Document:

lyo10k-022808ex47.htm

    

      Exhibit
4.7

       

      SUBSIDIARY
GUARANTY

       

      SUBSIDIARY
GUARANTY dated as of December 20, 2007 among each of the signatories listed on
the signature pages hereto and each of the other entities that becomes a party
hereto pursuant to Section 9 hereof (the “Guarantors” and individually,
a “Guarantor”), in favor
of Citibank, N.A., (“Citibank”) in its capacity as
the administrative agent (the “Administrative Agent”) for the
benefit of the Secured Parties (as defined in the Security Agreement (as defined
below)).

       

      WHEREAS,
Lyondell Chemical Company, Equistar Chemicals, LP, Houston Refining LP, Basell
USA Inc., and the other borrowers named therein (the “Borrowers”) have entered into
that certain Credit Agreement dated December 20, 2007 among the Borrowers, the
Lenders party thereto, Citibank, as collateral agent and administrative agent
and the other banks and financial institutions party thereto (as the same may be
amended, restated, supplemented or otherwise modified through the date hereof,
the “Credit Agreement”,
capitalized terms unless defined herein, shall have the meanings specified in
the Credit Agreement)  pursuant to which, among other things, the
Lenders have severally agreed to make loans and issue or participate in letters
of credit under the Credit Agreement;

       

      WHEREAS,
each Borrower has entered into that certain security agreement dated December
20, 2007 among the Borrowers and the Administrative Agent (the “Security Agreement”) to secure
their obligations under the Credit Agreement and other Loan Documents, as well
as certain cash management obligations in favor of the Administrative Agent, on
behalf of the Secured Parties;

       

      WHEREAS,
each Guarantor is a direct or indirect wholly-owned Subsidiary of one of the
Borrowers; and

       

      WHEREAS,
in consideration of the financial and other support that the Secured Parties
have provided, and such financial and other support as any Borrower may in the
future provide, to the Guarantors, each Guarantor is willing to enter into this
Subsidiary Guaranty.

       

      NOW,
THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
each Guarantor agrees as follows:

       

      1. The Subsidiary
Guaranty.  Each Guarantor hereby, jointly and severally,
unconditionally guarantees the full and punctual payment (whether at stated
maturity, upon acceleration or otherwise) of each Guaranteed Obligation, as
hereinafter defined.  Upon failure by any Borrower to pay punctually
any Guaranteed Obligation, each Guarantor shall forthwith on demand pay the
amount not so paid at the place and in the manner specified in the instrument
evidencing such Guaranteed Obligation (or, in the case of any extension of time
of payment or renewal of any Guaranteed Obligation, in accordance with the terms
of such extension or renewal).  “Guaranteed Obligations” means
(i) the “Obligations” (as defined in the Credit Agreement) payable by any
Borrower from time to time pursuant to the Credit Agreement or any Secured
Agreement (as defined in the Security Agreement) (including, without limitation,
any interest (“Post-Petition
Interest”) which accrues (or which would accrue but for such case,
proceeding or action) after the commencement of any case, proceeding or other
action relating to the bankruptcy, insolvency or reorganization of any Borrower
(whether or not such interest is allowed or allowable as a claim in any such
case, proceeding or other action) with respect to such amounts) and (ii) any
renewals, refinancings or extensions of any of the foregoing (including
Post-Petition Interest).

       

      2. Guarantee
Unconditional.  The obligations of each Guarantor hereunder
shall be unconditional and absolute and, without limiting the generality of the
foregoing, shall not be released, discharged or otherwise affected
by:

       

      (a) any
extension, renewal, settlement, compromise, waiver or release in respect of any
obligation of any Borrower under the Credit Agreement or any Secured Agreement,
by operation of law or otherwise;

       

      (b) any
modification or amendment of or supplement to the Credit Agreement or any
Secured Agreement;

       

      (c) any
release, impairment, non-perfection or invalidity of any direct or indirect
security for any obligation of any Borrower under the Credit Agreement or any
Secured Agreement;

       

      (d) any
change in the corporate existence, structure or ownership of any Borrower, or
any insolvency, bankruptcy, reorganization or other similar proceeding affecting
any Borrower or its assets or any resulting release or discharge of any
obligation of any Borrower contained in the Credit Agreement or any Secured
Agreement;

       

      (e) the
existence of any claim, set-off or other rights which any Guarantor may have at
any time against any Borrower, the Administrative Agent or the Secured Parties
or any other entity, whether in connection herewith or with any unrelated
transactions, provided
that nothing herein shall prevent the assertion of any such claim by separate
suit or compulsory counterclaim;

       

      (f) any
invalidity or unenforceability relating to or against any Borrower for any
reason of the Credit Agreement or any Secured Agreement, or any provision of
applicable law or regulation purporting to prohibit the payment by any Borrower
of any amounts payable pursuant to the Credit Agreement or any Secured
Agreement; or

       

      (g) any other
act or omission to act or delay of any kind by any Borrower, the Administrative
Agent, any Secured Party or any other person or any other circumstance
whatsoever which might, but for the provisions of this paragraph, constitute a
legal or equitable discharge of or defense to such Guarantor’s obligations
hereunder.

       

      3. Limit of
Liability.  Each Guarantor shall be liable under this
Subsidiary Guaranty only for amounts aggregating up to the largest amount that
would not render its obligations hereunder subject to avoidance under Section
548 of the United States Bankruptcy Code or any comparable provision of any
other applicable law.

       

      4. Discharge Only Upon Payment in Full;
Reinstatement In Certain Circumstances.  Each Guarantor’s
obligations hereunder shall remain in full force and effect until all Guaranteed
Obligations shall have been paid in full.  If at any time any payment
of any Guaranteed Obligation is rescinded or must be otherwise restored or
returned upon the insolvency, bankruptcy or reorganization of any Borrower or
otherwise, such Guarantor’s obligations hereunder with respect to such payment
shall be reinstated as though such payment had been due but not made at such
time.

       

      5. Waiver by
Guarantors.  Each Guarantor irrevocably waives acceptance
hereof, presentment, demand, protest and any notice not provided for herein, as
well as any requirement that at any time any action be taken by any person or
entity against such Guarantor, any Borrower or any other person or
entity.

       

      6. Subrogation.  Upon
making full payment with respect to any obligation of any Borrower hereunder,
such Guarantor shall be subrogated to the rights of the payee against such
Borrower with respect to such obligation; provided that such Guarantor
shall not enforce any payment by way of subrogation so long as any Guaranteed
Obligation remains unpaid.

       

      7. Stay of
Acceleration.  If acceleration of the time for payment of any
Guaranteed Obligation is stayed upon the insolvency, bankruptcy or
reorganization of any Borrower, all such Guaranteed Obligations otherwise
subject to acceleration under the terms of the Credit Agreement or any Secured
Agreement, shall nonetheless be payable by each Guarantor hereunder forthwith on
demand by the Administrative Agent, on behalf of the Secured
Parties.

       

      8. Representations and
Warranties.  Each Guarantor represents and warrants to the
Administrative Agent and each Secured Party that:

       

      (a) such
Guarantor is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization;

       

      (b) the
execution, delivery and performance by such Guarantor of this Subsidiary
Guaranty are within such Guarantor’s corporate powers and have been duly
authorized by all necessary corporate or other company action;

       

      (c) this
Subsidiary Guaranty constitutes a legal, valid and binding obligation of such
Guarantor, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws affecting
creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at
law;

       

      (d) the
execution, delivery and performance of this Subsidiary Guaranty (i) do not
require any material approval, consent, exemption, authorization or other action
by, or notice to, or filing with, any Governmental Authority or any other
Person, except the approvals, consents, exemptions, authorizations, actions,
notice and filings which have been duly obtained, taken, given or made and are
in full force and effect, (ii) will not, (x) in any material way, conflict with
or result in any breach or contravention of any contractual obligation to which
such Guarantor is a party or affecting such Guarantor or the properties of such
Guarantor or (y) contravene the terms of such Guarantor’s Organizational
Documents, or  (iii) violate any material law in any material way
except to the extent that such violation or default (except for clause (ii))
could not reasonably be expected to have a Material Adverse Effect;
and

       

      (e) there are
no actions, suits, proceedings, claims or disputes pending or, to the knowledge
of such Guarantor, threatened in writing or contemplated, at law, in equity, in
arbitration or before any Governmental Authority, by or against such Guarantor
or against any of its properties or revenues that could, individually or in the
aggregate. reasonably be expected to have a Material Adverse
Effect.

       

      9. Additional Guarantors. Upon
the execution and delivery by any Subsidiary of a Guaranty Supplement in
substantially the form of Exhibit A hereto (each, a “Guaranty Supplement”), (a)
such Person shall be referred to as an “Additional Guarantor” and
shall become and be a Guarantor hereunder, and each reference in this Subsidiary
Guaranty to a “Guarantor” shall also mean a
reference to such Additional Guarantor, and each reference in any Loan Document
to a “Guarantor” shall
also mean and be a reference to such Additional Guarantor, and (b) each
reference herein to “this
Subsidiary Guaranty,” “hereunder,” “hereof” or words of like
import referring to this Subsidiary Guaranty, and each reference in any other
Loan Document to “the
Subsidiary Guaranty,” “thereunder,” “thereof” or words of like
import referring to this Subsidiary Guaranty, shall mean and be a reference to
this Subsidiary Guaranty as supplemented by the Guaranty
Supplement.

       

      10. Taxes.   Any
and all payments by or on account of any Guaranteed Obligation of each Guarantor
hereunder shall be made free and clear of and without deduction for Indemnified
Taxes or Other Taxes, in accordance with Section 2.19 of the Credit
Agreement.

       

      11. Notices.  Each
notice, request or other communication given to any party hereunder shall be
given in accordance with Section 10.01 of the Credit Agreement, and in the case
of any such notice, request or other communication to any Guarantor, shall be
given to it in care of the Borrowers’ Agent.

       

      12. No Waiver.  No
failure or delay by the Administrative Agent or any Secured Party in exercising
any right, power or privilege under this Subsidiary Guaranty shall operate as a
waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege.

       

      13. Amendments and
Waivers.  Any provision of this Subsidiary Guaranty may be
amended or waived if, but only if, such amendment or waiver is in writing and is
signed by the Administrative Agent (on behalf of the Secured Parties) and each
Guarantor.

       

      14. Successors and
Assigns.  This Subsidiary Guaranty shall be binding upon each
Guarantor and its successors and assigns, for the benefit of the Administrative
Agent, the Secured Parties and their respective successors and assigns, except
that no Guarantor may transfer or assign any or all of its rights or obligations
hereunder without the prior written consent of the Lenders.

       

      15. Governing Law;
Jurisdiction.  (a)     This Subsidiary
Guaranty shall be construed and interpreted in accordance with and governed by
the law of the State of New York.

       

      (b)           
To the extent it may effectively do so under applicable law, each Guarantor (1)
irrevocably submits to the nonexclusive jurisdiction of any New York State or
Federal court sitting in the Borough of Manhattan, The City of New York, over
any suit, action or proceeding arising out of or relating to this Subsidiary
Guaranty or any other document contemplated thereby, and (2) irrevocably waives
and agrees not to assert, by way of motion, as a defense or otherwise, any claim
that it is not subject to the jurisdiction of any such court, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding brought in any such court and any claim that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient
forum.

       

      (c)           
Each Guarantor agrees, to the fullest extent it may effectively do so under
applicable law, that a judgment in any suit, action or proceeding of the nature
referred to in paragraph (b) above brought in any such court shall be conclusive
and binding upon such Guarantor and may be enforced in the courts of the United
States of America or the State of New York (or any other courts to the
jurisdiction of which such Guarantor is or may be subject) by a suit upon such
judgment.

       

      (d)           
To the extent it may effectively do so under applicable law, each Guarantor
consents to process being served in any suit, action or proceeding of the nature
referred to in paragraph (b) by mailing a copy thereof by registered or
certified mail, postage prepaid, return receipt requested, to the address of
such Guarantor set forth or referred to in Section 11. To the extent it may
effectively do so under applicable law, each Borrower agrees that such service
(x) shall be deemed in every respect effective service of process upon such
Borrower in any such suit, action or proceeding and (y) shall be taken and held
to be valid personal service upon and personal delivery to such
Guarantor.

       

      (d)           
Nothing in this Section 15 shall affect the right of any Agent or Lender to
serve process in any manner permitted by law, or limit any right that any Agent
or Lender may have to bring proceedings against any Guarantor in the courts of
any jurisdiction or to enforce in any lawful manner a judgment obtained in one
jurisdiction in any other jurisdiction.

       

      16.           
WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
SUBSIDIARY GUARANTY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION.

       

      17.           
Guaranty Limitations in
Respect of Millennium Chemicals Inc.Any amount that may be guaranteed by
Millennium Chemicals Inc or any of its Subsidiaries, shall not exceed the amount
permitted to be Incurred (as defined in the Millennium Indenture (as defined
below)) as Funded Debt (as defined in the Millennium Indenture) as more fully
set forth in Section 1009 of the Millennium Indenture; provided, however, that upon the
refinancing in full of the Millennium America Inc. 75⁄8 Senior Notes due 2026 (the
“Millennium
Notes”), this Section 17 shall cease to operate and have any force and
effect as of the date of such refinancing. For purposes of this section, “ Millennium
Indenture” means the indenture dated January 29,
1996 in respect of the Millennium Notes, as supplemented by a Supplemental
Indenture dated February 15, 1996, December 1, 1997, December 3, 2000 and
November 17, 2000, as in effect on the Closing Date (as defined
therein).

       

      

       

      

      [Signature
Pages Follow]

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, the parties hereto have caused this Subsidiary Guaranty to be
duly executed by their respective authorized officers as of the day and year
first above written.

      LYONDELL REFINING COMPANY LLC

      LYONDELL HOUSTON REFINERY INC.

      LYONDELL CHEMICAL NEDERLAND, LTD.

      LYONDELL-EQUISTAR HOLDINGS PARTNERS

      LYONDELL (PELICAN) PETROCHEMICAL L.P. 1, INC.

      LYONDELL LP4 INC.

      LYONDELL LP3 GP, LLC

      MILLENNIUM PETROCHEMICALS PARTNRS, LP

      MILLENNIUM US OP CO LLC

      MILLENNIUM AMERICA INC.

      MILLENNIUM AMERICA HOLDINGS INC.

      MILLENNIUM WORLDWIDE HOLDINS I INC.

      MILLENNIUM CHEMICALS INC.

      MILLENNIUM PETROCHEMICALS GP LLC

      LYONDELL CHEMICAL TECHNOLOGY MANAGEMENT, INC.

      LYONDELL REFINING I, LLC

      LYONDELL LP3 PARTNERS, LP

      LYONDELL PETROCHEMICAL L.P. INC.

      LYONDELL EUROPE HOLDINGS INC.

      LYONDELL CHEMICAL PRODUCTS EUROPE, LLC

      LYONDELL CHIMIE FRANCE LLC

      MILLENNIUM SPECIALTY CHEMICALS INC.

      MILLENNIUM PETROCHEMICALS INC.

      LYONDELL CHEMICAL TECHNOLOGY, L.P.

      LYONDELL CHEMICAL TECHNOLOGY 1, INC.

       

      
        	
                        By:

              	/s/
      Karen A. Twitchell 
	 	
                Name: 
      Karen A. Twitchell

              	 
	 	
                Title:   
      Authorized Representative

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

          Agreed to and
accepted by:

       

          CITIBANK, N.A.

          as Administrative
Agent

      

      
        	
                        By:

              	/s/
      Matthew Paquin 
	 	
                Name: 
      Matthew Paquin

              	 
	 	
                Title:   
      Vice President

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Exhibit
A

       

      to
Subsidiary Guaranty

       

       

      GUARANTY
SUPPLEMENT NO. [__] dated as of [________] between [NAME OF ADDITIONAL
GUARANTOR] (a “Guarantor”) and Citibank,
N.A., as Administrative Agent for the benefit of the Secured
Parties.

       

      A.           
Reference is made to the Credit Agreement, dated as of December [20], 2007 (as
the same may be amended, restated, supplemented or otherwise modified,
refinanced or replaced from time to time, the “Credit Agreement”) among
Lyondell Chemical Company, Equistar Chemicals, LP, Houston Refining LP, Basell
USA Inc., the other borrowers named therein, the lenders party thereto,
Citibank, N.A., as collateral agent and administrative agent and the other banks
and financial institutions party thereto.

       

       

      B.           
Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Subsidiary Guaranty.

       

       

      C.           
The Guarantors have entered into the Subsidiary Guaranty in order to induce the
Secured Parties, among other things, to extend loans and issue letters of credit
and provide cash management services to the Borrowers.

       

       

      D.           
Section 5.03 of the Credit Agreement and Section 9 of the Subsidiary Guaranty
provide that additional Subsidiaries may become Guarantors under the Subsidiary
Guaranty by execution and delivery of an instrument in the form of this Guaranty
Supplement. Each undersigned Subsidiary (each an “Additional Guarantor”) is
executing this Guaranty Supplement in accordance with the requirements of the
Credit Agreement to become a Guarantor under the Subsidiary Guaranty in order to
induce the Secured Parties, among other things, to extend loans and issue
letters of credit and provide cash management services to the Borrowers, and as
consideration for such extensions of credit previously made to the
Borrowers.

       

      Accordingly,
the Administrative Agent and each Additional Guarantor agree as
follows:

       

      SECTION
1.                                
In accordance with Section 9 of the Subsidiary Guaranty, each Additional
Guarantor by its signature below becomes a Guarantor under the Subsidiary
Guaranty with the same force and effect as if originally named therein as a
Guarantor and each Additional Guarantor hereby (a) agrees to all the terms and
provisions of the Subsidiary Guaranty applicable to it as a Guarantor thereunder
and (b) represents and warrants that the representations and warranties made by
it as a Guarantor thereunder are true and correct on and as of the date hereof
(or, where such representations and warranties expressly relate to an earlier
date, as of such earlier date). Each reference to a Guarantor in the Subsidiary
Guaranty shall be deemed to include each Additional Guarantor. The Subsidiary
Guaranty is hereby incorporated herein by reference.

       

      SECTION
2.                                
Each Additional Guarantor represents and warrants to the Administrative Agent
and the other Secured Parties that the execution, delivery and performance by it
of this Guaranty Supplement are within such Guarantor’s corporate powers and
have been duly authorized by all necessary corporate or other company
action, and constitute its
legal, valid and binding obligation, enforceable against it in accordance with
its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws affecting creditors’ rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

       

      SECTION
3.                                
This Guaranty Supplement may be executed by one or more of the parties to this
Guaranty Supplement on any number of separate counterparts (including by
facsimile or other electronic transmission), and all of said counterparts taken
together shall be deemed to constitute one and the same instrument. A set of the
copies of this Guaranty Supplement signed by all the parties shall be lodged
with the Borrowers’ Agent and the Administrative Agent.  This Guaranty
Supplement shall become effective as to each Additional Guarantor when the
Administrative Agent shall have received counterparts of this Guaranty
Supplement that, when taken together, bear the signatures of such Additional
Guarantor and the Administrative Agent.

       

      SECTION
4.                                
Except as expressly supplemented hereby, the Subsidiary Guaranty shall remain in
full force and effect.

       

      SECTION
5.                                
THIS GUARANTY SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

       

      SECTION
6.                                
All notices, requests and demands pursuant hereto shall be made in accordance
with Section 10.01 of the Credit Agreement. All communications and notices
hereunder to each Additional Guarantor shall be given to it in care of the
Borrowers’ Agent at its address set forth in Section 10.01 of the Credit
Agreement.

       

      [Signature
Pages Follow]

      

       

      2

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
WITNESS WHEREOF, each Additional Guarantor and the Administrative Agent have
duly executed this Guaranty Supplement as of the day and year first above
written.

       

       

      

      as Guarantor

       

      By:

      Name:

      Title:

       

      CITIBANK,
N.A., as Administrative Agent

       

      By:

      Name:

      Title:lyo10k-022808ex48.htm

    EXHIBIT
4.8

    
      

    

    $1,150,000,000

    

    RECEIVABLES
PURCHASE AGREEMENT

    

    Dated
as of December 20, 2007

    

    among

    

    LYONDELLBASELL
RECEIVABLES I, LLC, as
the Seller,

    

    

    LYONDELL
CHEMICAL COMPANY, as the
Servicer,

    

    

    THE
BANKS AND OTHER FINANCIAL INSTITUTIONS PARTY HERETO,

    as
Purchasers,

    

    

    and

    

    

    CITIBANK,
N.A.,

    

    as
Administrative Agent and Asset Agent,

    

    

    

    CITIGROUP
GLOBAL MARKETS INC.

    GOLDMAN
SACHS CREDIT PARTNERS L.P.,

    MERRILL
LYNCH CAPITAL CORPORATION,

    ABN
AMRO INCORPORATED

    and

    UBS
SECURITIES LLC,

    as
Joint Lead Arrangers

    and
Joint Bookrunners

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
OF CONTENTS

    

    
      	 	
              Page

            
	 	 
	 	 
	
              EXHIBITS

            	
              1

            
	 	 
	
              SCHEDULES

            	
              2

            
	 	 
	
              RECEIVABLES
      PURCHASE AGREEMENT

            	
              1

            
	 	 
	
              PRELIMINARY
      STATEMENTS:

            	
              1

            
	 	 
	
              ARTICLE
      I Definitions

            	
              1

            
	 	 
	 	
              Section
      1.1

            	
              Certain
      Defined Terms.

            	
              1

            
	 	 	 	 
	 	
              Section
      1.2

            	
              Other
      Terms.

            	
              26

            
	 	 	 	 
	 	
              Section
      1.3

            	
              Computation
      of Time Periods.

            	
              27

            
	 	 	 	 
	
              ARTICLE
      II Amounts and Terms of the Purchases

            	
              27

            
	 	 
	 	
              Section
      2.1

            	
              Commitment.

            	
              27

            
	 	 	 	 
	 	
              Section
      2.2

            	
              Making
      Purchases.

            	
              27

            
	 	 	 	 
	 	
              Section
      2.3

            	
              Swing
      Purchases

            	
              28

            
	 	 	 	 
	 	
              Section
      2.4

            	
              Termination
      or Reduction of the Commitments; Voluntary Reductions of
      Capital.

            	
              30

            
	 	 	 	 
	 	
              Section
      2.5

            	
              Receivable
      Interest.

            	
              30

            
	 	 	 	 
	 	
              Section
      2.6

            	
              Ordinary
      Settlement Procedures.

            	
              31

            
	 	 	 	 
	 	
              Section
      2.7

            	
              Triggering
      Event Settlement Procedures.

            	
              32

            
	 	 	 	 
	 	
              Section
      2.8

            	
              Liquidation
      Settlement Procedures.

            	
              34

            
	 	 	 	 
	 	
              Section
      2.9

            	
              General
      Settlement Procedures.

            	
              35

            
	 	 	 	 
	 	
              Section
      2.10

            	
              Payments
      and Computations, Etc.

            	
              36

            
	 	 	 	 
	 	
              Section
      2.11

            	
              Yield
      and Fees.

            	
              36

            
	 	 	 	 
	 	
              Section
      2.12

            	
              Special
      Provisions Governing Capital Investments at the Applicable LIBO
      Rate.

            	
              37

            
	 	 	 	 
	 	
              Section
      2.13

            	
              Increased
      Capital.

            	
              39

            
	 	 	 	 
	 	
              Section
      2.14

            	
              Taxes.

            	
              39

            
	 	 	 	 
	 	
              Section
      2.15

            	
              Sharing
      of Payments, Etc.

            	
              41

            
	 	 	 	 
	 	
              Section
      2.16

            	
              Conversion/Continuation
      Option.

            	
              41

            
	 	 	 	 
	 	
              Section
      2.17

            	
              Duty
      to Mitigate; Assignment of Commitments Under Certain
      Circumstances.

            	
              42

            
	 	 	 	 
	 	
              Section
      2.18

            	
              Restricted
      Accounts; Investment of Amounts in the Cash Assets
Account.

            	
              43

            
	 	 	 	 
	 	
              Section
      2.19

            	
              Optional
      Increase in Commitments.

            	
              43

            
	 	 	 	 
	
              ARTICLE
      III Conditions of Purchases

            	
              44

            

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    TABLE
OF CONTENTS

    (continued)

    

    
      	 	 	 	
              Page

            
	 	 	 	 
	 	 	 	 
	 	
              Section
      3.1

            	
              Conditions
      Precedent to the Effectiveness of this Agreement.

            	
              44

            
	 	 	 	 
	 	
              Section
      3.2

            	
              Conditions
      Precedent to All Investment Events.

            	
              45

            
	 	 	 	 
	
              ARTICLE
      IV Representations and Warranties

            	
              46

            
	 	 
	 	
              Section
      4.1

            	
              Representations
      and Warranties of the Seller.

            	
              46

            
	 	 	 	 
	 	
              Section
      4.2

            	
              Representations
      and Warranties of the Servicer.

            	
              49

            
	 	 	 	 
	
              ARTICLE
      V General Covenants of the Seller and the Servicer

            	
              52

            
	 	 
	 	
              Section
      5.1

            	
              Affirmative
      Covenants of the Seller.

            	
              52

            
	 	 	 	 
	 	
              Section
      5.2

            	
              Reporting
      Requirements of the Seller.

            	
              55

            
	 	 	 	 
	 	
              Section
      5.3

            	
              Negative
      Covenants of the Seller.

            	
              56

            
	 	 	 	 
	 	
              Section
      5.4

            	
              Affirmative
      Covenants of the Servicer.

            	
              58

            
	 	 	 	 
	 	
              Section
      5.5

            	
              Reporting
      Requirements of the Servicer.

            	
              61

            
	 	 	 	 
	 	
              Section
      5.6

            	
              Negative
      Covenants of the Servicer.

            	
              64

            
	 	 	 	 
	
              ARTICLE
      VI Administration and Collection

            	
              65

            
	 	 
	 	
              Section
      6.1

            	
              Designation
      of Servicer.

            	
              65

            
	 	 	 	 
	 	
              Section
      6.2

            	
              Duties
      of Servicer.

            	
              65

            
	 	 	 	 
	 	
              Section
      6.3

            	
              Rights
      of the Agent.

            	
              66

            
	 	 	 	 
	 	
              Section
      6.4

            	
              Certain
      Responsibilities.

            	
              67

            
	 	 	 	 
	 	
              Section
      6.5

            	
              Further
      Assurances.

            	
              67

            
	 	 	 	 
	
              ARTICLE
      VII Events of Termination

            	
              68

            
	 	 
	 	
              Section
      7.1

            	
              Events
      of Termination.

            	
              68

            
	 	 	 	 
	
              ARTICLE
      VIII The Agent

            	
              71

            
	 	 
	 	
              Section
      8.1

            	
              Authorization
      and Action.

            	
              71

            
	 	 	 	 
	 	
              Section
      8.2

            	
              Agents
      Reliance, Etc.

            	
              71

            
	 	 	 	 
	 	
              Section
      8.3

            	
              Citibank
      and Affiliates.

            	
              72

            
	 	 	 	 
	 	
              Section
      8.4

            	
              Purchase
      Decisions.

            	
              72

            
	 	 	 	 
	 	
              Section
      8.5

            	
              Indemnification.

            	
              72

            
	 	 	 	 
	 	
              Section
      8.6

            	
              Successor
      Agent

            	
              73

            
	 	 	 	 
	 	
              Section
      8.7

            	
              Posting
      of Approved Electronic Communications.

            	
              73

            
	 	 	 	 
	
              ARTICLE
      IX Assignment of Receivable Interests

            	
              74

            
	 	 
	 	
              Section
      9.1

            	
              Purchasers
      Assignment of Rights and Obligations.

            	
              74

            
	 	 	 	 
	 	
              Section
      9.2

            	
              The
      Register.

            	
              76

            

    

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    TABLE
OF CONTENTS

    (continued)

    

    
      	 	 	 	
              Page

            
	 	 	 	 
	 	 	 	 
	 	
              Section
      9.3

            	
              Participations.

            	
              76

            
	 	 	 	 
	
              ARTICLE
      X Indemnification

            	
              77

            
	 	 
	 	
              Section
      10.1

            	
              Indemnities.

            	
              77

            
	 	 	 	 
	
              ARTICLE
      XI Miscellaneous

            	
              79

            
	 	 
	 	
              Section
      11.1

            	
              Amendments,
      Etc.

            	
              79

            
	 	 	 	 
	 	
              Section
      11.2

            	
              Right
      of Set-off.

            	
              81

            
	 	 	 	 
	 	
              Section
      11.3

            	
              Notices,
      Etc.

            	
              81

            
	 	 	 	 
	 	
              Section
      11.4

            	
              Binding
      Effect; Assignability.

            	
              82

            
	 	 	 	 
	 	
              Section
      11.5

            	
              Costs
      and Expenses.

            	
              82

            
	 	 	 	 
	 	
              Section
      11.6

            	
              Confidentiality.

            	
              83

            
	 	 	 	 
	 	
              Section
      11.7

            	
              Governing
      Law.

            	
              83

            
	 	 	 	 
	 	
              Section
      11.8

            	
              Jurisdiction,
      Etc.

            	
              83

            
	 	 	 	 
	 	
              Section
      11.9

            	
              Execution
      in Counterparts.

            	
              84

            
	 	 	 	 
	 	
              Section
      11.10

            	
              Intent
      of the Parties.

            	
              84

            
	 	 	 	 
	 	
              Section
      11.11

            	
              Entire
      Agreement.

            	
              84

            
	 	 	 	 
	 	
              Section
      11.12

            	
              Severability
      of Provisions.

            	
              84

            
	 	 	 	 
	 	
              Section
      11.13

            	
              Waiver
      of Jury Trial.

            	
              85

            

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    EXHIBITS

    

    
      	
              EXHIBIT
      A

            	
              Form
      of Assignment and Acceptance

            
	 	 
	
              EXHIBIT
      B

            	
              Form
      of Seller Report

            
	 	 
	
              EXHIBIT
      C

            	
              Form
      of Lock-Box Agreement

            
	 	 
	
              EXHIBIT
      D

            	
              Form
      of Receivables Sale Agreement

            
	 	 
	
              EXHIBIT
      E

            	
              Form
      of Consent and Agreement

            
	 	 
	
              EXHIBIT
      F

            	
              Form
      of Notice of Purchase

            
	 	 
	
              EXHIBIT
      G

            	
              Form
      of Swing Purchase Request

            
	 	 
	
              EXHIBIT
      H

            	
              Form
      of Notice of Conversion or Continuation

            
	 	 
	
              EXHIBIT
      I-l

            	
              Form
      of Opinion of Skadden, Arps, Slate, Meagher & Flom LLP, Counsel to the
      Seller and each Originator

            
	 	 
	
              EXHIBIT
      I-2

            	
              Form
      of Opinion of Internal Counsel to the Seller and each
      Originator

            
	 	 
	
              EXHIBIT
      I-3

            	
              Form
      of Opinion of Skadden, Arps, Slate, Meagher & Flom LLP, Counsel to the
      Seller and each Originator (true sale and no substantive consolidation
      opinion)

            
	 	 
	
              EXHIBIT
      J

            	
              Form
      of Undertaking

            
	 	 
	
              EXHIBIT
      K-1

            	
              Form
      of Intercreditor Agreement

            
	 	 
	
              EXHIBIT
      K-2

            	
              Form
      of ABL Intercreditor Agreement

            
	 	 
	
              EXHIBIT
      K-3

            	
              Form
      of Basell Capital Intercreditor
Agreement

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SCHEDULES

    

    
      	
              SCHEDULE
      I

            	
              Agents
      Account, Cash Assets Account, Concentration Account, Seller Account, Sweep
      Account, Lock-Box Banks and Lock-Box Accounts

            
	 	 
	
              SCHEDULE
      II

            	
              Credit
      and Collection Policy

            
	 	 
	
              SCHEDULE
      III

            	
              Jurisdiction
      of Incorporation, Organizational Identification Number and Location of the
      Sellers Principal Place of Business, Chief Executive Office and Office
      Where Records are Kept

            
	 	 
	
              SCHEDULE
      IV

            	
              Financing
      Statements

            
	 	 
	
              SCHEDULE
      V

            	
              Approved
      Non-U.S./Canadian Jurisdictions

            
	 	 
	
              SCHEDULE
      VI

            	
              Certain
      Obligors

            
	 	 
	
              SCHEDULE
      X

            	
              Commitment
      Schedule

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    RECEIVABLES
PURCHASE AGREEMENT

    

    RECEIVABLES
PURCHASE AGREEMENT dated as of December 20, 2007 (this Agreement) among
LYONDELLBASELL RECEIVABLES I, LLC, a Delaware limited liability company (the
Seller),
LYONDELL CHEMICAL COMPANY (which is the surviving entity following its merger
with BIL Acquisition Holdings Limited), a Delaware corporation, as the Servicer
(as hereinafter defined), the banks and other financial institutions listed on
Schedule X hereto as the Initial Purchasers (the Initial Purchasers)
and CITIBANK, N.A., as Administrative Agent and Asset Agent.

    

    PRELIMINARY
STATEMENTS:

    

    The
Seller will from time to time purchase or otherwise acquire from the
Originators, Pool Receivables in which the Seller intends to sell interests
referred to herein as Receivable Interests.

    

    The
Purchasers may at any time and from time to time purchase Receivable Interests
from the Seller.

    

    Lyondell
has been requested and is willing to act as the Servicer upon the terms and
subject to the conditions set forth herein.

    

    Citibank
has been requested and is willing to act as the Agent upon the terms and subject
to the conditions set forth herein.

    

    Certain
terms which are capitalized and used throughout this Agreement (in addition to
those defined above) are defined in Article I of this
Agreement.

    

    NOW,
THEREFORE, in consideration of the premises, the parties hereto agree as
follows:

    

    ARTICLE
I

    

    Definitions

    

    Section
1.1           Certain
Defined Terms.

    

    As used
in this Agreement, the following terms shall have the following
meanings:

    

    ABF
Agreement means the Credit Agreement dated as of December 20, 2007 among
Lyondell and its Subsidiaries and Affiliates party thereto, the lenders and
agents party thereto and Citibank, as administrative agent and collateral
agent.

    

    ABF
Collateral Availability means Collateral Availability as defined in the
ABF Agreement.  For the avoidance of doubt, if the ABF Agreement
ceases to be in effect, ABF Collateral Availability shall be deemed to be
zero.

    

    ABF
Collateral Documents means the Collateral Documents as defined in the ABF
Agreement.

    

    ABF Excess
Availability means Excess Availability as defined in the ABF
Agreement.  For the avoidance of doubt, if the ABF Agreement ceases to
be in effect, ABF Excess Availability shall be deemed to be
zero.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Acquisition
means the merger of BIL Acquisition into Lyondell pursuant to the Acquisition
Agreement.

    

    Acquisition
Agreement means that certain Agreement and Plan of Merger, dated as of
July 16, 2007, by and among the Company, BIL Acquisition and
Lyondell.

    

    Adjusted
LIBO Rate means, with respect to any Yield Period for any Capital
Investment, an interest rate per annum equal to the rate per annum obtained by
dividing (a) the LIBO Rate by (b) a percentage equal to (i) 100% minus (ii) the
reserve percentage applicable 2 Business Days before the first day of such Yield
Period under regulations issued from time to time by the FRB for determining the
maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) for a member bank of the Federal Reserve System in
New York City with respect to liabilities or assets consisting of or including
Eurocurrency Liabilities (or with respect to any other category of liabilities
that includes deposits by reference to which the LIBO Rate is determined) having
a term equal to such Yield Period.

    

    Affiliate
means, with respect to any specified Person, any other Person that directly or
indirectly through one or more intermediaries, controls, or is controlled by, or
is under common control with, such specified Person.  The term control
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise, controlling and
controlled have meanings correlative of the foregoing; provided, however, that none of
the Arrangers or their respective Affiliates shall be deemed an Affiliate of any
Transaction Party.

    

    Agent
means Citibank, in its capacity as administrative agent for the Purchasers under
the Transaction Documents, and its successors in such capacity.

    

    Agents
Account means the Deposit Account of the Agent identified in Schedule I
hereto, or such other account as the Agent shall specify in writing to the
Seller, the Servicer and the Purchasers.

    

    Agents
Fee means those agency fees attributable to the Agents role under the
Transaction Documents set forth in the Fee Letter.

    

    Alternate
Base Rate means, for any period, a fluctuating interest rate per annum as
shall be in effect from time to time, which rate per annum shall be equal at all
times to the highest of the following:

    

    (a)           the
rate of interest announced publicly by Citibank in New York, New York, from time
to time, as Citibanks base rate (or equivalent rate otherwise
named);

    

    (b)           the
sum (adjusted to the nearest 0.25% or, if there is no nearest 0.25%, to the next
higher 0.25%) of (i) 0.5% per annum, (ii) the rate per annum obtained by
dividing (A) the latest three-week moving average of secondary market morning
offering rates in the United States for three-month certificates of deposit of
major United States money market banks, such three-week moving average being
determined weekly on each Monday (or, if any such day is not a Business Day, on
the next succeeding Business Day) for the three-week period ending on the
previous Friday by Citibank on the basis of such rates reported by certificate
of deposit dealers to and published by the Federal Reserve Bank of New York or,
if such publication shall be suspended or terminated, on the basis of quotations
for such rates received by Citibank from 3 New York certificate of deposit
dealers of recognized standing selected by Citibank, by (B) a percentage equal
to 100% minus the average of the daily percentages specified during such
three-week period by the FRB for determining the maximum reserve requirement
(including any emergency, supplemental or other marginal reserve requirement)
for Citibank in respect of liabilities consisting of or including (among other
liabilities) three-month U.S. dollar nonpersonal time deposits in the United
States and (iii) the average during such three-week period of the maximum annual
assessment rates estimated by Citibank for determining the then current annual
assessment payable by Citibank to the Federal Deposit Insurance Corporation (or
any successor) for insuring Dollar deposits in the United States;
and

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (c)           0.5%
per annum plus the Federal Funds Rate.

    

    Anti-Terrorism
Laws
means:

     

    (a)           the
Executive Order No. 13224 of September 23, 2001 - Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten To Commit, or Support
Terrorism;

    

    (b)           the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known
as the USA Patriot Act);

    

    (c)           the
Money Laundering Control Act of 1986, Public Law 99-570;

    

    (d)           the
International Emergency Economic Powers Act, 50 U.S.C. 1701 et seq, the Trading
with the Enemy Act, 50 U.S.C. App. 1 et seq, any Executive Order or regulation
promulgated thereunder and administered by the Office of Foreign Assets Control
of the U.S. Department of the Treasury; and

    

    (e)           any
similar law enacted in the United States of America subsequent to the date of
this Agreement.

    

    Anti-Terrorism
Party means  any person listed:

    

    (a)           in
the Annex to Executive Order No. 13224 on Terrorist Financing, effective
September 2001;

    

    (b)           on
the "Specially Designated Nationals and Blocked Persons" list maintained by the
Office of Foreign Assets Control of the U.S. Department of the
Treasury;

    

    (c)           in
any successor list to either of the foregoing; or

    

    (d)           any
person or entity that commits, threatens or conspires to commit or supports
"terrorism" as defined in Executive Order No. 13224 on Terrorist Financing,
effective September 2001.

    

    Applicable
Base Rate for any period for any Capital Investment, an interest rate per
annum equal to the sum of (a) the Alternate Base Rate in effect from time to
time plus (b) the Applicable Margin.

    

    Applicable
LIBO Rate for any Yield Period for any Capital Investment, an interest
rate per annum equal to the sum of (a) the Adjusted LIBO Rate for such Yield
Period plus (b) the Applicable Margin.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    Applicable
Margin means (a) for the initial period commencing on the Closing Date
and ending on the last day of the calendar month in which the Agent receives
unaudited financial statements of the Company and its consolidated subsidiaries
as of, and for the fiscal quarter ending, June 30, 2008 in accordance with and
satisfying the requirements of Section 5.5(b), in the case of Capital
Investments having a Yield determined with reference to the Alternate Base Rate,
0.75% per annum and, in the case of Capital Investments having a Yield
determined with reference to the Adjusted LIBO Rate, 1.75% per annum; and (b)
thereafter, as of any date of determination, a per annum rate equal to the rate
set forth below opposite the then applicable Average Monthly Excess Availability
(determined as of the last day of the most recently concluded calendar
month):

    

    
      	
              Average
      Monthly Excess Availability

            	
              Alternate
      Base Rate

            	
              Adjusted
      LIBO Rate

            
	
              Greater
      than or equal to $1,500,000,000

            	
              0.50%

            	
              1.50%

            
	
              Less
      than $1,500,000,000 and greater than or equal to
    $500,000,000

            	
              0.75%

            	
              1.75%

            
	
              Less
      than $500,000,000

            	
              1.00%

            	
              2.00%

            

    

    

    

    provided, however,
that upon the occurrence and during the continuance of an Event of Termination,
the Applicable
Margin shall be the sum of the otherwise applicable rate set forth in the
table above for Alternate Base Rate or Adjusted LIBO Rate, as the case may be,
plus 2.00% per annum.  Changes in the Applicable Margin resulting from
a change in the Average Monthly Excess Availability for any calendar month shall
become effective as to all Capital Investments on the first day of the next
calendar month.

    

    Applicable
Reserve means, at any date, an amount equal to (NRPB x RP) plus such
reserves as agreed upon by the Agent and the Seller, with adjustments effective
upon at least five Business Days notice by the Agent, where:

    

    NRPB =
the Net Receivables Pool Balance at the close of business of the Servicer on
such date.

    

    RP = the
Reserve Percentage at the close of business of the Servicer on such
date.

    

    Applicable
Unused Commitment Fee Rate means (i) for the initial period commencing on
the Closing Date and ending on the last day of the calendar month in which the
Agent receives unaudited financial statements of the Company and its
consolidated subsidiaries as of, and for the fiscal quarter ending, June 30,
2008 in accordance with and satisfying the requirements of Section 5.5(b), 0.25%
per annum, and (ii) thereafter, as of any date of determination, a per annum
rate equal to the rate set forth below opposite the then applicable Average
Monthly Excess Availability (determined as of the last day of the most recently
concluded calendar month):

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
              Average
      Monthly Excess Availability

            	
              Applicable
      Unused Commitment Fee Rate

            
	
              Greater
      than or equal to $1,500,000,000

            	
              0.30%

            
	
              Less
      than $1,500,000,000 and greater than or equal to
    $500,000,000

            	
              0.25%

            
	
              Less
      than $500,000,000

            	
              0.25%

            

    

    

    

    Changes
in the Applicable Unused Commitment Fee Rate resulting from a change in the
Average Monthly Excess Availability for any calendar month shall become
effective on the first day of the next calendar month.

    

    Applicable
Yield means (a) for any Capital Investment (other than in respect of
Swing Purchases), at the Sellers election upon written notice to the Agent,
given not later than 11:00 A.M. (New York time) on the third Business Day
preceding (in the case of the Applicable LIBO Rate) or the Business Day of (in
the case of the Applicable Base Rate) the applicable Investment Event, the
Applicable LIBO Rate or the Applicable Base Rate, as the case may be and (b) for
any Capital Investment in respect of a Swing Purchase, and for each other
Obligation hereunder, the Applicable Base Rate.

    

    Approved
Electronic Communications means each notice, demand, communication,
information, document and other material that the Seller or Servicer is
obligated to, or otherwise chooses to, provide to the Agent pursuant to any
Transaction Document or the transactions contemplated therein, including any
financial statement, financial and other report, notice, request, certificate
and other information material; provided, however,
that Approved
Electronic Communication shall, unless otherwise agreed by the Agent,
exclude (x) any Notice of Purchase, Swing Purchase Request, Notice of Conversion
or Continuation, and any other notice, demand, communication, information,
document and other material relating to a request for a new, or a conversion of
an existing, Purchase, (ii) any notice relating to the payment due under any
Transaction Document prior to the scheduled date therefor, (iii) any notice of
any Potential Event of Termination or Event of Termination and (iv) any notice,
demand, communication, information, document and other material required to be
delivered to satisfy any of the conditions set forth in Articxle
III or any other condition to any Purchase or other Investment
Event.

    

    Approved
Electronic Platform has the meaning specified in Section
8.7.

    

    Approved
Fund means any fund that, in the ordinary course of its business, invests
in bank loans and financial assets of a type similar to the Receivable Interests
and that is advised or managed by (a) a Purchaser, (b) an Affiliate of a
Purchaser or (c) a Person or an Affiliate of a Person that administers or
manages a Purchaser.

    

    Arrangers
means Citigroup Global Markets Inc., Goldman Sachs Credit Partners, L.P.,
Merrill Lynch Capital Corporation, ABN AMRO Incorporated and UBS Securities
LLC.

    

    Asset
Agent means Citibank in its capacity as asset agent under the Transaction
Documents.

    

    Assignee
means in the case of any assignment of any rights and obligations pursuant to
Section 9.1, any assignee of such rights and obligations.

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Assignment
and Acceptance means an assignment and acceptance, in substantially the
form of Exhibit
A hereto, entered into by any Purchaser and an Assignee pursuant to
Section 9.1.

    

    Available
Capital means, at any time (a) the Maximum Capital minus (b) the
aggregate Capital outstanding at such time.

    

    Average
Monthly Excess Availability means, for any calendar month, the sum,
without duplication, of (i) the average daily Total Excess Availability plus (ii) the average daily
unrestricted cash of the Originators and their respective Subsidiaries (as
determined by Lyondell from treasury records on a non-GAAP basis), in each case
for such calendar month.

    

    Bankruptcy
Code means title 11, United States Code.

    

    BIL
Acquisition means BIL Acquisition Holdings Limited, a Delaware
corporation and Wholly Owned Subsidiary of the Company.

    

    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, provided, however, that when
used in connection with the Adjusted LIBO Rate, the term Business Day shall also
exclude any day on which banks are not open for dealings in deposits in United
States dollars in the London interbank market.

    

    Capital
means, at any time, the sum of all Capital Investments outstanding of all
Purchasers and the Swing Purchaser at such time.

    

    Capital
Investment means, with respect to any Purchaser, or Swing Purchaser, as
the case may be, and in respect of any Receivable Interest, the original amount
paid to the Seller for such Receivable Interest at the time of its acquisition
by such Purchaser or Swing Purchaser, as the case may be, pursuant to Section
2.1, 2.2 or 2.3, reduced from time to time by such Purchasers Ratable
Portion of Collections received and distributed on account of such Capital
pursuant to Section 2.6, 2.7 or 2.8 or, with respect to the Swing
Purchaser, any amounts received pursuant to Section 2.3(e); provided, however,
that if such Capital Investment in respect of such Receivable Interest shall
have been reduced by any distribution of any portion of Collections and
thereafter such distribution is rescinded or must otherwise be returned for any
reason, such Capital Investment in respect of such Receivable Interest shall be
increased by the amount of such distribution, all as though such distribution
had not been made.

    

    Capitalized
Lease Obligations of any Person means obligations of such Person and its
consolidated subsidiaries to pay rent or other amounts under any lease of (or
other arrangement conveying the right to use) real and/or personal property,
which obligations are accounted for as a capital lease on the consolidated
balance sheet of such Person, and the amount of such obligations shall be the
capitalized amount thereof determined in accordance with GAAP.

    

    Cash
Assets Account means, collectively, the Deposit Account of the Seller
identified on Schedule I hereto, or such other account as the Seller and the
Agent may agree.

    

    Cash
Assets means any cash on deposit in, and Liquid Investments held in, the
Cash Assets Account.

    

    Cash
Management Obligation means any direct or indirect liability, contingent
or otherwise, of the Seller in respect of cash management services (including
treasury, depository, overdraft, electronic funds transfer and other cash
management arrangements) provided after the date hereof (regardless of whether
these or similar services were provided prior to the date hereof by the Agent,
any Purchaser or any Affiliate or any of them) by the Agent or the Asset Agent
in connection with this Agreement or any other Transaction Document, including
obligations for the payment of fees, interest, charges, expenses, reasonable
attorneys fees and disbursements in connection therewith.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    Change of
Control means the occurrence of any of the following:

    

    (1)           the
Sponsor (as defined in the Senior Facility Credit Agreement) ceases to hold
legally and beneficially:

    

    (a)           issued
share capital having the right to cast at least 51% (or, following a Listing, at
least 35%) of the votes capable of being cast in general meetings of the
Company; or

    

    (b)           before
a Listing, the right to determine the composition of the majority of the board
of directors or equivalent body of the Company;

    

    (2)           following
a Listing, any Person or group of Persons acting in concert (other than the
Sponsor) owns, directly or indirectly, a greater percentage of the issued share
capital or issued share capital with voting rights of the Company than the
Sponsor or, at any time, otherwise acquires control of the Company;
or

    

    (3)           the
replacement of a majority of the Board of Directors of the Company over a
two-year period from the directors who constituted the Board of Directors of the
Company at the beginning of such period, and such replacement shall not have
been approved by a vote of at least a majority of the Board of Directors of the
Company then still in office who either were members of such Board of Directors
at the beginning of such period or whose election as a member of such Board of
Directors was previously so approved; or

    

    (4)           the
adoption by the stockholders of the Company of a plan or proposal for the
liquidation or dissolution of the Company, other than, in each case, a
transaction complying with the covenant described in Section 7.04 of the Senior
Facility Credit Agreement; or

    

    (5)           the
Company shall cease to own, directly or indirectly, 100% of the Equity Interests
in (x) the Seller or (y) any Originator unless such Originator ceases to be an
Originator in accordance with Section 7.03 of the Receivables Sale
Agreement.

    

    Citibank
means Citibank, N.A., a national banking association, and its
successors.

    

    Closing
Date means December 20, 2007.

    

    Code
means the Internal Revenue Code of 1986, as amended from time to
time.

    

    Collections
means, with respect to any Pool Receivable, all cash collections and other cash
proceeds of such Pool Receivable, including (i) all cash proceeds of the Related
Security with respect to such Pool Receivable and (ii) any amounts in respect of
such Pool Receivable deemed to have been received, and actually paid, pursuant
to Section 2.9(b) or Section 2.9(c).

    

    Commitment
means (i) in respect of each Initial Purchaser, the commitment of such Purchaser
to make Purchases and acquire other Capital Investments in the aggregate amount
set forth as the Commitment next to
the name of such Initial Purchaser on Schedule X hereto and (ii) in respect of
each other Purchaser that became a Purchaser by entering into an Assignment and
Acceptance, the amount set forth as the Commitment for such
Purchaser in the Register maintained by the Agent pursuant to Section 9.2, in
each case, as such amount may be reduced from time to time as the result of any
assignment of any Commitment or any portion thereof pursuant to Section
9.1 or as such amount may be reduced from time to time pursuant to Section
2.4(a).

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Commitment
Termination Date means the fifth anniversary of the Closing
Date.

    

    Company
means Basell AF S.C.A. (to be renamed LyondellBasell Industries AF S.C.A), a
company existing under the laws of the Grand Duchy of Luxembourg.

    

    Compliance
Period means the period commencing on the Closing Date and ending 30 days
thereafter (or such longer period as the Agent may, in the good faith exercise
of its discretion, determine to be warranted).

    

    Concentration
Account means the Deposit Account of the Seller identified on Schedule I
hereto, or such other account as the Seller and the Agent may
agree.

    

    Consent
and Agreement means a consent and agreement dated the Closing Date, in
substantially the form of Exhibit E hereto,
with respect to the Receivables Sale Agreement, duly executed by the Seller and
each Originator.

    

    Continuation
means a continuation of a Capital Investment bearing Yield at the Applicable
LIBO Rate for an additional Yield Period as permitted under Section
2.16.

    

    Contract
means a written agreement between any Originator and an Obligor, 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) otherwise approved by the Agent in its Discretion from time to time (which
approval shall not be unreasonably withheld), in each case pursuant to or under
which such Obligor shall be obligated to pay for goods or services from time to
time.

    

    Conversion
means (i) any conversion of Capital Investments bearing Yield at the Applicable
LIBO Rate to Capital Investments bearing Yield at the Applicable Base Rate and
(ii) any conversion of Capital Investments bearing Yield at the Applicable Base
Rate to Capital Investments bearing Yield at the Applicable LIBO
Rate.

    

    Credit
and Collection Policy means those credit and collection policies and
practices in effect on the date hereof relating to Contracts and Pool
Receivables and described in Schedule II hereto,
as modified from time to time in compliance with Section 5.3(f) and
Section 5.6(a).

    

    Debt
of any Person means, without duplication, (a) the outstanding principal amounts
of all obligations of such Person for borrowed money (including repurchase
obligations), (b) the outstanding principal amounts of all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments or letters
of credit in support of bonds, notes, debentures or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d)
all obligations of such Person to pay the deferred purchase price of property or
services under any conditional sale or other title retention agreement, (e) all
obligations of such Person issued or assumed as the deferred purchase price of
property or services (other than accounts payable to suppliers and accrued
liabilities (i) that are incurred in the ordinary course of business and paid
within 90 days after the date due or (ii) that are being contested in good faith
by appropriate proceedings and for which appropriate reserves have been
established in accordance with GAAP), (f) all Capitalized Lease Obligations of
such Person, (g) all obligations of such Person to reimburse any bank or other
Person in respect of amounts paid under a letter of credit or similar
instrument, (h) all Equity Interests of such Person which are subject to
redemption otherwise than at the sole option of such Person, (i) all
Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing right, contingent or otherwise, to be secured by) any Lien on
property or assets owned or acquired by such Person, whether or not the
obligations secured thereby have been assumed and (j) all Guarantees of such
Person.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    Debtor
Relief Laws means the Bankruptcy Code of the United States, the Dutch
Bankruptcy Act (Faillissementswet), the German Insolvency Law, the Luxembourg
insolvency laws and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, faillissement, surseance van betaling,
onderbewindstelling, ontbinding, or similar debtor relief Laws of the United
States, The Netherlands, Luxembourg or other applicable jurisdictions from time
to time in effect and affecting the rights of creditors generally (including, in
the case of Transaction Parties incorporated or organized in England, Wales or
Hong Kong, administration, administrative receivership, voluntary arrangement
and schemes of arrangement).

    

    Deposit
Account has the meaning set forth in Article 9 of the UCC.

    

    Discretion
refers to the Agents good faith exercise of its discretion in a manner
consistent with its customary credit policies for receivables purchase or
receivables-based credit facilities.  Except where a different
standard of conduct is expressly provided for in the proviso to clause (d) of
the definition of Eligible Receivable, actions by the Agent in respect of the
determination of Eligible Receivables or the Net Receivables Pool Balance or the
Applicable Reserve or in connection with any approval by the Agent of Contracts
or other matters relating to the Pool Receivables and Related Security shall be
taken by the Agent in its Discretion.

    

    Eligible
Receivable means each Pool Receivable arising out of the sale of
inventory or the performance of services in the ordinary course of business by
an Originator to a Person that is not an Affiliate of any Originator; provided, however,
that a Pool Receivable shall not be an Eligible Receivable
if any of the following shall be true:

    

    (a)           any
warranty contained in Section 4.1(h) of this Agreement with respect to such
specific Receivable is not true and correct with respect to such Receivable;
or

    

    (b) the
Obligor on such Receivable has disputed liability or made any claim with respect
to such Receivable or any other Receivable due from such Obligor to the Seller
or any Originator but only to the extent of such dispute or claim;
or

    

    (c)           [Reserved;]

    

    (d)           the
transaction represented by such Receivable is to an Obligor which, if a natural
person, is not a resident of the United States or, if not a natural person, is
organized under the laws of a jurisdiction outside the United States or has its
chief executive office outside the United States (it being understood for
purposes of this clause (d) that a territory of the United States that has
enacted Revised Article 9 of the Uniform Commercial Code and Puerto Rico are
considered to be part of the United States), unless (i) such Receivable is
backed by a letter of credit acceptable to the Agent, in its reasonable
discretion and (x) such letter of credit names the Agent (for the benefit of
itself and each Purchaser) as the beneficiary or (y) the issuer of such letter
of credit has consented to the assignment of the proceeds thereof to the Agent,
(ii) such Obligor is, if a natural person, a resident of Canada or, if not a
natural person, is organized under the laws of Canada or a province thereof and
has its chief executive office in Canada and such Receivable is denominated in
U.S. Dollars or (iii) such Receivable is backed by insurance reasonably
acceptable to the Agent and the relevant insurance policy names the Agent (for
the benefit of itself and each Purchaser) as additional insured and loss payee;
provided, however, that the
Receivables of any Obligor located in a jurisdiction outside the United States
or Canada approved by the Agent in its sole discretion, which jurisdiction shall
be listed in Schedule
V hereto as and when approved by the Agent, and which Obligor is listed
on Schedule
VI-A hereto (as of the date hereof and as such Schedule may be updated
from time to time by the Originators upon five Business Days prior written
notice to the Agent), shall be Eligible Receivables pursuant to this clause (d)
to the extent that (A) such Receivables are denominated in U.S. Dollars and
arise from sales of inventory shipped from the United States and (B) the
aggregate Outstanding Balance of all such Receivables does not exceed 15% of the
Outstanding Balance of all Eligible Receivables; or

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (e)           the
sale to such Obligor represented by such Receivable is not a final sale (e.g.,
such sale is on a bill-and-hold, guaranteed sale, sale-and-return or
sale-on-approval basis or, until billed, a consignment basis); or

    

    (f)           such
Receivable is subject to any Lien other than a Permitted Lien described in
clause (i) or (ii) of the definition thereof; or

    

    (g)           such
Receivable is subject to any deduction, offset, counterclaim, return privilege
or other conditions (other than (i) sales discounts given in the ordinary course
of the Originators business and reflected in the amount of such Receivable as
set forth in the invoice or other supporting material therefor or (ii) an offset
or counterclaim of a nature specifically addressed in another clause of this
definition) but only to the extent of the amount of such deduction, offset,
counterclaim, return privilege or other condition being asserted by the Obligor;
or

    

    (h)           the
Obligor on such Receivable is located in any State of the United States
requiring the holder of such Receivable, as a precondition to commencing or
maintaining any action in the courts of such State either to (i) receive a
certificate of authorization to do business in such State or be in good standing
in such State or (ii) file a Notice of Business Activities Report with the
appropriate office or agency of such State, in each case unless (x) the holder
of such Receivable has received such a certificate of authority to do business,
is in good standing or, as the case may be, has duly filed such a notice in such
State or (y) such failure to receive such certificate or to file such notice is
capable of being remedied without any material delay or material cost;
or

    

    (i)       
    the Obligor on such Receivable is a Governmental
Authority, unless the applicable Originator and the Seller have each assigned
its rights to payment of such Receivable to the Agent pursuant to the Assignment
of Claims Act of 1940, as amended, in the case of a federal Governmental
Authority, and pursuant to applicable law, if any, in the case of any other
Governmental Authority, and such assignment has been accepted and acknowledged
by the appropriate government officers; or

    

    (j)         
  50% or more of the Outstanding Balance of the Receivables of the
Obligor are not Eligible Receivables by reason of clause (b) or (g) above or
clause (o) below; provided that
Receivables that are determined not to be Eligible Receivables, solely as a
result of the provisions of clause (n) below, shall be excluded in calculating
such percentage; or

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    (k)        
   the payment obligation represented by such Receivable is
denominated in a currency other than U.S. Dollars; or

    

    (l)        
   such Receivable is not evidenced by an invoice that would be a
Contract or by other supporting material acceptable to the Agent, in its
Discretion; provided, however, that this
clause (l) shall not render ineligible Unbilled Receivables that would otherwise
constitute Eligible Receivables under other clauses of this definition;
or

    

    (m)           any
Originator, the Seller or any other Person, in order to be entitled to collect
such Receivable, is required to deliver any additional goods or merchandise to,
perform any additional service for, or perform or incur any additional
obligation to, the Person to whom or to which it was made; or

    

    (n)           the
total Receivables of such Obligor to the Originators (taken as a whole)
represent more than 15% (or such lesser percentage with respect to certain
Obligors as the Agent may determine in its Discretion) of the Outstanding
Balance of the Eligible Receivables of the Originators (taken as a whole) at
such time, but only to the extent of such excess; or

    

    (o)           such
Receivable (or any portion thereof) remains unpaid for more than (i) 60 days
from the original payment due date, or (ii) if such Receivable arises from the
sale of inventory, 90 days from the original invoice date thereof or, in the
case of any such Receivable from an Obligor listed, and with the payment terms
described, in Schedule
VI-B hereto (as of the date hereof and as such Schedule may be updated
from time to time by the Originators upon five Business Days prior written
notice to the Agent), 120 days from the original invoice date thereof, provided that such
Receivables from such Obligors listed in Schedule VI-B shall
be Eligible Receivables under this clause (o) only to the extent that the
Outstanding Balance of all such Receivables does not exceed 10% of the
Outstanding Balance of all Eligible Receivables; or

    

    (p)           the
Obligor on such Receivable (i) has (A) pending, by or against such Obligor, a
petition for bankruptcy or any other relief under the Bankruptcy Code or any
other law relating to bankruptcy, insolvency, reorganization or relief of
debtors, (B) an assignment for the benefit of creditors, (C) any other
application for relief under the Bankruptcy Code or any such other law or (D)
the appointment of a receiver or a trustee for all or a substantial part of its
assets or affairs or (ii) has, while such Receivable remains outstanding,
failed, suspended business operations, become insolvent or called a meeting of
its creditors for the purpose of obtaining any financial concession or
accommodation; or

    

    (q)           consistent
with the Credit and Collection Policy, such Receivable is or should be written
off the Sellers or any Originators books as uncollectible; or

    

    (r)           such
Receivable is not payable into a Lock-Box Account, or that Lock-Box Account is
not, following the Compliance Period, the subject of a Lock-Box Agreement;
or

    

    (s)           such
Receivable does not arise under a Contract which has been duly authorized and
which, together with such Receivable, is in full force and effect and
constitutes the legal, valid and binding obligation of the Obligor of such
Receivable enforceable against such Obligor in accordance with its terms;
or

    

    (t)         
  such Receivable, together with the Contract related thereto,
contravenes in any material respect any laws, rules or regulations applicable
thereto (including, without limitation, laws, rules and regulations relating to
usury, consumer protection, truth in lending, fair credit billing, fair credit
reporting, equal credit opportunity, fair debt collection practices and privacy)
or with respect to which the applicable Originator is in violation of any such
law, rule or regulation in any material respect; or

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (u)           such
Receivable does not satisfy the requirements of the Credit and Collection Policy
in all material respects; or

    

    (v)           such
Receivable does not constitute an account within the
meaning of Section 9-102(a)(2) of the UCC of the jurisdiction the law of which
governs the perfection of the interest created by a Receivable Interest;
or

    

    (w)           the
sale to such Obligor on such Receivable is on a F.O.B. customer basis but only
for so long as the inventory giving rise to such Receivable has not yet arrived
at its destination and possession thereof has not been taken by the Obligor;
or

    

    (x)           such
Receivable (i) is subject to an unsecured claim in favor of a surety or (ii)
arises under a Contract that is not governed by the laws of the United States or
a State thereof; or

    

    (y)           such
Receivable is an Unbilled Receivable; provided, however,
that Unbilled Receivables in respect of inventory that have been shipped shall
be Eligible Receivables under this clause (y) to the extent that the Outstanding
Balance of all such Receivables does not exceed 25% (or, if such determination
is being made at any time other than as of the last day of any calendar month,
35%) of the Outstanding Balance of all Eligible Receivables; provided, further, however, that any
Unbilled Receivable as to which an invoice has not been issued to the relevant
Obligor more than 31 days after the date of the sale of goods by the relevant
Originator giving rise to such Receivable shall not be an Eligible Receivable;
or

    

     (z)           there
is a chargeback represented by the unpaid portion of such Receivable as to which
less than full payment was made; or

    

    (aa)          such
Receivable is billed in advance of the relevant shipment of inventory or
performance of services; or

    

    (bb)         such
Receivable arises under a Contract that (i) specifies a fixed price and fixed
volume for 90 or more days and (ii) provides for material liquidated damages;
or

    

    (cc)          (i)
such Receivable does not comply with such other reasonable criteria and
requirements (other than those relating to the collectibility of such
Receivable) as the Agent, in its Discretion, may from time to time specify to
the Seller upon 30 days notice, or (ii) the Agent, based upon such credit and
collateral considerations as it may deem appropriate, in the exercise of its
Discretion, and upon at least five Business Days notice, notifies the Seller of
its determination that such Receivable might not be paid or is otherwise
ineligible, in which event such Receivable shall not be an Eligible Receivable
on the effective date of ineligibility specified in such notice.

    

    For the
avoidance of doubt, it is acknowledged and agreed that any calculation of
ineligibility made pursuant to more than one clause above shall be made without
duplication.

    

    Equistar
means Equistar Chemicals, LP, a Delaware limited partnership.

    

    Equity
Interest means, with respect to any Person, all of the capital stock of
such Person and all warrants, options or other rights to acquire the capital
stock of such Person including any contribution from shareholders without any
issuance of shares (but excluding any debt security that is convertible into, or
exchangeable for, such capital stock).

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    ERISA
means the Employee Retirement Income Security Act of 1974, as amended from time
to time.

    

    ERISA
Affiliate means any trade or business (whether or not incorporated) that
is under common control with any Transaction Party within the meaning of Section
414 of the Code or Section 4001 of ERISA.

    

    ERISA
Event means (a) a Reportable Event with respect to a Pension Plan; (b)
with respect to a Pension Plan, the failure to satisfy the minimum funding
standard of Section 412 of the Code and Section 302 of ERISA, whether or not
waived; (c) the failure to make by its due date a required contribution under
Section 412(m) of the Code (or Section 430(j) of the Code, as amended by the
Pension Protection Act of 2006) with respect to any Pension Plan or the failure
to make any required contribution to a Multiemployer Plan; (d ) a withdrawal by
a Transaction Party, any Subsidiary or any ERISA Affiliate from a Pension Plan
subject to Section 4063 of ERISA during a plan year in which it was a
substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation
of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (e) a complete or partial withdrawal by a Transaction Party, any
Subsidiary or any ERISA Affiliate from a Multiemployer Plan or notification that
a Multiemployer Plan is in reorganization; (f) the filing of a notice of intent
to terminate, the treatment of a Plan amendment as a termination under Section
4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to
terminate a Pension Plan or Multiemployer Plan or the occurrence of any event or
condition which could reasonably be expected to constitute grounds under ERISA
for the termination of or the appointment of a trustee to administer any Pension
Plan, in each case where Pension Plan assets are not sufficient to pay all Plan
liabilities; (g) an event or condition which constitutes grounds under Section
4042 of ERISA for the termination of, or the appointment of a trustee to
administer, any Pension Plan or Multiemployer Plan; (h) the imposition of any
liability under Title IV of ERISA, other than for PBGC premiums due but not
delinquent under Section 4007 of ERISA, upon a Transaction Party, any Subsidiary
or any ERISA Affiliate; or (i) the occurrence of a nonexempt prohibited
transaction (within the meaning of Section 4975 of the Code or Section 406 of
ERISA) which could reasonably be expected to result in liability to a
Transaction Party or any Restricted Subsidiary.

    

    Eurocurrency
Liabilities has the meaning assigned to that term in Regulation D of the
FRB.

    

    Events of
Termination has the meaning specified in Section 7.1.

    

    Exchange
Act means the Securities Exchange Act of 1934, as amended, or any
successor statute or statutes thereto.

    

    Existing
Programs
means (i) the receivables securitization facility established pursuant to the
receivables sale agreement dated as of December 17, 2003, as amended, among
Equistar, as seller, Equistar Receivables II, LLC as buyer, and Equistar, as
buyers servicer, and the Receivables Purchase Agreement dated as of December 17,
2003, as amended, among Equistar Receivables II, LLC and the purchasers and
agents party thereto and (ii) the receivables securitization facility
established pursuant to the receivables sale agreement dated as of December 17,
2003, as amended, among Lyondell as seller, Lyondell Funding II, LLC as buyer,
and Lyondell, as the buyers servicer, and the Receivables Purchase Agreement
dated as of December 17, 2003, as amended, among Lyondell Funding II, LLC and
the purchasers and agents party thereto.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Federal
Funds Rate means, for any period, a fluctuating interest rate per annum
equal for each day during such period to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published for such day (or, if such day is
not a Business Day, for the next preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day that is a
Business Day, the average of the quotations for such day on such transactions
received by the Agent from three Federal funds brokers of recognized standing
selected by it.

    

    Fee
Letter means the Fee Letter dated October 29, 2007 among the Company and
the financial institutions party thereto.

    

    Fiscal
Year means each twelve-month period ending on December 31.

    

    Foreign
Plan means any employee benefit plan, program, policy, arrangement or
agreement maintained or contributed to by, or entered into with, a Transaction
Party or any Subsidiary with respect to employees employed outside the United
States.

    

    FRB
means the Board of Governors of the Federal Reserve System of the United
States.

    

    GAAP
means generally accepted accounting principles in the United States of America
as in effect from time to time as adopted by the Company; provided that the
Company may make a one-time election to switch to IFRS, if permitted to do so by
the SEC in its filings with the SEC, and following such election and the
notification in writing to the Administrative Agent by the Company thereof, GAAP
shall mean IFRS. After such election, the Company cannot subsequently elect to
report under U.S. generally accepted accounting principles. If at any time the
Company or the Servicer notifies the Agent in writing that the Company wishes to
eliminate the effect of any change in GAAP on any provision of this Agreement,
then such provision shall be applied on the basis of GAAP as in effect
immediately before the relevant change in GAAP became effective until either
such notice is withdrawn or such provision is amended in a manner satisfactory
to the Servicer and the Required Purchasers.

    

    Governmental
Authority means any nation or government, any state or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body,
court, administrative tribunal, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or
functions of or pertaining to government.

    

    Guarantee
of or by any Person means any obligation, contingent or otherwise, of such
Person guaranteeing or having the economic effect of guaranteeing any Debt of
any other Person (the primary obligor) in any manner, whether directly or
indirectly, and including any obligation of such Person, direct or indirect, (a)
to purchase or pay (or advance or supply funds for the purchase or payment of)
such Debt or to purchase (or to advance or supply funds for the purchase of) any
security for the payment of such Debt, (b) to purchase property, securities or
services for the purpose of assuring the owner of such Debt of the payment of
such Debt or (c) to maintain working capital, equity capital or other financial
statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Debt.

    

    Holding
Company means, in relation to a company, corporation or other legal
entity, any other company, corporation or other legal entity in respect of which
the former company, corporation or other legal entity is a
subsidiary.

    

    HRLP
means Houston Refining LP, a Delaware limited partnership.

    
      
        
        

      

      
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    Increasing
Purchaser has the meaning specified in Section 2.19.

    

    Indebtedness
has the meaning specified in the Undertaking.

    

    Indemnified
Amounts has the meaning specified in Section 10.1.

    

    Indemnified
Party means the Agent, the Asset Agent, each Purchaser and each of their
respective Affiliates, and each of the directors, officers, employees, agents,
representative, attorneys, consultants and advisors of or to any of the
foregoing.

    

    Intercreditor
Agreement shall mean, collectively, (i) the Intercreditor Agreement dated
as of December 20, 2007 by and among Citibank, as Agent, Citibank, as Lender
Agent, Seller, as Transferor, Lyondell, as Originator, as Initial Servicer and
as Borrower, and the other Originators and Loan Parties from time to time party
thereto, (ii) the Intercreditor Agreement dated as of December 20, 2007 among
Citicorp North America, Inc. as Receivables Agent (as such term is defined
therein), Citibank, N.A. as ABL Agent (as such term is defined therein), Basell
Capital Corporation as Transferor (as defined therein), Basell USA as
Originator, Receivables Servicer and Borrower (as defined therein), and the
other originators and borrowers party thereto and (iii) the Intercreditor
Agreement dated as of December 20, 2007 by and among Citibank, in its capacity
as Senior Agent (as defined therein), Security Agent (as defined therein) and
ABL Agent (as defined therein), the Interim Facility Agent (as defined therein),
the High Yield Notes Trustee (as defined therein), the Arco Notes Trustee (as
defined therein), the Equistar Notes Trustee (as defined therein), the Company,
the subsidiaries of the Company specified therein and the other parties thereto
from time to time, as amended, substantially in the forms of Exhibit K-1, K-2 and K-3.

    

    Investment
means, with respect to any Person, (a) all investments by such Person in another
Person (including an Affiliate of such Person) in the form of direct or indirect
loans, advances or extensions of credit to such other Person (including any
Guarantee by such Person of Debt or capital stock of such other Person) or
capital contributions or purchases or other acquisitions for consideration of
Debt, Equity Interests or other securities of such other Person, together with
all items that are or would be classified as investments of such investing
Person on a balance sheet prepared in accordance with GAAP, and (b) any purchase
by such Person of all or a significant part of the assets of a business
conducted by any other Person, or all or substantially all of the assets
constituting the business of a division, branch or other unit operation of any
other Person; provided that (i) trade credit and accounts receivable in the
ordinary course of business and (ii) commissions, loans, advances, fees and
compensation paid in the ordinary course of business to officers, directors and
employees.

    

    Investment
Event means any Purchase, Conversion and any Continuation.

    

    Legal
Reservations means;

    

    (a)           the
principle that equitable remedies may be granted or refused at the discretion of
a court;

    

    (b)           the
limitation of enforcement by law relating to insolvency, reorganization,
penalties and other laws generally affecting the rights of
creditors;

    

    (c)           the
time barring of claims under the statutes of limitation;

    

    (d)           the
possibility that an undertaking to assume liability for or indemnify a person
against the non-payment of UK stamp duty may be void;

    
      
        
        

      

      
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    (e)           defenses
or set-off or counterclaim; and

    

    (f)           principles
which are set out in the qualifications as to matters of law in any legal
opinion delivered on the Closing Date in connection with this
Agreement.

    

    LIBO
Rate means, with respect to any Yield Period for any Capital Investment
as to which Yield is based on the Applicable LIBO Rate, the rate appearing on
Page 3750 of the MoneyLine Telerate Markets (or on any successor or substitute
page of such service) at approximately 11:00 a.m., London time, two Business
Days prior to the commencement of such Yield Period, as the rate for Dollar
deposits with a maturity comparable to such Yield Period.  In the
event that such rate is not available at such time for any reason, then the LIBO
Rate shall be the rate at which Dollar deposits in an amount approximately equal
to the Capital Investment of Citibank and for a period comparable to such Yield
Period are offered by the principal office of Citibank in London to prime banks
in the London interbank market at approximately 11:00 a.m. (London time) two
Business Days prior to the commencement of such Yield Period.

    

    Lien
means any mortgage, deed of trust, pledge, hypothecation, assignment, transfer
for security purposes, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or
preferential arrangement, of any kind or nature whatsoever (including any
conditional sale or other title retention agreement, any easement, right of way
or other encumbrance on title to Real Property and any Capitalized Lease having
substantially the same economic effect as any of the foregoing).

    

    Liquid
Investments has the meaning set forth in Section 2.18(b).

    

    Liquidation
Cost has the meaning set forth in Section 2.12.

    

    Liquidation
Day means, for any Receivable Interest, each Business Day that occurs on
or after the Termination Date.

    

    Listing
means a listing of all or any of the share capital of the Company or any of its
Subsidiaries or any Holding Company or any of its Subsidiaries (excluding the
Sponsor as defined in the Senior Facility Credit Agreement (to the extent not a
Subsidiary of the Company) and any such Holding Company of the Company or any of
its Subsidiaries, but in each case only if a majority of the investments of such
company are not constituted by the Company or any of its Subsidiaries) on any
investment exchange or any other sale or issue by way of flotation or public
offering or any equivalent circumstances in relation to the Company or any of
its Subsidiaries or any Holding Company of the Company or any of its
Subsidiaries (excluding the Sponsor (to the extent not a Subsidiary of the
Company) and any such Holding Company of the Company or any of its Subsidiaries,
but in each case only if a majority of the investments of such company are not
constituted by the Company or any of its Subsidiaries) in any jurisdiction or
county.

    

    Lock-Box
Account means a Deposit Account (including, without limitation, any
concentration account) maintained at a Lock-Box Bank for the purpose of
receiving Collections and, following the end of the Compliance Period, subject
to a valid Lock-Box Agreement.

    

    Lock-Box
Agreement means an agreement, in substantially the form of Exhibit C hereto
(with such modifications thereto as consented to by the Agent), between any
Originator or the Seller, as the case may be, the Agent, and a Lock-Box
Bank.

    
      
        
        

      

      
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    Lock-Box
Bank means any of the banks specified on Schedule I hereof and
any other bank specified as a Lock-Box Bank in
accordance with this Agreement, in each case holding one or more Lock-Box
Accounts.

    

    Lyondell
means Lyondell Chemical Company (to be the surviving entity with and into which
BIL Acquisition Holdings Limited will merge), a Delaware
corporation.

    

    Material
Adverse Effect means (a) a material adverse effect on the business,
operations, assets, liabilities (actual or contingent) or financial condition of
the Company and its Restricted Subsidiaries taken as a whole, (b) material
impairment of the ability of the Transaction Parties to perform any of their
obligations under the Transaction Documents, (c) material impairment of the
collectibility of the Pool Receivables generally or of any material portion of
the Pool Receivables or the ability of the Servicer (if the Servicer is an
Originator or an Affiliate of an Originator) to collect Pool Receivables or (d)
material impairment of the rights of or benefits available to the Agent or the
Purchasers under the Transaction Documents; provided, however, that a
downgrade in any debt rating of any Transaction Party shall not, by itself,
constitute a Material Adverse Effect.

    

    Material
Subsidiary has the meaning specified in the Senior Facility Credit
Agreement.

    

    Maximum
Capital means, at any time, the lesser of (a) the Total Commitments and
(b)(i) the Net Receivables Pool Balance minus (ii) the Applicable Reserve in
effect at such time.

    

    Millennium
Holdings Group has the meaning specified in Article VII.

    

    Multiemployer
Plan means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which any Transaction Party, any Subsidiary or any ERISA
Affiliate makes or is obligated to make contributions, during the preceding five
plan years, has made or been obligated to make contributions or otherwise could
reasonably be expected to incur liability.

    

    Net
Receivables Pool Balance means, at any time, the Outstanding Balance of
the Eligible Receivables in the Receivables Pool as at such time reduced by (a)
Unapplied Cash and Credits (to the extent not already deducted in determining
the Outstanding Balance), (b) the Yield and Fee Reserve at such time and (c) to
the extent not already deducted in determining Eligible Receivables, (i) amounts
accrued or recorded by the Originators as a reserve in respect of volume rebates
or other offsetting deductions, or in respect of credits in past due and (ii)
such dilution reserves and other reductions as the Agent in its Discretion deems
appropriate and as notified by the Agent to the Seller at least five Business
Days prior to the effectiveness thereof.

    

    New
Purchaser has the meaning specified in Section 2.19.

    

    Notice of
Conversion or Continuation has the meaning specified in Section
2.16(a).

    

    Notice of
Purchase has the meaning specified in Section 2.2(a).

    

    Obligations
means, with respect to any Transaction Party, the obligations of such
Transaction Party under the Transaction Documents (as the same may hereafter be
amended, restated, extended, supplemented or otherwise modified from time to
time) with respect to the due and punctual payment, whether at maturity, by
acceleration or otherwise, of all monetary obligations of such Transaction
Party, whether for fees, costs, indemnification or otherwise (other than
Capital), including, with respect to the Seller, Yield, amounts payable as
deemed Collections pursuant to Section 2.9(b) or 2.9(c), the Agents Fee, the
Unused Commitment Fee, the Servicer Fee, Cash Management Obligations and amounts
payable by the Seller pursuant to Section 2.12, 2.13, 2.14, 10.1 and
11.5.

    
      
        
        

      

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

    

    Organization
Documents means (a) with respect to any corporation, the certificate or
articles of incorporation and the bylaws (or equivalent or comparable
constitutive documents with respect to any non-U.S. jurisdiction); (b) with
respect to any limited liability company, the certificate or articles of
formation, association or organization and operating agreement; and (c) with
respect to any partnership, joint venture, trust or other form of business
entity, the partnership, joint venture or other applicable agreement of
formation or organization and any agreement, instrument, filing or notice with
respect thereto filed in connection with its formation or organization with the
applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or
organization of such entity.

    

    Originator
means any of Lyondell, Equistar and HRLP, and any other wholly owned subsidiary
of the Company or Lyondell from time to time party to the Receivables Sale
Agreement as a Seller thereunder.

    

    Other
Taxes has the meaning specified in Section 2.14(b).

    

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

    

    Parent
means BI S..r.l., a socit responsabilit limite incorporated under the laws of
the Grand Duchy of Luxembourg.

    

    Participant
Register shall have the meaning specified in Section 9.3.

    

    Payment
Date means (a) in respect of Yield, the Unused Commitment Fee and the
Servicer Fee, (i) the second Business Day of each calendar month, commencing on
the first such day following the Closing Date and (ii) if not previously paid in
full, the Termination Date, and (b) with respect to all other Obligations of the
Seller hereunder, the date such Obligation is due or otherwise on demand by the
Agent from and after the time such Obligation becomes due and payable (whether
by acceleration or otherwise).

    

    PBGC
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor thereto.

    

    Pension
Plan means any employee pension benefit plan (as such term is 1819
defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is
subject to Title IV of ERISA or to the minimum funding standards under Section
412 of the Code or Section 302 of ERISA and is sponsored or maintained by any
Transaction Party, any Subsidiary or any ERISA Affiliate or to which any
Transaction Party, any Subsidiary or any ERISA Affiliate contributes or has an
obligation to contribute, or in the case of a multiple employer or other plan
described in Section 4064(a) of ERISA, has made contributions at any time during
the immediately preceding five (5) plan years or with respect to which a
Transaction Party, Subsidiary or ERISA Affiliate could reasonably be expected to
incur liability (including under Section 4063 or 4069 of ERISA).

    

    Permitted
Lien means (i) an inchoate tax, PBGC Lien or other Lien arising solely by
operation of law, (ii) a Lien created by the Transaction Documents, (iii) a Lien
in favor of a Lock-Box Bank in respect of a Lock-Box Amount or (iv) a Lien in
favor of a securities intermediary in respect of any securities account, or any
securities entitlement therein, under the control (within the meaning of Section
9-104 of the UCC) of the Agent.

    
      
        
        

      

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

    

    Plan
means any employee benefit plan (as such term is defined in Section 3(3) of
ERISA) established by any Transaction Party or Subsidiary or, with respect to
any such plan that is subject to Section 412 of the Code or Title IV of ERISA,
any ERISA Affiliate.

    

    Pool
Receivable means a Receivable in the Receivables Pool.

    

    Potential
Event of Termination means any event that, with the giving of notice or
the passage of time or both, would constitute an Event of
Termination.

    

    Principal
Financial Officer of any Person means the chief financial officer, the
treasurer or the principal accounting officer of such Person (including any
Person designated by the board of directors or other governing body as a
Principal Financial Officer for purposes of this Agreement or any other
Transaction Document).  Any action taken or document delivered by a
Principal Financial Officer pursuant to the Transaction Documents shall be taken
or delivered in his capacity as such.

    

    Purchase
means a purchase by the Purchasers or the Swing Purchaser of a Receivable
Interest from the Seller pursuant to Article II.

    

    Purchasers
means the Initial Purchasers and each Assignee that shall become a party hereto
pursuant to Section 9.1.

    

    Ratable
Portion or ratably
means, with respect to any Purchaser, the percentage obtained by dividing (a)
the Commitment of such Purchaser by (b) the Total Commitments (or, at any time
after the Termination Date, the percentage obtained by dividing the aggregate
Capital Investments then owing to such Purchaser by the Capital then
owing).

    

    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.

    

    Receivable
Asset Availability means, at any time, (i) the sum of (x) the Net
Receivables Pool Balance minus the Applicable Reserve in effect at such time,
plus (y) Cash Assets at such time, minus (ii) the aggregate Capital outstanding
at such time.

    

    Receivables
Excess Availability means, at any time, the sum of (i) Available Capital
plus (ii) Cash Assets, determined as of the close of business on each Business
Day giving effect to all changes in Cash Assets and in aggregate Capital
outstanding during such Business Day.

    

    Receivable
Interest means, at any time, an undivided percentage ownership interest
at such time in (a) all then outstanding Pool Receivables arising prior to the
time of the most recent computation or recomputation of such undivided
percentage interest pursuant to Section 2.5, (b) all Related Security with
respect to such Pool Receivables and (c) all Collections with respect to, and
other proceeds of, such Pool Receivables.  Such undivided percentage
interest for such Receivable Interest shall be computed as:

    
      
        
        

      

      
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    C
+ AR

    NRPB

    

    where:

    

    C  =
the outstanding Capital Investments made by the Purchasers or the Swing
Purchasers, as the case may be, in connection with such Receivable Interest at
such time;

    

    AR  =
the Purchasers or Swing Purchasers (as the case may be) Ratable Portion of the
aggregate Applicable Reserve at such time; and

    

    NRPB  =
the Net Receivables Pool Balance at such time;

    

    provided, however,
that upon the occurrence of the Termination Date, the Receivable Interests then
outstanding under this Agreement, if more than one Receivable Interest, shall be
combined into one Receivable Interest hereunder (such one Receivable Interest,
whether the one Receivable Interest then outstanding or the one Receivable
Interest resulting from such combination of Receivable Interests, being the
Special Receivable
Interest) and such Special Receivable Interest shall be senior and prior
to any undivided percentage ownership interest held by the Seller in (and, for
the avoidance of doubt, while the Special Receivable Interest is greater than
zero, the Seller shall not be entitled to assert or enforce any claim in respect
of such retained undivided percentage ownership interest in) (i) all then
outstanding Pool Receivables arising prior to the Termination Date, (ii) all
Related Security with respect to such Pool Receivables and (iii) all Collections
with respect to, and other proceeds of, such Pool Receivables.

    

    Each
Receivable Interest shall be determined from time to time pursuant to the
provisions of Section 2.5.

    

    Receivables
Pool means at any time the aggregation of all then outstanding
Receivables sold or otherwise transferred by the Originators to the
Seller.

    

    Receivables
Sale Agreement means the Receivables Sale Agreement, dated as of the
Closing Date, in substantially the form of Exhibit D hereto,
among each Originator, as seller and, if applicable, as buyers servicer, and the
Seller, as buyer.

    

    Records
means, with respect to any Receivable, 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 such Receivable and the related Obligor.

    

    Register
has the meaning specified in Section 9.2.

    

    Regulation
U means Regulation U of the FRB, as the same is from time to time in
effect, and all official rulings and interpretations thereunder or
thereof.

    

    Regulation
X means Regulation X of the FRB, as the same is from time to time in
effect, and all official rulings and interpretations thereunder or
thereof.

    

    Related
Security means with respect to any Receivable:

    

     
(i)             
 all right, title and interest of the Seller in, under and to all security
agreements and other Contracts that relate to such Receivable;

    

      
     
(ii)           
   all of the Sellers interest in the goods (including returned
goods), if any, relating to the sale which gave rise to such
Receivable;

    
      
        
        

      

      
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    (iii)         
     all supporting obligations including 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 relating to such Receivable or otherwise, together with all financing
statements authorized by an Obligor describing any collateral securing such
Receivable;

    

    (iv) 
             all
letter of credit rights, guarantees, 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 relating to such
Receivable or otherwise;

     

     (v)             
 all Records relating to such Receivable (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);

    

    (vi)          
   all of the Sellers right, title and interest in and to the
following: (x) 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 (y) all lock-boxes to which Collections are sent or deposited
and all Restricted Accounts, and all funds and investments therein,
and

     

      
(vii)             
 all cash proceeds of any and all of the foregoing.

    

    Reportable
Event means any
of the events set forth in Section 4043(c) of ERISA or the regulations issued
thereunder, other than events for which the thirty (30) day notice period has
been waived.

    

    Required
Net Receivables Pool Balance means, at any time, the sum of (i) the
Capital at such time plus (ii) the aggregate Applicable Reserve at such
time.

    

    Required
Purchasers means, at any time, Purchasers holding more than 50% of the
aggregate Total Commitments or, after the Termination Date, more than fifty
percent (50%) of the aggregate Capital at such time.

    

    Requirement
of Law means, with respect to any Person, the common law and all federal,
state, local and foreign laws, rules and regulations, orders, judgments, decrees
and other determinations of any Governmental Authority or arbitrator, applicable
to or binding upon such Person or any of its property or to which such Person or
any of its property is subject.

    

    Reserve
Percentage means, as of the Closing Date, 15%, provided that the
Reserve Percentage may, upon five Business Days notice by the Agent to the
Seller and the Servicer, be increased or, subject to Section 11.1, decreased by
the Agent at any time in its Discretion.

    

    Responsible
Officer means the chief executive officer, president, any vice president,
chief financial officer, treasurer or assistant treasurer or other similar
officer of a Transaction Party and, as to any document delivered on the Closing
Date, any secretary of such Transaction Party or anyone granted a power of
attorney by the board of directors or other governing body of a Transaction
Party.  Any document delivered hereunder that is signed by a
Responsible Officer of a Transaction Party shall be conclusively presumed to
have been authorized by all necessary corporate, partnership and/or other action
on the part of such Transaction Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Transaction
Party.

    
      
        
        

      

      
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    Restricted
Accounts means the Sellers Account, the Lock-Box Accounts, the
Concentration Account, the Sweep Account and the Cash Assets
Account.

    

    Restricted
Subsidiary has the meaning specified in the Senior Facility Credit
Agreement.

    

    Seller
has the meaning specified in the preamble to this Agreement.

    

    Seller
Party means the Seller or the Servicer.

    

    Seller
Report means a report, in substantially the form of Exhibit B hereto,
furnished by the Servicer to the Agent for the benefit of each Purchaser
pursuant to Section 5.5(e).

    

    Sellers
Account means the Deposit Account of the Seller identified on Schedule I
hereto.

    

    Senior
Facility Credit Agreement means the Credit Agreement
dated as of December 20, 2007 among the Company, BIL Acquisition Holdings
Limited (to be merged with and into Lyondell), Basell Holdings B.V., Basell
Finance Company B.V., Basell Germany Holdings GmbH, the other non-U.S. borrowers
and the subsidiary guarantors party thereto from time to time, Citicorp North
America, Inc., as administrative agent, a swing line lender, collateral agent
and issuing bank thereunder and each lender from time to time party
thereto.

    

    Servicer
has the meaning specified in Section 6.1.

    

    Servicer
Fee has the meaning specified in Section 2.11.

    

    Shortfall
Condition exists on any day if the aggregate Receivable Interests on such
day would exceed 100% (after giving effect to any calculated reduction of
Capital by an amount equal to the amount on deposit in the Cash Assets Account
as of the close of business on such day pursuant to Section 2.6(a)(iii) or
2.7(a)(iii), as applicable).

    

    Solvent
means, with respect to any Person on any date of determination, that on such
date (a) the fair value of the property of such Person is greater than the total
amount of liabilities, including contingent liabilities, of such Person, (b) the
present fair salable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its
debts as they become absolute and matured, (c) such Person does not intend to,
and does not believe that it will, incur debts or liabilities beyond such
Persons ability to pay such debts and liabilities as they mature and (d) such
Person is not engaged in business or a transaction, and is not about to engage
in business or a transaction, for which such Persons property would constitute
an unreasonably small capital. The amount of contingent liabilities at any time
shall be computed as the amount that, in the light of all the facts and
circumstances existing at such time, represents the amount that can reasonably
be expected to become an actual or matured liability.

    

    Special
Receivable Interest has the meaning specified in the definition of Receivable Interest
contained in this Section 1.1.

    
      
        
        

      

      
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    Subordinated
Note has the meaning specified in the Receivables Sale
Agreement.

    

    Subsidiary
means any subsidiary of any Transaction Party.

    

    subsidiary
means with respect to any Person, (1) a corporation a majority of the voting
Equity Interests of which are at the time, directly or indirectly, owned by such
Person; and (2) any other Person (other than a corporation), including, a
partnership, limited liability company, business trust or joint venture, in
which such Person, at the time thereof, directly or indirectly, has at least a
majority ownership interest entitled to vote in the election of directors,
managers or trustees thereof (or other Person performing similar
functions).  For the purposes of this Agreement, references to
subsidiaries of under this Agreement shall be deemed to include Lyondell and its
subsidiaries after giving effect to the Acquisition.

    

    Super
Majority Purchasers means at any time Purchasers holding more than 66
2/3% of the aggregate Total Commitments or, after the Termination Date, more
than 66 2/3% of the aggregate Capital outstanding at such time.

    

    Sweep
Account means the Deposit Account of the Seller identified on Schedule I
hereto, or such other account as the Seller and the Agent may
agree.

    

    Swing
Purchase has the meaning specified in Section 2.3.

    

    Swing
Purchase Request has the meaning specified in Section
2.3(b).

    

    Swing
Purchase Sublimit means, at any time, $75,000,000.

    

    Swing
Purchaser means Citibank or any other Purchaser that becomes the Agent or
agrees, with the approval of the Agent and the Seller, to act as the Swing
Purchaser hereunder, in each case in its capacity as the Swing Purchaser
hereunder.

    

    Taxes
has the meaning specified in Section 2.14(a).

    

    Termination
Date means the earlier of (i) the Commitment Termination Date, and (ii)
the date of termination in whole of the aggregate Commitments pursuant
to Section 2.4 or 7.1.

    

    Threshold
Amount means $100,000,000.

    

    Threshold
Indebtedness has the meaning specified in Section 7.1.

    

    Total
Asset Availability means, at any time, the sum of (i) Receivable Asset
Availability plus (ii) ABF Collateral Availability, in each case at such
time.

    

    Total
Commitments means the aggregate of all Commitments of all Purchasers, as
such amount may be reduced from time to time pursuant to Section
2.4 or increased from time to time pursuant to Section 2.19. On the Closing
Date, the Total Commitments aggregate $1,150,000,000.

    

    Total
Excess Availability means, at any time, the sum of (i) Receivables Excess
Availability plus (ii) ABF Excess Availability at such time.  Total
Excess Availability shall be determined, on a pro forma basis, based on the
borrowing base certificate delivered pursuant to 5.12 of the ABF Agreement and
the first monthly Seller Report delivered pursuant to Section 5.5(e), to the
extent required to be determined in respect of days prior to the Closing
Date.

    
      
        
        

      

      
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    Transaction
Documents means this Agreement, the Receivables Sale Agreement, each
Subordinated Note, the Undertaking, the Lock-Box Agreements, the Consent and
Agreement, the Intercreditor Agreement, and each additional security or control
documentation delivered or required to be delivered pursuant to any of the
foregoing to evidence the interests of the Seller and of Agent and the
Purchasers, as applicable, in and to the Restricted Accounts, Receivables,
Related Security, Collections and proceeds thereof.

    

    Transaction
Parties means the Seller, each Originator and the Servicer (if an
Originator or an Affiliate of an Originator is the Servicer).

    

    Triggering
Event means any of the following events:  (i) the Termination
Date, (ii) the occurrence of an Event of Termination, (iii) Total Asset
Availability being less than $225,000,000 on each Business Day during any period
of five consecutive Business Days, (iv) Total Excess Availability being less
than $200,000,000 on each Business Day during any period of five consecutive
Business Days unless on
each Business Day during such period both (x) Total Asset Availability is
greater than or equal to $275,000,000 and (y) Total Excess Availability is
greater than or equal to $150,000,000 or (v) Total Asset Availability being less
than $200,000,000 on any Business Day; provided that if,
following a Triggering Event described in clause (iii), (iv) or (v), Total Asset
Availability subsequently equals or exceeds $250,000,000 on each Business Day
during a period of 20 consecutive Business Days, such Triggering Event shall
cease to exist upon the first day following such 20-Business Day period (unless
the Seller otherwise elects by notice to the Agent); and provided, further, that if,
following a Triggering Event described in clause (ii), the related Event of
Termination ceases to exist, such Triggering Event shall cease to
exist.  For the avoidance of doubt, the cessation of an existing
Triggering Event does not preclude the occurrence of a subsequent Triggering
Event.

    

    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 provisions of law, the
perfection, effect of perfection or non-perfection or priority of the interests
of the Agent or the Purchasers in the Pool Receivables, Related Security and
Collections created by the Transaction Documents 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.

    

    Unapplied
Cash and Credits means, at any time, the aggregate amount of Collections
or other cash or credits then held by or for the account of the Servicer, any
Originator or the Seller in respect of the payment of Pool Receivables, but not
yet applied or reinvested pursuant to Section 2.6 or Section
2.7 or applied pursuant to Section 2.8.

    

    Unbilled
Receivable means a Receivable for which, at the time of determination, an
invoice or other evidence of an Obligors payment obligation for the purchase of
goods from the Originator has not been rendered.

    

    Undertaking
means the Undertaking Agreement dated as of the Closing Date, in substantially
the form of Exhibit
J hereto, by the Servicer and each Originator in favor of the Agent and
the Purchasers.

    

    United
States and U.S.
each means United States of America.

    

    Unused
Commitment Fee has the meaning specified in Section
2.11.

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

    U.S.
Dollars and $
each means the lawful currency of the United States.

    

    Welfare
Plan means a welfare plan, as defined in Section 3(1) of
ERISA.

    

    Wholly
Owned means, with respect to a Person, a subsidiary of such Person all of
the outstanding Equity Interests of which (other than (x) directors qualifying
shares and (y) shares issued to third parties, in each case in a de minimis
amount and to the extent required by applicable Law) are owned by such Person
and/or by one or more wholly owned subsidiaries of such Person.

    

    Withdrawal
Liability means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part I of Subtitle E of Title IV of ERISA.

    

    Yield
means (a) for each Capital Investment made at the Applicable LIBO Rate, for any
Yield Period:

     

    
      
        	 	
                
                  AR
      x C x ED

                

              	
                +

              	
                LC

              	 
	 	
                360

              	 	 	 

      

    

    where:

    

    
      	AR	
              =

            	
                  
      the Applicable LIBO Rate for such Capital Investment for such Yield
      Period;

            

    

    

    
      	
              C

            	
              =

            	
              the
      amount of such Capital Investment;

            

    

    

    
      	
              ED

            	
              =

            	
              the
      actual number of days elapsed during such Yield Period;
  and

            

    

    

    
      	
              LC

            	
              =

            	
              all
      Liquidation Costs, if any, for such Receivable Interest for such Yield
      Period; and

            

    

    

    (b) for
each Capital Investment made at the Applicable Base Rate for any period of
time:

    

    
      
        	 	
                
                  AR
      x C x ED

                

              	
                or

              	
                
                  AR
      x C x ED

                

              	 
	 	
                365

              	
                366

              	 

      

    

    where:

    

    
      	AR	
              =

            	
              the
      Applicable Base Rate from time to
time;

            

    

    

    
      	C	
              =

            	
              the
      amount of such Capital Investment;
and

            

    

    

    
      	ED	
              =

            	
              the
      actual number of days elapsed;

            

    

    

    provided, that no
provision of this Agreement shall require the payment or permit the collection
of Yield in excess of the maximum permitted by applicable law; provided, further,
that Yield for any Capital Investment shall not be considered paid by any
distribution to the extent that at any time all or a portion of such
distribution is rescinded or must otherwise be returned for any
reason.

    

    Yield and
Fee Reserve means, as of any date of determination an amount in U.S.
Dollars equal to the sum of  (A) the Servicer Fee accrued and unpaid
through such date, (B) the aggregate Yield, Unused Commitment Fee and Agents Fee
accrued and unpaid through such date and (C) the aggregate of any other
Obligations then accrued and owing hereunder by the Seller to the Purchasers or
the Agent.

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

    Yield
Period means, in the case of any Capital Investment made at the Adjusted
LIBO Rate, (a) initially, the period commencing on the date such Capital
Investment is made or on the date of conversion of a Capital Investment made at
the Alternate Base Rate to a Capital Investment made at the Adjusted LIBO Rate
and ending on the seventh day thereafter (if at the time of the relevant Notice
of Purchase, all Purchasers participating therein agree to make a seven-day
Yield Period available) or one, two, three or six months thereafter, as selected
by the Seller in its Notice of Purchase and (b) thereafter, if such Capital
Investment is continued, in whole or in part, as a Capital Investment made at
the Adjusted LIBO Rate, a period commencing on the last day of the immediately
preceding Yield Period therefor and ending on the seventh day thereafter (if at
the time of the relevant Notice of Conversion or Continuation, all Purchasers
participating therein agree to make a seven-day Yield Period available) or one,
two, three, six, nine or twelve (if at the time of the relevant Notice of
Purchase, all Purchasers participating therein agree to make a nine or twelve
month Yield Period available) months thereafter, as selected by the Seller in
its Notice of Conversion or Continuation given to the Agent; provided, however,
that all of the foregoing provisions relating to Yield Periods in respect of
Capital Investment made at the Adjusted LIBO Rates are subject to the
following:

    

    (a)           if
any Yield Period would otherwise end on a day that is not a Business Day, such
Yield Period shall be extended to the next succeeding Business Day, unless the
result of such extension would be to extend such Yield Period into another
calendar month, in which event such Yield Period shall end on the immediately
preceding Business Day;

    

    (b)           any
Yield Period that begins on the last Business Day of a calendar month (or on a
day for which there is no numerically corresponding day in the calendar month at
the end of such Yield Period) shall end on the last Business Day of a calendar
month;

    

    (c)           the
Seller may not select any Yield Period that ends after the Commitment
Termination Date; and

    

    (d)           there
shall be outstanding at any one time no more than 10 Yield Periods in the
aggregate.

    

    Section
1.2            Other
Terms.

    

    (a)           All
accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios
and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in conformity with, GAAP, except as otherwise
specifically prescribed herein.

    

    (b)           Except
where the context requires otherwise, the definitions in Section 1.1 shall apply
equally to the singular and plural forms of the terms
defined.  Whenever the context may require, any pronoun shall include
the corresponding masculine, feminine and neuter forms.  The words
include, includes and including shall be
deemed to be followed by the phrase without
limitation.  Unless otherwise stated, references to Sections,
Articles, Schedules and Exhibits made herein are to Sections, Articles,
Schedules or Exhibits, as the case may be, of this Agreement.  Writing, written and
comparable terms refer to printing, typing and other means of reproducing words
in a visible form.  References to any agreement or contract are to
such agreement or contract as amended, modified or supplemented from time to
time in accordance with the terms hereof and thereof.  References to
any Person include the successors and permitted assigns of such
Person.

    
      
        
        

      

      
        26

        
          

        

      

      
        
        

      

    

    (c)           All
terms used in Article 9 of the UCC in the State of New York and not specifically
defined herein are used herein as defined in such Article 9.

    

    Section
1.3    Computation of Time
Periods.

    

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

    

    ARTICLE
II

    

    Amounts
and Terms of the Purchases

    

    Section
2.1    Commitment.

    

    On the
terms and conditions herein set forth, each Purchaser severally agrees to make
Purchases (i) on the Closing Date and from time to time thereafter on any
Business Day during the period from the Closing Date to the Termination Date and
(ii) in an aggregate amount for such Purchaser not to exceed at any time
outstanding such Purchasers Commitment; provided, however,
that no Purchaser shall be obligated to make any Purchase to the extent that,
after giving effect to such Purchase, the Capital then outstanding would exceed
the Maximum Capital.  Purchases shall be made by the Purchasers
simultaneously and ratably in accordance with their respective
Commitments.

    

    Section
2.2    Making
Purchases.

    

    (a)    Each Purchase
of a Receivable Interest by the Purchasers shall be made on notice from the
Seller to the Agent, given not later than 12:30 p.m. (New York time) (i) on the
third Business Day before the date of such Purchase in the case of the Purchase
of any Receivable Interest initially bearing Yield at the Applicable LIBO Rate
and (ii) on the Business Day of such Purchase in the case of the Purchase of any
Receivable Interest initially bearing Yield at the Applicable Base Rate. Each
such notice of a proposed Purchase of a Receivable Interest (a Notice of Purchase)
shall be by telephone (confirmed promptly thereafter in writing), facsimile or
by electronic mail (or similar means), in substantially the form of Exhibit F hereto, and
shall specify the requested aggregate amount of such Purchase to be paid to the
Seller and the requested Business Day of such Purchase.  Each Purchase
of any Receivable Interest under this Section 2.2 shall be in an
aggregate amount which is an integral multiple of $1,000,000 and which is not
less than the lesser of $10,000,000 and the remaining available balance of the
Commitments.

    

    (b)    The Agent
shall give each Purchaser prompt notice of such Notice of Purchase, the date of
such Purchase, and the amount of such Purchasers Capital Investment in
connection with such Purchase, by telephone or telefax.  On the date
of such Purchase, each Purchaser shall, upon satisfaction of the applicable
conditions set forth in Section 3.2, make available to the Agent its Ratable
Portion of the aggregate amount of such Purchase by deposit of such Ratable
Portion in same day funds to the Agents Account, and, after receipt by the Agent
of such funds, the Agent shall cause such funds to be made immediately available
to the Seller at the Sellers Account.

    

    (c)           
Each Notice of Purchase delivered pursuant to Section 2.2(a) shall be
irrevocable and binding on the Seller.

    

    (d)           
Unless the Agent shall have received notice from a Purchaser prior to the date
of any Purchase that such Purchaser will not make available to the Agent such
Purchasers Ratable Portion of such Purchase, the Agent may assume that such
Purchaser has made such Ratable Portion available to the Agent on the date of
such Purchase in accordance with Section 2.2(b), and the Agent may, in reliance
upon such assumption, make available to the Seller on such date a corresponding
amount.  However, if the Agent has received such notice from such
Purchaser, the Agent may not make such assumption and may not make available to
the Seller on such date such corresponding amount.  If and to the
extent that such Purchaser (other than a Purchaser that has delivered to the
Agent a notice of the type described in the two immediately preceding sentences)
shall not have made such Ratable Portion available to the Agent and the Agent
has made such Ratable Portion available to the Seller, such Purchaser and the
Seller severally agree to pay (to the extent not repaid by the Seller or such
Purchaser, respectively) to the Agent promptly on demand such corresponding
amount together with interest thereon, for each day from the date such amount is
made available to the Seller until the date such amount is repaid to the Agent,
at (i) in the case of the Seller, the Yield applicable to such amount and (ii)
in the case of such Purchaser, the Federal Funds Rate.  If such
Purchaser shall repay to the Agent such corresponding amount, such amount so
repaid shall constitute such Purchasers Ratable Portion of such Purchase for
purposes of this Agreement.

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

    (e)           The
failure of any Purchaser to make available such Purchasers Ratable Portion of
any Purchase shall not relieve any other Purchaser of its obligation, if any,
hereunder to make available such other Purchasers Ratable Portion of such
Purchase on the date of such Purchase, but no Purchaser shall be responsible for
the failure of any other Purchaser to make available such other Purchasers
Ratable Portion of such Purchase on the date of any Purchase.  Nothing
herein shall prejudice any rights that the Seller may have against any Purchaser
as a result of any default by such Purchaser hereunder.

    

    Section
2.3    Swing
Purchases

    

    (a)       
    On the terms and subject to the conditions contained in
this Agreement, the Swing Purchaser agrees to make, in U.S. Dollars, Purchases
(each a Swing
Purchase) otherwise committed to the Seller hereunder from time to time
on any Business Day during the period from the Closing Date until the
Termination Date representing an aggregate Capital Investment at any time
outstanding (together with the aggregate outstanding Capital Investment relating
to any other Purchase made by the Swing Purchaser hereunder in its capacity as
the Swing Purchaser) not to exceed the Swing Purchase Sublimit; provided, however,
that at no time shall the Swing Purchaser make any Swing Purchase to the extent
that, after giving effect to such Swing Purchase, the Capital then outstanding
would exceed the Maximum Capital.

    

    (b)    In order to
request a Swing Purchase, the Seller may telephone the Agent (to be promptly
confirmed thereafter in writing) or send the Agent by telecopy (or by electronic
mail or similar means) a duly completed request in substantially the form of
Exhibit G, setting forth the
requested amount and date of such Swing Purchase (a Swing Purchase
Request), to be received by the Agent not later than 12:30 p.m. (New York
time) on the day of the proposed purchase.  The Agent shall promptly
notify the Swing Purchaser of the details of the requested Swing
Purchase.  Subject to the terms of this Agreement, the Swing Purchaser
may make the Capital Investment in connection with such Swing Purchase available
to the Agent and, in turn, the Agent shall make such amounts available to the
Seller on the date of the relevant Swing Purchase Request. The Swing Purchaser
shall not make any Swing Purchase in the period commencing on the first Business
Day after it receives written notice from the Agent or any Purchaser that one or
more of the conditions precedent contained in Section 3.2 shall not on
such date be satisfied, and ending when such conditions are
satisfied.  The Swing Purchaser shall not otherwise be required to
determine that, or take notice whether, the conditions precedent set forth
in Section 3.2 have been satisfied in connection with the making of
any Swing Purchase.  The Capital Investment relating to each Swing
Purchase shall be in an aggregate amount of not less than
$100,000.

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    (c)           The
Swing Purchaser shall notify the Agent in writing (which writing may be a
telecopy or electronic mail) weekly, by no later than 10:00 a.m. (New York time)
on the first Business Day of each week, of the aggregate amount of its Capital
Investments at such time in respect of Swing Purchases.

    

    (d)           The
Swing Purchaser may demand at any time that each Purchaser pay to the Agent, for
the account of the Swing Purchaser, in the manner provided in clause (e) below,
such Purchasers Ratable Portion of all or a portion of the Swing Purchasers
Capital Investments at such time in respect of Swing Purchases, which demand
shall be made through the Agent, shall be in writing and shall specify the
amount of the Capital Investments demanded to be so reduced; provided that if the
aggregate amount of the Swing Purchasers Capital Investments in respect of Swing
Purchases on the last Business Day of any week exceeds $5,000,000, then the
Swing Purchaser shall make such demand to the Agent on such last Business Day of
such week and require each Purchaser to pay to the Agent, for the account of the
Swing Purchaser, on such last Business Day of such week such Purchasers Ratable
Portion of the Swing Purchasers Capital Investments in respect of Swing
Purchases then outstanding.

    

    (e)    The Agent
shall forward each notice referred to in clause (c) above and each demand
referred to in clause (d) above to each Purchaser on the day such notice or such
demand is received by the Agent (except that any such notice or demand received
by the Agent after 2:00 p.m. (New York time) on any Business Day or any such
demand received on a day that is not a Business Day shall not be required to be
forwarded to the Purchasers by the Agent until the next succeeding Business
Day), together with a statement prepared by the Agent specifying the amount of
each Purchasers Ratable Portion of the aggregate amount of the Capital
Investments in respect of Swing Purchases stated to be outstanding in such
notice or demanded to be paid pursuant to such demand, and, notwithstanding
whether or not the conditions precedent set forth in Section
3.2 and Section 2.1 shall have been satisfied (which conditions
precedent the Purchasers hereby irrevocably waive), each Purchaser shall, before
12:00 noon (New York time) on the Business Day next succeeding the date of such
Purchasers receipt of such notice or demand, make available to the Agent, in
immediately available funds, for the account of the Swing Purchaser, the amount
specified in such statement; provided, however,
that notwithstanding anything to the contrary in the foregoing, no Purchaser
shall be obligated to purchase a Ratable Portion of, or otherwise pay any sum in
respect of, the Capital Investments in respect of a Swing Purchase to the extent
that the purchase by such Purchaser of a Ratable Portion of, or payment of other
sum in respect of, the Capital Investments in respect of such Swing Purchase
would cause such Purchasers aggregate Capital Investment to exceed its
Commitment.  Upon such purchase by a Purchaser, such Purchaser shall,
except as provided in clause (f), be deemed to have made a Purchase with a
Capital Investment equal to the amount actually paid by such
Purchaser.  The Agent shall use such funds to reduce the Swing
Purchasers Capital Investments in respect of Swing Purchases.

    

    (f)           
Upon the occurrence of an Event of Termination under Section 7.1(f), each
Purchaser shall acquire, without recourse or warranty, an undivided
participation in the Swing Purchasers Capital Investments in respect of each
Swing Purchase otherwise required to be repaid by such Purchaser pursuant to
clause (e) above, which participation shall be in an amount equal to such
Purchasers Ratable Portion of the Swing Purchasers Capital Investments in
respect of such Swing Purchase, by paying to the Swing Purchaser on the date on
which such Purchaser would otherwise have been required to make a payment in
respect of such Swing Purchasers Capital Investments pursuant to clause (e)
above, in immediately available funds, an amount equal to such Purchasers
Ratable Portion of such Swing Purchasers Capital Investments.  If all
or part of such amount is not in fact made available by such Purchaser to the
Swing Purchaser on such date, the Swing Purchaser shall be entitled to recover
any such unpaid amount on demand from such Purchaser together with interest
accrued from such date at the Federal Funds Rate for the first Business Day
after such payment was due and thereafter at the Applicable Base
Rate.

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

    (g)           From
and after the date on which any Purchaser (i) is deemed to have made a Purchase
pursuant to clause (e) above with respect to any Swing Purchase or (ii)
purchases an undivided participation interest in the Swing Purchasers Capital
Investments in respect of a Swing Purchase pursuant to clause (f) above, the
Swing Purchaser shall promptly distribute to such Purchaser such Purchasers
Ratable Portion of all payments in respect of Capital Investments and Yield
received by the Swing Purchaser on account of such Swing Purchase other than
those received from a Purchaser pursuant to clause (e) or (f)
above.

    

    Section
2.4    Termination or
Reduction of the Commitments; Voluntary Reductions of Capital.

    

    (a)           
The Seller may, upon at least 3 Business Days notice to the Agent, and so long
as, after giving effect to a proposed reduction, no Event of Termination or
Potential Event of Termination, would exist, terminate in whole or reduce in
part, the unused portions of the Commitments of the Purchasers; provided, however,
that for purposes of this Section 2.4, the unused portions of the Commitments of
the Purchasers shall be computed as (a) the Total Commitments immediately prior
to giving effect to such termination or reduction less (b) the outstanding
Capital at the time of such computation; provided, further, that each
such partial reduction of the unused portions of the Commitments (x) shall be in
an amount equal to at least $10,000,000 and shall be an integral multiple of
$1,000,000 in excess thereof, (y) shall be made ratably among the Purchasers
Commitments according to each Purchasers Ratable Portion and (z) shall reduce
the Total Commitments in an amount equal to each such reduction.

    

    (b)           
The Seller may, upon at least 3 Business Days notice to the Agent or upon 1
Business Days notice to the Agent in the case of reductions in outstanding
Capital bearing Yield solely at the Applicable Base Rate, reduce the outstanding
Capital in whole or in part; provided that each
such partial reduction of Capital shall be in a minimum amount of $10,000,000
and an integral multiple of $1,000,000.

    

    Section
2.5    Receivable
Interest.

    

    (a)           On
the date of Purchase of any Receivable Interest, such Receivable Interest shall
be initially computed, after giving effect to such Purchase, as of the close of
business of the Servicer on such date.  Thereafter until the
Termination Date, such Receivable Interest shall be automatically recomputed as
of the close of business of the Servicer on each day (other than a Liquidation
Day).

    

    (b)           Such
Receivable Interest shall remain constant from the time as of which any such
computation or recomputation is made until the time as of which the next such
recomputation, if any, shall be made.  Each Receivable Interest, as
computed as of the day immediately preceding the Termination Date, shall remain
constant at all times on and after the Termination Date; and any Special
Receivable Interest, as computed as of the Termination Date, shall remain
constant at all times on and after the Termination Date.

    

    (c)           Such
Receivable Interest shall become zero at such time as the Purchasers of such
Receivable Interest shall have received the accrued Yield for such Receivable
Interest, shall have recovered the Capital Investment of such Receivable
Interest, and shall have received payment of all other amounts payable by the
Seller to such Purchasers, and the Servicer shall have received the accrued
Servicer Fee for such Receivable Interest.

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

    Section
2.6    Ordinary Settlement
Procedures.

    

    (a)    On each
Business Day (other than a Liquidation Day or a day on which a Triggering Event
exists) the Servicer shall, out of Collections of Pool Receivables received on
such Business Day:

     

     
(i)             
 first, pay to the Servicer (if the Servicer is not an Originator or an
Affiliate of an Originator) or the Agent and the Purchasers, as applicable, an
amount in U.S. Dollars equal to the Servicer Fee, the Yield, the Unused
Commitment Fee, the Agents Fee and any other Obligations of the Seller due and
payable on such day;

    
 

     (ii)    
          second, distribute to the Agent for
the account of the Swing Purchaser an amount in U.S. Dollars equal to that
amount, if any, then required to be applied to reduce the Swing Purchasers
Capital Investments in respect of Swing Purchases to zero;

    

     (iii)      third,
if such day is the second Business Day following the date on which a Seller
Report is or is required to be delivered, a Shortfall Condition exists as of the
last day of the period covered by such Seller Report, and the Agent does not
receive an updated Seller Report demonstrating that a Shortfall Condition does
not exist on such second Business Day, distribute to the Agent for the account
of the Purchasers an amount in U.S. Dollars equal to that amount, if any, which
would be required to reduce Capital so that the aggregate Receivable Interests
would not, after giving effect to such application and the Collections of Pool
Receivables and the addition of new Pool Receivables on such day and the
resulting automatic recomputation of such Receivable Interests pursuant
to SectionSection 2.5 as of the end of such day, exceed 100%; provided that (x) the
Agent shall apply such amount, first, to reduce all Capital Investments as to
which Yield is determined on the basis of the Adjusted Base Rate and (y) second,
to reduce all Capital Investments as to which Yield is determined on the basis
of the Adjusted LIBO Rate; provided that in lieu
of immediately reducing the Capital Investments as to which Yield is determined
on the basis of the Adjusted LIBO Rate, the Agent, at the direction of the
Seller, may transfer such amount to the Cash Assets Account and such amount
shall be deemed to reduce Capital by the amount so held pending application
thereof to reduce Capital Investments as to which Yield is calculated on the
basis of the Adjusted LIBO Rate on the last day of each Yield Period applicable
thereto (occurring in chronological order); provided, further, however, that if the
Agent subsequently receives a request from the Servicer for a withdrawal of all
or a portion of such amounts that are then held in the Cash Assets Account and a
Seller Report demonstrating that a Shortfall Condition, after giving effect to
such requested withdrawal, does not exist, then the Agent shall release such
amounts to the Servicer for further application under this Section
2.6(a);

    

    (iv)      
fourth, distribute to the Agent for the account of the Purchasers of each
Receivable Interest an amount in U.S. Dollars equal to that amount, if any, then
required to be applied to reduce the Capital Investment of such Receivable
Interest pursuant to the notice of the Seller delivered under Section
2.4(b);

    

     (v)            
  fifth, distribute to the Agent for deposit into the Cash Assets
Account such amount as the Seller, at its option, has specified to the Agent,
which amount shall be deemed to reduce Capital by a corresponding amount; provided, however, that if the
Agent subsequently receives a request from the Servicer for a withdrawal of all
or a portion of such amounts that are then held in the Cash Assets Account and a
Seller Report demonstrating that a Shortfall Condition, after giving effect to
such requested withdrawal, does not exist, then the Agent shall release such
amounts to the Servicer for further application under this
Section2.6(a).

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

    (vi)            
  sixth, distribute to the Servicer (if the Servicer is an Originator
or an Affiliate of an Originator) the accrued Servicer Fee to the extent then
due and payable; and

    

      
(vii)          
   seventh, reinvest the remainder of such Collections, for the
benefit of the Purchasers, which reinvestment shall result in (x) an automatic
recomputation of the undivided percentage interest represented by such
Receivable Interest pursuant to Section 2.5 as of the end of such day
and (y) the payment of such remainder to the Seller; provided, however, that to the
extent the Agent or any Purchaser shall be required for any reason to pay over
any amount representing Collections which have been previously reinvested for
the benefit of such Purchaser pursuant hereto, such amount shall be deemed not
to have been so reinvested but rather to have been retained by the Seller and
paid over for the account of such Purchaser and, notwithstanding any provision
herein to the contrary, such Purchaser shall have a claim for such
amount;

     

    provided, however,
that if sufficient funds are not available to fund all payments to be made in
respect of any amounts described in any of clauses  first, second,
third, fourth, fifth and sixth above, the available funds being applied with
respect to any such amounts (unless otherwise specified in such clause) shall be
allocated to the payment of the amounts referred to in such clause ratably,
based on the proportion of the Servicers, the Agents or the Purchasers interest
in the aggregate outstanding amounts described in such clause.

    

    (b)           Subject
to Section 2.7 and Section 2.8, all amounts in the Concentration
Account shall be automatically transferred to the Sellers Account, and payments
and distributions by the Servicer pursuant to Section 2.6(a) shall be
made from funds so transferred to the Sellers Account.  Payments to
the Seller under clause (vii) of Section 2.6(a) shall be made, solely
for administrative convenience as requested by the Seller so as to effect
payment on behalf of the Seller of amounts payable by the Seller to the
Originators for so long as the ABF Agreement is in effect, to the Inventory
Concentration Account (as defined in the ABF Collateral Documents).

    

    Section
2.7            Triggering
Event Settlement Procedures.

    

    (a)        
On each Business Day (other than a Liquidation Day) on which a Triggering Event
exists, the Agent (and not the Servicer) shall, out of Collections of Pool
Receivables received on such Business Day:

    

     
(i)              
first, pay to the Servicer (if the Servicer is not an Originator or an Affiliate
of an Originator), the Agent and the Purchasers, as applicable, an amount in
U.S. Dollars equal to the Servicer Fee, the Yield, the Unused Commitment Fee,
the Agents Fee and any other Obligations of the Seller due and payable on such
day;

    

     (ii)             
 second, distribute to the Swing Purchaser an amount in U.S. Dollars equal
to that amount, if any, then required to be applied to reduce the Swing
Purchasers Capital Investments in respect of Swing Purchases to
zero;

    

    (iii)      
third, if such day is the second Business Day following the date on which a
Seller Report is or is required to be delivered, a Shortfall Condition exists as
of the last day of the period covered by such Seller Report, and the Agent does
not receive an updated Seller Report demonstrating that a Shortfall Condition
does not exist on such second Business Day, distribute to the Purchasers an
amount in U.S. Dollars equal to that amount, if any, which would be required to
reduce Capital so that the aggregate Receivable Interests would not, after
giving effect to such application and the Collections of Pool Receivables and
the addition of new Pool Receivables on such day and the resulting automatic
recomputation of such Receivable Interests pursuant to Section 2.5 as
of the end of such day, exceed 100%; provided that (x) the
Agent shall apply such amount, first, to reduce all Capital Investments as to
which Yield is determined on the basis of the Adjusted Base Rate and (y) second,
to reduce all Capital Investments as to which Yield is determined on the basis
of the Adjusted LIBO Rate; provided that in lieu
of immediately reducing the Capital Investments as to which Yield is determined
on the basis of the Adjusted LIBO Rate, the Agent, at the direction of the
Seller, may transfer such amount to the Cash Assets Account and such amount
shall be deemed to reduce Capital by the amount so held pending application
thereof to reduce Capital Investments as to which Yield is calculated on the
basis of the Adjusted LIBO Rate on the last day of each Yield Period applicable
thereto (occurring in chronological order); provided, further, however, that if the
Agent subsequently receives a request from the Servicer or the Seller for a
withdrawal of all or a portion of such amounts that are then held in the Cash
Assets Account and a Seller Report demonstrating that a Shortfall Condition does
not exist and certifying that either (x) the conditions to an Investment Event
would be satisfied or (y) a Triggering Event ceases to exist, in each case after
giving effect to such requested withdrawal, then the Agent shall release such
amounts for further application under this Section 2.7(a);

    
      
        
        

      

      
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    (iv)      
fourth, distribute to the Purchasers of each Receivable Interest an amount in
U.S. Dollars equal to that amount, if any, then required to be applied to reduce
the Capital Investment of such Receivable Interest pursuant to the notice of the
Seller delivered under Section 2.4(b);

    

     (v)              
fifth, deposit into the Cash Assets Account such amount as the Seller, at its
option, has specified to the Agent, which amount shall be deemed to reduce
Capital by a corresponding amount; provided, however, that if the
Agent subsequently receives a request from the Servicer or the Seller for a
withdrawal of all or a portion of such amounts that are then held in the Cash
Assets Account and a Seller Report demonstrating that a Shortfall Condition does
not exist and certifying that either (x) the conditions to an Investment Event
would be satisfied or (y) a Triggering Event ceases to exist, in each case after
giving effect to such requested withdrawal, then the Agent shall release such
amounts for further application under this Section 2.7(a);

    

    (vi)           
   sixth, distribute to the Servicer (if the Servicer is an
Originator or an Affiliate of an Originator) the accrued Servicer Fee to the
extent then due and payable; and

    

      
(vii)           
  seventh, reinvest the remainder of such Collections, for the benefit
of the Purchasers, which reinvestment shall result in (x) the automatic
recomputation of the undivided percentage interest represented by such
Receivable Interest pursuant to Section 2.5 as of the end of such day
and (y) the payment of such remainder to the Seller; provided, however, that (A) to
the extent the Agent or any Purchaser shall be required for any reason to pay
over any amount representing Collections which have been previously reinvested
for the benefit of such Purchaser pursuant hereto, such amount shall be deemed
not to have been so reinvested but rather to have been retained by the Seller
and paid over for the account of such Purchaser and, notwithstanding any
provision herein to the contrary, such Purchaser shall have a claim for such
amount and (B) either (I) if Total Excess Availability is less than $125,000,000
on any such day or (II) if the conditions to an Investment Event would not be
satisfied on such day, such reinvestment and payment shall not be made and
instead such remainder shall be applied to reduce all Capital Investments as
follows: (1) first, to reduce all Capital Investments as to which Yield is
determined on the basis of the Adjusted Base Rate and (2) second, to reduce all
Capital Investments as to which Yield is determined on the basis of the Adjusted
LIBO Rate; provided that in lieu
of immediately reducing the Capital Investments as to which Yield is determined
on the basis of the Adjusted LIBO Rate, the Agent, at the direction of the
Seller, may transfer such amount to the Cash Assets Account and such amount
shall be deemed to reduce Capital by the amount so held pending application
thereof to reduce Capital Investments as to which Yield is calculated on the
basis of the Adjusted LIBO Rate on the last day of each Yield Period applicable
thereto (occurring in chronological order); provided, further, however, that if the
Agent subsequently receives a request from the Servicer or the Seller for a
withdrawal of all or a portion of such amounts that are then held in the Cash
Assets Account and either (I) the Agent receives a Seller Report demonstrating
that a Shortfall Condition does not exist and certifying that either the
conditions to an Investment Event would be satisfied or a Triggering Event does
not exist, in each case after giving effect to such requested withdrawal, or
(II) the aggregate Capital is zero, then the Agent shall release such amounts
for reinvestment and payment to the Seller;

    
      
        
        

      

      
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    provided, however, that if
sufficient funds are not available to fund all payments to be made in respect of
any amounts described in any of clauses first, second, third, fourth, fifth and
sixth above, the available funds being applied with respect to any such amounts
(unless otherwise specified in such clause) shall be allocated to the payment of
the amounts referred to in such clause ratably, based on the proportion of the
Servicers, the Agents or the Purchasers interest in the aggregate outstanding
amounts described in such clause.

    

    (b)           On
each Business Day during which a Triggering Event exists (other than on a
Liquidation Day), all amounts in the Concentration Account shall be
automatically transferred to the Sweep Account, and payments and distributions
by the Agent pursuant to Section 2.7(a) shall be made from funds in
the Sweep Account.  Payments to the  Seller under clause
(vii) of Section 2.7(a) shall be made, solely for administrative
convenience as requested by the Seller so as to effect payment on behalf of the
Seller of amounts payable by the Seller to the Originators for so long as the
ABF Agreement is in effect, to the Sweep Account as defined in the ABF
Agreement.

    

    Section
2.8           
 Liquidation Settlement Procedures.

    

    On each
Liquidation Day, the Agent shall transfer to the Sweep Account the Collections
of Pool Receivables received on such day, and the Agent shall apply such
Collections, and all amounts held in the Cash Assets Account, as
follows:

    

      (i)           
   first, to pay Obligations of the Seller to the Agent under any
Transaction Document in respect of any expense reimbursements, Cash Management
Obligations or indemnities then due to the Agent;

    

     (ii)         
     second, to pay Obligations of the Seller to the
Purchasers under any Transaction Document in respect of any expense
reimbursements or indemnities then due to such Persons;

    
      
        
        

      

      
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    (iii)           
   third, to the Servicer (if the Servicer is not an Originator
or an Affiliate of an Originator) in payment of the accrued Servicer Fee then
due and payable, and to the Purchasers in payment of the accrued Unused
Commitment Fees then due and payable;

    

    (iv)       
       fourth, to the Purchasers in payment
of the accrued Yield then due and payable;

    

     (v)           
   fifth, to the Purchasers in reduction (to zero) of the Capital
Investments in respect of each Receivable Interest;

    

    (vi)       
       sixth, to the Purchasers or the Asset
Agent in ratable payment of any other Obligations owed by the Seller hereunder
or under any other Transaction Document (except for the Servicer
Fee);

    

      
(vii)             
 seventh, to the Servicer (if the Servicer is an Originator or an Affiliate
of an Originator) in payment of the accrued Servicer Fee then due and payable;
and

    

     
(viii)              
to the extent of any remainder, to the Seller;

    

    provided, however,
that if sufficient funds are not available to fund all payments to be made in
respect of any amounts described in any of clauses first, second, third, fourth,
fifth, sixth and seventh above, the available funds being applied with respect
to any such amounts (unless otherwise specified in such clause) shall be
allocated to the payment of the amounts referred to in such clause ratably,
based on the proportion of the Servicers, the Agents or the Purchasers interest
in the aggregate outstanding amounts described in such
clause.  Payments to the Seller under clause (viii) of Section
2.8 shall be made, solely for administrative convenience as requested by
the Seller so as to effect payment on behalf of the Seller of amounts payable by
the Seller to the Originators for so long as the ABF Agreement is in effect, to
the Sweep Account as defined in the ABF Agreement.

    

    Section
2.9    General Settlement
Procedures.

    

    (a)    Except as set
forth in clauses (b) and (c) below or as otherwise required by law or
the underlying Contract, all Collections received from an Obligor of any Pool
Receivable shall be applied to Pool Receivables then outstanding of such Obligor
in the order of the age of such Pool Receivables, starting with the oldest such
Pool Receivable, except if payment is designated by such Obligor for application
to specific Pool Receivables.

    

    (b)    If, on any
day, the Outstanding Balance of a Pool Receivable is either (x) reduced as a
result of any defective, rejected or returned goods or services, any discount,
or any adjustment by the Seller or any Originator, or (y) reduced or cancelled
as a result of a setoff in respect of any claim by the Obligor thereof against
the Seller or any Originator (whether such claim arises out of the same or a
related transaction or an unrelated transaction), the Seller shall be deemed to
have received on such day a Collection of such Receivable in the amount of such
reduction or cancellation and shall make the payment required to be made by it
in connection with such Collection on the day required by, and otherwise
pursuant to, Section 5.1(i).

    

    (c)    If on any day
(x) any of the representations or warranties in Section 4.1 is no longer true
with respect to any Pool Receivable or (y) it is discovered that any Receivable
that was included in the Net Receivables Pool Balance as an Eligible Receivable
was not an Eligible Receivable at the time of such inclusion, the Seller shall
be deemed to have received on such day a Collection in full of such Pool
Receivable and shall make the payment required to be made by it in connection
with such Collection on the day required by, and otherwise pursuant to, Section
5.1(i).

    
      
        
        

      

      
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    Section
2.10          Payments and
Computations, Etc.

    

    (a)           All
amounts to be paid or deposited by the Seller or the Servicer hereunder shall be
paid or deposited in accordance with the terms hereof no later than 12:30 p.m.
(New York time) on the day when due in U.S. Dollars in same day funds to the
Agents Account.  The Servicer or the Agent, as applicable, shall
promptly thereafter cause to be distributed (i) like funds relating to the
payment out of Collections in respect of Capital, Yield, Servicer Fee or other
Obligations payable out of Collections, to the Purchasers (according to each
Purchasers Ratable Portion) and the Servicer in accordance with the provisions
of Section 2.6, 2.7, or 2.8, as applicable, and (ii) like funds relating to the
payment by the Seller of other Obligations payable by the Seller hereunder, to
the parties hereto for whose benefit such funds were paid (and if such funds are
insufficient, such distribution shall be made, subject to Section 2.6, 2.7
or 2.8, as applicable, ratably in accordance with the respective amounts
thereof).  Upon the Agents acceptance of an Assignment and Acceptance
and recording of the information contained therein in the Register pursuant to
Section 9.2, from and after the effective date specified in such Assignment and
Acceptance, the Agent shall make all payments hereunder in respect of the
interest assigned thereby to the Assignee thereunder, and the parties to such
Assignment and Acceptance shall make all appropriate adjustments in such
payments for periods prior to such effective date directly between
themselves.

    

    (b)           The
Seller shall, to the extent permitted by law, pay to the Agent interest on all
amounts not paid or deposited when due hereunder (except for those amounts with
respect to which Yield accrues) at 2.00% per annum above the Alternate Base Rate
in effect from time to time, payable on demand, provided, however,
that such interest rate shall not at any time exceed the maximum rate permitted
by applicable law.  Such interest shall be for the account of, and
distributed by the Agent to, the applicable Purchasers ratably in accordance
with their respective interests in such overdue amount.

    

    (c)           All
computations of interest and all computations of Yield based on the Applicable
LIBO Rate, all Unused Commitment Fee and all other per annum fees hereunder
shall be made on the basis of a year of 360 days for the actual number of days
(including the first but excluding the last day) elapsed.  All
computations of Yield based on the Applicable Base Rate shall be made on the
basis of a year of 365 or 366 days, as applicable, for the actual number of days
(including the first but excluding the last day) elapsed.

    

    (d)           Unless
the Agent shall have received notice from the Servicer or the Seller prior to
the date on which any payment is due to the Purchasers hereunder that the
Servicer or the Seller, as the case may be, will not make such payment in full,
the Agent may assume that the Servicer or the Seller, as the case may be, has
made such payment in full to the Agent on such date and the Agent may, in
reliance upon such assumption, cause to be distributed to each Purchaser on such
due date an amount equal to the amount then due such Purchaser.  If
and to the extent the Servicer or the Seller, as the case may be, shall not have
so made such payment in full to the Agent, each Purchaser shall repay to the
Agent promptly on demand such amount distributed to such Purchaser together with
interest thereon, for each day from the date such amount is distributed to such
Purchaser until the date such Purchaser repays such amount to the Agent, at the
Federal Funds Rate.

    

    Section
2.11          Yield and
Fees.

    

    (a)           All
Capital Investments and the outstanding amount of all other Obligations
hereunder shall bear a Yield, in the case of Capital Investments, on the amount
thereof from the date such Capital Investments are made and, in the case of such
other Obligations, from the date such other Obligations are due and payable
until, in all cases, paid in full, at the Applicable Yield.  Accrued
Yield shall be payable on each Payment Date.

    
      
        
        

      

      
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    (b)           The
Seller shall pay to each Facility Agent such fees as are set forth in the Fee
Letter to which such Facility Agent is a party.

    

    (c)           The
Seller shall pay to the Agent for remittance to the Servicer a fee (the Servicer Fee) of
0.50% per annum on the average daily aggregate Outstanding Balance of the Pool
Receivables for the most recently completed month, from the date of the initial
Purchase hereunder until the later of the Termination Date or the date on which
Capital is reduced to zero, payable in arrears on the applicable Payment Date;
provided,
however, that, if at any time, the Servicer is not an Originator or an
Affiliate of an Originator, the Servicer shall be paid, as such fee, the greater
of (i) such amount and (ii) 120% of its reasonable out-of-pocket costs and
expenses incurred by it in servicing, administering and collecting the Pool
Receivables; and, provided further,
that such fee shall be payable only from Collections pursuant to, and
subject to the priority of payment set forth in, Sections Sections 2.6, 2.7
and 2.8.

    

    (d)           The
Seller agrees to pay to each Purchaser an unused commitment fee on the actual
daily amount by which the Commitment of such Purchaser exceeds such Purchasers
Capital Investments (the Unused Commitment
Fee) from the date hereof through the Termination Date at the Applicable
Unused Commitment Fee Rate, payable in arrears (x) on the
second  Business Day of each calendar month, commencing on the first
such Business Day following the Closing Date and (y) on the Termination
Date.

    

    Section
2.12          Special Provisions
Governing Capital Investments at the Applicable LIBO Rate.

    

    (a)    Increased
Costs.  If, due to either (i) a change after the date hereof in
Regulation D of the FRB (to the extent any cost incurred pursuant to such
regulation is not included in the calculation of Adjusted LIBO Rate), (ii) the
introduction of or any change after the date, with respect to each Purchaser,
such Purchaser became a party hereto, in or in the interpretation of any law or
regulation (other than any law or regulation relating to taxes, as to
which Section 2.14 shall govern) or (iii) the compliance with any
guideline or request issued or made after the date, with respect to each
Purchaser, such Purchaser became a party hereto, from any central bank or other
Governmental Authority (whether or not having the force of law), there shall be
any increase in the cost to (or, in the case of Regulation D of the FRB there
shall be imposed a cost on) any Purchaser of agreeing to make or making any
Purchase or maintaining any Receivable Interest (or interest therein) hereunder,
then the Seller shall from time to time, within five Business Days following
demand and delivery to the Seller of the certificate referred to in the
third-to-last sentence of this Section 2.12(a) by such Purchaser (or
by the Agent for the account of such Purchaser) (with a copy of such demand and
certificate to the Agent), pay to the Agent for the account of such Purchaser
additional amounts sufficient to compensate such Purchaser for such increased or
imposed cost.  Each Purchaser agrees to use reasonable efforts
promptly to notify the Seller of any event referred to in clause (i), (ii) or
(iii) above, provided that the
failure to give such notice shall not affect the rights of any Purchaser under
this Section 2.12(a) ; provided, however, that no
Purchaser shall be entitled to compensation under this Section
2.12(a) for any costs incurred more than 90 days prior to the date on which
it shall have requested compensation therefor; provided further,
that if the change in law or regulation or in the interpretation or
administration thereof that shall give rise to any such costs or reductions
shall be retroactive, then the 90-day period referred to above shall be extended
to include the period of retroactive effect thereof.  A certificate in
reasonable detail as to the basis for and the amount of such increased cost,
submitted to the Seller and the Agent by such Purchaser (or by the Agent for the
account of such Purchaser) shall be conclusive and binding for all purposes,
absent manifest error.  Notwithstanding any other provision of this
Section 2.12(a), no Purchaser shall demand compensation for any cost or
reduction referred to above if it shall not at the time be the general policy or
practice of such Purchaser to demand such compensation in similar circumstances
under comparable provisions of other receivables purchase agreements or credit
agreements, if any.  If any Purchaser shall receive as a refund any
moneys from any source that it has listed on the certificate provided pursuant
to the second preceding sentence as an increased cost, to the extent that the
Seller has previously paid such increased cost to such Purchaser, such Purchaser
shall promptly forward such refund to the Seller without
interest.

    
      
        
        

      

      
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    (b)           Interest Rate Unascertainable,
Inadequate or Unfair.  In the event that (i) the Agent
determines that adequate and fair means do not exist for ascertaining the
applicable interest rates by reference to which the Adjusted LIBO Rate then
being determined is to be fixed or (ii) the Required Purchasers notify the Agent
that the Adjusted LIBO Rate for any Yield Period will not adequately reflect the
cost to the Purchasers of making a Capital Investment or maintaining such
Capital Investment for such Yield Period, the Agent shall forthwith so notify
the Seller and the Purchasers, whereupon the Applicable Yield for such Capital
Investment shall automatically, on the last day of the current Yield Period for
such Capital Investment, convert into the Applicable Base Rate and the
obligations of the Purchasers to make a Capital Investment or maintain a Capital
Investment at the Applicable LIBO Rate shall be suspended until the Agent shall
notify the Seller that the Required Purchasers have determined that the
circumstances causing such suspension no longer exist.

    

    (c)    Illegality.  Notwithstanding
any other provision of this Agreement, if any Purchaser determines that the
introduction of, or any change in or in the interpretation of, any law, treaty
or governmental rule, regulation or order after the date of this Agreement shall
make it unlawful, or any central bank or other Governmental Authority shall
assert that it is unlawful, for any Purchaser to make a Capital Investment or
maintain a Capital Investment at the Applicable LIBO Rate, then, on notice
thereof and demand therefor by such Purchaser to the Seller through the Agent,
(i) the obligation of such Purchaser to make a Capital Investment or maintain a
Capital Investment at the Applicable LIBO Rate shall be suspended, and each such
Purchaser shall make Capital Investments at the Applicable Base Rate and (ii) if
the affected Capital Investments at the Applicable LIBO Rate are then
outstanding, the Seller shall immediately convert each such Capital Investment
into a Capital Investment at the Applicable Base Rate.  If, at any
time after a Purchaser gives notice under this Section 2.12(c), such Purchaser
determines that it may lawfully make Capital Investments at the Applicable LIBO
Rate, such Purchaser shall promptly give notice of that determination to the
Seller and the Agent, and the Agent shall promptly transmit the notice to each
other Purchaser.  The Sellers right to request, and such Purchasers
obligation, if any, to make Capital Investments at the Applicable LIBO Rate
shall thereupon be restored.

    

    (d)           Liquidation
Costs.  In addition to all amounts required to be paid by the
Seller hereunder, the Seller shall compensate each Purchaser, within five
Business Days following demand therefor, for all losses, expenses and
liabilities (including any loss or expense incurred by reason of the liquidation
or reemployment of deposits or other funds acquired by such Purchaser to fund or
maintain such Purchasers Capital Investments at the Applicable LIBO Rate but
excluding any loss of the Applicable Margin on the relevant Capital Investments)
(each, a Liquidation
Cost) that such Purchaser may sustain, and any customary fees that such
Purchaser may impose, (i) if for any reason a proposed Capital Investment,
conversion into Capital Investments at the Applicable LIBO Rate or Continuation
does not occur on a date specified therefor in a Notice of Purchase given by the
Seller or in a telephonic request by it for Purchase or a successive Yield
Period does not commence after notice therefor is given hereunder, (ii) if for
any reason any Capital Investment at the Applicable LIBO Rate is reduced
(including mandatorily pursuant to Section 2.7 or Section 2.8) on a date
that is not the last day of the applicable Yield Period, (iii) as a consequence
of a required conversion of a Capital Investment at the Applicable LIBO Rate to
Capital Investment at the Applicable Base Rate as a result of any of the events
indicated in Section 2.12(c) above or (iv) as a consequence of any
failure by the Seller to reduce Capital Investment at the Applicable LIBO Rate
when required by the terms hereof.  The Purchaser making demand for
such compensation shall deliver to the Seller concurrently with such demand a
written statement as to such losses, expenses and liabilities and fees, and this
statement shall be conclusive as to the amount of compensation due to such
Purchaser, absent manifest error.

    
      
        
        

      

      
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    Section
2.13          Increased
Capital.

    

    If any
Purchaser determines that either the introduction of or any change in or in the
interpretation of any law or regulation after the date such Purchaser becomes a
party hereto or the compliance with any guideline or request issued or made
after the date such Purchaser becomes a party hereto from any central bank or
other Governmental Authority (whether or not having the force of law) affects or
would affect the amount of capital required or expected to be maintained by such
Purchaser or any corporation controlling such Purchaser and that the amount of
such capital is increased by or based upon the existence of such Purchasers
commitment, if any, to purchase any Receivable Interest (or interest therein),
or to maintain such Receivable Interest (or interest therein) hereunder, then,
within five Business Days following demand and delivery to the Seller of the
certificate referred to in the third-to-last sentence of this Section
2.13 by such Purchaser (or by the Agent for the account of such Purchaser)
(with a copy of such demand and certificate to the Agent) the Seller shall pay
to the Agent for the account of such Purchaser from time to time, as specified
by such Purchaser, additional amounts sufficient to compensate such Purchaser or
such corporation in the light of such circumstances, to the extent that such
Purchaser reasonably determines such increase in capital to be allocable to the
existence of any such commitment.  Each Purchaser agrees to use
reasonable efforts promptly to notify the Seller of any event referred to in the
first sentence of this Section 2.13, provided that the
failure to give such notice shall not affect the rights of any Purchaser under
this Section 2.13; provided, however, that no
Purchaser shall be entitled to compensation under this Section
2.13 for any change in capital requirements incurred more than 90 days
prior to the date on which it shall have requested compensation therefor; provided, further, that if the
change in law or regulation or in the interpretation or administration thereof
that shall give rise to any such change shall be retroactive, then the 90-day
period referred to above shall be extended to include the period of retroactive
effect thereof.  A certificate in reasonable detail as to the basis
for, and the amount of, such compensation submitted to the Seller and the Agent
by such Purchaser (or by the Agent for the account of such Purchaser) shall be
conclusive and binding for all purposes, absent manifest
error.  Notwithstanding any other provision of this Section 2.13, no
Purchaser shall demand compensation under this Section 2.13 if it
shall not at the time be the general policy or practice of such Purchaser to
demand such compensation in similar circumstances under comparable provisions of
other receivables purchase agreements or credit agreements, if
any.  If any Purchaser shall receive as a refund any moneys from any
source that it has listed on the certificate provided pursuant to the second
preceding sentence, to the extent that the Seller has previously paid such
amounts to such Purchaser, such Purchaser shall promptly forward such refund to
the Seller without interest.

    

    Section
2.14          Taxes.

    

    (a)    Any and all
payments by the Seller hereunder or deposits from Collections hereunder shall be
made, in accordance with Section 2.10, free and clear of and without deduction
for any and all present or future taxes, levies, imposts, deductions, charges or
withholdings, and all liabilities with respect thereto, excluding, in the case
of each Indemnified Party, (i) taxes that are imposed on its overall net income
by the United States, (ii) taxes that are imposed on its overall net income,
assets or net worth (and franchise taxes imposed in lieu thereof) by the state
or foreign jurisdiction under the laws of which such Indemnified Party is
organized or qualified to do business or in which such Indemnified Party holds
any asset in connection with this Agreement or, in each case, any political
subdivision thereof, and (iii) branch profits tax imposed by the United States
of America or any similar tax imposed by any other jurisdiction in which any
Indemnified Party is located and (iv) United States backup withholding taxes
(all such non-excluded taxes, levies, imposts, deductions, charges, withholdings
and liabilities in respect of payments hereunder or deposits from Collections
hereunder being hereinafter referred to as Taxes).  If
the Seller or the Servicer or the Agent shall be required by law to deduct any
Taxes from or in respect of any sum payable hereunder or deposit from
Collections hereunder to any Indemnified Party, (i) the sum payable shall be
increased as may be necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section
2.14) such Indemnified Party receives an amount equal to the sum it would have
received had no such deductions been made, (ii) the Seller or the Servicer or
the Agent shall make such deductions and (iii) the Seller or the Servicer or the
Agent shall pay the full amount deducted to the relevant taxation authority or
other authority in accordance with applicable law.

    
      
        
        

      

      
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    (b)    In addition,
the Seller shall pay any present or future sales, stamp, documentary, excise,
property or similar taxes, charges or levies that arise from any payment made
hereunder or deposit from Collections hereunder or from the execution, delivery
or registration of, performing under, or otherwise with respect to, this
Agreement, the Receivables Sale Agreement or any other Transaction Document
(hereinafter referred to as Other
Taxes).

    

    (c)           The
Seller shall indemnify each Indemnified Party for and hold it harmless against
the full amount of Taxes and Other Taxes (including, without limitation, taxes
of any kind imposed by any jurisdiction on amounts payable under this Section
2.14) imposed on or paid by such Indemnified Party and any liability (including
penalties, additions to tax, interest and expenses) arising therefrom or with
respect thereto whether or not such Taxes or Other Taxes were correctly or
legally asserted.  This indemnification shall be made within five
Business Days from the date such Indemnified Party makes written demand therefor
(with a copy to the Agent).

    

    (d)           Within
30 days after the date of any payment of Taxes, the Seller shall furnish to the
Agent and each applicable Purchaser, at its address referred to in Section 11.3,
the original or a certified copy of a receipt evidencing such payment or a
certificate executed by a Responsible Officer of the Seller stating that such
Taxes have been paid, together with evidence of such payment reasonably
satisfactory to the Agent.

    

    (e)    Each
Purchaser organized under the laws of a jurisdiction outside the United States
shall, on or prior to the date of its execution and delivery of this Agreement
in the case of each Initial Purchaser, and on the date of the Assignment or the
Assignment and Acceptance pursuant to which it became a Purchaser in the case of
each other Purchaser, and from time to time thereafter as requested in writing
by the Seller (but only so long thereafter as such Purchaser remains lawfully
able to do so), provide each of the Agent and the Seller with 2 original
Internal Revenue Service forms W-8ECI or W-8BEN, as appropriate, or any
successor or other form prescribed by the Internal Revenue Service, certifying
that such Purchaser is exempt from or entitled to a reduced rate of United
States withholding tax on payments pursuant to this Agreement. If the forms
provided by a Purchaser at the time such Purchaser first becomes a party to this
Agreement indicate a United States interest withholding tax rate in excess of
zero, withholding tax at such rate shall be considered excluded from Taxes
unless and until such Purchaser provides the appropriate form certifying that a
lesser rate applies, whereupon withholding tax at such lesser rate only shall be
considered excluded from Taxes for periods governed by such form; provided, however,
that if, at the effective date of the Assignment or the Assignment and
Acceptance pursuant to which an Assignee becomes an Purchaser hereunder, the
Purchaser assignor was entitled to payments under subsection (a) of
this Section 2.14 (after taking into account subsections (e) and
(f) of this Section 2.14) in respect of United States withholding tax with
respect to amounts paid hereunder at such date, then, to such extent, the term
Taxes shall include (in addition to withholding taxes that may be imposed in the
future or other amounts otherwise includable in Taxes) United States withholding
tax, if any, applicable with respect to such Assignee on such
date.  If any form or document referred to in this subsection (e)
requires the disclosure of information, other than information necessary to
compute the tax payable and information required on the date hereof by Internal
Revenue Service form W-8ECI or W-8BEN or any successor or other form prescribed
by the Internal Revenue Service, that the Purchaser reasonably considers to be
confidential, the Purchaser shall give notice thereof to the Seller and shall
not be obligated to include in such form or document such confidential
information.  Each Purchaser and Agent that is a United States person
(within the meaning of Section 7701(a)(30) of the Code shall provide an IRS Form
W-9 to the Agent and Seller at the times and in the manners described above with
respect to the other withholding forms; provided, however,
that a Person that the Seller may treat as an exempt recipient (within the
meaning of Treasury Regulations Section 1.6049-4(c) (without regard to the third
sentence thereof) shall not be required to deliver an IRS Form W-9, except to
the extent necessary to avoid U.S. withholding taxes under Treasury Regulations
Section 1.1441-1.

    
      
        
        

      

      
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    (f) For
any period with respect to which an Purchaser has failed to provide the Seller
with the appropriate form described in subsection (e) of this Section
2.14 (other than if such failure is due to a change in law occurring after
the date on which a form originally was required to be provided or if such form
otherwise is not required under subsection (e) of this Section 2.14), such
Purchaser shall not be entitled to indemnification under subsection (a) or (c)
of this Section 2.14 with respect to Taxes imposed by the United
States by reason of such failure; provided, however,
that should any Purchaser become subject to Taxes because of its failure to
deliver a form required hereunder, the Seller shall take such steps as such
Purchaser shall reasonably request to assist such Purchaser (at such Purchasers
expense) to recover such Taxes.

    

    Section
2.15          Sharing of Payments,
Etc.

    

    If any
Purchaser shall obtain any payment (whether voluntarily, involuntarily, through
the exercise of any right of set-off or otherwise) on account of the Purchases
made by it (other than with respect to payments due to such Purchaser pursuant
to Section 2.12, 2.13 or 2.14) in excess of its Ratable Portion of
payments on account of the Purchases obtained by all the Purchasers, such
Purchaser shall forthwith purchase from the other Purchasers such interests in
the Receivable Interests purchased by them as shall be necessary to cause such
Purchaser to share the excess payment ratably with each of them; provided, however,
that if all or any portion of such excess payment is thereafter recovered from
such Purchaser, such purchase from each other Purchaser shall be rescinded and
such other Purchaser shall repay to the Purchaser the purchase price to the
extent of such recovery together with an amount equal to such other Purchasers
Ratable Portion (according to the proportion of (a) the amount of such other
Purchasers required repayment to (b) the total amount so recovered from the
Purchaser) of any interest or other amount paid or payable by the Purchaser in
respect of the total amount so recovered.  The Seller agrees that any
Purchaser so purchasing an interest in Receivable Interests from another
Purchaser pursuant to this Section 2.15 may, to the fullest extent
permitted by law, exercise all its rights of payment (including the right of
set-off) with respect to such interest in Receivable Interests as fully as if
such Purchaser were the direct creditor of the Seller in the amount of such
interest in Receivable Interests.

    

    Section
2.16         
Conversion/Continuation Option.

    

    (a)           
 The Seller may elect (i) at any time on any Business Day, to convert
Capital Investments bearing Yield at the Applicable Base Rate (other than Swing
Purchases) or any portion thereof to Capital Investments bearing Yield at the
Applicable LIBO Rate and (ii) at the end of any applicable Yield Period, to
convert Capital Investments bearing Yield at the Applicable LIBO Rate or any
portion thereof into Capital Investments bearing Yield at the Applicable Base
Rate or to continue such Capital Investments bearing Yield at the Applicable
LIBO Rate or any portion thereof for an additional Yield Period; provided, however,
that the aggregate amount of the Capital Investments bearing Yield at the
Applicable LIBO Rate for each Yield Period must be in an amount of at least
$10,000,000 or an integral multiple of $1,000,000 in excess
thereof.  Each Conversion or Continuation shall be allocated among the
Capital Investments of each Purchaser in accordance with such Purchasers
Receivable Interest.  Each such election shall be in substantially the
form of Exhibit
H (a Notice of
Conversion or Continuation) and shall be made by giving the Agent at
least 3 Business Days prior written notice specifying (A) the amount and type of
Capital Investment being converted or continued, (B) in the case of a conversion
to Capital Investments bearing Yield at the Applicable LIBO Rate or a
Continuation, the applicable Yield Period and (C) in the case of a Conversion,
the date of such Conversion.

    
      
        
        

      

      
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    (b)           The
Agent shall promptly notify each Purchaser of its receipt of a Notice of
Conversion or Continuation and of the options selected
therein.  Notwithstanding the foregoing, no conversion in whole or in
part of Capital Investments bearing Yield at the Applicable Base Rate to Capital
Investments bearing Yield at the Applicable LIBO Rate and no Continuation upon
the expiration of any applicable Yield Period shall be permitted at any time at
which (i) an Event of Termination shall have occurred and be continuing or (ii)
the continuation of, or conversion into, a Capital Investment bearing Yield at
the Applicable LIBO Rate would violate any provision of Section
2.12.  If, within the time period required under the terms of this
Section 2.16, the Agent does not receive a Notice of Conversion or Continuation
from the Seller containing a permitted election to continue any Capital
Investments bearing Yield at the Applicable LIBO Rate for an additional Yield
Period or to convert any such Capital Investments, then, upon the expiration of
the applicable Yield Period, such Capital Investments shall, subject to Section
3.2, be automatically continued as Capital Investments bearing Yield at the
Applicable LIBO Rate with a Yield Period of one month.  Each Notice of
Conversion or Continuation shall be irrevocable.

    

    Section
2.17          Duty to Mitigate;
Assignment of Commitments Under Certain Circumstances.

    

    (a)           If
any Purchaser claims any additional amounts payable pursuant to Section
2.12 or Section 2.13 or if the Seller is required to pay any
additional amount to any Purchaser or any Governmental Authority for the account
of any Purchaser pursuant to Section 2.14, then such Purchaser shall use
reasonable efforts (consistent with legal and regulatory restrictions) to file
any certificate or document, including, without limitation, any such certificate
or document reasonably requested by the Seller, or to change the jurisdiction of
the applicable office through which it holds or maintains its interest in the
applicable Receivable Interest or to take other actions (including the filing of
certificates or documents) known to it to be available if the making of such a
filing or change or the taking of such other action would avoid the need for or
reduce the amount of any such additional amounts which may thereafter accrue or
avoid the circumstances giving rise to such exercise and would not, in the sole
determination of such Purchaser, be otherwise disadvantageous to such Purchaser
or its Receivable Interest.

    

    (b)           In
the event that any Purchaser shall have delivered a notice or certificate
pursuant to Section 2.12 or 2.13, or the Seller shall be required to make
additional payments to any Purchaser under Section 2.14, the Seller shall have
the right, at its own expense (which shall include the processing and
recordation fee referred to in Section 9.1(a)), upon notice to such Purchaser
and the Agent, to require the related Purchaser to transfer and assign without
recourse (in accordance with and subject to the restrictions contained in
Section 9.1) all its interests, rights and obligations hereunder to another
financial institution approved by the Agent and the Swing Purchaser (which
approval shall not be unreasonably withheld) which shall assume such obligations
(which assignee may be another Purchaser, if a Purchaser accepts such
assignment); provided, however, that (i) no
such assignment shall conflict with any law, rule or regulation or order of any
Governmental Authority and (ii) the assignee or the Seller shall pay to the
affected Purchaser in immediately available funds on the date of such assignment
the amounts of its Capital Investments, including any interest in Receivable
Interests relating to Swing Purchases, accrued Yield thereon and all other
Obligations accrued for its account or owed to it hereunder (including the
additional amounts asserted and payable pursuant to Section 2.12, 2.13 or 2.14,
if any).

    
      
        
        

      

      
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    Section
2.18          Restricted Accounts;
Investment of Amounts in the Cash Assets Account.

    

    (a)    Following the
end of the Compliance Period, the Agent shall have control (within the meaning
of Section 9-104 of the UCC) of each of the Restricted Accounts.

    

    (b)    Funds held in
the Cash Assets Account may, until withdrawn or otherwise applied pursuant
hereto, be invested and reinvested in such Liquid Investments as the Seller may
request from time to time; provided that, if an
Event of Termination shall have occurred and be continuing, the Agent may select
such Liquid Investments.  Liquid Investments
means (i) direct obligations of the United States or any agency thereof, (ii)
obligations guaranteed by the United States or any agency thereof, (iii) time
deposits and money market deposit accounts issued by or guaranteed by or placed
with a financial institution reasonably acceptable to the Agent, and (iv) fully
collateralized repurchase agreements for securities described in clause (i) or
(ii) above entered into with a financial institution reasonably acceptable to
the Agent, provided in each case
that such Liquid Investment (x) matures within 30 days and (y) is in a form, and
is issued and held in a manner, that in the reasonable judgment of the Agent
permits appropriate measures to have been taken to perfect security interests
therein.

    

    Section
2.19          Optional Increase in
Commitments.

    

    At any
time the Seller, may, if it so elects, increase the aggregate amount of the
Commitments, either by designating a financial institution not theretofore a
Purchaser (a New
Purchaser) to become a Purchaser (such designation to be effective only
with the prior written consent of the Agent, which consent will not be
unreasonably withheld or delayed), or by agreeing with an existing Purchaser
that such Purchasers Commitment shall be increased. Upon execution and delivery
by the Seller and such Purchaser or other financial institution of an instrument
in form reasonably satisfactory to the Agent, such existing Purchaser shall have
a Commitment as therein set forth or such other financial institution shall
become a Purchaser with a Commitment as therein set forth and all the rights and
obligations of a Purchaser with such a Commitment hereunder;
provided:

    

    (a)           that
the Seller shall provide prompt notice of such increase to the Agent, who shall
promptly notify the Purchasers;

    

    (b)           that
any such increase shall be in an amount greater than or equal to
$50,000,000;

    

    (c)           that
immediately after such increase is made, the aggregate amount of increases in
the Commitments pursuant to this Section 2.19, when combined with the aggregate
amount of increases in the commitments under the ABF Agreement pursuant to
Section 2.21 thereof, shall not exceed $600,000,000; and

    

    (d)           that
the Sellers may elect to increase the aggregate amount of the Commitments
pursuant to this Section 2.19 no more than four times in
total.

    

    On the
effective date of any increase in the aggregate amount of the Commitments
pursuant to this Section 2.19, (i) each New Purchaser shall pay to the Agent an
amount equal to its pro rata share of the aggregate outstanding Capital
Investments and (ii) any Purchaser (an Increasing Purchaser)
whose Commitment has been increased shall pay to the Agent an amount equal to
the increase in its pro rata share of the aggregate outstanding Capital
Investments, in each case such payments shall be for the account of each other
Purchaser.  Upon receipt of such amount by the Agent, (i) each other
Purchaser shall be deemed to have ratably assigned that portion of its
outstanding Capital Investments that is being reduced to the New Purchasers and
the Increasing Purchasers in accordance with such Purchasers new Commitment or
the increased portion thereof as applicable, and (ii) the Agent shall promptly
distribute to each other Purchaser its ratable share of the amounts received by
the Agent pursuant to this paragraph.

    
      
        
        

      

      
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    ARTICLE
III

    

    Conditions
of Purchases

    

    Section
3.1            Conditions
Precedent to the Effectiveness of this Agreement.

    

    The
effectiveness of this Agreement is subject to the satisfaction (or substantially
simultaneous satisfaction) or waiver of the following conditions
precedent:

    

    (a)    The Agent
shall have received all fees and expenses (including, but not limited to,
reasonable fees and expenses of counsel to the Agent) required to be paid on the
Closing Date, pursuant to the terms of this Agreement and each Fee Letter and
the Annex thereto.

    

    (b)    The Agent
shall have received on or before the Closing Date, the following, each (unless
otherwise indicated) dated as of the Closing Date (unless otherwise specified),
in form and substance reasonably satisfactory to the Agent:

    

     
(i)              
This Agreement, duly executed and delivered by the Seller and the
Servicer;

    

     (ii)              
The Receivables Sale Agreement, duly executed by the Seller and each Originator,
together with:

    

    (A)    Proper
financing statements naming each Originator as debtor, the Seller as secured
party and the Agent, as assignee, to be filed under the UCC of all jurisdictions
that the Agent may deem necessary in order to perfect the Sellers interests
created or purported to be created by the Receivables Sale
Agreement;

    

    (B)    Proper
financing statement terminations or releases, if any, necessary to release all
security interests and other rights of any Person in the Receivables, Related
Security, Collections or Contracts previously granted by any
Originator;

    

    (C)    The Consent
and Agreement, duly executed by the Seller and each Originator; and

    

    (D)    The
Subordinated Notes, in substantially the form of Exhibit B to the
Receivables Sale Agreement, payable to the order of each Originator, and duly
executed by the Seller;

    

    (iii)            
  The Undertaking, duly executed and delivered by each party
thereto;

    

    (iv)           
   [Reserved];

    
      
        
        

      

      
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     (v)      
        The Intercreditor Agreement duly
executed by each party thereto;

    

    (vi)              
Favorable opinions of (A) Gerald A. OBrien, Deputy General Counsel of Lyondell,
in substantially the form of Exhibit I-2 hereto
and as to such other matters as the Agent may reasonably request, (B) Skadden,
Arps, Slate, Meagher & Flom LLP, counsel to the Transaction Parties, in
substantially the forms of Exhibit I-1 and I-3 hereto as to
such other matters as the Agent may reasonably request, including without
limitation (1) a true
sale opinion with respect to the sale of Receivable Assets under and as
defined in the Receivables Sale Agreement from each Originator to the Seller,
(2) an opinion with respect to the non-substantive consolidation of the Seller
with each other Transaction Party or any of its Affiliates in a case under the
Bankruptcy Code, and (3) an opinion relating to the enforceability of the
Transaction Documents, compliance with all laws and regulations (including
Regulation U of the FRB), the perfection of all ownership and other interests
purported to be granted under the Transaction Documents and (C) special counsel
to the Agent, as the Agent may reasonably request.

    

    (c)    (i) All
obligations for outstanding capital, accrued and unpaid yield and fees and other
amounts then due and payable under the Existing Programs shall have been
concurrently satisfied, (ii) the Existing Programs shall have been concurrently
terminated on terms reasonably satisfactory to the Agent and (iii) the Agent
shall have received evidence of such termination in form and substance
reasonably satisfactory to the Agent.

    

    (d)           The
Agent shall be satisfied with the results of a field examination of the
Originators conducted by Citibanks internal auditors no more than 3 months prior
to the Closing Date.

    

    (e)    Total Excess
Availability (after giving effect to the effectiveness of this Agreement and the
ABF Agreement) shall be at least $500,000,000 on the Closing Date.

    

    The Agent
shall promptly notify the Seller, the Servicer and the Purchasers of the Closing
Date, and such notice shall be conclusive and binding on all parties
hereto.

    

    Section
3.2            Conditions
Precedent to All Investment Events.

    

    Each
Investment Event (including the initial Purchase by each Purchaser) shall be
subject to the further conditions precedent that on the date of such Investment
Event the following statements shall be true (and the acceptance by the Seller
of the proceeds of the Purchase or reinvestment, as applicable, being made on
the date of such Investment Event shall constitute a representation and warranty
by the Servicer, or the Seller, as the case may be, that on the date of such
Investment Event, such statements are true):

    

     
(i)           
   the representations and warranties applicable to such
Transaction Party contained in Article IV of this Agreement and in
Article III of the Receivables Sale Agreement are correct in all material
respects on and as of the date of such Investment Event, before and after giving
effect to such Investment Event and to the application of the proceeds from the
Purchase or reinvestment, as applicable, being made on the date thereof, as
though made on and as of such date, except (1) in the case of a Investment Event
consisting solely of any Conversion or any Continuation, (2) to the extent such
representations and warranties expressly relate to an earlier date, which
representations and warranties shall be true and correct in all material
respects on and as of such earlier date, (3) any representation and warranty
that is qualified as to materiality, Material Adverse Effect or similar language
shall be true and correct in all respects on the relevant date, and (4) in the
case of the initial Investment Event, only the representations and warranties
set forth in Sections 4.1(c), (d) and (o) and Sections
4.2(b), (d) and (l) need be true and correct;

    
      
        
        

      

      
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     (ii)              at
the time of the Investment Event (except in the case of the initial Purchase by
each Purchaser or an Investment Event consisting solely of a conversion of a
Capital Investment bearing Yield at the Applicable LIBO Rate to a Capital
Investment bearing Yield at the Applicable Base Rate), no event has occurred and
is continuing, or would result from such Investment Event or from the
application of the proceeds from the Purchase or reinvestment, as applicable,
being made on the date of such Investment Event, which constitutes an Event of
Termination or (except in the case of a Continuation or a Conversion) a
Potential Event of Termination; and

    

    (iii)       
       the Purchase or reinvestment, as
applicable, being made on the same date as such Investment Event shall not
violate any Requirement of Law and shall not be enjoined, temporarily,
preliminarily or permanently.

    

    ARTICLE
IV

    

    Representations
and Warranties

    

    Section
4.1            
Representations and Warranties of the Seller.

    

    The
Seller represents and warrants as follows:

    

    (a)           The
Seller is a limited liability company duly organized, validly existing and in
good standing under the laws of the jurisdiction indicated at the beginning of
this Agreement, has the requisite power and authority under its Organization
Documents and applicable law to own its property and assets and to carry on its
business as now conducted and proposed to be conducted after the Closing Date
and is duly qualified to do business, and is in good standing, in every
jurisdiction where such qualification or authorization is required, except to
the extent that any failure to be so qualified or in good standing as a foreign
entity could not reasonably be expected to have a Material Adverse
Effect.

    

    
      
        	
              	
                 
      i.

              	
                The
      Seller has no Subsidiaries. All of the outstanding membership interests of
      the Seller are owned by
Lyondell.

              

      

    

    

    (b)           The
Seller has the power and authority under its Organization Documents and
applicable law to execute, deliver and carry out the provisions of the
Transaction Documents to which it is a party, and all such actions have been
duly and validly authorized by all necessary proceedings on its part under its
Organization Documents and applicable law.

    

    (c)         
 The execution, delivery and performance by the Seller of the Transaction
Documents to which it is a party, and the transactions contemplated hereby and
thereby, including the Sellers use of the proceeds of Purchases and
reinvestments, are within the Sellers powers, have been duly authorized and
delivered by all necessary action on its part, do not (i) violate (x) any
provision of the Sellers Organization Documents or any other agreement governing
its organization and/or scope of power and authority or  any
applicable law, rule, regulation (including Regulation U or X) or order, writ,
judgment, injunction, decree, determination or award of any Governmental
Authority binding upon it, (ii) result in a breach of or constitute (alone or
with notice or lapse of time or both) a default under any indenture or any
agreement or other instrument to which it is a party, or by which it or any of
its properties or assets are bound, or (iii) except for the Liens created by the
Transaction Documents, result in or require the creation or imposition of any
Lien upon any of its property or assets.

    
      
        
        

      

      
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    (d)    This
Agreement is, and the other Transaction Documents to which the Seller is or will
be a party when delivered will be, the legal, valid and binding obligations of
the Seller enforceable against the Seller in accordance with their respective
terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the rights of creditors
generally and by general principles of equity, including implied obligations of
good faith and fair dealing.

    

    (e)       
    No authorization or approval or other action by, and no
notice to or filing with, any Governmental Authority is or will be required for
the due execution, delivery and performance by the Seller of any Transaction
Document to which it is a party or any transaction contemplated hereby or
thereby, except for the filings of the financing statements referred to in
Article III.

    

    (f)     
      Since the date of the Sellers formation,
there has not occurred any development or event affecting, or any change in the
business, assets, results of operations or financial condition of the Seller
which has resulted or could reasonably be expected to result in a Material
Adverse Effect.

    

    (g)           There
is no action, suit, investigation, litigation or proceeding at law or in equity
or by or before any Governmental Authority now pending or, to the knowledge of
the Seller, threatened against or affecting the Seller or its business, assets
or rights (i) as to which there is a reasonable likelihood of an adverse
decision and which, if adversely determined, could, individually or, in the
aggregate, reasonably be expected to have a Material Adverse Effect or (ii) that
in any manner draws into question the validity or enforceability of any
Transaction Document.

    

    (h)

    

    
      
        
          	
                  i.

                	
                   

                	
                  Immediately
      prior to the time of the initial creation of an interest hereunder in any
      Pool Receivable, the Seller is the legal and beneficial owner of such Pool
      Receivable and Related Security and Collections with respect thereto, in
      each case free and clear of any Lien (other than Permitted
      Liens).

                

        

      

    

    

    
      
        	
                ii.

              	
                 

              	
                Upon
      each Purchase or reinvestment, the Seller shall transfer to the Purchaser
      making such Purchase or reinvestment (and such Purchaser shall acquire) a
      valid interest to the extent of the pertinent Receivable Interest in each
      Pool Receivable then existing or thereafter arising and in the Related
      Security and Collections with respect thereto, free and clear of any Lien
      (other than Permitted Liens), which ownership interest or security
      interest shall be a perfected first priority ownership interest or
      security interest upon the filing of the financing statements referred to
      in Section 3.1(b)(xii).

              

      

    

    

    
      
        	
                iii.

              	
                 

              	
                With
      respect to each transfer to it of any Pool Receivables, the Seller has
      either (i) purchased such Pool Receivables from an Originator in exchange
      for payment (made by the Seller to an Originator in accordance with the
      provisions of the Receivables Sale Agreement) in an amount which
      constitutes fair consideration and approximates fair market value for such
      Pool Receivables and in a sale the terms and conditions of which
      (including, without limitation, the purchase price thereof) reasonably
      approximate an arms-length transaction between unaffiliated parties or
      (ii) acquired such Pool Receivables from an Originator as a capital
      contribution in accordance with the provisions of the Receivables Sale
      Agreement.  No such sale, and no such contribution, has been
      made for or on account of an antecedent debt owed by any Originator to the
      Seller and no such sale or contribution is or may be voidable or subject
      to avoidance under any section of the Bankruptcy
  Code.

              

      

    

    
      
        
        

      

      
        47

        
          

        

      

      
        
        

      

    

    (i)            
The jurisdiction of incorporation, organizational identification number (if
any), and the address(es) of the principal place of business and chief executive
office of the Seller and the office where the Seller keeps its Records
concerning the Receivable Assets, are as set forth in Schedule III hereto (or,
by notice to the Agent in accordance with Section 5.1(e), at such other
locations in jurisdictions, within the United States, where all requested
actions under Section 6.5(a) have been taken and completed).

    

    (j)            
The names and addresses of all the Lock-Box Banks, together with the lock-box
numbers related to, and the account numbers and owners of, the Lock-Box Accounts
at such Lock-Box Banks, are specified in Schedule I hereto (or such other
Lock-Box Banks and/or such other Lock-Box Accounts as have been notified to the
Agent in accordance with Section 5.3(m).  Except pursuant to the
Lock-Box Agreements, the Seller has not granted any Person dominion or control
of any Lock-Box Account, or the right to take dominion or control over any
Lock-Box Account at a future time or upon the occurrence of a future
event.

    

    (k)           
Since the date of its formation, the Seller has not engaged in any activity
other than as contemplated by the Transaction Documents or entered into any
commitment or incurred any Debt other than pursuant to, or as permitted under,
the Transaction Documents.

    

    (l)            
The Seller has not maintained, contributed to or incurred or assumed any
obligation with respect to any Plan, Multiemployer Plan or Welfare Plan, except
such obligation or contingent obligation that arises as a matter of law solely
as a result of an ERISA Affiliates sponsorship of a Plan, Multiemployer Plan or
Welfare Plan.

    

    (m)           The
Seller has complied with the Credit and Collection Policy in all material
respects and since the date of this Agreement there has been no change in the
Credit and Collection Policy except as permitted hereunder.  The
Seller has not extended or modified the terms of any Pool Receivable or the
Contract under which any such Pool Receivable arose, except in accordance with
the Credit and Collection Policy.

    

    (n)           
The Seller has filed, or caused to be filed or be included in, all tax reports
and returns (federal, state, local and foreign), if any, required to be filed by
it and paid, or caused to be paid, all amounts of taxes, including interest and
penalties, required to be paid by it, except for such taxes (i) as are being
contested in good faith by proper proceedings and (ii) against which adequate
reserves shall have been established in accordance with and to the extent
required by GAAP, but only so long as the proceedings referred to in clause (i)
above would not subject the Agent or any other Indemnified Party to any civil or
criminal penalty or liability or involve any material risk of the loss, sale or
forfeiture of any property, rights or interests included in the Pool
Receivables, Related Security, Collections, Restricted Accounts or proceeds
thereof.

    

    (o)    The Seller is
not an investment company as defined in the Investment Company Act of 1940, as
amended.

    

    (p)          
 Both before and after giving effect to (i) each Purchase to be made on the
Closing Date or such other date as Purchases requested hereunder are made, (ii)
the disbursement of the proceeds of any Capital Investment, (iii) the
consummation of each other transaction contemplated by the other Transaction
Documents and (iv) the payment and accrual of all transaction costs in
connection with the foregoing, the Seller is Solvent.

    
      
        
        

      

      
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    Section
4.2    Representations and
Warranties of the Servicer.

    

    The
Servicer represents and warrants as follows:

    

    (a)         
  Existence,
Qualification and Power; Compliance with Laws.  Subject to the
Legal Reservations, each of the Servicer and its Material Subsidiaries (a) is a
Person duly organized or formed, validly existing and in good standing, in each
case where such concept exists, under the laws of the jurisdiction of its
incorporation or organization, (b) has all requisite constitutional, corporate
or other similar power and authority to (i) own or lease its material assets and
carry on its business substantially  as currently conducted and (ii)
execute, deliver and perform its obligations under the Transaction Documents to
which it is a party, (c) is duly qualified and in good standing, in each case
where such concept exists, under the laws of each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business
requires such qualification, (d) is in compliance with all laws, orders, writs
and injunctions and (e) has all requisite governmental licenses, authorizations,
consents and approvals to operate its business as currently conducted; except in
each case referred to in clause (c), (d) or (e), to the extent that failure to
do so could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

    

    (b)           
Authorization; No
Contravention.  The execution, delivery and performance by each
of the Servicer and its Subsidiaries of each Transaction Document to which such
Person is a party, and the consummation of the transactions contemplated
thereby, are within such Persons corporate or other powers, have been duly
authorized by all necessary corporate or other organizational action, and do not
and will not (a) contravene the terms of any of such Persons Organization
Documents; (b) in any material way, conflict with or result in any breach or
contravention of, or the creation of any Lien under (other than as permitted by
Section 4.01 of the Undertaking), or require any payment to be made under (i)
except payments as set forth in the funds flow memorandum dated the Closing Date
and delivered to the Agent, any contractual obligation to which such Person is a
party or affecting such Person or the properties of such Person or any of its
subsidiaries or (ii) any order in any material way, injunction, writ or decree
of any Governmental Authority or any arbitral award to which such Person or its
property is subject in any material way; or (c) violate any material law in any
material way; except with respect to any conflict, breach or contravention or
payment (but not creation of Liens) referred to in clause (b)(i), to the extent
that such conflict, breach, contravention or payment could not, individually or
in the aggregate, reasonably be expected to have a Material Adverse
Effect.

    

    (c)       
    Governmental Authorization; Other
Consents.  Subject to the Legal Reservations, no material
approval, consent, exemption, authorization, or other action by, or notice to,
or filing with, any Governmental Authority or any other Person is necessary or
required of a Transaction Party in connection with the execution, delivery or
performance by, or enforcement against, the Servicer and its Subsidiaries of
this Agreement or any other Transaction Document, or for the consummation of any
transaction contemplated thereby, except for (i) the UCC filings contemplated by
the Transaction Documents, (ii) the approvals, consents, exemptions,
authorizations, actions, notices and filings which have been duly obtained,
taken, given or made and are in full force and effect (or, with respect to
consummation of the transactions contemplated by the Transaction Documents, will
be duly obtained, taken, given or made and will be in full force and effect, in
each case within the time period required to be so obtained, taken, given or
made) and (iii) those approvals, consents, exemptions, authorizations or other
actions, notices or filings, the failure of which to obtain or make could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

    
      
        
        

      

      
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    (d)       
    Binding
Effect.  This Agreement
and each other Transaction Document dated on or prior to the date this
representation is made constitutes a legal, valid and binding obligation of such
Transaction Party, enforceable against each such Transaction Party that is a
party thereto in accordance with its terms, except as such enforceability may be
limited by (i) Debtor Relief Laws and by general principles of equity, and (ii)
the need for filings and registrations necessary to perfect any Liens created by
the Transaction Documents.

    

    (e)          
  Financial
Statements; No Material Adverse Effect.

    

     
(i)              
The unaudited pro forma consolidated balance sheet of the Servicer and its
Subsidiaries as of September 30, 2007 (including the notes thereto) and the
related pro forma consolidated statement of income of the Servicer and its
Subsidiaries for the twelve months ended September 30, 2007, a copy of each of
which has been furnished to the Agent for distribution to the Purchasers, have
been prepared in good faith, based on assumptions believed by the Servicer to be
reasonable as of the date of delivery thereof, and present fairly in all
material respects on a pro forma basis the estimated financial position of the
Servicer and its Subsidiaries as of September 30, 2007 and their estimated
results of operations for the period covered thereby, assuming that the
Acquisition had actually occurred at such date or at the beginning of the period
covered thereby.

    

     (ii)             
 On the Closing Date, the audited consolidated financial statements of the
Servicer and its consolidated subsidiaries as of December 31, 2006 which have
been furnished to the Agent prior to the Closing Date, present in all material
respects the financial condition of the Servicer and its Subsidiaries as of the
dates thereof and their results of operations for the period covered thereby in
accordance with GAAP consistently applied throughout the periods covered
thereby, except as otherwise expressly noted therein.  During the
period from December 31, 2006 to and including the Closing Date, there has been
(i) no sale, transfer or other disposition by the Servicer or any of its
Subsidiaries of any material part of the business or property of the Servicer or
any of its Subsidiaries, taken as a whole (other than the sale of Lyondells
worldwide inorganic chemicals business in May, 2007), and (ii) no purchase or
other acquisition by the Servicer or any of its Subsidiaries of any business or
property (including any Equity Interests of any other Person) material in
relation to the consolidated financial condition of the Company and its
Subsidiaries, in each case, which is not reflected in the foregoing financial
statements or in the notes thereto or has not otherwise been disclosed in
writing to the Purchasers prior to the Closing Date.

    

    (iii)        
      The forecasts of consolidated balance
sheets, income statements and cash flow statements of the Servicer and its
Subsidiaries which have been furnished to the Agent prior to the Closing Date
have been prepared in good faith on the basis of the assumptions stated therein,
which assumptions were believed to be reasonable at the time of preparation of
such forecasts, it being understood that actual results may vary from such
forecasts and that such variations may be material.

    

    (iv)       
       There has been no event or
circumstance since December 31, 2006, that either individually or in the
aggregate, could reasonably be expected to have a Material Adverse
Effect.

    

    (f)     Litigation.  There
are no actions, suits, proceedings, claims or disputes pending or, to the
knowledge of the Servicer, threatened in writing or contemplated, at law, in
equity, in arbitration or before any Governmental Authority, by or against the
Servicer or any of its Subsidiaries or against any of their properties or
revenues that could, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

    
      
        
        

      

      
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    (g)      
     [Reserved].

    

    (h)      
     [Reserved]

    

    (i)            
Taxes.  Except
as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (a) each of the Servicer and each of its Subsidiaries
has (i) timely filed all tax returns required to be filed and all such tax
returns are true and correct, (ii) timely paid all taxes levied or imposed upon
it or its properties (whether or not shown on a tax return), and (iii) satisfied
all of its tax withholding obligations; (b) there are no current, pending or
threatened audits, examinations or claims with respect to Taxes of any
Transaction Party or any of their respective Subsidiaries and (c) the Servicer
and each of its Subsidiaries has never participated in a listed transaction
within the meaning of Treasury Regulation Section 1.6011-4.

    

    (j)          
  ERISA
Compliance.  (a) Except as
could not, individually or in the aggregate, reasonably be expected to result in
a Material Adverse Effect, each Plan is in compliance with the applicable
provisions of ERISA, the Code and other Federal or state Laws.

    

    (b) (i)
No ERISA Event has occurred or is reasonably expected to occur and (ii) neither
the Servicer nor any of its Subsidiaries nor any ERISA Affiliate has engaged in
a transaction that could be subject to Section 4069 or 4212(c) of ERISA, except,
with respect to each of the foregoing clauses of this Section 5.11(b), as could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect..

    

    (c)
Except where noncompliance could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, (i) each Foreign
Plan has been maintained in compliance with its terms and with the requirements
of any and all applicable laws, statutes, rules, regulations and orders and has
been maintained, where required, in good standing with applicable regulatory
authorities, and (ii) neither any Transaction Party nor any Subsidiary has
incurred any obligation in connection with the termination of or withdrawal from
any Foreign Plan.

    

    (k)       
    [Reserved].

    

    (l)     Margin Regulations; Investment
Company Act.  The Servicer and each of its Subsidiaries is not
engaged nor will it engage, principally or as one of its important activities,
in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of
purchasing or carrying margin stock.  None of the Servicer or any of
its Affiliates is or is required to be registered as an investment company under
the Investment Company Act of 1940.

    

    (m)           Disclosure.  As of
the Closing Date, to the best of the Servicers knowledge, no report, financial
statement, certificate or other written information furnished by or on behalf of
the Servicer or any of its Subsidiaries to any Agent or Purchaser in connection
with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder or any other Transaction Document (as modified or
supplemented by other information so furnished) when taken as a whole contains
any material misstatement of fact or, as of the Closing Date only, omits to
state any material fact necessary to make the statements therein, in the light
of the circumstances under which they were made, not materially misleading;
provided that, with respect to projected financial information and pro forma
financial information, the Servicer represents only that such information was
prepared in good faith based upon assumptions believed to be reasonable at the
time of preparation; it being understood that such projections may vary from
actual results and that such variances may be material.

    
      
        
        

      

      
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    (n)        
   [Reserved].

    

    (o)           
Anti-Terrorism Laws.  

    

    (a)           To
the best knowledge of the Servicer, no Transaction Party organized in the United
States nor any subsidiary thereof: (i) is, or is controlled by or is acting on
behalf of, an Anti-Terrorism Party; (ii) has received funds or other property
from an Anti-Terrorism Party; or (iii) is in breach of or is the subject of any
action or investigation under any Anti-Terrorism Law.

    

    (b)           To
the best of the Servicers knowledge, each of the Transaction Parties organized
in the United States and each subsidiary thereof has taken reasonable measures
to ensure compliance with the Anti-Terrorism Laws.

    

    (p)      
     Lock-Box Banks.  The
names and addresses of all the Lock-Box Banks, together with the lock-box
numbers related to, and the account numbers and owners of, the Lock-Box Accounts
at such Lock-Box Banks, are specified in Schedule I hereto (or such other
Lock-Box Banks and/or such other Lock-Box Accounts as have been notified to the
Agent in accordance with Section 5.3(m)).  Except under the Lock-Box
Agreements, the Servicer has not granted any Person dominion or control of any
Lock-Box Account, or the right to take dominion or control over any Lock-Box
Account at a future time or upon the occurrence of a future event.

    

    (q)      
     Credit and Collection
Policy.  The Servicer has complied with the Credit and
Collection Policy in all material respects and since the date of this Agreement
there has been no change in the Credit and Collection Policy except as permitted
hereunder.  The Servicer has not extended or modified the terms of any
Pool Receivable or the Contract under which any such Pool Receivable arose,
except in accordance with the Credit and Collection Policy and in accordance
with Section 6.2(b).

    

    (r)       
     Contracts, Pool Receivables, Related
Security and Collections.  No effective financing statement or
other instrument similarly in effect covering any Contract or any Pool
Receivable or Related Security or Collections with respect thereto is on file in
any recording office, except those set forth on Schedule IV hereto and those
filed in favor of the Agent relating to this Agreement or in favor of the Seller
and the Agent relating to the Receivables Sale Agreement.

    

    ARTICLE
V

    

    General
Covenants of the Seller and the Servicer

    

    Section
5.1    Affirmative Covenants
of the Seller.

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital shall
be outstanding and no Yield or other Obligations (other than contingent
indemnification obligations) of the Seller remain unpaid under this Agreement,
the Seller will:

    

    (a)         
  Compliance with
Laws, Etc.  Comply in all material respects with all applicable
laws, rules and regulations, and all orders of any Governmental Authority
applicable to it and all Pool Receivables and related Contracts, Related
Security and Collections with respect thereto.

    
      
        
        

      

      
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    (b)          
Preservation of
Existence.  Preserve and maintain its existence, rights,
franchises and privileges in the jurisdiction of its organization, and qualify
and remain qualified in good standing as a foreign entity in each jurisdiction
where the failure to preserve and maintain such qualification would materially
adversely affect the interests of the Purchasers or the Agent hereunder or in
the Pool Receivables and Related Security, or the ability of the Seller or the
Servicer to perform their respective obligations under the Transaction
Documents.

    

    (c)        
   Payment of
Taxes.  Pay and discharge before the same shall become
delinquent, all lawful governmental claims, taxes, assessments, charges and
levies, except where contested in good faith, by proper proceedings and adequate
reserves therefor have been established on the books of the Seller in conformity
with GAAP.

    

    (d)           
Compliance with Organization Documents.  Comply
with, and cause compliance with, the provisions of the Organization Documents of
the Seller delivered to the Agent pursuant to Section 4.1 as the same
may, from time to time, be amended, supplemented or otherwise modified with the
prior written consent of the Agent (such consent not to be unreasonably withheld
or delayed).

    

    (e)      
     Offices, Records and Books of
Accounts.

    

    
      
        	
                i.

              	
                 

              	
                Keep
      its principal place of business and chief executive office and the offices
      where it keeps its Records concerning the Pool Receivables at the address
      of the Seller referred to in Section 4.1(i) or, upon at least 5
      days prior written notice to the Agent, at any other location in a
      jurisdiction where all requested actions under Section
      6.5(a) shall have been
taken;

              

      

    

    

    
      
        	
                ii.

              	
                 

              	
                Maintain
      and implement administrative and operating procedures (including, without
      limitation, an ability to recreate, in all material respects, records
      evidencing Pool Receivables in the event of the destruction of the
      originals thereof), and keep and maintain all documents, books, records
      and other information reasonably necessary or advisable for the collection
      of all Pool Receivables (including, without limitation, records adequate
      to permit the daily identification of each Pool Receivable, the
      Outstanding Balance of each Pool Receivable and the dates which payments
      are due thereon and all Collections of and adjustments to each existing
      Pool Receivable).

              

      

    

    

    
      
        	
                iii.

              	
                 

              	
                Keep,
      or cause to be kept, proper books of record and account, which shall be
      maintained or caused to be maintained by the Seller and shall be separate
      and apart from those of any Affiliate of the Seller, in which entries that
      are full and correct in all material respects shall be made of all
      financial transactions and the assets and business of the Seller in
      accordance with GAAP;

              

      

    

    

    
      
        	
                iv.

              	
                 

              	
                To
      the extent Records are in written form, segregate such Records in file
      cabinets or storage containers and appropriately label such file cabinets
      or storage containers to reflect that the Receivable Interests have been
      conveyed to the Purchasers;
and

              

      

    

    

    
      
        	
                v.

              	
                 

              	
                To
      the extent such Records constitute computer programs and other non-written
      Records, appropriately legend such Records to reflect that the Receivable
      Interests have been conveyed to the
Purchasers.

              

      

    

    

    (f)            
Examination of Records; Audits.

    
      
        
        

      

      
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                i.

              	
                 

              	
                From
      time to time upon ten (10) Business Days (or, during the continuance of a
      Triggering Event of the type described in clause (iii), (iv) or (v) of the
      definition of Triggering Event, five (5) Business Days) prior notice
      (except that during the continuance of a Potential Event of Termination or
      Event of Termination, no such notice shall be required) and during regular
      business hours as requested by the Agent and at the expense of the Agent,
      if a Potential Event of Termination or Event of Termination does not
      exist, and otherwise at the expense of the Seller, permit the Agent, or
      its agents or representatives, (A) to examine and make copies of and
      abstracts from all Records in the possession or under the control of the
      Seller, or the agents of the Seller, relating to Pool Receivables and the
      Related Security, including, without limitation, the related Contracts,
      and (B) to visit the offices and properties of the Seller, or the agents
      of the Seller, for the purpose of examining such materials described in
      clause (A) above, and to discuss matters relating to Pool Receivables and
      the Related Security or the Sellers performance hereunder or under the
      Contracts with any of the officers or employees of the Seller having
      knowledge of such matters and designated by the Seller to discuss such
      matters with the Agent or its agents or representatives.  Unless
      a Potential Event of Termination or Event of Termination is continuing,
      the Agent agrees to combine any request for any such examinations and
      visits with any request being made under Section 5.4(f).
      

              

      

    

    

    
      
        	
                ii.

              	
                 

              	
                The
      Seller shall furnish to the Agent any information that the Agent may
      reasonably request regarding the determination and calculation of the Net
      Receivables Pool Balance including copies of any invoices, underlying
      agreements, instruments or other documents and the identity of all
      Obligors in respect of Receivables referred to
  therein.

              

      

    

    

    (g)           
Performance and Compliance with
Contracts and Credit and Collection Policy.  At its expense,
(i) perform, or cause to be performed, and comply in all material respects with,
or cause to be complied with in all material respects, in a timely manner all
provisions, covenants and other promises (if any) required to be observed by it
under the Contracts related to the Pool Receivables, and comply in all material
respects and in a timely manner with the Credit and Collection Policy in regard
to the Pool Receivables and the related Contracts and (ii) as beneficiary of any
Related Security, enforce such Related Security as reasonably requested by the
Agent.

    

    (h)           
Transaction
Documents.  At its expense, require each Originator and the
Servicer to timely and fully perform and comply in all material respects with
all provisions, covenants and other promises required to be observed by them
under each of the Transaction Documents, maintain each of the Transaction
Documents to which it is a party in full force and effect, enforceable in
accordance with its terms, take all such action to such end as may be from time
to time reasonably requested by the Agent, and make to any party to each of such
Transaction Documents such demands and requests for information and reports or
for action as the Seller is entitled to make thereunder and as may be from time
to time reasonably requested by the Agent.

    

    (i)            
Deposits to Lock-Box
Accounts.  Instruct, or cause the Servicer to instruct, all
Obligors to make payments in respect of Pool Receivables to a Lock-Box Account
and, if the Seller or any Originator shall otherwise receive any Collections
(including, without limitation, any Collections deemed to have been received by
the Seller pursuant to Section 2.9), segregate and hold in trust such
Collections and deposit such Collections, or cause such Collections to be
deposited, to a Lock-Box Account within 2 Business Days following such
receipt.

    
      
        
        

      

      
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    (j)            
Maintenance of Separate
Existence.  Do all things necessary to maintain its existence
separate and apart from each Originator and other Affiliates of the Seller,
including, without limitation, (i) maintaining proper limited liability company
records and books of account separate from those of such Affiliates; (ii)
maintaining its assets, funds and transactions separate from those of such
Affiliates, reflecting such assets, funds and transactions in financial
statements separate and distinct from those of such Affiliates, and evidencing
such assets, funds and transactions by appropriate entries in the records and
books referred to in clause (i) above, and providing for its own operating
expenses and liabilities from its own assets and funds other than certain
expenses and liabilities relating to basic corporate overhead which may be
allocated between the Seller and such Affiliates; (iii) holding such appropriate
meetings or obtaining such appropriate consents of its Board of Managers as are
necessary to authorize all the Sellers actions required by law to be authorized
by its Board of Managers, keeping minutes of such meetings and of meetings of
its members and observing all other necessary organizational formalities (and
any successor Seller shall observe similar procedures in accordance with its
governing documents and applicable law); (iv) at all times entering into its
contracts and otherwise holding itself out to the public under the Sellers own
name as a legal entity separate and distinct from such Affiliates; and (v)
conducting all transactions and dealings between the Seller and such Affiliates
on an arms-length basis.

    

    (k)         
  Purchase of Pool
Receivables from Originators.  With respect to each Pool
Receivable acquired from any Originator by the Seller other than as a capital
contribution, pay to such Originator (in accordance with the Receivables Sale
Agreement) an amount which constitutes fair consideration and approximates fair
market value for such Pool Receivable and in a sale the terms and conditions of
which (including, without limitation, the purchase price thereof) reasonably
approximates an arms-length transaction between unaffiliated
parties.

    

    Section
5.2            
Reporting Requirements of the Seller.

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital shall
be outstanding and no Yield or other Obligations (other than contingent
indemnification obligations) of the Seller remain unpaid under this Agreement,
the Seller will furnish to the Agent for distribution to the
Purchasers:

    

    (a)          
 AnnualReports.  Within 100
days (one hundred and twenty (120) days in the case of the fiscal year ending
December 31, 2007) after the end of each Fiscal Year, financial statements
(which shall include a balance sheet and income statement, as well as statements
of members equity and cash flow) showing the financial condition and results of
operations of the Seller as of the end of and for such Fiscal Year, in each case
certified by a Responsible Officer (excepting any Responsible Officer who is a
Responsible Officer solely by virtue of a power of attorney) of the Seller as
presenting fairly, in all material respects, the financial position and results
of operation of the Seller and as having been prepared in accordance with GAAP,
together with a certificate of such Responsible Officer stating that such
financial statements present fairly, in all material respects, the financial
position of the Seller as at the dates indicated and the results of their
operations and cash flow for the periods indicated in conformity with GAAP
applied on a basis consistent with prior years (except for changes that shall
have been disclosed in the notes to the financial statements).

    

    (b)           
NoticeofEventofTermination.  Promptly
and in any event within 2 Business Days after a Responsible Officer (excepting
any Responsible Officer who is a Responsible Officer solely by virtue of a power
of attorney) of the Seller first becomes aware of each Event of Termination or
Potential Event of Termination continuing on the date of such statement, a
statement of a Responsible Officer of the Seller (excepting any Responsible
Officer who is a Responsible Officer solely by virtue of a power of attorney)
setting forth details of such Event of Termination or Potential Event of
Termination and the action which the Seller has taken and proposes to take with
respect thereto.

    
      
        
        

      

      
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    (c)       
    Other. Promptly, from time to
time, such other information, documents, records or reports respecting this
Agreement or the other Transaction Documents, the Receivables, the Related
Security, the Contracts, the Restricted Accounts or the condition or operations,
financial or otherwise, of the Seller as the Agent may from time to time
reasonably request.

    

    Section
5.3            
Negative Covenants of the Seller.

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital shall
be outstanding and no Yield or other Obligations (other than contingent
indemnification obligations) of the Seller remain unpaid under this Agreement,
the Seller will not:

    

    (a)    Debt.  Except as
otherwise provided herein or in the Receivables Sale Agreement, create, incur,
assume or suffer to exist any Debt, other than (i) Debt of the Seller
representing fees, expenses and indemnities arising hereunder or under the
Receivables Sale Agreement for the purchase price of the Receivables under the
Receivables Sale Agreement, (ii) the Subordinated Notes and (iii) other Debt of
the Seller incurred in the ordinary course of its business in an amount not to
exceed $10,500 at any time outstanding.

    

    (b)    Sales, Liens,
Etc.  Except as otherwise provided herein, sell, lease,
transfer, assign (by operation of law or otherwise) or otherwise dispose of, or
grant any option with respect to, or create or suffer to exist any Lien, other
than Permitted Liens, upon or with respect to any of its properties or assets,
whether now owned or hereafter acquired, including, but not limited to, its
undivided interest in any Pool Receivable or Related Security or Collections in
respect thereof, or upon or with respect to any related Contract or any Deposit
Account to which any Collections of any Pool Receivable are sent (including,
without limitation, any Lock-Box Account), or assign any right to receive income
in respect thereof.

    

    (c)    Investments.  Except
as otherwise provided herein or in the Receivables Sale Agreement, directly or
indirectly make or maintain any Investment.

    

    (d)    RestrictedPayments. Directly or
indirectly, declare, order, pay, make or set apart any sum for any redemption,
retirement or cancellation of the Sellers Equity Interests or any Subordinated
Note other than pursuant to or in accordance with the Transaction
Documents.

    

    (e)    Merger, Etc. Consolidate with or merge
into any other Person, acquire all or substantially all of the Equity Interests
of any Person, acquire all or substantially all of the assets of any Person or
all or substantially all of the assets constituting the business of a division,
branch or other unit operation of any Person, enter into any joint venture or
partnership with any Person or acquire or create any subsidiary.

    

    (f)     Change in Credit and Collection
Policy. Make
any changes in the Credit and Collection Policy that would be reasonably likely
to impair the collectibility of the Pool Receivables.

    

    (g)    Organizational Documents; Change of
Name, Etc.

    

     
(i)       Amend,
supplement or otherwise modify any of its Organization Documents without the
consent of the Agent (not to be unreasonably withheld or
delayed).

    
      
        
        

      

      
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     (ii)        
      Change its name, identity, form of legal
structure or jurisdiction of organization, unless, prior to the effective date
of any such change, the Seller delivers to the Agent (x) UCC financing
statements necessary to reflect such change and to continue the perfection of
the ownership interests in the Receivable Interests contemplated by this
Agreement and (y) if the identity or structure of the Seller has changed and
such change adversely affects the rights of the Agent under then existing
Lock-Box Agreements and other control agreements with the Seller to take control
of the Lock-Box Accounts and other Restricted Accounts pursuant to Section
6.3(a), new Lock-Box Agreements and other control agreements executed by the
Seller and the relevant banks, to the extent necessary to reflect such changes
and to continue to enable the Agent to exercise such rights.

    

    (h)           Accounting.  Account
for (including for accounting and tax purposes) or otherwise treat the
transactions contemplated by the Receivables Sale Agreement in any manner other
than as sales of Receivables by any Originator to the Seller, or account for
(other than for tax purposes) or otherwise treat the transactions contemplated
by this Agreement in any manner other than as sales of Receivable Interests by
the Seller to the Agent for the account of the Purchasers.

    

    (i)       
     AffiliateTransactions. Except as
contemplated or permitted by the Transaction Documents, enter into any other
transaction directly or indirectly with or for the benefit of any Affiliate of
the Seller.

    

    (j)         
   ERISA.  Adopt,
maintain, contribute to or incur or assume any obligation with respect to any
Plan, Multiemployer Plan or Welfare Plan, except such obligation or contingent
obligation that arises as a matter of law solely as a result of an ERISA
Affiliates sponsorship of a Plan, Multiemployer Plan or Welfare
Plan.

    

    (k)            LeaseObligations.  Create,
incur, assume or suffer to exist any obligations as lessee for the rental or
lease of real or personal property, other than for the lease or rental of an
office space or office equipment for use by the Seller in the ordinary course of
its business.

    

    (l)        
    Extension or Amendment of
Receivables.  Except as otherwise permitted in Section 6.2,
extend, amend or otherwise modify the terms of any Pool Receivable, or amend,
modify or waive any term or condition of any Contract related
thereto.

    

    (m)         
 Change in Payment
Instructions to Obligors.  Add or terminate any bank as a
Lock-Box Bank or any Deposit Account as a Lock-Box Account from those listed in
Schedule I, or
make any change in the instructions to Obligors regarding payments to be made to
any Lock-Box Account, unless the Agent shall have received at least 20 days
prior written notice of such addition, termination or change and shall have
received, with respect to each new Lock-Box Account, a Lock-Box Agreement
executed by the Lock-Box Bank that maintains such Lock-Box Account and the
Seller or any Originator, as applicable.

    

    (n)        
   Deposits to
Lock-Box Accounts.  Deposit or otherwise credit, or cause or
grant any permission to be so deposited or credited, to any Lock-Box Account
cash or cash proceeds other than Collections of Pool Receivables.

    

    (o)      
     Receivables Sale
Agreement.  (i) Cancel or terminate the Receivables Sale
Agreement or consent to or accept any cancellation or termination thereof, (ii)
amend, supplement or otherwise modify any term or condition of the Receivables
Sale Agreement or give any consent, waiver or approval thereunder, (iii) waive
any default under or breach of the Receivables Sale Agreement or (iv) take any
other action under the Receivables Sale Agreement not required by the terms
thereof that would impair the value of any Receivable Assets (as defined
therein) or the rights or interests of the Seller thereunder or of the Agent or
any Purchaser or Indemnified Party hereunder or thereunder.

    
      
        
        

      

      
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    Section
5.4            
Affirmative Covenants of the Servicer.

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital shall
be outstanding and no Yield or other Obligations (other than contingent
indemnification obligations) of the Seller remain unpaid under this Agreement,
the Servicer shall:

    

    (a)    Existence. Do or cause
to be done all things necessary to preserve, renew and keep in full force and
effect its legal existence.

    

    (b)    Compliance with Laws,
Etc. Comply
with all applicable laws, rules, and regulations and all orders of any
Governmental Authority applicable to it and all Pool Receivables and related
Contracts, Related Security and Collections with respect thereto to the extent
noncompliance could reasonably be expected to result in a Material Adverse
Effect.

    

    (c)    Business and
Properties.  Except to the extent the failure to do so,
individually or in the aggregate, could not reasonably be expected to have a
Material Adverse Effect, at all times (a) do or cause to be done all things
reasonably necessary to preserve, renew and keep in full force and effect the
rights, licenses, permits, franchises, patents, copyrights, trademarks and trade
names material to the conduct of its business; and (b) maintain, preserve and
protect all property material to the conduct of such business.

    

    (d)    Payment of
Taxes.  Pay and discharge all material taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or
in respect of its property before the same shall become delinquent or in
default, as well as all lawful material claims for labor, materials and supplies
or otherwise, which, if unpaid, might give rise to liens or charges upon such
properties or any part thereof, unless and to the extent that any such tax,
assessment, charge, levy or claim is being contested in good faith by
appropriate proceedings and adequate reserves are being maintained on its books
with respect thereto to the extent required by GAAP.

    

    (e)    Books of
Accounts.

    

     
(i)              
To the extent Records are (A) in written form, segregate such Records in file
cabinets or storage containers and appropriately label such file cabinets or
storage containers to reflect that the Receivable Interests have been conveyed
to the Purchasers, or (B) constitute computer programs and other non-written
Records, appropriately legend such Records to reflect that the Receivable
Interests have been conveyed to the Purchasers.

    

     (ii)              
Maintain and implement administrative and operating procedures (including,
without limitation, an ability to recreate, in all material respects, records
evidencing Pool Receivables in the event of the destruction of the originals
thereof), and keep and maintain all documents, books, records and other
information reasonably necessary or advisable for the collection of all Pool
Receivables (including, without limitation, records adequate to permit the daily
identification of each Pool Receivable, the Outstanding Balance of each Pool
Receivable and the dates which payments are due thereon and all Collections of
and adjustments to each existing Pool Receivable).

    
      
        
        

      

      
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    (f)     Examination of Records;
Audits.

    

     
(i)              
From time to time upon ten (10) Business Days (or, during the continuance of a
Triggering Event of the type described in clause (iii), (iv) or (v) of the
definition of Triggering Event, five (5) Business Days) prior notice (except
that during the continuance of a Potential Event of Termination or Event of
Termination, no such notice shall be required) and during regular business hours
as requested by the Agent and at the expense of the Agent, if a Potential Event
of Termination or Event of Termination does not exist, and otherwise at the
expense of the Servicer, permit the Agent, or its agents or representatives, (A)
to examine and make copies of and abstracts from all Records in the possession
or under the control of any Originator, the Servicer or their respective
Affiliates or the agents of such Originator, the Servicer or their respective
Affiliates, relating to Pool Receivables and the Related Security, including,
without limitation, the related Contracts, and (B) to visit the offices and
properties of any Originator, the Servicer, their respective Affiliates (other
than the Seller) or the agents of such Originator, the Servicer or their
respective Affiliates, for the purpose of examining such materials described in
clause (a) above, and to discuss matters relating to Pool Receivables and the
Related Security or the Servicers performance hereunder or under the Contracts
with any of the officers or employees of the Servicer having knowledge of such
matters and designated by the Servicer to discuss such matters with the Agent or
its agents or representatives. Unless a Potential Event of Termination or Event
of Termination is continuing, the Agent agrees to combine any request for any
such examinations and visits with any request being made under Section
5.1(f).

    

     (ii)              
The Agent may (at its own election or at the request of the Required
Purchasers), at the Servicers sole cost and expense, make test verifications and
other evaluations of the Receivables in any manner and through any medium that
the Agent considers advisable, and the Servicer shall furnish all such
assistance and information as the Agent may require in connection therewith;
provided that,
unless a Potential Event of Termination or an Event of Termination has occurred
and is continuing, the Agent shall conduct no more than four such evaluations
pursuant to this Section during any calendar year ;provided further
that, unless Total Excess Availability is less than $200,000,000 on each
Business Day during any period of five consecutive Business Days within any
twelve-month period, the Agent shall conduct no more than two such evaluations
pursuant to this Section during such twelve-month period.  The
Servicer shall pay the documented fees and expenses of employees or other
representatives of the Agent in connection with such
evaluations.  In-house examination charges shall be limited to an
amount up to $1,000 per day per examiner (employee or representative) plus such
examiners reasonable out-of-pocket expenses, including travel expenses, incurred
in connection with such evaluation.  The Agent shall furnish to each
Purchaser a copy of the final written report prepared in connection with any
such evaluation and shall provide the Servicer and the Seller with a summary of
the analysis of the Receivables contained in any such final written report not
less than two Business Days prior to delivery thereof to the
Purchasers.

    

     (iii)              
The Servicer shall furnish to the Agent any information that the Agent may
reasonably request regarding the determination and calculation of the Net
Receivables Pool Balance including correct and complete copies of any invoices,
underlying agreements, instruments or other documents and the identity of all
Obligors in respect of Receivables referred to therein.

    
      
        
        

      

      
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    (g)    Performance and Compliance with
Contracts and Credit and Collection Policy.  At its own
expense, timely and fully (i) perform, or cause to be performed, and comply in
all material respects with, or cause to be complied with in all material
respects, all provisions, covenants and other promises required to be observed
by it under the Contracts related to the Pool Receivables, and timely and fully
comply in all material respects with the Credit and Collection Policy in regard
to the Pool Receivables and the related Contracts and (ii) as beneficiary of any
Related Security, enforce and cause each other Originator to enforce such
Related Security as reasonably requested by the Agent.

    

    (h)    Transaction
Documents.  At its expense, maintain each of the Transaction
Documents to which it is a party in full force and effect, enforce in accordance
with its terms, take all such action to such end as may be from time to time
reasonably requested by the Agent, and make to any party to each of such
Transaction Documents such demands and requests for information and reports or
for action as it is entitled to make thereunder and as may be from time to time
reasonably requested by the Agent.

    

    (i)     Deposits to Lock-Box
Accounts. Instruct all Obligors to
make payments in respect of Pool Receivables to a Lock-Box Account and, if the
Servicer shall otherwise receive any Collections (including, without limitation,
any Collections deemed to have been received by the Seller pursuant to Section
2.9), segregate and hold in trust such Collections and deposit such Collections,
or cause such Collections to be deposited, to a Lock-Box Account within 2
Business Days following such receipt.

    

    (j)            
ERISA.  (i)
Comply in all material respects with the applicable provisions of ERISA, except
where noncompliance could not reasonably be expected to result in a Material
Adverse Effect, and (ii) furnish to the Agent (x) as soon as possible, and in
any event within 30 days after any Responsible Officer of the Servicer knows
that any Reportable Event has occurred that alone or together with any other
Reportable Event could reasonably be expected to result in liability of the
Servicer or any Subsidiary to the PBGC in an amount that could reasonably be
expected to result in a Material Adverse Effect, a statement of a Principal
Financial Officer setting forth details as to such Reportable Event and the
action proposed to be taken with respect thereto, together with a copy of the
notice, if any, of such Reportable Event given to the PBGC, (y) promptly after
receipt thereof, a copy of any notice that the Servicer or any Subsidiary may
receive from the PBGC of an intent to terminate any Plan or Plans (other than a
Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only
pursuant to subsection (m) or (o) of Section 414 of the Code) or to appoint a
trustee to administer any Plan or Plans if such event could reasonably be
expected to result in a Material Adverse Effect and (z) promptly and in any
event within 30 days after receipt thereof by the Servicer or any ERISA
Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice
concerning (A) the imposition of any Withdrawal Liability in an amount that
could reasonably be expected to result in a Material Adverse Effect or (B) a
determination that a Multiemployer Plan is, or is expected to be, terminated or
in reorganization, both within the meaning of Title IV of ERISA, which, in each
case, is expected to result in an increase in annual contributions of the
Servicer or any Subsidiary to such Multiemployer Plan in an amount that could
reasonably be expected to result in a Material Adverse Effect.

    

    (k)           
Control
Agreements.  Not later than the end of the Compliance Period,
cause to be delivered to the Agent (x) a Lock-Box Agreement with each Lock-Box
Bank, executed by such Lock-Box Bank, the Agent and the Seller, the Servicer or
an Originator, as applicable, and (y) a control agreement, in form and substance
reasonably satisfactory to the Agent, with each depository bank maintaining any
other Restricted Account, executed by such depository bank, the Agent, the
Seller and the Servicer, as applicable.

    
      
        
        

      

      
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    Section
5.5     Reporting
Requirements of the Servicer.

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital
Investment shall be outstanding and no Yield or other Obligations of the Seller
remain unpaid under this Agreement, the Servicer shall furnish to the Agent for
distribution to the Purchasers:

    

    (a)    Monthly
Reports.  During the existence of a Triggering Event, within 30
days after the end of each of the first two fiscal months in each fiscal quarter
of Lyondell, unaudited consolidated financial statements (which shall include a
balance sheet and income statement, as well as statements of partners equity and
cash flow) showing the financial condition and results of operation of Lyondell
and its consolidated subsidiaries as of the end of and for such fiscal month and
that portion of the current Fiscal Year ending as of the close of such month, in
each case certified by a Principal Financial Officer of Lyondell as being the
same monthly financial statements generated in accordance with Lyondells normal
procedures and submitted to management of Lyondell.  The Agent and the
Purchasers acknowledge that any monthly unaudited consolidated financial
statements furnished pursuant to this Section 5.5(a) will not be
accompanied by the footnotes and other disclosures that would be necessary for
fair presentation in accordance with GAAP.

    

    (b)    Quarterly
Reports.  Subject to the last two unlettered paragraphs of
this Section 5.5, as soon as available, but in any event within forty-five
(45) days (sixty (60) days in the case of the first three quarters of the fiscal
year ending December 31, 2008) (or such earlier date on which the Company is
required to make any public filing of such information), after the end of each
of the first three (3) fiscal quarters of each fiscal year of the Company, (1) a
consolidated balance sheet of the Company and its Subsidiaries as at the end of
such fiscal quarter, and the related consolidated statements of income and cash
flows, each for such fiscal quarter and the portion of the fiscal year then
ended, setting forth in each case in comparative form the figures for the
corresponding fiscal quarter of the previous fiscal year and the corresponding
portion of the previous fiscal year, all certified (subject to normal year-end
adjustments) as to fairness of presentation and consistency by a Responsible
Officer (excepting any Responsible Officer who is a Responsible Officer solely
by virtue of a power of attorney) of the Company as fairly presenting in all
material respects the financial condition, results of operations and cash flows
of the Company and its Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes and (2) promptly,
any other information, documents and other reports which the Company or any
Subsidiary is (when registered) required to file with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act;

    

    (c)    Annual
Reports.  Subject to the last two unlettered paragraphs of this
Section 5.5, as soon as available, but in any event within ninety (90) days
(one-hundred and twenty (120) days in the case of the fiscal year ending
December 31, 2007) (or such earlier date on which the Company is required to
make any public filing of such information) after the end of each fiscal year of
the Company beginning with the fiscal year ending December 31, 2007, a
consolidated balance sheet of the Company and its Subsidiaries as at the end of
such fiscal year, and the related consolidated statements of income and retained
earnings and of cash flows for such fiscal year, setting forth in each case in
comparative form the figures for the previous fiscal year, all reported on
without material qualification (including any going concern or like
qualification) by an independent registered public accounting firm of nationally
recognized standing.

    

    (d)         
  Principal Financial
Officers Certification.  Concurrently with (c)
and (b) above, a certificate of a Principal Financial Officer of the
Servicer,

    

     
(i)            
  certifying that to the best knowledge of such Principal Financial
Officer no Potential Event of Termination or Event of Termination has occurred
and is continuing or, if a Potential Event of Termination or Event of
Termination has occurred and is continuing, specifying the nature and extent
thereof and any corrective action taken or proposed to be taken with respect
thereto; and

    
      
        
        

      

      
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     (ii)              
solely in the case of (b) above, certifying that except as previously
notified to the Agent pursuant to Section 5.3(g) or Section
5.6(b) since the Closing Date or the date of the most recently delivered
Principal Financial Officers Certification, as applicable there has been no
change in any Transaction Partys name, form of organization, jurisdiction of
organization and organizational number or Federal Taxpayer Identification
Number.

    

    (e)    Seller Report. On or prior to
(x) the Closing Date and (y) the tenth Business Day of each calendar month
thereafter:

    

     
(i)           
   a Seller Report relating to each Receivable Interest, as of
the close of business of the Servicer on the last day of the immediately
preceding calendar month;

    

     (ii)            
  a listing of the ten Obligors owing the greatest dollar amount of
Pool Receivables, together with a report setting forth (A) the name of such
Obligor, (B) the balance of the Pool Receivables owing by such Obligor as of
such date, and (C) a summary of credit terms applicable to such Pool Receivables
under the applicable Contract;

    

    (iii)          
    a listing by Obligor of all Pool Receivables, together
with an analysis as to the aging of such Receivables, as of such last day;
and

    

    (iv)          
    such other information as shall be reasonably requested
from time to time by the Agent or by the Agent at the request of the Required
Purchasers;

    

    provided that during
the existence of a Triggering Event, on the second Business Day of each calendar
week, the Servicer shall deliver a Seller Report relating to each Receivable
Interest as of the close of business on the last day of the immediately
preceding calendar week, except that, to the extent the information otherwise
required to be set forth in a monthly Seller Report is not generally available
to the Servicer on a weekly basis, the Seller Report shall be prepared on the
basis of the aggregate amount of Collections from the Pool Receivables received
by or on behalf of the Servicer as of the end of the immediately preceding
calendar week and the aggregate of sales and billings of each Originator as of
the end of the immediately preceding calendar week and otherwise on the basis of
the applicable information contained in the most recent monthly Seller Report
received by the Agent.

    

    (f)     Net Receivables Pool Balance
Report. As soon as possible and in any event within 2 Business Days after
a Responsible Officer of the Servicer first becomes aware that any of the
following is true: (i) the Net Receivables Pool Balance is less than 75% of the
Net Receivables Pool Balance reflected in the most recent Seller Report
delivered pursuant to clause (e) above, or (ii) the Net Receivables Pool
Balance is less than 105% of the Required Net Receivables Pool Balance (giving
effect to any calculated reduction in Capital by an amount equal to the amount
on deposit in the Cash Assets Account that is available for application therefor
pursuant to Section 2.6(a)(iii) or (iv) or Section 2.7(a)(iii) or
(iv), as applicable, as of the close of business on the relevant day of
determination), or (iii) the outstanding Capital exceeds the Net Receivables
Pool Balance as a result of a decrease therein, a statement of a Responsible
Officer of the Servicer setting forth details of such event and, in the case of
clause (iii) such notice shall also include the amount of such
excess.

    
      
        
        

      

      
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    (g)    Litigation,
etc.  Give the Agent prompt written notice (which the Agent
shall promptly deliver to the Purchasers) after any Responsible Officer learns
of the following:

    

     
(i)          
    the issuance by any Governmental Authority of any
injunction, order, decision or other restraint prohibiting, or having the effect
of prohibiting, the transactions contemplated by the Transaction Documents,
including the making of the Capital Investments, or having the effect of
invalidating any provision of this Agreement or any other Transaction Document
or the initiation of any litigation or similar proceeding seeking any such
injunction, order, decision or other restraint;

    

     (ii)         
     the filing or commencement of any action, suit or
proceeding against any Transaction Party or any Subsidiary, whether at law or in
equity or by or before any Governmental Authority or any arbitrator, as to which
action, suit or proceeding there is a reasonable possibility of an adverse
determination and which, if determined adversely to such Transaction Party or
any Subsidiary, could reasonably be expected to result in a Material Adverse
Effect;

    

    (iii)        
      the occurrence of any development or event
which could reasonably be expected to result in a Material Adverse Effect;
and

    

    (iv)       
       the existence of (i) any Triggering
Event or (ii) any Potential Event of Termination or Event of Termination,
specifying the nature and extent thereof and the action (if any) which is
proposed to be taken with respect thereto.

    

    (h)    Information Regarding the
Servicer.  Give the Agent written notice at least 10 days prior
to (in the case of (ii) or (iii)) and within 20 days after (in any other case)
change in the Servicers (i) name, (ii) form of organization, (iii) jurisdiction
of organization, (iv) organizational number or (v) Federal Taxpayer
Identification Number.

    

    (i)     Other. Promptly, from time to
time, such other information, documents, records or reports respecting this
Agreement or the other Transaction Documents, the Receivables, the Related
Security, the Contracts, the Restricted Accounts or the condition or operations,
financial or otherwise, of any Transaction Party as the Agent may from time to
time reasonably request.

    

    Notwithstanding
the foregoing, the obligations to deliver financial statements pursuant to
clauses (b) and (c) of this Section 5.5 will be satisfied
with respect to financial information of the Company by furnishing (A) the
applicable financial statements of the Company or (B) the Companys Form 10-K or
10-Q, as applicable, filed with the SEC; provided that, with respect to each of
clauses (A) and (B), to the extent such information is in lieu of information
required to be provided under Section 5.5(b), all such materials are to be
reported on without material qualification (including any going concern or like
qualification) by an independent registered public accounting firm of nationally
recognized standing.

    

    Documents
required to be delivered pursuant to clauses (c) and (b) of
this Section 5.5 may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date (i) on which the Company (or
any direct or indirect parent of the Company) posts such documents, or provides
a link thereto on the website on the Internet at the website address listed on
Schedule 5.5; or (ii) on which such documents are posted on the Companys behalf
on IntraLinks/IntraAgency or another website identified in the notice provided
pursuant to clause (z) immediately below, if any, to which each Purchaser and
the Agent have access (whether a commercial, third-party website or whether
sponsored by the Agent); provided that: (y) upon written request by the Agent or
any Purchaser, the Servicer shall deliver paper copies of the information
referred to in clauses (c) and (bg) of this Section 5.5 as
requested by the Agent or Purchaser (as applicable) and (z) the Servicer shall
notify (which may be by facsimile or electronic mail) the Agent of the posting
of any such documents.  Each Purchaser shall be solely responsible for
timely accessing posted documents or requesting delivery of paper copies of such
documents from the Agent and maintaining its copies of such
documents.

    
      
        
        

      

      
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    Section
5.6    
Negative Covenants of the Servicer.

    

    Until the
later of (i) the Termination Date and (ii) the date upon which no Capital shall
be outstanding and no Yield or other Obligations (other than contingent
indemnification obligations) of the Seller remain unpaid under this Agreement,
the Servicer shall not:

    

    (a)    Change in Business Lines or Credit
and Collection Policy.  Make any change in the character of its
business or in the Credit and Collection Policy that would, in either case, be
reasonably likely to impair the collectibility of the Pool
Receivables.

    

    (b)    Organizational Documents; Change of
Name, Etc.

    

      (i)              
Amend, supplement or otherwise modify the Organization Documents of the Seller
without the consent of the Agent (not to be unreasonably withheld or
delayed).

    

     (ii)              
Change, or cause any other Transaction Party to change, its name, form of
organization or jurisdiction of organization, unless, prior to the effective
date of any such change, if such change adversely affects the rights of the
Agent under then existing Lock-Box Agreements or other control agreements with
such Transaction Party to take control of the Lock-Box Accounts and other
Restricted Accounts pursuant to Section 6.3(a), the Servicer delivers to the
Agent new Lock-Box Agreements and other control agreements executed by such
Transaction Party and the relevant banks, to the extent necessary to reflect
such changes and to continue to enable the Agent to exercise such
rights.

    

    (c)    Accounting.  Cause
or permit the Seller to account for (including for accounting and tax purposes)
or otherwise treat the transactions contemplated by the Receivables Sale
Agreement in any manner other than as sales of Receivables by any Originator to
the Seller, or to account for (other than for tax purposes) or otherwise treat
the transactions contemplated by this Agreement in any manner other than as
sales of Receivable Interests by the Seller to the Agent for the account of the
Purchasers.

    

    (d)    Extension or Amendment of
Receivables. Except as otherwise
permitted in Section 6.2, extend, amend or otherwise modify the terms or
Outstanding Balance of any Pool Receivable, or extend, amend, modify or waive
any term or condition of any Contract related thereto.

    

    (e)    Change in Payment Instructions to
Obligors. Add or terminate any
bank as a Lock-Box Bank or any Deposit Account as a Lock-Box Account from those
listed in Schedule
I, or make any change in the instructions to Obligors regarding payments
to be made to any Lock-Box Account, unless the Agent shall have received at
least 20 days prior written notice of such addition, termination or change and
shall have received, with respect to each new Lock-Box Account, a Lock-Box
Agreement executed by the Lock-Box Bank that maintains such Lock-Box Account and
the Seller or any Originator, as applicable.

    
      
        
        

      

      
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    (f)     Deposits to Lock-Box
Accounts. Deposit or otherwise
credit, or cause or grant permission to be so deposited or credited, to any
Lock-Box Account cash or cash proceeds other than Collections of Pool
Receivables.

    

    (g)    Voluntary
Petitions.  Cause the Seller to file a voluntary petition under
the Bankruptcy Code or any other bankruptcy or insolvency laws so long as the
Seller is not insolvent within the
meaning of the Bankruptcy Code, and unless, and only unless, such filing has
been authorized in accordance with the Sellers Organization
Documents.

    

    (h)    Maintenance of Sellers Separate
Existence.  Take any action, or omit to take any action, if the
effect is to cause the Seller to fail to perform or observe in any material
respect the covenants contained in Section 5.1(d) and Section 5.1(j)
above or to otherwise cause the Seller not to be considered as legal entity
separate and distinct from any Originator or any other Affiliates. 

    

    ARTICLE
VI

    

    Administration
and Collection

    

    Section
6.1    
Designation of Servicer.

    

    (a)           The
Pool Receivables shall be serviced, administered and collected by the Person
(the Servicer)
designated to do so from time to time in accordance with this Section
6.1.  Until the Agent designates a new Servicer in accordance with
Section 6.1(c), Lyondell is hereby designated as, and hereby agrees to perform
the duties and obligations of, the Servicer pursuant to the terms
hereof.

    

    (b)           The
Servicer may subcontract with each Originator to service, administer or collect
the Pool Receivables that any Originator creates, and may, with the prior
consent of the Agent (such consent not to be unreasonably withheld or delayed),
subcontract with any other Person to service, administer or collect the Pool
Receivables, provided that such
other Originator or other Person with whom the Servicer so subcontracts shall
not become the Servicer hereunder and the Servicer shall remain liable for the
performance of the duties and obligations of the Servicer pursuant to the terms
hereof.

    

    (c)          
 The Agent may at any time following the occurrence of an Event of
Termination designate as Servicer any Person (including itself) to succeed the
initial or any successor Servicer, if such Person (other than itself) shall
agree in writing to perform the duties and obligations of the Servicer pursuant
to the terms hereof.

    

    Section
6.2    
Duties of Servicer.

    

    (a)           The
Servicer shall take or cause to be taken all such commercially reasonable
actions as may be necessary or advisable to collect each Pool Receivable from
time to time, all in accordance with applicable laws, rules and regulations,
with reasonable care and diligence, and in accordance with the Credit and
Collection Policy.  Each of the Seller, the Purchasers and the Agent
hereby appoints as its agent the Servicer, from time to time designated pursuant
to Section 6.1, to enforce its respective rights and interests in and
under the Pool Receivables, the Related Security and the related
Contracts.

    

    (b)    Unless an
Event of Termination shall have occurred and be continuing, the Servicer may, in
accordance with the Credit and Collection Policy, (i) extend the maturity or
adjust the Outstanding Balance of any Receivable as the Servicer may determine
to be appropriate to maximize Collections thereof, (ii) extend the term of any
Contract and (iii) amend, modify or waive any other terms and conditions of any
Contract.

    
      
        
        

      

      
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    (c)           The
Servicer shall administer the Collections in accordance with the procedures
described herein and in Sections 2.6, 2.7, 2.8 and 2.9.  The
Servicer shall as soon as practicable following receipt, turn over to the Seller
any cash collections or other cash proceeds received with respect to Receivables
not constituting Pool Receivables.

    

    (d)           The
Servicer shall hold in trust for the Seller and each Purchaser, in accordance
with their respective interests, all Records that evidence or relate to the Pool
Receivables.  The Servicer shall, upon the occurrence and during the
continuance of any Event of Termination, and at the request of the Agent,
provide to the Agent the Records with respect to the Pool Receivables, provided that, in the
case of Records consisting of computer programs, data processing software and
any other intellectual property under license from third parties, the Servicer
will make available such Records only to the extent that the license for such
property so permits.

    

    Section
6.3     Rights of the
Agent.

    

    (a)    The Seller and the
Servicer each hereby transfer to the Agent the exclusive dominion and control of
(x) the Lock-Box Accounts to which the Obligors of Pool Receivables shall make
payments and (y) the other Restricted Accounts, and shall take any further
action that the Agent may reasonably request to effect such transfer, including
..

    

    (b)          
 At any time during the continuance of an Event of
Termination:

    

     
(i)           
   The Agent may notify, at the Sellers expense, the Obligors of
Pool Receivables, or any of them, of the ownership of Receivable Interests by
the Purchasers.

    

     (ii)            
  The Agent may direct the Obligors of Pool Receivables, or any of
them, to make payment of all amounts due or to become due to the Seller under
any Pool Receivable directly to the Agent or its designee.

    

    (iii)         
     The Seller and the Servicer each shall, at the
Agents request and at the Sellers and the Servicers expense, give notice of such
ownership to such Obligors and direct them to make such payments directly to the
Agent or its designee.

    

    (iv)              The
Seller and the Servicer each shall, at the Agents request, (A) assemble, and
make available to the Agent at a place reasonably selected by the Agent or its
designee, all of the Records which evidence or relate to the Pool Receivables,
and the related Contracts and Related Security, or which are otherwise necessary
or desirable to collect the Pool Receivables, provided that, in the
case of Records consisting of computer programs, data processing software and
any other intellectual property under license from third parties, the Servicer
will make available such Records only to the extent that the license for such
property so permits, and provided, further, that during
the continuance of an Event of Termination, the Seller and the Servicer each
shall, at the Agents request, commence the process of assembling such Records,
and (B) segregate all cash, checks and other instruments received by it from
time to time constituting Collections or other proceeds of Pool Receivables in a
manner reasonably acceptable to the Agent and shall, promptly upon receipt,
remit all such cash, checks and instruments, duly endorsed or with duly executed
instruments of transfer, to the Agent or its designee.

    
      
        
        

      

      
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     (v)             
 The Agent may take any and all commercially reasonable steps in the
Sellers or the Servicers name and on behalf of the Seller and the Purchasers
necessary or desirable, in the determination of the Agent, to collect all
amounts due under any and all Pool Receivables, including, without limitation,
endorsing the Sellers, or the Servicers name on checks and other instruments
representing Collections or other proceeds of Pool Receivables, enforcing such
Pool Receivables and the related Contracts, and adjusting, settling or
compromising the amount or payment thereof, in the same manner and to the same
extent as the Seller or the Servicer might have done.

    

    (c)           At
any time during the continuance of a Triggering Event, the Agent may, upon the
instructions of the Required Purchasers and at the Sellers expense, request any
of the Obligors of Pool Receivables to confirm the Outstanding Balance of such
Obligors Pool Receivables.

    

    Section
6.4    Certain
Responsibilities.

    

    Anything
herein to the contrary notwithstanding:

    

    (a)           The
Seller, the Servicer and each Originator shall perform all of its obligations
(if any) under the Contracts related to the Pool Receivables to the same extent
as if Receivable Interests had not been sold hereunder and the exercise by the
Agent of its rights hereunder shall not release the Seller or the Servicer from
such obligations or its obligations with respect to Pool Receivables or under
the related Contracts; and

    

    (b)           Neither
the Agent nor the Purchasers shall have any obligation or liability with respect
to any Pool Receivables or related Contracts, nor shall any of them be obligated
to perform any of the obligations of the Seller or any Originator
thereunder.

    

    Section
6.5    Further
Assurances.

    

    (a)    The Seller
and the Servicer each agrees that from time to time, at its expense, it will
promptly execute and deliver all further instruments and documents, and take all
further action, that may be necessary, or that the Agent may reasonably request,
in order to perfect, protect or more fully evidence or maintain the validity and
effectiveness of the Receivable Interests purchased by the Purchasers hereunder,
to carry out more effectively the purposes of the Transaction Documents and to
enable any of them or the Agent to exercise and enforce any of their respective
rights and remedies under the Transaction Documents. Without limiting the
generality of the foregoing, the Seller and the Servicer each will upon the
request of the Agent, in order to perfect, protect or evidence such Receivable
Interests: (i) file or cause to be filed such financing or continuation
statements, or amendments thereto or assignments thereof, and such other
instruments or notices, as may be necessary, or as the Agent may reasonably
request; (ii) from and after April 1, 2008, mark conspicuously each invoice
evidencing each Pool Receivable with a legend stating that such Pool Receivable
and related Contract has been sold, transferred and assigned to the Seller; and
(iii) mark its master data processing records evidencing such Pool Receivables
and related Contracts with such legend. The Servicer also agrees to provide to
the Agent, from time to time upon request, evidence reasonably satisfactory to
the Agent as to the perfection and priority of the Liens created or intended to
be created by the Transaction Documents.

    

    (b)           The
Seller hereby authorizes the Agent to file one or more financing or continuation
statements, and amendments thereto and assignments thereof, relating to all or
any of the Contracts, or Pool Receivables and the Related Security and
Collections with respect thereto, now existing or hereafter arising, without the
signature of the Seller where permitted by law.  A photocopy or other
reproduction of this Agreement or any financing statement covering all or any of
the Contracts, or Pool Receivables and the Related Security and Collections with
respect thereto shall be sufficient as a financing statement where permitted by
law.

    
      
        
        

      

      
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    (c)           If
the Servicer or the Seller fails to perform any agreement contained herein, then
after notice to the Servicer or the Seller, as applicable, the Agent may itself
perform, or cause performance of, such agreement, and the reasonable costs and
expenses of the Agent incurred in connection therewith shall be payable by the
Seller under Section 10.1 or Section 11.5, as applicable.

    

    ARTICLE
VII

    

    Events
of Termination

    

    Section
7.1     Events of
Termination.

    

    If any of
the following events (Events of
Termination) shall occur and be continuing:

    

    (a)           Non-Payment.  The
Seller or Servicer fails to make any payment or deposit when and as required to
be made herein and, except for deposits in respect of Capital, such failure
continues for at least five (5) consecutive Business Days; or

    

    (b)           Specific
Covenants.  (i) The Seller or Servicer fails to perform or
observe any term, covenant or agreement contained in Sections 5.1(b), 5.2(b),
5.3, 5.4(a), 5.5(e), 5.6, 11.1 of this Agreement, (ii) any Originator fails
to perform or observe any term, covenant or agreement contained in Sections
4.01(a), 4.03, 8.01 of the Receivables Sale Agreement or (iii) the Servicer or
any Originator fails to perform or observe any term, covenant or agreement
contained in Sections 3.01, 3.03, Article IV and 6.03 of the relevant
Undertaking; or

    

    (c)           Other Defaults.  Any
Transaction Party fails to perform or observe any other covenant or agreement
(not specified in Section 7.01(a) or (b) above) contained in any Transaction
Document on its part to be performed or observed and such failure continues for
thirty (30) days, or solely with respect to a failure (i) of the Servicer to
comply with clauses 5.5(b) and (c) of this Agreement, ten (10)
Business Days, after notice thereof by the Agent to the Servicer; provided, however,
that a default under Section 5.3(b) shall not constitute an Event of
Termination under this Section 7.1(c) if such default relates to a specific Pool
Receivable and gives rise to an obligation of the Seller to make a payment under
Section 2.9(c) in respect of the affected Pool Receivable and the Seller has
made such payment in accordance with Section 2.9(c) and, after giving effect to
such payment and, if applicable, any calculated reduction in Capital by an
amount on deposit in the Cash Assets Account that is available for application
therefor pursuant to Section 2.6 or 2.7, as applicable, the aggregate Receivable
Interests would not exceed 100%; or

    

    (d)           Representations and
Warranties.  Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of any Transaction Party
herein, in any other Transaction Document, or in any document required to be
delivered in connection herewith or therewith  (or any certification
by a Company Financial Officer or the Borrowers Agent expressly contemplated by
this Agreement) shall be incorrect or misleading in any material respect when
made or deemed made;
provided, however, that any such breach of a representation or warranty
or any such inaccuracy that relates to a specific Pool Receivable shall not
constitute an Event of Termination under this Section 7.1(d) if such breach or
inaccuracy gives rise to an obligation of the Seller to make a payment under
Section 2.9(c) in respect of the affected Pool Receivable and the Seller has
made such payment in accordance with Section 2.9(c) and, after giving effect to
such payment and, if applicable, any calculated reduction in Capital by an
amount on deposit in the Cash Assets Account that is available for application
therefor pursuant to Section 2.6 or 2.7, as applicable, the aggregate Receivable
Interests would not exceed 100%; or

    
      
        
        

      

      
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    (e)    Cross-Default.  Any
Transaction Party or any Restricted Subsidiary (i) fails to make any payment
beyond the applicable grace period with respect thereto, if any (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) in
respect of any Indebtedness (other than Indebtedness hereunder) having an
aggregate principal amount of not less than the Threshold Amount, or (ii) fails
to observe or perform any other agreement or condition relating to any such
Indebtedness of not less than the Threshold Amount (any such Indebtedness, the
Threshold Indebtedness),
or any other event occurs (other than, with respect to Indebtedness consisting
of Swap Contracts, termination events or equivalent events pursuant to the terms
of such Swap Contracts), the effect of which default or other event is to cause,
or to permit the holder or holders of such Indebtedness (or a trustee or agent
on behalf of such holder or holders or beneficiary or beneficiaries) to cause,
with the giving of notice if required, such Indebtedness to become due or to be
repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an
offer to repurchase, prepay, defease or redeem such Indebtedness to be made,
prior to its Stated Maturity; provided that this
clause (e)(ii) shall not apply to secured Indebtedness that becomes due as a
result of the voluntary sale or transfer of the property or assets securing such
Indebtedness, if such sale or transfer is permitted hereunder and under the
documents providing for such Indebtedness; provided, further that such failure is
unremedied and is not waived by the holders of such Indebtedness; or (iii) an
Event of Default shall exist under (as defined in) the ABF Agreement; or a
Receivables Termination Notice shall have been delivered under (and as defined
in) the Intercreditor Agreement; or

    

    (f)     Insolvency Proceedings,
Etc.  Any of the Company, a Transaction Party or any Material
Subsidiary to the fullest extent permitted under applicable mandatory provisions
of law institutes or consents to the institution of any proceeding under any
Debtor Relief Law or files for the opening of insolvency proceedings or a third
person files for the opening of insolvency proceedings, or makes an assignment
for the benefit of creditors; or applies for or consents to the appointment of
any receiver, trustee (not being a custodian), custodian, conservator,
liquidator (not being a bewindvoerder),
rehabilitator, administrator, administrative receiver or similar officer for it
or for all or any material part of its property under any applicable Debtor
Relief Laws; or any receiver, trustee, custodian, conservator, liquidator,
rehabilitator, administrator, administrative receiver or similar officer is
appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for sixty (60) calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or
any material part of its property is instituted without the consent of such
Person and continues undismissed or unstayed for sixty (60) calendar days, or an
order for relief is entered in any such proceeding; or

    

    (g)         
  Inability to Pay
Debts; Attachment.  (i) Any of the Company, any Transaction
Party or any Material Subsidiary  becomes unable or admits in writing
its inability or fails generally to pay its debts in excess of the Threshold
Amount as they become due, or (ii) any writ or warrant of attachment or
execution or similar process is issued or levied against all or any material
part of the property of the Transaction Parties and the Restricted Subsidiaries
taken as a whole, and is not released, vacated or fully bonded within sixty (60)
days after its issue or levy; or

    

    (h)    Judgments.  There is
entered against any Transaction Party or any Restricted Subsidiary a final
judgment or order for the payment of money in an aggregate amount exceeding the
Threshold Amount (to the extent not covered by independent third-party insurance
as to which the insurer has been notified of such judgment or order and has not
denied  coverage) and such judgment or order shall not have been
satisfied, vacated, discharged or stayed or bonded pending an appeal for a
period of sixty (60) consecutive days; or

    
      
        
        

      

      
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    (i)             Invalidity of Transaction Documents.
Any material portion of any material Transaction Document, at any time
after its execution and delivery and for any reason other than as expressly
permitted hereunder or thereunder or as a result of acts or omissions by the
Agent or Asset Agent or any Purchaser, ceases to be in full force and effect; or
any Transaction Party contests in writing the validity or enforceability of any
provision of any Transaction Document; or any Transaction Party denies in
writing that it has any or further liability or obligation under any Transaction
Document (other than as a result of repayment in full of the Capital), or
purports in writing to revoke or rescind any Transaction Document; or it becomes
unlawful for any Transaction Party to perform any of its Obligations under the
Transaction Documents; or

    

    (j)        
    Change
of Control.  There occurs or shall exist any Change of Control;
or

    

    (k)    Ownership
Interests.  Any Purchase shall for any reason (other than
pursuant to the terms hereof) cease to create, or any Receivable Interest shall
for any reason cease to be, a valid and perfected first priority undivided
percentage ownership interest or security interest to the extent of the
pertinent Receivable Interest in each applicable Pool Receivable and the Related
Security and Collections with respect thereto, except by reason of action taken
voluntarily by the Agent, or the failure by the Agent to take action required to
be taken by it under the Transaction Documents; provided, however, that any
such event that relates to a specific Pool Receivable shall not constitute an
Event of Termination under this Section 7.01(k) if the occurrence of such event
gives rise to an obligation of the Seller to make a payment under Section 2.9(c)
in respect of the affected Pool Receivable and the Seller has made such payment
in accordance with Section 2.9(c) and, after giving effect to such payment and,
if applicable, any calculated reduction in Capital by an amount held in the Cash
Assets Account that is available for application therefor pursuant to Section
2.6 or 2.7, as applicable, the aggregate Receivable Interests would not exceed
100%; or

    

    (l)          
  ERISA.  An ERISA
Event occurs which, together with all other ERISA Events that have occurred, has
resulted or could reasonably be expected to result in a Material Adverse Effect;
or

    

    (m)             [Reserved]

    

    (n)    Net Receivables Pool
Balance. The Net Receivables
Pool Balance shall be less than the Required Net Receivables Pool Balance
(giving effect to any calculated reduction in Capital by an amount equal to the
amount on deposit in the Cash Assets Account that is available for application
therefor pursuant to Section 2.6 or 2.7, as applicable, as of the close of
business on the relevant day of determination) for a period of 2 consecutive
Business Days or more; or

    

    (o)    Total Excess
Availability.  Total Excess Availability shall for a period of
two (2) consecutive Business Days be less than $100,000,000;

    

    notwithstanding
the foregoing, Events of Termination under Section 7.1(e) or (h), shall not
apply with respect to Millennium Holdings LLC or any Person that is a subsidiary
of Millennium Holdings LLC as of the Closing Date (collectively, the Millennium Holdings Group) so
long as none of the forementioned is an Originator, if, at the time of
determination, (x) the event that would otherwise give rise to such an Event of
Termination is excluded from the corresponding provision in all other Threshold
Indebtedness or would otherwise not give rise to an event of termination
thereunder in accordance with the terms of such Threshold Indebtedness and (y)
the Millennium Holdings Group, taken as a whole, is not a Material
Subsidiary;

    

    then, and
in any such event, the Agent shall, at the request, or may with the consent, of
the Required Purchasers, by notice to the Seller and the Servicer declare the
Termination Date to have occurred, whereupon the Termination Date shall
forthwith occur; provided, that (x)
automatically upon the second Business Day following the effectiveness of a
Receivables Termination Notice delivered in accordance with (and as defined in)
the Intercreditor Agreement, the Termination Date shall occur and (y)
automatically upon the occurrence of any event (without any requirement for the
passage of time or the giving of notice, or both) described in
subsection (f) of this Section 7.1, the Termination Date shall occur, and
the Agent may replace the Servicer pursuant to 0.  Upon any such occurrence of the
Termination Date, the Agent and each Purchaser shall have, in addition to all
other rights and remedies under this Agreement or otherwise, all other rights
and remedies provided under any and all applicable laws, which rights shall be
cumulative.

    
      
        
        

      

      
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    ARTICLE
VIII

    

    The
Agent

    

    Section
8.1    Authorization and
Action.

    

    (a)      
     Each Purchaser hereby appoints Citibank as the
Agent hereunder and each Purchaser authorizes the Agent to take such action as
agent on its behalf and to exercise such powers under this Agreement and the
other Transaction Documents as are delegated to the Agent under such agreements
and to exercise such powers as are reasonably incidental
thereto.  Without limiting the foregoing, each Purchaser hereby
authorizes the Agent to execute and deliver, and to perform its obligations
under, each of the Transaction Documents to which the Agent is a party, to
exercise all rights, powers and remedies that the Agent may have under such
Transaction Documents.

    

    (b)           As
to any matters not expressly provided for by this Agreement and the other
Transaction Documents (including enforcement or collection), the Agent shall not
be required to exercise any discretion or take any action, but shall be required
to act or to refrain from acting (and shall be fully protected in so acting or
refraining from acting) upon the instructions of the Required Purchasers, and
such instructions shall be binding upon all Purchasers; provided, however,
that the Agent shall not be required to take any action that (i) the Agent in
good faith believes exposes it to personal liability unless the Agent receives
an indemnification satisfactory to it from the Purchasers with respect to such
action or (ii) is contrary to this Agreement or applicable law.  The
Agent agrees to give to each Purchaser prompt notice of each notice given to it
by the Seller, any Originator or the Servicer pursuant to the terms of this
Agreement or the other Transaction Documents.

    

    (c)       
    In performing its functions and duties hereunder and
under the other Transaction Documents, the Agent is acting solely on behalf of
the Purchasers and its duties are entirely administrative in
nature.  The Agent does not assume and shall not be deemed to have
assumed any obligation other than as expressly set forth herein and in the other
Transaction Documents or any other relationship as the agent, fiduciary or
trustee of or for any Purchaser or holder of any other obligation under any
Transaction Document.  The Agent may perform any of its duties under
any Transaction Document by or through its agents or employees.

    

    (d)      
     The Asset Agent shall have no responsibility,
obligation or liability whatsoever under the Transaction Documents, or in
respect of the transactions thereunder, in such capacity (other than Section
11.6).

    

    Section
8.2    Agents Reliance,
Etc.

    

    Neither
the Agent nor any of its directors, officers, agents or employees shall be
liable for any action taken or omitted to be taken by it or them as Agent under
or in connection with this Agreement or any other Transaction Document or any
other instrument or document delivered pursuant hereto (including, without
limitation, the Agents servicing, administering or collecting Pool Receivables
as Servicer pursuant to Section 6.1), or in respect of the transactions
thereunder, except for its or their own gross negligence or willful
misconduct.  Without limiting the generality of the foregoing, except
as otherwise agreed by the Agent and any Purchaser, the Agent: (i) may consult
with legal counsel (including counsel for the Seller, the Servicer or any
Originator), independent public accountants and other experts selected by it and
shall not be liable for any action taken or omitted to be taken in good faith by
it in accordance with the advice of such counsel, accountants or experts; (ii)
makes no warranty or representation to any Purchaser and shall not be
responsible to any Purchaser for any statements, warranties or representations
(whether written or oral) made in or in connection with this Agreement or any
other Transaction Document or any other instrument or document delivered
pursuant hereto; (iii) shall not have any duty to ascertain or to inquire as to
the performance or observance of any of the terms, covenants or conditions of
this Agreement or any other Transaction Document or any other instrument or
document delivered pursuant hereto on the part of the Seller or any Originator
or to inspect the property (including the books and records) of the Seller or
any Originator; (iv) shall not be responsible to any Purchaser for the due
execution, legality, validity, enforceability, genuineness, sufficiency or value
of this Agreement or any other Transaction Document or any other instrument or
document furnished pursuant hereto, or the perfection, priority or value of any
ownership interest or security interest created or purported to be created
hereunder or under the Receivables Sale Agreement; and (v) shall incur no
liability under or in respect of this Agreement or any other Transaction
Document or any other instrument or document delivered pursuant hereto by acting
upon any notice (including notice by telephone), consent, certificate or other
instrument or writing (which may be by telecopier, telegram, cable or telex)
reasonably believed by it to be genuine and signed or sent by the proper party
or parties.

    
      
        
        

      

      
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    Section
8.3    Citibank and
Affiliates.

    

    With
respect to any Capital or any Receivable Interest owned by it, Citibank shall
have the same rights and powers under this Agreement as any other Purchaser and
may exercise the same as though it were not the Agent.  Citibank and
its Affiliates may generally engage in any kind of business with the Seller or
any Originator or any Obligor, any of their respective Affiliates and any Person
who may do business with or own securities of the Seller or any Originator or
any Obligor or any of their respective Affiliates, all as if Citibank were not
the Agent and without any duty to account therefor to the
Purchasers.

    

    Section
8.4    
Purchase Decisions.

    

    Each
Purchaser acknowledges that it has, independently and without reliance upon the
Agent or any of its Affiliates or any other Purchaser and based on such
documents and information as it has deemed appropriate, made its own evaluation
and decision to enter into this Agreement and to purchase undivided ownership
interests in Pool Receivables hereunder.  Each Purchaser also
acknowledges that it shall, independently and without reliance upon the Agent,
any of its Affiliates or any other Purchaser and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
decisions in taking or not taking action under this Agreement.

    

    Section
8.5    
Indemnification.

    

    The
Purchasers agree to indemnify the Agent (to the extent not promptly reimbursed
by the Seller or the Servicer), ratably according to their Ratable Portion from
and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or disbursements of any kind or
nature whatsoever that may be imposed on, incurred by, or asserted against the
Agent in any way relating to or arising out of this Agreement or any other
Transaction Document or any other instrument or document furnished pursuant
hereto or any action taken or omitted by the Agent under this Agreement or any
other Transaction Document or any such instrument or document; provided that no
Purchaser shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements resulting from the Agents gross negligence or willful
misconduct.  Without limitation of the foregoing, the Purchasers agree
to reimburse the Agent, ratably according to their Ratable Portion, promptly
upon demand for any costs and expenses (including, without limitation,
reasonable fees and disbursements of counsel) payable by the Seller to the Agent
under Section 11.5, to the extent that the Agent is not promptly reimbursed for
such costs and expenses by the Seller.

    
      
        
        

      

      
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    Section
8.6    
Successor Agent

    

    The Agent
may resign at any time by giving written notice thereof to the Purchasers and
the Seller.  Upon any such resignation, the Required Purchasers shall
have the right to appoint a successor Agent with the consent of the Seller, such
consent not to be unreasonably withheld.  If no successor Agent shall
have been so appointed by the Required Purchasers, and shall have accepted such
appointment, within 30 days after the retiring Agents giving of notice of
resignation, then the retiring Agent may, on behalf of the Purchasers, appoint a
successor Agent, selected from among the Purchasers.  In either case,
such appointment shall be subject to the prior written approval of the Seller
(which approval may not be unreasonably withheld and shall not be required upon
the occurrence and during the continuance of an Event of
Termination).  Upon the acceptance of any appointment as Agent by a
successor Agent, such successor Agent shall succeed to, and become vested with,
all the rights, powers, privileges and duties of the retiring Agent, and the
retiring Agent shall be discharged from its duties and obligations under this
Agreement and the other Transaction Documents.  Prior to any retiring
Agents resignation hereunder as Agent, the retiring Agent shall take such action
as may be reasonably necessary to assign to the successor Agent its rights as
Agent under the Transaction Documents.  After such resignation, the
retiring Agent shall continue to have the benefit of this Article
VIII as to any actions taken or omitted to be taken by it while it was
Agent under this Agreement and the other Transaction Documents.

    

    Section
8.7    
Posting of Approved Electronic Communications.

    

    (a)    Subject to
certain limited exceptions in respect of which the Servicer or the Seller has
delivered prior written notice to the Agent, each of the Purchasers, the
Servicer and the Seller agree that the Agent may, but shall not be obligated to,
make the Approved Electronic Communications available to the Purchasers by
posting such Approved Electronic Communications on IntraLinks(tm) or a
substantially similar electronic platform chosen by the Agents to be their
electronic transmission system (the "Approved Electronic
Platform").

    

    (b)           Although
the primary web portal is secured with a dual firewall and a user ID/password
authorization system and the Approved Electronic Platform is secured through a
single-user-per-deal authorization method whereby each user may access the
Approved Electronic Platform only on a deal-by-deal basis, each of the
Purchasers, the Servicer and the Seller acknowledges and agrees that the
distribution of material through an electronic medium is not necessarily secure
and that there are confidentiality and other risks associated with such
distribution.  In consideration for the convenience and other benefits
afforded by such distribution and for the other consideration provided
hereunder, the receipt and sufficiency of which is hereby acknowledged, each of
the Purchasers, the Servicer and the Seller hereby approves, and the Servicer
shall cause each Originator to approve, distribution of the Approved Electronic
Communications through the Approved Electronic Platform and understands and
assumes the risks of such distribution.

    
      
        
        

      

      
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    (c)    The Approved
Electronic Communications and the Approved Electronic Platform are provided
as is and as
available.  None of the Agent or any of its Affiliates or any
of their respective officers, directors, employees, agents, advisors or
representatives (the Agent Affiliates)
warrants the accuracy, adequacy or completeness of the Approved Electronic
Communications and the Approved Electronic Platform and each expressly disclaims
liability for errors or omissions not committed by it or in the absence of its
gross negligence or willful misconduct in the Approved Electronic Communications
and the Approved Electronic Platform.  No warranty of any kind,
express, implied or statutory (including, without limitation, any warranty of
merchantability, fitness for a particular purpose, non-infringement of third
party rights or freedom from viruses or other code defects) is made by the Agent
Affiliates in connection with the Approved Electronic Platform.

    

    ARTICLE
IX

    

    Assignment
of Receivable Interests

    

    Section
9.1     Purchasers Assignment
of Rights and Obligations.

    

    (a)    Each Purchaser may
assign all or a portion of its rights and obligations under this Agreement
(including, without limitation, all or a portion of its Commitment and the
Receivable Interests owned by it); provided, however,
that (i) each such assignment shall be a constant, and not a varying, percentage
of such Purchasers rights and obligations under this Agreement and the
Receivable Interests owned by it, (ii) in the case of any assignment by any
Purchaser that is not assigning pursuant thereto all of its right and
obligations under this Agreement, (A) the amount of the Commitment (determined
as of the date of the applicable Assignment and Acceptance) being assigned
pursuant to each such assignment shall be at least $10,000,000, or (B) the
aggregate amount of all Commitments (determined as of the date of the applicable
Assignments and Acceptances) being assigned by such Purchaser on such date to
two or more Assignees that are Approved Funds of such Purchaser or are
Affiliates of each other shall be at least $10,000,000 (or, in the case of (A)
or (B), any smaller amount agreed upon by the Agent and the Seller), (iii) the
parties to each such assignment shall execute and deliver to the Agent, for its
acceptance and recording in the Register, an Assignment and Acceptance, together
with (except in the case of an assignment to another Purchaser or an Affiliate
or an Approved Fund of such Purchaser) a processing and recording fee of $3,500
(provided that
only one such fee shall be required in the case of multiple assignments by a
Purchaser on a single day to funds that invest in bank loans and financial
assets of a type similar to the Receivable Interests that are advised by the
same investment adviser if such funds are not Approved Funds) and (iv) except in
the case of an assignment by a Purchaser to an Affiliate of such Purchaser, to
another Purchaser or to an Approved Fund of such Purchaser), the consent of the
Agent (and, in the case of an assignment of all or a portion of a Commitment,
regardless of the identity of the assignee, the Swing Purchaser) and, unless an
Event of Termination has occurred and is continuing, the Seller shall first have
been obtained (which consent may not be unreasonably withheld); and provided, further, that any
assignment to an Approved Fund of a Purchaser that is a collateralized debt
obligation vehicle shall permit a pledge by such Assignee of the assigned rights
and obligations in favor of an indenture trustee for the securities issued by
such Assignee.  Upon such execution, delivery and acceptance, from and
after the effective date specified in each Assignment and Acceptance, which
effective date shall be the later of (x) the date the Agent receives the
executed Assignment and Acceptance and (y) the date of such Assignment and
Acceptance, (1) the Assignee thereunder shall be a party hereto and shall have
all the rights and obligations of a Purchaser hereunder and (2) the assigning
Purchaser shall, to the extent that rights and obligations hereunder have been
assigned by it pursuant to such assignment and acceptance, relinquish its rights
and be released from its obligations under this Agreement.

    
      
        
        

      

      
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    (b)       
    By executing and delivering an Assignment and
Acceptance, the assigning Purchaser and the Assignee thereunder confirm to and
agree with each other and the other parties hereto as follows: (i) other than as
provided in such Assignment and Acceptance, the assigning Purchaser makes no
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this
Agreement or any other Transaction Document or any other instrument or document
furnished pursuant hereto or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement or any other Transaction
Document or any other instrument or document furnished pursuant hereto, or the
perfection, priority or value of any ownership interest or security interest
created or purported to be created hereunder or under the Receivables Sale
Agreement; (ii) the assigning Purchaser makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the Seller,
the Servicer or any Originator or the performance or observance by the Seller,
the Servicer or any Originator of any of their respective obligations under this
Agreement or any other Transaction Document or any other instrument or document
furnished pursuant hereto; (iii) such Assignee confirms that it has received
copies of this Agreement and the other Transaction Documents, together with such
other documents and information as it has deemed appropriate to make its own
analysis and decision to enter into such Assignment and Acceptance; (iv) such
Assignee will, independently and without reliance upon the Agent, any of its
Affiliates, the assigning Purchaser or any other Purchaser and based on such
documents and information as it shall deem appropriate at the time, continue to
make its own decisions in taking or not taking action under this Agreement and
the other Transaction Documents and the other instruments and documents
furnished pursuant hereto; (v) such Assignee appoints and authorizes the Agent
to take such action as agent on its behalf and to exercise such powers and
discretion under this Agreement and the other Transaction Documents and the
other instruments and documents furnished pursuant hereto as are delegated to
the Agent by the terms hereof and thereof, together with such powers and
discretion as are reasonably incidental thereto; (vi) such Assignee appoints as
its agent the Servicer from time to time designated pursuant to Section
6.1 to enforce its respective rights and interests in and under the Pool
Receivables and the Related Security and Collections with respect thereto and
the related Contracts; and (vii) such Assignee agrees that it will perform in
accordance with their terms all of the obligations which by the terms of this
Agreement are required to be performed by it as a Purchaser.

    

    (c)         
  Upon its receipt of an Assignment and Acceptance executed by any
assigning Purchaser and an Assignee, the Agent shall, if such Assignment and
Acceptance has been completed and is in substantially the form of Exhibit A hereto, (i)
accept such Assignment and Acceptance, (ii) record the information contained
therein in the Register, and (iii) give prompt notice thereof to the Seller and
the Servicer.

    

    (d)           Any
Purchaser may, in connection with any assignment or proposed assignment pursuant
to Section 9.1, disclose to the assignee or proposed assignee any information
relating to any Transaction Party or any Subsidiary furnished to the Purchasers
by or on behalf of such Transaction Party or such Subsidiary, as applicable;
provided that,
prior to any such disclosure, each such assignee or proposed assignee shall
execute an agreement whereby such assignee or proposed assignee shall agree
(subject to customary exceptions) to preserve the confidentiality of any
confidential information relating to the Transaction Parties and any Subsidiary
received from the Agent or the Purchasers.

    

    (e)    Notwithstanding
anything to the contrary contained herein, any Purchaser (a Granting Purchaser)
may grant to a special purpose funding vehicle (an SPC) of such Granting
Purchaser, identified as such in writing from time to time by the Granting
Purchaser to the Agent and the Seller, the option to provide to the Seller all
or any part of any Purchase that such Granting Purchaser would otherwise be
obligated to make to the Seller pursuant to Section 2.2, provided that (i)
nothing herein shall constitute a commitment to make any Purchase by any SPC and
(ii) if an SPC elects not to exercise such option or otherwise fails to provide
all or any part of such Purchase, the Granting Purchaser shall be obligated to
make such Purchase pursuant to the terms hereof.  The making of a
Purchase by an SPC hereunder shall be deemed to utilize the Commitments of all
the Purchasers to the same extent, and as if, such Purchase were made by the
Granting Purchaser.  Each party hereto hereby agrees that no SPC shall
be liable for any payment under this Agreement for which a Purchaser would
otherwise be liable, for so long as, and to the extent, the related Granting
Purchaser makes such payment.  In furtherance of the foregoing, each
party hereto hereby agrees that, prior to the date that is one year and one day
after the payment in full of all outstanding senior indebtedness of any SPC, it
will not institute against, or join any other Person in instituting against,
such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or similar proceedings under the laws of the United States of
America or any State thereof.  In addition, notwithstanding anything
to the contrary contained in this Section 9.1, any SPC may assign all or a
portion of its interests in any Receivable Interests to its Granting Purchaser
or to any financial institutions providing liquidity and/or credit facilities to
or for the account of such SPC to fund the Purchases made by such SPC or to
support the securities (if any) issued by such SPC to fund such Purchases; provided, however, that except
in the case of an assignment to a Granting Purchaser or a financial institution
that is either an affiliate of such SPC or another Purchaser, the Agent and,
unless an Event of Termination has occurred and is continuing, the Seller must
consent to such assignment in writing (which consent may not be unreasonably
withheld). Each SPC shall execute an agreement whereby such SPC shall agree
(subject to customary exceptions) to preserve the confidentiality of any
confidential information relating to the Transaction Parties and its Affiliates
received from the Agent or Purchasers.

    
      
        
        

      

      
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    Section
9.2     The
Register.

    

    The
Agent, acting solely for this purpose as an agent of the Seller, shall maintain
at its office referred to in Section 11.3 a copy of each Assignment
and Acceptance delivered to and accepted by it and a register (the Register) for the
recordation of the names and addresses of the Purchasers and the Commitment of,
and each Receivable Interest owned by, each Purchaser from time to time, which
Register shall be available for inspection by the Seller or any Purchaser (but,
in the case of any Purchaser, only with respect to the entries in the Register
applicable to such Purchaser and the names of any other Purchasers) at any
reasonable time upon reasonable prior notice.  The entries in the
Register shall be conclusive and binding for all purposes, absent manifest
error, and the parties hereto shall treat each Person whose name is recorded in
the Register as a Purchaser hereunder for all purposes of this
Agreement.  No Assignment and Acceptance shall be effective until it
is entered in the Register.

    

    Section
9.3     Participations.

    

    With the
prior written consent of the Agent, each Purchaser may sell participations to
one or more Persons in or to all or a portion of its rights and obligations
under the Transaction Documents (including all its rights and obligations with
respect to Receivable Interests).  The terms of such participation
shall not, in any event, require the participants consent to any amendments,
waivers or other modifications of any provision of any Transaction Documents,
the consent to any departure by any Transaction Party therefrom, or to the
exercising or refraining from exercising any powers or rights such Purchaser may
have under or in respect of the Transaction Documents (including the right to
enforce the obligations of any Transaction Party), except if any such amendment,
waiver or other modification or consent would reduce the amount, or postpone any
date fixed for, any amount (whether of Capital, Yield or fees) payable to such
participant under the Transaction Documents, to which such participant would
otherwise be entitled under such participation.  In the event of the
sale of any participation by any Purchaser, (w) such Purchasers obligations
under the Transaction Documents shall remain unchanged, (x) such Purchaser shall
remain solely responsible to the other parties for the performance of such
obligations, (y) such Purchaser shall remain the holder of such Capital for all
purposes of this Agreement and (z) the Seller, the Agent and the other
Purchasers shall continue to deal solely and directly with such Purchaser in
connection with such Purchasers rights and obligations under this
Agreement.  Each participant shall be entitled to the benefits of
Sections 2.12(a), 2.13 and 2.14 as if it were a Purchaser; provided, however,
that anything herein to the contrary notwithstanding, the Seller shall not, at
any time, be obligated to make under Section 2.12(a), 2.13 or 2.14 to
the participants in the rights and obligations of any Purchaser (together with
such Purchaser) any payment in excess of the amount the Seller would have been
obligated to pay to such Purchaser in respect of such interest had such
participation not been sold.  Any Purchaser may, in connection with
any participation or proposed participation pursuant to Section 9.3, disclose to
the participant or proposed participant any information relating to any
Transaction Party or any Subsidiary furnished to the Purchasers by or on behalf
of such Transaction Party or such Subsidiary, as applicable; provided that, prior
to any such disclosure, each such participant or proposed participant shall
execute an agreement whereby such participant or proposed participant shall
agree (subject to customary exceptions) to preserve the confidentiality of any
confidential information relating to the Transaction Parties and any Subsidiary
received from the Agent or the Purchasers.  Each Purchaser that sells
a participation shall, acting solely for this purpose as a non-fiduciary agent
of the Seller, maintain a register on which it enters the name and address of
each participant and the amounts of each participants participation (the Participant
Register).  The entries in the Participant Register shall be
conclusive, absent manifest error, and such Purchaser shall treat each such
Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to
the contrary.

    
      
        
        

      

      
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    ARTICLE
X

    

    Indemnification

    

    Section
10.1         
Indemnities.

    

    Without
limiting any other rights that any Indemnified Party may have hereunder or under
applicable law, and whether or not any of the transactions contemplated hereby
are consummated, (A) the Seller hereby agrees, severally and not jointly, to
indemnify each Indemnified Party from and against, and hold each thereof
harmless from, any and all claims, losses, liabilities, costs and expenses of
any kind whatsoever (including, without limitation, reasonable attorneys fees
and expenses) (all of the foregoing being collectively referred to as Indemnified Amounts)
arising out of, or resulting from, in whole or in part, one or more of the
following: (a) this Agreement or any other Transaction Document (other than the
Undertaking or the Servicers activities as Servicer) to which it is a party; (b)
the use of proceeds of any Purchase or reinvestment; (c) the interest of any
Purchaser in any Receivable, any Contract or any Related Security; or (d) any
transaction contemplated by this Agreement or any other Transaction Document
(other than the Undertaking) to which it is a party; and (B) the Servicer hereby
agrees, severally and not jointly, to indemnify each Indemnified Party for
Indemnified Amounts arising out of or resulting from the Undertaking or the
Servicers activities as Servicer or Buyers Servicer hereunder or under the other
Transaction Documents; excluding, however, in all of the foregoing instances
under clauses (A) and (B) above, Indemnified Amounts (1) to the extent resulting
from (x) the gross negligence or willful misconduct on the part of such
Indemnified Party or, (y) the failure to collect amounts in respect of a Pool
Receivable, to the extent such failure results from a discharge of the Obligor
with respect thereto in a proceeding in respect of such Obligor under applicable
bankruptcy laws or otherwise results from the Obligors financial inability to
pay such amounts or (2) that are subject to the exclusions from reimbursement or
payment therefor under Section 2.14.  Without limiting or being
limited by the foregoing and whether or not any of the transactions contemplated
hereby are consummated, the applicable Seller Party shall pay within five
Business Days after demand to each Indemnified Party any and all amounts
necessary to indemnify such Indemnified Party from and against any and all
Indemnified Amounts which relate to or result from, or which would not have
occurred but for, one or more of the following:

    
      
        
        

      

      
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(i)          
    any Receivable becoming a Pool Receivable which is
stated to be, but is not, an Eligible Receivable;

    

     (ii)          
    any representation or warranty or statement made or
deemed made by such Seller Party (or any of its officers) under or in connection
with this Agreement or any other Transaction Document or any Seller Report or
other document delivered or to be delivered in connection herewith or with any
other Transaction Document being incorrect in any material respect when made or
deemed made or delivered;

    

    (iii)         
     the failure by such Seller Party to comply with
any applicable law, rule or regulation with respect to any Pool Receivable or
the related Contract or any Related Security with respect thereto; or the
failure of any Pool Receivable or the related Contract or any Related Security
with respect thereto to conform to any such applicable law, rule or
regulation;

    

    (iv)         
    the failure to vest in the Purchaser of a Receivable
Interest a first priority perfected undivided percentage ownership interest, to
the extent of such Receivable Interest, in each Receivable in, or purported to
be in, the Receivables Pool and the Related Security and Collections in respect
thereof, free and clear of any Lien (except for Liens created pursuant to the
Transaction Documents and Permitted Liens); or the failure of the Seller to have
obtained a first priority perfected ownership interest in the Pool Receivables
and the Related Security and Collections with respect thereto transferred or
purported to be transferred to the Seller under the Receivables Sale Agreement,
free and clear of any Lien (except for Liens created pursuant to the Transaction
Documents);

    

     (v)        
      the failure of such Seller Party to have
filed, or any delay by such Seller Party in filing, financing statements or
other similar instruments or documents under the UCC of any applicable
jurisdiction or other applicable laws with respect to any Receivable in, or
purported to be in, the Receivables Pool and the Related Security and
Collections in respect thereof, whether at the time of any Purchase or
reinvestment or at any subsequent time unless such failure results directly and
solely from the Agents failure to take appropriate action;

    

    (vi)         
    any dispute, claim, offset or defense (other than
discharge in bankruptcy of the Obligor) of any Obligor to the payment of any
Receivable in, or purported to be in, the Receivables Pool (including, without
limitation, any defense based on the fact or allegation that such Receivable or
the related Contract is not a legal, valid and binding obligation of such
Obligor enforceable against it in accordance with its terms), or any other claim
resulting from the sale of the goods or services related to such Receivable or
the furnishing or failure to furnish such goods or services;

    

    (vii)       
       any failure of such Seller Party to
perform its duties or obligations in accordance with the provisions of this
Agreement or any other Transaction Document or to perform its duties or
obligations under any Contract;

    

    (viii)              any
product liability, personal injury, copyright infringement, theft of services,
property damage, or other breach of contract, antitrust, unfair trade practices
or tortious claim arising out of or in connection with the subject matter of any
Contract or out of or in connection with any transaction contemplated by this
Agreement, any other Transaction Document or any other instrument or document
furnished pursuant hereto or such Contract;

    
      
        
        

      

      
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     (ix)             
 the commingling by such Seller Party of Collections of Pool Receivables at
any time with other funds;

    

      (x)         
    any action or omission by such Seller Party reducing or
impairing the rights of any Purchaser of a Receivable Interest under this
Agreement, any other Transaction Document or any other instrument or document
furnished pursuant hereto or thereto or with respect to any Pool
Receivable;

    

     (xi)        
     any cancellation or modification of a Pool
Receivable, the related Contract or any Related Security, whether by written
agreement, verbal agreement, acquiescence or otherwise, unless such cancellation
or modification was made by or with the express consent of the Agent or a
Servicer that is not an Originator or an Affiliate of an Originator; provided that in no
event shall Indemnified Amounts include any unpaid portion of a Pool Receivable
effected by any such cancellation or modification;

    

    (xii)       
      any investigation, litigation or proceeding
related to or arising from this Agreement, any other Transaction Document or any
other instrument or document furnished pursuant hereto or thereto, or any
transaction contemplated by this Agreement or any Contract or the use of
proceeds from any Purchase or reinvestment pursuant to this Agreement, or the
ownership of, or other interest in, any Receivable, the related Contract or
Related Security;

    

      
(xiii)         
     the existence of any Lien (except for Liens
created pursuant to the Transaction Documents and Permitted Liens) against or
with respect to any Restricted Account or any Pool Receivable, the related
Contract or the Related Security or Collections with respect
thereto;

    

      
(xiv)              any
failure by such Seller Party to pay when due any taxes, including without
limitation sales, excise or personal property taxes, payable by such Seller
Party in connection with any Receivable or the related Contract or any Related
Security with respect thereto;

    

    (xv)        
     any claim brought by any Person other than an
Indemnified Party arising from any activity of such Seller Party in servicing,
administering or collecting any Pool Receivable; or

    

      
(xvi)         
    any failure by any Lock-Box Bank or other depositary
bank at which a Restricted Account is maintained to comply with the terms of the
Transaction Document governing such Restricted Account to which it is a
party.

    

    ARTICLE
XI

    

    Miscellaneous

    

    Section
11.1   Amendments,
Etc.

    

    No
amendment or waiver of any provision of this Agreement or the Intercreditor
Agreement, and no consent to any departure by the Seller or the Servicer
therefrom, shall be effective unless in a writing signed by the Agent and the
Required Purchasers and, in the case of any such amendment, the Seller and the
Servicer and then such amendment, waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given; provided, however,
that no amendment, waiver or consent shall:

    
      
        
        

      

      
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    (a)           without
the prior written consent of each Purchaser,

    

     
(i)          
    amend the definitions ofEligible
Receivable, Net Receivables Pool
Balance,Required Net Receivables
Pool Balance or Super Majority
Purchasers, Required Purchasers;
or

    

     (ii)             
 amend, modify or waive any provision of this Agreement in any way which
would

    

    (A)    reduce the
amount of a Capital Investment or Yield that is payable on account of any
Receivable Interest or delay any scheduled date for payment thereof or reduce
the Applicable Margin or change the order of application of Collections to the
payment thereof, or

    

    (B)    impair any
rights expressly granted to such Purchaser under this Agreement, or

    

    (C)    reduce fees
payable by the Seller to or for the account of such Purchaser hereunder or delay
the dates on which such fees are payable, or

    

     (iii)          
   amend or waive the Event of Termination contained in Section
7.1(f) relating to the bankruptcy of any Transaction Party, or amend or
waive the Event of Termination contained in Section 7.1(n) relating to the Net
Receivables Pool Balance, or

    

       
 (iv)            
 change the percentage of Commitments, or the number of Purchasers or
Purchasers, which shall be required for the Purchasers or any of them to take
any action hereunder, or

    

     (v)           
   amend this Section 1.11, or

    

    (vi)          
    extend the Commitment Termination Date, or

    

      
(vii)            
  increase the amount of the Total Commitment, or

    

      (viii)         
     reduce the Reserve Percentage, or amend the
definition of Reserve
Percentage, in each case such that the Reserve Percentage is reduced,
below 15%;

    

    (b)           without
the consent of the applicable Purchaser, increase the Commitment of such
Purchaser, subject such Purchaser to any additional obligations, or decrease the
Receivable Interest of such Purchaser; and

    

    (c)           without
the consent of the Super Majority Purchasers, amend the definitions of Receivable Asset
Availability, Receivables Excess Availability,
Total Asset
Availability or Total Excess
Availability or amend, or waive any Event of Termination or Potential
Event of Termination arising under, Section 7.1(o) hereof;

    

    provided, however,
that the Agent shall not, without the prior written consent of the Required
Purchasers, either agree to any amendment or waiver of any other provision of
the Undertaking or any provision of the Intercreditor Agreement or other
Transaction Document or consent to any departure from the Undertaking or the
Intercreditor Agreement or other Transaction Document by any party thereto, and
provided further,
that (x) no amendment, waiver or consent shall, unless in writing and
signed by the Agent in addition to the Purchasers required above to take such
action, affect the rights or duties of the Agent under this Agreement or the
other Transaction Documents, and (y) no amendment, waiver or consent shall,
unless in writing and signed by the Swing Purchaser in addition to the
Purchasers required above to take such action, affect the rights or duties of
the Swing Purchaser under this Agreement or the other Transaction
Documents.

    
      
        
        

      

      
        80

        
          

        

      

      
        
        

      

    

    If, in
connection with any proposed amendment, modification, waiver or termination
requiring the consent of all affected Purchasers, the consent of the Required
Purchasers is obtained but the consent of other Purchasers whose consent is
required is not obtained (any such Purchaser whose consent is not obtained being
referred to as a Non-Consenting
Purchaser), then, so long as the Purchaser that is the same entity as the
Agent is not a Non-Consenting Purchaser, at the Sellers request, the Agent (in
its sole discretion) or an Assignee with the Agents consent (not to be
unreasonably withheld) shall have the right (but shall have no obligation) to
purchase from such Non-Consenting Purchaser, and such Non-Consenting Purchaser
agrees that it shall, upon the Agents request, sell and assign to the Purchaser
that is the same entity as the Agent or to such Assignee, all of the Commitment
and Receivable Interest of such Non-Consenting Purchaser for an amount equal to
the outstanding Capital represented by the Receivable Interest of the
Non-Consenting Purchaser plus all accrued
Yield and fees with respect thereto through the date of sale less unamortized
upfront fees, such purchase and sale to be consummated pursuant to an executed
Assignment and Acceptance.

    

    It is
understood that the operation of Section 2.19 in accordance with its
terms is not an amendment subject to this Section 11.1.

    

    No
failure on the part of any Purchaser or the Agent to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder preclude any other or further
exercise thereof or the exercise of any other right.

    

    Section
11.2          Right of
Set-off.

    

    Each
Purchaser is hereby authorized by the Seller upon the occurrence and during the
continuance of an Event of Termination, to the fullest extent permitted by law,
to set off and apply any and all deposits (general or special, time or demand,
provisional or final) at any time held and other indebtedness at any time owing
by such Purchaser to or for the credit or the account of the Seller against any
and all of the obligations of the Seller now or hereafter existing under this
Agreement to such Purchaser, irrespective of whether or not any formal demand
shall have been made under this Agreement and although such obligations may be
unmatured.  Each Purchaser agrees promptly to notify the Seller after
any such setoff and application; provided, however,
that the failure to give such notice shall not affect the validity of such
setoff and application.  The rights of each Purchaser under
this Section 11.2 are in addition to other rights and remedies
(including, without limitation, other rights of setoff) which such Purchaser may
have.

    

    Section
11.3          Notices,
Etc.

    

    All
notices and other communications hereunder shall, unless otherwise stated
herein, be given in writing or by any telecommunication device capable of
creating a written record (including, with respect to Approved Electronic
Communications and other notices and communications described below, electronic
mail), (i) to each of the Seller, the Servicer, the Agent and the Initial
Purchasers, at its address set forth under its name on the signature pages
hereof, (ii) to each Purchaser other than the Initial Purchasers, at its address
specified on the Assignment and Acceptance pursuant to which it became a
Purchaser hereunder or (iii) to any party hereto at such other address as shall
be designated by such party in a notice to the other parties hereto given as
provided herein.

    
      
        
        

      

      
        81

        
          

        

      

      
        
        

      

    

    All
notices and other communications given to any party hereto in accordance with
the provisions of this Agreement shall be deemed to have been given on the date
of receipt if delivered by hand or overnight courier service or sent by telecopy
equipment of the sender, or on the date five Business Days after dispatch by
certified or registered mail if mailed, in each case delivered, sent or mailed
(properly addressed) to such party as provided in this Section 11.3 or
in accordance with the latest unrevoked direction from such party given in
accordance with this Section 11.3.

    

    Notices
and other communications to the Purchasers hereunder not constituting Approved
Electronic Communications may be delivered or furnished by electronic
communications pursuant to procedures approved by the Agent; provided that the
foregoing shall not apply to notices pursuant to Article II or III unless
otherwise agreed by the Agent and the applicable Purchaser.  Each of
the Agent, the Seller and the Servicer may, in its discretion, agree to accept
notices and other communications to it hereunder or under any other Transaction
Document that do not constitute Approved Electronic Communications, by
electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or
communications.

    

    Section
11.4          Binding Effect;
Assignability.

    

    This
Agreement shall be binding upon and inure to the benefit of each party hereto
and their respective successors and assigns, except that neither the Seller, any
Originator nor the Servicer shall have the right to assign its rights or
obligations hereunder or any interest herein without the prior written consent
of all Purchasers.  This Agreement shall create and constitute the
continuing obligation of the parties hereto in accordance with its terms, and
shall remain in full force and effect until such time, after the Termination
Date, as no Capital or any other obligation of the Seller, any Originator or the
Servicer under any Transaction Document shall be outstanding; provided, however,
that rights and remedies with respect to the provisions of Sections 2.12, 2.13,
2.14, 10.1, 11.5, 11.6, and 11.8 shall be continuing and shall survive any
termination of this Agreement.

    

    Section
11.5          Costs and
Expenses.

    

    The
Seller shall pay (i) all reasonable out-of-pocket expenses incurred by the
Agent, including the reasonable fees, charges and disbursements of Davis Polk
& Wardwell, special counsel for the Agent and any local counsel retained by
them, in connection with the syndication of the receivables facilities provided
for herein, the preparation and administration of the Transaction Documents or
any amendments, modifications or waivers of the provisions thereof (whether or
not the transactions contemplated hereby or thereby shall be consummated) and
(ii) all out-of-pocket expenses incurred by the Agent or any Purchaser,
including the fees, charges and disbursements of any counsel for the Agent or
any Purchasers, in connection with the enforcement or protection of its rights
in connection with any Transaction Document, including its rights under this
Section, or in connection with the Receivable Interests, including all such
out-of-pocket expenses incurred during any workout or restructuring in respect
of such Receivable Interests.  It is understood that reimbursement of
the Agent in respect of matters covered by Section5.1(f) and Section5.4(f)
of this Agreement is subject to the applicable limitations specified
herein.

    
      
        
        

      

      
        82

        
          

        

      

      
        
        

      

    

    Section
11.6         
Confidentiality.

    

    Each of
the Agent, the Asset Agent, the Purchasers and the SPCs (as defined in Section
9.1(e)) agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (a) to its and its Affiliates
directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent required or
requested by any regulatory authority, (c) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (d) to any
other party to this Agreement, (e) in connection with the exercise of any
remedies under any Transaction Document or any suit, action or proceeding
relating to any Transaction Document or the enforcement of rights thereunder,
(f) subject to obtaining a written agreement containing provisions substantially
the same as those of this Section from the intended recipient of such
Information, to any assignee of or participant in, or any prospective assignee
of or participant in, any of its rights or obligations under this Agreement
(including any assignee or any prospective assignee of an SPC of the type
described in the last sentence of Section 9.1(e)), (g) with the consent of the
Seller or any other Transaction Party, (h) for purposes of Section
9.1(e) only, to any rating agency (it being understood that, prior to any
such disclosure, such rating agency shall undertake to preserve the
confidentiality of any Information relating to the Transaction Parties and their
Subsidiaries received by it from such Purchaser), (i) to the extent such
Information (x) becomes publicly available other than as a result of a breach of
this Section or (y) becomes available to the Agent or any Purchaser on a
nonconfidential basis from a source other than the Transaction Parties or (j) to
any direct or indirect contractual counterparty in any swap, hedge or similar
agreement (or to such contractual counterpartys professional advisor) so long as
the recipient of such Information agrees to be bound by the provisions of this
Section.  For the purposes of this Section, Information means all
information received from the Transaction Parties relating to the Transaction
Parties and their Affiliates or their respective businesses, other than any such
information that is available to the Agent or any Purchaser on a nonconfidential
basis prior to disclosure by any Transaction Party.  Any Person
required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if
such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own
confidential information.

    

    Notwithstanding
any other provision herein, each Purchaser and the Agent (and each employee,
representative or other agent of such party) may disclose to any and all
Persons, without limitation of any kind, any information with respect to the tax
treatment and tax structure (in each case, within the meaning of Treasury
Regulation Section 1.6011-4) of the transactions contemplated by the Transaction
Documents and all materials of any kind (including opinions or other tax
analyses) that are provided to the Agent or such Purchaser relating to such tax
treatment and tax structure.

    

    Section
11.7          Governing
Law.

    

    This
Agreement shall be governed by, and construed in accordance with, the laws of
the State of New York.

    

    Section
11.8          Jurisdiction,
Etc.

    

    (a)           Any
legal action or proceeding with respect to this Agreement or any other
Transaction Document may be brought in the courts of the State of New York
sitting in the Borough of Manhattan, the City of New York, or of the United
States of America for the Southern District of New York, and, by execution and
delivery of this Agreement, each party hereto hereby accepts for itself and in
respect of its property, generally and unconditionally, the jurisdiction of the
aforesaid courts.  The parties hereto hereby irrevocably waive any
objection, including any objection to the laying of venue or based on the
grounds of forum non conveniens, that any of them may now or hereafter have to
the bringing of any such action or proceeding in such respective
jurisdictions.

    
      
        
        

      

      
        83

        
          

        

      

      
        
        

      

    

    (b)           Each
of the parties hereto hereby irrevocably consents to the service of any and all
legal process, summons, notices and documents in any suit, action or proceeding
brought in the United States of America arising out of or in connection with
this Agreement or any other Transaction Document by the mailing (by registered
or certified mail, postage prepaid) or delivering of a copy of such process to
such party, as the case may be, at its address specified in Section
11.3.  Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by
law.

    

    (c)           Nothing
contained in this Section 11.8 shall affect the right of the parties
hereto to serve process in any other manner permitted by law or commence legal
proceedings or otherwise proceed against any other party hereto in any other
jurisdiction.

    

    Section
11.9          Execution in
Counterparts.

    

    This
Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together
shall constitute one and the same agreement.  Delivery by telecopier,
pdf or other electronic means of an executed counterpart of a signature page to
this Agreement shall be effective as delivery of an original executed
counterpart of this Agreement.

    

    Section
11.10        Intent of the
Parties.

    

    It is the
intention of the parties hereto that each Purchase and reinvestment shall convey
to each Purchaser, to the extent of its Receivable Interests, an undivided
ownership interest in the Pool Receivables, and the Related Security and
Collections in respect thereof and that such transaction shall constitute a
purchase and sale and not a secured loan for all purposes other than for federal
income tax purposes.  If, notwithstanding such intention, the
conveyance of the Receivable Interests from the Seller to any Purchaser shall
ever be recharacterized as a secured loan and not a sale, it is the intention of
the parties hereto that this Agreement shall constitute a security agreement
under applicable law, and the Seller hereby grants to the Agent for the benefit
of itself and each such Purchaser a security interest in all of the Sellers
right, title and interest in, to and under the Pool Receivables and the Related
Security and Collections in respect thereof, the Restricted Accounts and all
proceeds thereof and any Cash Assets and any cash collateral under this
Agreement free and clear of Liens (except for Permitted Liens).

    

    Section
11.11        Entire Agreement.

    

    This
Agreement and the other Transaction Documents contain a final and complete
integration of all prior expressions by the parties hereto with respect to the
subject matter hereof and shall constitute the entire agreement and
understanding among the parties hereto with respect to the subject matter hereof
and supersede all prior agreements and understandings, written or oral, relating
to the subject matter hereof.

    

    Section
11.12        Severability of
Provisions.

    

    Any
provision of this Agreement which 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 affecting the validity or enforceability of such provision
in any other jurisdiction.

    
      
        
        

      

      
        84

        
          

        

      

      
        
        

      

    

    Section
11.13       Waiver of Jury
Trial.

    

    Each of
the parties hereto irrevocably waives all right to trial by jury in any action,
proceeding or counterclaim (whether based on contract, tort or otherwise)
arising out of or relating to this Agreement or any of the other Transaction
Documents, the Purchases or the actions of the Agent or any Indemnified Party in
the negotiation, administration, performance or enforcement hereof or
thereof.

    
      
        
        

      

      
        85

        
          

        

      

      
        
        

      

    

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

    

    
      	 	
              LYONDELLBASELL
      RECEIVABLES I, LLC, as Seller

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	/s/
      Karen A. Twitchell 	 
	 	 	
              Name: 
      Karen A. Twitchell 

            	 
	 	 	
              Title:   
      Vice President and Treasurer

            	 
	 	 	 	 
	 	 	 	 
	 	
               

            	
              Address: 
      1221 McKinney, Suite 700

                                
      Houston, TX 77010

            	 
	 	 	 	 
	 	 	 	 
	 	 	
              Attention:

            	 
      Assistant Treasurer 	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                             
      Telephone No.:  713/652-7200

            	 
	 	
                             
      Telecopier No.:  713/652-4598

            	 

    

     

    [Receivables
Purchase Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

    

    
      	
            	
              LYONDELL
      CHEMICAL COMPANY, as Servicer

            	 
	 	 	 	 
	 	 	 	 

    

     

    
      	
            	
              By:

            	/s/
      Karen A. Twitchell 	 
	 	 	
              Name: 
      Karen A. Twitchell 

            	 
	 	 	
              Title:   
      Vice President and Treasurer

            	 
	 	 	 	 
	 	 	 	 
	 	
               

            	
              Address: 
      1221 McKinney, Suite 700

                                
      Houston, TX 77010

            	 
	 	 	 	 
	 	 	 	 
	 	 	
              Attention:

            	 
      Assistant Treasurer 	 
	 	 	 	 	 
	 	 	 	 	 
	 	
                             
      Telephone No.:  713/652-7200

            	 
	 	
                             
      Telecopier No.:  713/652-4598

            

    

     

     

     

     

    [Receivables
Purchase Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              CITIBANK,
      N.A.,

            	 
	 	
              as
      Administrative Agent and as Asset 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

            	 
	 	 	 	 
	 	
              Telephone
      No.:  (212) 816-2329

            	 
	 	
              Telecopier
      No.:  (212) 816-2613

            	 

    

     

    [Receivables
Purchase Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
            	
              JOINT LEAD ARRANGERS
      AND JOINT BOOKRUNNERS

               

              
                CITIGROUP
      GLOBAL MARKETS INC.

              

            	 
	 	
              as
      Joint Lead Arranger and Joint Bookrunner

            	 
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	/s/ Keith
      R. Gerding 	 
	 	 	
              Name: 
      Keith R. Gerding

            	 
	 	 	
              Title:   
      Director & Vice President

            	 
	 	 	 	 
	 	
              Address:

            	
              388
      Greenwich Street

            	 
	 	 	
              19th
      Floor

            	 
	 	 	
              New
      York, New York 10013

            	 
	 	 	 	 
	 	 	
              Attention:  David
      Jaffe

            	 
	 	 	 	 
	 	
              Telephone
      No.:  (212) 816-2329

            	 
	 	
              Telecopier
      No.:  (212) 816-2613

            

    

    
       

      [Receivables
Purchase Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      	 	
              GOLDMAN
      SACHS CREDIT PARTNERS L.P.,

                 as Joint Lead Arranger and Joint
      Bookrunner

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	/s/
      Michael Marsh 	 
	 	 	
              Name: 
      Michael Marsh

            	 
	 	 	
              Title:   
      Vice President

            	 
	 	 	 	 
	 	 	 	 
	 	
               

            	
              Address: 
      85 Broad Street

                       
      New York

                       
      NY 10004

            	 
	 	 	 	 
	 	 	 	 
	 	 	
              Attention: 
      David Wright

            	 
	 	 	 	 
	 	 	 	 
	 	
              Telephone
      No.:  +44 20 7774 6990

            	 
	 	
              Telecopier
      No.:  +44 20 7552 7070

            	 

    

     

    [Receivables
Purchase Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              MERRILL
      LYNCH CAPITAL CORPORATION,

                as Joint Lead Arranger and Joint
      Bookrunner

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	/s/
      Amand] Melani 	 
	 	 	
              Name:  Amand
      Melani

            	 
	 	 	
              Title:   
      VP

            	 
	 	 	 	 
	 	 	 	 
	 	
              Address:

            	 	 
	 	 	 	 
	 	 	 	 
	 	 	
              Attention:

            	 
	 	 	 	 
	 	 	 	 
	 	
              Telephone
      No.:

            	 
	 	
              Telecopier
      No.:

            	 

    

     

    [Receivables
Purchase Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	 	
              ABN
      AMRO BANK, N.V.

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	/s/
      [not legible]                 
      /s/ [not legible] 	 
	 	 	
              Name:[not
      legible]            [not
      legible]

            	 
	 	 	
              Title: 
      Executive Director        Assistant
      Director

            	 
	 	 	 	 
	 	 	 	 
	 	
              Address:

            	 	 
	 	 	 	 
	 	 	 	 
	 	 	
              Attention:

            	 
	 	 	 	 
	 	 	 	 
	 	
              Telephone
      No.:

            	 
	 	
              Telecopier
      No.:

            	 

    

     

    [Receivables
Purchase Agreement]

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