Document:

<PAGE>

                                                                  Exhibit 4.9(a)

                      AMENDMENT NO. 3 TO CREDIT AGREEMENT

     AMENDMENT No. 3 dated as of February 3, 2000 to the Credit Agreement dated
as of July 23, 1998 (as heretofore amended, the "Credit Agreement") among
LYONDELL CHEMICAL COMPANY, the LENDERS party thereto, the DOCUMENTATION AGENTS
party thereto, MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as Administrative
Agent and DLJ CAPITAL FUNDING, INC. as Syndication Agent.

     The parties hereto agree as follows:

     Section 1.  Defined Terms; References.  Unless otherwise specifically
defined herein, each term used herein which is defined in the Credit Agreement
has the meaning assigned to such term in the Credit Agreement. Each reference to
"hereof", "hereunder", "herein" and "hereby" and each other similar reference
and each reference to "this Agreement" and each other similar reference
contained in the Credit Agreement shall, after this Amendment becomes effective,
refer to the Credit Agreement as amended hereby.

     Section 2.  Amendment of Section 1.01.

     (a)  The definition of Material Debt is amended to read in its entirety as
follows:

          "Material Debt" means Debt (other than the Loans and Reimbursement
     Obligations) of the Borrower and/or one or more of its Subsidiaries
     (including for this purpose the Borrower Joint Ventures, but excluding LCR
     so long as LCR is not at the time a "Significant Subsidiary" for purposes
     of the instruments governing the New Senior Notes or the New Senior
     Subordinated Notes), arising in one or more related or unrelated
     transactions, in an aggregate principal amount exceeding $50,000,000.

     (b)  The definition of New Senior Notes is amended by changing the figure
"$2,900,000,000" to "$4,000,000,000".

     (c) The definition of Net Cash Proceeds is amended by (i) substituting a
comma for the word "and" immediately preceding "(b)" and (ii) adding the
following new clause (c) at the end thereof:
<PAGE>

     and (c) if such Reduction Event is an Equity Issuance, up to $300,000,000
     of such cash proceeds so long as the same are invested in LCR, directly or
     indirectly, substantially simultaneously with the receipt thereof.

     Section 3.  Amendment of Section 5.08.  The following sentence is added at
the end of Section 5.08:

     None of the proceeds of the Revolving Loans will be used to repay Debt of
     LCR.

     Section 4.  Amendment of Section 5.10.  Clause (d) of Section 5.10 is
amended to read as follows:

          (d)  intercompany Debt of an Obligor owing to an Obligor, or of any
     Subsidiary which is not an Obligor owing to the Borrower or any other
     Subsidiary, or of any Obligor owing to any Subsidiary which is not an
     Obligor if such Debt is expressly subordinated to the prior payment in full
     in cash of all amounts payable by such Obligor under the Loan Documents;

     Section 5.  Amendment of Section 5.11.   The table in Section 5.11 is
amended to read in its entirety as follows:

               Period                                      Ratio
               ------                                      -----

     On or before June 30, 2000                             7.75
     July 1, 2000 - September 30, 2000                      6.50
     October 1, 2000 - December 31, 2000                    6.00
     January 1, 2001 - December 31, 2001                    4.95
     January 1, 2002 - December 31, 2002                    3.00
     At all times thereafter                                2.50

     Section 6. Amendment of Section 5.12. The table in Section 5.12 is amended
to read in its entirety as follows:

               Period                                     Ratio
               ------                                     -----

     On or before June 30, 2000                            1.20
     July 1, 2000 - September 30, 2000                     1.30
     October 1, 2000 - December 31, 2000                   1.50
     January 1, 2001 - December 31, 2001                   1.75
     January 1, 2002 - December 31, 2002                   2.40
     Thereafter                                            2.60

     Section 7. Amendment of Section 5.13. The figure "$475,000,000" in Section
5.13 is changed to "$375,000,000".

                                       2
<PAGE>

     Section 8. Amendment to Section 5.15(b). Section 5.15(b) is amended by (1)
substituting a comma for the word "and" immediately preceding "(v)" and (2)
adding the following new clause (vi) at the end thereof: "and (vi) intercompany
Debt."

     Section 9.  Amendment to Section 6.01. Clauses (h) and (i) of Section
6.01 are amended to read as follows:

          (h) (i)  the Borrower or any Significant Subsidiary (including for
     this purpose the Borrower Joint Ventures, but excluding LCR so long as LCR
     is not at the time a "Significant Subsidiary" for purposes of the
     instruments governing the New Senior Notes or the New Senior Subordinated
     Notes), shall commence a voluntary case or other proceeding seeking
     liquidation, reorganization or other relief with respect to itself or its
     debts under any bankruptcy, insolvency or other similar law now or
     hereafter in effect or seeking the appointment of a trustee, receiver,
     liquidator, custodian or other similar official of it or any substantial
     part of its property, or shall consent to any such relief or to the
     appointment of or taking possession by any such official in an involuntary
     case or other proceeding commenced against it, or shall make a general
     assignment for the benefit of creditors, or shall fail generally to pay its
     debts as they become due, or (ii) shall take any corporate action to
     authorize any of the foregoing;

          (i) an involuntary case or other proceeding shall be commenced against
     the Borrower or any Significant Subsidiary (including for this purpose the
     Borrower Joint Ventures, but excluding LCR so long as LCR is not at the
     time a "Significant Subsidiary" for purposes of the instruments governing
     the New Senior Notes or the New Senior Subordinated Notes), seeking
     liquidation, reorganization or other relief with respect to it or its debts
     under any bankruptcy, insolvency or other similar law now or hereafter in
     effect or seeking the appointment of a trustee, receiver, liquidator,
     custodian or other similar official of it or any substantial part of its
     property, and such involuntary case or other proceeding shall remain
     undismissed and unstayed for a period of 60 days; or an order for relief
     shall be entered against the Borrower or any Significant Subsidiary
     (including for this purpose the Borrower Joint Ventures, but excluding LCR
     so long as LCR is not at the time a "Significant Subsidiary" for purposes
     of the instruments governing the New Senior Notes or the New Senior
     Subordinated Notes), under the federal bankruptcy laws as now or hereafter
     in effect;

     Section 10.  Governing Law.  This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.

                                       3
<PAGE>

     Section 11.  Counterparts.  This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

     Section 12.  Effectiveness.  This Amendment shall become effective on the
first date (the "Amendment 3 Effective Date") on which all the following
conditions have been satisfied:

          (a)  receipt by the Administrative Agent of counterparts hereof
     signed by each of the Required Lenders and the Borrower (or, in the case of
     any party as to which an executed counterpart shall not have been received,
     receipt by the Administrative Agent in form satisfactory to it of
     telegraphic, telex or other written confirmation from such party of
     execution of a counterpart hereof by such party);

          (b)  receipt by the Administrative Agent of payment of an amendment
     fee for the account of each Lender which shall have executed and delivered
     a counterpart hereof (including delivery by facsimile transmission) not
     later than the date hereof in an amount equal to 0.25% of the Credit
     Exposure of such Lender at such date; and

          (c)  receipt by each of the Agents, the Arranger and the Co-
     Arrangers of payment of all other costs, fees and expenses (including,
     without limitation, reasonable legal fees and expenses for which invoices
     shall have been submitted to the Borrower) and other compensation payable
     to any of the foregoing on or prior to the Amendment 3 Effective Date in
     connection with the Loan Documents.

     Promptly after the Amendment 3 Effective Date occurs, the Administrative
Agent shall notify the Borrower, the other Agents and the Lenders thereof, and
such notice shall be conclusive and binding on all parties hereto.

                                       4
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date first above written.

                                        LYONDELL CHEMICAL COMPANY

                                        By: /s/ Robert T. Blakely
                                           -------------------------------------
                                            Title:  Executive Vice President &
                                                    Chief Financial Officer
<PAGE>

                                        MORGAN GUARANTY TRUST
                                        COMPANY OF NEW YORK,
                                        as Administrative Agent and as Lender

                                        By: /s/ Robert Bottamedi
                                            -----------------------------
                                            Title: Vice President

                                        DLJ CAPITAL FUNDING, INC., as
                                        Syndication Agent and as Lender

                                        By: /s/ Eric Swanson
                                            -----------------------------
                                            Title: Managing Director

                                        BANK OF AMERICA, N.A., as
                                        Documentation Agent and as Lender

                                        By: /s/ Michael J. Dillon
                                            -----------------------------
                                            Title: Managing Director

                                        THE CHASE MANHATTAN BANK,
                                        as Documentation Agent

                                        By: /s/ Lawrence Palumbo, Jr.
                                            -----------------------------
                                            Title: Vice President
<PAGE>

                                        CITIBANK, N.A., as Documentation
                                        Agent and as Lender

                                        By: /s/ Melissa Moy
                                            ----------------------------
                                            Title: Vice President

                                        CHASE BANK OF TEXAS NATIONAL
                                        ASSOCIATION

                                        By: /s/ D.G. Mills
                                            ----------------------------------
                                            Title: Senior Vice President

                                        ABN AMRO BANK N.V.

                                        By: /s/ Collis G. Sanders
                                            ----------------------------------
                                            Title:  Senior Vice President &
                                                    Managing Director

                                        By: /s/ Elizabeth H. Hurst
                                            ----------------------------------
                                            Title: Group Vice President

                                        AERIES-II FINANCE LTD.
                                        By: INVESCO Senior Secured Management,
                                            Inc. as Sub-Managing Agent

                                        By: /s/ Joseph Rotondo
                                            ----------------------------------
                                            Title: Authorized Signatory
<PAGE>

                                        AG CAPITAL FUNDING PARTNERS, L.P.
                                        By: Angelo, Gordon & Co., L.P., as
                                            Investment Advisor

                                        By: /s/ Fred Berger
                                            ------------------------------------
                                            Title: Chief Financial Officer

                                        ALLSTATE INSURANCE COMPANY

                                        By: /s/ Jerry D. Zinkula
                                           -------------------------------------
                                           Title: Authorized Signatory

                                        By: /s/ Patricia W. Wilson
                                            ------------------------------------
                                            Title: Authorized Signatory

                                        ALLSTATE LIFE INSURANCE
                                        COMPANY

                                        By: /s/ Jerry D. Zinkula
                                            ------------------------------------
                                            Title: Authorized Signatory

                                        By: /s/ Patricia W. Wilson
                                            ------------------------------------
                                            Title: Authorized Signatory

                                        AMARA-1 FINANCE, LTD.
                                        By:  INVESCO Senior Secured Management,
                                             Inc., as Sub-Advisor
<PAGE>

                                        By: /s/ Joseph Rotondo
                                            ----------------------------------
                                            Title: Authorized Signatory

                                        AMMC CDO I, LIMITED

                                        By: /s/ Chester M. Eng
                                            ----------------------------------
                                            Title: Attorney-in-Fact

                                        ARAB AMERICAN BANK

                                        By: /s/ Carmelo L. Foti/Rami El-Rifai
                                            ----------------------------------
                                            Title:  Vice President/Assistant
                                                    Vice President

                                        ARAB BANK PLC

                                        By: /s/ Nofal S. Barbar
                                            ----------------------------------
                                            Title:  Executive Vice President &
                                                    Regional Manager

                                        ARCHIMEDES FUNDING, L.L.C.
                                        By: ING Capital Advisors, LLC
                                            as Collateral Manager

                                        By: /s/ Michael J. Campbell
                                            ----------------------------------
                                            Title: Senior V.P. & Portfolio
                                                   Manager

                                        ARCHIMEDES FUNDING II, LTD
                                        By: ING Capital Advisors, LLC
<PAGE>

                                            as Collateral Manager

                                        By: /s/ Michael J. Campbell
                                            ------------------------------------
                                            Title: Senior V.P. & Portfolio
                                                   Manager
<PAGE>

                                        ARCHIMEDES FUNDING III, LTD.
                                        By:  ING Capital Advisors LLC
                                             as Collateral Manager

                                        By: /s/ Michael J. Campbell
                                            --------------------------------
                                            Title: Senior V.P. and Portfolio
                                                   Manager

                                        ARES III CLO LTD.
                                        By: Ares CLO Management LLC

                                        By: /s/ David A. Sachs
                                            ------------------------------------
                                            Title: Vice President

                                        ARES LEVERAGED INVESTMENT FUND, L.P.
                                        By: Ares Management, L.P., its General
                                            Partner

                                        By: /s/ David A. Sachs
                                            ------------------------------------
                                            Title: Vice President

                                        ARES LEVERAGED INVESTMENT FUND II, L.P.
                                        By: Ares Management II, L.P., its
                                            General Partner

                                        By: /s/ David A. Sachs
                                            ------------------------------------
                                            Title: Vice President

                                        ATHENA CDO, LIMITED
                                        By: Pacific Investment Management
                                            Company as its Investment Advisor

                                        By: /s/ Raymond G. Kennedy
                                            ------------------------------------
                                            Title: Senior Vice President
<PAGE>

                                        AVALON CAPITAL LTD.
                                        By: INVESCO Senior Secured Management,
                                            Inc. as Portfolio Advisor

                                        By: /s/ Joseph Rotondo
                                            ------------------------------------
                                            Title: Authorized Signatory

                                        BALANCED HIGH YIELD FUND II LTD.
                                        By: BHF (USA) Capital Corporation
                                            acting as Attorney-In-Fact

                                        By: /s/ Perry Forman
                                            ------------------------------------
                                            Title: Vice President

                                        By: /s/ Chris Yu
                                            ------------------------------------
                                            Title: Associate

                                        BANCO ESPIRITO SANTO S.A., NASSAU BRANCH

                                        By: /s/ Andrew M. Orsen
                                            ------------------------------------
                                            Title: Vice President

                                        By: /s/ Terry R. Hull
                                            ------------------------------------
                                            Title: Senior Vice President
<PAGE>

                                     BANK LEUMI USA

                                     By: /s/ Joung Hee Hong
                                        ----------------------------------------
                                          Title: Vice President

                                     BANK OF MONTREAL

                                     By: /s/ Peter Konigsmann
                                        ----------------------------------------
                                          Title: Director

                                     THE BANK OF NEW YORK

                                     By: /s/ Raymond J. Palmer
                                        ----------------------------------------
                                          Title: Vice President

                                     THE BANK OF NOVA SCOTIA

                                     By: /s/ F.C.H. Ashby
                                        ----------------------------------------
                                          Title: Senior Manager, Loan Operations
<PAGE>

                                              THE BANK OF TOKYO-MITSUBISHI LTD.,
                                              HOUSTON AGENCY

                                              By: /s/ Ichiro Otani
                                                 -------------------------------
                                                   Title: Deputy General Manager

                                              BANK POLSKA KASA OPIEKI S.A.
                                              NEW YORK BRANCH

                                              By: /s/ Hussein B. El-Tawil
                                                 -------------------------------
                                                   Title: Vice President

                                              BANKERS TRUST COMPANY

                                              By: /s/ Anthony LoGrippo
                                                 -------------------------------
                                                   Title: Director

                                              BANKBOSTON, N.A.

                                              By: /s/ Terrence Ronan
                                                 -------------------------------
                                                   Title: Director
<PAGE>

                         BANQUE NATIONALE DE PARIS

                         By: /s/ Stephanie Rogers
                            --------------------------------------------------
                              Title: Vice President

                         By: /s/ Serge Desrayaud
                            --------------------------------------------------
                              Title: Vice President & Team Leader

                         BARCLAYS BANK PLC

                         By: /s/ Salvatore Esposito
                            --------------------------------------------------
                              Title: Director

                         BATTERSON PARK, CBO I
                         By:  General Re-New England Asset Management Inc., as
                              Collateral Manager

                         By: /s/ Theodore M. Haag
                            --------------------------------------------------
                              Title: Vice President

                         BATTERY PARK CDO, LTD
                         By:  Nomura Corporate Research and Asset Management
                              Inc. as Investment Advisor

                         By: /s/ Rick Stewart
                            --------------------------------------------------
                              Title: Director
<PAGE>

                         BAYERISCHE HYPO-UND VEREINSBANK AG NEW YORK BRANCH

                         By: /s/ Sylvia K. Cheng
                            ----------------------------------------------------
                              Title: Director

                         By: /s/ Carlo Lamberti
                            ----------------------------------------------------
                              Title: Associate Director

                         BEAR STEARNS INVESTMENT PRODUCTS INC.

                         By: /s/ Keith C. Barnish
                            ----------------------------------------------------
                              Title: Senior Managing Director

                         BEDFORD CDO, LIMITED  By: Pacific Investment Management
                              Company, as its Investment Advisor

                         By: /s/ Raymond G. Kennedy
                            ----------------------------------------------------
                              Title: Senior Vice President
<PAGE>

                         BELLSOUTH DOMESTIC BOND (ACCT 26)
                         By:  Pacific Investment Management Company, as its
                                       Investment Advisor, acting through State
                                       Street Bank & Trust Co. in the nominee
                                       name of Marine Crew & Co.

                         By: /s/ Raymond G. Kennedy
                            ----------------------------------------------------
                            Title: Senior Vice President

                         BELLSOUTH GLOBAL BOND (ACCT 826)
                         By:  Pacific Investment Management Company, as its
                              Investment Advisor, acting through State Street
                              Bank & Trust Co. in the nominee name of Marine
                              Crew & Co.

                         By: /s/ Raymond G. Kennedy
                            ----------------------------------------------------
                              Title: Senior Vice President

                         BHF (USA) CAPITAL CORPORATION

                         By: /s/ Perry Forman/Chris Yu
                            ----------------------------------------------------
                              Title: Vice President/Associate

                         CAPTIVA FINANCE LTD.

                         By: /s/ John H. Cullinane
                            ----------------------------------------------------
                              Title: Director
<PAGE>

                              CAPTIVA II FINANCE LTD.

                              By: /s/ John H. Cullinane
                                 -----------------------------------------------
                                   Title: Director

                              CAPTIVA III FINANCE, LTD., as advised by Pacific
                              Investment Management Company

                              By: /s/ John H. Cullinane
                                 -----------------------------------------------
                                   Title: Director

                              CAPTIVA IV FINANCE, LTD.
                              By:  Pacific Investment Management Company, as its
                                   Investment Advisor

                              By: /s/ John H. Cullinane
                                 -----------------------------------------------
                                   Title: Director

                              CARILLON HOLDING, LIMITED

                              By: /s/ Steven R. Sutermeister
                                 -----------------------------------------------
                                   Title: Director

                              CARLYLE HIGH YIELD FUND, L.P.

                              By: /s/ Linda Pace
                                 -----------------------------------------------
<PAGE>

                                   Title: Vice President
<PAGE>

                         CARLYLE HIGH YIELD PARTNER II, LTD.

                         By: /s/ Linda Pace
                            ----------------------------------------------------
                              Title: Vice President

                         CERES FINANCE LTD.
                         By:  INVESCO Senior Secured Management, Inc., as Sub-
                              Managing Agent

                         By: /s/ Joseph Rotondo
                            ----------------------------------------------------
                              Title: Authorized Signatory

                         CHANCELLOR/TRITON CBO, LIMITED
                         By:  INVESCO Senior Secured Management, Inc., as
                              Collateral Manager

                         By: /s/ Joseph Rotondo
                            ----------------------------------------------------
                              Title: Authorized Signatory

                         CHANG HWA COMMERCIAL BANK, LTD., NEW YORK BRANCH

                         By: /s/ Wan-Tu Yeh
                            ----------------------------------------------------
                              Title: Vice President & General Manager
<PAGE>

                         CHIAO TUNG BANK CO., LTD. NEW YORK AGENCY

                         By: /s/ Kuang Si Shiu
                            --------------------------------------------------
                              Title:  Senior Vice President & General Manager

                         CIBC INC.

                         By: /s/ Lindsay Gordon
                            --------------------------------------------------
                              Title:  Executive Director CIBC World Markets
                                      Corp. as Agent

                         CITIBANK N.A. as additional Investment Manager for and
                         on behalf of Five Finance Corporation

                         By: /s/ Martin Davey
                            --------------------------------------------------
                              Title: Vice President

                         By: /s/ Mike Regan
                            --------------------------------------------------
                              Title: Vice President

                         CLYDESDALE CBO I, LTD.
                         By:  Nomura Corporate Research and Asset Management
                              Inc. as Investment Advisor
<PAGE>

                                       By: /s/ Rick Stewart
                                          --------------------------------------
                                            Title: Director
<PAGE>

                                               CREDIT INDUSTRIEL ET COMMERCIAL

                                               By: /s/ Sean Mounier
                                                  ------------------------------
                                                    Title: First Vice President

                                               By: /s/ Brian O'Leary
                                                  ------------------------------
                                                    Title: Vice President

                                               CREDIT LYONNAIS NEW YORK BRANCH

                                               By: /s/ Philippe Soustra
                                                  ------------------------------
                                                    Title: Senior Vice President

                                               CREDIT SUISSE FIRST BOSTON

                                               By: /s/ James P. Moran
                                                  ------------------------------
                                                    Title: Director

                                               By: /s/ Douglas E. Maher
                                                  ------------------------------
                                                    Title: Vice President
<PAGE>

                        CRESCENT / MACH I PARTNERS LP
                        By: TCW Asset Management Company, its Investment Manager

                        By: /s/ Jonathan R. Insull
                           -----------------------------------------------------
                             Title: Vice President

                        CYPRESSTREE INSTITUTIONAL FUND, LLC
                        By:  CypressTree Investment Management Company, Inc. its
                             Managing Member

                        By: /s/ Philip C. Robbins
                           -----------------------------------------------------
                             Title: Principal

                        CYPRESSTREE INVESTMENT FUND, LLC
                        By:  CypressTree Investment Management Company, Inc. its
                             Managing Member

                        By: /s/ Philip C. Robbins
                           -----------------------------------------------------
                             Title: Principal

                        CYPRESSTREE INVESTMENT MANAGEMENT COMPANY, INC. as
                        attorney-in-fact and on behalf of First Allmerica
                        Financial Life Insurance Company as Portfolio Manager

                        By: /s/ Philip C. Robbins
                           -----------------------------------------------------
                             Title: Principal
<PAGE>

                         CYPRESSTREE INVESTMENT PARTNERS I, LTD.
                         By:  CypressTree Investment Management Company, Inc.
                              its Managing Member

                         By: /s/ Philip C. Robbins
                            ----------------------------------------------------
                              Title: Principal

                         CYPRESSTREE SENIOR FLOATING RATE FUND
                         By:  CypressTree Investment Management Company, Inc. as
                              Portfolio Manager

                         By: /s/ Philip C. Robbins
                            ----------------------------------------------------
                              Title: Principal

                         THE DAI-ICHI KANGYO BANK LIMITED

                         By: /s/ Takayuki Kumagai
                            ----------------------------------------------------
                              Title: Vice President

                         DEBT STRATEGIES FUND, INC.

                         By: /s/ Colleen M. Cunniffe
                            ----------------------------------------------------
                              Title: Authorized Signatory
<PAGE>

                         DEBT STRATEGIES FUND II

                         By: /s/ Colleen M. Cunniffe
                            -------------------------------------------------
                              Title: Authorized Signatory

                         DEBT STRATEGIES FUND III

                         By: /s/ Colleen M. Cunniffe
                            -------------------------------------------------
                              Title: Authorized Signatory

                         DELANO COMPANY
                         By:  Pacific Investment Management Company, as its
                              Investment Advisor

                         By: /s/ Raymond G. Kennedy
                            -------------------------------------------------
                              Title: Senior Vice President

                         DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES

                         By: /s/ Deborah Slusarczyk
                            -------------------------------------------------
                              Title: Vice President

                         By: /s/ Joanna M. Solowski
                            -------------------------------------------------
                              Title: Vice President
<PAGE>

                         DEBT STRATEGIES FUND II

                         By: /s/ Colleen M. Cunniffe
                            -------------------------------------------------
                              Title: Authorized Signatory

                         DEBT STRATEGIES FUND III

                         By: /s/ Colleen M. Cunniffe
                            -------------------------------------------------
                              Title: Authorized Signatory

                         DELANO COMPANY
                         By: Pacific Investment Management Company, as its
                             Investment Advisor

                         By: /s/ Raymond G. Kennedy
                            -------------------------------------------------
                              Title: Senior Vice President

                         DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES

                         By: /s/ Deborah Slusarczyk
                            -------------------------------------------------
                              Title: Vice President

                         By: /s/ Joanna M. Solowski
                            -------------------------------------------------
                              Title: Vice President
<PAGE>

                         EATON VANCE INSTITUTIONAL SENIOR LOAN FUND
                         By: Eaton Vance Management, as Investment Advisor

                         By: /s/ Payson F. Swaffield
                            ----------------------------------------------
                              Title: Vice President

                         EATON VANCE SENIOR INCOME TRUST
                         By: Eaton Vance Management, as Investment Advisor

                         By: /s/ Payson F. Swaffield
                            ----------------------------------------------
                              Title: Vice President

                         ELC (CAYMAN) LTD.

                         By: /s/ Amos N. Beason
                            ----------------------------------------------
                              Title: Vice President

                         ELC (CAYMAN) LTD. 1999-III

                         By: /s/ Amos N. Beason
                            ------------------------------------------------
                              Title: Vice President
<PAGE>

                         ELC (CAYMAN) LTD. CDO SERIES 1999-1

                         By: /s/ Amos N. Beason
                            ------------------------------------------------
                              Title: Vice President

                         ELF FUNDING TRUST 1
                         By: Highland Capital Management, L.P. as Collateral
                             Manager

                         By: /s/ Mark K. Okada CFA
                            ------------------------------------------------
                              Title: Executive Vice President

                         ELT LTD.

                         By: /s/ Kelly C. Walker
                            ------------------------------------------------
                              Title: Authorized Agent

                         FC CBO LIMITED

                         By: /s/ Mike McCarthy
                            ------------------------------------------------
                              Title: Manager

                         FC CBO II LIMITED

                         By: /s/ Mike McCarthy
                            ------------------------------------------------
                              Title: Manager
<PAGE>

                         FIDELITY FIXED INCOME TRUST: FIDELITY HIGH INCOME FUND

                         By:____________________________________________________
                             Title:

                         FIDELITY SUMMER STREET TRUST: FIDELITY CAPITAL & INCOME
                         FUND

                         By: /s/ David Glancy
                            ----------------------------------------------------
                              Title: Vice President

                         FIRST COMMERCIAL BANK

                         By: /s/ Vincent T. C. Chen
                            ----------------------------------------------------
                              Title: Senior Vice President and General Manager

                         FIRST DOMINION FUNDING I

                         By: /s/ Andrew H. Marshak
                            ----------------------------------------------------
                              Title: Authorized Signatory

                         FIRST UNION NATIONAL BANK

                         By: /s/ Steven J. Haas
                            ----------------------------------------------------
                              Title: Senior Vice President
<PAGE>

                         FLOATING RATE PORTFOLIO
                         By: INVESCO Senior Secured Management, Inc., as
                             attorney-in-fact

                         By: /s/ Joseph Rotondo
                            --------------------------------------------------
                              Title: Authorized Signatory

                         FORD MOTOR COMPANY (ACCT 303)
                         By: Pacific Investment Management Company, as
                             Investment Advisor, acting through Northern Trust
                             Company in the nominee name of Booth & Co.

                         By: /s/ Raymond G. Kennedy
                            --------------------------------------------------
                              Title: Senior Vice President

                         FRANKLIN FLOATING RATE TRUST

                         By: /s/ Chauncey Lufkin
                            --------------------------------------------------
                              Title: Vice President

                         FREMONT INVESTMENT & LOAN

                         By: /s/ Maria Chachere
                            --------------------------------------------------
                              Title: Vice President
<PAGE>

                         THE FUJI BANK, LIMITED, NEW YORK BRANCH

                         By: /s/ Hiroshi Nagamine
                            ----------------------------------------------
                              Title: Vice President

                         GALAXY CLO 1999-1, LTD.
                         By:  SAI Investment Adviser, Inc., its Collateral
                              Manager

                         By: /s/ Lynn A. Hopton
                            ----------------------------------------------
                              Title: Authorized Signatory

                         GOLDMAN SACHS CREDIT PARTNERS L.P.

                         By:______________________________________________
                              Title:

                         GREAT POINT CLO 1999-1 LTD., as Term Lender
                         By:  Sankaty Advisors, Inc. as Collateral Manager

                         By: /s/ Diane J. Exter
                            ----------------------------------------------
                              Title: Executive V.P., Portfolio Manager

                         GUARANTY FEDERAL BANK, F.S.B.

                         By: /s/ Jim R. Hamilton
                            ----------------------------------------------
                              Title: Vice President
<PAGE>

                         GULF INTERNATIONAL BANK B.S.C.

                         By: /s/ Mireille Khalidi/Abdel-Fattah Tahoun
                            -------------------------------------------------
                              Title:  Assistant Vice President/Senior Vice
                                      President

                         HAMILTON BANK

                         By: /s/ Hector F. Ramirez/Mohamed A. Yasin
                            -------------------------------------------------
                              Title: Senior Vice President/Vice President

                         HARBOURVIEW CBO I, LTD.

                         By: /s/ David Foxhoven
                            -------------------------------------------------
                              Title: Assistant Vice President

                         HIGHLAND LEGACY LIMITED
                         By:  Highland Capital Management, L.P. as Collateral
                              Manager

                         By: /s/ Mark K. Okada CFA
                            -------------------------------------------------
                              Title: Executive Vice President

                         IKB DEUTSCHE INDUSTRIEBANK AG LUXEMBOURG BRANCH

                         By: /s/ Edwin Brecht/Manfred Ziwey
                            -------------------------------------------------
                              Title: Executive Director/Director
<PAGE>

                         ILLINOIS TEACHERS RETIREMENT SYSTEM (ACCT 59)
                         By: Pacific Investment Management Company as
                             Investment Advisor, acting through Northern Trust
                             Company in the nominee name of How & Co.

                         By: /s/ Raymond G. Kennedy
                            --------------------------------------------------
                              Title: Senior Vice President

                         IMPERIAL BANK

                         By:__________________________________________________
                              Title:

                         INDOSUEZ CAPITAL FUNDING IIA, LIMITED
                         By:  Indosuez Capital as Portfolio Advisor

                         By: /s/ Melissa Marano
                            --------------------------------------------------
                              Title: Vice President

                         INDOSUEZ CAPITAL FUNDING IV, L.P.
                         By: Indosuez Capital as Portfolio Advisor

                         By: /s/ Melissa Marano
                            --------------------------------------------------
                              Title: Vice President
<PAGE>

                         THE ING CAPITAL SENIOR SECURED HIGH INCOME FUND, L.P.
                         By: ING Capital Advisors LLC as Investment Advisor

                         By: /s/ Michael J. Campbell
                            --------------------------------------------------
                              Title: Senior V.P. & Portfolio Manager

                         ING HIGH INCOME PRINCIPAL PRESERVATION FUND HOLDINGS,
                         LDC.,
                         By: ING Capital Advisors LLC as Investment Advisor

                         By: /s/ Michael J. Campbell
                            --------------------------------------------------
                              Title: Senior V.P. & Portfolio Manager

                         INTEGRITY LIFE INSURANCE

                         By:__________________________________________________
                              Title:

                         JHW CASH FLOW FUND I, L.P.

                         By:__________________________________________________
                              Title:
<PAGE>

                                            J.H. WHITNEY MARKET VALUE FUND, L.P.

                                            By:_________________________________
                                                 Title:

                                            J.H. WHITNEY MEZZANINE FUND, LP

                                            By:_________________________________
                                                 Title:

                                            KBC BANK

                                            By: /s/ Robert Snauffer
                                               ---------------------------------
                                                 Title: First Vice President

                                            By: /s/ Patrick A. Janssens
                                               ---------------------------------
                                                 Title: Vice President

                                            KEMPER FLOATING RATE FUND

                                            By: /s/ Mark E. Wittnebel
                                               ---------------------------------
                                                 Title: Senior Vice President
<PAGE>

                                               KZH III LLC

                                               By: /s/ Peter Chin
                                                  ------------------------------
                                                    Title: Authorized Agent

                                               KZH CNC LLC

                                               By: /s/ Peter Chin
                                                  ------------------------------
                                                    Title: Authorized Agent

                                               KZH CRESCENT LLC

                                               By: /s/ Peter Chin
                                                  ------------------------------
                                                    Title: Authorized Agent

                                               KZH CRESCENT-2 LLC

                                               By: /s/ Peter Chin
                                                  ------------------------------
                                                    Title: Authorized Agent

                                               KZH CRESCENT-3 LLC

                                               By: /s/ Peter Chin
                                                  ------------------------------
                                                    Title: Authorized Agent
<PAGE>

                                       KZH-CYPRESSTREE-1 LLC

                                       By: /s/ Peter Chin
                                          -----------------------------------
                                            Title: Authorized Agent

                                       KZH HIGHLAND-2 LLC

                                       By: /s/ Peter Chin
                                          -----------------------------------
                                            Title: Authorized Agent

                                       KZH ING-1 LLC

                                       By: /s/ Peter Chin
                                          -----------------------------------
                                            Title: Authorized Agent

                                       KZH ING-2 LLC

                                       By: /s/ Peter Chin
                                          -----------------------------------
                                            Title: Authorized Agent

                                       KZH ING-3 LLC

                                       By: /s/ Peter Chin
                                          -----------------------------------
                                            Title: Authorized Agent
<PAGE>

                                          KZH LANGDALE LLC

                                          By: /s/ Peter Chin
                                             ---------------------------------
                                               Title: Authorized Agent

                                          KZH PAMCO LLC

                                          By: /s/ Peter Chin
                                             ---------------------------------
                                               Title: Authorized Agent

                                          KZH PONDVIEW LLC

                                          By: /s/ Peter Chin
                                             ---------------------------------
                                               Title: Authorized Agent

                                          KZH RIVERSIDE LLC

                                          By: /s/ Peter Chin
                                             ---------------------------------
                                               Title: Authorized Agent

                                          KZH SHOSHONE LLC

                                          By: /s/ Peter Chin
                                             ---------------------------------
                                               Title: Authorized Agent
<PAGE>

                         KZH SOLEIL LLC

                         By: /s/ Peter Chin
                            ----------------------------------------------------
                            Title: Authorized Agent

                         KZH SOLEIL-2 LLC

                         By:/s/  Peter Chin
                            ----------------------------------------------------
                            Title: Authorized Agent

                         KZH WATERSIDE LLC

                         By: /s/ Peter Chin
                            ----------------------------------------------------
                            Title: Authorized Agent

                         LEHMAN COMMERCIAL PAPER, INC.

                         By: /s/ Michele Swanson
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         LONGLANE MASTER TRUST IV
                         By: BankBoston, N.A. as Trust Administrator

                         By: /s/ Renee Naller
                            ----------------------------------------------------
                            Title: Managing Director
<PAGE>

                                   MAGNETITE ASSET INVESTORS L.L.C.
                                   By: Blackrock Financial Management, Inc.
                                       As Managing Member

                                   By: /s/ Dennis M. Schaney
                                       -------------------------------
                                       Title: Managing Director

                                   MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
                                   By: David L. Babson and Company
                                       Incorporated, as Investment Advisor

By: /s/ John B. Wheeler
   --------------------------
                                       Title: Managing Director

                                   MEDICAL LIABILITY MUTUAL
                                   INSURANCE COMPANY
                                   By: INVESCO Senior Secured
                                       Management, Inc., as Investment Manager

By: /s/ Joseph Rotondo
   --------------------------
                                       Title: Authorized Signatory

MERRILL LYNCH DEBT STRATEGIES
                                   PORTFOLIO
                                   By: Merrill Lynch Asset Management, L.P., as
                                       Investment Advisor

                                   By: /s/ Colleen M. Cunniffe
                                      --------------------------------
                                      Title: Authorized Signatory
<PAGE>

                         MERRILL LYNCH GLOBAL INVESTMENT SERIES:  INCOME
                         STRATEGIES PORTFOLIO
                         By:  Merrill Lynch Asset Management, L.P., as
                              Investment Advisor

                         By: /s/ Colleen M. Cunniffe
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         MERRILL LYNCH SENIOR FLOATING RATE FUND, INC.

                         By: /s/ Colleen M. Cunniffe
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         MERRILL LYNCH SENIOR FLOATING RATE FUND II, INC.

                         By: /s/ Colleen M. Cunniffe
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         MERRILL LYNCH PRIME RATE PORTFOLIO
                         By: Merrill Lynch Asset Management, L.P., as
                         Investment Advisor

                         By: /s/ Colleen M. Cunniffe
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         METROPOLITAN LIFE INSURANCE COMPANY

                         By: /s/ James R. Dingler
                            ----------------------------------------------------
                            Title: Director
<PAGE>

                         MFS MERIDIAN U.S. HIGH YIELD FUND
                         whose nominee is Auriga & Co.

                         By:____________________________________________________
                            Title:

                         MFS SERIES TRUST III MFS HIGH YIELD FUND

                         By:____________________________________________________
                            Title:

                         ML CBO IV (CAYMAN) LTD.
                         By:  Highland Capital Management, L.P. as
                              Collateral Manager

                         By: /s/ Mark K. Okada CFA
                            ----------------------------------------------------
                            Title: Executive Vice President

                         ML CLO XII PILGRIM AMERICA (CAYMAN) LTD.
                         By: Pilgrim Investments, Inc. as its
                         Investment Manager

                         By: /s/ Charles E. LeMieux, CFA
                            ----------------------------------------------------
                            Title: Assistant Vice President
<PAGE>

                         ML CLO XV PILGRIM AMERICA (CAYMAN) LTD.
                         By: Pilgrim Investments, Inc., as its
                         Investment Advisor

                         By: /s/ Charles E. LeMieux, CFA
                            ----------------------------------------------------
                            Title: Assistant Vice President

                         ML CLO XX PILGRIM AMERICA (CAYMAN) LTD.
                         By: Pilgrim Investments, Inc., as its
                         Investment Advisor

                         By: /s/ Charles E. LeMieux, CFA
                            ----------------------------------------------------
                            Title:  Assistant Vice President

                         MONUMENTAL LIFE INSURANCE COMPANY, successor by merger
                         to Commonwealth Life Insurance Co.

                         By: /s/ John Bailey
                            ----------------------------------------------------
                            Title: Vice President

                         MONY LIFE INSURANCE COMPANY, as successor by operation
                         of law to The Mutual Life Insurance Company of New York

                         By: /s/ Suzanne E. Walton
                            ----------------------------------------------------
                            Title: Managing Director
<PAGE>

                         MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as
                         Investment Manager for the Global Strategic Income
                         Portfolio (Special Situation Portfolio) State Street
                         Bank & Trust

                         By: /s/ E. Clifford Cole
                            ----------------------------------------------------
                            Title: Vice President

                         MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as Trustee
                         for the MGT High Yield Bond Fund

                         By: /s/ E. Clifford Cole
                            ----------------------------------------------------
                            Title: Vice President

                         MORGAN STANLEY SENIOR FUNDING, INC.

                         By: /s/ Christopher A. Pucillo
                            ----------------------------------------------------
                            Title: Vice President

                         MOUNTAIN CAPITAL CLO I, LTD.

                         By: /s/ Darren P. Riley
                            ----------------------------------------------------
                            Title: Director
<PAGE>

                         NATIONAL WESTMINSTER BANK PLC
                         By: NatWest Capital Markets Limited, its agent
                         By: Greenwich Capital Markets, Inc., its agent

                         By: /s/ Richard J. Jacoby
                            ----------------------------------------------------
                            Title: Assistant Vice President

                         NOMURA BOND & LOAN FUND
                         By: Nomura Corporate Research and Asset Management Inc.
                            as Investment Advisor

                         By: /s/ Rick Stewart
                            ----------------------------------------------------
                            Title: Director

                         NORSE CBO, LTD.
                         By: Regiment Capital Management, LLC as its
                             Investment Advisor
                         By: Regiment Capital Advisors, LLC its Manager and
                             pursuant to delegated authority

                         By: /s/ Timothy S. Peterson
                            ----------------------------------------------------
                            Title: President

                         NORTH AMERICAN SENIOR FLOATING RATE FUND
                         By: CypressTree Investment Management
                             Company, Inc. as Portfolio Manager

                         By: /s/ Philip C. Robbins
                            ----------------------------------------------------
                            Title: Principal
<PAGE>

                         NORTHWOODS CAPITAL, LIMITED
                         By:  Angelo, Gordon & Co., L.P., as Collateral
                              Manager

                         By: /s/ Fred Berger
                            ----------------------------------------------------
                            Title: Chief Financial Officer

                         NUVEEN SENIOR INCOME FUND
                         By: Nuveen Senior Loan Asset Management, Inc.

                         By: /s/ Lisa M. Mincheski
                            ----------------------------------------------------
                            Title: Managing Director

                         OASIS COLLATERALIZED HIGH INCOME PORTFOLIOS-1, LTD.
                         By: INVESCO Senior Secured Management, Inc.,
                             as Sub-Advisor

                         By: /s/ Joseph Rotondo
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         OCTAGON INVESTMENT PARTNERS II, LLC
                         By: Octagon Credit Investors, LLC as
                             sub-investment manager

                         By: /s/ Michael B. Nechamkin
                            ----------------------------------------------------
                            Title: Portfolio Manager

                         OLYMPIC FUNDING TRUST, SERIES 1999-1

                         By: /s/ Kelly C. Walker
                            ----------------------------------------------------
                            Title:  Authorized Agent
<PAGE>

                         OPPENHEIMER SENIOR FLOATING RATE FUND

                         By: /s/ David Foxhoven
                            ----------------------------------------------------
                            Title: Assistant Vice President

                         ORIX USA CORPORATION

                         By: /s/ Hiroyuki Miyauchi
                            ----------------------------------------------------
                            Title: Executive Vice President

                         OSPREY INVESTMENTS PORTFOLIO
                         By: Citibank, N.A., as Manager

                         By: /s/ Daniel Slotkin
                            ----------------------------------------------------
                            Title: Vice President

                         PACIFICA PARTNERS 1, L.P.,
                         By: Imperial Credit Asset Management, as its
                             Investment Manager

                         By: /s/ Thomas R. Colwell
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         PAM CAPITAL FUNDING L.P.
                         By: Highland Capital Management, L.P. as
                             Collateral Manager

                         By: /s/ Mark K. Okada CFA
                            ----------------------------------------------------
                            Title: Executive Vice President

                         PAMCO CAYMAN LTD.
                         By: Highland Capital Management, L.P. as
                             Collateral Manager

                         By: /s/ Mark K. Okada CFA
                            ----------------------------------------------------
                            Title: Executive Vice President

                         PILGRIM AMERICA HIGH INCOME INVESTMENTS LTD.
                         By: Pilgrim Investments, Inc. as its
                             Investment Manager

                         By: /s/ Charles E. LeMieux, CFA
                            ----------------------------------------------------
                            Title: Assistant Vice President

                         PILGRIM CLO 1999-1 LTD.
                         By: Pilgrim Investments, Inc. as its Investment
                             Manager

                         By: /s/ Charles E. LeMieux, CFA
                            ----------------------------------------------------
                            Title: Assistant Vice President
<PAGE>

                         PILGRIM PRIME RATE TRUST
                         By: Pilgrim Investments Inc., as its Investment
                         Manager

                         By: /s/ Charles E. LeMieux, CFA
                            ----------------------------------------------------
                            Title: Assistant Vice President

                         PIMCO HIGH YIELD FUND (ACCT 705)
                         By: Pacific Investment Management Company, as
                             its Investment Advisor acting through
                             investors fiduciary trust company in the
                             nominee name of IFTCO

                         By: /s/ Raymond G. Kennedy
                            ----------------------------------------------------
                            Title: Senior Vice President

                         PIMCO LOW DURATION MORTGAGE FUND (ACCT 720)
                         By: Pacific Investment Management Company, as
                             its Investment Advisor, acting through
                             Investors Fiduciary Trust Company in the
                             Nominee Name of IFTCO

                         By:____________________________________________________
                            Title:

                         PINEHURST TRADING, INC.

                         By: /s/ Kelly C. Walker
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         MORGAN STANLEY DEAN WITTER PRIME INCOME TRUST

                         By: /s/ Sheila Finnerty
                            ----------------------------------------------------
                             Senior Vice President

                         PROVIDENT CBO I, LIMITED
                         By: Provident Investment Management, LLC

                         By: /s/ Ben S. Miller
                            ----------------------------------------------------
                            Title: Vice President

                         HSBC BANK USA (F/K/A REPUBLIC NATIONAL BANK OF NEW
                         YORK)

                         By: /s/ Gary Weiss/Theodore R. Koerner
                            ----------------------------------------------------
                            Title: First Vice President/First Vice President

                         ROYAL BANK OF CANADA

                         By: /s/ John M. Crawford
                            ----------------------------------------------------
                            Title: Vice President

                         THE ROYAL BANK OF SCOTLAND PLC

                         By: /s/ Derek Bonnar
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         ROYALTON COMPANY
                         By:  Pacific Investment Management Company, as
                              its Investment Advisor

                         By: /s/ Raymond G. Kennedy
                            ----------------------------------------------------
                            Title: Senior Vice President

                         S.A.C. GENESIS FUND, LLC
                         By:  S.A.C. Capital Advisors, LLC its agent and
                              attorney-in-fact

                         By: /s/ David A. Barnett
                            ----------------------------------------------------
                            Title: Counsel

                         SANKATY HIGH YIELD ASSET PARTNERS, L.P.

                         By: /s/ Diane J. Exter
                            ----------------------------------------------------
                            Title: Executive V.P., Portfolio Manager

                         SANKATY HIGH YIELD ASSET PARTNERS II, L.P.

                         By: /s/ Diane J. Exter
                            ----------------------------------------------------
                            Title: Executive V.P., Portfolio Manager

                         SANWA BANK, LTD.

                         By: /s/ Ikuya Hirabayashi
                            ----------------------------------------------------
                            Title: Assistant Vice President
<PAGE>

                         SENECA CBO II, L.P.

                         By: /s/ Evan Dreyfuss
                            ---------------------------------------------------
                             Title: Senior Analyst

                         SENIOR DEBT PORTFOLIO
                         By:  Boston Management and Research, as Investment
                              Advisor

                         By: /s/ Payson F. Swaffield
                            ----------------------------------------------------
                            Title: Vice President

                         SENIOR HIGH INCOME PORTFOLIO INC.

                         By: /s/ Colleen M. Cunniffe
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         SEQUILS I, LTD
                         By:  TCW Advisors, Inc. as its Collateral Manager

                         By: /s/ Mark L. Gold/Jonathan R. Insull
                            ----------------------------------------------------
                            Title: Managing Director/Vice President

                         OXFORD STRATEGIC INCOME FUND
                         By: Eaton Vance Management as Investment
                             Advisor

                         By: /s/ Payson F. Swaffield
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         SEQUILS-ING I (HBDGM), LTD.
                         By: ING Capital Advisors LLC., as Collateral Manager

                         By: /s/ Michael J. Campbell
                            ----------------------------------------------------
                            Title: Senior V.P. & Portfolio Manager

                         SEQUILS - PILGRIM I, LTD. By: Pilgrim Investments, Inc.
                              as its Investment Manager

                         By:   /s/ Charles E. LeMieux, CFA
                             ---------------------------------------------------
                            Title: Assistant Vice President

                         SKM-LIBERTYVIEW CBO I LIMITED

                         By: /s/ Kenneth C. Klegar
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         SOCIETE GENERALE, SOUTHWEST AGENCY

                         By: /s/ Elizabeth W. Hunter
                            ----------------------------------------------------
                            Title: Director
<PAGE>

                         SOMERS CDO, LIMITED
                         By: David L. Babson and Company Incorporated
                             under delegated authority from Massachusetts
                             Mutual Life Insurance Company as Collateral
                             Manager

                         By: /s/ John B. Wheeler
                            ----------------------------------------------------
                            Title: Managing Director

                         SOUTHERN PACIFIC BANK

                         By: /s/ Cheryl A. Wasilewski
                            ----------------------------------------------------
                            Title: Senior Vice President

                         SRF TRADING, INC.

                         By: /s/ Kelly C. Walker
                            ----------------------------------------------------
                            Title: Vice President

                         SRV-HIGHLAND, INC.

                         By: /s/ Kelly C. Walker
                            ----------------------------------------------------
                            Title: Vice President

                         STANFIELD CLO, LTD.
                         By: Stanfield Capital Partners LLC as its Collateral
                             Manager

                         By: /s/ Christopher A. Bondy
                            ----------------------------------------------------
                            Title: Partner

                         STEIN ROE & FARNHAM CLO1 LTD.,
                         by Stein Roe & Farnham Incorporated,
                         As Portfolio Manager

                         By: /s/ James R. Fellows
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         STEIN ROE & FARNHAM INCORPORATED, as agent for Keyport
                         Life Insurance Company

                         By: /s/ James R. Fellows
                            ----------------------------------------------------
                            Title: Vice President

                         STEIN ROE FLOATING RATE LIMITED LIABILITY  COMPANY

                         By: /s/ James R. Fellows
                            ----------------------------------------------------
                            Title: Vice President
                            Stein Roe & Farnham Incorporated,
                            as Advisor to the Stein Roe Floating Rate
                            Limited Liability Company

                         STOCKSPLUS LP SUBFUND A (ACCT 401),
                         By:  Pacific Investment Management Company as
                         Investment Advisor, acting through Investors
                         Fiduciary Trust Company in the nominee
                         name of IFTCO

                         By: /s/ Raymond G. Kennedy
                            ----------------------------------------------------
                            Title: Senior Vice President

                         STRATA FUNDING LTD.
                         By: INVESCO Senior Secured Management
                            Inc., as Sub-Managing Agent

                         By: /s/ Joseph Rotondo
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         STRATEGIC MANAGED LOAN PORTFOLIO
                         By:  Citibank, N.A., as Manager

                         By: /s/ Mike Regan
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         STRONG ADVANTAGE FUND, INC.

                         By: /s/ Jeffrey A. Koch
                            ----------------------------------------------------
                            Title: Portfolio Manager

                         THE SUMITOMO BANK, LIMITED

                         By: /s/ Suresh S. Tata
                            ----------------------------------------------------
                            Title: Senior Vice President

                         SUN TRUST BANK, ATLANTA

                         By: /s/ John A. Fields, Jr.
                            ----------------------------------------------------
                            Title: Managing Director

                         TAIPEI BANK, NEW YORK AGENCY

                         By:  /s/ Sophia Jing
                             ---------------------------------------------------
                            Title: Vice President & Acting General
                             Manager

                         TENET HEALTHCARE CORPORATION
                         By:  TCW Asset Management Company, its Investment
                             Advisor

                         By: /s/ Mark L. Gold/Jonathan R. Insull
                            ----------------------------------------------------
                            Title: Managing Director/Vice President

                         TEXTRON FINANCIAL CORPORATION

                         By: /s/ Jane M. Lavoie
                            ----------------------------------------------------
                            Title: Assistant Vice President
<PAGE>

                         THE TOKAI BANK, LIMITED, NEW YORK BRANCH

                         By: /s/ Shinichi Nakatani
                            ----------------------------------------------------
                             Title: Assistant General Manager

                         TORONTO DOMINION (TEXAS), INC.

                         By: /s/ Carolyn R. Faeth
                            ----------------------------------------------------
                            Title: Vice President

                         THE TOYO TRUST & BANKING CO., LTD.

                         By: /s/ Shinya Kameda
                            ----------------------------------------------------
                            Title: Assistant General Manager
                                   International Department

                         TRAVELERS CORPORATE LOAN FUND, INC.
                         By:  Travelers Asset Management International
                              Corporation

                         By: /s/ Allen R. Cantrell
                            ----------------------------------------------------
                            Title: Investment Officer

                         THE TRAVELERS INSURANCE COMPANY

                         By: /s/ Allen R. Cantrell
                            ----------------------------------------------------
                            Title: Investment Officer
<PAGE>

                         TRITON CBO III, LIMITED
                         By: INVESCO Senior Secured Management,
                         Inc., as Investment Advisor

                         By: /s/ Joseph Rotondo
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         UNITED OF OMAHA LIFE INSURANCE COMPANY
                         By: INVESCO Senior Secured Management, Inc.,
                         as Portfolio Advisor

                         By: /s/ Joseph Rotondo
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         VAN KAMPEN SENIOR FLOATING RATE FUND
                         By: Van Kampen Investment Advisory Corp.

                         By: /s/ Darvin D. Pierce
                            ----------------------------------------------------
                            Title: Vice President

                         VAN KAMPEN CLO I, LIMITED
                         By: Van Kampen Management, Inc., as
                             Collateral Manager

                         By: /s/ Darvin D. Pierce
                            ----------------------------------------------------
                            Title: Vice President

                         VAN KAMPEN PRIME RATE INCOME TRUST
                         By: Van Kampen Investment Advisory Corp.

                         By: /s/ Darvin D. Pierce
                            ----------------------------------------------------
                            Title: Vice President

                         VAN KAMPEN SENIOR INCOME TRUST
<PAGE>

                         By: Van Kampen Investment Advisory Corp.

                         By: /s/ Darvin D. Pierce
                            ----------------------------------------------------
                            Title: Vice President

                         VARIABLE INSURANCE PRODUCTS FUND:
                         HIGH INCOME PORTFOLIO

                         By: /s/ Barry Coffman
                            ----------------------------------------------------
                            Title: Vice President

                         WESTDEUTSCHE LANDESBANK
                         GIROZENTRALE, NEW YORK BRANCH

                         By:  /s/ Felicia La Forgia
                             ---------------------------------------------------
                            Title: Vice President

                         By:  /s/ Thomas Lee
                             ---------------------------------------------------
                            Title: Associate

WINGED FOOT FUNDING TRUST

                         By:  /s/ Kelly C. Walker
                             ---------------------------------------------------
                            Title: Authorized Agent
<PAGE>

                         BANK ONE, NA (formerly known as The First
                         National Bank of Chicago)

                         By: /s/ Dixon P. Schultz
                            ----------------------------------------------------
                            Title: First Vice President
<PAGE>

                         FIDELITY ADVISOR SERIES II:
                         Fidelity Advisor High Yield Fund

                         By: /s/ Margaret Eagle
                            ----------------------------------------------------
                            Title: Vice President

                         ILLINOIS MUNICIPAL RETIREMENT FUND
                         MASTER TRUST

                         By: /s/ Margaret Eagle
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         FIRST DOMINION FUNDING II

                         By: /s/ Andrew H. Marshak
                            ----------------------------------------------------
                            Title: Authorized Signatory

                         FIRST DOMINION FUNDING III

                         By: /s/ Andrew H. Marshak
                            ----------------------------------------------------
                            Title: Authorized Signatory
<PAGE>

                         GLENEAGLES TRADING LLC

                         By: /s/ Kelly C. Walker
                            ----------------------------------------------------
                            Title: Vice President
<PAGE>

                         THE MITSUBISHI TRUST AND BANKING CORPORATION

                         By: /s/ Toshihiro Hayashi
                            ----------------------------------------------------
                            Title: Senior Vice President
<PAGE>

                         OCTAGON INVESTMENT PARTNERS III, LTD.
                         By: Octagon Credit Investors, LLC as Portfolio Manager

                         By: /s/ Michael B. Nechamkin
                            ----------------------------------------------------
                            Title: Portfolio Manager
<PAGE>

                         PIMCO TOTAL RETURN FUND
                         By:  Pacific Investment Management Company, as its
                              investment advisor, acting through Investors
                              Fiduciary Trust Company in the Nominee Name of
                              IFTCO
                         By:  PIMCO Management Inc., a general partner

                         By: /s/ Raymond G. Kennedy
                            ----------------------------------------------------
                            Title: Senior Vice President<PAGE>

                                                                 EXHIBIT 4.10(a)

                             EQUISTAR CHEMICALS, LP
                          EQUISTAR FUNDING CORPORATION

                             8 1/2% Notes due 2004

                             8 3/4% Notes due 2009

                                 ______________

                         SECOND SUPPLEMENTAL INDENTURE

                          Dated as of October 4, 1999

                                 _____________

                              The Bank of New York

                                    TRUSTEE
<PAGE>
                                                                 EXHIBIT 4.10(a)

     SECOND SUPPLEMENTAL INDENTURE dated as of October 4, 1999 among Equistar
Chemicals, LP, a Delaware limited partnership ("Equistar"), Equistar Funding
Corporation, a Delaware corporation ("Equistar Funding" and, together with
Equistar, the "Issuers"), and The Bank of New York, a New York banking
corporation, as trustee (the "Trustee").

                              W I T N E S S E T H:

     WHEREAS, the Issuers have heretofore entered into an Indenture, dated as of
January 15, 1999 (the "Original Indenture"), with the Trustee;

     WHEREAS, the Issuers have heretofore entered into a First Supplemental
Indenture dated as of February 16, 1999 (the "First Supplemental Indenture"),
with the Trustee;

     WHEREAS, the Original Indenture is incorporated herein by this reference
and the Original Indenture, as supplemented by this Second Supplemental
Indenture, is herein called the "Indenture;"

     WHEREAS, the Issuers issued two series of Initial Securities under the
First Supplemental Indenture, consisting of $300,000,000 aggregate principal
amount of 8 1/2% Notes due 2004 (the "Outstanding 8 1/2% Notes") and
$600,000,000 aggregate principal amount of 8 3/4% Notes due 2004 (the
"Outstanding 8 3/4% Notes" and, together with the Outstanding 8 1/2% Notes, the
"Outstanding Notes");

     WHEREAS, the Outstanding Notes are Rule 144A Securities;

     WHEREAS, the Issuers completed the private placement of the Outstanding
Notes on February 16, 1999;

     WHEREAS, in connection with the private placement of the Outstanding Notes,
the Issuers entered into the Exchange and Registration Rights Agreement pursuant
to which the Issuers agreed, under certain circumstances, to offer to exchange
the Outstanding 8 1/2% Notes for Exchange Securities registered under the
Securities Act of 1933, as amended, which are otherwise substantially identical
to the Outstanding 8 1/2% Notes (the "8 1/2% Exchange Offer"), and to offer to
exchange the Outstanding 8 3/4% Notes for Exchange Securities registered under
the Securities Act of 1933, as amended, which are otherwise substantially
identical to the Outstanding 8 3/4% Notes (the "8 3/4% Exchange Offer");

     WHEREAS, all conditions necessary to authorize the execution and delivery
of this Second Supplemental Indenture and to make it a valid and binding
obligation of each of the Issuers have been done or performed.

                                       1
<PAGE>

     NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

                                   ARTICLE I

     SECTION 1.01   Establishment and Terms.

     (a) There is hereby established a new series of Exchange Securities under
the Indenture to be exchanged for up to all of the Outstanding 8 1/2% Notes to
be designated as the Issuers' 8 1/2% Notes due 2004 (the "New 8 1/2% Notes" and,
together with the Outstanding 8 1/2% Notes, the "8 1/2% Notes").

          There are to be authenticated and delivered up to $300,000,000
principal amount of New 8 1/2% Notes.  The New 8 1/2% Notes shall be issued in
definitive fully registered form.

          The New 8 1/2% Notes shall be issued in the form of one or more Global
Securities in substantially the form set out in Exhibit A hereto and as further
provided in Section 1.03.  The initial Depositary with respect to the New 8 1/2%
Notes shall be The Depository Trust Company ("DTC").

          There shall be no limit upon the aggregate principal amount of New
8 1/2% Notes that may be authenticated and delivered under this Indenture.

          The Issuers will exchange up to $300,000,000 aggregate principal
amount of New 8 1/2% Notes authenticated and delivered under this Indenture for
a like principal amount of Outstanding 8 1/2% Notes.

          The New 8 1/2% Notes will mature on February 15, 2004.

          The New 8 1/2% Notes will bear interest at the rate of 8 1/2% per
annum.  Interest Payment Dates will be February 15 and August 15 of each year.
Holders of New 8 1/2% Notes on the relevant record date for the first interest
payment date following the consummation of the 8 1/2% Exchange Offer will
receive interest accruing from the most recent date to which interest has been
paid on the Outstanding 8 1/2% Notes.  Outstanding 8 1/2% Notes accepted for
exchange will cease to accrue interest from and after the date of consummation
of the 8 1/2% Exchange Offer.  Holders whose Outstanding 8 1/2% Notes are
accepted for exchange will not receive any payment in respect of accrued
interest on such Outstanding 8 1/2% Notes otherwise payable on any interest
payment date the record date for which occurs on or after the consummation of
the 8 1/2% Exchange Offer.  Interest shall be paid to the Person in whose name
the applicable New 8 1/2% Note is registered at the close of business on
February 1, in the case of the February 15 Interest Payment Date, and August 1,
in the case of the August 15 Interest Payment Date.  Interest will be computed
on the basis of a 360-day year of twelve 30-day months.  No Additional Amounts
will be payable on the New 8 1/2% Notes.

                                       2
<PAGE>

          The New 8 1/2% Notes will be redeemable as provided in Section 1.02.

          The New 8 1/2% Notes will not be subject to a sinking fund.

          The New 8 1/2% Notes shall, together with any Outstanding 8 1/2% Notes
which are not exchanged pursuant to the 8 1/2% Exchange Offer, constitute a
single series of Securities under the Indenture.

          All payments of principal, premium (if any) and interest on the New
8 1/2% Notes shall be made in accordance with Section 4.02 of the Original
Indenture.

          (b) There is hereby established a new series of Exchange Securities
under the Indenture to be exchanged for up to all of the Outstanding 8 3/4%
Notes to be designated as the Issuers' 8 3/4% Notes due 2009 (the "New 8 3/4%
Notes" and, together with the Outstanding 8 3/4% Notes, the "8 3/4% Notes").

          There are to be authenticated and delivered up to $600,000,000
principal amount of New 8 3/4% Notes.  The New 8 3/4% Notes shall be issued in
definitive fully registered form.

          The New 8 3/4% Notes shall be issued in the form of one or more Global
Securities in substantially the form set out in Exhibit A hereto and as further
provided in Section 1.03.  The initial Depositary with respect to the New 8 3/4%
Notes shall be DTC.

          There shall be no limit upon the aggregate principal amount of New
8 3/4% Notes that may be authenticated and delivered under this Indenture.

          The Issuers will exchange up to $600,000,000 aggregate principal
amount of New 8 3/4% Notes authenticated and delivered under this Indenture for
a like principal amount of Outstanding 8 3/4% Notes.

          The New 8 3/4% Notes will mature on February 15, 2009.

          The New 8 3/4% Notes will bear interest at the rate of 8 3/4% per
annum.  Interest Payment Dates will be February 15 and August 15 of each year.
Holders of New 8 3/4% Notes on the relevant record date for the first interest
payment date following the consummation of the 8 3/4% Exchange Offer will
receive interest accruing from the most recent date to which interest has been
paid on the Outstanding 8 3/4% Notes.  Outstanding 8 3/4% Notes accepted for
exchange will cease to accrue interest from and after the date of consummation
of the 8 3/4% Exchange Offer.  Holders whose Outstanding 8 3/4% Notes are
accepted for exchange will not receive any payment in respect of accrued
interest on such Outstanding 8 3/4% Notes otherwise payable on any interest
payment date the record date for which occurs on or after the consummation of
the 8 3/4% Exchange Offer.  Interest shall be paid to the Person in whose name
the applicable New 8 3/4% Note is registered at the close of business on
February 1, in the case of the February 15 Interest Payment Date, and August 1,
in

                                       3
<PAGE>

the case of the August 15 Interest Payment Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. No Additional Amounts will
be payable on the New 8 3/4% Notes.

          The New 8 3/4% Notes will be redeemable as provided in Section 1.02.

          The New 8 3/4% Notes will not be subject to a sinking fund.

          The New 8 3/4% Notes shall, together with any Outstanding 8 3/4% Notes
which are not exchanged pursuant to the 8 3/4% Exchange Offer, constitute a
single series of Securities under the Indenture.

          All payments of principal, premium (if any) and interest on the New
8 3/4% Notes shall be made in accordance with Section 4.02 of the Original
Indenture.

          SECTION 1.02   Optional Redemption.

          The New 8 1/2% Notes and the New 8 3/4% Notes (together the "New
Notes") will be redeemable only in accordance with this Section 1.02.

          Each of the New 8 1/2% Notes and the New 8 3/4% Notes will be
redeemable, in whole or in part, at any time at the option of the Issuers at a
redemption price (the "Redemption Price") equal to the greater of (i) 100% of
the principal amount of the New Notes to be redeemed, or (ii) as determined by a
Quotation Agent, the sum of the present values of the remaining scheduled
payments of principal and interest of the New Notes to be redeemed discounted to
the date of redemption (the "Redemption Date") on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate,
plus, in each case, accrued but unpaid interest to the Redemption Date.

          Notice of any redemption will be mailed at least 30 days but not more
than 60 days before the Redemption Date to each holder of the New Notes to be
redeemed.  Unless the Issuers default in payment of the Redemption Price,
interest will cease to accrue on the New Notes to be redeemed, or portions
thereof called for redemption on and after the Redemption Date.

          CERTAIN DEFINITIONS

          "Adjusted Treasury Rate" means, with respect to any Redemption Date,
the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date, plus 0.25%.

          "Comparable Treasury Issue" means the United States Treasury security
selected by a Quotation Agent as having a maturity comparable to the remaining
term of the New 8 1/2% Notes

                                       4
<PAGE>

or the New 8 3/4% Notes, as applicable, to be redeemed that would be utilized,
at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such New 8 1/2% Notes or the New 8 3/4% Notes, as applicable.

          "Comparable Treasury Price" means, with respect to any Redemption
Date, (i) the average of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) on the
third Business Day preceding such Redemption Date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S.
Government Securities" or (ii) if such release (or any successor release) is not
published or does not contain such prices on such Business Day, (a) the average
of the Reference Treasury Dealer Quotations for such Redemption Date or (b) if
the Issuers obtain only one Reference Treasury Dealer Quotation, the Reference
Treasury Dealer Quotation.

          "Quotation Agent" means one of the Reference Treasury Dealers
appointed by the Issuers and certified to the Trustee by the Issuers.

          "Reference Treasury Dealer" means each of Chase Securities Inc.,
NationsBanc Montgomery Securities LLC, ABN AMRO Incorporated, BNY Capital
Markets, Inc., First Chicago Capital Markets, Inc. and J.P. Morgan Securities
Inc. and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government Securities dealer in New
York City (a "Primary Treasury Dealer"), the Issuers shall substitute therefor
another Primary Treasury Dealer and certify same to the Trustee.

          "Reference Treasury Dealer Quotations" means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Issuers and certified to the Trustee by the Issuers, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Issuers by such Reference
Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption
Date.

                                       5
<PAGE>

                                   ARTICLE II

          SECTION 2.01.  All moneys paid by the Issuers to the Trustee or a
Paying Agent for the payment of principal of (or premium, if any) or interest,
if any, on any New Note that remains unclaimed for two years after such
principal, premium or interest becomes due and payable will be repaid to the
Issuers, and the holders of such New Notes will (subject to applicable abandoned
property or similar laws) thereafter, as unsecured general creditors, look only
to the Issuers.

          SECTION 2.02.  The recitals in this Second Supplemental Indenture are
made by the Issuers only and not by the Trustee, and all of the provisions
contained in the Original Indenture in respect of the rights, privileges,
immunities, powers and duties of the Trustee shall be applicable in respect of
the New 8 1/2% Notes or the New 8 3/4% Notes, as applicable, and of this Second
Supplemental Indenture as fully and with like effect as if set forth herein in
full.

          SECTION 2.03.  The Original Indenture and the First Supplemental
Indenture are in all respects ratified and confirmed, and the Original Indenture
and this Second Supplemental Indenture shall be read, taken and construed as one
and the same instrument; provided that, in case of conflict between this Second
Supplemental Indenture and the Original Indenture, this Second Supplemental
Indenture shall control.

          SECTION 2.04.  This Second Supplemental Indenture may be
simultaneously executed in several counterparts, each of which shall be deemed
to be an original, and such counterparts shall together constitute one and the
same instrument.

          SECTION 2.05.  Nothing in the Indenture expressed or implied is
intended or shall be construed to confer upon, or to give or grant to, any
person or entity, other than the Issuers, the Trustee, the Paying Agent and the
registered owners of the New Notes, any right, remedy or claim under or by
reason of the Indenture or any covenant, condition or stipulation hereof, and
all covenants, stipulations, promises and agreements in the Indenture contained
by and on behalf of the Issuers shall be for the sole and exclusive benefit of
the Issuers, the Trustee, the Paying Agent and the registered owners of the New
Notes.

          SECTION 2.06.  Neither the Issuers nor the Trustee will have any
responsibility for the performance of DTC, Euroclear or Cedel, or any of their
participants, direct or indirect, of their respective obligations under the
rules and procedures governing their operations.

                                       6
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed as of the day and year first above
written.

                              EQUISTAR CHEMICALS, LP

                              By: /s/ Gerald A. O'Brien
                                 -------------------------------------
                                 Name:   Gerald A. O'Brien
                                 Title:  Vice President, General Counsel and
                                          Secretary

                              EQUISTAR FUNDING CORPORATION

                              By: /s/ Gerald A. O'Brien
                                 -------------------------------------
                                 Name:  Gerald A. O'Brien
                                 Title: Vice President, General Counsel and
                                         Secretary

                              THE BANK OF NEW YORK, AS TRUSTEE

                              By: /s/ Van K. Brown
                                 -------------------------------------
                                 Name:  Van K. Brown
                                 Title: Assistant Vice President

                                       7
<PAGE>

                                   EXHIBIT A

                                FORM OF NEW NOTE

                                       8
<PAGE>

                             [REVERSE OF SECURITY]

                             EQUISTAR CHEMICALS, LP

                          EQUISTAR FUNDING CORPORATION

                             ____% NOTE DUE ______

No. ___                                                  CUSIP No. _________
                                                                   $

     Equistar Chemicals, LP, a Delaware limited partnership (the "Partnership,"
which term includes any successor Person under the Indenture hereinafter
referred to), and Equistar Funding Corporation, a Delaware corporation (the
"Corporation," which term includes any successor person under the Indenture
hereinafter referred to, and, together with the Partnership, the "Issuers"), for
value received promises to pay to _________ or registered assigns, the principal
sum of_______________ Dollars[, or such greater or lesser amount as indicated on
the Schedule of Exchanges of Securities hereto,]/2/ on February 15, ___________.

          Interest Payment Dates:         February 15 and August 15

          Record Dates:                   February 1 and August 1

          Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

          IN WITNESS WHEREOF, each of the Partnership and the Corporation has
caused this Security to be signed manually or by facsimile by their respective
duly authorized officers.

Dated:__________________________, 1999
                                          EQUISTAR CHEMICALS, LP

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

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

----------------
/2/ To be included in any Global Note.
<PAGE>

                                            EQUISTAR FUNDING CORPORATION

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

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

Certificate of Authentication:

This is one of the Securities of the series
designated therein referred to in the within-
mentioned Indenture.

THE BANK OF NEW YORK

By:______________________________       Dated:___________________, 1999
     Authorized Signatory
<PAGE>

                             [REVERSE OF SECURITY]

                             EQUISTAR CHEMICALS, LP
                          EQUISTAR FUNDING CORPORATION

                              ____% NOTE DUE _____

          This Security is one of a duly authorized issue of ____% Notes due
_____ (the "Securities") of Equistar Chemicals, LP, a Delaware limited
partnership (the "Partnership") and Equistar Funding Corporation, a Delaware
corporation (the "Corporation" and together referred to as the "Issuers").

          1.      Interest.  The Issuers promise to pay interest on the
principal amount of this Security at ____% per annum from __________________
until maturity.  The Issuers will pay interest semiannually on February 15 and
August 15 of each year (each an "Interest Payment Date"), or if any such day is
not a Business Day, on the next succeeding Business Day.  Interest on the
Securities will accrue from the most recent Interest Payment Date on which
interest has been paid or, if  no interest has been paid, from ____________;
provided that if there is no existing Default in the payment of interest, and if
this Security is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from
such next succeeding Interest Payment Date; provided, further, that the first
Interest Payment Date shall be _______.  The Issuers shall pay interest on
overdue principal from time to time on demand at a rate equal to the interest
rate then in effect; they shall pay interest on overdue installments of interest
(without regard to any applicable grace periods) from time to time on demand at
the same rate to the extent lawful.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

          2.      Method of Payment.  The Issuers will pay interest on the
Securities (except defaulted interest) to the Persons who are registered Holders
of Securities at the close of business on the record date next preceding the
Interest Payment Date, even if such Securities are canceled after such record
date and on or before such Interest Payment Date.  The Holder must surrender
this Security to a Paying Agent to collect principal payments.  The Issuers will
pay the principal of and interest on the Securities in money of the United
States of America that at the time of payment is legal tender for payment of
public and private debts.  The Issuers, however, may pay such amounts by check
payable in such money. The Issuers may make payments in respect of the
Securities evidenced by a Global Security (including principal, premium, if any,
and interest) by wire transfer of immediately available funds to the accounts
specified by the Holder of the Global Security.  In all other cases, payment of
interest may be made at the option of the Issuers by check to a Holder's
registered address.

          3.      Paying Agent and Registrar.  Initially, The Bank of New York
(the "Trustee"), the Trustee under the Indenture, will act as Paying Agent and
Registrar.  The Issuers may change any Paying Agent, Registrar, co-registrar or
additional paying agent without notice to any Holder.  The Partnership, the
Corporation, or any of the Partnership's subsidiaries may act in any such
capacity.

          4.      Indenture.  The Issuers issued the Securities under an
Indenture dated as of January 15, 1999 among the Partnership, the Corporation
and the Trustee, as supplemented by the Second Supplemental Indenture dated as
of ______, 1999 (the "Indenture").  The terms of the Securities include those
stated in the Indenture and those made part of the Indenture by reference to the
Trust Indenture Act of 1939, as amended (15 U.S. Code (S)(S) 77aaa-77bbbb) (the
"TIA"), as in effect on the date of execution of the Indenture.  The Securities
are subject to all such terms, and
<PAGE>

Holders are referred to the Indenture and such Act for a statement of such
terms. The Securities are unsecured general obligations of the Issuers and are
unlimited in aggregate principal amount. The Indenture provides for the issuance
of other series of debt securities (including the Securities, the "Debt
Securities") thereunder.

          5.      Denominations, Transfer, Exchange.  The Securities are in
registered form without coupons in denominations of $1,000 and integral
multiples of $1,000.  The transfer of Securities may be registered and
Securities may be exchanged as provided in the Indenture.  The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture.  The Registrar need not exchange or register
the transfer of any Securities during the period between a record date and the
corresponding Interest Payment Date or of any Security selected for redemption,
except the unredeemed portion of any Security being redeemed in part.

          6.      Persons Deemed Owners.  The registered Holder of a Security
shall be treated as its owner for all purposes.

          7.      Redemption. The Securities will be redeemable, in whole or in
part, at any time at the option of the Issuers, upon not less than 30 nor more
than 60 days' prior notice as provided in the Indenture, at a redemption price
(the "Redemption Price") equal to the greater of (i) 100% of the principal
amount of the Securities to be redeemed or (ii) as determined by a Quotation
Agent, the sum of the present values of the remaining scheduled payments of
principal and interest on the Securities to be redeemed discounted to the date
of redemption (the "Redemption Date") on a semiannual basis (assuming 360-day
year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as
hereafter defined), plus, in each case, accrued but unpaid interest to the
Redemption Date.

          The Adjusted Treasury rate means, with respect to any Redemption Date,
the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue (as hereafter defined), assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price (as hereafter defined) for such
Redemption Date, plus 0.25%.

          Comparable Treasury Issue means the United States Treasury security
selected by a Quotation Agent (as hereafter defined) as having a maturity
comparable to the remaining term of the Securities to be redeemed that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Securities.

          Comparable Treasury Price means, with respect to any Redemption Date,
(i) the average of the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount) on the third
Business Day preceding such Redemption Date, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated "Composite 3:30 p.m. Quotations for U.S.
Government Securities" or (ii) if such release (or any successor release) is not
published or does not contain such prices on such Business Day, (a) the average
of the Reference Treasury Dealer Quotations (as hereafter defined) for such
Redemption Date or (b) if the Issuers obtain only one Reference Treasury Dealer
Quotation, the Reference Treasury Dealer Quotation.

          Quotation Agent means one of the Reference Treasury Dealers appointed
by the Issuers and certified to the Trustee by the Issuers.
<PAGE>

          Reference Treasury Dealer means each of Chase Securities Inc.,
NationsBanc Montgomery Securities LLC, ABN AMRO Incorporated, BNY Capital
Markets, Inc., First Chicago Capital Markets, Inc. and J.P. Morgan Securities
Inc. and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government Securities dealer in New
York City (a "Primary Treasury Dealer"), the Issuers shall substitute therefor
another Primary Treasury Dealer and certify same to the Trustee.

          Reference Treasury Dealer Quotations means, with respect to each
Reference Treasury Dealer and any Redemption Date, the average, as determined by
the Issuers and certified to the Trustee by the Issuers, of the bid and asked
priced for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Issuers by such Reference
Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption
Date.

          8.      Amendments and Waivers.  Subject to certain exceptions and
limitations, the Indenture or the Securities may be amended or supplemented with
the consent of the Holders of at least a majority in aggregate principal amount
of the then outstanding Debt Securities of all series of Debt Securities
affected by such amendment or supplement (acting as one class), and any existing
or past Default or Event of Default under, or compliance with any provision of,
the Indenture may be waived (other than any continuing Default or Event of
Default in the payment of the principal of or premium, if any, or interest on
the Securities) by the Holders of at least a majority in principal amount of the
then outstanding Debt Securities of any series or of all series (acting as one
class) in accordance with the terms of the Indenture.  Without the consent of
any Holder, the Partnership, the Corporation and the Trustee may amend or
supplement the Indenture or the Securities or waive any provision of either, to
cure any ambiguity, omission, defect or inconsistency (provided such action does
not adversely affect in any material respect the interests of the Holders); to
comply with the provisions of the Indenture relating to merger, consolidation
and certain other transactions; to provide for uncertificated Securities in
addition to or in place of certificated Securities or to provide for the
issuance of bearer securities; to provide any security for the Securities or to
add guarantees of the Securities; to comply with any requirement in order to
effect or maintain the qualification of the Indenture under the TIA; to add to
the covenants of the Issuers for the benefit of the Holders of the Securities,
or to surrender any right or power conferred by the Indenture upon the Issuers;
to add any additional Events of Default with respect to all or any series of the
Debt Securities; to change or eliminate any of the provisions of the Indenture,
provided that any such change or elimination shall become effective only when
there is no outstanding Debt Security of any series created prior to the
execution of such amendment or supplemental indenture that is adversely affected
in any material respect by such changes in or elimination of such provisions; to
establish the form or terms of Debt Securities of any series; to supplement any
of the provisions of the Indenture to such extent as shall be necessary to
permit or facilitate the defeasance and discharge of the Securities pursuant to
the Indenture, provided that any such action shall not adversely affect the
interest of the Holders of the Securities or any other series of Debt Securities
in any material respect; to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities and
to add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts
thereunder by more than one Trustee, pursuant to the requirements of the
Indenture; or to make any other change that does not adversely affect the rights
of any Holder.

          The right of any Holder to participate in any consent required or
sought pursuant to any provision of the Indenture (and the obligation of the
Issuers to obtain any such consent otherwise required from such Holder) may be
subject to the requirement that such Holder shall have been the
<PAGE>

Holder of record of any Securities with respect to which such consent is
required or sought as of a date fixed in accordance with the terms of the
Indenture.

          Without the consent of each Holder affected, the Issuers may not (i)
change the Stated Maturity of the principal of (or premium, if any, on) or any
installment of interest on any Security, or reduce the principal amount thereof
(or any premium, if any, thereon) or the rate of interest, if any, thereon, or
adversely affect the right of repayment, if any, at the option of the Holder, or
change any Place of Payment where any Security or any premium or interest
thereon is payable, or impair the right to institute suit for the enforcement of
any  such payment on or after the Stated Maturity thereof (or on or after any
Redemption Date or Repayment Date); (ii) reduce the aforesaid percentage in
aggregate principal amount of Debt Securities, the consent of the Holders of
which is necessary to execute any supplemental indenture; or (iii) reduce the
percentage in principal amount of outstanding Debt Securities, the consent of
the Holders of which is necessary to modify or waive any Default under the
Indenture.

          A supplemental indenture that changes or eliminates any covenant or
other provision of the Indenture which has expressly been included solely for
the benefit of one or more particular series of Debt Securities under the
Indenture, or which modifies the rights of the Holders of Debt Securities of
such series with respect to such covenant or other provision, shall be deemed
not to affect the rights under the Indenture of the Holders of Debt Securities
of any other series.

          9.      Defaults and Remedies.  Events of Default are defined in the
Indenture and generally include:  (i) default by the Issuers for 30 days in
payment of any interest on the Securities; (ii) default by the Issuers in any
payment of principal of (or premium, if any, on) the Securities; (iii) default
by the Issuers in observing or performing any of their other covenants or
agreements in, or provisions of, the Securities or in the Indenture which shall
not have been remedied within 60 days after written notice to the Issuers by the
Trustee or to the Issuers and Trustee by the holders of at least 25% in
aggregate principal amount of the Debt Securities then outstanding affected by
such default; or (iv) certain events involving bankruptcy, insolvency or
reorganization affecting the Issuers.  If an Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the outstanding Securities of the series affected by such default (or,
in the case of an Event of Default described in clause (iii) above, if
outstanding Debt Securities of other series are affected by such Default, then
at least 25% in principal amount of the then outstanding Debt Securities so
affected), may declare the principal of and interest on all the Securities to be
immediately due and payable, except that in the case of an Event of Default
arising from certain events of bankruptcy, insolvency or reorganization
affecting the Issuers, all outstanding Securities become due and payable
immediately without further action or notice.  The amount due and payable upon
the acceleration of any Security is equal to 100% of the principal amount
thereof plus accrued interest to the date of payment.  Holders may not enforce
the Indenture or the Securities except as provided in the Indenture.  The
Trustee may require indemnity satisfactory to it before it enforces the
Indenture or the Securities.  Subject to certain limitations, Holders of a
majority in aggregate principal amount of the then outstanding Securities (or
affected Debt Securities) may direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee, or may direct the
Trustee in its exercise of any trust or power conferred on the Trustee.  The
Trustee may withhold from Holders notice of any continuing default (except a
default in payment of principal or interest) if it determines that withholding
notice is in their interests.  The Issuers must furnish an annual compliance
certificate to the Trustee.

          10.      Discharge Prior to Maturity.  The Indenture with respect to
the Securities shall be discharged and canceled upon the payment of all of the
Securities and shall be discharged
<PAGE>

except for certain obligations upon the irrevocable deposit with the Trustee of
funds or U.S. Government Obligations sufficient for such payment.

          11.      Trustee Dealings with the Issuers.  The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuers or their Affiliates, and may otherwise deal
with the Issuers or their Affiliates, as if it were not Trustee.

          12.      No Recourse Against Others.  A director, officer, employee or
stockholder, as such, of the Issuers shall not have any liability for any
obligations of the Issuers under the Securities or the Indenture or for any
claim based on, in respect of or by reason of such obligations or their
creation.  Each Holder by accepting a Security waives and releases all such
liability.  The waiver and release are part of the consideration for the
issuance of the Securities.

          13.      Authentication.  This Security shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent.

          14.      CUSIP Numbers.  Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Issuers have
caused CUSIP numbers to be printed on the Securities as a convenience to the
Holders of the Securities.  No representation is made as to the accuracy of such
numbers as printed on the Securities and reliance may be placed only on the
other identification numbers printed thereon.

          15.      Abbreviations.  Customary abbreviations may be used in the
name of a Holder or an assignee, such as:  TEN COM (= tenants in common), TEN
ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

          16.      Restrictions on Transfer; Additional Rights of Holders of
Transfer Restricted Securities.  By its acceptance of any Security bearing a
legend restricting transfer, each Holder of such a Security acknowledges the
restrictions on transfer of such Security set forth in the Indenture and in this
form of note in respect of the Securities and such legend and agrees that it
will transfer such Security only as provided in such Indenture.

          THE ISSUERS WILL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND
WITHOUT CHARGE A COPY OF THE INDENTURE.  REQUEST MAY BE MADE TO:

          Equistar Chemicals, LP
          1221 McKinney
          Houston, Texas 77010
          Telephone:  (713) 652-7200
          Attention:  General Counsel
<PAGE>

                      SCHEDULE OF EXCHANGES OF SECURITIES

The following exchanges of a part of this Global Note for Definitive Notes have
been made:

<TABLE>
<CAPTION>
                                                                 Principal Amount
                      Amount of              Amount of            of this Global          Signature of
                     decrease in            increase in           Note following       authorized officer
   Date of         Principal Amount       Principal Amount         such decrease          of Trustee or
  Exchange       of this Global Note    of this Global Note        (or increase)       Security Custodian
--------------   --------------------   --------------------   ---------------------   -------------------
<S>              <C>                    <C>                    <C>                     <C>

</TABLE>
<PAGE>

                                ASSIGNMENT FORM

          To assign this Security, fill in the form below: (I) or (we) assign
and transfer this Security to________________________________________
          (Insert assignee's social security or tax I.D. number)

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

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

------------------------------------------------------------------------------
          (Print or type assignee's name, address and zip code)

and irrevocably appoint_______________________________________________________
as agent to transfer this Security on the books of the Issuers.  The agent may
substitute another to act for him.

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

Date:_________________________   Your Signature:_____________________________
                                           (Sign exactly as your name appears on
                                                  the face of this Security)

Signature Guarantee:_________________________________________________________
      (Participant in a Recognized Signature Guaranty Medallion Program)

          This assignment relates to $_____ principal amount of ___% Notes held
in*______ book-entry or* ______ definitive form by _____________________ (the
"Transferor").

          The Transferor has requested the Trustee by written order to exchange
or register the transfer of a Note or Notes.

--------------------------------------
*Fill in blank or check appropriate box, as applicable.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00005-of-00352.parquet"}]]