as to such jurisdiction, be ineffective to the extent of such prohibition or
      unenforceability without invalidating the remaining provisions hereof, and
      any
      such prohibition or unenforceability in any jurisdiction shall not invalidate
      or
      render unenforceable such provision in any other jurisdiction. Unless otherwise
      expressly indicated, all references herein to “Article,”“Section,”“Schedule” or
“Exhibit” shall mean articles and sections of, and schedules and exhibits to,
      this Agreement.

     

    

     

    [remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
      and delivered by their duly authorized officers as of the date
      hereof.

     

    
      	 	 	 
	 	ARCH
              CHEMICALS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ W.
              Paul Bush
	 	
              
Name:
              W. Paul Bush
	 	Title:
              Treasurer
	 	 
	 	
              Address:

              US
                Mail:

              501
                Merritt 7

              P.O.
                Box 5204

              Norwalk,
                CT 06856-5204

               

              Hand
                Delivery:

              501
                Merritt 7

              Norwalk,
                CT 06851

               

              Attention:
                Corporate Secretary

              Phone:
                (203) 229-2900

              Fax:
                (203) 229-2713

            

    

     

    [additional
      signatures to follow]

    
       

      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    
      
        	
              	 	 
	 	ARCH
                CHEMICALS SPECIALTY PRODUCTS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ W.
                Paul Bush
	 	
                
Name:
                W. Paul Bush
	 	Title:
                Treasurer
	 	 
	 	
                Address:

                US
                  Mail:

                c/o
                  Arch Chemicals, Inc.

                501
                  Merritt 7

                P.O.
                  Box 5204

                Norwalk,
                  CT 06856-5204

                 

                Hand
                  Delivery:

                c/o
                  Arch Chemicals, Inc.

                501
                  Merritt 7

                Norwalk,
                  CT 06851

                 

                Attention:
                  Corporate Secretary

                Phone:
                  (203) 229-2900

              

      

      
        	
              	 	 
	 	ARCH
                TREATMENT TECHNOLOGIES, INC.
	 
 	 
 	 
 
	 	By:  	/s/ W.
                Paul Bush
	 	
                
Name:
                W. Paul Bush
	 	Title:
                Vice President and Treasurer
	 	 
	 	
                
                  Address:

                  US
                    Mail:

                  c/o
                    Arch Chemicals, Inc.

                  501
                    Merritt 7

                  P.O.
                    Box 5204

                  Norwalk,
                    CT 06856-5204

                  

                  Hand
                    Delivery:

                  c/o
                    Arch Chemicals, Inc.

                  501
                    Merritt 7

                  Norwalk,
                    CT 06851

                  

                  Attention:
                    Corporate Secretary

                  Phone:
                    (203) 229-2900

                  Fax:
                    (203) 229-2713

                

              

      

    

     

    [additional
      signatures to follow]

    
       

      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    
      	
            	 	 
	 	ARCH
              WOOD PROTECTION, INC.
	 
 	 
 	 
 
	 	By:  	/s/ W.
              Paul Bush
	 	
              
Name:
              W. Paul Bush
	 	Title:
              Treasurer
	 	 
	 	
              
                
                  Address:

                  US
                    Mail:

                  c/o
                    Arch Chemicals, Inc.

                  501
                    Merritt 7

                  P.O.
                    Box 5204

                  Norwalk,
                    CT 06856-5204

                  

                  Hand
                    Delivery:

                  c/o
                    Arch Chemicals, Inc.

                  501
                    Merritt 7

                  Norwalk,
                    CT 06851

                  

                  Attention:
                    Corporate Secretary

                  Phone:
                    (203) 229-2900

                  Fax:
                    (203) 229-2713

                

              

            

    

     

    
      	
            	 	 
	 	ARCH
              PERSONAL CARE PRODUCTS, L.P.
	 
 	 
 	 
 
	 	By:   	Arch PCI, Inc., as general partner
	 	 	 
	 	By:  	/s/ W.
              Paul Bush
	 	
              
Name:
              W. Paul Bush
	 	Title:
              Vice President and Treasurer
	 	 
	 	
              
                Address:

                US
                  Mail:

                c/o
                  Arch Chemicals, Inc.

                501
                  Merritt 7

                P.O.
                  Box 5204

                Norwalk,
                  CT 06856-5204

                

                Hand
                  Delivery:

                c/o
                  Arch Chemicals, Inc.

                501
                  Merritt 7

                Norwalk,
                  CT 06851

                

                Attention:
                  Corporate Secretary

                Phone:
                  (203) 229-2900

                Fax:
                  (203) 229-2713

              

            

    

     

    [additional
      signatures to follow]

    
       

      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

    
      	
            	 	 
	 	ARCH
              CHEMICALS RECEIVABLES CORP.
	 
 	 
 	 
 
	 	By:  	/s/ W.
              Paul Bush
	 	
              
Name:
              W. Paul Bush
	 	Title:
              Vice President and Treasurer
	 	 
	 	
              
                
                  
                    Address:

                    US
                      Mail:

                    c/o
                      Arch Chemicals, Inc.

                    501
                      Merritt 7

                    P.O.
                      Box 5204

                    Norwalk,
                      CT 06856-5204

                    

                    Hand
                      Delivery:

                    c/o
                      Arch Chemicals, Inc.

                    501
                      Merritt 7

                    Norwalk,
                      CT 06851

                    

                    Attention:
                      Corporate Secretary

                    Phone: (203)
                      229-3576

                    Fax: (203)
                      229-3143

                  

                

              

            

    

     

    [end
      of
      signatures]

    
       

      
        
        

      

      
        33

        
          

        

      

      
        
        

      

       

    

    Exhibit
      I

    

    Definitions

    

    This
      is
      Exhibit I to the Agreement (as hereinafter defined). As used in the Agreement
      and the Exhibits and Schedules thereto, capitalized terms have the meanings
      set
      forth in this Exhibit I (such meanings to be equally applicable to the singular
      and plural forms thereof). If a capitalized term is used in the Agreement,
      or
      any Exhibit or Schedule thereto, and is not otherwise defined therein or in
      this
      Exhibit I, such term shall have the meaning assigned thereto in Exhibit I to
      the
      Purchase Agreement (hereinafter defined).

     

    Administrator:
      As
      defined in the Preliminary Statements to the Agreement.

     

    Agreement:
      The
      Receivables Sale Agreement, dated as of June 27, 2005, between each Originator
      and Buyer, as the same may be amended, restated or otherwise
      modified.

     

    Buyer:
      As
      defined in the preamble to the Agreement.

     

    Calculation
      Period:
      Each
      calendar month or portion thereof which elapses during the term of the
      Agreement. The first Calculation Period shall commence on the date of the
      Purchases hereunder and the final Calculation Period shall terminate on the
      Termination Date.

     

    Credit
      and Collection Policy:
      Each
      Originator’s credit and collection policies and practices relating to Contracts
      and Receivables existing on the date hereof and summarized in Exhibit V, as
      modified from time to time in accordance with the Agreement.

     

    Default
      Fee:
      A per
      annum rate of interest equal to the sum of (i)
      the
      Prime Rate, plus (ii)
      2% per
      annum.

     

    Discount
      Factor:
      A
      percentage calculated to provide Buyer with a reasonable return on its
      investment in the Receivables after taking account of (i)
      the time
      value of money based upon the anticipated dates of collection of the Receivables
      and the cost to Buyer of financing its investment in the Receivables during
      such
      period and (ii)
      the risk
      of nonpayment by the Obligors. Originator and Buyer may agree from time to
      time
      to change the Discount Factor based on changes in one or more of the items
      affecting the calculation thereof, provided that any change to the Discount
      Factor shall take effect as of the commencement of a Calculation Period, shall
      apply only prospectively and shall not affect the Purchase Price payment made
      prior to the Calculation Period during which Originator and Buyer agree to
      make
      such change.

     

    Initial
      Contributed Receivables:
      As
      defined in Section
      1.1.

     

    Initial
      Cutoff Date:
      As
      defined in Section
      1.1.

     

    Material
      Adverse Effect:
      A
      material adverse effect on (i)
      the
      financial condition or operations of Arch Chemicals and its Subsidiaries taken
      as a whole, (ii)
      the
      ability of any Originator to perform its obligations under the Agreement or
      any
      other Transaction Document, (iii)
      the
      legality, validity or enforceability of the Agreement or any other Transaction
      Document, (iv)
      any
      Originator’s, Buyer’s, the Administrator’s or TPF’s interest in the Receivables
      generally or in any significant portion of the Receivables, the Related Security
      or Collections with respect thereto, or (v)
      the
      collectibility of the Receivables generally or of any material portion of the
      Receivables.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

    Net
      Worth:
      As of
      the last Business Day of each Calculation Period preceding any date of
      determination, the excess, if any, of (i)
      the sum
      of (A) the aggregate Outstanding Balance of the Receivables at such time and
      (B)
      the aggregate cash and cash equivalents held, over (ii)
      the sum
      of (1)
      the
      Aggregate Invested Amount outstanding at such time, plus (2)
      the
      aggregate outstanding principal balance of the Subordinated Loans (including
      any
      Subordinated Loan proposed to be made on the date of
      determination).

     

    Organizational
      Documents:
      For any
      Person, the documents for its formation and organization, which, for example,
      (i)
      for a
      corporation are its corporate charter and bylaws, (ii)
      for a
      partnership are its certificate of partnership (if applicable) and partnership
      agreement, (iii)
      for a
      limited liability company are its certificate of formation or organization
      and
      its operating agreement, regulations or the like and (iv)
      for a
      trust is the trust agreement, declaration of trust, indenture or bylaws under
      which it is created.

     

    Original
      Balance:
      With
      respect to any Receivable coming into existence after the Initial Cutoff Date,
      the Outstanding Balance of such Receivable on the date it was
      created.

     

    Originator:
      As
      defined in the preamble to the Agreement.

     

    Purchase:
      The
      purchase pursuant to Section
      1.2(a)
      of the
      Agreement by Buyer from any Originator of the Receivables and the Related
      Security and Collections related thereto, together with all related rights
      in
      connection therewith.

     

    Purchase
      Agreement:
      The
      meaning set forth in the Preliminary Statements to the Agreement.

     

    Purchase
      Price:
      With
      respect to the Purchase, the aggregate price to be paid by Buyer to any
      Originator for such Purchase in accordance with Section
      1.3
      of the
      Agreement for the Receivables, Collections and Related Security being sold
      to
      Buyer, which price shall equal on any date (i)
      the
      product of (A)
      the
      Outstanding Balance of such Receivables on such date, multiplied by (B)
      one
      minus the Discount Factor in effect on such date, minus (ii)
      any
      Purchase Price Credits to be credited against the Purchase Price otherwise
      payable in accordance with Section
      1.4
      of the
      Agreement.

     

    Purchase
      Price Credit:
      As
      defined in Section
      1.4
      of the
      Agreement.

     

    Purchase
      Report:
      As
      defined in Section
      1.2(b)
      of the
      Agreement.

     

    Receivable:
      All
      indebtedness and other obligations owed by any Obligor in the United States
      or
      Canada to any Originator (at the times it arises, and before giving effect
      to
      any transfer or conveyance under the Agreement) or Buyer (after giving effect
      to
      the transfers under the Agreement) or in which any Originator or Buyer has
      a
      security interest or other interest, including, without limitation, any
      indebtedness, obligation or interest constituting an account, chattel paper,
      instrument or general intangible, arising in connection with the sale of goods
      or the rendering of services by any Originator and further includes, without
      limitation, the obligation to pay any Finance Charges with respect thereto.
      Indebtedness and other rights and obligations arising from any one transaction,
      including, without limitation, indebtedness and other rights and obligations
      represented by an individual invoice, shall constitute a Receivable separate
      from a Receivable consisting of the indebtedness and other rights and
      obligations arising from any other transaction; provided,
      further, that any indebtedness, rights or obligations referred to in the
      immediately preceding sentence shall be a Receivable regardless or whether
      the
      account debtor or the related Originator treats such indebtedness, rights or
      obligations as a separate payment obligation; it being understood that any
      Receivable for which the Buyer has received a Purchase Price Credit pursuant
      to
Section
      1.4(b)
      in an
      amount equal to the full Outstanding Balance thereof shall not constitute a
      Receivable hereunder.

     

    
      
        
        

      

      
        35

        
          

        

      

      
        
        

      

    

    Related
      Security:
      With
      respect to any Receivable:

     

    (i)  all
      of
      the related Originator’s interest in the inventory and goods (including returned
      or repossessed inventory or goods), if any, the sale, financing or lease of
      which by such Originator gave rise to such Receivable, and all insurance
      contracts with respect thereto,

     

    (ii)  all
      other
      security interests or liens and property subject thereto from time to time,
      if
      any, purporting to secure payment of such Receivable, whether pursuant to the
      Contract related to such Receivable or otherwise, together with all financing
      statements and security agreements describing any collateral securing such
      Receivable,

     

    (iii)  all
      guaranties, letters of credit, insurance and other agreements or arrangements
      of
      whatever character from time to time supporting or securing payment of such
      Receivable whether pursuant to the Contract related to such Receivable or
      otherwise,

     

    (iv)  all
      service contracts and other contracts and agreements associated with such
      Receivable,

     

    (v)  all
      Records related to such Receivable,

     

    (vi)  all
      of
      such Originator’s right, title and interest in each Lock-Box and each Collection
      Account, and

     

    (vii)  all
      proceeds of any of the foregoing;

     

    provided,
      however, that “Related Security” shall not include any Restricted Contract to
      the extent the assignment or transfer of, or the creation, attachment,
      perfection or enforcement of a security interest in, such Restricted Contract
      is
      not authorized by Section 9-406(d) of the UCC as in effect in each relevant
      jurisdiction.

    

    
      
        
        

      

      
        36

        
          

        

      

      
        
        

      

    

    Reportable
      Event:
      Any of
      the events set forth in Section 4043(c) of ERISA or the regulations thereunder,
      other than any such event for which the 30-day notice requirement under ERISA
      has been waived in regulations issued by the PBGC.

     

    Required
      Capital Amount:
      As of
      any date of determination, an amount equal to the greater of (i)
      3% of
      the Purchase Limit under the Purchase Agreement, and (ii)
      the
      product of (A)
      1.5
      times the product of the Default Ratio times the Loss Horizon Ratio, each as
      determined from the most
      recent Monthly Report received from the Servicer under the Purchase Agreement,
      and (B)
      the
      Outstanding Balance of all Receivables as of such date, as determined from
      the
      most recent Monthly Report received from the Servicer under the Purchase
      Agreement.

     

    Restricted
      Contract:
      Any
      Contract that contains an enforceable provision affirmatively restricting the
      assignment of the related Originator’s rights under such Contract to another
      Person where such provision does not include any exception that could permit
      such an assignment to Buyer (other than obtaining the consent of another Person
      (other than the Originator) if required by such Contract) or the breach of
      which
      provision would result in the termination of such Contract.

     

    Subordinated
      Loan:
      As
      defined in Section
      1.3(a)
      of the
      Agreement.

     

    Subordinated
      Note:
      A
      promissory note in substantially the form of Exhibit
      VI
      hereto
      as more fully described in Section
      1.3
      of the
      Agreement, as the same may be amended, restated, supplemented or otherwise
      modified from time to time.

     

    Tax
      Code:
      The
      Internal Revenue Code of 1986, as the same may be amended from time to
      time.

     

    Termination
      Date:
      The
      earliest to occur of (i)
      the
      Facility Termination Date (as defined in the Purchase Agreement), (ii)
      the
      Business Day immediately prior to the occurrence of a Termination Event set
      forth in Section
      5.1(d),
      (iii)
      the
      Business Day specified in a written notice from Buyer to any Originator
      following the occurrence of any other Termination Event, and (iv)
      the date
      which is 10 Business Days after Buyer’s receipt of written notice from the
      Originators that they wish to terminate the facility evidenced by this
      Agreement.

     

    Termination
      Event:
      As
      defined in Section
      5.1
      of the
      Agreement.

     

    Unmatured
      Termination Event:
      An
      event which, with the passage of time or the giving of notice, or both, would
      constitute a Termination Event.

     

    All
      accounting terms not specifically defined herein shall be construed in
      accordance with GAAP. Unless otherwise specified, all terms used in Article
      9 of
      the UCC in the State of New York, and not specifically defined herein, are
      used
      herein as defined in such Article 9.

     

    
      
        
        

      

      
        37

        
          

        

      

      
        
        

      

    

    Exhibit
      II

    

    Jurisdiction
      of Organization; Places of Business; Locations of Records;

    Federal
      Employer Identification Number(s); Other Names

    
ARCH
      CHEMICALS, INC.

    

    Jurisdiction
      of Organization: Virginia

    

    Principal
      places of business:

    

    
      	
              501
                Merritt 7

              P.O.
                Box 5204

              Norwalk,
                CT 06856-5204

              (CHIEF
                EXECUTIVE OFFICE)

            
	 
	
              P.O.
                Box 547

              2450
                Olin Road

              Brandenburg,
                KY 40108-0547

            
	 
	
              1200
                Lower River Road

              Charleston,
                TN 37310

            
	 
	
              350
                Knotter Drive

              Cheshire,
                CT 06410

            
	 
	
              960
                I-10 at West Lake

              Lake
                Charles, LA 70602

            
	 
	
              P.O.
                Box 28

              1
                Industrial Road

              McIntosh,
                AL 36553-0028

            
	 
	
              100
                McKee Road

              P.O.
                Box 205

              Rochester,
                NY 14601-0205

            

    

    

    
      
        
        

      

      
        38

        
          

        

      

      
        
        

      

    

    Location(s)
      of Records:

     

    
      	
              501
                Merritt 7

              P.O.
                Box 5204

              Norwalk,
                CT 06856-5204

            
	 
	
              P.O.
                Box 547

              2450
                Olin Road

              Brandenburg,
                KY 40108-0547

            
	 
	
              1200
                Lower River Road

              Charleston,
                TN 37310

            
	 
	
              350
                Knotter Drive

              Cheshire,
                CT 06410

            
	 
	
              960
                I-10 at West Lake

              Lake
                Charles, LA 70602

            
	 
	
              P.O.
                Box 28

              1
                Industrial Road

              McIntosh,
                AL 36553-0028

            
	 
	
              100
                McKee Road

              P.O.
                Box 205

              Rochester,
                NY 14601-0205

            

    

    

    Federal
      employer identification number(s):

    

    xx-xxxxxxx

    

    Legal,
      Trade & Assumed Names:

    

    JPL
      Corporation (former name from Aug. 25, 1998 through Nov. 5, 1998)

    

    ARCH
      CHEMICALS SPECIALTY PRODUCTS, INC.

    

    Jurisdiction
      of Organization: Delaware

    

    Principal
      places of business:

    

    
      
        
        

      

      
        39

        
          

        

      

      
        
        

      

    

    501
      Merritt 7

    P.O.
      Box
      5204

    Norwalk,
      CT 06856-5204

    (CHIEF
      EXECUTIVE OFFICE)

    

    6550
      South Mountain Road

    Queen
      Creek, AZ 85242

    

    P.O.
      Box
      10099

    Mesa,
      AZ
      85216

    

    Location(s)
      of Records:

    

    501
      Merritt 7

    P.O.
      Box
      5204

    Norwalk,
      CT 06856-5204

    

    6550
      South Mountain Road

    Queen
      Creek, AZ 85242

    

    Federal
      employer identification number(s):

    

    xx-xxxxxx

    

    Legal,
      Trade & Assumed Names:

    

    Olin
      Hunt
      Specialty Products, Inc. (former name from Dec. 31, 1990 through Feb. 9,
      1999)

    

    ARCH
      PERSONAL CARE PRODUCTS, L.P.

    

    Jurisdiction
      of Organization: New Jersey

    

    Principal
      places of business:

    

    70
      Tyler
      Place

    South
      Plainfield, N.J. 07080

    (CHIEF
      EXECUTIVE OFFICE)

    

    Location(s)
      of Records:

    

    70
      Tyler
      Place

    South
      Plainfield, N.J. 07080

    

    
      
        
        

      

      
        40

        
          

        

      

      
        
        

      

    

    Federal
      employer identification number(s):

    

    xx-xxxxxx

    

    Legal,
      Trade & Assumed Names:

    

    None

    

    

    ARCH
      WOOD PROTECTION, INC.

    

    Jurisdiction
      of Organization: Delaware

    

    Principal
      places of business:

    

    1955
      Lake
      Park Drive

    Suite
      250

    Smyrna,
      GA 30080

    (CHIEF
      EXECUTIVE OFFICE)

    

    3941
      Bonsal Road

    Conley,
      GA 30288

    

    Location(s)
      of Records:

    

    1955
      Lake
      Park Drive

    Suite
      250

    Smyrna,
      GA 30080

    3941
      Bonsal Road

    Conley,
      GA 30288

    

    Federal
      employer identification number(s):

    

    xx-xxxxxx

    

    Legal,
      Trade & Assumed Names:

    

    Hickson
      Corporation (former name from Nov. 9, 1988 through Dec. 18, 2000)

    Hickson
      Timber Protection (DBA in South Carolina)

    HUSA
      Corp. (DBA in Texas)

    

    

    ARCH
      TREATMENT TECHNOLOGIES, INC.

    

    Jurisdiction
      of Organization: Virginia

    

    
      
        
        

      

      
        41

        
          

        

      

      
        
        

      

    

    Principal
      places of business:

    

    1955
      Lake
      Park Drive

    Suite
      250, Smyrna, GA 30080

    

    Location(s)
      of Records:

    

    1955
      Lake
      Park Drive

    Suite
      250, Smyrna, GA 30080

    

    

    Federal
      employer identification number(s):

    

    xx-xxxxxxx

    

    Legal,
      Trade & Assumed Names:

    

    None

    

    
      
        
        

      

      
        42

        
          

        

      

      
        
        

      

    

    Exhibit
      III

    

    Lock-boxes;
      Collection Accounts; Collection Banks

    

    

    
      
        	
                
                  ·      PNC
                    Bank, National Association

                

                Treasury
                  Management

                Two
                  Tower Center, 17th Floor

                East
                  Brunswick, NJ 08816

              
	
                Lock
                  Box:

                P.O.
                  Box 640060

                Pittsburgh,
                  PA 15264-0060

                 

              	
                Collection
                  Account Number:

                XXXXXXX

              
	 
	
                
                  ·      The
                    Northern Trust Company

                

                50
                  South LaSalle Street

                Chicago,
                  Illinois 60675

              
	
                Lock
                  Box:

                P.O.
                  Box 92892

                Chicago,
                  IL 60675-2892

                 

                Lock
                  Box:

                P.O.
                  Box 91410

                Chicago,
                  IL 60675

              	
                Collection
                  Account Number:

                XXXXX

                 

                 

                Collection
                  Account Number:

                XXXXX

              
	 
	
                
                  ·      JP
                    Morgan Chase Bank

                

                One
                  Chase Manhattan Plaza

                New
                  York, NY 10081

              
	
                Lock
                  Box:

                P.O.
                  Box 910724

                Dallas,
                  TX 75391-0724

                 

              	
                Collection
                  Account Number:

                XXX-XXX-XXXX

              
	 
	
                
                  ·     
The
                    Toronto-Dominion Bank

                

                Transit
                  1104

                77
                  Bloor St W

                Toronto,
                  Ontario M5S1M2

                 

              
	
                Lock
                  Box:

                P.O.
                  Box 6100 Postal Station F

                Toronto,
                  ON  M4Y2Z2

                Lockbox:
                  T6260

                 

              	
                Collection
                  Account Number:

                XXXXXXXXXXX
                  (Canadian Dollars)

              
	 

      

       

      
        
          
          

        

        
          43

          
            

          

        

        
          
          

        

      

      

        
          	
                  
                    ·      Wachovia
                      Bank

                  

                  191
                    Peachtree Street

                  Atlanta,
                    GA 30303

                
	
                  Lock
                    Box:

                  P.O.
                    Box 101308

                  Atlanta,
                    GA 30392-1308

                   

                  P.O.
                    Box 945582

                  Atlanta,
                    GA 30394-5582

                   

                  P.O.
                    Box 930597

                  Atlanta,
                    GA 31193

                   

                  P.O.
                    Box 932727

                  Atlanta,
                    GA 31193

                   

                  P.O.
                    Box 75335

                  Charlotte,
                    NC 28275-0335

                   

                   

                  P.O.
                    Box 751822

                  Charlotte,
                    NC 28275-1822

                   

                	
                  Collection
                    Account Number:

                  XXXXXXXXXXXX

                   

                   

                  XXXXXXXXXXXX

                   

                   

                  XXX-XXXX-XXX-XXX

                   

                   

                  XXX-XXXX-XXX-XXX

                   

                   

                  XXXXXXXXXXXXX

                   

                   

                   

                  XXXXXXXXXXXXX

                

        

      

    

    
       

      
        
        

      

      
        44

        
          

        

      

      
        
        

      

    

    

    Exhibit
      IV

    

    Form
      of
      Compliance Certificate

    

    

    This
      Compliance Certificate is furnished pursuant to Section 4.1(a)(iii) of that
      certain Receivables Sale Agreement dated as of June 27, 2005, between
[Originator
      Name]
      (“Originator”)
      and
      certain of its affiliates, as sellers, and Arch Chemicals Receivables Corp.,
      as
      buyer (as amended, restated or otherwise modified from time to time, the
“Agreement”).
      Capitalized terms used and not otherwise defined herein are used with the
      meanings attributed thereto in the Agreement.

     

    THE
      UNDERSIGNED HEREBY CERTIFIES THAT:

     

    1.   I
      am the
      duly elected ______________ of Originator.

     

    2.   I
      have
      reviewed the terms of the Agreement and I have made, or have caused to be made
      under my supervision, a detailed review of the transactions and financial
      conditions of Arch and its Subsidiaries during the accounting period covered
      by
      the attached financial statements.

     

    3.   The
      examinations described in paragraph 2 did not disclose, and I have no knowledge
      of, the existence of any condition or event which constitutes a Termination
      Event or an Unmatured Termination Event, as each such term is defined under
      the
      Agreement, during or at the end of the accounting period covered by the attached
      financial statements or as of the date of this Certificate[,
      except as set forth below].

     

    [4.   Described
      below are the exceptions, if any, to paragraph 3 by listing, in detail, the
      nature of the condition or event, the period during which it has existed and
      the
      action which Arch Chemicals and its Subsidiaries have taken, are taking, or
      propose to take with respect to each such condition or event:
      _______________________________].

     

    The
      foregoing certifications, together with the computations set forth in Schedule
      I
      hereto and the financial statements delivered with this Certificate in support
      hereof, are made and delivered this ____ day of ______________,
      200_.

     

    _____________________________

    [Name]

     

    
      
        
        

      

      
        45

        
          

        

      

      
        
        

      

    

    Exhibit
      V

    

    Credit
      and Collection Policy

    

    

    [see
      attached]

    

    
      
        
        

      

      
        46

        
          

        

      

      
        
        

      

    

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn
      Lifrieri, Director of Corporate Credit

    Effective:
      September
      2004

    Supercedes:
      March 2002

    Page:
      1
      of
      13

    
      
        

      

    CREDIT
      AND COLLECTION POLICY

    

    CREDIT

    

    

    
      	1. 
                	
              OBJECTIVES

            

    

    

    
      	Ø  	
              Credit
                sales are made only to customers having the financial ability to
                pay.

            

    

    
      	Ø  	
              Collections
                are made for all credit sales.

            

    

    
      	Ø  	
              All
                write-offs of uncollectible customer account balances are
                authorized.

            

    

    

    

    
      	2. 
                	
              CREDIT
                CONTROL & CREDIT LINE
                ESTABLISHMENT

            

    

    

    2.1 
      Control Considerations

    

    
      	1. 
                	
              Credit
                department operations are to be separate from the marketing or sales
                function. This is necessary to ensure the independent credit judgment
                essential for protection of the company’s investment in trade accounts
                receivable.

            

    

    

    
      	2. 
                	
              Credit
                approval authority resides with the Director, Corporate Credit, or
                in the
                case of decentralized credit management, credit approval authority
                is to
                be designated and delegated by the senior finance management of each
                division or subsidiary (See Exhibit A, Table of Authority, Credit
                Line
                Approval Levels). Such delegation is to be in writing, and is to
                state the
                credit line amount beyond which higher management approval is required.
                It
                is permissible to re-delegate credit approval authority to additional
                personnel within the credit function or finance, as
                appropriate.

            

    

    

    
      	3. 
                	
              Credit
                terms are to be approved by the business segment’s General Manager or
                Financial Officer, or by their delegate, and by the Director of Corporate
                Credit, as required (see special credit terms, section 2.6 below).
                In the
                case of decentralized divisions and subsidiaries, credit terms are
                to be
                approved by the senior manager and senior credit executive of such
                entities.

            

    

    

    
      
        
        

      

      
        Page
          1
          of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      2
      of 13

      
        

      

    

     

    2.2
      Credit Applications 

     

    
      	1. 
                	
              Applications
                for credit terms may result from correspondence direct from customers,
                or
                as a result of contacts with prospective customers by marketing or
                sales
                personnel. The sales or customer service representative contacted
                by the
                customer is required to have the customer complete the Arch Chemicals
                Customer Information Application (See Exhibit C for attached copy),
                or to
                complete a comparable credit application or credit information form.
                All
                such credit applications are to be promptly forwarded to the Director
                of
                Corporate Credit, or to a designated credit manager or analyst, for
                handling.

            

    

    

    
      	2. 
                	
              The
                Arch Chemicals credit application, or other similar form utilized
                by the
                customer or Arch business segment, should generally contain the following
                information: 

            

    

     

    
      	§  	
              Customer's
                name and address

            

    

     

    
      	§  	
              Names
                and titles of customer contacts

            

    

    
      	§  	
              Bank
                and trade references

            

    

     

    
      	§  	
              Estimated
                annual or monthly sales volume

            

    

     

    
      	§  	
              Credit
                line requested

            

    

     

    
      	§  	
              Tax-exempt
                status

            

    

     

    
      	§  	
              Signatures
                (i.e., Applicant, Arch Sales Manager, Arch Credit
                Manager)

            

    

    

    
      	3.    
              	
              If
                the sales to the prospective customer will be tax exempt, the customer
                is
                to supply a copy of their tax exemption certificate with their credit
                application. Corporate Credit or the local credit office should maintain
                a
                copy of the certificate for use by the Corporate Tax
                Dept.

            

    

    

    

    2.3
      Credit Investigation

    

    
      	1. 
                	
              Upon
                receipt of a request or application for credit, credit investigations
                should be started promptly. The extent of a particular credit
                investigation is dependent upon many factors, such as the potential
                number
                and dollar volume of orders, the size of a one-time order, available
                credit information, etc. Some sources of information are:
                

            

    

    
      	§  	
              Dun
                & Bradstreet (D&B)

            

    

    
      	§  	
              Credit
                group reports

            

    

    
      	§  	
              Bank
                and trade reference checks (at least
                three)

            

    

    
      	§  	
              Customer
                financial statements, either audited or
                unaudited

            

    

     

    
      
        
        

      

      
        Page
          2
          of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      3
      of 13

      
        

      

    

     

    
      	2. 
                	
              The
                Credit department should contact three of the customer’s trade references
                using the Trade Credit Reference Request (see Exhibit D for attached
                copy)
                or a similar credit inquiry tool. When necessary, a D&B or comparable
                credit bureau report, and bank references should also be obtained
                and
                reviewed. Bank references are generally difficult to obtain and may
                be of
                limited value, therefore processing of the customer’s credit application
                should not be unduly delayed in order to seek a bank
                reference.

            

    

    

    
      	3. 
                	
              Credit
                investigations involving customers located in foreign countries may
                also
                potentially include assessments of the following risk factors before
                credit is approved:

            

    

    
      	§  	
              Commercial
                law variation

            

    

    
      	§  	
              Stability
                of the country in which the customer is
                located

            

    

    
      	§  	
              Availability
                of foreign exchange

            

    

    
      	§  	
              Financial
                statement variation (i.e., accounting method differences)

            

    

    

    2.4
      Credit Limit Amounts

    

    New
      customer accounts are to be established only when properly authorized by the
      credit function. The responsible credit manager, analyst or other designated
      individual, in consultation with the management of the business unit, is to
      establish the criteria for granting credit limits to customers. The criteria
      should be such that:

    

    
      	1. 
                	
              Credit
                will be provided to customers in sufficient amounts to maximize sales,
                while at the same time controlling exposure to minimize bad debt
                losses.
                The attached schedule of Dun & Bradstreet Ratings and Credit Lines may
                be used as a general reference guide.

            

    

    

    
      	2. 
                	
              Credit
                limit amounts or exposure levels are to be determined by the Director
                of
                Credit, or by a person designated by the business segment financial
                management, upon completion of the credit
                investigation.

            

    

    

    
      	3.   	
              Credit
                limit amounts represent a credit limit beyond which a manager of
                the
                credit function is to specifically approve each additional order,
                unless
                an overriding credit rating (See Exhibit B) or credit risk code in
                the
                system has been designated for the customer in question. (See
                Exhibit A, Table of Credit Line
                Authority)

            

    

    

    
      	4. 
                	
              Credit
                files are to be maintained and kept current. Files for new customers
                should include a credit application, completed trade credit references,
                and other credit information and/or financial statement data (See
                Credit History section 2.5)

            

    

     

    
      
        
        

      

      
        Page
          3
          of 13

        
          

        

      

      
        
        

      

    

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      4
      of 13

      
        

      

    

    

    
      	5. 
                	
              The
                following information shall be entered into the customer’s master records:
                a credit limit, credit risk code (if a systematic risk code tool
                exists),
                and a credit review date, if
                required.

            

    

    

    
      	6. 
                	
              All
                credit limits and credit risk category codes are subject to review
                and
                change if any of the following
                occur:

            

    

     

    
      	a.  	
              Information
                is received indicating an unfavorable change in credit agency rating,
                adverse report from suppliers or bank, adverse report from sales
                rep.,
                etc.

            

    

     

    
      	b.  	
              Remittances
                are not received in accordance with agreed-upon terms of
                payment.

            

    

     

    
      	c.  	
              Customers’
                orders exceed their credit limit.

            

    

    

    
      	 	
              It
                is then the responsibility of the Credit function to review the affected
                customers’ credit limits and risk
                categories.

            

    

    

    
      	7. 
                	
              Accounts
                with a historically good payment record and no measurable credit
                risk, may
                be assigned a credit limit and risk code sufficient to meet their
                anticipated requirements. This is intended to see that all of the
                customer’s purchasing requirements will be met.

            

    

    

    
      	8. 
                	
              Restrictions
                are to be placed on accounts commensurate with specific credit risks.
                Customers deemed to be poor credit risks may be denied credit altogether
                and sold only on a secured or cash-in-advance
                basis.

            

    

    

    
      	9. 
                	
              Credit
                limit amounts and credit files are to be reassessed by the credit
                department on an ongoing basis and adjusted as necessary to reflect
                any
                changes in credit risk.

            

    

    

    
      	10.  	
              Credit
                limit amounts, or any changes thereto, are to be promptly furnished
                to
                Sales & Marketing as requested, for their use in dealing with
                customers, and as requested, to any departments involved in the checking
                of credit prior to accepting and/or shipping customer orders.
                

            

    

    

    
      	11.  	
              All
                changes to credit limit amounts shall be documented in writing or
                electronically on the accounts receivable or SAP system, and should
                include: 

            

    

    
      	§  	
              Customer
                name and address

            

    

    
      	§  	
              Credit
                limit amount and any applicable
                restrictions

            

    

    
      	§  	
              The
                person approving the credit

            

    

    

    
      
        
        

      

      
        Page
          4
          of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      5
      of 13

      
        

      

    

    

    2.5
      Credit History Files

    

    As
      much
      as possible, the SAP system, or a comparable online system, is to serve as
      an
      electronic credit file, reflecting relevant notes and documentation on credit
      lines and risk codes, and dates and reasons for changes to same. If possible,
      Dun & Bradstreet or similar credit bureau reports are also to be retained in
      an electronic filing system, utilizing desktop or server based software, or
      a
      similar shared database, that is accessible to credit department personnel.
      

    

    In
      addition, hard copy customer credit history files should be maintained. These
      files may include such customer credit information as:

    
      	§  	
              Customer
                Information Application or credit application form (this may not
                be
                available for customers of many years standing)

            

    

    
      	§  	
              Sales
                Tax Exemption information, if
                applicable

            

    

    
      	§  	
              Trade
                references

            

    

    
      	§  	
              Financial
                statements, if available

            

    

    
      	§  	
              D&B
                or other credit bureau hard copy reports and relevant
                alerts

            

    

    
      	§  	
              Relevant
                information from newspapers (electronic or paper) or trade
                publications

            

    

    
      	§  	
              Information
                provided by various credit reporting
                services

            

    

    
      	§  	
              Information
                provided by the customer or Sales

            

    

    

     

    The
      accounts receivable system and credit history files are to be checked for past
      credit standings, to determine if the name of a former customer appears on
      a new
      customer credit application. Any amounts previously written off as uncollectible
      debts should be pursued for possible recovery.

     

    2.6
      Special Credit Terms

    

    The
      authorized standard payment terms for Arch Chemicals (domestic) are Net 30.
      Payment terms for exports made from the U.S. to International customers may
      vary
      from 60 to 90 days or more, based on country risk and industry and local
      practice. Standard payment terms for International subsidiaries and affiliates,
      and any exceptions to these, are to be determined by the general management
      and
      finance/credit management of these businesses.

    

    Any
      special terms arrangements increase the working capital required to conduct
      operations, and adversely affect A/R turnover and DSO. Consequently,
any
      request from customers or 

     

    
      
        
        

      

      
        Page
          5
          of 13

        
          

        

      

      
        
        

      

    

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      6
      of 13

      
        

      

    

    

    sales
      personnel for special credit terms are
      to
      be
      made in writing, and should be approved by the segment/division’s head of Sales,
      General Manager and/or its Finance Officer. These
      special terms are then to be presented to the Director, Corporate Credit, or
      to
      the appropriate business segment manager responsible for credit
      management.

    

    Exceptions:

    

    Ordinarily,
      special payment terms other than Net 30 are justified only to meet a competitive
      situation and if the sale would otherwise be lost. In
      order to justify such a competitive credit terms exception, the customer should
      supply Sales with written proof of such competitive terms, in the form of a
      P.O.
      or invoice copy.

    

    Following
      are some additional examples of specific credit terms exceptions:

     

    
      	§  	
              In
                support of the shipment of seasonal products and for early buy programs,
                such as for HTH water chemicals.

            

    

     

    
      	§  	
              In
                exchange for payment by electronic funds transfer (EFT) or
                ACH.

            

    

     

    2.7
      Terms for EFT Payments (Electronic Funds Transfer)

    

    EFT
      terms
      arrangements for domestic U.S. customers shall be coordinated with and approved
      by Corporate Treasury and Corporate Credit. If the customer requires extra
      days
      as a condition for making EFT payments, Corporate Treasury and Corporate Credit
      must be consulted.

    

    Any
      additional dating terms allowed to domestic U.S. customers that pay by
      EFT
      should not exceed 4 days, unless approved by Treasury and the Director of
      Corporate Credit.
      Such
      additional terms, if granted, are intended as an incentive to do EFT and/or
      in
      compensation for the customer’s perceived loss of mail and check float.

    

    
      
        
        

      

      
        Page
          6
          of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      7
      of 13

      
        

      

    

     

    Trade
      A/R COLLECTION

     

    3.1
      Monitoring Accounts Receivable for Past Due Balances

     

    

    Open
      customer accounts must be monitored to determine past due balances that may
      require follow-up, and to provide all necessary information required to enforce
      collection.

    

    
      	1. 
                	
              Monitoring
                open customer accounts may be accomplished during the order entry
                process
                and through a regular review of customer Aged Trial Balance reports.
                In
                addition, during the cash application process, customer accounts
                may be
                reviewed and necessary action taken to clear aged deductions and
                questionable items. However, all adjustments resulting from such
                action
                must be approved in writing or in accordance with established procedures
                (i.e., credit memo approval process,
                etc.).

            

    

    

    
      	2. 
                	
              Aged
                accounts receivable balances and ATB reports are to be reviewed
                periodically (at least quarterly), to identify unusual open items
                and
                customers who are becoming slow-pay accounts,
                etc.

            

    

    

    
      	3. 
                	
              When
                departments other than the credit function are responsible for monitoring
                open customer balances, the system must ensure that all appropriate
                past
                due information is provided to the credit function for its use in
                effecting collection and managing credit
                risk.

            

    

    

    
      	4. 
                	
              Comments
                should be made on-line in any relevant system fields where text notes
                may
                be recorded (e.g., in SAP’s Credit Master Sheet, or in its Display
                Customer Line Items or DMC screens). Customer service, credit analysts
                or
                other responsible personnel are to document their findings in these
                notes
                and/or in other written form (e.g., on copies of ATB reports) to
                serve as
                a document of collections efforts and to be supplied to credit personnel,
                as needed.

            

    

    
 

    3.2
      Accounts Receivable Collection Practices

    

    Credit
      functions, accounts receivable staff and at times Customer Service, may be
      responsible for working together to collect past due balances, and to review
      and
      resolve payment discrepancies. Whatever collections methods are used, (see
      general guidelines in section 

     

    
      
        
        

      

      
        Page
          7
          of 13

        
          

        

      

      
        
        

      

    

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      8
      of 13

      
        

      

    

    

    3.2.4
      below), any additional or detailed collections procedures should be in writing
      and should be consistently followed. Each function shall have access to ATB
      reports and customer’s A/R displays on the system, as required to effect
      collection of accounts receivable.

    

    
      	1.    
              	
              During
                the cash application process, deductions (short payments) should
                be
                assigned reason codes, if the system provides this capability, in
                order to
                facilitate subsequent investigation and
                resolution.

            

    

    

    
      	2. 
                	
              Appropriate
                notations of the collections actions taken are to be made in the
                online
                system or in another relevant tracking tool, and/or placed in the
                credit
                file to document the follow-up.

            

    

    

    
      	3. 
                	
              Detailed
                collection practices and the system of follow-up on past due accounts
                may
                vary depending on the type of business or on the marketing methods
                of each
                business unit.

            

    

    

    
      	4. 
                	
              Guidelines
                and examples of some past due account actions and collection follow-up
                that should be taken are: 

            

    

    
      	§  	
              Past
                dues are to be identified by a regular online review of customer
                account
                balances, or by the periodic review (e.g., monthly) of customers’ Aged
                Trial Balance (ATB) reports.

            

    

    
      	§  	
              A
                customer contact should be made (by phone, fax or email) once an
                invoice
                has gone past due beyond accepted payment terms in excess of an acceptable
                time period.

            

    

    
      	§  	
              Generally,
                this collections contact should be made
                as early as one day and no later than 30 days after
                invoice due date. Active collections follow-up may vary by business,
                however it is encouraged to begin as early as 10 to 15 days after
                due
                date.

            

    

    
      	§  	
              Telephone
                or email contact should seek to identify reasons for delinquency
                and to
                assure prompt payment of both the delinquent item(s) and all other
                obligations.

            

    

    
      	§  	
              A
                commitment should be sought for payment resolution by a certain date,
                with
                customers’ promises and payment information (e.g., check number, check
                date, date mailed, check amount) recorded in the online system or
                in a
                manual file or report.

            

    

    
      	§  	
              As
                appropriate, action dates for follow-up collection calls should be
                used
                and noted in an online system (e.g. SAP’s DMC), in Microsoft Outlook, in
                an electronic calendar, or in another appropriate reminder, “tickler
                system,” or work prioritization
                tool.

            

    

    
      	§  	
              Statements
                shall be faxed or mailed to delinquent customers, as
                appropriate.

            

    

    
      	§  	
              Reminder
                letters shall be sent to delinquent customers, as
                appropriate.

            

    

    
      	§  	
              Sales
                representatives and/or customer service may assist in the collections
                effort.

            

    

    

    
      	5. 
                	
              Each
                business unit may establish the point beyond which interest may
                potentially be charged on past due customer balances. Rates to be
                charged
                should not be less than those that Arch must pay when obtaining short
                term
                financing. Consideration should be given to the ultimate collectibility
                of
                interest charges, and the need to monitor that any such charges that
                are
                assessed do not become stale
                receivables.

            

    

    

    
      
        
        

      

      
        Page
          8
          of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      9
      of
      13

    
      

    

     

    given
      to
      the ultimate collectibility of interest charges, and the need to monitor that
      any such charges that are assessed do not become stale receivables.

    

    

    3.3
      Use of Collection Agencies

    

    
      	1. 
                	
              Seriously
                past due accounts are to be placed in the hands of a professional
                collection agency or lawyer only after all other collection efforts
                have
                been exhausted. Sales shall be notified and a final demand letter
                shall be
                sent to the customer before placing a debt.

            

    

    

    
      	2. 
                	
              The
                approval of the Director of Credit, or of the affiliate/business
                segment’s
                credit manager or credit authority, is required when placing an account
                with an outside collection agency. Subsequently, Credit should consult
                with Legal to obtain necessary approval prior to commencing a lawsuit
                for
                collection, if the suit is for a material amount, and/or it has the
                potential for a counter claim on breach of contract or product
                liability.

            

    

    

    
      	3. 
                	
              Following
                placement for collection, Corporate Credit or the business segment’s
                credit professional is to closely monitor the collection efforts
                of the
                collection agency until either the customer makes a satisfactory
                arrangement to pay the past due account or the collection agency
                has
                determined the account to be
                uncollectible.

            

    

    

     

    3.4
      Accounts Receivable Write-offs

    

    See
      CAP 83.0 for detailed policy and procedures on Doubtful Accounts and Bad Debts.
      

    

    
      	1. 
                	
              Financial
                Officers or their delegates must approve all write-offs of uncollectible
                accounts.

            

    

    

    
      	2. 
                	
              Periodically,
                but at least annually, past due accounts and accounts placed for
                collections are to be reviewed with the Financial Officer, or with
                the
                affiliate/subsidiary finance manager, to assess whether any write-offs
                are
                appropriate.

            

    

    

    
      	3. 
                	
              Estimated
                bad debts shall also be analyzed periodically, in order to determine
                the
                adequacy of the Bad Debt Reserve. Corporate Credit, or the responsible
                credit professional of the affiliate or business segment, should
                assist in
                the identification of potentially uncollectible accounts for this
                reserve
                analysis.

            

    

    

    
      
        
        

      

      
        Page
          9
          of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      10
      of 13

      
        

      

    

    

    
      	4. 
                	
              The
                determination that an account balance is uncollectible shall be made
                in
                consultation with Corporate Credit and the financial officers of
                the
                business segments. In the case of International subsidiaries and
                affiliates, this decision shall be made by the credit and finance
                management of the business. Upon write-off approval, accounts will
                be
                transferred to the Allowance for Doubtful
                Accounts.

            

    

    

    
      	5. 
                	
              When
                collection agencies recommend write-offs of accounts that have been
                only
                partially collected, customers should be contacted to confirm amounts
                paid. This will serve as a check on the accuracy of agency
                remittances.

            

    

    

    
      	6. 
                	
              Accounts
                written off as uncollectible may nevertheless be able to pay some
                percentage of the outstanding balance at a later date. Therefore,
                credit
                files on these accounts are to be maintained and periodically followed
                up
                by the credit functions, regardless of whether the customer became
                bankrupt, went out of business, or refused to pay.
                

            

    

    

    

    3.5
      Credits to A/R

    

    Credits
      may be granted from time to time consistent with the applicable sections of
      the
      separate Accounts Receivable Trade (CAP 61.1) and Billing (CAP 81.1)
      policies.

    

    
      
        
        

      

      
        Page
          10 of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      11
of
      13

      
        

      

    

    

    

    

    Modification

    

     

    Amendment
      and modification to contracts for credit sales shall be made consistent with
      this Credit and Collection Policy, and with Corporate policies and
      procedures.

     

    
      
        
        

      

      
        Page
          11 of 13

        
          

        

      

      
        
        

      

    

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      12
      of 13

      
        

      

    

    

    Exhibit
      A

    

    Table
      of Authority

    Credit
      Line Approval Levels

     

    
      
        	 	
                Amount
                  in Dollars

              
	 	 
	 	 
	
                Vice
                  President & Treasurer

              	
                Over
                  $5 million

              
	 	
                 

              
	 	
                 

              
	
                Director,
                  Corporate Credit

              	
                Up
                  to $5 million

              
	 	
                 

              
	 	
                 

              
	
                Financial
                  Officers

              	
                Up
                  to $2 million

              
	 	
                 

              
	 	
                 

              
	
                Finance
                  Director / Subsidiary Finance

              	
                Up
                  to $1 million

              
	 	 
	 	 
	
                Credit
                  Manager

              	
                Up
                  to $500,000

              
	 	 
	 	
                 

              
	
                Senior
                  / International Credit Analyst

              	
                Up
                  to $100,000

              
	 	 
	 	 
	
                Credit
                  Analyst

              	
                Up
                  to $50,000

              

      

    
      
        
        

      

      
        Page
          12 of 13

        
          

        

      

      
        
        

      

    

     

     Corporate
      Accounting Procedure

    Procedure
      Number: CAP 82.1

    Contact:
      Glenn Lifrieri, Director of Corporate Credit

    Effective:
      September 2004

    Supercedes:
      March 2002

    Page:
      13
      of 13

      
        

      

    

     

    Exhibit
      B

    

    Dun
      & Bradstreet Ratings and Pre-Authorized Credit
      Limits

    

    

    The
      existence of a positive D&B rating indicating a customer’s financial
      strength and credit capacity, can be used as a guideline for establishing a
      credit limit, provided that no negative information exists from other credit
      sources.

    

    The
      D&B rating must be “in date” or current, and it should be reviewed
      periodically for any negative revisions.

    

    

    

    

    
      	
              “Grade
                1”

            	
              Credit
                Line

            	 	
              “Grade
                2”

            	
              Credit
                Line

            
	
              D&B
                Rating

            	
              Pre-Authorized
                Guideline

            	 	
              D&B
                Rating

            	
              Pre-Authorized
                Guideline

            
	 	 	 	 	 
	
              5A1

            	
              500,000

            	 	
              5A2

            	
              400,000

            
	
              4A1

            	
              400,000

            	 	
              4A2

            	
              300,000

            
	
              3A1

            	
              250,000

            	 	
              3A2

            	
              200,000

            
	
              2A1

            	
              200,000

            	 	
              2A2

            	
              100,000

            
	
              1A1

            	
              100,000

            	 	
              1A2

            	
              75,000

            
	
              BA1

            	
              50,000

            	 	
              BA2

            	
              40,000

            
	
              BB1

            	
              40,000

            	 	
              BB2

            	
              30,000

            
	
              CB1

            	
              30,000

            	 	
              CB2

            	
              20,000

            
	
              CC1

            	
              25,000

            	 	
              CC2

            	
              15,000

            
	
              DC1

            	
              20,000

            	 	
              DC2

            	
              15,000

            
	
              DD1

            	
              15,000

            	 	
              DD2

            	
              10,000

            
	
              EE1

            	
              10,000

            	 	
              EE2

            	
              5,000

            

    

    

     

    
      
        
        

      

      
        Page
          13 of 13

        
          

        

      

      
        
        

      

    

     

    Exhibit
      VI

    

    Form
      of
      Subordinated Note

    

    

    SUBORDINATED
      NOTE

    

    ______________,
      200_

    

    1.   Note.
      FOR
      VALUE RECEIVED, the undersigned, Arch Chemicals Receivables Corp., a Delaware
      corporation (“SPV”),
      hereby unconditionally promises to pay to the order of [ORIGINATOR
      NAME],
      a(n)
      __________ ***[corporation] [limited
      liability company] [partnership]***
      (“Originator”),
      in
      lawful money of the United States of America and in immediately available funds,
      on or before the date following the Termination Date which is one year and
      one
      day after the date on which (a) the Outstanding Balance of all Receivables
      sold
      under the “Sale Agreement” referred to below has been reduced to zero and (b)
      Originator has paid to Buyer all indemnities, adjustments and other amounts
      which may be owed thereunder in connection with the Purchase thereunder (the
      “Collection
      Date”),
      the
      aggregate unpaid principal sum outstanding of all “Subordinated Loans” made from
      time to time by Originator to SPV pursuant to and in accordance with the terms
      of that certain Receivables Sale Agreement dated as of June 27, 2005 between
      Originator and certain of its affiliates, as sellers, and SPV, as buyer (as
      amended, restated, supplemented or otherwise modified from time to time, the
      “Sale
      Agreement”).
      Reference to Section
      1.3
      of the
      Sale Agreement is hereby made for a statement of the terms and conditions under
      which the loans evidenced hereby have been and will be made. All terms which
      are
      capitalized and used herein and which are not otherwise specifically defined
      herein shall have the meanings ascribed to such terms in the Sale
      Agreement.

     

    2.   Interest.
      SPV
      further promises to pay interest on the outstanding unpaid principal amount
      hereof from the date hereof until payment in full hereof at a rate equal to
      the
      1-month LIBOR rate published in The Wall Street Journal on the first Business
      Day of each month (or portion thereof) during the term of this Subordinated
      Note, computed for actual days elapsed on the basis of a year consisting of
      360
      days and changing on the first business day of each month hereafter
      (“LIBOR”);
      provided, however, that if SPV shall default in the payment of any principal
      hereof, SPV promises to pay, on demand, interest at the rate equal to LIBOR
      plus
      2.00% per annum on any such unpaid amounts, from the date such payment is due
      to
      the date of actual payment. Interest shall be payable on the first Business
      Day
      of each month in arrears; provided, however, that SPV may elect on the date
      any
      interest payment is due hereunder to defer such payment and upon such election
      the amount of interest due but unpaid on such date shall constitute principal
      under this Subordinated Note. The outstanding principal of any loan made under
      this Subordinated Note shall be due and payable on the Collection Date and
      may
      be repaid or prepaid at any time without premium or penalty.

     

    3.   Principal
      Payments.
      Originator is authorized and directed by SPV to enter on the grid attached
      hereto, or, at its option, in its books and records, the date and amount of
      each
      loan made by it which is evidenced by this Subordinated Note and the amount
      of
      each payment of principal made by SPV, and absent manifest error, such entries
      shall constitute prima facie evidence of the accuracy of the information so
      entered; provided that neither the failure of Originator to make any such entry
      or any error therein shall expand, limit or affect the obligations of SPV
      hereunder.

     

    
      
        
        

      

      
        60

        
          

        

      

      
        
        

      

    

    4.   Subordination.
      Originator shall have the right to receive, and SPV shall make, any and all
      payments and prepayments relating to the loans made under this Subordinated
      Note, provided that, after giving effect to any such payment or prepayment,
      the
      SPV’s Net Worth would be less than the Required Capital Amount. Originator
      hereby agrees that at any time during which the conditions set forth in the
      proviso of the immediately preceding sentence shall not be satisfied, Originator
      shall be subordinate in right of payment to the prior payment of any
      indebtedness or obligation of SPV owing to the Administrator or TPF under that
      certain Receivables Purchase Agreement dated as of June 27, 2005 (as amended,
      restated, supplemented or otherwise modified from time to time, the
“Purchase
      Agreement”)
      by and
      among SPV, Arch Chemicals, Inc., as initial Servicer, Three Pillars Funding
      LLC
      and SunTrust Capital Markets, Inc., as agent and administrator for TPF and
      its
      liquidity providers (in such capacity, the “Administrator”).
      The
      subordination provisions contained herein are for the direct benefit of, and
      may
      be enforced by, the Administrator, TPF and/or any of their respective assignees
      (collectively, the “Senior
      Claimants”)
      under
      the Purchase Agreement. Until the date on which the “Aggregate Invested Amount”
      outstanding under the Purchase Agreement has been repaid in full and all other
      obligations of SPV and/or the Servicer thereunder and under the “Fee Letter”
      referenced therein (all such obligations, collectively, the “Senior
      Claim”)
      have
      been indefeasibly paid and satisfied in full, Originator shall not institute
      against SPV any proceeding of the type described in Section
      5.1(d)
      of the
      Sale Agreement unless and until the Collection Date has occurred. Should any
      payment, distribution or security or proceeds thereof be received by Originator
      in violation of this Section 4, Originator agrees that such payment shall be
      segregated, received and held in trust for the benefit of, and deemed to be
      the
      property of, and shall be immediately paid over and delivered to the
      Administrator for the benefit of the Senior Claimants.

     

    5.   Bankruptcy;
      Insolvency.
      Upon
      the occurrence of any proceeding of the type described in Section
      5.1(d)
      of the
      Sale Agreement involving SPV as debtor, then and in any such event the Senior
      Claimants shall receive payment in full of all amounts due or to become due
      on
      or in respect of the Aggregate Invested Amount and the Senior Claim (including
      “Yield”
      as
      defined and as accruing under the Purchase Agreement after the commencement
      of
      any such proceeding, whether or not any or all of such Yield is an allowable
      claim in any such proceeding) before Originator is entitled to receive payment
      on account of this Subordinated Note, and to that end, any payment or
      distribution of assets of SPV of any kind or character, whether in cash,
      securities or other property, in any applicable insolvency proceeding, which
      would otherwise be payable to or deliverable upon or with respect to any or
      all
      indebtedness under this Subordinated Note, is hereby assigned to and shall
      be
      paid or delivered by the Person making such payment or delivery (whether a
      trustee in bankruptcy, a receiver, custodian or liquidating trustee or
      otherwise) directly to the Administrator for application to, or as collateral
      for the payment of, the Senior Claim until such Senior Claim shall have been
      paid in full and satisfied.

     

    6.   Amendments.
      This
      Subordinated Note shall not be amended or modified except in accordance with
      Section
      7.1
      of the
      Sale Agreement. The terms of this Subordinated Note may not be amended or
      otherwise modified without the prior written consent of the Administrator for
      the benefit of TPF and its assigns. 

     

    
      
        
        

      

      
        61

        
          

        

      

      
        
        

      

    

    7.   GOVERNING
      LAW.
      THIS
      SUBORDINATED NOTE HAS BEEN MADE AND DELIVERED AT NEW YORK, NEW YORK, AND SHALL
      BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO DETERMINED
      IN ACCORDANCE WITH THE LAWS AND DECISIONS OF THE STATE OF NEW YORK. WHEREVER
      POSSIBLE EACH PROVISION OF THIS SUBORDINATED NOTE SHALL BE INTERPRETED IN SUCH
      MANNER AS TO BE EFFECTIVE AND VALID UNDER APPLICABLE LAW, BUT IF ANY PROVISION
      OF THIS SUBORDINATED NOTE SHALL BE PROHIBITED BY OR INVALID UNDER APPLICABLE
      LAW, SUCH PROVISION SHALL BE INEFFECTIVE TO THE EXTENT OF SUCH PROHIBITION
      OR
      INVALIDITY, WITHOUT INVALIDATING THE REMAINDER OF SUCH PROVISION OR THE
      REMAINING PROVISIONS OF THIS SUBORDINATED NOTE.

     

    8.   Waivers.
      All
      parties hereto, whether as makers, endorsers, or otherwise, severally waive
      presentment for payment, demand, protest and notice of dishonor. Originator
      additionally expressly waives all notice of the acceptance by any Senior
      Claimant of the subordination and other provisions of this Subordinated Note
      and
      expressly waives reliance by any Senior Claimant upon the subordination and
      other provisions herein provided.

     

    9.   Assignment.
      This
      Subordinated Note may not be assigned, pledged or otherwise transferred to
      any
      party other than Originator without the prior written consent of the
      Administrator, and any such attempted transfer shall be void.

     

    
      	 	 	 
	 	ARCH CHEMICALS RECEIVABLES CORP.
	 
 	 
 	 
 
	 	By:  	/s/ 
	 	
              

              Name:

              Title:

            

    

     

    
      
        
        

      

      
        62

        
          

        

      

      
        
        

      

    

     

    Schedule

    to

    SUBORDINATED
      NOTE

    SUBORDINATED
      LOANS AND PAYMENTS OF PRINCIPAL

    

    

    
      	
               

              Date

            	
              Amount
                of

              Subordinated

              Loan

            	
              Amount
                of
Principal

              Paid

            	
              Unpaid

              Principal

              Balance

            	
              Notation
                made
by (initials)

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

    

    

    
      
        
        

      

      
        63

        
          

        

      

      
        
        

      

    

    Exhibit
      VII

    

    [Form
      of]
      Purchase
      Report

    

    For
      the
      Calculation Period beginning [date]
      and
      ending [date]

    

    

    TO:
      BUYER
      AND THE AGENT (AS BUYER’S ASSIGNEE)

    

    
      	 	 	 	 
	
              Aggregate
                Outstanding Balance of all Receivables sold during the
                period:

            	
               

              $_____________

            	 	
               

              A

            
	
              Less:
                Aggregate Outstanding Balance of all Receivables sold during such
                period
                which were not Eligible Receivables on the date when sold:

            	
               

               

               

              ($____________)

            	 	
               

               

               

              (B)

            
	
              Equals:
                Aggregate Outstanding Balance of all Eligible Receivables sold during
                the
                period (A - B):

            	 	
               

               

              $___________

            	
               

               

              =C

            
	
              Less:
                Purchase Price discount during the Period:

            	
               

              ($____________)

            	 	
               

              (D)

            
	
              Equals:
                Gross Purchase Price Payable during the period (C - D)

            	 	
               

              $____________

            	
               

              =E

            
	
              Less:
                Total Purchase Price Credits arising during the Period:

            	
               

              ($____________)

            	 	
              (F)

            
	
              Equals:
                Net Purchase Price payable during the Period (E - F):

            	 	
               

              $____________

            	
               

              =G

            
	 	 	 	 
	
              Cash
                Purchase Price Paid to Originator during the Period:

            	
               

              $_____________

            	 	
              H

            
	
              Subordinated
                Loans made during the Period:

            	
               

              $_____________

            	 	
              I

            
	
              Less:
                Repayments of Subordinated Loans received during the
                Period:

            	
               

              ($____________)

            	 	
              (J)

            
	
              Equals:
                Purchase Price paid in cash or Subordinated Loans during the
                period

              (H
                + I - J):

            	 	
               

               

              $_____________

            	
               

               

              =K

            
	
              Aggregate
                Outstanding Balance of Receivables contributed during the
                Period:

            	
               

              $_____________

            	 	
               

              L

            

    

    

     

    
      
        
        

      

      
        64

        
          

        

      

      
        
        

      

    

    Schedule
      A

    

    DOCUMENTS
      TO BE DELIVERED TO BUYER

    ON
      OR
      PRIOR TO THE PURCHASE

    

    

    1.   Executed
      copies of the Receivables Sale Agreement, duly executed by the parties
      thereto.

     

    2.   Copy
      of
      the Credit and Collection Policy to attach to the Receivables Sale Agreement
      as
      an Exhibit.

     

    3.   A
      certificate of each Originator’s [and, if applicable, its general partner’s]
      Secretary or Assistant Secretary certifying:

     

    (a)   A
      copy of
      the Resolutions of its Board of Directors (or comparable body), authorizing
      its
      execution, delivery and performance of the Receivables Sale Agreement and the
      other documents to be delivered by it thereunder;

     

    (b)   A
      copy of
      its Organizational Documents (also certified, to the extent that such documents
      are filed with any governmental authority, by the Secretary of State of its
      jurisdiction of organization on or within thirty (30) days prior to the Closing
      Date);

     

    (c)   Good
      Standing Certificates for such Person issued by the Secretaries of State of
      its
      state of organization and the state where it maintains its chief executive
      office; and

     

    (d)   The
      names
      and signatures of the officers authorized on its behalf to execute the
      Receivables Sale Agreement and any other documents to be delivered by it
      thereunder.

     

    4.   Pre-filing
      state and federal tax lien, judgment lien and UCC lien searches dated within
      thirty (30) days of the Closing Date against each Originator from the following
      jurisdictions:

     

    (a)   Jurisdiction
      of Organization

     

    (b)   Location
      of chief executive office

     

    5.   Time
      stamped receipt copies of proper financing statements, duly filed under the
      UCC
      on or before the date of the initial Purchase (as defined in the Receivables
      Sale Agreement) in all jurisdictions as may be necessary or, in the opinion
      of
      Buyer (or its assigns), desirable, under the UCC of all appropriate
      jurisdictions or any comparable law in order to perfect the ownership interests
      contemplated by the Receivables Sale Agreement.

     

    6.   Time
      stamped receipt copies of proper UCC termination statements, if any, necessary
      to release all security interests and other rights of any Person in the
      Receivables, Contracts or Related Security previously granted by any
      Originator.

     

    
      
        
        

      

      
        65

        
          

        

      

      
        
        

      

    

    7.   Executed
      Collection Account Agreements for each Lock-Box and Collection
      Account.

     

    8.   A
      favorable opinion of legal counsel for the Originators (and, if applicable,
      its
      general partner) reasonably acceptable to the Administrator which addresses
      the
      following matters and such other matters as the Administrator may reasonably
      request:

     

    (a)   due
      authorization, execution, delivery, enforceability and other corporate matters
      with respect to each of the Originators (and such general partner);

     

    (b)   the
      creation of a first priority perfected security interest in favor of the Buyer
      (and the Administrator for the benefit of the Secured Parties as its assignee)
      in (1) all of the Receivables and (2) all proceeds of any of the
      foregoing;

     

    (c)   the
      existence of a “true sale” of the Receivables from Originators to the Buyer
      under the Receivables Sale Agreement;

     

    (d)   the
      inapplicability of the doctrine of substantive consolidation to Buyer and any
      Originator or its affiliates or in connection with any bankruptcy proceeding
      involving Buyer, any Originator or such affiliates.

     

    9.   A
      Certificate of each Originator’s chief financial officer or treasurer certifying
      that, as of the closing date, no Termination Event or Unmatured Termination
      Event exists and is continuing.

     

    10.   Executed
      copies of all consents from and authorizations by any Persons and all waivers
      and amendments to existing credit facilities, that are necessary in connection
      with the Receivables Sale Agreement.

     

    11.   Executed
      Subordinated Note by Buyer in favor of each Originator.

     

    12.   If
      applicable, a direction letter executed by each Originator authorizing Buyer
      (and the Administrator, as its assignee) and directing warehousemen to allow
      Buyer (and the Administrator, as its assignee) to inspect and make copies from
      each Originator’s books and records maintained at off-site data processing or
      storage facilities.

     

    
      
        
        

      

      
        66

        
          

        

      

      
        
        

      

    

     

    Schedule
      1.1

     

    INITIAL
      CONTRIBUTED RECEIVABLES

     

    

     

    $4,693,701.48

     

    
      
        
        

      

      
        67

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