Document:

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                                                                  EXECUTION COPY

                                                                   EXHIBIT 10.16

                          AMENDED AND RESTATED GUARANTY

                  This AMENDED AND RESTATED GUARANTY (this "Guaranty"), dated as
of June 20, 2003, is made and entered upon the terms hereinafter set forth by
New Century Financial Corporation, a corporation duly incorporated and in good
standing in the State of Delaware (the "Guarantor"), for the benefit of Morgan
Stanley Mortgage Capital Inc., as lender (the "Lender") under an Amended and
Restated Master Loan and Security Agreement, dated as of June 20, 2003 ( as the
same shall be amended, supplemented or otherwise modified from time to time, the
"Loan Agreement"), by and among NC Capital Corporation ("NC Capital"), New
Century Mortgage Corporation ("New Century" and together with NC Capital, each a
"Borrower" and collectively the "Borrowers") and the Lender.

                                    RECITALS

                  WHEREAS, NC Capital and the Lender are parties to that certain
Master Loan and Security Agreement, dated as of December 1, 2002 (the "Existing
Loan Agreement").

                  WHEREAS, the Borrowers and the Lender have agreed, subject to
the terms and conditions of the Loan Agreement that the Existing Loan Agreement
be amended and restated to, among other things, add New Century as a
co-borrower, increase the Maximum Credit and include Wet-Ink Mortgage Loans as a
type of Eligible Mortgage Loans.

                  WHEREAS, pursuant to the Loan Agreement, the Borrowers have
requested that the Lender from time to time continue and continue to make, as
the case may be, revolving credit loans (each, a "Loan") to finance certain
residential mortgage loans owned by the Borrowers, and the Lender has agreed to
make such loans upon the terms and conditions set forth herein and therein;

                  WHEREAS, pursuant to the Loan Agreement, the Borrowers have
duly executed and delivered an amended and restated promissory note (the "Note")
to the Lender evidencing each of the Loans, and the Borrowers have promised to
pay to the Lender the interest on and the aggregate unpaid principal amount of
the Loans on the dates and in the principal amounts provided in the Loan
Agreement; and

                  WHEREAS, the Guarantor is a party to that certain Guaranty,
dated as of December 1, 2002 (as amended, supplemented or otherwise modified
prior to the date hereof, the "Existing New Century Guaranty").

                  NOW, THEREFORE, in consideration of the foregoing and other
good and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged by the Guarantor, the Guarantor hereby agrees that the Existing New
Century Guaranty is hereby amended and restated in its entirety as set forth in
the heading and recitals hereto and as follows:

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                  Section 1.    Definitions. Capitalized terms used but not
defined herein shall have the meanings specified in the Loan Agreement.

                  Section 2.    Guarantee. The Guarantor hereby unconditionally
and absolutely guarantees to the Lender and its successors and assigns the full
and prompt payment of all amounts due and owing by the Borrowers under the Loan
Agreement, as and when they shall become due thereunder (the "Guaranteed
Obligations"). This is a guaranty of payment and not of collection. The
liability of the Guarantor hereunder shall be direct and immediate and not
conditional or contingent upon the occurrence of any event.

                  If at any time any amounts that shall have become due and
payable under the Loan Agreement (including but not limited to, (i) interest,
default interest and principal payments required under Section 2.5 thereof, (ii)
the amount required to cure a Borrowing Base Deficiency under Section 2.6
thereof, (iii) any Minimum Usage Fee due pursuant to Section 7.17 thereof, and
(iv) indemnification payments and out-of-pocket expenses incurred pursuant to
Section 11.3 and Section 11.15 thereof) and the Borrowers shall not have
delivered full and timely payment to the Lender as required by the Loan
Agreement, the Lender shall notify the Guarantor in writing (which may be by
telecopy confirmed by a telephone call as described below) of the amounts that
remain due and unpaid (the "Shortfall Amount"). The Guarantor shall deliver the
Shortfall Amount to the Lender, in immediately available funds no later than one
(1) Business Day after such notice is received.

                  Section 3.    Obligations Unconditional. The obligations of
the Guarantor under Section 2 hereof are absolute and unconditional irrespective
of the value, genuineness, validity, regularity or enforceability of the Loan
Agreement or any other agreement or instrument referred to herein or therein, or
any substitution, release or exchange of any other guarantee of the Guaranteed
Obligations, and, to the fullest extent permitted by applicable law,
irrespective of any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor
(other than any payments made by the Borrowers, but subject to the provisions of
Section 4). Without limiting the generality of the foregoing, it is agreed that
the occurrence of any one or more of the following shall not alter or impair the
liability of the Guarantor hereunder which shall remain absolute and
unconditional as described above:

                  (i)      at any time or from time to time, without notice to
         the Guarantor, the time for any performance of or the compliance with
         any of the Guaranteed Obligations shall be extended, or such
         performance or compliance shall be waived;

                  (ii)     any of the acts mentioned in any of the provisions of
         the Loan Agreement or any other agreement or instrument referred to
         herein or therein shall be done or omitted (other than any payments
         made by the Borrowers, but subject to the provisions of Section 4);

                  (iii)    the maturity of any of the Guaranteed Obligations
         shall be accelerated, or any Guaranteed Obligations due and unpaid
         shall be modified, supplemented or amended in any respect, or any right
         under the Loan Agreement or any other agreement or instrument referred
         to herein or therein shall be waived or any other guarantee of any of

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         the obligations hereunder or any security therefor shall be released or
         exchanged in whole or in part or otherwise dealt with; or

                  (iv)     any lien or security interest granted to, or in favor
         of the Lender or the Custodian, as the case may be, as security for any
         of the Guaranteed Obligations shall fail to be perfected.

                  The Guarantor hereby expressly waives diligence, presentment,
demand of payment and protest whatsoever, and any requirement that the Lender
exhaust any right, power or remedy or proceed against any Borrower under the
Loan Agreement or any other agreement or instrument referred to herein or
therein, or against any other Person under any other guarantee of any of the
obligations guaranteed hereunder.

                  Section 4.    Reinstatement. The obligations of the Guarantor
shall be automatically reinstated if and to the extent that for any reason any
payment by or on behalf of any Borrower in respect of the Guaranteed Obligations
is rescinded or must be otherwise restored by any holder of any of the
Guaranteed Obligations, whether as a result of any proceeding under the
Bankruptcy Code or similar law ("Debtor Relief Law") and the Guarantor agrees
that it will indemnify the Lender on demand for all reasonable costs and
expenses (including, without limitation, fees of counsel) incurred by the Lender
in connection with such rescission or restoration, including any such costs and
expenses incurred in defending against any claim alleging that such payment
constituted a preference, fraudulent transfer or similar payment under a Debtor
Relief Law.

                  Section 5.    Subrogation. Until such time as the Note is paid
in full, the Guarantor hereby waives all rights of subrogation or contribution,
whether arising by contract or operation of law (including, without limitation,
any such right arising under a Debtor Relief Law) by reason of any payment by it
pursuant to the provisions of this Guaranty.

                  Section 6.    Remedies. The Guarantor agrees that, as between
the Guarantor and the Lender, the obligations of the Borrowers under the Loan
Agreement may be declared to be forthwith due and payable as provided therein
(and shall be deemed to have become automatically due and payable pursuant
thereto) for purposes of Section 2 hereof, notwithstanding any stay, injunction
or other prohibition preventing such declaration (or such obligations from
becoming automatically due and payable) as against the Borrowers and that, in
the event of such declaration (or such obligations being deemed to have become
automatically due and payable), such obligations (whether or not due and payable
by the Borrowers) shall forthwith become due and payable by the Guarantor.

                  Section 7.    Instrument for the Payment of Money. To the
extent permitted by applicable law, the Guarantor hereby acknowledges that the
guaranty provided herein constitutes an instrument for the payment of money, and
consents and agrees that the Lender, at its sole option, in the event of a
dispute by the Guarantor in the payment of any moneys due hereunder, shall have
the right to bring motion-action under New York CPLR Section 3213.

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                  Section 8.    Continuing Guarantee. The guarantee provided
herein is a continuing guarantee, and shall apply to all Guaranteed Obligations
whenever or however arising and shall survive the termination of the Loan
Agreement.

                  Section 9.    General Limitation on Guaranteed Obligations. In
any action or proceeding involving any state, corporate law, or any state or
Federal bankruptcy, insolvency, reorganization or other law affecting the rights
of creditors generally, if the Guaranteed Obligations would otherwise be held or
determined to be void, invalid or unenforceable, or subordinated to the claims
of any other creditors, on account of the amount of its liability hereunder,
then, notwithstanding any other provision hereof to the contrary, the amount of
such liability shall, without any further action by the Guarantor or any other
Person, be automatically limited and reduced to the highest amount that is valid
and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding.

                  Section 10.   Representations and Warranties.

                  (i)      Existence. The Guarantor (a) is a corporation duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, (b) has all requisite corporate or other
power, and has all governmental licenses, authorizations, consents and approvals
necessary to own its assets and carry on its business as now being or as
proposed to be conducted, except where the lack of such licenses,
authorizations, consents and approvals would not be reasonably likely to have a
Material Adverse Effect, and (c) is qualified to do business and is in good
standing in all other jurisdictions in which the nature of the business
conducted by it makes such qualification necessary, except where failure so to
qualify would not be reasonably likely (either individually or in the aggregate)
to have a Material Adverse Effect.

                  (ii)     Financial Condition. The Guarantor has heretofore
furnished to the Lender a copy of (a) its consolidated balance sheet and the
consolidated balance sheets of its consolidated Subsidiaries for the fiscal year
of the Guarantor ended December 31, 2002 and the related consolidated statements
of income and retained earnings and of cash flows for the Guarantor and its
consolidated Subsidiaries for such fiscal year, setting forth in each case in
comparative form the figures for the previous year, with the opinion thereon of
KPMG, LLC and (b) its consolidated balance sheet and the consolidated balance
sheets of its consolidated Subsidiaries for the quarterly fiscal period of the
Guarantor ended March 31, 2003 and the related consolidated statements of income
and retained earnings and of cash flows for the Guarantor and its consolidated
Subsidiaries for such quarterly fiscal period, setting forth in each case in
comparative form the figures for the previous year. All such financial
statements fairly present, in all material respects, the consolidated financial
condition of the Guarantor and its Subsidiaries and the consolidated results of
their operations as at such dates and for such fiscal periods, all in accordance
with GAAP applied on a consistent basis. Since March 31, 2003, there has been no
material adverse change in the consolidated business, operations or financial
condition of the Guarantor and its consolidated Subsidiaries taken as a whole
from that set forth in said financial statements.

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                  (iii)    Litigation. There are no actions, suits,
arbitrations, investigations (including, without limitation, any of the
foregoing which are pending or, to the Guarantor's knowledge, threatened) or
other legal or arbitrable proceedings affecting the Guarantor or any of its
Affiliates or affecting any of the Property of any of them before any
Governmental Authority (a) that questions or challenges the validity or
enforceability of this Guaranty or any action to be taken in connection with the
transactions contemplated hereby, (b) that makes a claim or claims in an
aggregate amount greater than $1,000,000, (c) which, individually or in the
aggregate, if adversely determined, could reasonably be likely to have a
Material Adverse Effect or (d) that requires filing with the Securities and
Exchange Commission in accordance with the 1934 Act or any rules thereunder.

                  (iv)     No Breach. Neither (a) the execution and delivery of
this Guaranty nor (b) the consummation of the transactions herein contemplated
in compliance with the terms and provisions hereof will conflict with or result
in a breach of the charter or by-laws of the Guarantor, or any applicable law,
rule or regulation, or any order, writ, injunction or decree of any Governmental
Authority, or other material agreement or instrument to which the Guarantor or
any of its Affiliates is a party or by which any of them or any of their
Property is bound or to which any of them is subject, or constitute a default
under any such material agreement or instrument or result in the creation or
imposition of any Lien upon any Property of the Guarantor or any of its
Subsidiaries pursuant to the terms of any such agreement or instrument.

                  (v)      Action. The Guarantor has all necessary corporate or
other power, authority and legal right to execute, deliver and perform its
obligations hereunder; the execution, delivery and performance by the Guarantor
of this Guaranty has been duly authorized by all necessary corporate or other
action on its part and this Guaranty has been duly and validly executed and
delivered by the Guarantor and constitutes a legal, valid and binding obligation
of the Guarantor, enforceable against the Guarantor in accordance with its
terms.

                  (vi)     Approvals. No authorizations, approvals or consents
of, and no filings or registrations with, any Governmental Authority or any
securities exchange are necessary for the execution, delivery or performance by
the Guarantor hereunder or for the legality, validity or enforceability hereof.

                  (vii)    Taxes. The Guarantor and its Subsidiaries have filed
all Federal income tax returns and all other material tax returns that are
required to be filed by them and have paid all taxes due pursuant to such
returns or pursuant to any assessment received by any of them, except for any
such taxes as are being appropriately contested in good faith by appropriate
proceedings diligently conducted and with respect to which adequate reserves
have been provided. The charges, accruals and reserves on the books of the
Guarantor and its Subsidiaries in respect of taxes and other governmental
charges are, in the opinion of the Guarantor, adequate.

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                  (viii)   Investment Company Act. Neither the Guarantor nor any
of its Subsidiaries is an "investment company", or a company "controlled" by an
"investment company" within the meaning of the Investment Company Act of 1940,
as amended.

                  (ix)     True and Complete Disclosure. The information,
reports, financial statements, exhibits and schedules furnished in writing by or
on behalf of the Guarantor to the Lender in connection with the negotiation,
preparation or delivery of this Guaranty and the other Loan Documents or
included herein or therein or delivered pursuant hereto or thereto, when taken
as a whole, do not contain any untrue statement of material fact or omit to
state any material fact necessary to make the statements herein or therein, in
light of the circumstances under which they were made, not misleading. All
written information furnished after the date hereof by or on behalf of the
Guarantor to the Lender in connection with this Guaranty and the other Loan
Documents and the transactions contemplated hereby and thereby will be true,
complete and accurate in every material respect, or (in the case of projections)
based on reasonable estimates, on the date as of which such information is
stated or certified. There is no fact known to a Responsible Officer of the
Guarantor, after due inquiry, that could reasonably be expected to have a
Material Adverse Effect that has not been disclosed herein, in the other Loan
Documents or in a report, financial statement, exhibit, schedule, disclosure
letter or other writing furnished to the Lender for use in connection with the
transactions contemplated hereby or thereby.

                  (x)      Tangible Net Worth. On the date hereof, the Tangible
Net Worth of the Guarantor is not less than $315,000,000.

                  (xi)     ERISA. Each Plan to which the Guarantor or its
Subsidiaries make direct contributions, and, to the knowledge of the Guarantor,
each other Plan and each Multiemployer Plan is in compliance in all material
respects with, and has been administered in all material respects in compliance
with, the applicable provisions of ERISA, the Code and any other Federal or
state law.

                  Section 11.   Covenants.

                  (i)      Financial Statements. The Guarantor shall deliver to
the Lender:

                  (a)      as soon as available and in any event within 90 days
after the end of each fiscal year of the Guarantor, the consolidated balance
sheets of the Guarantor and its consolidated Subsidiaries as at the end of such
fiscal year and the related consolidated statements of income and retained
earnings and of cash flows for the Guarantor and its consolidated Subsidiaries
for such year, setting forth in each case in comparative form the figures for
the previous year, accompanied by an opinion thereon of independent certified
public accountants of recognized national standing, which opinion shall not be
qualified as to scope of audit or going concern and shall state that said
consolidated financial statements fairly present the consolidated financial
condition and results of operations of the Guarantor and its consolidated
Subsidiaries as at the end of, and for, such fiscal year in accordance with
GAAP, and a certificate of such accountants stating that, in making the
examination necessary for their opinion, they obtained no

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knowledge, except as specifically stated, of any Default or Event of Default
under the Loan Agreement;

                  (b)      as soon as available and in any event within 30 days
after the end of each month, the unaudited consolidated balance sheets of the
Guarantor and its consolidated Subsidiaries as at the end of such month and the
related unaudited consolidated statements of income and retained earnings and of
cash flows of the Guarantor and its consolidated Subsidiaries for such month and
the portion of the fiscal year through the end of such month, setting forth in
each case in comparative form the figures for the previous year, accompanied by
a certificate of a Responsible Officer of the Guarantor, which certificate shall
state that said consolidated financial statement fairly represents the
consolidated financial condition and results of operation of the Guarantor and
its consolidated Subsidiaries in accordance with GAAP, consistently applied, as
of the end of, and for, such month (subject to normal year-end audit
adjustments);

                  (c)      from time to time such other information regarding
the financial condition, operations, or business of the Guarantor as the Lender
may reasonably request; and

                  (d)      as soon as reasonably possible, and in any event
within thirty (30) days after a Responsible Officer of the Guarantor knows, or
with respect to any Plan or Multiemployer Plan to which the Guarantor or any of
its Subsidiaries makes direct contributions, has reason to believe, that any of
the events or conditions specified below with respect to any Plan or
Multiemployer Plan has occurred or exists, a statement signed by a senior
financial officer of the Guarantor setting forth details respecting such event
or condition and the action, if any, that the Guarantor or its ERISA Affiliate
proposes to take with respect thereto (and a copy of any report or notice
required to be filed with or given to PBGC by the Guarantor or an ERISA
Affiliate with respect to such event or condition): (i) any reportable event, as
defined in Section 4043(c) of ERISA and the regulations issued thereunder, with
respect to a Plan, as to which PBGC has not by regulation waived the requirement
of Section 4043(a) of ERISA that it be notified within thirty (30) days of the
occurrence of such event (provided that a failure to meet the minimum funding
standard of Section 412 of the Code or Section 302 of ERISA, including, without
limitation, the failure to make on or before its due date a required installment
under Section 412(m) of the Code or Section 302(e) of ERISA, shall be a
reportable event regardless of the issuance of any waivers in accordance with
Section 412(d) of the Code); and any request for a waiver under Section 412(d)
of the Code for any Plan; (ii) the distribution under Section 4041(c) of ERISA
of a notice of intent to terminate any Plan or any action taken by the Guarantor
or an ERISA Affiliate to terminate any Plan; (iii) the institution by PBGC of
proceedings under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Plan, or the receipt by the
Guarantor or any ERISA Affiliate of a notice from a Multiemployer Plan that such
action has been taken by PBGC with respect to such Multiemployer Plan; (iv) the
complete or partial withdrawal from a Multiemployer Plan by the Guarantor or any
ERISA Affiliate that results in liability under Section 4201 or 4204 of ERISA
(including the obligation to satisfy secondary liability as a result of a
purchaser default) or the receipt by the Guarantor or any ERISA Affiliate of
notice from a Multiemployer Plan that it is in reorganization or insolvency
pursuant to Section 4241 or 4245 of ERISA or that it intends to terminate or has
terminated under Section 4041A of ERISA; (v) the institution of a proceeding by
a fiduciary of any Multiemployer Plan against the Guarantor or any ERISA
Affiliate to

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enforce Section 515 of ERISA, which proceeding is not dismissed within 30 days;
and (vi) the adoption of an amendment to any Plan that would result in the loss
of tax-exempt status of the Plan and trust of which such Plan is a part if the
Guarantor or an ERISA Affiliate fails to provide timely security to such Plan if
and as required by the provisions of Section 401(a)(29) of the Code or Section
307 of ERISA.

                  The Guarantor will furnish to the Lender, at the time it
furnishes each set of financial statements pursuant to paragraphs (a) and (b)
above, a certificate of a Responsible Officer of the Guarantor (x) setting forth
in reasonable detail, all calculations necessary to show compliance with the
requirements set forth in paragraphs (ix) through (xiii) of Section 11 as of the
end of such period (or, if the Guarantor is not in compliance with such
paragraphs, (A) showing the extent of non-compliance, (B) specifying the period
of non-compliance and (C) setting forth what actions, if any, the Guarantor has
taken, is taking or proposes to take with respect thereto), and (y) to the
effect that, to the best of such Responsible Officer's knowledge, the Guarantor
during such fiscal period or year has observed or performed all of its covenants
and other agreements, and satisfied every condition, contained in this Guaranty
and the other Loan Documents to be observed, performed or satisfied by it, and
that such Responsible Officer has obtained no knowledge of any Default or Event
of Default except as specified in such certificate (and, if any Default or Event
of Default has occurred and is continuing, describing the same in reasonable
detail and describing the action the Borrowers have taken or proposes to take
with respect thereto).

                  (ii)     Litigation. The Guarantor will promptly, and in any
         event within 10 days after service of process on any of the following,
         give to the Lender notice of all litigation, actions, suits,
         arbitrations, investigations (including, without limitation, any of the
         foregoing which are pending or threatened) or other legal or arbitrable
         proceedings affecting the Guarantor or any of its Subsidiaries or
         affecting any of the Property of any of them before any Governmental
         Authority that (a) questions or challenges the validity or
         enforceability of any of this Guaranty or any action to be taken in
         connection with the transactions contemplated hereby, (b) makes a claim
         or claims in an aggregate amount greater than $1,000,000, (c) which,
         individually or in the aggregate, if adversely determined, could be
         reasonably likely to have a Material Adverse Effect or (d) requires
         filing with the Securities and Exchange Commission in accordance with
         the 1934 Act and any rules thereunder.

                  (iii)    Existence, etc. The Guarantor will:

                  (a)      preserve and maintain its legal existence and all of
its material rights, privileges, licenses and franchises;

                  (b)      comply with the requirements of all applicable laws,
rules, regulations and orders of Governmental Authorities (including, without
limitation, all environmental laws) if failure to comply with such requirements
would be reasonably likely (either individually or in the aggregate) to have a
Material Adverse Effect;

                  (c)      keep adequate records and books of account, in which
complete entries will be made in accordance with GAAP consistently applied;

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                  (d)      pay and discharge all taxes, assessments and
governmental charges or levies imposed on it or on its income or profits or on
any of its Property prior to the date on which penalties attach thereto, except
for any such tax, assessment, charge or levy the payment of which is being
contested in good faith and by proper proceedings and against which adequate
reserves are being maintained; and

                  (e)      permit representatives of the Lender, during normal
business hours, to examine, copy and make extracts from its books and records,
to inspect any of its Properties, and to discuss its business and affairs with
its officers, all to the extent reasonably requested by the Lender.

                  (iv)     Prohibition of Fundamental Changes. The Guarantor
         shall not enter into any transaction of merger or consolidation or
         amalgamation, or liquidate, wind up or dissolve itself (or suffer any
         liquidation, winding up or dissolution) or sell all or substantially
         all of its assets; provided, that the Guarantor may merge or
         consolidate with (a) any wholly owned subsidiary of the Guarantor or
         (b) any other Person if the Guarantor is the surviving corporation and
         the Guarantor's Tangible Net Worth would not be adversely affected by
         such merger or consolidation; and provided further, that if after
         giving effect thereto, no Default would exist under the Loan Agreement.

                  (v)      Payment of Shortfall Amounts. The Guarantor shall pay
         all Shortfall Amounts to or at the direction of the Lender in
         immediately available funds no later than one Business Day of notice
         from the Lender.

                  (vi)     Notices. The Guarantor shall give notice to the
         Lender (unless the Borrowers have already given such notice under the
         Loan Agreement):

                  (a)      promptly upon receipt of notice or knowledge other
than from the Lender of the occurrence of any Default or Event of Default under
the Loan Agreement;

                  (b)      promptly upon receipt of notice other than from the
Lender or knowledge of the occurrence of any breach of a representation or
warranty or the failure to observe or perform any covenant or agreement
contained herein;

                  (c)      promptly upon receipt of notice other than from the
Lender or knowledge of (A) any default related to any Collateral, (B) any Lien
or security interest (other than security interests created by the Loan
Agreement or other Loan Documents) on, or claim assert against, any of the
Collateral or (C) any event or change in circumstances which could reasonably be
expected to have a Material Adverse Effect; and

                  (d)      promptly upon any material change in the market value
of any or all of the Guarantor's assets.

                  Each notice pursuant to this provision shall be accompanied by
a statement of a Responsible Officer of the Guarantor setting forth details of
the occurrence referred to therein and stating what action the Guarantor has
taken or proposes to take with respect thereto.

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                  (vii)    Transactions with Affiliates. The Guarantor will not
         enter into any transaction, including without limitation any purchase,
         sale, lease or exchange of property or the rendering of any service,
         with any Affiliate unless such transaction is (a) not a violation of
         any provision under this Guaranty or the Loan Agreement, as the case
         may be, (b) in the ordinary course of the Guarantor's business and (c)
         upon fair and reasonable terms no less favorable to the Guarantor than
         it would obtain in a comparable arm's length transaction with a Person
         which is not an Affiliate, or make a payment that is not otherwise
         permitted by this clause (vii) to any Affiliate.

                  (viii)   Limitation on Distributions. After the occurrence and
         during the continuation of any breach of a representation, warranty or
         covenant contained herein, the Guarantor shall not make any payment on
         the account of, or set apart the assets for, a sinking or other
         analogous fund for the purchase, redemption, defeasance retirement or
         other acquisition of any equity partnership interest of the Guarantor,
         whether now or hereafter outstanding, or make any other distribution in
         respect of any of the foregoing or to any shareholder or equity owner
         of the Guarantor, either directly or indirectly, whether in cash or
         property or in obligations of the Guarantor or any of the Guarantor's
         consolidated Subsidiaries, other than dividends paid by the Guarantor
         on its Series 1998A Convertible Preferred Stock and its Series 1999A
         Convertible Preferred Stock in an aggregate amount not to exceed
         $3,000,000 per annum.

                  (ix)     Maintenance of Tangible Net Worth. The Guarantor
         shall not permit its Tangible Net Worth at any time to be less than the
         sum of (i) $275,000,000 (ii) 75% of the aggregate consolidated positive
         Net Income, calculated from the period beginning December 31, 2002 to
         the most recently ended monthly period and (iii) an amount equal to 50%
         of any Equity Proceeds received by the Guarantor since December 31,
         2002.

                  (x)      Maintenance of Ratio of Total Indebtedness to
         Tangible Net Worth. The Guarantor shall not permit its ratio of Total
         Indebtedness to Tangible Net Worth at any time to be greater than 8:1.

                  (xi)     Minimum Liquidity. The Guarantor shall not permit its
         cash and pledgeable collateral, at any time, to be less than 1.5% of
         its loan receivables held for sale (net allowance for loan loss).

                  (xii)    Maximum Residual Interest in Securitizations. The
         Guarantor shall not permit its ratio of residual interests in
         securitizations to Tangible Net Worth at any time to be greater than
         1:1.

                  (xiii)   Maintenance of Profitability. The Guarantor shall not
         permit, for any period of two consecutive fiscal quarters (each such
         period, a "Test Period"), Net Income for such Test Period, before
         income taxes for such Test Period and distributions made during such
         Test Period, to be less than $1.00.

                  (xiv)    Required Filings. The Guarantor shall promptly
         provide the Lender with copies of all documents which the Guarantor or
         any Affiliate of the Guarantor is required

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<PAGE>

         to file with the Securities and Exchange Commission in accordance with
         the 1934 Act or any rules thereunder.

                  Section 12.   Limitation of Liability. The liability of the
Guarantor hereunder shall in no way be affected by (i) the release or discharge
of any Borrower in any creditors', receivership, bankruptcy or other
proceedings, (ii) the impairment, limitation or modification of the liability of
any Borrower in bankruptcy, or of any remedy for enforcement of any of the
Lender's obligations under the Loan Agreement resulting from the operation of
any present or future provision of the federal bankruptcy law or any other
statute or the decision of any court, (iii) the rejection or disaffirmance of
any instrument, document or agreement evidencing any of the Lender's rights or
obligations under the Loan Agreement in any such proceedings, (iv) the
assignment or transfer of any of the Lender's obligations under the Loan
Agreement by the Lender or (v) the cessation from any cause whatsoever of the
liability of the Lender with respect to the Lender's obligations under the Loan
Agreement.

                  Section 13.   No Waiver. No failure on the part of the Lender
to exercise and no course of dealing with respect to, and no delay in
exercising, any right, power or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by the Lender of any right,
power or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. The remedies herein are cumulative
and not exclusive of any remedies provided by law.

                  Section 14.   Notices. Notices sent to the Guarantor
(including notices of Shortfall Amounts) via telecopy and telephone shall be
sent to the attention of Kevin Cloyd (or such other person as may hereafter be
prescribed by the Guarantor to the Lender in writing) to the telecopy number of
(949) 862-7749 (or such other telecopy number as may hereafter be prescribed by
the Guarantor to the Lender in writing).

                  Section 15.   Expenses. The Guarantor agrees to indemnify
the Lender for all reasonable costs and expenses of the Lender (including,
without limitation, the reasonable fees and expenses of legal counsel) in
connection with (i) any non-payment of Shortfall Amounts as they shall become
due and any enforcement or collection proceeding resulting therefrom, including,
without limitation, all manner of participation in or other involvement with (x)
bankruptcy, insolvency, receivership, foreclosure, winding up or liquidation
proceeding, (y) judicial or regulatory proceedings and (z) workout,
restructuring or other negotiations or proceedings (whether or not the workout,
restructuring or transaction contemplated thereby is consummated) and (ii) the
enforcement of this Section 15.

                  Section 16.   Assignment. The Guarantor may not assign its
obligations hereunder without the prior written consent of the Lender. The
Lender may assign its rights under this Guaranty to any successor Lender under
the Loan Agreement, and any assignment of the Lender's obligations under the
Loan Agreement or any portion thereof by the Lender shall operate to vest in the
assignee, the rights and powers of the Lender hereunder to the extent of such
assignment. This Guaranty shall be binding upon the Guarantor and the
Guarantor's successors and assigns, and shall inure to the benefit of the
Lender, its representatives, successors, successors-in-title and assigns.

                                      -11-

<PAGE>

                  Section 17.   Governing Law. THIS GUARANTY SHALL BE GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK LAW WITHOUT REFERENCE TO CHOICE OF LAW
DOCTRINE.

                  Section 18.   Submission To Jurisdiction; Waivers. The
Guarantor hereby irrevocably and unconditionally:

                  (i)      SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL
         ACTION OR PROCEEDING RELATING TO THIS GUARANTY, THE NOTE AND THE OTHER
         LOAN DOCUMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN
         RESPECT THEREOF, TO THE NON EXCLUSIVE GENERAL JURISDICTION OF THE
         COURTS OF THE STATE OF NEW YORK, THE FEDERAL COURTS OF THE UNITED
         STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND APPELLATE
         COURTS FROM ANY THEREOF;

                  (ii)     CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE
         BROUGHT IN SUCH COURTS AND, TO THE EXTENT PERMITTED BY LAW, WAIVES ANY
         OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH
         ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR
         PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD
         OR CLAIM THE SAME;

                  (iii)    AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR
         PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR
         CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE
         PREPAID, TO ITS ADDRESS SET FORTH IN THE LOAN AGREEMENT OR AT SUCH
         OTHER ADDRESS OF WHICH THE LENDER SHALL HAVE BEEN NOTIFIED; AND

                  (iv)     AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO
         EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL
         LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION.

                  Section 19.   Waiver of Jury Trial. EACH OF THE GUARANTOR AND
THE LENDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

                  Section 20.   Amendments. No amendment or modification hereof
shall be effective unless evidenced by a writing signed by the Guarantor and the
Lender.

                  Section 21.   Severability. If any provision hereof is invalid
and unenforceable in any jurisdiction, then, to the fullest extent permitted by
law, (i) the other provisions hereof

                                      -12-

<PAGE>

shall remain in full force and effect in such jurisdiction and (ii) the
invalidity or unenforceability of any provisions hereof in any jurisdiction
shall not affect the validity or enforceability of such provision in any other
jurisdiction.

                  Section 22.   Counterparts. This Guaranty may be executed in
any number of counterparts, all of which taken together shall constitute one and
the same instrument, and any of the parties hereto may execute this Guaranty by
signing any such counterpart.

                  Section 23.   Effect of Amendment and Restatement. This
Amended and Restated Guaranty amends and restates in its entirety the Guaranty,
dated as of December 1, 2002, made by the Guarantor in favor of the Lender.

                                      -13-

<PAGE>

                  IN WITNESS WHEREOF, the undersigned has executed this Amended
and Restated Guaranty, or has caused this Amended and Restated Guaranty to be
executed by its duly authorized representative, as of the date first above
written.

                                            NEW CENTURY FINANCIAL
                                            CORPORATION, as Guarantor

                                            By: /s/ Patrick Flanagan
                                                --------------------------------
                                                Name: Patrick Flangan
                                                Title: Executive Vice President

Accepted and Acknowledged:

MORGAN STANLEY
MORTGAGE CAPITAL, INC., as Lender

By:  /s/ Andrew B. Newberger
     ------------------------------
     Name: Andrew B. Newberger
     Title: Vice President<PAGE>

                          PURCHASE AND SALE AGREEMENT

                           Dated as of April 30, 2003

                                  by and among

       CONSOL ENERGY INC., CONSOL SALES COMPANY, CONSOL OF KENTUCKY INC.,
      CONSOL PENNSYLVANIA COAL COMPANY, CONSOLIDATION COAL COMPANY, ISLAND
         CREEK COAL COMPANY, WINDSOR COAL COMPANY, MCELROY COAL COMPANY,
     KEYSTONE COAL MINING CORPORATION, EIGHTY-FOUR MINING COMPANY, CNX GAS
                     COMPANY LLC, CNX MARINE TERMINALS INC.

                                       and

                             CNX FUNDING CORPORATION

<PAGE>

                               TABLE OF CONTENTS
                               -----------------
                                                                            PAGE
                                                                            ----

ARTICLE I    AGREEMENT TO PURCHASE AND SELL....................................2
    1.1       Agreement To Purchase and Sell...................................2
    1.2       Timing of Purchases..............................................3
    1.3       Consideration for Purchases......................................3
    1.4       Purchase and Sale Termination Date...............................3
    1.5       Intention of the Parties.........................................3

ARTICLE II   CALCULATION OF PURCHASE PRICE.....................................4
    2.1       Calculation of Purchase Price....................................4

ARTICLE III  PAYMENT OF PURCHASE PRICE.........................................5
    3.1       Contribution of Receivables and Initial Purchase Price Payment...5
    3.2       Subsequent Purchase Price Payments...............................5
    3.3       Settlement as to Specific Receivables and Dilution...............6
    3.4       Reconveyance of Receivables......................................7

ARTICLE IV   CONDITIONS OF PURCHASES...........................................7
    4.1       Conditions Precedent to Initial Purchase.........................7
    4.2       Certification as to Representations and Warranties...............9

ARTICLE V    REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS.................9
    5.1       Organization and Good Standing...................................9
    5.2       Due Qualification................................................9
    5.3       Power and Authority; Due Authorization..........................10
    5.4       Valid Sale; Binding Obligations.................................10
    5.5       No Violation....................................................10
    5.6       Proceedings.....................................................10
    5.7       Bulk Sales Acts.................................................11
    5.8       Government Approvals............................................11
    5.9       Financial Condition.............................................11
    5.10      Licenses, Contingent Liabilities, and Labor Controversies.......11
    5.11      Margin Regulations..............................................11
    5.12      Quality of Title................................................12
    5.13      Accuracy of Information.........................................12
    5.14      Offices; State of Formation.....................................13
    5.15      Trade Names.....................................................13
    5.16      Taxes...........................................................13
    5.17      Compliance With Applicable Laws.................................13

                                       -i-

<PAGE>

    5.18      Reliance on Separate Legal Identity.............................13
    5.19      Investment Company..............................................13
    5.20      Security Interest...............................................14

ARTICLE VI   COVENANTS OF THE ORIGINATOR......................................14
    6.1       Affirmative Covenants...........................................14
    6.2       Reporting Requirements..........................................16
    6.3       Negative Covenants..............................................16
    6.4       Substantive Consolidation.......................................17

ARTICLE VII  ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF THE RECEIVABLES..19
    7.1       Rights of the Company...........................................19
    7.2       Responsibilities of the Originators.............................19
    7.3       Further Action Evidencing Purchases.............................20
    7.4       Application of Collections......................................20

ARTICLE VIII PURCHASE AND SALE TERMINATION EVENTS.............................21
    8.1       Purchase and Sale Termination Events............................21
    8.2       Remedies........................................................21

ARTICLE IX   INDEMNIFICATION..................................................22
    9.1       Indemnities by the Originators..................................22

ARTICLE X    MISCELLANEOUS....................................................23
    10.1      Amendments, Etc.................................................23
    10.2      Notices, Etc....................................................24
    10.3      No Waiver, Cumulative Remedies..................................24
    10.4      Binding Effect; Assignability...................................24
    10.5      Governing Law...................................................25
    10.6      Costs, Expenses and Taxes.......................................25
    10.7      Submission to Jurisdiction......................................25
    10.8      Waiver of Jury Trial............................................25
    10.9      Captions and Cross-References; Incorporation by Reference.......26
    10.10     Execution in Counterparts.......................................26
    10.11     Acknowledgment and Agreement....................................26

EXHIBIT A - Form of Purchase Report

EXHIBIT B - Form of Company Note

EXHIBIT C - Form of Originator Assignment Certificate

EXHIBIT D - Proceedings

                                      -ii-

<PAGE>

EXHIBIT E - Office Locations

EXHIBIT F - Trade Names

                                     -iii-

<PAGE>

                           PURCHASE AND SALE AGREEMENT

     THIS PURCHASE AND SALE AGREEMENT (this "Agreement"), dated as of April 30,
2003, is by and among CONSOL ENERGY INC., a Delaware corporation, CONSOL SALES
COMPANY, a Delaware corporation, CONSOL OF KENTUCKY INC., a Delaware
corporation, CONSOL PENNSYLVANIA COAL COMPANY, a Delaware corporation,
CONSOLIDATION COAL COMPANY, a Delaware corporation, ISLAND CREEK COAL COMPANY, a
Delaware corporation, WINDSOR COAL COMPANY, a West Virginia corporation, MCELROY
COAL COMPANY, a Delaware corporation, KEYSTONE COAL MINING CORPORATION, a
Pennsylvania corporation, EIGHTY-FOUR MINING COMPANY, a Pennsylvania
corporation, CNX MARINE TERMINALS INC., a Delaware corporation, CNX GAS COMPANY
LLC, a Virginia limited liability company (each, an "Originator", and
collectively, the "Originators"), CONSOL ENERGY INC., a Delaware corporation
("CONSOL Energy" or "Servicer"), as the initial Servicer, and CNX FUNDING
CORPORATION, a Delaware corporation (the "Company").

                                   Definitions
                                   -----------

     Unless otherwise indicated, certain terms that are capitalized and used
throughout this Agreement are defined in Exhibit I to the Receivables Purchase
Agreement of even date herewith (as the same may be amended, supplemented or
otherwise modified from time to time, the "Receivables Purchase Agreement") by
and among CONSOL Energy Inc., as Servicer, the Company, the Sub-Servicers party
thereto, the Conduit Purchasers party thereto, the Conduit Agents party thereto,
and PNC Bank, National Association, as the Administrator (the "Administrator").
All references herein to months are to calendar months unless otherwise
expressly indicated.

                                   Background
                                   ----------

           (a)  The Company is a special purpose corporation, all of the
     outstanding stock of which is owned by CONSOL Energy Inc.

           (b)  The Originators generate Receivables in the ordinary course of
     their businesses.

           (c)  The Originators, in order to finance their businesses, wish to
     sell Receivables to the Company, and the Company is willing, on the terms
     and subject to the conditions set forth herein, to purchase Receivables
     from the Originators.

           (d)  The Originators and the Company intend this transaction to be a
     true sale of Receivables and the Related Rights by the Originators to the
     Company, providing the Company with the full benefits of ownership of the
     Receivables and the Originators and the Company do not intend the
     transactions hereunder to be, or for any purpose to be, characterized as a
     loan from the Company to the Originators.

           (e)  The Company intends to sell the Purchased Interest in the
     Receivables to the Conduit Purchasers pursuant to the Receivables Purchase
     Agreement.

                                       -1-

<PAGE>

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

                                    ARTICLE I

                         AGREEMENT TO PURCHASE AND SELL

     1.1   Agreement To Purchase and Sell.
           ------------------------------

           On the terms and subject to the conditions set forth in this
Agreement (including Article IV), each Originator, agrees to sell to the
Company, and the Company agrees to purchase from such Originator, from time to
time on or after the Closing Date, but before the Purchase and Sale Termination
Date, all of such Originator's right, title and interest in and to:

           (a)  each Receivable of such Originator that existed and was owing to
     the Originator at the closing of the Originator's business on March 31,
     2003 (the "Cut-off Date") other than Receivables contributed pursuant to
     Section 3.1 (the "Contributed Receivables");

           (b)  each Receivable created by such Originator from and including
     the Cut-off Date to and including the Purchase and Sale Termination Date;

           (c)  all rights to, but not the obligations under, all Related
     Security;

           (d)  all monies due or to become due with respect to any of the
     foregoing;

           (e)  all books and records related to any of the foregoing; and

           (f)  all collections and other proceeds of any of the foregoing (as
     defined in the applicable UCC) that are or were received by such Originator
     on or after the Cut-off Date, including, without limitation, all funds
     which either are received by such Originator, the Company or the Servicer
     from or on behalf of the Obligors in payment of any amounts owed
     (including, without limitation, invoice price, finance charges, interest
     and all other charges) in respect of Receivables, or are applied to such
     amounts owed by the Obligors (including, without limitation, insurance
     payments that such Originator or Servicer applies in the ordinary course of
     its business to amounts owed in respect of any Receivable and net proceeds
     of sale or other disposition of repossessed goods or other collateral or
     property of the Obligors or any other parties directly or indirectly liable
     for payment of such Receivables) (clauses (a) through (f), collectively,
     the ("Collateral")).

All purchases and contributions hereunder shall be made without recourse, but
shall be made pursuant to, and in reliance upon, the representations, warranties
and covenants of the Originators set forth in this Agreement and each other
Transaction Document. No obligation or liability to any Obligor on any
Receivable is intended to be assumed by the Company hereunder, and any such
assumption is expressly disclaimed. The Company's foregoing commitment to

                                       -2-

<PAGE>

purchase Receivables and the proceeds and rights described in clauses (c)
through (f) (collectively, the "Related Rights") is herein called the "Purchase
Facility."

     1.2   Timing of Purchases.
           -------------------

           (a)  Closing Date Purchases. Each Originator's entire right, title
     and interest in (i) each Receivable that existed and was owing to such
     Originator at the Cut-off Date (other than Contributed Receivables), (ii)
     all Receivables created by such Originator from and including the Cut-off
     Date, to and including the Closing Date (other than Contributed
     Receivables), and (iii) all Related Rights, automatically shall be deemed
     to have been sold to the Company on the Closing Date.

           (b)  Regular Purchases. After the Closing Date, until the Purchase
     and Sale Termination Date, each Receivable (and the Related Rights) created
     by each Originator shall be deemed to have been sold to the Company
     immediately (and without further action) upon the creation of such
     Receivable.

     1.3   Consideration for Purchases.
           ---------------------------

           On the terms and subject to the conditions set forth in this
Agreement, the Company agrees to make Purchase Price payments to each Originator
and to reflect all contributions in accordance with Article III.

     1.4   Purchase and Sale Termination Date.
           ----------------------------------

           The "Purchase and Sale Termination Date" shall be the earliest to
occur of (a) the date of the termination of this Agreement pursuant to Section
8.2 and (b) the Payment Date immediately following the day on which the
Originators shall have given notice to the Company at or prior to 10:00 a.m.
(New York City time) that the Originators desire to terminate this Agreement.

     1.5   Intention of the Parties.
           ------------------------

           It is the express intent of the parties hereto that the transfers of
the Receivables and Related Rights by the Originators to the Company, as
contemplated by this Agreement be, and be treated as, sales or contributions, as
applicable, and not as loans secured by the Receivables and Related Rights. If,
however, notwithstanding the intent of the parties, such transactions are deemed
to be loans, each Originator hereby grants to the Company a first priority
security interest in all of such Originator's right, title and interest in and
to the Receivables and the Related Rights now existing and hereafter created by
such Originator, all monies due or to become due and all amounts received with
respect thereto, and all proceeds thereof, to secure all of such Originator's
obligations hereunder.

                                      -3-

<PAGE>

                                   ARTICLE II

                          CALCULATION OF PURCHASE PRICE

     2.1   Calculation of Purchase Price.
           -----------------------------

           On the Closing Date and on each Monthly Settlement Date thereafter,
the Servicer shall deliver to the Company and the Originators a report in
substantially the form of Exhibit A (each such report being herein called a
"Purchase Report") with respect to the matters set forth therein and the
Company's purchases of Receivables from the Originators:

           (a)  that are to be made on the Closing Date (in the case of the
Purchase Report to be delivered on the Closing Date (relating to Receivables
existing or created on the Cutoff Date)), or

           (b)  that were made during the period commencing on the first day of
each calendar month to (and including) the last day of such calendar month (in
the case of each subsequent Purchase Report to be delivered on each Monthly
Settlement Date).

The "Purchase Price" (to be paid to the Originators in accordance with the terms
of Article III) for the Receivables and the Related Rights that are purchased
hereunder from the Originators shall be determined in accordance with the
following formula:

     PP  =  OB X FMVD

     where:

     PP  =    Purchase Price for each Receivable as calculated on the relevant
              Payment Date.

     OB  =    The Outstanding Balance of such Receivable on the relevant
              Payment Date.

     FMVD=    Fair Market Value Discount, as measured on such Payment Date,
                    which is equal to the quotient (expressed as percentage) of
                    (a) one divided by (b) the sum of (i) one, plus (ii) the
                    Expected Loss Proxy, plus (iii) the Servicing Cost Proxy,
                    plus (iv) the Factoring Fee Proxy, plus (v) the product of
                    (A) the Euro- Rate on such Payment Date plus 2.50% and (B) a
                    fraction, the numerator of which is the Days' Sales
                    Outstanding (as calculated in the most recently delivered
                    Information Package immediately preceding such Payment Date)
                    and the denominator of which is 365.

     "Expected Loss Proxy" = The quotient, to be calculated once per year in the
month immediately following the distribution of CONSOL Energy's Form 10-K, of
(i) the sum of actual charge-offs and bad debt accrual recorded on the books of
the Originators related to the

                                      -4-

<PAGE>

Receivables during the prior three fiscal years, divided by (ii) the total
credit sales of the Originators during the prior three fiscal years.

     "Factoring Fee Proxy"  =  0.25%

     "Payment Date" means (i) the Closing Date and (ii) each Business Day
thereafter that the Originators are open for business.

     "Servicing Cost Proxy" =  0.03%

                                  ARTICLE III

                            PAYMENT OF PURCHASE PRICE

     3.1   Contribution of Receivables and Initial Purchase Price Payment.
           --------------------------------------------------------------

     (a)   On the Closing Date the Originator CONSOL Energy Inc. shall, and
hereby does, contribute to the capital of the Company either cash or Receivables
and Related Rights with respect thereto consisting of each Receivable of such
Originator that existed and was owing to such Originator on the Closing Date
beginning with the oldest of such Receivables and continuing chronologically
thereafter such that the aggregate Outstanding Balance of all such Contributed
Receivables and such cash shall be at least equal to $10,000,000. The Company
shall reflect a capital contribution on its books and records from the
Originator CONSOL Energy Inc. contributing such Receivables or cash. The value
of any such capital contribution consisting of Receivables and Related Rights
shall be calculated using the formula set forth in the Purchase Price.

     (b)   On the terms and subject to the conditions set forth in this
Agreement, the Company agrees to pay to each Originator the Purchase Price for
the purchase to be made from such Originator on the Closing Date partially in
cash (in an amount to be agreed between the Company and such Originator and set
forth in the initial Purchase Report and as allocated among the Originators on a
pro rata basis according to the amount of Receivables sold by each Originator)
and partially by issuing a promissory note in the form of Exhibit B to such
Originator with an initial principal balance equal to the remaining Purchase
Price (the promissory note, as it may be amended, supplemented, indorsed or
otherwise modified from time to time, together with all promissory notes issued
from time to time in substitution therefor or renewal thereof in accordance with
the Transaction Documents, each being herein called a "Company Note").

     3.2   Subsequent Purchase Price Payments.
           ----------------------------------

           On each Payment Date subsequent to the Closing Date, on the terms and
subject to the conditions set forth in this Agreement, the Company shall pay to
each Originator the Purchase Price for the Receivables generated by such
Originator on such Payment Date:

           (a)  First, the Purchase Price shall be paid in cash to the extent
     the Company has cash available therefor (the amount of any cash paid to the
     Originators shall be

                                      -5-

<PAGE>

     allocated among the Originators on a pro rata basis according to the amount
     of Receivables sold by each Originator); and

           (b)  Second, to the extent any portion of the Purchase Price remains
     unpaid, the principal amount outstanding under the Company Note issued to
     such Originator shall be increased by an amount equal to such remaining
     Purchase Price.

     Servicer shall make all appropriate record keeping entries with respect to
the Company Note or otherwise to reflect the foregoing payments, and Servicer's
books and records shall constitute rebuttable presumptive evidence of the
principal amount of, and accrued interest on, the Company Note at any time.
Furthermore, Servicer shall hold the Company Note for the benefit of the
relevant Originator. Each Originator hereby irrevocably authorizes Servicer to
mark the Company Note "CANCELLED" and to return such Company Note to the Company
upon the final payment thereof after the occurrence of the Purchase and Sale
Termination Date.

     3.3   Settlement as to Specific Receivables and Dilution.
           --------------------------------------------------

           (a)  If, on the day of purchase or contribution of any Receivable
     from any Originator hereunder, any of the representations or warranties set
     forth in Sections 5.4 and 5.12 are not true with respect to such Receivable
     or as a result of any action or inaction of such Originator, on any day,
     any of such representations or warranties set forth in Sections 5.4 and
     5.12 is no longer true with respect to such a Receivable, then the Purchase
     Price (or in the case of a Contributed Receivable, the Outstanding Balance
     of such Receivable, (the "Contributed Value")) with respect to such
     Receivables shall be reduced by an amount equal to the Outstanding Balance
     of such Receivable and shall be accounted to such Originator as provided in
     subsection (c) below; provided, that if the Company thereafter receives
     payment on account of Collections due with respect to such Receivable, the
     Company promptly shall deliver such funds to such Originator.

           (b)  If, on any day, the Outstanding Balance of any Receivable
     (including any Contributed Receivable) purchased or contributed hereunder
     is reduced or adjusted as a result of any defective, rejected, returned
     goods or services, or any discount or other adjustment made by any
     Originator, the Company or Servicer or any setoff or dispute between any
     Originator or the Servicer and an Obligor as indicated on the books of the
     Company (or, for periods prior to the Closing Date, the books of any
     Originator), then the Purchase Price or Contributed Value, as the case may
     be, with respect to such Receivable shall be reduced by the amount of such
     net reduction and shall be accounted to such Originator as provided in
     subsection (c) below.

           (c)  Any reduction in the Purchase Price (or Contributed Value) of
     any Receivable pursuant to subsection (a) or (b) above shall be applied as
     a credit for the account of the Company against the Purchase Price of
     Receivables subsequently purchased by the Company from any Originator
     hereunder; provided, however, if there have been no purchases of
     Receivables from such Originator (or insufficiently large purchases of
     Receivables) to create a Purchase Price sufficient to so apply such credit
     against, the amount of such credit

                                      -6-

<PAGE>

           (i)  shall be paid in cash to the Company by such Originator in the
     manner and for application as described in the following proviso, or

           (ii) shall be deemed to be a payment under, and shall be deducted
     from the principal amount outstanding under, the Company Note payable to
     such Originator;

provided, further, that at any time (y) when a Termination Event or Unmatured
Termination Event exists under the Receivables Purchase Agreement or (z) on or
after the Purchase and Sale Termination Date, the amount of any such credit
shall be paid by such Originator to the Company by deposit in immediately
available funds into the relevant Lock-Box Account for application by Servicer
to the same extent as if Collections of the applicable Receivable in such amount
had actually been received on such date.

           (d)  Each Purchase Report (other than the Purchase Report delivered
     on the Closing Date) shall include, in respect of the Receivables
     previously generated by each Originator (including Contributed
     Receivables), a calculation of the aggregate reductions described in
     subsection (a) or (b) relating to such Receivables since the last Purchase
     Report delivered hereunder, as indicated on the books of the Company (or,
     for such period prior to the Closing Date, the books of such Originator).

     3.4   Reconveyance of Receivables.
           ---------------------------

           In the event that any Originator has paid to the Company the full
Outstanding Balance of any Receivable pursuant to Section 3.3, the Company shall
reconvey such Receivable to such Originator, without representation or
warranty, but free and clear of all liens, security interests, charges, and
encumbrances created by the Company.

                                   ARTICLE IV

                             CONDITIONS OF PURCHASES

     4.1   Conditions Precedent to Initial Purchase.
           ----------------------------------------

           The initial purchase hereunder is subject to the condition precedent
that Servicer (on the Company's behalf) shall have received, on or before the
Closing Date, the following, each (unless otherwise indicated) dated the Closing
Date, and each in form and substance satisfactory to Servicer (acting on the
Company's behalf):

           (a)  An Originator Assignment Certificate in the form of Exhibit C
     from each Originator, duly completed, executed and delivered by such
     Originator;

           (b)  A copy of the resolutions of the Board of Directors of each
     Originator approving the Transaction Documents to be delivered by it and
     the transactions contemplated hereby and thereby, certified by the
     Secretary or Assistant Secretary of such Originator;

                                      -7-

<PAGE>

           (c)  Good standing certificates for each Originator issued as of a
     recent date acceptable to Servicer by the Secretary of State of the
     jurisdiction of each such Originator's organization and the jurisdiction
     where each such Originator's chief executive office is located;

           (d)  A certificate of the Secretary or Assistant Secretary of each
     Originator certifying the names and true signatures of the officers
     authorized on such Person's behalf to sign the Transaction Documents to be
     delivered by it (on which certificate Servicer and the Company may
     conclusively rely until such time as the Servicer shall receive from such
     Person a revised certificate meeting the requirements of this subsection
     (d));

           (e)  The certificate of incorporation, certificate of formation or
     limited liability company agreement or other organizational document of
     each Originator, duly certified by the Secretary of State of the
     jurisdiction of such Originator's organization as of a recent date
     acceptable to the Servicer, each duly certified by the Secretary or an
     Assistant Secretary of such Originator;

           (f)  Originals of the proper financing statements (Form UCC-1) that
     have been duly executed or otherwise authenticated and name each Originator
     as the debtor/seller and the Company as the secured party/purchaser (and
     the Administrator (for the benefit of the Conduit Purchasers), as assignee
     of the Company) of the Receivables generated by such Originator as may be
     necessary or, in the Servicer's or the Administrator's opinion, desirable
     under the UCC of all appropriate jurisdictions to perfect the Company's
     ownership interest in all Receivables and such other rights, accounts,
     instruments and moneys (including, without limitation, Related Security) in
     which an ownership or security interest may be assigned to it hereunder;

           (g)  A written search report from a Person satisfactory to the
     Servicer listing all effective financing statements that name each
     Originator as debtor or seller and that are filed in the jurisdictions in
     which filings were made pursuant to the foregoing subsection (f), together
     with copies of such financing statements (none of which, except for those
     (i) described in the foregoing subsection (f) or (ii) as to which proper
     financing statements (Form UCC-3), duly executed and suitable for filing
     under the UCC of all jurisdictions that the Administrator may deem
     necessary or desirable to release all security interests and other rights
     of any Person in the Receivables, Contracts or Related Security previously
     granted by such Originator have been received by the Administrator, shall
     cover any Receivable or any Related Rights which are to be sold to the
     Company hereunder), and tax and judgment lien search reports from a Person
     satisfactory to the Servicer showing no evidence of such liens filed
     against such Originator;

           (h)  A favorable opinion of Morgan Lewis & Bockius, counsel to the
     Originators in form and substance satisfactory to the Servicer and the
     Administrator;

           (i)  A Company Note in favor of each Originator, duly executed by the
     Company; and

                                      -8-

<PAGE>

           (j)  A certificate from an officer of each Originator to the effect
     that the Servicer and such Originator have placed on the most recent, and
     have taken all steps reasonably necessary to ensure that there shall be
     placed on each subsequent, data processing report that it generates which
     are of the type that a proposed purchaser or lender would use to evaluate
     the Receivables, the following legend (or the substantive equivalent
     thereof), which legend shall be placed on a separate "declaration page" and
     which indicates that: "THE RECEIVABLES ASSOCIATED WITH THE FOLLOWING
     COMPANY ACCOUNT NUMBERS (which company account numbers shall be listed on
     such "declaration page") HAVE BEEN SOLD: TO CNX FUNDING CORPORATION
     PURSUANT TO A PURCHASE AND SALE AGREEMENT, DATED AS OF APRIL 30, 2003 AS
     AMENDED, BETWEEN THE ORIGINATORS AND CNX FUNDING CORPORATION; AND AN
     UNDIVIDED, FRACTIONAL OWNERSHIP INTEREST IN SUCH RECEIVABLES HAS BEEN SOLD
     TO THE CONDUIT PURCHASERS PURSUANT TO A RECEIVABLES PURCHASE AGREEMENT,
     DATED AS OF APRIL 30, 2003, AS AMENDED, AMONG CONSOL ENERGY INC., AS THE
     SERVICER, CNX FUNDING CORPORATION, THE SUB-SERVICERS PARTY THERETO, THE
     CONDUIT PURCHASERS PARTY THERETO, THE CONDUIT AGENTS PARTY THERETO, AND PNC
     BANK, NATIONAL ASSOCIATION, AS ADMINISTRATOR."

     4.2   Certification as to Representations and Warranties.
           --------------------------------------------------

           Each Originator, by accepting the Purchase Price related to each
purchase of Receivables generated by such Originator, shall be deemed to have
certified that the representations and warranties contained in Article V are
true and correct on and as of such day, with the same effect as though made on
and as of such day.

                                   ARTICLE V

                REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS

     In order to induce the Company to enter into this Agreement and to make
purchases and accept contributions hereunder, each Originator hereby makes the
representations and warranties set forth in this Article V.

     5.1   Organization and Good Standing.
           ------------------------------

           Each Originator has been duly organized and is validly existing as a
corporation, partnership or limited liability company in good standing under the
laws of the State of its organization, with power and authority to own its
properties and to conduct its business as such properties are presently owned
and such business is presently conducted.

     5.2   Due Qualification.
           -----------------

           Each Originator is duly licensed and in good standing in the
jurisdiction where its chief executive office is located and is qualified to do
business as a foreign corporation,

                                      -9-

<PAGE>

partnership or limited liability company in good standing in all other
jurisdictions in which (a) the ownership or lease of its property or the conduct
of its business requires such licensing or qualification and (b) the failure to
be so licensed or qualified would be reasonably likely to have a Material
Adverse Effect.

     5.3   Power and Authority; Due Authorization.
           --------------------------------------

           Each Originator has (a) all necessary power, authority and legal
right (i) to execute and deliver, and perform its obligations under, each
Transaction Document to which it is a party and (ii) to generate, own, sell,
contribute and assign Receivables on the terms and subject to the conditions
herein and therein provided; and (b) duly authorized such execution and delivery
and such sale, contribution and assignment and the performance of such
obligations by all necessary organizational action.

     5.4   Valid Sale; Binding Obligations.
           -------------------------------

           Each sale or contribution, as the case may be, made by each
Originator pursuant to this Agreement shall constitute a valid sale or
contribution, as the case may be, transfer, and assignment of Receivables to the
Company, enforceable against creditors of, and purchasers from, such Originator;
and this Agreement constitutes, and each other Transaction Document to be signed
by each Originator, when duly executed and delivered, will constitute, a legal,
valid, and binding obligation of such Originator, enforceable in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, or other similar laws affecting the enforcement of creditors'
rights generally and by general principles of equity, regardless of whether such
enforceability is considered in a proceeding in equity or at law.

     5.5   No Violation.
           ------------

           The consummation of the transactions contemplated by this Agreement
and the other Transaction Documents and the fulfillment of the terms hereof or
thereof, will not (a) conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice or lapse of time) a
default under (i) any Originator's certificate of formation, limited liability
company agreement or any other organizational document of such Originator or
(ii) any indenture, loan agreement, mortgage, deed of trust, or other material
agreement or instrument to which it is a party or by which it is bound, (b)
result in the creation or imposition of any Adverse Claim upon any of its
properties pursuant to the terms of any such indenture, loan agreement,
mortgage, deed of trust, or other agreement or instrument, other than the
Transaction Documents, or (c) violate any law or any order, rule or regulation
applicable to it of any court or of any state or foreign regulatory body,
administrative agency, or other governmental instrumentality having jurisdiction
over it or any of its properties.

     5.6   Proceedings.
           -----------

           Except as set forth in Exhibit D, there is no action, suit,
proceeding or investigation pending before any court, regulatory body,
arbitrator, administrative agency, or other tribunal or governmental
instrumentality (a) asserting the invalidity of any Transaction Document, (b)
seeking to prevent the issuance of any Originator Assignment Certificate or the

                                      -10-

<PAGE>

consummation of any of the transactions contemplated by any Transaction Document
or (c) seeking any determination or ruling that will probably have a Material
Adverse Effect.

     5.7   Bulk Sales Acts.
           ---------------

           No transaction contemplated hereby requires compliance with, or will
be subject to avoidance under, any bulk sales act or similar law.

     5.8   Government Approvals.
           --------------------

           Except for the filing of the UCC financing statements referred to in
Article IV, all of which, at the time required in Article IV, shall have been
duly made and shall be in full force and effect, no authorization or approval or
other action by, and no notice to or filing with, any governmental authority or
regulatory body is required for any Originator's due execution, delivery and
performance of any Transaction Document to which it is a party.

     5.9   Financial Condition.
           -------------------

           (a)  Material Adverse Effect. Since December 31, 2002, no event has
     occurred that has had, or is reasonably likely to have, a Material Adverse
     Effect.

           (b)  Solvent. On the date hereof, (both before and after giving
     effect to such purchase and, in the case of CONSOL Energy Inc., after
     giving effect to the CONSOL Guaranty and any payments required thereunder)
     each Originator shall be Solvent; provided, however, that Consolidation
     Coal Company, Windsor Coal Company, Keystone Coal Mining Corporation, and
     Eighty-Four Mining Company do not make this representation.

           (c)  Improvement of Financial Condition. Each purchase hereunder from
     such Originator shall improve the financial condition of the applicable
     Originator.

     5.10  Licenses, Contingent Liabilities, and Labor Controversies.
           ---------------------------------------------------------

           (a)  No Originator has failed to obtain any licenses, permits,
     franchises or other governmental authorizations necessary to the ownership
     of its properties or to the conduct of its business, which violation or
     failure to obtain would be reasonably likely to have a Material Adverse
     Effect.

           (b)  There are no labor controversies pending against the Originator
     that have had (or are reasonably likely to have) a Material Adverse Effect.

     5.11  Margin Regulations.
           ------------------

           No use of any funds acquired by any Originator under this Agreement
will conflict with or contravene any of Regulations T, U and X promulgated by
the Federal Reserve Board from time to time.

                                      -11-

<PAGE>

     5.12  Quality of Title.
           ----------------

           (a)  Each Receivable of each Originator (together with the Related
     Rights with respect to such Receivable) which is to be sold to the Company
     hereunder is or shall be owned by such Originator, free and clear of any
     Adverse Claim, except as provided herein and in the Receivables Purchase
     Agreement. Whenever the Company makes a purchase or accepts a contribution
     hereunder, it shall have acquired and shall continue to have maintained a
     valid and perfected ownership interest (free and clear of any Adverse
     Claim) in all Receivables generated by each Originator and all Collections
     related thereto, and in such Originator's entire right, title and interest
     in and to the Related Rights with respect thereto.

           (b)  No effective financing statement or other instrument similar in
     effect covering any Receivable generated by any Originator or any Related
     Rights is on file in any recording office except such as may be filed in
     favor of the Company (and the Administrator as assignee of the Company) or
     the Administrator, as the case may be, in accordance with this Agreement or
     in favor of the Company (and the Administrator as assignee of the Company)
     or the Administrator, in accordance with the Receivables Purchase
     Agreement.

           (c)  Unless otherwise identified to the Company on the date of the
     purchase or contribution hereunder, each Receivable purchased hereunder is
     on the date of purchase or contribution, an Eligible Receivable.

           (d)  Each of (1) the federal judgment filed on January 17, 1996,
     against CONSOL Energy Inc. in favor of the Secretary of Labor (referred to
     as Filing Number 94-CV-2103) in the U.S. Western District Court of
     Pennsylvania in the approximate amount of $200,000, and (2) the judgment
     filed on June 25, 2001, against Eighty-Four Mining Company in favor of
     Washington Woods Development Company, Inc. (referred to as Filing Number
     GD-99-5121) in the Allegheny County, Pennsylvania Prothonotary's Office in
     the approximate amount of $85,000 have been paid off or otherwise satisfied
     by the Originators, does not constitute a judgment or outstanding
     obligation of the Originators, and does not constitute an Adverse Claim
     upon any Receivable or Related Rights of the Originators.

     5.13  Accuracy of Information.
           -----------------------

           All factual written information heretofore or contemporaneously
furnished (and prepared) by any Originator to the Company or the Administrator
for purposes of or in connection with any Transaction Document or any
transaction contemplated hereby or thereby is, and all other such factual
written information hereafter furnished (and prepared) by such Originator to the
Company or the Administrator pursuant to or in connection with any Transaction
Document will be, true and accurate in every material respect on the date as of
which such information is dated or certified.

                                      -12-

<PAGE>

     5.14  Offices; State of Formation.
           ---------------------------

           Each Originator's principal place of business and chief executive
office is located at the address specified in Exhibit E, each Originator's state
of formation is as specified in Exhibit E, and the offices where each Originator
keeps all its books, records and documents evidencing its Receivables, the
related Contracts and all other agreements related to such Receivables are
located at the addresses specified in Exhibit E (or at such other locations,
notified to the Servicer and the Administrator in accordance with Section
6.l(f), in jurisdictions where all action required by Section 7.3 has been taken
and completed).

     5.15  Trade Names.
           -----------

           No Originator uses any trade name other than its actual
organizational name and the trade names set forth in Exhibit F. From and after
the date that fell five (5) years before the date hereof, except as set forth in
Exhibit F, no Originator has been known by any legal name other than its
organizational name as of the date hereof, nor has any Originator been the
subject of any merger or other organizational reorganization.

    5.16   Taxes.
           -----

           Each Originator has filed all tax returns and reports required by law
to have been filed by it and has paid all taxes and governmental charges thereby
shown to be owing, except any such taxes or charges which are being diligently
contested in good faith by appropriate proceedings and for which adequate
reserves, if any, required under GAAP shall have been set aside on its books.

     5.17  Compliance With Applicable Laws.
           -------------------------------

           Each Originator is in compliance with the requirements of all
applicable laws, rules, regulations and orders of all governmental authorities,
a breach of any of which, individually or in the aggregate, would be reasonably
likely to have a Material Adverse Effect.

     5.18  Reliance on Separate Legal Identity.
           -----------------------------------

           Each Originator acknowledges that the Conduit Purchasers and the
Administrator are entering into the Receivables Purchase Agreement in reliance
upon the Company's identity as a legal entity separate from each Originator.

     5.19  Investment Company.
           ------------------

           No Originator is an "investment company," or a company "controlled"
by an "investment company" within the meaning of the Investment Company Act of
1940, as amended. In addition, no Originator is a "holding company," a
"subsidiary company" of a "holding company" or an "affiliate" of a "holding
company" or of a "subsidiary company" of a "holding company" within the meaning
of the Public Utility Holding Company Act of 1935, as amended.

                                      -13-

<PAGE>

     5.20  Security Interest.
           -----------------

           This Agreement creates a valid and continuing security interest (as
defined in the applicable UCC) in the Collateral in favor of the Company, which
security interest is prior to all other Adverse Claims, and is enforceable as
such against creditors of and purchasers from the Originators. The Collateral
constitutes "accounts," "general intangibles" or "tangible chattel paper" within
the meaning of the applicable UCC. Each Originator owns and has good and
marketable title to the Collateral free and clear of any Adverse Claim. Each
Originator has caused or will have caused, within ten (10) days, the filing of
all appropriate UCC financing statements in the proper filing offices in the
appropriate jurisdictions under applicable law in order to perfect the security
interest in the Collateral granted to the Company hereunder. Other than the
security interest granted to the Company pursuant to this Agreement, no
Originator has pledged, assigned, sold, granted a security interest in, or
otherwise conveyed any of the Collateral. No Originator has authorized the
filing of and no Originator is aware of any UCC financing statements against it
that included a description of collateral covering the Collateral other than any
UCC financing statement relating to the security interest granted to the Company
hereunder or that has been terminated. No Originator is aware of any judgment or
tax lien filings against it.

                                   ARTICLE VI

                          COVENANTS OF THE ORIGINATORS

     6.1   Affirmative Covenants.
           --------------------

           From the date hereof until the first day following the Purchase and
Sale Termination Date, each Originator agrees as follows, unless the
Administrator and the Company shall otherwise consent in writing, that it will:

           (a)  Compliance With Laws, Etc. Comply in all material respects with
     all applicable laws, rules, regulations and orders with respect to the
     Receivables generated by it and the Contracts and other agreements related
     thereto except where the failure to so comply would not materially and
     adversely affect the collectibility of such Receivables or the rights of
     the Company hereunder.

           (b)  Preservation of Organizational Existence. Preserve and maintain
     its existence as a corporation, partnership or limited liability company
     and all rights, franchises and privileges in the jurisdiction of its
     formation, and qualify and remain qualified in good standing as a foreign
     corporation, partnership or limited liability company in each jurisdiction
     where the failure to preserve and maintain such existence, rights,
     franchises, privileges and qualification would be reasonably likely to have
     a Material Adverse Effect.

           (c)  Receivables Reviews. (i) At any time and from time to time
     during regular business hours upon reasonable notice (such notice to be
     required only if no Purchase and Sale Termination Event or Unmatured
     Purchase and Sale Termination

                                      -14-

<PAGE>

     Event then exists), permit the Company or the Administrator, or their
     respective agents or representatives, (A) to examine and make copies of and
     abstracts from all books, records and documents (including, without
     limitation, computer tapes and disks) in possession or under the control of
     any Originator relating to the Receivables, including, without limitation,
     the related Contracts and purchase orders and other agreements related
     thereto, and (B) to visit the offices and properties of any Originator for
     the purpose of examining such materials described in clause (i)(A) next
     above and to discuss matters relating to Receivables originated by it or
     the performance hereunder with any of the officers or employees of any
     Originator having knowledge of such matters, and (ii) without limiting the
     foregoing clause (i) above, annually or if a Purchase and Sale Termination
     Event or Unmatured Purchase and Sale Termination Event exist then from time
     to time on request of the Administrator, permit certified public
     accountants or other auditors acceptable to the Originators and
     Administrator to conduct, at such Originator's expense, a review of such
     Originator's books and records with respect to such Receivables.

           (d)  Keeping of Records and Books of Account. Maintain and implement
     administrative and operating procedures (including, without limitation, an
     ability to re-create records evidencing Receivables it generates in the
     event of the destruction of the originals thereof), and keep and maintain
     all documents, books, records and other information reasonably necessary or
     advisable for the collection of such Receivables (including, without
     limitation, records adequate to permit the daily identification of each new
     Receivable and all Collections of and adjustments to each existing
     Receivable).

           (e)  Performance and Compliance With Receivables and Contracts.
     Timely and fully perform and comply with all provisions, covenants and
     other promises required to be observed by it under the Contracts and all
     other agreements related to the Receivables.

           (f)  Location of Offices; State of Formation. Keep its principal
     place of business, chief executive office and state of formation, and the
     offices where it keeps its records concerning or related to Receivables, at
     the address(es) and states referred to in Exhibit E or, upon 30 days' prior
     written notice to the Company and the Administrator, at such other
     locations in jurisdictions where all action required by Section 7.3 shall
     have been taken and completed.

           (g)  Credit and Collection Policies. Comply in all material respects
     with its Credit and Collection Policy in connection with the Receivables
     that it generates and all Contracts and other agreements related thereto.

           (h)  Post Office Boxes. On or prior to the date hereof, deliver to
     the Servicer (on behalf of the Company) a certificate from an authorized
     officer of each Originator to the effect that (i) the name of the renter of
     all post office boxes into which Collections may from time to time be
     mailed have been changed to the name of the Company (unless such post
     office boxes are in the name of the relevant Lock-Box Banks) and (ii) all
     relevant postmasters have been notified that each of the Servicer and the
     Administrator

                                      -15-

<PAGE>

     are authorized to collect mail delivered to such post office boxes (unless
     such post office boxes are in the name of the relevant Lock-Box Banks).

     6.2   Reporting Requirements.
           ----------------------

           From the date hereof until the first day following the Purchase and
Sale Termination Date, each Originator will, unless the Servicer (on behalf of
the Company) shall otherwise consent in writing, furnish to the Company and the
Administrator:

           (a)  Purchase and Sale Termination Events. As soon as possible after
     knowledge of the occurrence of, and in any event within five Business Days
     after knowledge of the occurrence of each Purchase and Sale Termination
     Event or each Unmatured Purchase and Sale Termination Event in respect of
     the applicable Originator, the statement of the chief financial officer or
     chief accounting officer of such Originator describing such Purchase and
     Sale Termination Event or Unmatured Purchase and Sale Termination Event and
     the action that such Originator proposes to take with respect thereto, in
     each case in reasonable detail;

           (b)  Proceedings. As soon as possible and in any event within ten
     Business Days after any Originator otherwise has knowledge thereof, written
     notice of (i) litigation, investigation or proceeding of the type described
     in Section 5.6 not previously disclosed to the Company and (ii) all
     material adverse developments that have occurred with respect to any
     previously disclosed litigation, proceedings and investigations; and

           (c)  Other. Promptly, from time to time, such other information,
     documents, records or reports respecting the Receivables or the conditions
     or operations, financial or otherwise, of any Originator as the Company,
     the Conduit Purchasers or the Administrator may from time to time
     reasonably request in order to protect the interests of the Company, the
     Conduit Purchasers or the Administrator under or as contemplated by the
     Transaction Documents.

           (d)  Preservation of Security Interest. Each Originator shall (and
     shall cause the Servicer to) take any and all action as the Administrator
     may require to preserve and maintain the perfection and priority of the
     security interest of the Company in the Collateral pursuant to this
     Agreement.

     6.3   Negative Covenants.
           ------------------

           From the date hereof until the date following the Purchase and Sale
Termination Date, each Originator agrees that, unless the Servicer (on behalf of
the Company) and the Administrator shall otherwise consent in writing, it shall
not:

           (a)  Sales, Liens, Etc. Except as otherwise provided herein or in any
     other Transaction Document, sell, assign (by operation of law or otherwise)
     or otherwise dispose of, or create or suffer to exist any Adverse Claim
     upon or with respect to, any

                                      -16-

<PAGE>
     Receivable or related Contract or Related Security, or any interest
     therein, or any Collections thereon, or assign any right to receive income
     in respect thereof.

           (b)  Extension or Amendment of Receivables. Except as otherwise
     permitted in Section 4.2(a) of the Receivables Purchase Agreement, extend,
     amend or otherwise modify the terms of any Receivable in any material
     respect generated by it, or amend, modify or waive, in any material
     respect, any term or condition of any Contract related thereto (which term
     or condition relates to payments under, or the enforcement of, such
     Contract).

           (c)  Change in Business or Credit and Collection Policy. Make any
     material change in the character of its business or materially alter its
     Credit and Collection Policy, which change would, in either case,
     materially change the credit standing required of particular Obligors or
     potential Obligors or impair, in any material respect, the collectibility
     of the Receivables generated by it in any case, without the consent of the
     Administrator.

           (d)  Receivables Not to Be Evidenced by Promissory Notes or Chattel
     Paper. Take any action to cause or permit any Receivable generated by it to
     become evidenced by any "instrument" or "chattel paper" (as defined in the
     applicable UCC).

           (e)  Mergers, Acquisitions, Sales, Etc. (i) Be a party to any merger
     or consolidation, except a merger or consolidation where any Originator is
     the surviving entity, or (ii) directly or indirectly sell, transfer,
     assign, convey or lease (A) whether in one or a series of transactions, all
     or substantially all of its assets or (B) any Receivables or any interest
     therein (other than pursuant to this Agreement).

           (f)  Lock-Box Banks. Make any changes in its instructions to
     Obligors regarding Collections or add or terminate any bank as a Lock-Box
     Bank unless the requirements of paragraph 2(g) of Exhibit IV to the
     Receivables Purchase Agreement have been met.

           (g)  Accounting for Purchases. Account for or treat (whether in
     financial statements or otherwise) the transactions contemplated hereby in
     any manner other than as sales of the Receivables and Related Rights by
     such Originator to the Company.

           (h)  Transaction Documents. Enter into, execute, deliver or otherwise
     become bound by any agreement, instrument, document or other arrangement
     that restricts the right of such Originator to amend, supplement, amend and
     restate or otherwise modify, or to extend or renew, or to waive any right
     under, this Agreement or any other Transaction Documents, except that the
     Originators may enter into agreements that restrict the right of such
     Originators to increase the Purchase Limit to an amount greater than
     $200,000,000.

     6.4   Substantive Consolidation.
           -------------------------

           Each Originator hereby acknowledges that this Agreement and the other
Transaction Documents are being entered into in reliance upon the Company's
identity as a legal

                                      -17-

<PAGE>

entity separate from each Originator and its Affiliates. Therefore, from and
after the date hereof, each Originator shall take all reasonable steps necessary
to make it apparent to third Persons that the Company is an entity with assets
and liabilities distinct from those of each Originator and any other Person, and
is not a division of any other Originator, its Affiliates or any other Person.
Without limiting the generality of the foregoing and in addition to and
consistent with the other covenants set forth herein, the Originators shall take
such actions as shall be required in order that:

           (a)  the Originators shall not be involved in the day-to-day
     management of the Company;

           (b)  the Originators shall maintain separate organizational records
     and books of account from the Company and otherwise will observe
     organizational formalities and have a separate area from the Company for
     their businesses;

           (c)  the financial statements and books and records of the
     Originators shall be prepared after the date of creation of the Company to
     reflect and shall reflect the separate existence of the Company; provided,
     that the Company's assets and liabilities may be included in a consolidated
     financial statement issued by an affiliate of the Company; provided,
     however, that any such consolidated financial statement shall make clear
     that the Company's assets are not available to satisfy the obligations of
     such affiliate;

           (d)  except as permitted by the Receivables Purchase Agreement, (i)
     the Originators shall maintain their assets separately from the assets of
     the Company, (ii) and the Company's assets, and records relating thereto,
     have not been, are not, and shall not be, commingled with those of any
     Originator;

           (e)  all of the Company's business correspondence and other
     communications shall be conducted in the Company's own name and on its own
     stationery;

           (f)  no Originator shall act as an agent for the Company, other than
     CONSOL Energy in its capacity as the Servicer, and in connection therewith,
     shall present itself to the public as an agent for the Company and a legal
     entity separate from the Company;

           (g)  no Originator shall conduct any of the business of the Company
     in its own name;

           (h)  no Originator shall pay any liabilities of the Company out of
     its own funds or assets;

           (i)  each Originator shall maintain an arm's-length relationship with
     the Company;

           (j)  no Originator shall assume or guarantee or become obligated for
     the debts of the Company or hold out its credit as being available to
     satisfy the obligations of the Company;

                                      -18-

<PAGE>

           (k)  no Originator shall acquire obligations of the Company;

           (l)  each Originator shall allocate fairly and reasonably overhead or
     other expenses that are properly shared with the Company, including,
     without limitation, shared office space;

           (m)  each Originator shall identify and hold itself out as a separate
     and distinct entity from the Company;

           (n)  each Originator shall correct any known misunderstanding
     regarding its separate identity from the Company;

           (o)  no Originator shall enter into, or be a party to, any
     transaction with the Company, except in the ordinary course of its business
     and on terms which are intrinsically fair and not less favorable to it than
     would be obtained in a comparable arm's-length transaction with an
     unrelated third party; and

           (p)  no Originator shall pay the salaries of the Company's employees,
     if any.

                                   ARTICLE VII

                      ADDITIONAL RIGHTS AND OBLIGATIONS IN
                           RESPECT OF THE RECEIVABLES

     7.1   Rights of the Company.
           ---------------------

           Each Originator hereby authorizes the Company (who may further
authorize another Person), the Servicer, or their respective designees to take
any and all steps in such Originator's name necessary or desirable, in their
respective determination, to collect all amounts due under any and all
Receivables, including, without limitation, endorsing the name of such
Originator on checks and other instruments representing Collections and
enforcing such Receivables and the provisions of the related Contracts that
concern payment and/or enforcement of rights to payment.

     7.2   Responsibilities of the Originators.
           -----------------------------------

           Anything herein to the contrary notwithstanding:

           (a)  Collection Procedures. Each Originator agrees to direct its
     respective Obligors to make payments of Receivables directly to a post
     office box related to the relevant Lock-Box Account at a Lock-Box Bank or
     directly to the Lock-Box Account. Each Originator further agrees to
     transfer any Collections that it receives directly to the Servicer (for the
     Company's account) within two (2) Business Days of receipt thereof, and
     agrees that all such Collections shall be deemed to be received in trust
     for the Company and shall be maintained and segregated separate and apart
     from all other funds and monies of such Originator until transfer of such
     Collections to the Servicer.

                                      -19-

<PAGE>

           (b)  Each Originator shall perform its obligations hereunder, and the
     exercise by the Company or its designee of its rights hereunder shall not
     relieve any Originator from such obligations.

           (c)  None of the Company, the Servicer or the Administrator shall
     have any obligation or liability to any Obligor or any other third Person
     with respect to any Receivables, Contracts related thereto or any other
     related agreements, nor shall the Company, the Servicer, the Conduit
     Agents, the Conduit Purchasers or the Administrator be obligated to perform
     any of the obligations of any Originator thereunder.

           (d)  Each Originator hereby grants to the Company (who may further
     grant to another Person) an irrevocable power of attorney, with full power
     of substitution, coupled with an interest, to take in the name of such
     Originator all steps necessary or advisable to endorse, negotiate or
     otherwise realize on any writing or other right of any kind held or
     transmitted by such Originator or transmitted or received by the Company
     (whether or not from such Originator) in connection with any Receivable.

     7.3   Further Action Evidencing Purchases.
           -----------------------------------

           Each Originator agrees that from time to time, at its expense, it
will promptly execute and deliver all further instruments and documents, and
take all further action that the Servicer may reasonably request in order to
perfect, protect or more fully evidence the Receivables and Related Rights
purchased by or contributed to the Company hereunder, or to enable the Company
to exercise or enforce any of its rights hereunder or under any other
Transaction Document. Without limiting the generality of the foregoing, upon the
request of the Servicer, each Originator will:

           (a)  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; and

           (b)  mark the master data processing records that evidence or list
     (i) such Receivables and (ii) related Contracts with the legend set forth
     in Section 4.l(j).

Each Originator hereby authorizes the Company or its designee to file one or
more financing or continuation statements, and amendments thereto and
assignments thereof, relative to all or any of the Receivables and Related
Rights now existing or hereafter generated by such Originator. If any Originator
fails to perform any of its agreements or obligations under this Agreement, the
Company or its designee may (but shall not be required to) itself perform, or
cause performance of, such agreement or obligation, and the expenses of the
Company or its designee incurred in connection therewith shall be payable by
such Originator as provided in Section 9.1.

     7.4   Application of Collections.
           --------------------------

           Any payment by an Obligor in respect of any indebtedness owed by it
to any Originator shall, except as otherwise specified by such Obligor or
otherwise required by contract or law and unless otherwise instructed by the
Company (or any other Person to whom the

                                      -20-

<PAGE>

Company has assigned such right to instruct), be applied as a Collection of any
Receivable or Receivables of such Obligor to the extent of any amounts then due
and payable thereunder before being applied to any other indebtedness of such
Obligor.

                                  ARTICLE VIII

                      PURCHASE AND SALE TERMINATION EVENTS

     8.1   Purchase and Sale Termination Events.
           ------------------------------------

           Each of the following events or occurrences described in this Section
8.1 shall constitute a "Purchase and Sale Termination Event":

           (a)  a Termination Event (as defined in the Receivables Purchase
     Agreement) shall have occurred and, in the case of a Termination Event
     (other than one described in paragraph (f) of Exhibit V of the Receivables
     Purchase Agreement), the Administrator, shall have declared the Facility
     Termination Date to have occurred; or

           (b)  any Originator shall fail to make any payment or deposit to be
     made by it hereunder when due and such failure shall remain unremedied for
     one Business Day;

           (c)  any representation or warranty made or deemed to be made by any
     Originator (or any of its officers) under or in connection with this
     Agreement, any other Transaction Documents, or any other information or
     report delivered pursuant hereto or thereto shall prove to have been
     incorrect or untrue in any material respect when made or deemed made, and
     shall remain incorrect or untrue for thirty (30) calendar days after
     knowledge or notice thereof (if the warranty is of a type that is capable
     of being cured);

           (d)  any Originator shall fail to perform or observe any other term,
     covenant or agreement contained in this Agreement on its part to be
     performed or observed and such failure shall remain unremedied for ten (10)
     Business Days after written notice thereof shall have been given by the
     Servicer to such Originator.

     8.2   Remedies.
           --------

           (a)  Optional Termination. Upon the occurrence of a Purchase and Sale
     Termination Event, the Company (and not the Servicer) shall have the
     option, by notice to the Originators (with a copy to the Administrator), to
     declare the Purchase and Sale Termination Date to have occurred.

           (b)  Remedies Cumulative. Upon any termination of the Purchase
     Facility pursuant to Section 8.2(a), the Company shall have, in addition to
     all other rights and remedies under this Agreement, all other rights and
     remedies provided under the UCC of each applicable jurisdiction and other
     applicable laws, which rights shall be cumulative.

                                      -21-

<PAGE>

                                   ARTICLE IX

                                 INDEMNIFICATION

     9.1  Indemnities by the Originators.
          ------------------------------

           Without limiting any other rights which the Company may have
hereunder or under applicable law, each Originator hereby agrees to indemnify
the Company and each of its officers, directors, employees and agents (each of
the foregoing Persons being individually called a "Purchase and Sale Indemnified
Party"), forthwith on demand, from and against any and all damages, losses,
claims, judgments, liabilities and related costs and expenses, including
reasonable attorneys' fees and disbursements (all of the foregoing being
collectively called "Purchase and Sale Indemnified Amounts") awarded against or
incurred by any of them arising out of or as a result of the failure of any
Originator to perform its obligations under this Agreement or any other
Transaction Document, or arising out of the claims asserted against a Purchase
and Sale Indemnified Party relating to the transactions contemplated herein or
therein or the use of proceeds thereof or therefrom, excluding, however, (i)
Purchase and Sale Indemnified Amounts to the extent resulting from gross
negligence or willful misconduct on the part of such Purchase and Sale
Indemnified Party, (ii) any indemnification which has the effect of recourse for
non-payment of the Receivables to any indemnitor (except as otherwise
specifically provided under this Section 9.1) and (iii) any tax based upon or
measured by net income or gross receipts. Without limiting the foregoing, each
Originator agrees that it shall indemnify each Purchase and Sale Indemnified
Party for Purchase and Sale Indemnified Amounts relating to or resulting from:

           (a)  the transfer by such Originator of an interest in any Receivable
     to any Person other than the Company;

           (b)  the breach of any representation or warranty made by such
     Originator (or any of its officers) under or in connection with this
     Agreement or any other Transaction Document, or any written information or
     report delivered by such Originator pursuant hereto or thereto, which shall
     have been false or incorrect in any material respect when made or deemed
     made;

           (c)  the failure by such Originator to comply with any applicable
     law, rule or regulation with respect to any Receivable generated by such
     Originator or the related Contract, or the nonconformity of any Receivable
     generated by such Originator or the related Contract with any such
     applicable law, rule or regulation;

           (d)  the failure to vest and maintain vested in the Company an
     ownership interest in the Receivables generated by such Originator free and
     clear of any Adverse Claim, other than an Adverse Claim arising solely as a
     result of an act of the Company, whether existing at the time of the
     purchase of such Receivables or at any time thereafter;

           (e)  the failure to file, or any delay in filing, financing
     statements or other similar instruments or documents under the UCC of any
     applicable jurisdiction or other

                                      -22-

<PAGE>

     applicable laws with respect to any Receivables or purported Receivables
     generated by such Originator, whether at the time of any purchase or
     contribution or at any subsequent time;

           (f)  any dispute, claim, offset or defense (other than discharge in
     bankruptcy) of the Obligor to the payment of any Receivable or purported
     Receivable generated by such Originator (including, without limitation, a
     defense based on such Receivable's or the related Contract's 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
     services related to any such Receivable or the furnishing of or failure to
     furnish such services;

           (g)  any product liability claim arising out of or in connection with
     services that are the subject of any Receivable generated by such
     Originator; and

           (h)  any tax or governmental fee or charge (other than any tax
     excluded pursuant to clause (iii) in the proviso to the preceding
     sentence), all interest and penalties thereon or with respect thereto, and
     all out-of-pocket costs and expenses, including the reasonable fees and
     expenses of counsel in defending against the same, which may arise by
     reason of the purchase or ownership of the Receivables generated by such
     Originator or any Related Security connected with any such Receivables.

     If for any reason the indemnification provided above in this Section 9.1 is
unavailable to a Purchase and Sale Indemnified Party or is insufficient to hold
such Purchase and Sale Indemnified Party harmless, then each Originator agrees
that it shall contribute to the amount paid or payable by such Purchase and Sale
Indemnified Party to the maximum extent permitted under applicable law.

                                    ARTICLE X

                                  MISCELLANEOUS

     10.1  Amendments, Etc.
           ---------------

           (a)  The provisions of this Agreement may from time to time be
     amended, modified or waived, if such amendment, modification or waiver is
     in writing and consented to by the Company and the Originators (with
     respect to an amendment) or by the Company (with respect to a waiver or
     consent by it).

           (b)  No failure or delay on the part of the Company, the Servicer,
     the Originators or any third-party beneficiary in exercising any power or
     right hereunder shall operate as a waiver thereof, nor shall any single or
     partial exercise of any such power or right preclude any other or further
     exercise thereof or the exercise of any other power or right. No notice to
     or demand on the Company, the Servicer or the Originators in any case shall
     entitle it to any notice or demand in similar or other circumstances. No
     waiver or approval by the Company or the Servicer under this Agreement
     shall, except as

                                      -23-

<PAGE>

     may otherwise be stated in such waiver or approval, be applicable to
     subsequent transactions. No waiver or approval under this Agreement shall
     require any similar or dissimilar waiver or approval thereafter to be
     granted hereunder.

           (c)  The Transaction Documents contain a final and complete
     integration of all prior expressions by the parties hereto with respect to
     the subject matter thereof and shall constitute the entire agreement among
     the parties hereto with respect to the subject matter thereof, superseding
     all prior oral or written understandings.

     10.2  Notices, Etc.
           ------------

           All notices and other communications provided for hereunder shall,
unless otherwise stated herein, be in writing (including facsimile
communication) and shall be personally delivered or sent by certified mail,
postage prepaid, or by facsimile, to the intended party at the address or
facsimile number of such party set forth under its name on the signature pages
hereof or at such other address or facsimile number as shall be designated by
such party in a written notice to the other parties hereto. All such notices and
communications shall be effective (i) if personally delivered, when received,
(ii) if sent by certified mail three (3) Business Days after having been
deposited in the mail, postage prepaid, and (iii) if transmitted by facsimile,
when sent, receipt confirmed by telephone or electronic means.

     10.3  No Waiver, Cumulative Remedies.
           ------------------------------

           The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. Without limiting the foregoing, each Originator hereby
authorizes the Company, at any time and from time to time, to the fullest extent
permitted by law, to set off, against any obligations of such Originator to the
Company arising in connection with the Transaction Documents (including, without
limitation, amounts payable pursuant to Section 9.1) that are then due and
payable or that are not then due and payable but are accruing in respect of the
then current Settlement Period, any and all indebtedness at any time owing by
the Company to or for the credit or the account of such Originator.

     10.4  Binding Effect; Assignability.
           -----------------------------

           This Agreement shall be binding upon and inure to the benefit of the
Company and the Originators and their respective successors and permitted
assigns. The Originators may not assign any of their rights hereunder or any
interest herein without the prior written consent of the Company, except as
otherwise herein specifically provided. 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 such time as the
parties hereto shall agree. The rights and remedies with respect to any breach
of any representation and warranty made by the Originators pursuant to Article V
and the indemnification and payment provisions of Article IX and Section 10.6
shall be continuing and shall survive any termination of this Agreement. Neither
the Company nor any other Person may waive a breach of Section 5.20 of this
Agreement for so long as the Notes are outstanding.

                                      -24-

<PAGE>

     10.5  Governing Law.
           -------------

           THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

     10.6  Costs, Expenses and Taxes.
           -------------------------

           In addition to the obligations of the Originators under Article IX,
each Originator agrees to pay on demand:

           (a)  all reasonable costs and expenses in connection with the
     enforcement of this Agreement, the Originator Assignment Certificates and
     the other Transaction Documents; and

           (b)  all stamp and other taxes and fees payable or determined to be
     payable in connection with the execution, delivery, filing and recording of
     this Agreement or the other Transaction Documents to be delivered
     hereunder, and agrees to indemnify each Purchase and Sale Indemnified Party
     against any liabilities with respect to or resulting from any delay in
     paying or omission to pay such taxes and fees.

     10.7  Submission to Jurisdiction.
           --------------------------

           EACH PARTY HERETO HEREBY IRREVOCABLY (a) SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF NEW YORK COUNTY, NEW YORK OR UNITED STATES FEDERAL COURT FOR THE
SOUTHERN DISTRICT OF NEW YORK, OVER ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO ANY TRANSACTION DOCUMENT; (b) AGREES THAT ALL CLAIMS IN RESPECT OF
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE OR UNITED
STATES FEDERAL COURT; (c) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO
SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING; (d) IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN
ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES OF SUCH PROCESS TO SUCH
PERSON AT ITS ADDRESS SPECIFIED IN SECTION 10.2; AND (e) AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS SECTION 10.7 SHALL AFFECT THE COMPANY'S RIGHT
TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING ANY
ACTION OR PROCEEDING AGAINST THE ORIGINATOR OR ITS PROPERTY IN THE COURTS OF ANY
OTHER JURISDICTIONS.

     10.8  Waiver of Jury Trial.
           --------------------

           EACH PARTY HERETO WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS
AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR

                                      -25-

<PAGE>

ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE
FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY RELATIONSHIP
EXISTING IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT,
AND AGREES THAT (a) ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT
AND NOT BEFORE A JURY AND (b) ANY PARTY HERETO (OR ANY ASSIGNEE OR THIRD-PARTY
BENEFICIARY OF THIS AGREEMENT) MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF
THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF ANY OTHER
PARTY OR PARTIES HERETO TO WAIVER OF ITS OR THEIR RIGHT TO TRIAL BY JURY.

     10.9  Captions and Cross-References; Incorporation by Reference.
           ---------------------------------------------------------

           The various captions (including, without limitation, the table of
contents) in this Agreement are included for convenience only and shall not
affect the meaning or interpretation of any provision of this Agreement.
References in this Agreement to any underscored Section or Exhibit are to such
Section or Exhibit of this Agreement, as the case may be. The Exhibits hereto
are hereby incorporated by reference into and made a part of this Agreement.

     10.10 Execution in Counterparts.
           -------------------------

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

     10.11 Acknowledgment and Agreement.
           ----------------------------

           By execution below, each Originator expressly acknowledges and agrees
that all of the Company's rights, title, and interests in, to, and under this
Agreement (but not its obligations), shall be assigned by the Company pursuant
to the Receivables Purchase Agreement, and each Originator consents to such
assignment. Each of the parties hereto acknowledges and agrees that the
Administrator, the Conduit Agents and the Conduit Purchasers are third-party
beneficiaries of the rights of the Company arising hereunder and under the other
Transaction Documents to which the Originators are a party.

                            [SIGNATURE PAGE FOLLOWS]

                                      -26-

<PAGE>

                       [SIGNATURE PAGE 1 OF 7 TO PURCHASE
                               AND SALE AGREEMENT]

     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their respective officers thereunto duly authorized as of the date first
above written.

                                        CONSOL ENERGY INC., as an Originator and
                                        as initial Servicer

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        CONSOL SALES COMPANY, as an Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        CONSOL OF KENTUCKY INC., as an
                                        Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241

                                      -27-

<PAGE>

                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        CONSOL PENNSYLVANIA COAL COMPANY, as an
                                        Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        CONSOLIDATION COAL COMPANY, as an
                                        Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        ISLAND CREEK COAL COMPANY, as an
                                        Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------

                                      -28-

<PAGE>

                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        WINDSOR COAL COMPANY, as an Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        MCELROY COAL COMPANY, as an Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        KEYSTONE COAL MINING CORPORATION, as an
                                        Originator

                                      -29-

<PAGE>

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        EIGHTY-FOUR MINING COMPANY, as an
                                        Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        CNX MARINE TERMINALS INC., as an
                                        Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: President
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                      -30-

<PAGE>

                                        CNX GAS COMPANY LLC, as an Originator

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: President
                                        Telephone: 412-831-4128
                                        Facsimile: 412-831-4151

                                        CNX FUNDING CORPORATION, as the Company

                                        By:
                                           -------------------------------------
                                        Name:
                                             -----------------------------------
                                        Title:
                                              ----------------------------------

                                        Address:   CONSOL Plaza
                                                   Treasury Suite 125
                                                   1800 Washington Road
                                                   Pittsburgh, PA 15241
                                        Attention: Treasurer
                                        Telephone:
                                        Facsimile:

                                      -31-

<PAGE>

                                                                       Exhibit A
                                                  to Purchase and Sale Agreement

                             FORM OF PURCHASE REPORT

ORIGINATOR:            ________________________________________________

PURCHASER:             CNX FUNDING CORPORATION

DATE:                  ________________________________________________

I.                     OUTSTANDING BALANCE OF RECEIVABLES
                       PURCHASED:________

II.                    FAIR MARKET VALUE DISCOUNT:

                       1/[1 + (ELP + SCP + FFP + ((E-R + 2.50%)
                       X (DSO)))]
                         --------
                           365

                       ELP = Expected Loss Proxy = __________

                       FFP = Factoring Fee Proxy = 0.25%

                       SCP = Servicing Cost Proxy = 0.03%

                       E-R = Euro-Rate = ________

                       DSO = Days' Sales Outstanding = ___________________

                       Fair Market Value Discount = _______________________

III.                   PURCHASE PRICE (I X II) = $________________________

                                      A-1

<PAGE>

                                                                       Exhibit B
                                                  to Purchase and Sale Agreement

                              FORM OF COMPANY NOTE

                                      B-1

<PAGE>

                                                                       Exhibit C
                                                  to Purchase and Sale Agreement

                    FORM OF ORIGINATOR ASSIGNMENT CERTIFICATE

                                      C-1

<PAGE>

                                                                       Exhibit D
                                                  to Purchase and Sale Agreement

                                   PROCEEDINGS

None. (The Originators have delivered to the Company and the Administrator a
schedule of significant litigation but the Originators do not believe that any
such litigation will probably have a Material Adverse Effect.)

                                      D-1

<PAGE>

                                                                       Exhibit E
                                                  to Purchase and Sale Agreement

                                OFFICE LOCATIONS
                                ----------------

Each Originator maintains books and records relating to Receivables at:

               1800 Washington Road, Pittsburgh, PA 15241

The Principal Place of Business and Chief Executive Office of each Originator
is:

               1800 Washington Road, Pittsburgh, PA 15241

The state of Formation of each Originator is:

               CONSOL Energy Inc.                 Delaware
               Consol Sales Company               Delaware
               CONSOL of Kentucky Inc.            Delaware
               Consol Pennsylvania Coal Company   Delaware
               Consolidation Coal Company         Delaware
               Island Creek Coal Company          Delaware
               Windsor Coal Company               West Virginia
               McELROY COAL COMPANY               Delaware
               Keystone Coal Mining Corporation   Pennsylvania
               Eighty-Four Mining Company         Pennsylvania
               CNX Gas Company LLC                Virginia
               CNX Marine Terminals Inc.          Delaware

                                      E-1

<PAGE>

                                                                       Exhibit F
                                                  to Purchase and Sale Agreement

                                   TRADE NAMES
                                   -----------

           Legal Name/Trade Names/Fictitious Names of each Originator
           ----------------------------------------------------------

                               CONSOL Energy Inc.

                              Consol Sales Company

                             CONSOL of Kentucky Inc.

                        Consol Pennsylvania Coal Company

                           Consolidation Coal Company

                            Island Creek Coal Company

                              Windsor Coal Company

                              McELROY COAL COMPANY

                        Keystone Coal Mining Corporation

                           Eighty-Four Mining Company

 CNX Gas Company LLC f/a/k/a Pocahontas Gas Partnership and Buchanan Production
                                     Company

       CNX Marine Terminals Inc. f/a/k/a Consolidation Coal Sales Company

                                       F-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]