Document:

lyo10k-022808ex411.htm

    EXHIBIT
4.11

    
      

    

    
       

      INTERCREDITOR
AGREEMENT

      

      Dated as
of December 20, 2007

      

      by and
among

      

      CITIBANK,
N.A.

      as
Receivables Agent,

      

      CITIBANK,
N.A.

      as ABL
Agent,

      

      CITIBANK,
N.A.

      as ICA
Agent,

      

      LYONDELLBASELL
RECEIVABLES I, LLC

      as
Transferor,

      

      LYONDELL
CHEMICAL COMPANY

      as
Originator, as initial Receivables Servicer and as Borrower,

      

      and

      

      THE OTHER
ORIGINATORS AND BORROWERS

      from time
to time party hereto

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      This
INTERCREDITOR AGREEMENT dated
as of December 20, 2007 (as modified, amended, restated or supplemented from
time to time, this Agreement), by and among
CITIBANK, N.A., in its capacity as Administrative Agent (together with its
successors in such capacity, the Receivables Agent) under the
Receivables Purchase Agreement (as hereinafter defined), CITIBANK, N.A., in its
capacity as Administrative Agent on behalf of the ABL Secured Parties (as
defined below) (together with its successors in such capacity, the ABL Agent), CITIBANK, N.A.,
not in its individual capacity but solely in its capacity as security agent for
and on behalf of the ICA Secured Parties (as defined below) (together with its
successors in such capacity, the ICA Agent), LYONDELLBASELL
RECEIVABLES I, LLC, a Delaware limited liability company (the Transferor), LYONDELL CHEMICAL
COMPANY, a Delaware corporation (Lyondell), and the other
ORIGINATORS and BORROWERS (as such terms are hereinafter defined) from time to
time party hereto.

       

      RECITALS:

       

      A.           
Pursuant to a Receivables Sale Agreement dated as of December 20, 2007 (as
amended, supplemented, modified or restated modified from time to time, the
Receivables Sale
Agreement) among Lyondell and certain subsidiaries and affiliates of
Lyondell from time to time party thereto, as Originators (each, an Originator, and, collectively,
the Originators) and (in
the case of Lyondell) as Buyers Servicer, and the Transferor, as Buyer, each of
the Originators has agreed to sell, transfer and assign to the Transferor, and
the Transferor has agreed to purchase or otherwise acquire from such Originator,
all of the right, title and interest of the Originators in the Receivables
Assets (as hereinafter defined).

       

      B.           
The Transferor, as seller, Lyondell, in its capacity as initial servicer (in
such capacity, the Receivables
Servicer), the Receivables Purchasers (as defined below) and the
Receivables Agent are parties to a Receivables Purchase Agreement dated as of
December 20, 2007 (as amended, supplemented, modified or restated from time to
time, the Receivables Purchase
Agreement), pursuant to which, among other things, (i) the Receivables
Purchasers have agreed, among other things, to purchase from the Transferor from
time to time interests in the Receivables Assets purchased by or contributed to
the Transferor pursuant to the Receivables Sale Agreement and (ii) the
Transferor has created a security interest in such Receivables Assets to the
Receivables Agent, for the benefit of itself and the Receivables
Purchasers.

       

      C.           
The Receivables Sale Agreement and the Receivables Purchase Agreement provide
for the filing of UCC financing statements to perfect the ownership and security
interest of the parties thereto with respect to the property covered
thereby.

       

      D.           
Lyondell and certain subsidiaries and affiliates of Lyondell from time to time
party thereto, as Borrowers (each, a Borrower, and, collectively,
the Borrowers), the ABL
Agent and the financial institutions from time to time party thereto
(collectively, the ABLLenders) are parties to an ABL
Credit Agreement dated as of December 20, 2007 (as amended, supplemented,
modified or restated from time to time, the ABLCredit
Agreement).

       

      E.           
To secure the obligations of each Borrower to the ABL Lenders and ABL Agent
under the ABL Credit Agreement and other Loan Documents (as hereinafter
defined), each of the Borrowers, has granted to the ABL Agent for the benefit of
the ABL Agent and the other ABL Secured Parties (as hereinafter defined) a
security interest in, among other things, certain accounts receivable and
certain general intangibles, including the Unsold Receivables (as hereinafter
defined), certain inventory and all proceeds of the foregoing.

       

      
        
          
          

        

        
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      F.           
Basell AF S.C.A., a Luxembourg entity (the Company) entered into that
certain Intercreditor Agreement dated December 20, 2007 among the Company, the
original obligors named therein, Citibank, N.A., as ICA Agent and Security
Agent, Merrill Lynch Capital Corporation, as Interim Facility Agent, Citibank,
N.A., as ABL Agent, The Bank of New York, as High Yield Notes Trustee, and
certain entities named therein (as amended, supplemented, modified or restated
from time to time, the Basell
Intercreditor Agreement).

       

      G.           
To secure the obligations of one or more Borrowers to the ICA Secured Parties
(as hereinafter defined), one or more Borrowers has entered into one or more ICA
Collateral Documents (as herinafter defined).

       

      H.           
The parties hereto wish to set forth certain agreements with respect to the
Receivables Assets and with respect to the Collateral (as hereinafter
defined).

       

      NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants
contained herein, and for other good and valuable consideration, receipt of
which is hereby acknowledged, it is hereby agreed as follows:

       

      ARTICLE
1.        DEFINITIONS.

       

      1.1.           
Certain Defined
Terms.  As used in this Agreement, the following terms shall
have the following meanings (such meanings to be equally applicable to both the
singular and plural forms of the terms defined):

       

      ABL Collateral means all
property and interests in property, now owned or hereafter acquired or created,
of any present or future Borrower in or upon which an ABL Lender Interest is
granted or purported to be granted by any Borrower  to the ABL Agent
or the other ABL Secured Parties under the ABL Security Agreement as in effect
on the date hereof. For the avoidance of doubt, as in effect on the date hereof
is intended to limit the types of collateral which may be ABL Collateral but not
the grantor thereof.

       

      ABL Collateral Documents means
the ABL Security Agreement and any additional security or control documentation
delivered or required to be delivered pursuant to the ABL Credit Agreement or
any other ABL Loan Document to secure the Secured Obligations as defined in any
such ABL Loan Document.

       

      ABL Credit Agreement has the
meaning specified in the recitals hereto.

       

       ABL Lender Claim means all of
the indebtedness, obligations and other liabilities of any Borrower now or
hereafter arising under, or in connection with, the ABL Loan Documents
including, but not limited to, all sums now or hereafter loaned or advanced to
or for the benefit of such Borrower, all reimbursement obligations of such
Borrower with respect to letters of credit, any interest thereon (including,
without limitation, interest accruing after the commencement of a bankruptcy,
insolvency or similar proceeding relating to such Borrower, whether or not such
interest is allowed or allowable as a claim in any such proceeding), any
reimbursement obligations, fees or expenses due thereunder, and any costs of
collection or enforcement.

       

      
        
          
          

        

        
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      ABL Lender Collateral means
all ABL Collateral, which for avoidance of doubt does not include Receivables
Assets.

       

      ABL Lender Interest means,
with respect to any property or interest in property, now owned or hereafter
acquired or created, of any Borrower, any lien, claim, encumbrance, security
interest or other interest of the ABL Agent or the other ABL Secured Parties in
such property or interests in property.

       

      ABLLoan Documents means the ABL
Credit Agreement, the Notes issued under (and as defined in) the ABL Credit
Agreement and the ABL Collateral Documents.

       

      ABLSecured Parties means the
Secured Parties as defined in the ABL Security Agreement.

       

      ABL Security Agreement means
the ABL Security Agreement dated as of December 20, 2007 among the Borrowers
from time to time party thereto and the ABL Agent, as the same may be amended,
supplemented, modified or restated from time to time.

       

      Agent means the Receivables
Agent, the ABL Agent or the ICA Agent, as applicable.

       

      Basell Intercreditor Agreement
has the meaning specified in the recitals hereto.

      

      Borrower has the meaning
specified in the recitals hereto.

       

      Business Day means any day
which is not a Saturday, Sunday or legal holiday in the State of New York or the
State of Texas on which banks are open for business in New York City and
Houston, Texas.

       

      Claim means Lender Claim or
Receivables Claim.

       

      Collateral means collectively,
the ABL Collateral and the ICA Collateral.

       

       Collections means, with
respect to any Receivable, all cash collections and other cash proceeds of such
Receivable, including, without limitation, (i) all cash proceeds of the Related
Security with respect to such Receivable and (ii) in the case of any Purchased
Receivable, any cash collections and other cash proceeds in respect of such
Receivable deemed to have been received, and actually paid, pursuant to Section
2.03(a) of the Receivables Sale Agreement.

       

      Company has the meaning
specified in the recitals hereto.

       

      
        
          
          

        

        
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      Contract means an agreement
between any Originator and an Obligor, in any written form acceptable to such
Originator, or in the case of any open account agreement as evidenced by an
invoice (x) setting forth the amount payable, the payment due date and other
relevant terms of payment and a description, in reasonable detail, of the goods
or services covered thereby or (y) approved by the Receivables Agent in its
Discretion from time to time, in each case pursuant to or under which such
Obligor shall be obligated to pay for goods or services from time to
time.

       

      Discretion refers to the
Receivables Agents good faith exercise of its discretion in a manner consistent
with its customary credit policies for receivables purchase or receivables-based
credit facilities.

       

      Disposition means, with
respect to any assets of any Relevant Lyondell Party, any liquidation of such
Relevant Lyondell Party or its assets, the establishment of any receivership for
such Relevant Lyondell Party or its assets, a bankruptcy proceeding of such
Relevant Lyondell Party (either voluntary or involuntary), the payment of any
insurance, condemnation, confiscation, seizure or other claim upon the
condemnation, confiscation, seizure, loss or destruction thereof, or damage to,
or any other sale, transfer, assignment or other disposition of such
assets.

       

      Enforcement means collectively
or individually, for (a) any of the Receivables Agent or the Receivables
Purchasers to (i) terminate the Commitments under (and as defined in) the
Receivables Documents or (ii) commence the judicial or nonjudicial enforcement
of any of the default rights and remedies under the Receivables Documents and
(b) any of the ABL Agent or the ABL Lenders during the continuance of a Lender
Event of Default to (i) demand payment in full of or accelerate the indebtedness
of the Borrowers to the ABL Lenders and ABL Agent or (ii) commence the judicial
or nonjudicial enforcement of any of the default rights and remedies under the
ABL Loan Documents.

       

      Enforcement Notice means a
written notice delivered in accordance with Section 2.5 which
notice shall state that an Enforcement Period has commenced and specify the
nature of the Lender Event of Default (if delivered by the ABL Agent) or the
Event of Termination (if delivered by the Receivables Agent) giving rise
thereto.

       

      Enforcement Period means the
period of time following the receipt by either the ABL Agent, on the one hand,
or the Receivables Agent, on the other, of an Enforcement Notice delivered by
any of the others until the earliest of the following:  (1) the
Receivables Claim has been satisfied in full and none of the Receivables
Purchasers have any further obligations under the Receivables Documents; (2) the
ABL Lender Claim has been satisfied in full and the ABL Lenders have no further
obligations under the ABL Loan Documents; and (3) the ABL Agent and the
Receivables Agent agree in writing to terminate the Enforcement
Period.

       

      Event of Termination has the
meaning specified in the Receivables Purchase Agreement.

       

      Facility Termination Date
means the Termination Date, as defined in the Receivables Purchase
Agreement.

       

      
        
          
          

        

        
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      ICA Agent has the meaning
specified in the recitals hereto.

      

      ICA Claim means all of the
indebtedness, obligations and other liabilities of any ICA Party now or
hereafter arising under, or in connection with, the ICA Documents including, but
not limited to, all sums now or hereafter loaned or advanced to or for the
benefit of such ICA Party, all reimbursement obligations of such ICA Party with
respect to letters of credit, any interest thereon (including, without
limitation, interest accruing after the commencement of a bankruptcy, insolvency
or similar proceeding relating to such ICA Party, whether or not such interest
is allowed or allowable as a claim in any such proceeding), any reimbursement
obligations, fees or expenses due thereunder, and any costs of collection or
enforcement.

      

      ICA Collateral shall mean all
the collateral referred to in the ICA Documents that is intended under the terms
of the ICA Documents to secure all or any part of the Senior Facility Debt, the
Hedging Debt, the Interim Facility Debt, the Second Lien Note Debt and the High
Yield Notes Debt (as each such term is defined in the Basell Intercreditor
Agreement).

      

      ICA Documents shall mean
collectively, the Senior Facility Agreement, any Hedging Document, the Interim
Facility Agreement, the High Yield Notes (as defined in the Basell Intercreditor
Agreement) and the Second Lien Notes (as each such term is defined in the Basell
Intercreditor Agreement) and those other ancillary agreements as to which the
ICA Agent or any ICA Secured Party is a party or a beneficiary and all other
agreements, instruments, documents and certificates, now or hereafter executed
by or on behalf of any ICA Party, and delivered to the ICA Agent, in connection
with any of the foregoing, in each case as the same may be amended,
supplemented, restated or otherwise modified from time to time.

      

      ICA Interest means, with
respect to any property or interest in property, now owned or hereafter acquired
or created, of any ICA Party, any lien, claim, encumbrance, security interest or
other interest of the ICA Agent or the other ICA Secured Parties in such
property or interests in property.

      

      ICA Party shall mean each of
the Company, its subsidiaries, including BIL Holdings Ltd (to be renamed
Lyondell Basell Finance Company) that are the obligors and/or issuers under the
ICA Documents.

       

      ICA Secured Parties means
collectively, the Senior Secured Parties, the High Yield Notes Finance Parties
and the High Yield Noteholders (as each such term is defined in the Basell
Intercreditor Agreement).

       

      Inventory shall mean all now
owned and hereafter acquired inventory, goods and merchandise, wherever located,
to be furnished under any contract for service or held for sale or lease, all
returned goods, raw materials, work-in-process, finished goods (including
embedded software), other materials and supplies of any kind, nature, or
description which are used or consumed in any Borrowers business or used in
connection with the packing, shipping, advertising, selling or finishing of such
goods, merchandise, and all documents of title or other documents representing
them and shall include all feedstocks, line fill, stores inventory, catalysts,
chemicals and additives.

      

      
        
          
          

        

        
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      Lender Claims means
collectively, the ABL Lender Claim and the ICA Claim.

      

       Lender Event of Default means
any Event of Default, as defined in the ABL Credit Agreement or any ICA
Document.

       

      Lender Interests means
collectively, the ABL Lender Interest and the ICA Interest.

       

      Loan Documents means
collectively, the ABL Loan Documents and the ICA Documents.

      

      Obligor means a Person
obligated to make payments pursuant to a Contract.

       

      Outstanding Balance of any
Receivable means the then outstanding principal balance thereof.

       

      Person means any natural
person, corporation, limited liability company, trust,  joint venture,
association, company, partnership, Governmental Authority or other
entity.

       

      Proceeds has the meaning
ascribed to such term in the UCC.

       

      Purchased Receivables means
all now owned or hereafter existing Receivables sold, purported to be sold,
transferred or contributed or purported to be transferred or contributed by any
Originator to the Transferor or its permitted assignees under the Receivables
Documents.

       

      Receivable means the
indebtedness (whether constituting accounts or general intangibles or chattel
paper or otherwise) of any Obligor under a Contract, and includes the right to
payment of any interest or finance charges and other obligations of such Obligor
with respect thereto.

       

      Receivables Assets means (i)
the Purchased Receivables, (ii) the Related Security and Collections relating to
the Purchased Receivables and (iii) all Proceeds of the foregoing; provided that Receivables
Assets shall not include any Collections or other monies received in respect of
Unsold Receivables (and earnings thereon) which are deposited in lock-boxes,
deposit or other bank accounts to which Collections in respect of Purchased
Receivables are sent or deposited.

       

      Receivables Claim means all
indebtedness, obligations and other liabilities of the Originators, the
Receivables Servicer and the Transferor to the Receivables Purchasers and/or the
Receivables Agent (including all indebtedness, obligations and other liabilities
of the Originators to the Transferor as to which the Transferors rights have
been assigned to the Receivables Agent and the Receivables Purchasers) now or
hereafter arising under, or in connection with, the Receivables Documents,
including, but not limited to, all sums now or hereafter paid to or for the
benefit of the Transferor by the Receivables Purchasers in respect of the
acquisition by the Receivables Purchasers of interests in Purchased Receivables
or otherwise under the Receivables Purchase Agreement, any yield thereon
(including, without limitation, yield accruing after the commencement of a
bankruptcy, insolvency or similar proceeding relating to any Originator or the
Transferor, whether or not such yield is an allowed claim in any such
proceeding), any repayment obligations, fees or expenses due thereunder, and any
costs of collection or enforcement.

       

      
        
          
          

        

        
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      Receivables Documents means
the Receivables Sale Agreement, the Receivables Purchase Agreement, each
Subordinated Note issued under (and as defined in) the Receivables Sale
Agreement, the Undertaking Agreement dated as of December 20, 2007 (as amended,
supplemented, modified or restated from time to time) by the Originators in
favor of the Receivables Agent and the Receivables Purchasers, the Consent and
Agreement dated as of December 20, 2007 (as amended, supplemented, modified or
restated from time to time) between Originators and the Transferor, and each
security or control documentation delivered or required to be delivered pursuant
to any of the foregoing to evidence the interests of the Transferor and of
Receivables Agent and the Receivables Purchasers, as applicable, in and to the
Receivables, Related Security, Collections and proceeds thereof.

       

      Receivables Interest means,
with respect to any property or interests in property, now owned or hereafter
acquired or created, of any Originator (regardless of whether sold or
contributed by such Originator to the Transferor), any lien, claim, encumbrance,
security interest or other interest of the Transferor and/or the Receivables
Agent or any Receivables Purchaser in such property or interests in
property.

       

      Receivables Purchaser means
each Person from time to time party to the Receivables Purchase Agreement in the
capacity of a Purchaser (as defined in the Receivables Purchase
Agreement).

       

      Receivables Termination Notice
has the meaning set forth in Section
2.10.

       

      Records means all Contracts
and other documents, books, records and other information (including, without
limitation, computer programs, tapes, disks, data processing software and
related property and rights) relating to Receivables and the Obligors thereunder
or to inventory of the Borrowers.

       

      Related Secured Parties means,
(i) with respect to the Receivables Agent, the Receivables Purchasers, (ii) with
respect to the ABL Agent, the ABL Secured Parties and (iii) with respect to the
ICA Agent, the ICA Secured Parties.

       

      Related Security means, with
respect to any Receivable, (i) all right, title and interest of the applicable
Originator or the Transferor in, under and to all security agreements and other
Contracts that relate to such Receivable; (ii) all interest of the applicable
Originator and the Transferor in the goods (including Returned Goods, except as
otherwise provided in Section 2.1 and Section 2.3(e)
hereof), if any, relating to the sale which gave rise to such Receivable; (iii)
all other security interests or liens and property subject thereto from time to
time purporting to secure payment of such Receivable, whether pursuant to the
Contract related to such Receivable or otherwise, together with all financing
statements authorized by an Obligor describing any collateral securing such
Receivable; (iv) all rights in respect of lock-boxes to which Collections in
respect of such Receivable are sent or deposited and all Restricted Accounts (as
defined in the Receivables Purchase Agreement), and all funds and investments
therein; (v) all letter of credit rights, guaranties, insurance and other
agreements or arrangements of whatever character from time to time supporting or
securing payment of such Receivable, whether pursuant to the Contract related to
such Receivable or otherwise; (vi) all Records relating to such Receivables
(subject, in the case of Records consisting of computer programs, data
processing software and other intellectual property under license from third
parties, to restrictions imposed by such license on the sublicensing or transfer
thereof); (vii) all rights, interest and claims of the Transferor under the
Receivables Sale Agreement, including, without limitation, (A) all rights to
receive moneys due and to become due under or pursuant to the Receivables Sale
Agreement, (B) all rights to receive proceeds of any indemnity, warranty or
guaranty with respect to the Receivables Sale Agreement, (C) claims for damages
arising out of or for breach of or default under the Receivables Sale Agreement
and (D) the right to perform under the Receivables Sale Agreement and to compel
performance and otherwise exercise all remedies thereunder; and (viii) all
Proceeds of the foregoing.

       

      
        
          
          

        

        
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      Relevant Lyondell Party means
any Borrower and/or any Originator, as the context may require.

       

      Returned Goods means all
returned, repossessed or foreclosed goods and/or merchandise the sale of which
gave rise to a Receivable.

       

      Secured Parties means any one
or more of the ABL Secured Parties, the ICA Secured Parties, the Receivables
Agent and the Receivables Purchasers.

       

      UCC means at any time the
Uniform Commercial Code as from time to time in effect in the State of New York
at such time; provided, however, that in the event that, by reason of mandatory
provision of law, the perfection , effect of perfection or non-perfection or
priority of the security interest in any Collateral or Receivables Interest
created by the Loan Documents or the Receivables Documents, as applicable is
governed by the Uniform Commercial Code as in effect in a jurisdiction other
than the State of New York, the term UCC shall mean the Uniform Commercial Code
as in effect in such other jurisdiction for purposes of the provisions hereof
relating to such perfection, effect of perfection or non-perfection or
priority.

      

      Unsold Receivables means any
Receivables other than Purchased Receivables or Excluded
Receivables.

       

      1.2.           
References to Terms
Defined in the Receivables Documents and the ABL Loan
Documents.  Whenever in Section 1.1 a term is
defined by reference to the meaning ascribed to such term in any of the
Receivables Documents or in any of the ABL Loan Documents, then, unless
otherwise specified herein, such term shall have the meaning ascribed to such
term in the Receivables Documents or ABL Loan Documents, respectively, as in
existence on the date hereof, without giving effect to any amendments of such
term (or any amendment of terms used in such term) as may hereafter be agreed to
by the parties to such documents, unless such amendments have been consented to
in writing by all of the parties hereto.

       

      
        
          
          

        

        
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      ARTICLE
2.     INTERCREDITOR PROVISIONS ABL AGENT
AND

      RECEIVABLES
AGENT

       

      2.1.           
Priorities with
Respect to Receivables Assets.  Notwithstanding any provision
of the UCC, any applicable law or decision or any of the ABL Loan Documents or
the Receivables Documents, the ABL Agent (for itself and on behalf of each ABL
Lender) hereby agrees that, upon the sale or other transfer (including, without
limitation, by way of capital contribution) or purported sale or other transfer
of any Receivable (or interest therein) by an Originator to the Transferor
pursuant to the Receivables Sale Agreement, any ABL Lender Interest in such
Purchased Receivables and all other Receivables Assets with respect thereto
shall automatically and without further action cease and be forever released and
discharged and the ABL Agent and the other ABL Secured Parties shall have no ABL
Lender Interest therein; provided, however, that nothing
in this Section
2.1 shall be deemed to constitute a release by the ABL Agent and the
other ABL Secured Parties of: (i) any ABL Lender Interest in the proceeds
received by any Originator from the Transferor for the sale of Receivables
pursuant to the Receivables Sale Agreement (including, without limitation, cash
payments made by the Transferor); (ii) any ABL Lender Interest or other right
the ABL Agent and the other ABL Secured Parties have in any interests which any
Originator may acquire from the Transferor and/or the Receivables Agent in
Returned Goods; (iii) any ABL Lender Interest or other right the ABL Agent and
the other ABL Secured Parties have in any Unsold Receivables and the Proceeds
thereof; and (iv) any ABL Lender Interest or other right the ABL Agent and the
other ABL Secured Parties have in any rights of the Borrowers under or in
respect of the Receivables Documents; provided further,
however, that,
except as otherwise provided in Section 2.3(e), any
ABL Lender Interest in such Returned Goods shall be junior and subject and
subordinate to the Receivables Interest therein unless and until each of the
applicable Originator and the Transferor shall have made all payments or
adjustments required to be made by it under the Receivables Documents on account
of the reduction of the Outstanding Balance of any Purchased Receivable related
to such Returned Goods.  Except as otherwise provided in Section 2.3(e)
hereof, if any goods or merchandise, the sale of which has given rise to a
Purchased Receivable, are returned to or repossessed by the Receivables Servicer
or the Receivables Agent, on behalf of the Transferor, then, upon payment or
other adjustment by the applicable Originator and the Transferor to the
Outstanding Balance of the relevant Purchased Receivable required on account
thereof under the Receivables Purchase Agreement, the Receivables Interest in
such Returned Goods shall automatically and without further action cease to
exist and be released and extinguished and such Returned Goods shall thereafter
not constitute Receivables Assets for purposes of this Agreement unless and
until such Returned Goods have been resold so as to give rise to a Purchased
Receivable.

       

      2.2.           
Respective Interests
in Receivables Assets and ABL Lender Collateral.

       

      (a)           
Except for all rights of access to and use of Records granted to the Receivables
Agent and the Receivables Purchasers pursuant to the Receivables Documents and
except for the Receivables Interest of the Receivables Agent (for the benefit of
itself and the Receivables Purchasers) in Returned Goods, which Receivables
Interest is subject to the provisions of Section 2.1 and Section 2.3(e)
hereof, each of the Transferor and the Receivables Agent (for itself and on
behalf of each Receivables Purchaser) agrees that it does not have and shall not
have any Receivables Interest in the ABL Lender Collateral.  Each of
the Transferor and the Receivables Agent (for itself and on behalf of each
Receivables Purchaser) agrees that it shall not request or accept, directly or
indirectly (by assignment or otherwise) from any Originator any collateral
security for payment of any Receivables Claims (other than any such collateral
security included in the Receivables Assets and the right of access to and use
of Records granted to the Receivables Agent and the Receivables Purchasers
pursuant to the Receivables Documents) and hereby releases any Receivables
Interest in any such collateral security so offered by any
Originator.

       

      
        
          
          

        

        
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      (b)           
Except for rights in Returned Goods granted to the ABL Agent and the other ABL
Secured Parties pursuant to the ABL Loan Documents, which ABL Lender Interest is
subject to the provisions of Section 2.1 and Section 2.3(e)
hereof, the ABL Agent (for itself and on behalf of each other ABL Secured Party)
agrees that neither the ABL Agent nor the ABL Lenders have, nor shall they have,
any ABL Lender Interest in the Receivables Assets.

       

      2.3.           
Distribution of
Proceeds.  At all times, all proceeds of ABL Lender Collateral
and Receivables Assets shall be distributed in accordance with the following
procedure:

       

      (a)           
(i) All proceeds of the ABL Lender Collateral shall be paid to the ABL Agent for
application on the ABL Lender Claim and other obligations and liabilities owing
under the ABL Credit Agreement and other ABL Loan Documents until the ABL Lender
Claim and such other obligations and liabilities have been paid and satisfied in
full in cash; and (ii) except as otherwise provided in Section 2.3(e) hereof
with respect to Returned Goods, any remaining proceeds of the ABL Lender
Collateral shall be paid to the applicable Borrower or as otherwise required by
applicable law, and, except as otherwise provided in Section 2.3(e) hereof
with respect to Returned Goods, the Transferor and the Receivables Agent (for
itself and on behalf of each Receivables Purchaser) agree that none of the
Transferor, the Receivables Agent or the Receivables Purchasers have, nor shall
they have, any Receivables Interest in such remaining proceeds.  The
foregoing shall not, however, impair any claim or any right or remedy which the
Transferor, the Receivables Agent or the Receivables Purchasers may have against
any Originator under the Receivables Documents or otherwise.

       

      (b)           
(i) All proceeds of the Receivables Assets shall be paid to the Receivables
Agent for application against the Receivables Claim and for application in
accordance with the Receivables Documents until the Receivables Claim has been
paid and satisfied in full in cash; and (ii) subject to Section 2.1 and Section 2.3(e)
hereof, any remaining proceeds shall be paid to the Transferor or as otherwise
required by applicable law. The ABL Agent (for itself and on behalf of each
other ABL Secured Party) agrees that, except as set forth in Section 2.1 and Section 2.3(e)
hereof, neither the ABL Agent nor the other ABL Secured Parties have, nor shall
they have, any ABL Lender Interest in such remaining proceeds.  The
foregoing shall not, however, impair any claim or any right or remedy which the
ABL Agent or the ABL Lenders or any other ABL Secured Party may have against any
Borrower under the ABL Loan Documents or otherwise.

       

      (c)           
In the event that any of the Transferor, the Receivables Agent or the
Receivables Purchasers now or hereafter obtains possession of any ABL Lender
Collateral, it shall, except as otherwise provided in Section 2.3(e) hereof
with respect to Returned Goods, immediately deliver to the ABL Agent such ABL
Lender Collateral (and until delivered to the ABL Agent such ABL Lender
Collateral shall be held in trust for the ABL Agent).  Except as
otherwise provided in Section 2.3(e) hereof
with respect to Returned Goods, each of the Transferor, the Receivables Agent
(for itself and on behalf of each Receivables Purchaser) further agrees to
immediately turn over the proceeds of any Disposition of ABL Lender Collateral
which it (or any Receivables Purchaser) might receive while any ABL Lender
Claim, any other obligations or liabilities under the ABL Credit Agreement, any
ABL Loan Document or any commitment to make financial accommodations thereunder
remain outstanding, regardless of whether the ABL Agent has a perfected and
enforceable lien in the assets of the applicable Borrower from which the
proceeds of any such Disposition have been received.

       

      
        
          
          

        

        
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      (d)           
In the event that any Borrower, the ABL Agent or any other ABL Secured Party now
or hereafter obtains possession of any Receivables Assets, it shall, except as
otherwise provided in Section 2.3(e) hereof
with respect to Returned Goods, immediately deliver to the Receivables Agent
such Receivables Assets (and until delivered to the Receivables Agent such
Receivables Assets shall be held in trust for the Receivables
Agent).  Except as otherwise provided in Section 2.3(e) hereof
with respect to Returned Goods, each of the Borrowers and the ABL Agent (for
itself and on behalf of each other ABL Secured Party) further agrees to
immediately turn over the proceeds of any Disposition of Receivables Assets to
the Receivables Agent which it (or any Secured Party) might receive while any
Receivables Claim, any other obligations or liabilities under the Receivables
Documents or any commitment to make financial accommodations thereunder remain
outstanding, regardless of whether the Receivables Agent has a perfected and
enforceable lien in the assets from which the proceeds of such Disposition have
been received.

       

      (e)           
If any Inventory of a Borrower is commingled with Returned Goods in which the
Receivables Interest continues as provided in Section 2.1 above,
then,

       

      (i) if
and so long as an Enforcement Period is not in effect, (x) such Returned Goods
shall be deemed to have been sold in connection with the first Receivable or
Receivables arising from the sale of such commingled inventory, and such
Receivable or Receivables shall constitute Purchased Receivables, and (y) until
such sale thereof in accordance with the preceding clause (x), (A) the
Receivables Interest in such Returned Goods shall be junior in all respects to
the ABL Lender Interest therein and (B) if the ABL Agent or any other ABL
Secured Party receives any proceeds on account of the destruction or loss or
other Disposition (not involving a sale in accordance with the preceding clause
(x)) of such commingled inventory, all of such proceeds shall be paid to the ABL
Agent, first,
for application against the ABL Lender Claim and, second, to the extent
of any remaining proceeds, to the Receivables Agent for application against the
Receivables Claim, and

       

      (ii) if
and so long as an Enforcement Period is in effect, (x) the ABL Lender Interest
in such Returned Goods shall be junior in all respects to the Receivables
Interest therein and (y) all Receivables and other proceeds arising from the
Disposition of such commingled inventory (whether by reason of sale or by reason
of insurance payments for the destruction or loss thereof otherwise) shall be
allocated or paid, first, as Receivables
Assets relating to the Purchased Receivable or Receivables in respect of which
such Returned Goods relate and, second, to the extent
of any excess, to the ABL Agent for application against the ABL Lender
Claim.

       

      
        
          
          

        

        
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      (f)           
Any payment by an Obligor in respect of any Receivable shall, except as
otherwise specified by such Obligor or otherwise required by contract or law and
unless otherwise instructed by the Receivables Agent, be applied as a Collection
of any Purchased Receivable of such Obligor (starting with the oldest such
Receivable) to the extent of any amounts then due and payable thereunder before
being applied to any Unsold Receivable or other obligation of such
Obligor.

       

      2.4.           
Unsold
Receivables.

       

      (a)           
The Transferor and the Receivables Agent (for itself and on behalf of each
Receivables Purchaser) hereby acknowledge that the ABL Agent on behalf of itself
and the other ABL Secured Parties shall be entitled to Collections of Unsold
Receivables.

       

      (b)           
Each of the parties hereto hereby agrees that all Collections received on
account of Receivables Assets shall be paid or delivered to the Receivables
Agent for application in accordance with Section 2.3(b) and
all Collections received on account of Unsold Receivables shall be paid or
delivered to the ABL Agent for application in accordance with Section
2.3(a).

       

      (c)           
The ABL Agent agrees that it shall not exercise any rights it may have under the
ABL Loan Documents to send any notices to Obligors informing them of the ABL
Lenders interest (if any) in the Receivables or directing such Obligors to make
payments in any particular manner of any amounts due under the Receivables prior
to the latest of payment in full of the Receivables Claim and the termination of
the Commitments under (and as defined in) the Receivables Documents, except
that, from and after any date on which (x) a Receivables Termination Notice has
been delivered pursuant to Section 2.10, (y) the
termination and cessation of transfers of Receivables is required to be
effective under the terms of Section 2.10 and (z)
the Receivables Claim has been paid in full or the Purchased Receivables giving
rise to any unpaid Receivables Claim have been written off in accordance with
their terms, the ABL Agent may, pursuant to the provisions of the ABL Loan
Documents, inform any Obligors of Unsold Receivables that such Unsold
Receivables have been assigned to the ABL Agent and direct such Obligors to make
payments on account of such Unsold Receivables to any location or account to
which payments on account of Purchased Receivables are not required to be made
pursuant to the terms of the Receivables Documents.

       

      2.5.           
Enforcement
Actions.  Each of the ABL Agent and the Receivables Agent
agrees to use reasonable efforts to give an Enforcement Notice to the other
prior to commencement of Enforcement (but failure to do so shall not prevent
such Person from commencing Enforcement or affect its rights hereunder nor
create any cause of action or liability against such Person).  Subject
to the foregoing, each of the parties hereto agrees that during an Enforcement
Period:

       

      (a)           
Subject to any applicable restrictions in the Receivables Documents, the
Receivables Agent may at its option and without the prior consent of the other
parties hereto, take any action to (i) accelerate payment of the Receivables
Claim or any other obligations and liabilities under any of the Receivables
Documents and (ii) liquidate the Receivables Assets or to foreclose or realize
upon or enforce any of its rights with respect to the Receivables Assets; provided, however,
that the Receivables Agent shall not take any action to foreclose or realize
upon or to enforce any rights it may have with respect to any Receivables Assets
constituting Returned Goods which have been commingled with other ABL Lender
Collateral except in accordance with Section 2.3(e) hereof
and clause (c) below.

       

      
        
          
          

        

        
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      (b)           
Subject to any applicable restrictions in the ABL Loan Documents, the ABL Agent
or the other ABL Secured Parties may, at their option and without the prior
consent of the other parties hereto, take any action to accelerate payment of
the ABL Lender Claim or any other obligation or liability arising under any of
the ABL Loan Documents, foreclose or realize upon or enforce any of their rights
with respect to the ABL Lender Collateral or other collateral security,
including, except as otherwise provided in Section 2.3(e) hereof
and clause (c) below, with respect to any Receivables Assets constituting
Returned Goods that have been commingled with other ABL Lender Collateral, or
take any other actions as they deem appropriate; provided, however, that the ABL
Agent shall not otherwise take any action to foreclose or realize upon or to
enforce any rights it may have with respect to uncommingled Returned Goods
without the Receivables Agents prior written consent unless the Receivables
Claim or any other obligation or liability arising under any of the Receivables
Documents shall have been first paid and satisfied in full and the Receivables
Documents have terminated.

       

      (c)           
If Returned Goods are commingled with Inventory, the parties agree to cooperate
in the disposition of such Returned Goods and Inventory and the application of
the proceeds thereof as provided in Section 2.3(e)
hereof.

       

      2.6.           
Access to
Records.  Subject to and in accordance with any applicable
restrictions in the Receivables Documents (but without limiting any rights under
the Receivables Documents), each of the Receivables Purchasers and the
Receivables Agent may enter one or more premises of any Originator, the
Transferor or their respective affiliates, whether leased or owned, at any time
during reasonable business hours, without force or process of law and without
obligation to pay rent or compensation to such Originator, the Transferor, such
affiliates, the ABL Agent or the other ABL Secured Parties, whether before,
during or after an Enforcement Period, and may have access to and use of all
Records located thereon and may have access to and use of any other property to
which such access and use are granted under the Receivables Documents, in each
case provided that such use is for the purpose of enforcing the Receivables
Agents and/or the Receivables Purchasers rights with respect to the Receivables
Assets.

       

      2.7.           
Accountings.  The
ABL Agent agrees to render statements to the Receivables Agent upon reasonable
request, which statements shall identify in reasonable detail the Unsold
Receivables and shall render an account of the ABL Lender Claim, giving effect
to the application of proceeds of ABL Lender Collateral as hereinbefore
provided. The Receivables Servicer agrees to render statements to the ABL Agent
upon reasonable request, which statements shall identify in reasonable detail
the Purchased Receivables and shall render an account of the Receivables Claim,
giving effect to the application of proceeds of Receivables Assets and ABL
Collateral as hereinbefore provided; provided that the
Receivables Agent agrees to render such statements to the ABL Agent upon
reasonable request from and after the date (if any) on which Lyondell has ceased
to be the Receivables Servicer; and provided, further, that on or
prior to the Facility Termination Date, such statements shall consist of the
reports and other information relating to the Receivables Assets delivered under
the Receivables Documents.  Each of the Relevant Lyondell Parties, the
Receivables Servicer and the Transferor hereby authorize the ABL Agent and the
Receivables Agent to provide the statements described in this
section.  None of the ABL Agent or the Receivables Agent shall bear
any liability if their respective accounts are incorrect.

       

      
        
          
          

        

        
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      2.8.          
Agency for
Perfection.  The Receivables Agent and the ABL Agent hereby
appoint each other as agent for purposes of perfecting by possession or control
their respective security interests and ownership interests and liens on the
Receivables Assets and the ABL Collateral described hereunder.  In the
event that the Receivables Agent obtains possession or control of any of the ABL
Lender Collateral, the Receivables Agent shall notify the ABL Agent of such
fact, shall hold such ABL Lender Collateral in trust and, except as otherwise
provided in Section
2.3(e) hereof with respect to Returned Goods, shall deliver such ABL
Lender Collateral to the ABL Agent upon request.  In the event that
the ABL Agent obtains possession or control of any of the Receivables Assets,
the ABL Agent shall notify the Receivables Agent of such fact, shall hold such
Receivables Assets in trust and, except as otherwise provided in Section 2.3(e) hereof
with respect to Returned Goods, shall deliver such Receivables Assets to the
Receivables Agent upon request.

       

      2.9.           
UCC
Notices.  In the event that any party hereto shall be required
by the UCC or any other applicable law to give notice to the other of intended
disposition of Receivables Assets or ABL Lender Collateral, respectively, such
notice shall be given in accordance with Section 5.1 hereof
and ten (10) days notice shall be deemed to be commercially
reasonable.

       

      2.10.           Termination and Cessation of
Transfer of Receivables.  After the occurrence and during the
continuance of a Lender Event of Default and upon written notice thereof by the
ABL Agent or the Required Lenders to the Receivables Agent (a Receivables Termination
Notice), the Transferor and each Originator, (i) all transfers of
Receivables from the Originators to the Transferor shall terminate and cease and
(ii) the Transferor and the Receivables Agent and the Receivables Purchasers
shall terminate and cease, or shall cause the termination and cessation of, all
transfers of Receivables (or interests therein) from the Transferor to the
Receivables Purchasers (all such termination and cessation under clauses (i) and
(ii) to be effective at the close of business on the second Business Day after
such Receivables Termination Notice is effective in accordance with Section 5.1;
provided that in the case of a Lender Event of Default resulting from the
commencement of a bankruptcy, insolvency or similar proceeding relating to
Lyondell, all transfers of Receivables immediately and automatically shall
terminate and cease without notice of any kind (except to the extent otherwise
required pursuant to an order entered by the bankruptcy court having
jurisdiction over such  proceeding).  Except as set forth in
the immediately preceding proviso, nothing contained in this Section shall
affect the rights of the Transferor, the Receivables Agent or the Receivables
Purchasers with respect to Receivables transferred prior to the time when
termination and cessation of such transfers is required to be effective pursuant
to the foregoing provisions of this Section 2.10. The parties hereto acknowledge
and agree that, notwithstanding anything to the contrary in the Receivables
Purchase Agreement or the Receivables Sale Agreement, delivery of a Receivables
Termination Notice hereunder shall constitute an Event of Termination, and the
Receivables Agent, the Transferor and the Receivables Purchasers shall be
authorized to terminate and cease (or cause the termination and cessation of)
transfers of Receivables as described in clause (ii) of the first sentence of
this Section 2.10.  Neither the ABL Agent nor the Required Lenders
shall deliver a Receivables Termination Notice on any date during the
continuance of any Event of Default if on such date the Total Outstandings under
(and as defined in) the ABL Credit Agreement are zero.

       

      
        
          
          

        

        
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      2.11.            Accounts  The
Receivables Agent further agrees that (i) it will not terminate any Receivables
Document governing any of the Lockbox Accounts, the Receivables Concentration
Account or the Receivables Funding Account (as such terms are defined in the ABL
Security Agreement), (ii) it will not deliver any Activation Period Notice (as
defined in the Receivables Document governing the Lockbox Accounts, the
Receivables Concentration Account and the Receivables Funding Account) in
respect of the Lockbox Accounts, the Receivables Concentration Account and the
Receivables Funding Account unless and until a Triggering Event (as defined in
the Receivables Purchase Agreement) has occurred and is continuing, (iii) it
will deliver an Activation Period Termination Notice (as defined in the
Receivables Document governing the Lockbox Accounts, the Receivables
Concentration Account and the Receivables Funding Account) in respect of the
Lockbox Accounts, the Receivables Concentration Account and the Receivables
Funding Account promptly following the cessation of a Triggering Event and (iv)
it will assign its rights under the Receivables Document governing the Lockbox
Accounts, the Receivables Concentration Account and the Receivables Funding
Account to the ABL Agent only if (x) the Receivables Claim has been paid in full
and the Commitments under (and as defined in) the Receivables Purchase Agreement
have been terminated, (y) no other Securitization Facility in replacement of the
2007 Securitization Facility (in each case as defined in the ABL Credit
Agreement) is in effect and (z) the ABL Lender Claim has not been paid in full
or the Commitments under (and as defined in) the ABL Credit Agreement have not
been terminated.  The Receivables Agent, Lyondell (in its capacity as
Servicer) and the Transferor agree not to change, or consent or permit to any
change of, any instructions regarding the disposition of funds in the Lockbox
Accounts, the Receivables Concentration Account or the Receivables Funding
Account, in each case without the prior written consent of the ABL
Agent.  The ABL Agent agrees that (i) it will not deliver any
Activation Period Notice (as defined in the ABL Collateral Document governing
the Inventory Concentration Account (as defined in the ABL Security Agreement))
in respect of the Inventory Concentration Account unless and until a Triggering
Event (as defined in the ABL Credit Agreement) has occurred and is continuing
and (ii) it will deliver an Activation Period Termination Notice (as defined in
the ABL Collateral Document governing the Inventory Concentration Account) in
respect of the Inventory Concentration Account promptly following the cessation
of a Triggering Event.

       

      2.12.           Withdrawals from Cash Assets
and Cash Collateral Accounts.  With respect to the Cash Assets
Account (as defined in the Receivables Purchase Agreement), the Receivables
Agent agrees that it will not withhold its consent to any request by the
Transferor (or Lyondell, in its capacity as servicer, on behalf of the
Transferor) to withdraw funds from the Cash Assets Account if a certificate in
the form of Exhibit A hereto is duly completed and delivered in connection with
such request.  With respect to the Cash Collateral Account (as defined
in the ABL Security Agreement), the ABL Agent agrees that it will not withhold
its consent to any request by Lyondell to withdraw funds from the Cash
Collateral Account if a certificate in the form of Exhibit B hereto is duly
completed and delivered in connection with such request.

       

      
        
          
          

        

        
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      ARTICLE
3.       INTERCREDITOR PROVISIONS ICA
AGENT

       

      3.1.          
Respective Interests
In Receivable Assets and ABL Lender Collateral.  The ICA Agent
(for itself and on behalf of each ICA Secured Party) agrees that neither it nor
any other ICA Secured Party has, nor shall it have any ICA Interest in the ABL
Collateral or in the Receivables Assets.  Except for all rights of
access to and use of Records granted to the Receivables Agents and the
Receivables Purchasers pursuant to the Receivables Documents, the Receivables
Agent (for itself and on behalf of each Receivables Purchaser) agrees that it
does not have and shall not have any Receivables Interest in the ICA
Collateral.  Except for all rights of access to and use of Records,
trademarks and other property granted to the ABL Agent and the ABL Secured
Parties pursuant to this Agreement, the ABL Agent (for itself and on behalf of
each ABL Secured Party) agrees that it does not have and shall not have any ABL
Lender Interest in the ICA Collateral.

       

      3.2.          
Distribution of
Proceeds.  a) At all times, all proceeds of ABL Collateral and
Receivables Assets shall be distributed in accordance with Section 2.3
above.  In the event that the ICA Agent or any other ICA Secured Party
now or hereafter obtains possession of any Receivables Assets or ABL Collateral,
it shall immediately deliver the same to the ABL Agent or the Receivables Agent,
as appropriate.

       

      (b)           
At all times, all proceeds of ICA Collateral shall be distributed in accordance
with the applicable provisions of the ICA Documents. If any of the Secured
Parties (other than the ICA Secured Parties) now or hereafter obtains possession
of any ICA Collateral, it shall immediately deliver such ICA Collateral to the
ICA Agent.

       

      (c)           
The foregoing provisions of this Section 3.2 shall not, however, impair any
claim or any right or remedy which any Secured Party may have against any
Borrower or Originator or ICA Party under the Receivables Documents, the Loan
Documents or otherwise.

       

      3.3.          
Waiver of Right to
Contest.  Each Agent, for and on behalf of itself and its
Related Secured Parties, agrees that it shall not (and hereby waive any right
to), and they shall not have any right to (and hereby waives any right to), take
any action to contest or challenge (or assist or support any other Person in
contesting or challenging), directly or indirectly, whether or not in any
insolvency or other proceeding, the validity, priority, enforceability or
perfection of (i) the Lender Interests and/or Receivables Interest of the other
Agents and the other Secured Parties or (ii) the provisions of this
Agreement.

       

      3.4.          
Insurance.  Proceeds
of Collateral include insurance proceeds and, therefore, Sections 2.3 and 3.2
shall govern the ultimate disposition of casualty insurance
proceeds.  The ABL Agent and the ICA Agent shall each be named as
additional insured or loss payee, as applicable, with respect to all insurance
policies relating to the ABL Collateral and ICA Collateral, as
applicable.  The ABL Agent shall have the sole and exclusive right, as
against the ICA Agent, to adjust settlement of insurance claims in the event of
any covered loss, theft or destruction of ABL Collateral.  The ICA
Agent shall have the sole and exclusive right, as against the ABL Agent, to
adjust settlement of insurance claims in the event of any covered loss, theft or
destruction of ICA Collateral.  If any insurance claim includes both
ABL Collateral and ICA Collateral and the insurer will not settle such claim
separately with respect to ABL Collateral and ICA Collateral, the ABL Agent will
have the sole and exclusive right, as against the ICA Agent to adjust settlement
of such claims, and its determination shall be binding upon the
parties.  

       

      
        
          
          

        

        
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      3.5.          
Inspection and Access
Rights.  (a)  Without
limiting any rights the ABL Agent, any other ABL Secured Party, the Receivables
Agent or any other Receivables Purchaser may otherwise have under applicable law
or by agreement, in the event of any Enforcement by or on behalf of the ABL
Agent or Receivables Agent, as applicable, the ABL Agent, the Receivables Agent
or any other Person (including the Borrowers and/or Originators) acting with the
consent, or on behalf, of the ABL Agent or Receivables Agent, as applicable,
shall have the right (a) during normal business hours on any business day, to
access ABL Collateral or Receivables Assets, as applicable, that (i) is stored
or located in or on, (ii) has become an accession with respect to (within the
meaning of Section 9-335 of the Uniform Commercial Code), or (iii) has been
commingled with (within the meaning of Section 9-336 of the Uniform Commercial
Code), ICA Collateral, and (b) to use the ICA Collateral (including, without
limitation, trademarks owned or licensed), in order to assemble, inspect, copy
or download information stored on, take actions to perfect its lien on, complete
a production run of Inventory involving, take possession of, move, prepare and
advertise for sale, sell (by public auction, private sale or a store closing,
going out of business or similar sale, whether in bulk, in lots or to customers
in the ordinary course of business or otherwise and which sale may include
augmented Inventory of the same type sold in the Borrowers and/or Originators
business), store or otherwise deal with the ABL Collateral or Receivables
Assets, in each case without notice to, the involvement of or interference by
any ICA Secured Party (and whether or not the ICA Agent or any other ICA Secured
Party has commenced and is continuing to exercise any secured creditor remedies)
or liability to any ICA Secured Party.

       

      (b)           
The ABL Agent, the ABL Secured Parties, the Receivables Agent and the
Receivables Purchasers shall not be obligated to pay any amounts to the ICA
Agent or the ICA Secured Parties (or any person claiming by, through or under
the ICA Secured Parties, including any purchaser of the ICA Collateral) or to
any Borrower, for or in respect of the use by the ABL Agent, the ABL Secured
Parties, the Receivables Agent or the Receivables Purchasers of the ICA
Collateral and none of the ABL Agent, ABL Secured Parties, Receivables Agent or
Receivables Purchasers shall be obligated to secure, protect, insure or repair
any such ICA Collateral (other than for damages caused by the ABL Agent, ABL
Secured Parties, the Receivables Agent or the Receivables Purchasers or their
respective employees, agents and representatives). None of the ABL Agent, ABL
Secured Parties, Receivables Agent or Receivables Purchasers shall have any
liability to the ICA Agent or the ICA Secured Parties (or any person claiming
by, through or under the ICA Agent or the ICA Secured Parties, including any
purchaser of the ICA Collateral) as a result of any condition (including
environmental condition, claim or liability) on or with respect to the ICA
Collateral other than those arising from the gross negligence or willful
misconduct of the ABL Agent, ABL Secured Parties, Receivables Agent or
Receivables Purchasers or their respective employees, agents and
representatives, and none of the ABL Agent, ABL Secured Parties, Receivables
Agent or Receivables Secured Party shall have any duty or liability to maintain
the ICA Collateral in a condition or manner better than that in which it was
maintained prior to the use thereof by the ABL Agent, ABL Secured Parties,
Receivables Agent or Receivables Purchasers.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      (c)     The ICA Agent and the
other ICA Secured Parties shall use commercially reasonable efforts to not
hinder or obstruct the ABL Agent, the ABL Secured Parties, Receivables Agent or
Receivables Purchasers from exercising their rights described in clause (a)
hereof.

       

      (d)           
Subject to the terms hereof, the ICA Agent may advertise and conduct public
auctions or prosecute sales of the ICA Collateral without notice (except as
required by applicable law) to, or involvement of or interference by any ABL
Secured Party or liability to any ABL Secured Party.

       

      

      ARTICLE
4.          INTERCREDITOR
PROVISIONS GENERAL

       

      4.1.          Independent Credit
Investigations.  Neither the Receivables Purchasers, the
Receivables Agent, the ABL Agent, the ICA Agent nor the other Secured Parties
nor any of their respective directors, officers, agents or employees shall be
responsible to the other or to any other person, firm or corporation for the
solvency, financial condition or ability of any Relevant Lyondell Party or the
Transferor, as applicable, to repay the Receivables Claim, the ABL Lender Claim
or the ICA Claim, or for the worth of the Receivables Assets, any ABL Collateral
or any ICA Collateral, or for statements of any Relevant Lyondell Party, the
Receivables Servicer or the Transferor (as applicable), oral or written, or for
the validity, sufficiency or enforceability of the Receivables Claim, the ABL
Lender Claim or the ICA Claim, the Receivables Documents, the Loan Documents,
the Receivables Agents interest in the Receivables Assets, the ABL Secured
Parties or ABL Agents interest in any ABL Collateral, or the ICA Secured Parties
or the ICA Agents interest in any ICA Collateral.  The Secured
Parties  and the Receivables Purchasers have entered into their
respective agreements with the Relevant Lyondell Parties, the Transferor and/or
the Receivables Servicer, as applicable, based upon their own independent
investigations.  None of the Secured Parties, the ABL Agent, the ICA
Agent or the Receivables Agent makes any warranty or representation to the other
nor does it rely upon any representation of the other with respect to matters
identified or referred to in this Section
4.1.

       

      4.2.           
Limitation on
Liability of Parties to Each Other.  Except with respect to
liability for breach of express obligations under this Agreement, no party shall
have any liability to any other party except for liability arising from the
gross negligence or willful misconduct of such party or its
representatives.

       

      4.3.           
Amendments to Loan and
Receivables Arrangements or to this Agreement. Each party hereto shall,
upon reasonable request of any other party hereto, provide copies of all
modifications or amendments and copies of all other documentation relevant to
the Receivables Assets or the ABL Collateral.  All modifications or
amendments of this Agreement must be in writing and duly executed by an
authorized officer of each party hereto to be binding upon and enforceable
against such party.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      4.4.           
Marshalling of
Assets.  Nothing in this Agreement will be deemed to require
any Agent (i) to proceed against certain property securing any Lender Claim (or
any other obligation or liability under any other Loan Documents) or the
Receivables Claim (or any other obligation or liability under the Receivables
Documents), as applicable, prior to proceeding against other property securing
such Claim or obligations or liabilities or against certain persons guaranteeing
any such obligations or (ii) to marshal any ABL Collateral (or any other
collateral), ICA Collateral or the Receivables Assets (as applicable) upon the
enforcement of the such Agents remedies under the Loan Documents or Receivables
Documents, as applicable.

       

      4.5.        
   Relative
Rights.

       

      (a)           
The relative rights of the ABL Lenders, as against each other, and the ICA
Secured Parties, as against each other, shall be determined by agreement among
such parties in accordance with the terms of the applicable Loan
Documents.

       

      (b)           
Each Agent and its Related Secured Parties shall be entitled to rely on the
power and authority of each other Agent to act on behalf of its Related Secured
Parties to the extent the provisions hereof have such Agent so act.

       

      4.6.           
Effect Upon ABL Loan
Documents and Receivables Documents.  By executing this
Agreement, each of the Relevant Lyondell Parties and the Transferor agree to be
bound by the provisions hereof (i) as they relate to the relative rights of the
Agents and the other Secured Parties with respect to the property of the
Relevant Lyondell Parties; and (ii) as they relate to the relative rights of the
Originators, the Transferor, the Receivables Purchasers and/or the Receivables
Agent as creditors of (or purchasers from) the Originators or the Transferor, as
the case may be.  Each Relevant Lyondell Party acknowledges that the
provisions of this Agreement shall not give it any substantive rights as against
any Agent or other Secured Party and that nothing in this Agreement shall
(except as expressly provided herein) amend, modify, change or supersede the
terms of the Loan Documents as between such Relevant Lyondell Party, the
applicable Agent and the other Secured Parties.  The Transferor and
each Originator acknowledge that the provisions of this Agreement shall not give
the Transferor or any Originator any substantive rights as against the
Receivables Agent or the Receivables Purchasers and that nothing in this
Agreement shall (except as expressly provided herein) amend, modify, change or
supersede the terms of the Receivables Documents as among the
Transferor,  the Originators, the Receivables Servicer, the
Receivables Agent or the Receivables Purchasers.  Each Originator and
the Transferor further acknowledge that the provisions of this Agreement shall
not give any such party any substantive rights as against the other and that
nothing in this Agreement shall amend, modify, change or supersede the terms of
the Receivables Documents as between the Originators and the Transferor.
Notwithstanding the foregoing, each of the Receivables Agent (for itself and on
behalf of each Receivables Purchaser), the ABL Agent (for itself and on behalf
of each other ABL Secured Party) and the ICA Agent (for itself and on behalf of
each ICA Secured Party) agrees, that, as between themselves, to the extent the
terms and provisions of the Loan Documents or the Receivables Documents are
inconsistent with the terms and provisions of this Agreement, the terms and
provisions of this Agreement shall control.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      4.7.           
Nature of the ABL
Lender Claim and Modification of ABL Loan Documents.  Each of
the Transferor, the Receivables Agent (for itself and on behalf of each
Receivables Purchaser) and the ICA Agent (for itself and on behalf of each ICA
Secured Party) acknowledges that the ABL Lender Claim and other obligations and
liabilities owing under the ABL Loan Documents are revolving in nature and that
the amount of such revolving indebtedness which may be outstanding at any time
or from time to time may be increased or reduced and subsequently
reborrowed.  The terms of the ABL Loan Documents may be modified,
extended or amended from time to time, and the amount thereof may be increased
or reduced, all without notice or consent by any of the Transferor, the
Receivables Agent, the Receivables Purchasers, the ICA Agent or the ICA Secured
Parties, and without affecting the provisions of this
Agreement.  Without in any way limiting the foregoing, each of the
Transferor, the Receivables Agent (for itself and on behalf of each Receivables
Purchaser) and the ICA Agent (for itself and on behalf of each ICA Secured
Party) hereby agrees that the maximum amount of the ABL Lender Claim and other
obligations and liabilities owing under the ABL Loan Documents may be increased
at any time and from time to time to any amount in accordance with the ABL Loan
Documents.

       

      4.8.           
Nature of the
Receivables Claim and Modification of Receivables
Documents.  Each of the Borrowers, the ABL Agent (for itself
and on behalf of each other ABL Secured Party) and the ICA Agent (for itself and
on behalf of each ICA Secured Party) acknowledges that the Receivables Claim and
other obligations and liabilities owing under the Receivables Documents are
revolving in nature and that the amount of such revolving obligations which may
be outstanding at any time or from time to time may be increased or reduced and
subsequently reincurred.  The terms of the Receivables Documents may
be modified, extended or amended from time to time, and the amount thereof may
be increased or reduced, all without notice to or consent by any  of
the ABL Secured Parties, ICA Secured Parties, the ABL Agent or the ICA Agent and
without affecting the provisions of this Agreement; provided that nothing
in this Section
4.8 (including, without limitation, the next succeeding sentence) shall
be construed to relieve any Borrower of its obligation to comply with the
covenants under the ABL Loan Documents.  Without in any way limiting
the foregoing, each of the Borrower, the ABL Agent (for itself and on behalf of
each other ABL Secured Party) and the ICA Agent (for itself and on behalf of
each ICA Secured Party) hereby agrees that the maximum amount of the Receivables
Claim and other obligations and liabilities owing under the Receivables
Documents and the amount of Receivables which may be purchased or otherwise
financed pursuant to the Receivables Documents may, in each case, be increased
at any time and from time to time to any amount in accordance with the
Receivables Documents.

       

      4.9.           
Nature of the ICA
Claim and Modification of ICA Documents.  Each of the
Transferor, the ABL Agent (for itself and on behalf of each other ABL Secured
Party) and the Receivables Agent (for itself and on behalf of each Receivables
Purchaser) acknowledges that the ICA Claim and other obligations and liabilities
owing under the ICA Documents are, in part, revolving in nature and that the
amount of such revolving indebtedness which may be outstanding at any time or
from time to time may be increased or reduced and subsequently
reborrowed.  The terms of the ICA Documents may be modified, extended
or amended from time to time, and the amount thereof may be increased or
reduced, all without notice or consent by any of the Transferor, the Receivables
Agent, the Receivables Purchasers, the ABL Agent or the ABL Secured Parties and
without affecting the provisions of this Agreement.  Without in any
way limiting the foregoing, each of the Transferor, the Receivables Agent (for
itself and on behalf of each Receivables Purchaser) and the ABL Agent (for
itself and on behalf of each ABL Secured Party) hereby agrees that the maximum
amount of the ICA Claim and other obligations and liabilities owing under the
ICA Documents may be increased at any time and from time to time to any amount
in accordance with the ICA Documents.

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      4.10.         
 Further
Assurances.  Each of the parties agrees to take such
commercially reasonable actions as may be requested by any other party, whether
before, during or after an Enforcement Period, in order to effect the rules of
distribution and allocation herein above set forth and to otherwise effectuate
the agreements made herein.

       

      4.11.          
 No
Petition.  Each of the ABL Agent (for itself and on behalf of
each other ABL Secured Party) and the ICA Agent (for itself and on behalf of
each other ICA Secured Party) hereby agrees that, prior to the date which is one
year and one day after date upon which the Receivables Claim is paid in full, it
will not institute against, or join any other Person in instituting against, the
Transferor any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding or other similar proceeding under any bankruptcy or
similar law of the United States or any state of the United States.

      

      4.12.          
 Set Off; Deposit
Accounts, etc.  Each of the Receivables Agent (for itself and
on behalf of each Receivables Purchaser), the ABL Agent (for itself and on
behalf of each other ABL Secured Party) and the ICA Agent (for itself and on
behalf of each other ICA Secured Party) agrees not to set off or apply any
deposits (general or special, time or demand, provisional or final) at any time
held or other obligations at any time owing by it to or for the credit or the
account of any Relevant Lyondell Party or the Transferor against the obligations
of such Relevant Lyondell Party or the Transferor in a manner inconsistent with
the provisions of this Agreement.

       

      

      ARTICLE
5.      MISCELLANEOUS

       

      5.1.           
Notices.  All
notices and other communications provided for hereunder shall, unless otherwise
stated herein, be in writing (including telecommunications and communication by
facsimile copy) and delivered by hand or overnight courier service, mailed by
certified or registered mail or sent by telecopy or facsimile as to each party
hereto, at its address set forth under its name on the signature pages hereof or
at such other address as shall be designated by such party in a written notice
to the other parties hereto.  All such notices and communications
shall be effective upon receipt or, in the case of notice by telex, when telexed
against receipt of the answerback, or in the case of notice by facsimile copy,
when verbal confirmation of receipt is obtained, in each case addressed as
aforesaid.

       

      Notices and other communications to any
party hereunder may be delivered or furnished by electronic communications
pursuant to procedures approved by such party; provided that the
foregoing shall not apply to any Enforcement Notice or Receivables Termination
Notice unless otherwise agreed by the Receivables Agent and the ABL
Agent.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

         

      

      
        5.2.           
Agreement
Absolute.  Each of the Agents and the Secured Parties shall be
deemed to have entered into the Loan Documents or the Receivables Documents, as
applicable, in express reliance upon this Agreement.  This Agreement
may not be modified or amended, except in accordance with Section
4.3.  This Agreement shall be applicable both before and after
the filing of any petition by or against any Relevant Lyondell Party or the
Transferor under the U.S. Bankruptcy Code and all references herein to any
Relevant Lyondell Party or the Transferor shall be deemed to apply to a
debtor-in-possession for such party and all allocations of payments among the
Secured Parties shall, subject to any court order to the contrary, continue to
be made after the filing of such petition on the same basis that the payments
were to be applied prior to the date of the petition.

         

      

      5.3.           
Successors and
Assigns.  This Agreement shall be binding upon and inure to the
benefit of each of the parties hereto and their respective successors and
assigns.  The successors and assigns for each Relevant Lyondell Party
and the Transferor shall include a debtor-in-possession or trustee of or for
such party.  The successors and assigns for any Secured Party and any
Agent, as the case may be, shall include any successor Secured Party or Agent,
as the case may be, appointed under the terms of the Loan Documents or the
Receivables Documents, as applicable.  Each of the ABL Agent (for
itself and on behalf of each other ABL  Secured Party), the ICA Agent
and the Receivables Agent (for itself and on behalf of each Receivables
Purchaser), as the case may be, agrees not to transfer any interest it may have
in the Loan Documents or the Receivables Documents unless such transferee has
been notified of the existence of this Agreement and has agreed to be bound
hereby.  In the event that the financing provided under the ABL Credit
Agreement shall be refinanced, replaced or refunded, each of the Originators,
the Transferor and the Receivables Agent hereby agree, at the request of the
agent or lenders under the credit facility that so refinances, replaces or
refunds the financing under the ABL Credit Agreement, to execute and deliver a
new intercreditor agreement with such agent and/or lenders on substantially the
same terms as herein provided (or on such other terms no less favorable to the
Receivables Agent and the Receivables Purchasers) and in form and substance
reasonably satisfactory to the Receivables Agent, the Originators and the
Transferor.  In the event that the financing provided under the
Receivables Documents shall be refinanced, replaced or refunded, each of the
Borrowers and the ABL Agent (for itself and on behalf of each other ABL Secured
Party) hereby agrees that, at the request of the agent or purchasers under the
facility that so refinances, replaces or refunds the financing under the
Receivables Documents, to execute and deliver a new intercreditor agreement with
such agent and/or purchasers on substantially the same terms as herein provided
(or on such other terms no less favorable to the ABL Agent and the other ABL
Secured Parties) and in form and substance reasonably satisfactory to the ABL
Agent and the Borrowers.

       

      5.4.           
Beneficiaries.  The
terms and provisions of this Agreement shall be for the sole benefit of the
parties hereto and the Secured Parties, and the Receivables Purchasers and their
respective successors and assigns, and no other Person shall have any right,
benefit or priority by reason of this Agreement.

       

      5.5.           
GOVERNING
LAW.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 OF
THE GENERAL OBLIGATIONS LAWS OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT
REGARD TO CONFLICTS OF LAW PROVISIONS).

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      5.6.         
  Section
Titles.  The article and section headings contained in this
Agreement are and shall be without substantive meaning or content of any kind
whatsoever and are not a part of the agreement between the parties
hereto.

       

      5.7.           
Severability.  Any
provision of this Agreement that is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof or thereof or affecting the validity or enforceability of such
provision in any other jurisdiction.

       

      5.8.           
Execution in
Counterparts.  This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement.

       

      5.9.           
Effectiveness.  This Agreement
shall become effective as of the date hereof on the date on which each Agent
shall have received duly executed counterparts hereof signed by each of the
parties hereto (or, in the case of any such Person as to which an executed
counterpart shall not have been received, receipt by each Agent in a form
satisfactory to it of a telex, facsimile or other written confirmation from such
Person that it has executed a counterpart hereof or a consent hereto, as
applicable).

       

      5.10           
Additional
Parties.   Each Person that
becomes a Borrower under the ABL Credit Agreement or a Originator under the
Receivables Purchase Agreement after the date hereof shall become a party to
this Agreement upon execution and delivery by such Person of such documents or
instruments as required in accordance with the terms of the ABL Credit Agreement
or Receivables Purchase Agreement, as applicable.

      

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

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

       

      
        	 	
                CITIBANK,
      N.A., as Receivables Agent

              	 
	 	 	 	 
	 	 	 	 
	 	
                By:

              	/s/
      Matthew Paquin 	 
	 	 	
                Name: 
      Matthew Paquin

              	 
	 	 	
                Title:   
      Vice President

              	 
	 	 	 	 
	 	
                Address:

              	
                388
      Greenwich Street

              	 
	 	 	
                19th
      Floor

              	 
	 	 	
                New
      York, New York 10013

              	 
	 	
                Attention:

              	
                David
      Jaffe

              	 
	 	
                Telecopy:

              	
                (212)
      816-2613

              	 

      

       

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

      

       

      
        	 	
                CITIBANK,
      N.A., as ABL Agent

              	 
	 	 	 	 
	 	 	 	 
	 	
                By:

              	/s/
      Matthew Paquin  	 
	 	 	
                Name: 
      Matthew Paquin

              	 
	 	 	
                Title:   
      Vice President

              	 
	 	 	 	 
	 	
                Address:

              	
                388
      Greenwich Street

              	 
	 	 	
                19th
      Floor

              	 
	 	 	
                New
      York, New York 10013

              	 
	 	
                Attention:

              	
                David
      Jaffe

              	 
	 	
                Telecopy:

              	
                (212)
      816-2613

              	 

      

       

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

      

       

      
        	 	
                CITIBANK,
      N.A., as ICA Agent

              	 
	 	 	 	 
	 	 	 	 
	 	 By:	
                /s/ Matthew Paquin

              	 
	 	 	
                Name: 
      Matthew Paquin

              	 
	 	 	
                Title:   
      Vice President

              	 
	 	 	 	 
	 	
                Address: 
      388
      Greenwich Street

              	 
	 	          
      19th
      Floor	 	 
	 	       New
      York, New York 10013	 	 
	 	
                Attention: 
      David Jaffe

              	 
	 	
                Telecopy:  
      (212) 816-2613

              	 

      

       

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

         

      

      
        	 	
                LYONDELLBASELL
      RECEIVABLES I, LLC,

              	 
	 	
                as
      Transferor

              	 	 
	 	 	 	 
	 	
                By:

              	
                /s/ Karen A. Twitchell

              	 
	 	 	 Name:
      Karen A. Twitchell	 
	 	 	 Title:  
      Vice President and Treasurer
	 	 	 	 
	 	
                Address:

              	
                12221
      McKinney St., Suite700

              	 
	 	 	
                Houston,
      Texas 77010

              	 
	 	
                Attention:

              	713/652-7200	 
	 	
                Telecopy:

              	713/652-4598 	 

      

       

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

      

      

      
        	 	
                LYONDELL
      CHEMICAL COMPANY,

              
	 	
                as
      Originator, as Receivables Servicer and as Borrower

              
	 	 	 
	 	 By:	
                /s/ Karen A. Twitchell

              	 
	 	 	
                Name: 
      Karen A. Twitchell

              
	 	 	
                Title:   
      Authorized Representative

              
	 	 	 
	 	
                Address:

              	
                1221
      McKinney St., Suite 700

              
	 	 	
                Houston,
      Texas 77010

              
	 	
                Attention:

              	713/652-7200 
	 	
                Telecopy:

              	713/652-4598 

      

       

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

      

      

      
        	 	
                EQUISTAR
      CHEMICALS, LP,

              	 
	 	
                as
      Originator and as Borrower

              	 
	 	 	 
	 	 By:	
                /s/ Karen A. Twitchell

              	 
	 	 	
                Name: 
      Karen A. Twitchell

              	 
	 	 	
                Title:   
      Authorized Representative

              	 
	 	 	 
	 	
                Address:     
      1221 McKinney, Suite 700

                             Houston, TX
      77010

              	 
	 	
                Attention:   
      Assistant Treasurer

              	 
	 	Telephone: 
       713/652-7200	 
	 	
                Telecopy:    
      713/652-4598

              	 

      

       

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

      

      

      
        	 	
                HOUSTON
      REFINING LP,

              	 
	 	
                as
      Originator and as Borrower

              	 
	 	 	 
	 	
                By:

              	
                /s/ Karen A. Twitchell

              	 
	 	 	
                Name: 
      Karen A. Twitchell

              	 
	 	 	
                Title:   
      Authorized Representative

              	 
	 	 	 
	 	
                Address:   
      1221 McKinney, Suite 700

                           Houston, TX
    77010

              	 
	 	
                Attention: 
      Assistant Treasurer

              	 
	 	 Telephone:
      713/652-7200	 
	 	
                Telecopy:    
      713/652-4898

              	 

      

       

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

      

      

      
        	 	
                BASELL
      USA INC.

              	 
	 	
                as
      Borrower

              	 
	 	 	 
	 	
                By:

              	
                /s/ Francesco Svelto

              	 
	 	 	
                Name: 
      Francesco Svelto

              	 
	 	 	
                Title:   
      Authorized Representative

              	 
	 	 	 
	 	
                Address:     
      Delaware Corporation Center II

                                     
      2 Righter Parkway, Suite 300

                                     
      Wilmington, DE 19803

              	 
	 	
                Attention:   
      Kevin E. Walsh

              	 
	 	Telephone: 
      302/683-8000	 
	 	
                Telecopy:   
      302/731-3971

              	 

      

      

      
        
          
          

        

        
          [Intercreditor
Agreement]

          
            

          

        

        
          
          

        

      

      

      
         

      

      

      Exhibit
A

       

      [Date]

       

      

      Citibank,
N.A.

      388
Greenwich Street

      19th
Floor

      New York,
NY  10013

      Attention:
________________________

       

      Re:  Request for Withdrawal
Account No.____

       

      Ladies
and Gentlemen:

       

      We refer
to the Deposit Account Control Agreement dated as of December [__], 2007 among
LyondellBasell Receivables I, LLC, us, Citibank, N.A. and you (the Deposit Account Agreement), a
copy of which is attached, regarding the above-referenced deposit account (the
Account).  Capitalized
terms used, and not otherwise defined, in this letter have the meanings
specified in the Deposit Account Agreement.

       

      We hereby request a withdrawal of
$________ from the Account for transfer to [specify account] and certify that
[select applicable language depending on whether or not a Triggering Event
exists:]

       

      [no
Shortfall Condition existed as of the date of the most recent Seller Report,
and, both before and after giving effect to such withdrawal of such amount, no
Triggering Event exists]

       

      [we have,
in connection with this request, delivered to you a Seller Report (as defined in
the Receivables Purchase Agreement) demonstrating that, after giving effect to
the withdrawal of such amount, a Shortfall Condition (as defined in the
Receivables Purchase Agreement) does not exist [and [the conditions to an
Investment Event (as defined in the Receivables Purchase Agreement) would be
satisfied][ the aggregate Capital (as defined in the Receivables Purchase
Agreement) is zero]]1.

       

       

       

      
        	 	Very truly yours,
	 	 
	 	
                LYONDELL
      CHEMICAL COMPANY

                       as
      Servicer

              
	 	 
	 	
                By:

              	 	 
	 	 	
                Name:

              	 
	 	 	
                Title:

              	 

      

      

        
          

        

      

      1 Specify
applicable condition if a Triggering Event exists.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
B

       

      [Date]

       

      Citibank,
N.A.

      388
Greenwich Street

      19th
Floor

      New York,
NY  10013

      Attention:
________________________

       

      Re:  Request for Withdrawal
Account No.____

       

      Ladies
and Gentlemen:

       

      We refer
to the Deposit Account Control Agreement dated as of December [__], 2007 among
us, Citibank, N.A. and you (the Deposit Account Agreement), a
copy of which is attached, regarding the above-referenced deposit account (the
Account).  Capitalized
terms used, and not otherwise defined, in this letter have the meanings
specified in the Deposit Account Agreement.

       

      We hereby request a withdrawal of
$________ from the Account for transfer to [specify account] and certify that
[select applicable language depending on whether or not a Triggering Event
exists:]

       

      [Total
Outstandings did not exceed the Borrowing Base as of the date of the most recent
Borrowing Base Certificate, and, both before and after giving effect to such
withdrawal of such amount, no Triggering Event exists]

       

      [no
Default (as defined in the ABL Credit Agreement) exists [and [the conditions to
a Credit Event (as defined in the ABL Credit Agreement) would be satisfied][ the
Total Outstandings (as defined in the ABL Credit Agreement) are zero]]2.

       

      
        
          	
                	Very truly yours,
	 	 
	 	
                  LYONDELL
      CHEMICAL COMPANY

                        

                    

                
	 	
                  By:

                	 	 
	 	 	
                  Name:

                	 
	 	 	
                  Title:

                	 

          
            

          

        

      

      2 Specify
applicable condition if a Triggering Event exists.

    

     

    
      2lyo10k-022808ex412.htm

    EXHIBIT
4.12

    
 

    LONG TERM INTERCOMPANY LOAN
AGREEMENT

    (Loan
No. L42)

    

    

    

    This
agreement (hereinafter “Agreement”), dated as of
February 22, 2008 and effective as of December 20, 2007 (hereinafter, the “Effective Date”), is made by
and between

    

    LyondellBasell Finance
Company, a company incorporated under the laws of Delaware (hereinafter,
the “Lender”)
and

    

    Lyondell Chemical Company, a
company incorporated under the laws of Delaware (hereinafter, the "Borrower"). 

    

    WHEREAS

    

    
      	
              A.  

            	
              The
      Lender and the Borrower are subsidiaries of LyondellBasell Industries AF
      S.C.A. (“LyondellBasell”, and
      together with subsidiaries of LyondellBasell, the “LyondellBasell
      Group”).

            

    

     

    
      	
              B.  

            	
              The
      Lender, as borrower, entered into the Bridge Loan Agreement dated as of
      December 20, 2007, with, among others, Citibank N.A., as collateral agent
      (the “Bridge”),

            

    

     

    
      	
              C.  

            	
              The
      Borrower has requested a loan from the Lender in order to finance its
      general corporate and business
activities.

            

    

     

    
      	
              D.  

            	
              The
      Lender is available to grant such loan to the Borrower on the terms and
      conditions set forth in this
Agreement.

            

    

     

    
      	
               
      

            	
              Now,
      therefore, the Lender and the Borrower agree as
  follows:

            

    

    

    
      	
              1.  

            	
              Amount of the
      Loan

            

    

    

    The
Lender hereby grants to the Borrower a loan in the amount of seven billion, one
hundred sixty five million, six hundred sixteen thousand nine hundred forty five
and no cents USD ($7,165,616,945.00) (hereinafter the “Loan”).

    

    
      	
              2.  

            	
              Drawing

            

    

    

    
      	
               
      

            	
              The
      Loan is deemed to be fully drawn on December 20, 2007 (the “Drawdown
      Date”).

            

    

    

    
      	
              3.  

            	
              Term

            

    

    

    
      	
               
      

            	
              The
      term of the Loan shall be until and including December 20,
      2014  (the “Repayment
      Date”).

            

    

    

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
                 4.

            	
              Repayment, Voluntary
      Pre-payment, Mandatory
prepayment

            

    

    

    
      	
               
      

            	
              The
      Loan shall be repaid in full on the Repayment Date, provided, however,
      that:

            

    

    

    
      	
              (a)  

            	
              in
      the event that, at any time before the Repayment Date, for any reason or
      circumstance whatsoever, the Lender is required to repay any amount under
      any corporate financing of the LyondellBasell Group, the Lender shall be
      entitled to require the Borrower to make a mandatory prepayment of the
      Loan or  any portion thereof, and the Borrower shall
      immediately, upon written notice by the Lender, make such mandatory
      prepayment to the Lender, and any interest accrued thereon until the day
      of the pre-payment, without any cost, penalty or liability of any type for
      the Lender, and any and all rights of the Borrower in such respect, if
      any, are waived insofar as permissible under applicable
    law;

            

    

    

    
      	
              (b)  

            	
              in
      the event that, at any time before the Repayment Date, the lending by the
      Lender to the Borrower of the Loan or any portion thereof would conflict
      with any applicable law, the Lender shall be entitled to require the
      Borrower a make a mandatory prepayment of the Loan or any portion thereof,
      and the Borrower shall immediately, upon written notice by the Lender,
      make such mandatory prepayment to the Lender, and any interest accrued
      thereon until the day of the pre-payment, provided that each party shall
      bear the costs it incurs in relation to such prepayment without any
      further penalty or liability of any type of any party to the other, and
      any and all rights of the relevant party in such respect, if any, are
      waived insofar as permissible under applicable
  law;

            

    

    

    
      	
              (c)  

            	
              in
      the event that, at any time before the Repayment Date, the Borrower wishes
      to repay the Loan or any portion thereof to the Lender, it shall be
      entitled to make a voluntary pre-payment of the Loan, or any portion
      thereof, and any interest accrued thereon until the day of the pre-payment
      upon providing  written notice to Lender, provided that Borrower
      shall, unless otherwise agreed by the Lender at that time, pay to the
      Lender any fee, penalty, cost or expense of whatever type incurred by the
      Lender in connection with such voluntary
  prepayment.

            

    

    

    
      	
              (d)  

            	
              any
      Loan amount outstanding after the prepayments pursuant to Articles 4.a,
      4.b and 4.c above, if any, and any interest accrued thereon, shall be
      repaid in full on the Repayment Date, unless otherwise agreed between the
      Lender and the Borrower when the payment pursuant to Article 4.b is
      made.

            

    

    

    
      	
              5.  

            	
              Interest period and
      interest rate

            

    

    

    The
period used for the calculation of the interest payable to Lender for the Loan
(hereinafter the “Interest
Period”) shall be the same as that in effect under the Bridge (or, if the
Bridge is refinanced or replaced, the same interest period in effect under such
other credit facilities or bond issuances). The first Interest Period shall be
deemed to end on January 22, 2008. Not later than 3 Business Days prior to the
end of each calendar month, the Borrower shall notify the Lender whether it
intends to elect the period of time from the end of the last Interest Period to
the end of the calendar month in question as an Interest Period.

     

    The
interest rate payable by the Borrower to the Lender for the Loan shall be the
same applicable rate in effect under the Bridge (or, if the Bridge is refinanced
or replaced, the same applicable rate in effect under such other credit
facilities or bond issuances) at the time of such interest rate calculation,
plus .5%.

     

    All
interest for each Interest Period shall be paid on the last Business Day of such
Interest Period. The interest (including interest for late payments referred to
in Section 7 below) shall be calculated on the basis of the number of days
elapsed and on a 360-day year.

    

    
      	
              6.

            	
              Payments

            

    

    

    Payments
of principal and interest shall be made in USD on the relevant payment or
repayment date in immediately available funds at such bank and for credit of
such account as the Lender shall advise the Borrower in writing in advance. If
any payment date is not a Business Day, payment shall be made on the immediately
preceding Business Day.

    

    
      	
              7.  

            	
              Interest on late
      payments

            

    

    

    
      	
               
      

            	
              If
      any repayment of principal or payment of interest or payment of costs
      hereunder is not made when due, and such non-payment is not consented to
      in writing by Lender no less than (2) Business Days prior to the due date
      thereof, the Borrower shall pay interest on all amounts at a per annum
      rate equal to the prime rate for the relevant currency as stated on the
      relevant Reuters page for such currency, plus one percent (1%) for the
      period from the due date to the date of actual
  payment.

            

    

    

    
      	
              8.

            	
              Representations and
      warranties

            

    

    

    
      	
               
      

            	
              The
      Borrower hereby represents and warrants to the Lender that, as of the date
      hereof:

            

    

    

    
      	
              (a)  

            	
              it
      is a company duly incorporated and validly existing under the laws of the
      state and country of its
incorporation;

            

    

    

    
      	
              (b)  

            	
              it
      has the power to execute and deliver this Agreement and to exercise its
      rights and perform its obligations
hereunder;

            

    

    

    
      	
              (c)  

            	
              all
      necessary action has been taken to authorise the execution and delivery of
      and performance under this
Agreement;

            

    

    

    
      	
              (d)  

            	
              the
      execution and delivery of and performance under this Agreement (i) are not
      prohibited by law or order or by its constitutional documentation, and
      (ii) do not require any approval, filing or
  exemption;

            

    

    

    
      	
              (e)  

            	
              the
      borrowing of the Loan by the Lender under this Agreement does not exceed
      any limit posed on the Lender by its constitutional documents, any
      contractual arrangement with any third party, and any applicable
      law;

            

    

    

    
      	
              (f)  

            	
              this
      Agreement constitutes its legal, valid and binding obligation enforceable
      against it in accordance with the terms hereof except to the extent such
      enforcement may be limited by applicable bankruptcy, insolvency,
      reorganisation or other similar laws, or by applicable general principles
      of equity.

            

    

    

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    
      	
              9.

            	
              Events
      of Default.

            

    

    

    
      	
               
      

            	
              If
      any of the following events shall
occur:

            

    

    

    
      	
              (a)  

            	
              failure
      of the Borrower to pay any sum due hereunder within three (3) Business
      Days of the due date thereof (or within five (5) Business Days, where such
      failure is solely the result of a technical or administrative delay
      outside the control of the
Borrower);

            

    

    

    
      	
              (b)  

            	
              the
      Borrower defaults in the performance or observance of any other provision
      contained in this Agreement and such is not remedied within ten (10) days
      of receipt of notice thereof from the
Lender;

            

    

    

    
      	
              (c)  

            	
              any
      representation, warranty or other statement made by the Borrower hereunder
      shall prove to have been untrue when made, and if remediable, is not
      remedied within ten (10) days of written notice thereof from the
      Lender;

            

    

    

    
      	
              (d)  

            	
              the
      Borrower (i) initiates or has initiated against it bankruptcy,
      reorganisation, liquidation or similar proceedings; (ii) admits in writing
      that it is generally unable to pay its debts as they become due; (iii)
      makes an assignment for the benefit of it creditors of all or
      substantially all of its assets;

            

    

    

    
      	
              (e)  

            	
              the
      majority of the share capital of the Borrower ceases to be directly or
      indirectly owned or controlled by
  LyondellBasell;

            

    

    

    
      	
               
      

            	
              then,
      by written notice to the Borrower, and while such event is continuing
      un-remedied, the Lender may declare any amount then outstanding hereunder
      immediately due and payable, without demand or any other notice, all of
      which are hereby expressly waived by the
  Borrower.

            

    

    

    
      	
              10.

            	
              General.

            

    

    

    (a)           Taxes

    Unless
otherwise agreed by the parties in writing in advance, all payments hereunder by
the Borrower to the Lender shall be made free and clear of and without deduction
for any taxes, levies or other governmental charges.

    

                
   (b)           Notices

    Except as
otherwise stated herein, all notices to be provided hereunder, including demand
for payment, shall be (a) by telephone (which shall be promptly confirmed by
e-mail or telecopy) or (b) in writing (including e-mail, telecopy or similar
writing).  Such notices shall be telephoned and confirmed, e-mailed,
telexed, telegraphed, telecopied, mailed, or delivered to the intended recipient
at the applicable number or address specified by such party to the other
party.

    

                   
(c)            Successors and
Assigns

    This
Agreement shall be binding upon and shall inure to the benefit of the parties’
respective successors and assigns, provided that the Borrower shall not assign
or transfer its rights or obligations under this Agreement without the prior
written consent of the Lender, and the Lender shall only assign or transfer its
rights or obligations hereunder other once it has provided written notice of its
intent to do so to the Borrower.

    

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

    (d)          
Severability

    If any
provision of this Agreement is held to be invalid by a court, the remaining
provisions shall nevertheless remain in full force and effect. The Lender and
the Borrower agree to negotiate in good faith a substitute, valid and
enforceable provision that most nearly reflect the parties’ original intent and
agree to be bound by such mutually agreed substitute provision.

    

    (e)          
Entire
Agreement

    This
Agreement constitutes the entire, final, complete and exclusive agreement
between the Lender and the Borrower and supersedes all previous Agreement or
representation oral or in writing relating to this Agreement.

    

    (f)           
Assignment

    This
Agreement may not be transferred, in whole or in part, by either party without
the prior written agreement of the other party.

    

                  
(g)            Modifications

    This
Agreement may not be modified or amended except in writing, signed by duly
authorized representative of each party.

    

    (h)         
 No
Waivers

    No
failure or delay on the part of either party hereto in exercising any right,
power or privilege hereunder shall operate as a waiver thereof.

    

    (i)           
Business
Days

    A
Business Day is any day on which the banks are open for inter-bank payments in
New York.

    

    (j)           
Counterparts

    This
Agreement may be executed in counterparts, each of which is deemed to be an
original.

    

    (k)          
Accounts

    The
parties agree that the Loan and all payments hereunder shall, in the absence of
manifest error, by evidenced by the accounts and records of the
Lender.

    

    (l)           
Governing Law,
Jurisdiction

    This
Agreement shall be governed by and construed in accordance with the laws of the
State of Delaware.  Any dispute arising in any manner in connection
with this Agreement that the parties fail to settle amicably within a reasonable
time, may be referred for settlement, upon request of either party, to the Chief
Financial Officer of the LyondellBasell Group, who will act as arbitrator in
accordance with applicable law and whose judgment will be final and binding upon
the parties in absence of manifest error.

    

    *
* *

    

    IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the
date set forth above.

    

    

    Lyondell
Chemical
Company                                                                           LyondellBasell
Finance Corporation

    

    

    By: /s/
Karen A.
Twitchell                                                               By:­­  
/s/ Alan Bigman

         Karen
A.
Twitchell                                                                          Alan
Bigman

         Vice
President and
Treasurer                                                         President

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