Document:

Security Agreement

 Exhibit 10.22 

EXECUTION VERSION 

SECURITY AGREEMENT 

dated as of 

April 30, 2010 

among 
 LYONDELL
CHEMICAL COMPANY, 
 as a Grantor and as Borrowers’ Agent 

EQUISTAR CHEMICALS, LP, 

HOUSTON REFINING LP, 

LYONDELLBASELL ACETYLS LLC, 

LYONDELLBASELL INDUSTRIES, N.V., 

and 
 THE OTHER
GRANTORS FROM TIME TO TIME PARTY HERETO, 
 as Grantors 

and 
 CITIBANK,
N.A., 
 as Administrative Agent 

 TABLE OF CONTENTS 

 
  

 

					
	 	 	 	  	PAGE
			
	SECTION 1.	 	Definitions	  	2
	SECTION 2.	 	Grant of Transaction Liens	  	7
	SECTION 3.	 	General Representations and Warranties	  	9
	SECTION 4.	 	Further Assurances; General Covenants	  	12
	SECTION 5.	 	Investment Property	  	13
	SECTION 6.	 	Restricted Accounts	  	15
	SECTION 7.	 	Transfer Of Record Ownership	  	15
	SECTION 8.	 	Right to Vote Securities	  	15
	SECTION 9.	 	Remedies upon Event of Default	  	16
	SECTION 10.	 	Application of Proceeds	  	19
	SECTION 11.	 	Authority to Administer Collateral	  	20
	SECTION 12.	 	Limitation on Duty in Respect of Collateral	  	21
	SECTION 13.	 	General Provisions Concerning the Administrative Agent	  	21
	SECTION 14.	 	Termination of Transaction Liens; Release of Collateral	  	23
	SECTION 15.	 	Additional Grantors	  	23
	SECTION 16.	 	Notices	  	23
	SECTION 17.	 	No Implied Waivers; Remedies Not Exclusive	  	24
	SECTION 18.	 	Successors and Assigns	  	24
	SECTION 19.	 	Amendments and Waivers	  	24
	SECTION 20.	 	Choice of Law	  	24
	SECTION 21.	 	Waiver of Jury Trial	  	24
	SECTION 22.	 	Severability	  	25
	SECTION 23.	 	Intercreditor Agreement Controlling	  	25
	SECTION 24.	 	Control by or Delivery to Term Loan Administrative Agent	  	25
	SECTION 25.	 	Agreement to be Bound by Credit Agreement	  	25

 EXHIBIT: 
  

			
	Exhibit A	  	Security Agreement Supplement

  

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 SECURITY AGREEMENT 

AGREEMENT dated as of April 30, 2010 among LYONDELL CHEMICAL COMPANY, a Delaware corporation, as a Grantor and as Borrowers’
Agent; EQUISTAR CHEMICALS, LP, a Delaware limited partnership, HOUSTON REFINING LP, a Delaware limited partnership, LYONDELLBASELL ACETYLS LLC, a Delaware limited liability company and LYONDELLBASELL INDUSTRIES, N.V., a naamloze vennootschap
(a public limited liability company) formed under the laws of The Netherlands, and the other Grantors party hereto, each as a Grantor; and CITIBANK, N.A., as Administrative Agent. 

WHEREAS, each Borrower has entered into the Credit Agreement described in Section 1 hereof, pursuant to which such Borrower intends
to borrow funds and obtain letters of credit for the purposes set forth therein; 
 WHEREAS, each Borrower has guaranteed the
foregoing obligations of each other Borrower; 
 WHEREAS, each Borrower is willing to secure its obligations under the Credit
Agreement, by granting Liens on its assets to the Administrative Agent as provided in the Collateral Documents; 
 WHEREAS, each
Guarantor is an affiliate of the Borrowers (or, in the case of any Guarantor who is a Borrower, each other Borrower), will derive substantial benefits from the extension of credit to the Borrowers pursuant to the Credit Agreement and has guaranteed
the foregoing obligations of each Borrower (or, in the case of any Guarantor who is a Borrower, each other Borrower) and is willing to secure its guarantee thereof by granting Liens on its assets to the Administrative Agent as provided in the
Collateral Documents; 
 WHEREAS, the Lenders and the Fronting Banks are not willing to make loans or issue or participate in
letters of credit under the Credit Agreement unless (i) the foregoing obligations of each Borrower are secured as described above and (ii) each guarantee thereof is secured by Liens on assets of the relevant Guarantor as provided in the
Collateral Documents; 
 WHEREAS, concurrently herewith the Grantors are entering into certain other security agreements with
respect to the Collateral to secure their obligations under the Senior Term Loan Facility, the Senior Notes and the Plan Roll-Up Notes and priority under each of these security agreements will be regulated by the Intercreditor Agreement; 

WHEREAS, subject to the Intercreditor Agreement, upon any foreclosure or other enforcement of the Collateral Documents, the net proceeds
of the relevant Collateral are to be received by or paid over to the Administrative Agent and applied as provided herein; 

 NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1.
Definitions.  
 (a) Terms Defined in Credit Agreement. Capitalized terms used in this Agreement but not defined in
subsection (b) or (c) of this Section 1 have, as used herein, the respective meanings provided for in the Credit Agreement. The rules of construction specified in Sections 1.02 and 1.05 of the Credit Agreement also apply to this
Agreement. 
 (b) Terms Defined in UCC. As used herein, each of the following terms has the meaning specified in the UCC:

  

			
	 Term
	  	UCC
		
	 Account
	  	9-102
	 Authenticate
	  	9-102
	 Certificated Security
	  	8-102
	 Certificate of Title
	  	9-102
	 Chattel Paper
	  	9-102
	 Deposit Account
	  	9-102
	 Document
	  	9-102
	 Entitlement Holder
	  	8-102
	 Equipment
	  	9-102
	 Financial Asset
	  	8-102 & 103
	 General Intangibles
	  	9-102
	 Instrument
	  	9-102
	 Inventory
	  	9-102
	 Investment Property
	  	9-102
	 Record
	  	9-102
	 Securities Account
	  	8-501
	 Securities Intermediary
	  	8-102
	 Security
	  	8-102 & 103
	 Security Entitlement
	  	8-102
	 Supporting Obligations
	  	9-102
	 Tangible Chattel Paper
	  	9-102

  

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 (c) Additional Definitions. The following additional terms, as used herein, have the
following meanings: 
 “Collateral” means the Non-Company Collateral and the Company Collateral. 

“Control” has the meaning specified in UCC Section 8-106, 9-104 or 9-106, as may be applicable to the relevant
Collateral. 
 “Copyright License” means any agreement now or hereafter in existence granting to any Grantor,
or pursuant to which any Grantor grants to any other Person, any right to use, copy, reproduce, distribute, prepare derivative works, display or publish any records or other materials on which a Copyright is in existence or may come into existence.

 “Copyrights” means all the following: (i) all copyright rights in any published or unpublished work of
authorship, whether copyrightable or not, databases and other compilations of information, and user manuals and other training documentation related thereto, copyrights therein and thereto arising under the laws of the United States or any other
country, (ii) all registrations and applications for copyrights under the laws of the United States or any other country, including registrations, recordings and applications in the United States Copyright Office or in any similar office or
agency of the United States, any State thereof or any other country or any political subdivision thereof, (iii) all renewals of any of the foregoing, (iv) all claims for, and rights to sue for, past or future infringements of any of the
foregoing, and (v) all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future infringements thereof. 

“Credit Agreement” means the Credit Agreement dated as of April 8, 2010 among the Company, the Borrowers, the
lenders party thereto, Citibank, N.A., as Administrative Agent and Co-Collateral Agent, Wells Fargo Capital Finance, LLC, as Co-Collateral Agent and the other agents and parties thereto. 

“Excluded Collateral” means, to the extent expressly excluded from the collateral securing the Plan Roll-Up Notes, the
Senior Notes and the Senior Term Loan Facility, (i) any fee-Owned Real Property with a value of less than $25 million and all Real Property leasehold interests (other than interest in ground leases agreed on the Funding Date), (ii) motor
vehicles and other assets covered by a Certificate of Title, (iii) letter of credit rights, commercial tort claims and deposit accounts, other than (x) the Restricted Accounts and (y) such letter of credit rights, commercial tort
claims and deposit accounts that constitute Proceeds or Supporting Obligations of any Collateral, (iv) the Equity Interests of any 

 

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Unrestricted Subsidiary, joint venture or of any special purpose subsidiary whose material assets are comprised solely of the Equity Interests of such joint venture, where the pledge of such
Equity Interests would be prohibited by any applicable contractual requirement pertaining to such joint venture, (v) Equity Interests in each of (a) PO Offtake, LP and (b) POSM II Properties Partnership, L.P., in each case to the
extent that and only for so long as the pledge of such Equity Interests is prohibited by the terms of the organizational documents of such entity or any joint venture agreement to which such entity is subject, (vi) any Equipment owned by a
Grantor that is subject to a purchase money security interest (within the meaning of Section 9-103 of the UCC) so long as the contract or other agreement in which such security interest is granted prohibits the creation of any other security
interest on such, (vii) any contract, lease, license, Intellectual Property or other document so long as (and only to the extent that) the grant of a security interest therein would (a) violate a restriction in such contract, lease,
license, Intellectual Property or documents or under any law, regulation, permit, order or decree of any Governmental Authority, unless and until all required consents shall have been obtained (for the avoidance of doubt, the restrictions described
herein shall not include negative pledges or similar undertakings in favor of a lender or other financial counterparty), (b) invalidate or terminate such contract, lease, instrument, license, Intellectual Property, or other document or the
rights therein or thereunder, or (c) give any other party in respect of any such Intellectual Property, or expressly give any other party in respect of any such contract, lease, instrument, license or other document, the right to invalidate or
terminate such contract, lease, instrument, license, Intellectual Property, or other document or its obligations thereunder and (viii) any Equity Interests to the extent that, and for so long as, such a pledge of such Equity Interests would
violate law applicable thereto; provided, however, that the limitations set forth in clause (vii) above shall not affect, limit, restrict or impair the grant by a Grantor of a security interest pursuant to this Agreement in any such Collateral
to the extent that an otherwise applicable prohibition or restriction on such grant is rendered ineffective by any applicable law, including the UCC. 

“Grantors” means each Borrower and the Guarantors. 

“Intellectual Property” means all intellectual and industrial property of any Grantor of every kind and nature now owned
or hereafter acquired by any Grantor, including Patents, Copyrights, Licenses, Trademarks, trade secrets, confidential or proprietary technical and business information, know-how, show-how or other confidential or proprietary intellectual property,
software and all registrations, additions and improvements to, and books and records describing or used in connection with, any of the foregoing. 
  

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 “License” means any Patent License, Trademark License, Copyright License or
other license or sublicense agreement relating to Intellectual Property to which any Grantor is a party. 
 “Original
Grantor” means any Grantor that grants a Lien on any of its assets hereunder on the Funding Date. 

“own” refers to the possession of sufficient rights in property to grant a security interest therein as contemplated by
UCC Section 9-203, and “acquire” refers to the acquisition of any such rights. 
 “Patent
License” means any agreement now or hereafter in existence granting to any Grantor, or pursuant to which any Grantor grants to any other Person, any right with respect to any Patent or any invention now or hereafter in existence, whether
patentable or not, whether a patent or application for patent is in existence on such invention or not, and whether a patent or application for patent on such invention may come into existence or not. 

“Patents” means (i) inventions, patentable designs, all letters patent and design letters patent of the United
States or any other country and all applications for letters patent or design letters patent of the United States or any other country, including applications in the United States Patent and Trademark Office or in any similar office or agency of the
United States, any State thereof or any other country or any political subdivision thereof, and all reissues, divisions, continuations, continuations in part, revisions and extensions of any of the foregoing, (ii) all claims for, and rights to
sue for, past or future infringements of any of the foregoing and (iii) all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future
infringements thereof. 
 “Permitted Liens” means (i) the Transaction Liens and (ii) any other Liens
on the Collateral permitted to be created or assumed or to exist pursuant to Section 7.06 of the Credit Agreement. 

“Personal Property Collateral” means all property included in the Collateral except Real Property Collateral.

 “Pledged”, when used in conjunction with any type of asset, means at any time an asset of such type that is
included (or that creates rights that are included) in the Collateral at such time. For example, “Pledged Equity Interest” means an Equity Interest that is included in the Collateral at such time. 

 

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 “Post-Petition Interest” means any interest that accrues after the
commencement of any case, proceeding or other action, relating to the bankruptcy, insolvency or reorganization of any one or more of the Grantors (or would accrue but for the operation of applicable bankruptcy or insolvency laws), whether or not
such interest is allowed or allowable as a claim in any such proceeding. 
 “Proceeds” means all proceeds of,
and all other profits, products, rents or receipts, in whatever form, arising from the collection, sale, lease, exchange, assignment, licensing or other disposition of, or other realization upon, any Collateral, including all claims of the relevant
Grantor against third parties for loss of, damage to or destruction of, or for proceeds payable under, or unearned premiums with respect to, policies of insurance in respect of, any Collateral, and any condemnation or requisition payments with
respect to any Collateral. 
 “Real Property Collateral” means all real property (including leasehold interests
in real property) included in the Collateral. 
 “Related Parties” shall mean, with respect to any specified
Person, such Person’s Affiliates and the respective directors, trustees, officers, employers, agents and advisors of such Person and such Person’s Affiliates. 

“Restricted Account” has the meaning specified in the Credit Agreement. 

“Secured Agreement”, when used with respect to any Secured Obligation, refers collectively to each instrument, agreement
or other document that sets forth obligations of any Borrower, obligations of a guarantor and/or rights of the holder with respect to such Secured Obligation. 

“Secured Guarantee” means, with respect to each Guarantor, its guarantee of the Secured Obligations under the Guarantee
Agreement (including any guarantee supplement delivered pursuant to Section 16 thereof). 
 “Secured
Obligations” means the “Obligations” under and as defined in the Credit Agreement. 
 “Secured
Parties” means the holders from time to time of the Secured Obligations. 
 “Security Agreement
Supplement” means a Security Agreement Supplement, substantially in the form of Exhibit A, signed and delivered to the Administrative Agent for the purpose of adding a Subsidiary as a party hereto pursuant to Section 16 and/or adding
additional property to the Collateral. 
  

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 “Trademark License” means any agreement now or hereafter in existence
granting to any Grantor, or pursuant to which any Grantor grants to any other Person, any right to use any Trademark. 

“Trademarks” means (i) all trademarks, trade names, corporate names, company names, business names, fictitious
business names, service marks, logos, brand names, trade dress, designs and all other source or business identifiers, and the rights in any of the foregoing which arise under applicable law, (ii) the goodwill of the business symbolized thereby
or associated with each of them, (iii) all registrations and applications in connection therewith and all renewals of any of the foregoing, including registrations and applications in the United States Patent and Trademark Office or in any
similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, including those described in Schedule 11(a) to the Perfection Certificate, (iv) all claims for, and rights to sue for,
past or future infringements of any of the foregoing and (v) all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future infringements
thereof. 
 “Transaction Liens” means the Liens granted by the Grantors under the Collateral Documents.

 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York;
provided that, if perfection or the effect of perfection or non-perfection or the priority of any Transaction Lien on any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than New York,
“UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

SECTION 2. Grant of Transaction Liens.  

(a) Each Borrower, in order to secure its Secured Obligations, and each Guarantor listed on the signature pages hereof (other than the
Company), in order to secure its Secured Guarantee and the Secured Guarantee of each other Guarantor, grants to the Administrative Agent for the benefit of the Secured Parties a continuing security interest in all the following property of such
Borrower or such Guarantor, as the case may be, whether now owned or existing or hereafter acquired or arising and regardless of where located (the “Non-Company Collateral”): 

(i) all Accounts; 
  

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 (ii) all Chattel Paper; 

(iii) the Restricted Accounts; 

(iv) all Documents; 

(v) all Equipment; 

(vi) all General Intangibles (including (x) any Equity Interests in other Persons that do not constitute Investment
Property and (y) any Intellectual Property); 
 (vii) all Instruments; 

(viii) all Inventory; 

(ix) all Investment Property; 

(x) all Supporting Obligations; 

(xi) all books and records (including customer lists, credit files, printouts and other computer generated materials and
records) of such Grantor pertaining to any of its Collateral; 
 (xii) such Grantor’s ownership interest in
all cash held in the Restricted Accounts from time to time and all other money in the possession of the Administrative Agent; 

(xiii) all other personal property or assets of such Grantor; and 

(xiv) all Proceeds of the Collateral described in the foregoing clauses (i) through (xiii); 

provided that the Excluded Collateral is excluded from the foregoing security interests; provided further that the Non-Company Collateral shall
not include Equity Interests other than (i) any Equity Interests directly owned by any Borrower or a Guarantor of any Wholly Owned Domestic Subsidiary of such Borrower or such Guarantor, respectively, whether now owned or hereafter acquired and
(ii) 100% of the Equity Interests directly owned by a Borrower or a Guarantor of any Wholly Owned Subsidiary that is a Foreign Subsidiary of such Borrower or such Guarantor, respectively, whether now owned or hereafter acquired; provided that
the Non-Company Collateral shall not include voting Equity Interests in any Foreign Subsidiary to the extent (but only to the extent) required to prevent the Non-Company Collateral from including more than 65% of the outstanding voting Equity
Interests in such Foreign Subsidiary. 
  

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 (b) The Company, in order to secure its Secured Guarantee and the Secured Guarantee of each
other Guarantor, grants to the Administrative Agent for the benefit of the Secured Parties a continuing security interest in (i) any Equity Interests directly owned by the Company of any Wholly Owned Domestic Subsidiary of the Company, whether
now owned or hereafter acquired and (ii) 100% of the Equity Interests directly owned by the Company of any Wholly Owned Subsidiary that is a Foreign Subsidiary of the Company, whether now owned or hereafter acquired (the “Company
Collateral”); provided that the Company Collateral shall not include voting Equity Interests in any Foreign Subsidiary that is not a Loan Party, to the extent (but only to the extent) required to prevent the Company Collateral from
including more than 65% of the outstanding voting Equity Interests in such Foreign Subsidiary. 
 (c) With respect to each right
to payment or performance included in the Collateral from time to time, the Transaction Lien granted therein includes a continuing security interest in (i) any Supporting Obligation that supports such payment or performance and (ii) any
Lien that (x) secures such right to payment or performance or (y) secures any such Supporting Obligation. 
 (d) The
Transaction Liens are granted as security only and shall not subject the Administrative Agent or any other Secured Party to, or transfer or in any way affect or modify, any obligation or liability of any Grantor with respect to any of the Collateral
or any transaction in connection therewith. 
 SECTION 3. General Representations and Warranties. Each
Grantor represents and warrants that: 
 (a) Such Grantor is duly organized, validly existing and in good standing under the
laws of the jurisdiction identified as its jurisdiction of organization in the Perfection Certificate. 
 (b) With respect to
each Original Grantor, Schedule 9(a) to the Perfection Certificate lists all Equity Interests in direct Wholly Owned Subsidiaries owned by such Grantor as of the Funding Date (other than Equity Interests of any direct Wholly Owned Subsidiary that is
dormant, inactive or otherwise immaterial). Such Grantor holds all such Equity Interests directly (i.e., not through a Subsidiary, a Securities Intermediary or any other Person). 

(c) With respect to each Original Grantor, as of the Funding Date, (i) Schedule 9(b) to the Perfection Certificate lists all
Securities owned by such 
  

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Grantor (except Securities evidencing Equity Interests in Subsidiaries and Affiliates) and (ii) Schedule 12 to the Perfection Certificate lists all Securities Accounts to which Financial
Assets are credited in respect of which such Grantor owns Security Entitlements. 
 (d) All Pledged Equity Interests owned by
such Grantor are owned by it free and clear of any Lien other than Permitted Liens. All shares of capital stock included in such Pledged Equity Interests (including shares of capital stock in respect of which such Grantor owns a Security
Entitlement) have been duly authorized and validly issued and are fully paid and non-assessable. None of such Pledged Equity Interests is subject to any option to purchase or similar right of any Person. Such Grantor is not and will not become a
party to or otherwise bound by any agreement (except the Loan Documents) which restricts in any manner the rights of any present or future holder of any Pledged Equity Interest with respect thereto. 

(e) Except for restrictions and limitations imposed by the Loan Documents, Laws or securities laws generally, or any Permitted Liens, the
Collateral is and will continue to be freely transferable and assignable, and none of the Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter or by-law provisions or contractual restriction of any
nature that might prohibit, materially impair, materially delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Collateral hereunder, the sale or disposition thereof pursuant hereto. 

(f) Such Grantor has good and marketable title to all its Collateral (subject to exceptions that are, in the aggregate, not material),
free and clear of any Liens other than Permitted Liens. For purposes of clarification, in the event that any Collateral consisting of Patents now owned or hereafter acquired is successfully challenged, such successful challenge will not constitute a
breach of this provision. 
 (g) Such Grantor has not performed any acts that might prevent the Administrative Agent from
enforcing any of the provisions of the Collateral Documents or that would limit the Administrative Agent in any such enforcement. No financing statement, security agreement, mortgage or similar or equivalent document or instrument covering all or
part of the Collateral owned by such Grantor is on file or of record in any jurisdiction in which such filing or recording would be effective to perfect or record a Lien on such Collateral, except financing statements, mortgages or other similar or
equivalent documents with respect to Permitted Liens. After the Funding Date, no Collateral owned by such Grantor will be in the possession or under the control of any other Person having a claim thereto or security interest therein, other than a
Permitted Lien. 
  

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 (h) The Transaction Liens on all Personal Property Collateral owned by such Grantor
(i) have been validly granted, (ii) will attach to each item of such Collateral on the Funding Date (or, if such Grantor first obtains rights thereto on a later date, on such later date) and (iii) when so attached, will secure all the
Secured Obligations or such Grantor’s Secured Guarantee, as the case may be. 
 (i) When the relevant Mortgages have been
duly executed and delivered, the Transaction Liens on all Real Property Collateral owned by such Grantor as of the Funding Date will have been validly created and will secure all the Secured Obligations or such Grantor’s Secured Guarantee, as
the case may be. When such Mortgages have been duly recorded, such Transaction Liens will rank prior to all other Liens (except Permitted Liens) on such Real Property Collateral. 

(j) Such Grantor has delivered a counterpart to the Perfection Certificate to the Administrative Agent. With respect to each Original
Grantor, information set forth in Schedule 1(a) to the Perfection Certificate is correct and complete in all respects, and all other information set forth therein is correct and complete in all material aspects as of the Funding Date; provided that
any such information that is qualified as to “materiality”, “Material Adverse Effect” or similar language is correct and complete in all respects as of the Funding Date. 

(k) When UCC financing statements describing the Collateral as “all assets” have been filed in the offices specified in the
Perfection Certificate, the Transaction Liens will constitute perfected security interests in the Personal Property Collateral owned by such Grantor to the extent that a security interest therein may be perfected by filing pursuant to the UCC, prior
to all Liens and rights of others therein except Permitted Liens, to the extent such Liens have priority by operation of law. 

(l) Such Grantor has taken, and will continue to take, all actions necessary under the UCC to perfect its interest in any Accounts or
Chattel Paper purchased or otherwise acquired by it, as against its assignors and creditors of its assignors. 
 (m) Such
Grantor’s Collateral is insured as required by the Credit Agreement. 
 (n) All of such Grantor’s Inventory has or
will have been produced in compliance with the applicable requirements of the Fair Labor Standards Act, as amended. 
 (o) Other
than a Restricted Account, there is no Deposit Account into which any collections or other payments or proceeds in respect of Pledged 

 

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Inventory of any Borrower or Pledged Receivables of any Borrower are to be deposited. No funds other than ABL Facility Collateral or proceeds thereof will be deposited in any Lockbox Account or
the Cash Dominion Account. 
 SECTION 4. Further Assurances; General Covenants. Each Grantor covenants as
follows: 
 (a) Such Grantor will at its own expense, from time to time, take any actions reasonably requested by the
Administrative Agent and any other commercially reasonable actions necessary in order to: 
 (i) defend title to
such Grantor’s Collateral, except that Grantor will only be obligated to defend title of the Intellectual Property that is material to the operation of its business as a whole and as currently conducted (it being understood that each Grantor
shall have the right to dispose of Collateral to the extent permitted under the Credit Agreement); 
 (ii)
create, preserve, perfect, confirm or validate the Transaction Liens on such Grantor’s Collateral; 
 (iii)
in the case of each Restricted Account, cause the Administrative Agent to have Control thereof; 
 (iv) enable
the Administrative Agent and the other Secured Parties to obtain the full benefits of the Collateral Documents; or 

(v) enable the Administrative Agent to exercise and enforce any of its rights, powers and remedies with respect to any of
such Grantor’s Collateral. 
 Such Grantor authorizes the Administrative Agent to execute and file such financing statements or
continuation statements in such jurisdictions with such descriptions of collateral (including “all assets” or “all personal property” or other words to that effect) and other information set forth therein as the Administrative
Agent may reasonably deem necessary or desirable for the purposes set forth in the preceding sentence. Each Grantor also ratifies its authorization for the Administrative Agent to file in any such jurisdiction any initial financing statements or
amendments thereto if filed prior to the date hereof. 
 (b) Such Grantor will not (i) change its name or organizational
form or structure, (ii) change its location (determined as provided in UCC Section 9-307) or (iii) become bound, as provided in UCC Section 9-203(d) or otherwise, by a security agreement entered into by another Person, unless it
shall have given the Administrative Agent 30 days’ prior notice thereof and taken all actions that may be required under Section 6.14 of the Credit Agreement. 
  

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 (c) Such Grantor will not sell, lease, exchange, assign, license, terminate, abandon or
otherwise dispose of, or grant any option with respect to, any of its Collateral; provided that such Grantor may do any of the foregoing unless (i) doing so would violate a covenant in the Credit Agreement or (ii) an Event of
Default shall have occurred and be continuing and either (A) the Administrative Agent shall have notified such Grantor that its right to do so is terminated, suspended or otherwise limited or (B) the maturity of any or all of the Secured
Obligations shall have been accelerated. Concurrently with any sale, lease or other disposition (except a sale or disposition to another Grantor or a lease) permitted by the foregoing proviso, the Transaction Liens on the assets sold or
disposed of (but not in any Proceeds arising from such sale or disposition) will cease immediately without any action by the Administrative Agent or any other Secured Party. The Administrative Agent will, at such Grantor’s expense, execute and
deliver to the relevant Grantor such documents as such Grantor shall reasonably request to evidence the fact that any asset so sold or disposed of is no longer subject to a Transaction Lien. 

(d) Such Grantor will, promptly upon request, provide to the Administrative Agent all information and evidence concerning such
Grantor’s Collateral that the Administrative Agent may reasonably request from time to time to enable it to enforce the provisions of the Collateral Documents. 

SECTION 5. Investment Property. Each Grantor represents, warrants and covenants as follows: 

(a) Certificated Securities. On the Funding Date (in the case of an Original Grantor) or the date on which it signs and delivers
its first Security Agreement Supplement (in the case of any other Grantor), such Grantor will deliver to the Administrative Agent as Collateral hereunder all certificates representing Pledged Certificated Securities and Tangible Chattel Paper then
owned by such Grantor (other than any Pledged Certificated Security of any direct Wholly Owned Subsidiary that is dormant or inactive). Thereafter, whenever such Grantor acquires any other certificate representing a Pledged Certificated Security
(other than any Pledged Certificated Security of any direct Wholly Owned Subsidiary that is dormant or inactive) or if any direct Wholly Owned Subsidiary of which such Grantor owns a Pledged Certificated Security ceases to be dormant or inactive,
such Grantor will immediately deliver such certificate to the Administrative Agent as Collateral hereunder. The provisions of this subsection are subject to the limitation in Section 5(d) in the case of voting Equity Interests in a Foreign
Subsidiary that is not a Loan Party. 
  

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 (b) Perfection as to Certificated Securities. When such Grantor delivers the
certificate representing any Pledged Certificated Security owned by it to the Administrative Agent and complies with Section 5(c) in connection with such delivery, (i) the Transaction Lien on such Pledged Certificated Security will be
perfected, subject to no prior Liens or rights of others, (ii) the Administrative Agent will have Control of such Pledged Certificated Security and (iii) the Administrative Agent will be a protected purchaser (within the meaning of UCC
Section 8-303) thereof. 
 (c) Delivery of Pledged Certificates. All certificates in respect of Pledged Certificated
Securities, when delivered to the Administrative Agent, will be in suitable form for transfer by delivery, or accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Administrative
Agent. 
 (d) Foreign Subsidiaries. A Grantor will not be obligated to comply with the provisions of this Section at any
time with respect to any voting Equity Interest in a Foreign Subsidiary that is not a Loan Party if and to the extent (but only to the extent) that such voting Equity Interest is excluded from the Transaction Liens at such time pursuant to the
proviso at the end of Section 2(a) or the proviso at the end of Section 2(b) and/or the comparable provisions of one or more Security Agreement Supplements. 

(e) Compliance with Applicable Foreign Laws. If and so long as the Collateral includes (i) any Equity Interest in, or other
Investment Property issued by, a legal entity organized under the laws of a jurisdiction outside the United States or (ii) any Security Entitlement in respect of a Financial Asset issued by such a foreign legal entity, the relevant Grantor will
upon reasonable request of the Administrative Agent take all such action as may be required under the laws of such foreign jurisdiction to ensure that the Transaction Lien on such Collateral ranks prior to all Liens and rights of others therein.

 (f) Certification of Limited Liability Company and Partnership Interests. Any limited liability company and any
partnership controlled by any Grantor shall either (a) not include in its operative documents any provision that any Equity Interests in such limited liability company or such partnership be a “security” as defined under Article 8 of
the Uniform Commercial Code, or (b) certificate any Equity Interests in any such limited liability company or such partnership. To the extent an interest in any limited liability company or partnership controlled by any Grantor and pledged
hereunder is certificated or becomes certificated, each such certificate shall be delivered to the Administrative Agent pursuant to Section 5(a) and such Grantor shall fulfill all other requirements under Section 5 applicable in respect
thereof. 
  

 14 

 SECTION 6. Restricted Accounts. Each Grantor represents, warrants and
covenants as follows: 
 (a) All cash proceeds of ABL Facility Collateral will be deposited, upon or promptly after the receipt
thereof, in a Restricted Account. 
 (b) In respect of each Restricted Account, the depositary bank’s jurisdiction
(determined as provided in UCC Section 9-304) will at all times be a jurisdiction in which Article 9 of the Uniform Commercial Code is in effect. 

(c) So long as the Administrative Agent has Control of a Restricted Account, the Transaction Lien on such Restricted Account will be
perfected, subject to no prior Liens or rights of others (except the depositary bank’s right to deduct its normal operating charges and any uncollected funds previously credited thereto and any Permitted Lien. 

SECTION 7. Transfer Of Record Ownership. At any time when an Event of Default shall have occurred and be continuing,
the Administrative Agent may upon five Business Days’ notice to the Borrowers’ Agent (and to the extent that action by it is required, the relevant Grantor, if directed to do so by the Administrative Agent, will as promptly as practicable)
cause each of the Pledged Securities (or any portion thereof specified in such direction) to be transferred of record into the name of the Administrative Agent or its nominee. Each Grantor will take any and all actions reasonably requested by the
Administrative Agent to facilitate compliance with this Section. The Administrative Agent will promptly give to the relevant Grantor copies of any notices and other communications received by the Administrative Agent with respect to Pledged
Securities registered in the name of the Administrative Agent or its nominee. 
 SECTION 8. Right to Vote
Securities. (a) Unless and until (A) an Event of Default shall have occurred and be continuing and (B) the Administrative Agent shall have notified the Borrowers that the rights of the Grantors are being suspended under this
Section 8: 
 (i) each Grantor will have the right, from time to time, to vote and to give consents, ratifications and
waivers with respect to any Pledged Security owned by it and the Financial Asset underlying any Pledged Security Entitlement owned by it, and the Administrative Agent shall promptly deliver to such Grantor or as specified in such request such
proxies, powers of attorney, consents, ratifications and waivers in respect of any such Pledged Security that is registered in the name of the Administrative Agent or its nominee or any such Pledged Security Entitlement as to which the
Administrative Agent or its nominee is the Entitlement Holder, in each case as shall be specified in such request and be in form and substance satisfactory to the Administrative Agent; and 

 

 15 

 (ii) each Grantor shall be entitled to receive and retain any and all dividends, interest,
principal and other distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed
in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt,
whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a
result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and shall if certificated be held in trust for the benefit of the
Administrative Agent and the Secured Parties and shall be forthwith delivered to the Administrative Agent in the same form as so received (with any necessary endorsement reasonably requested by the Administrative Agent). 

(b) If (A) an Event of Default shall have occurred and be continuing and (B) the Administrative Agent shall have notified the
Borrowers that the rights of the Grantors are being suspended under this Section 8, the Administrative Agent will have the exclusive right to the extent permitted by law to vote, to give consents, ratifications and waivers and to take any other
action with respect to the Pledged Investment Property, the other Pledged Equity Interests and the Financial Assets underlying the Pledged Security Entitlements, with the same force and effect as if the Administrative Agent were the absolute and
sole owner thereof, and each Grantor will take all such action as the Administrative Agent may reasonably request from time to time to give effect to such right; provided that, unless otherwise directed by the Required Lenders, the Administrative
Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each Grantor shall have the exclusive
right to exercise the voting and/or consensual rights and powers that such Grantor would otherwise be entitled to exercise, in each case pursuant to the terms of paragraph (a) of this Section 8. 

SECTION 9. Remedies upon Event of Default. (a) If an Event of Default shall have occurred and be continuing, the
Administrative Agent may, upon five Business Days’ notice to the Borrowers’ Agent, exercise (or cause its sub-agents to exercise) any or all of the remedies available to it (or to such sub-agents) under the Collateral Documents.

  

 16 

 (b) Without limiting the generality of the foregoing, if an Event of Default shall have
occurred and be continuing, the Administrative Agent may, upon five Business Days’ notice to the Borrowers’ Agent, exercise on behalf of the Secured Parties all the rights of a secured party under the UCC (whether or not in effect in the
jurisdiction where such rights are exercised) with respect to any Personal Property Collateral and, in addition, the Administrative Agent may, upon five Business Days’ notice (which notice shall state the time, date and place for such sale and,
in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made) to the Borrowers’ Agent and subject to any mandatory provisions of law, sell or otherwise dispose of
the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange, broker’s board or at any of the Administrative Agent’s offices or elsewhere, for cash, on credit or for future delivery, at such time or
times and at such price or prices and upon such other terms as the Administrative Agent may deem commercially reasonable, irrespective of the impact of any such sales on the market price of the Collateral; provided that any such public sale shall be
held at such time or times within ordinary business hours. To the maximum extent permitted by applicable law, any Secured Party may be the purchaser of any or all of the Collateral at any such sale and (with the consent of the Administrative Agent,
which may be withheld in its discretion) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, held at such time or times within
ordinary business hours, to use and apply all or any part of the Secured Obligations as a credit on account of the purchase price of any Collateral payable at such sale. 

(c) Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by statute or under a judicial
proceeding), the receipt of the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or
right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by law) all rights of redemption, stay or appraisal that it now has or may at any time in the future have under any rule of law or statute now existing or
hereafter enacted. The Administrative Agent shall not be obliged to make any sale of Collateral regardless of notice of sale having been given. 
  

 17 

 (d) The Administrative Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(e) To the maximum extent permitted by law, each Grantor hereby waives any claim against any Secured Party arising because the price at
which any Collateral may have been sold at such a private sale was less than the price that might have been obtained at a public sale, even if the Administrative Agent accepts the first offer received and does not offer such Collateral to more than
one offeree. The Administrative Agent may disclaim any warranty, as to title or as to any other matter, in connection with such sale or other disposition, and its doing so shall not be considered adversely to affect the commercial reasonableness of
such sale or other disposition. 
 (f) In case any sale of all or any part of the Collateral is made on credit or for future
delivery, the Collateral so sold may be retained by the Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent shall not incur any liability in case any such purchaser or purchasers
shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again, subject to the same rights and duties set forth herein. 

(g) Notice of any such sale or other disposition shall be given to the relevant Grantor(s) as (and if) required by Section 11.

 (h) For the purpose of enabling the Administrative Agent to exercise rights and remedies under this Agreement, each Grantor
hereby grants to the Administrative Agent, automatically upon the notice by the Administrative Agent of the exercise of remedies to the Grantors pursuant to Article VIII of the Credit Agreement after the occurrence and during the continuation of an
Event of Default, an irrevocable license (exercisable without payment of royalty or other compensation to the Grantors), to use, license or sub-license any of the Collateral consisting of Intellectual Property now owned or hereafter acquired by such
Grantor, except where the grant of such license will terminate or invalidate such Intellectual Property; provided that, anything in this Section 9(h) to the contrary notwithstanding, the Administrative Agent agrees that, on the date the
Grantors cure such Event of Default, such license to the Administrative Agent will immediately terminate upon the cure date, but any sub-licenses granted by the Administrative Agent will remain in full force and effect; provided that such
sub-licenses will have terms that are substantially similar to the Grantors’ prior Intellectual Property licenses, and further provided that such sub-licenses (whether exclusive or non-exclusive) shall explicitly reserve the Grantor’s
right to use such sub-licensed Intellectual Property in its own business. 
  

 18 

 (i) The foregoing provisions of this Section shall apply to Real Property Collateral only to
the extent permitted by applicable law and the provisions of any applicable Mortgage or other document. 

SECTION 10. Application of Proceeds. (a) If an Event of Default shall have occurred and be continuing, the
Administrative Agent may (i) after having given five Business Days’ notice to the Borrowers’ Agent apply any cash held in the Restricted Accounts and/or (ii) apply the proceeds of any sale or other disposition (notice of which
sale or other disposition shall have been given by the Administrative Agent in accordance with this Agreement and the Loan Documents) of all or any part of the Collateral, in accordance with, and in the order of priorities specified in, the
Intercreditor Agreement. Any and all such cash and other proceeds held by the Administrative Agent which the Administrative Agent is entitled, under the priority of payments set forth in the Intercreditor Agreement, to distribute to the Secured
Parties for repayment of the Secured Obligations shall be made in the following order of priorities: 

first, to pay the fees and expenses of the Administrative Agent and the Co-Collateral Agents payable under the Loan
Documents; 
 second, to pay ratably all interest (including Post-Petition Interest) on the Secured
Obligations and all other fees payable under the Credit Agreement, until payment in full of all such interest and fees shall have been made; 

third, to pay the unpaid principal of the Secured Obligations ratably, until payment in full of the principal of
all Secured Obligations shall have been made; and 
 fourth, to pay all other Secured Obligations ratably,
until payment in full of all such other Secured Obligations shall have been made. 
 The Administrative Agent may make such distributions
hereunder in cash or in kind or, on a ratable basis, in any combination thereof. Notwithstanding the foregoing, Cash Collateral posted in respect of Letters of Credit pursuant to the Credit Agreement shall be applied in accordance with the
applicable provisions of the Credit Agreement. 
 (b) In making the payments and allocations required by this Section, the
Administrative Agent may rely upon information supplied to it pursuant to 
  

 19 

 
Section 14(c). All distributions made by the Administrative Agent pursuant to this Section shall be final (except in the event of manifest error) and the Administrative Agent shall have no
duty to inquire as to the application by any Secured Party of any amount distributed to it. 
 SECTION 11.
Authority to Administer Collateral. Each Grantor irrevocably appoints the Administrative Agent its true and lawful attorney, with full power of substitution, in the name of such Grantor, any Secured Party or otherwise, for the sole use and
benefit of the Secured Parties, but at the Grantor’s expense, as reasonably requested by the Administrative Agent, to the extent permitted by law to exercise, at any time from time to time while an Event of Default shall have occurred and be
continuing, all or any of the following powers with respect to all or any of such Grantor’s Collateral: 

(a) to demand, sue for, collect, receive and give acquittance for any and all monies due or to become due upon or by
virtue thereof, 
 (b) to settle, compromise, compound, prosecute or defend any action or proceeding with respect
thereto, 
 (c) to sell, lease, license or otherwise dispose of the same or the proceeds or avails thereof, as
fully and effectually as if the Administrative Agent were the absolute owner thereof, and 
 (d) to extend the
time of payment of any or all thereof and to make any allowance or other adjustment with reference thereto; 
 provided that, except in
the case of Personal Property Collateral that is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, the Administrative Agent will give the relevant Grantor at least ten days’ prior
written notice of the time and place of any public sale thereof or the time after which any private sale or other intended disposition thereof will be made. Any such notice shall (i) contain the information specified in UCC Section 9-613,
(ii) be Authenticated, (iii) be sent to the parties required to be notified pursuant to UCC Section 9-611(c) and (iv) in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a
broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange; provided
that, if the Administrative Agent fails to comply with this sentence in any respect, its liability for such failure shall be limited to the liability (if any) imposed on it as a matter of law under the UCC. 

 

 20 

 SECTION 12. Authority of Administrative Agent. By acceptance of the
benefits of this Agreement and any other Collateral Documents, each Secured Party other than the Administrative Agent (whether or not a signatory hereto) shall be deemed irrevocably to agree that it shall not take any action (i) to enforce any
provisions of this Agreement or any other Collateral Document against any Grantor or (ii) to exercise any remedy hereunder or thereunder, including the giving of any consents or approvals relating thereto, in each case except as expressly
provided in this Agreement or any other Collateral Document. In furtherance of the foregoing provision of this Section 12, each Secured Party other than the Administrative Agent, by its acceptance of the benefits hereof and of the other
Collateral Documents, agrees that it shall have no right individually to realize upon any of the Collateral hereunder or thereunder, it being understood and agreed by such Secured Party that all rights and remedies hereunder and thereunder may be
exercised solely by the Administrative Agent for the benefit of the applicable Secured Parties. 
 SECTION 13.
Limitation on Duty in Respect of Collateral. Beyond the exercise of reasonable care in the custody and preservation thereof, the Administrative Agent will have no duty as to any Collateral in its possession or control or in the possession or
control of any sub-agent or bailee or any income therefrom or as to the preservation of rights against prior parties or any other rights pertaining thereto. The Administrative Agent will be deemed to have exercised reasonable care in the custody and
preservation of the Collateral in its possession or control if such Collateral is accorded treatment substantially equal to that which it accords its own property, and will not be liable or responsible for any loss or damage to any Collateral, or
for any diminution in the value thereof, by reason of any act or omission of any sub-agent or bailee selected by the Administrative Agent in good faith, except to the extent that such liability arises from the Administrative Agent’s gross
negligence or willful misconduct. 
 SECTION 14. General Provisions Concerning the Administrative Agent. 

 (a) The provisions of Article IX of the Credit Agreement shall inure to the benefit of the Administrative Agent, and shall be
binding upon all Grantors and all Secured Parties, in connection with this Agreement and the other Collateral Documents. Without limiting the generality of the foregoing, (i) the Administrative Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether an Event of Default has occurred and is continuing, (ii) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated by the Collateral Documents that the Administrative Agent is required in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the

  

 21 

 
circumstances as provided in the Credit Agreement), and (iii) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not
be liable for any failure to disclose, any information relating to any Grantor that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be
responsible for the existence, genuineness or value of any Collateral or for the validity, perfection, priority or enforceability of any Transaction Lien, whether impaired by operation of law or by reason of any action or omission to act on its
part. Neither the Administrative Agent nor any of their directors, officers, employees or agents shall be liable as such for any action taken or omitted to be taken by it or them under the Collateral Documents or in connection therewith (a) at
the request or with the approval of the Required Lenders (or, if otherwise specifically required hereunder, the consent of all the Lenders) or (b) in the absence of its or their own bad faith, gross negligence or willful misconduct. The
Administrative Agent shall be deemed not to have knowledge of any Event of Default unless and until written notice thereof is given to the Administrative Agent by the Borrowers’ Agent. 

(b) Sub-Agents and Related Parties. The Administrative Agent may perform any of its duties and exercise any of its rights and
powers through one or more sub-agents appointed by it. The Administrative Agent and any such sub-agent may perform any of its duties and exercise any of its rights and powers through its Related Parties. The exculpatory provisions of Section 12
and this Section shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent. 

(c) Information as to Secured Obligations and Actions by Secured Parties. For all purposes of the Collateral Documents, including
determining the amounts of the Secured Obligations and whether a Secured Obligation is a Contingent Secured Obligation or not, or whether any action has been taken under any Secured Agreement, the Administrative Agent will be entitled to rely on
information from (i) its own records for information as to the Lenders, the Fronting Banks or the Administrative Agent, their Secured Obligations and actions taken by them, (ii) any Secured Party for information as to its Secured
Obligations and actions taken by it, to the extent that the Administrative Agent has not obtained such information from its own records, and (iii) the Borrowers’ Agent, to the extent that the Administrative Agent has not obtained
information from the foregoing sources. Nothing in this Section 14(c) shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. 

(d) Refusal to Act. The Administrative Agent may refuse to act on any notice, consent, direction or instruction from any Secured
Parties or any agent, 
  

 22 

 
trustee or similar representative thereof that, in the Administrative Agent’s opinion, (i) is contrary to law or the provisions of any Collateral Document, (ii) may expose the
Administrative Agent to liability (unless the Administrative Agent shall have been indemnified, to its reasonable satisfaction, for such liability by the Secured Parties that gave such notice, consent, direction or instruction) or (iii) is
unduly prejudicial to Secured Parties not joining in such notice, consent, direction or instruction. 

SECTION 15. Termination of Transaction Liens; Release of Collateral. (a) The Transaction Liens granted by each
Guarantor (other than the Borrowers) shall terminate when its Secured Guarantee is released pursuant to Section 5 of the Guarantee Agreement. 

(b) The Transaction Liens granted by each Borrower and each Guarantor shall terminate in accordance with Section 9.02 of the Credit
Agreement. 
 (c) Upon any termination of a Transaction Lien or release of Collateral, the Administrative Agent will, at the
expense of the relevant Grantor, execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence the termination of such Transaction Lien or the release of such Collateral, as the case may be. 

(d) Unless expressly agreed otherwise between a Grantor and the Administrative Agent, in the event that any security interest in the
Collateral granted pursuant to Section 2 hereof is not required to be so granted pursuant to the Credit Agreement or any applicable Agreed Security Principle, if no Default or Event of Default has occurred and is continuing or would result from
any release under this Section, such security interest in such Collateral shall be released automatically; provided that, the applicable Grantor shall provide notification of such release to the Administrative Agent promptly. 

SECTION 16. Additional Grantors. Any Subsidiary of the Company may become a party hereto by signing and delivering to
the Administrative Agent a Security Agreement Supplement, whereupon such Subsidiary shall become a “Grantor” as defined herein. 

SECTION 17. Notices. Each notice, request or other communication given to any party hereunder shall be given in
accordance with Section 10.02 of the Credit Agreement, and in the case of any such notice, request or other communication to a Grantor other than a Borrower, shall be given to it in care of the Borrowers’ Agent. 

 

 23 

 SECTION 18. No Implied Waivers; Remedies Not Exclusive. No failure by the
Administrative Agent or any Secured Party to exercise, and no delay in exercising and no course of dealing with respect to, any right or remedy under any Collateral Document shall operate as a waiver thereof; nor shall any single or partial exercise
by the Administrative Agent or any Secured Party of any right or remedy under any Loan Document preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies specified in the Loan Documents are
cumulative and are not exclusive of any other rights or remedies provided by law. 
 SECTION 19. Successors and
Assigns. This Agreement is for the benefit of the Administrative Agent and the Secured Parties. If all or any part of any Secured Party’s interest in any Secured Obligation is assigned or otherwise transferred, the transferor’s rights
hereunder, to the extent applicable to the obligation so transferred, shall be automatically transferred with such obligation. This Agreement shall be binding on the Grantors and their respective successors and assigns. 

SECTION 20. Amendments and Waivers. Neither this Agreement nor any provision hereof may be waived, amended, modified
or terminated except pursuant to an agreement or agreements in writing entered into by the Administrative Agent, with the consent of such Lenders as are required to consent thereto under Section 10.01 of the Credit Agreement. No such waiver,
amendment or modification shall (i) be binding upon any Grantor, except with its written consent, or (ii) affect the rights of a Secured Party (other than a Lender) hereunder more adversely than it affects the comparable rights of the
Lenders hereunder, without the consent of such Secured Party. 
 SECTION 21. Choice of Law. This Agreement
shall be construed in accordance with and governed by the laws of the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State
of New York are governed by the laws of such jurisdiction. 
 SECTION 22. Waiver of Jury Trial. EACH PARTY
HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY COLLATERAL DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,

  

 24 

 
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. 
 SECTION 23.
Severability. If any provision of any Collateral Document is invalid or unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions of the Collateral Documents shall remain in full force and
effect in such jurisdiction and shall be liberally construed in favor of the Administrative Agent and the Secured Parties in order to carry out the intentions of the parties thereto as nearly as may be possible and (ii) the invalidity or
unenforceability of such provision in such jurisdiction shall not affect the validity or enforceability thereof in any other jurisdiction. 

SECTION 24. Intercreditor Agreement Controlling. Notwithstanding anything herein to the contrary, the liens and
security interests granted to the Administrative Agent pursuant to this Agreement and the exercise of any right or remedy by the Administrative Agent hereunder, in each case, with respect to the Collateral are subject to the limitations and
provisions for the Intercreditor Agreement. In the event of any inconsistency between the terms or conditions of this Agreement and the terms and conditions of the Intercreditor Agreement, the terms and conditions of the Intercreditor Agreement
shall control. 
 SECTION 25. Control by or Delivery to Term Loan Collateral Agent or the Senior Notes Collateral
Agent. Any provision of this Agreement requiring delivery of Collateral to or control of Collateral by the Administrative Agent shall be deemed satisfied to the extent that such Collateral is delivered to or controlled by the Term Loan
Collateral Agent or the Senior Notes Collateral Agent under and as defined in the Intercreditor Agreement. 

SECTION 26. Agreement to be Bound by Credit Agreement. By entry into this Agreement, each Guarantor agrees to all the
terms and provisions of the Credit Agreement (including, without limitation, the provisions of Section 3.01 (Taxes) and Articles VI (Affirmative Covenants) and VII (Negative Covenants) and all provisions that are expressed to be binding on any
Loan Party) with the same force and effect as if it were a signatory thereto. 
  

 25 

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

					
	 BASELL NORTH AMERICA INC.

EQUISTAR CHEMICALS, LP

EQUISTAR GP, LLC

EQUISTAR LP, LLC

HOUSTON REFINING LP

LYONDELLBASELL ACETYLS, LLC

LYONDELLBASELL ACETYLS HOLDCO, LLC

LYONDELLBASELL F&F HOLDCO, LLC

LYONDELLBASELL FINANCE COMPANY

LYONDELLBASELL FLAVORS & FRAGRANCES, LLC

LYONDELLBASELL INDUSTRIES N.V.

LYONDELL CHEMICAL COMPANY

LYONDELL CHEMICAL INTERNATIONAL COMPANY

LYONDELL CHEMICAL OVERSEAS SERVICES, INC.

LYONDELL CHIMIE FRANCE LLC

LYONDELL REFINING COMPANY LLC

		
	By:	 	             /s/ Gerald A.
O’Brien, Vice President

		 	Name:	 	Gerald A. O’Brien
		 	Title:	 	Authorized Person

					
	 LYONDELL CHEMICAL DELAWARE COMPANY

LYONDELL CHEMICAL PROPERTIES, L.P.

LYONDELL CHEMICAL TECHNOLOGY 1 INC.

LYONDELL CHEMICAL TECHNOLOGY MANAGEMENT, INC.

LYONDELL CHEMICAL TECHNOLOGY, L.P.

LYNDELL EUROPE HOLDINGS INC.

LYONDELL REFINING I LLC

		
	By:	 	             /s/ Francis P.
McGrail

		 	Name:	 	Francis P. McGrail
		 	Title:	 	Authorized Person

					
	 CITIBANK, N.A.,
as Administrative Agent

		
	By:	 	             /s/ Michael
Smolow

		 	Name:	 	Michael Smolow
		 	Title:	 	Vice PresidentMaster Receivables Purchase Agreement

 EXHIBIT 10.23 

Master Receivables Purchase Agreement 

CONFORMED COPY 
 THIS
MASTER RECEIVABLES PURCHASE AGREEMENT is made on 4 May 2010. 
 BETWEEN: 

 

	(1)	BASELL SALES & MARKETING COMPANY B.V., a company incorporated in the Netherlands, being a wholly-owned direct subsidiary of the Parent and whose
registered office is at Weena 737, 3013 AM Rotterdam, The Netherlands, with registered number 34245062 (BSM in its capacity as a Seller hereunder and in its capacity as a Servicer under the Servicing Agreement);

  

	(2)	LYONDELL CHEMIE NEDERLAND B.V., a company incorporated in the Netherlands, being an indirect wholly-owned subsidiary of the Parent and whose registered office is
at Weena 737, 3013 AM Rotterdam, The Netherlands with registered number 24314683 (LCN in its capacity as a Seller hereunder and in its capacity as a Servicer under the Servicing Agreement); 

 

	(3)	BASELL POLYOLEFINS COLLECTIONS LIMITED, incorporated in Ireland whose registered office is at 53 Merrion Square, Dublin 2, Ireland, and its permitted successors
and assigns (the Master Purchaser); 

  

	(4)	 CITICORP TRUSTEE COMPANY LIMITED, a company incorporated in England and Wales (registered number 00235914) whose registered office is at
14th Floor, Citigroup Centre, 33 Canada Square, Canary
Wharf, London E14 5LB (the Security Trustee); and 

  

	(5)	CITIBANK, N.A., LONDON BRANCH a banking association incorporated in New York acting through its London branch at Citigroup Centre, 33 Canada Square,
Canary Wharf, London E14 5LB (the Funding Agent). 

 BACKGROUND: 

(A) The Sellers wish to sell and the Master Purchaser wishes to purchase all the Receivables originated by the Sellers from time to time by virtue of the
Sale of Products to Obligors located in Eligible Countries on the terms and subject to the conditions set out in this Agreement. 
 (B) The
terms and conditions under which such Receivables are sold are set out herein. 
 IT IS
AGREED as follows: 
 1. DEFINITIONS AND INTERPRETATION 

 1.1 Capitalised terms in this Agreement (including the Recitals) shall, except where the context otherwise requires and save where otherwise
defined in this Agreement, have the meanings given to them in the Master Definitions and Framework Deed executed by, among others, each of the parties to this Agreement on 28 April 2010 (as the same may be amended, varied or supplemented from
time to 
  

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time with the consent of the parties to it) (the Framework Deed) and this Agreement shall be construed in accordance with the principles of construction set out in the Framework
Deed. 
 1.2 In addition, the provisions set out in Clauses 3 (Agreement) to 23 (Trustee Act) of the Framework Deed (the
Framework Provisions) shall be expressly and specifically incorporated into this Agreement, as though they were set out in full in this Agreement. In the event of any conflict between the provisions of this Agreement and the Framework
Provisions, the provisions of this Agreement shall prevail. 
 1.3 This Agreement is the Master Receivables Purchase Agreement referred to in
the Framework Deed. 
 2. SALE OF RECEIVABLES 

Sale and Purchase 
 2.1 Subject to the
satisfaction of the conditions precedent set out in Schedule 1 (Conditions Precedent) to the Framework Deed and pursuant to Clause 17 (Conditions Precedent) of the Framework Deed, each Seller and the Master Purchaser agree that each
Seller hereby sells and assigns and the Master Purchaser hereby agrees to purchase on each Purchase Date during the Securitisation Availability Period, on the terms and conditions set out in this Agreement: 

 

	(a)	all Receivables owing to each Seller by an Obligor located in an Eligible Country, which are originated by either Seller (as the case may be) on such Purchase Date;

  

	(b)	all rights, title, benefit and interest in and to such Receivable, including any Value Added Tax; 

 

	(c)	all Related Contract Rights with respect to such Receivable; and 

  

	(d)	any Related Security with respect to such Receivable. 

2.2 Each Seller and the Master Purchaser acknowledge and agree that all rights, title, benefit and interest in and to a Receivable, the Related Contract
Rights and the Related Security purchased pursuant to Clause 2.1 shall be transferred and assigned automatically on the date on which such Receivables arise. 

Transfer of German law governed Receivables 

2.3 BSM represents and warrants that as of the Closing Date the BSM German Transfer Agreement has not been terminated and remains in full force and
effect, as amended on or about the date hereof. 
 2.4 LCN represents and warrants that as of the Closing Date the LCN German Transfer Agreement
has not been terminated and remains in full force and effect, as amended on or about the date hereof. 
  

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 2.5 The parties hereto acknowledge and agree that the legal transfer of title in respect of the
Receivables governed by German law and any Related Contract Rights and Related Security (either governed by German law in relation to rights or located in Germany in relation to movable objects (bewegliche Sachen)) agreed to be sold and
assigned by each of BSM and LCN to the Master Purchaser pursuant to Clause 2.1, shall be effected pursuant to the BSM German Transfer Agreement and the LCN German Transfer Agreement, respectively. 

True sale 
 2.6 For the avoidance of
doubt, the parties confirm their intention that the assignment of Receivables pursuant to this Agreement shall constitute a true sale of such Receivables, and not a loan or a security arrangement for any obligations of the Sellers. Notwithstanding
any other provision of the Transaction Documents, the Master Purchaser shall have full title and interest in and to the Receivables and the Master Purchaser shall be free to further dispose of such Receivables subject to the Encumbrances created and
any restrictions it has accepted under the terms of the Master Purchaser Deed of Charge or any other Master Purchaser Security Document. 
 2.7
Subject to Clause 6.1 and Clause 6.3, in respect of notification to the Obligors, the Sellers and the Master Purchaser agree and acknowledge that the transfer and assignment of all right, title, benefit and interest to the Receivables, the Related
Contract Rights and the Related Security pursuant to Clause 2.1 shall be valid and effective against all third parties as from the transfer and assignment of the Receivables in accordance with Clauses 2.1 and 2.2. 

3. DETERMINATION, PAYMENT OF THE PURCHASE PRICE
AND OTHER PAYMENTS 
 3.1 The Purchase Price in respect of each Purchased Receivable consists of
the Initial Purchase Price and the Deferred Purchase Price for such Purchased Receivable, as determined in accordance with this Clause 3. 
 3.2
The Master Purchaser and the Sellers agree that the Purchase Price shall be calculated in respect of each Purchased Receivable by the Servicers. In respect of the Purchased Receivables purchased during any Determination Period, each Seller shall
procure that on the Reporting Date immediately preceding the Settlement Date which relates to such Determination Period, the aggregate Outstanding Balances of all the Purchased Receivables purchased from that Seller during that period shall be
identified in the relevant Servicer’s Determination Report together with the aggregate Initial Purchase Price for those Purchased Receivables and any Deferred Purchase Price payable on the immediately succeeding Settlement Date. 

3.3 The Sellers and the Master Purchaser further acknowledge and agree that: 

 

	(a)	 prior to a Cash Control Event (or following the cure of a Cash Control Event), no payment of Initial Purchase Price or Advance Purchase Price shall be
made by the Master Purchaser on any day to the extent that it would result in the aggregate amount then standing to the credit of the Daily Sweep Receivables Purchaser Transaction Accounts being less than the aggregate of the amounts

  

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that are estimated by the Funding Agent to be payable by the Master Purchaser on the following Settlement Date at items (a) to (c) of the EUR Pre-Enforcement Priority of Payments and at
items (a) to (c) of the US$ Pre-Enforcement Priority of Payments (the EUR PoP Reserve Amounts and the US$ PoP Reserve Amounts, respectively); and 

 

	(b)	the Master Purchaser will only be obliged to make payment on any date for Receivables purchased under this Agreement to the extent that on such date:

  

	 	(i)	there shall be sufficient funds, denominated in the same currency as such Receivables, standing to the credit of the Master Purchaser Accounts and available for such
purpose in accordance with this Agreement, the Servicing Agreement, the Master Purchaser Deed of Charge and the Intercreditor and Indemnity Deed; or 

  

	 	(ii)	there is Advance Purchase Price which has been paid to the relevant Seller which is available to be applied towards payment of Initial Purchase Price in accordance with
Clause 3.8; or 

  

	 	(iii)	if that date is a Settlement Date, to the extent that a drawing can be made: 

 

	 	(A)	under the EUR Subordinated VLN Facility (in respect of a payment for EUR Receivables) or the US$ Subordinated VLN Facility (in respect of a payment for US$
Receivables); or 

  

	 	(B)	under the Variable Funding Facilities, 

in each case subject to and in accordance with the terms and conditions of the relevant facilities. 

Initial Purchase Price 
 3.4 The Initial
Purchase Price in respect of a Purchased Receivable purchased pursuant to Clause 2.1 shall be due and payable by the Master Purchaser to the Relevant Seller: 
  

	(a)	prior to a Cash Control Event (other than the event specified in paragraph (c) of that definition) or following the cure of a Cash Control Event, in accordance
with Clause 3.3 and Clauses 3.5 to 3.9; or 

  

	(b)	following a Cash Control Event (other than the event specified in paragraph (c) of that definition) which has occurred and is continuing but prior to the Programme
Termination Date, on the next Settlement Date after the Purchase Date for such Purchased Receivable subject to Clause 3.3(b) and in accordance with the applicable Master Purchaser Priority of Payment. 

3.5 The Master Purchaser and each Seller agree that for the purposes of Clauses 3.3(b) and 3.4(a), the Initial Purchase Price in respect of Purchased
Receivables shall be due and payable by the Master Purchaser to the Relevant Seller: 
  

	(a)	on the Purchase Date of such Purchased Receivables, to the extent of Collections received into the Master Purchaser Accounts on that Purchase Date and available for
such purpose in accordance with Clause 3.3(a); 

  

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	(b)	to the extent that those Collections are not sufficient for such purpose: 

  

	 	(i)	on that immediately following Business Day by application of any Advance Purchase Price available for the purpose in accordance with Clause 3.8, to the extent of that
amount; or 

  

	 	(ii)	on the immediately following Business Day, by application of amounts standing to the credit of the relevant Daily Sweep Receivables Purchaser Transaction Account and
available for the purpose in accordance with Clause 3.3(b) and Clause 3.6(b)(i), to the extent of that amount (unless such Business Day is a Settlement Date, in which case the Initial Purchase Price shall only be payable under this Clause 3.5(b)(ii)
in accordance with the relevant Master Purchaser Priority of Payment); and 

  

	(c)	to the extent that any Initial Purchase Price does or would remain unpaid following any payments made under Clause 3.5(a) or (b), on each subsequent date on which
amounts are standing to the credit of the Master Purchaser Accounts and available for the purpose in accordance with Clause 3.3 and Clauses 3.6(b)(i) and 3.8. 

Payment of Daily Shortfall Amounts and Daily Excess Amounts whilst Downgrade Event outstanding 

3.6 For so long as a Downgrade Event is outstanding, if on any day (other than a Settlement Date): 

 

	(a)	there is a Daily Shortfall Amount, the Sellers shall pay to the Master Purchaser by transfer to the Daily Sweep Receivables Purchaser Transaction Account an amount
equal to that Daily Shortfall Amount and such payment shall be by 2 p.m. (London time) available to be applied towards payments of Initial Purchase Price on future dates subject to and in accordance with Clause 3.3, 3.5 and 3.6 and to the extent not
so applied, to be applied in accordance with the Master Purchaser Priorities of Payments on the next Settlement Date; 

  

	(b)	there is a Daily Excess Amount, the Master Purchaser shall pay to the Sellers by transfer to the Seller Account an amount equal to that Daily Excess Amount and such
payment shall be applied (i) first to the payment of any Initial Purchase Price which then remains unpaid and (ii) to the extent that no Initial Purchase Price remains unpaid following such application in payment of Advance Purchase Price
to the Sellers. Any such payment of Advance Purchase Price shall be deemed to be made to the Sellers on the terms and subject to the conditions set out in Clauses 3.8 and 3.9 of this Agreement. 

3.7 In respect of any payment of Initial Purchase Price to be made pursuant to Clause 3.5 and 3.6, the Master Purchaser shall procure that the Servicers
debit the 
  

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relevant Master Purchaser Accounts and credit in favour of the Sellers the relevant Seller Account, subject to and in accordance with Clauses 4.4 and 4.5 (Transfers between Master Purchaser
Accounts – prior to a Cash Control Event) of the Servicing Agreement. 
 Advance Purchase Price 

3.8 Subject to the provisions of Clause 3.3 and 3.6 above, the Sellers and the Master Purchaser agree that, prior to the Programme Termination Date and so
long as a Cash Control Event has not occurred, or if it has occurred, is not continuing, to the extent that the aggregate Collections on any date exceed the aggregate amount of the Initial Purchase Price of Receivables purchased on such date or in
the circumstances described in Clause 3.6(b)(ii), an amount equal to such excess Collections, or as applicable, the amount specified in Clause 3.6(b)(ii) shall be paid to each Seller by way of advance payment made by the Master Purchaser to each
Seller on account of the Initial Purchase Price that will or may become payable by the Master Purchaser to each Seller for purchases of Receivables on subsequent Purchase Dates (the Advance Purchase Price). Any Advance Purchase Price
paid to a Seller shall, to the extent that such Advance Purchase Price has not been repaid by the Seller to the Master Purchaser, be applied towards the Initial Purchase Price payable to such Seller in respect of Purchased Receivables which arise on
subsequent Purchase Dates. 
 Return of Advance Purchase Price 

3.9 Each Seller shall, in respect of any Advance Purchase Price received by it to the extent it has not been applied towards the payment of Initial
Purchase Price in accordance with Clauses 3.5 3.5 and 3.8, repay that Advance Purchase Price to the Master Purchaser by transfer to the Daily Sweep Receivables Purchaser Transaction Account: 

 

	(a)	if a Downgrade Event is not outstanding, no later than 11 a.m. on the Settlement Date following the Determination Period in which the Advance Purchase Price was paid to
the relevant Seller; and 

  

	(b)	for so long as a Downgrade Event is outstanding, no later than 2 p.m. on any Business Day and to the extent to which it is required to be repaid in accordance with
Clause 3.6(a) and 3.6(b). 

 Payment of Deferred Purchase Price 

3.10 Subject to the provisions of Clause 3.3(b), the Deferred Purchase Price in respect of a Purchased Receivable shall be payable by the Master Purchaser
to the Relevant Seller as deferred consideration as follows: 
  

	(a)	on each Settlement Date, subject to and in accordance with the relevant Master Purchaser Priority of Payments, the Master Purchaser shall pay to the Relevant Seller as
the aggregate Deferred Purchase Price in respect of all Purchased Receivables sold previously hereunder to the Master Purchaser by such Seller an amount equal to the DPP Collections applicable to that Seller collected during the immediately
preceding Determination Period; and 

  

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	(b)	with effect from the end of the Securitisation Availability Period the payment of any amounts of Deferred Purchase Price which would otherwise be payable to a Seller in
accordance with paragraph (a) above shall be deferred to the date when: 

  

	 	(i)	all amounts outstanding under the Variable Funding Agreement and the Notes and any other amounts payable in priority to such Deferred Purchase Price in the applicable
Master Purchaser Priority of Payments shall have been paid in full; and 

  

	 	(ii)	no Note Purchaser or Noteholder shall have any commitment under the Variable Funding Agreement or any Note and no Master Purchaser Secured Creditor ranking senior to
the Sellers in respect of such Deferred Purchase Price in the applicable Master Purchaser Priority of Payments shall be owed any amount by the Master Purchaser. 

No Other Payment for Purchased Receivables 

3.11 The Master Purchaser shall not be obliged to pay any sum to a Seller in respect of the Purchase Price of a Purchased Receivable except as provided
for in this Clause 3. 
 Set-offs for Stamp Duty 

3.12 The Master Purchaser shall be entitled, (to the extent applicable and if it so elects and in or towards satisfaction of the Relevant Seller’s
obligations) to off-set against the Purchase Price or any part of it payable by it any stamp duty or any similar tax or duty on documents or the transfer of title to property arising in the context of this Agreement which has not been paid by the
Relevant Seller. 
 Liens and rescission 

3.13 Each Seller agrees that for any unpaid amounts of Purchase Price due on any date, it shall not have and (to the extent it has, it waives) any liens
including any unpaid seller’s lien. Each Seller irrevocably waives the right to seek the rescission of this Agreement. 
 4.
REPURCHASE OF CREDIT INSURED RECEIVABLES 
 4.1 The Master
Purchaser shall, if so requested in writing by a Seller at the time of delivery of a Servicer’s Determination Report, on the Settlement Date following delivery of such Servicer’s Determination Report, sell and assign any Purchased
Receivable, the Related Contract Rights and the Related Security to the Relevant Seller if that Seller has certified in writing that a Credit Insurer has required the assignment to it of any claims or rights under the Contract to which such
Purchased Receivable relates or otherwise relating to such Purchased Receivable in connection with any payment to that Seller by such Credit Insurer in respect of its Credit Insurance Policy provided in relation to such Contract or Purchased
Receivable. 
  

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 4.2 As consideration for the sale and assignment of any Purchased Receivable pursuant to Clause 4.1, the
Relevant Seller shall pay to the Master Purchaser on such Settlement Date by transfer to a Master Purchaser Account an amount equal to the Outstanding Balance of the relevant Purchased Receivable on such Settlement Date and the amount paid by the
Relevant Seller pursuant to this Clause 4.2 shall be treated as a Deemed Collection in respect of the relevant Purchased Receivable. 
 5.
REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 
 Representations and Warranties
by each Seller on the Closing Date 
 5.1 On the Closing Date, each Seller represents and warrants to the Master Purchaser, the Security
Trustee and the Funding Agent in the terms set out in paragraphs (a) to (e) and (h) of Part A of Schedule 1 hereto with reference to the facts and circumstances then subsisting. 

Representations and Warranties by each Seller on the Funding Date 

5.2 On the Funding Date, each Seller represents and warrants to the Master Purchaser, the Security Trustee and the Funding Agent in the terms set out in
Part A of Schedule 1 hereto with reference to the facts and circumstances then subsisting. 
 Representations and Warranties by
each Seller on each Purchase Date 
 5.3 On each Purchase Date, each Seller represents and warrants to the Master Purchaser, the Security
Trustee and the Funding Agent in the terms set out in Part A of Schedule 1 hereto, and in respect of the Purchased Receivables sold or purported to be sold by it to the Master Purchaser on that Purchase Date, in the terms set out in
Part B of Schedule 1 hereto, in each case with reference to the facts and circumstances then subsisting. 
 General Undertakings of
each Seller 
 5.4 Each Seller undertakes with the Master Purchaser, the Security Trustee and the Funding Agent as follows: 

 

	(a)	Compliance with Laws, Etc.: 

It will comply in all material respects with all applicable laws, rules, regulations and orders and preserve and maintain its corporate
existence, all its rights, franchises, qualifications, licences, authorisations and privileges except to the extent that the failure so to comply or the failure so to preserve could not reasonably be expected to result in a Material Adverse Effect.

  

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	(b)	Compliance with Transaction Documents and Solvency Certificate: 

  

	 	(i)	Until such time as all the liabilities of each Seller and the Master Purchaser under the Transaction Documents have been discharged and without prejudice to Clause 5.5,
it shall deliver to the Master Purchaser: 

  

	 	(A)	(i) prior to the occurrence of a Termination Event, Potential Termination Event or Cash Control Event, not later than 30 days after every anniversary of the date of
this Agreement and (ii) after the occurrence of a Termination Event, Potential Termination Event or Cash Control Event, not later than 30 days after each third Settlement Date, a certificate substantially in the form set out in Schedule 3
from the Authorised Representative of the relevant Seller stating that, to the best of such director’s or directors’ knowledge, the relevant Seller during such period has observed or performed all of its undertakings, and satisfied every
condition, contained in this Agreement to be observed, performed or satisfied by it on or prior to the date of such certificate, and that such director(s) has no knowledge of any Termination Event, Potential Termination Event or Cash Control Event
except as specified in such certificate; 

  

	 	(B)	on the third Business Day prior to each Settlement Date a solvency certificate in the form contained in Schedule 2; and 

 

	 	(C)	promptly and from time to time such information, documents, records or reports concerning such Receivables and/or the Obligors (to the extent such Obligors have given
their consent to that effect, where required) and such additional financial information in connection therewith as the Master Purchaser may reasonably request. 

 

	 	(ii)	It shall promptly notify the Master Purchaser immediately upon being notified of or becoming aware of the occurrence of any Termination Event, Potential Termination
Event or Cash Control Event. 

  

	 	(iii)	It shall use all reasonable endeavours to procure that all information and reports furnished by it or on its behalf under the Transaction Documents are accurate in all
material respects. 

  

	(c)	Offices, Records, Name and Organisation: 

It will keep its principal place of business and chief executive office at the applicable address set out in Schedule 5 hereto or
such other address in the Netherlands as may, upon not less than 30 days’ prior written notice, be notified to the Funding Agent, the Security Trustee and the Master Purchaser. It shall procure that records concerning the Purchased Receivables
sold or purported to be sold by it are kept at either (i) its principal place of business or (ii) the principal place of business of any sub-agent appointed under Clause 15 (Sub Contracts) of the Servicing Agreement. It will
not change its name or its status as a private company with limited liability, unless (i) it shall have provided the Funding Agent and the Master Purchaser with at least 30 days’ prior written notice thereof, and (ii) no later than
the effective date of such change, all actions, documents and agreements reasonably requested by the Master Purchaser or the Funding Agent to protect and perfect the Master 

 

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Purchaser’s interest in the Receivables, the Related Security and the other assets of the Seller in which a security interest is granted under the Transaction Documents have been taken and
completed. It will also maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Purchased Receivables and Related Contract Rights in the event of the destruction of the
originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary for the collection of all Purchased Receivables sold or purported to be sold by it (including, without limitation, records adequate to
permit the daily identification of each Purchased Receivable and all Collections of and adjustments to each existing Purchased Receivable). 
  

	(d)	Performance and Compliance with Contracts and the Seller Credit and Collection Procedures: 

It will, at its expense, timely and fully perform and comply with all material provisions, covenants and other promises required to be
observed by it under the Contracts related to the Purchased Receivables, and timely and fully comply in all material respects with the relevant Seller Credit and Collection Procedures in regard to each Purchased Receivable and the Related Contract
Rights. 
  

	(e)	Extension or Amendment of Receivables:  

Except as provided in Clause 5.4(d) above or to protect the Master Purchaser’s interest in the Purchased Receivables it will not
(and will not permit the Servicer or the Master Purchaser to) extend, amend or otherwise modify the terms of any Purchased Receivable, or amend, modify or waive any term or condition of any Contract related thereto, provided that it shall at all
times comply with the relevant Seller Credit and Collection Procedures. 
  

	(f)	Change in business or Seller Credit and Collection Procedures:  

It will not make any change in the character of its business or in the relevant Seller Credit and Collection Procedures that could, in
either case, reasonably be expected to result in a Material Adverse Effect. 
  

	(g)	Change in Payment Instructions to Obligors:  

It will not add or terminate any bank, post office box or bank account as an Account Bank or a Master Purchaser Account, or make any
changes to the instructions to Obligors regarding payments to be made to the Master Purchaser or payments to be made to any Master Purchaser Account (which instructions shall be, for the avoidance of doubt, in accordance with Clause 6 hereof),
unless (i) the Funding Agent shall have given its prior written consent to such addition, termination or change, and (ii) a security document and/or bank account agreement in form and substance satisfactory to the Funding Agent shall have
been entered into in respect of each new bank, post office box or bank account, as the case may be. 
  

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	(h)	Deposit to Master Purchaser Accounts: 

It will (or will cause the relevant Servicer to) comply with the provisions of Clause 6 below. If it shall receive any Collections
otherwise than directly into a Master Purchaser Account, it shall immediately (and in any event within one Business Day) deposit the same to a Master Purchaser Account and any such amount received by a Seller shall be held by such Seller on trust
for the Master Purchaser until such time as such amount is paid into a Master Purchaser Account. It will not deposit or otherwise credit, or cause to be deposited or credited, to any Master Purchaser Account, cash or cash proceeds other than
Collections. It undertakes not to open any accounts, in its name or otherwise, into which Obligors will be directed to make payments in respect of Purchased Receivables other than the Master Purchaser Accounts. 

 

	(i)	Marking of Records:  

 At
its expense, it will maintain in its data processing records and systems a list of Purchased Receivables that have been sold and assigned in accordance with this Agreement. 

 

	(j)	Further Assurances:  

 It
agrees from time to time, at its expense, promptly to execute and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable, or that the Funding Agent may reasonably request, to perfect,
protect or more fully evidence the interests in the Receivables purchased under this Agreement, or to enable the Master Purchaser or the Funding Agent to exercise and enforce their respective rights and remedies under this Agreement. 

 

	(k)	Transaction Documents: 

It will not amend, waive or modify any provision of any Transaction Document without the prior written consent of the Funding Agent and
the Master Purchaser. 
  

	(l)	Nature of Business: 

 It
will not engage in any business other than the Sale of Products and the transactions contemplated in the Transaction Documents. 
  

	(m)	Mergers, Etc.: 

 It will
not merge with or into or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired) to,
or acquire all or substantially all of the assets or capital stock or other ownership interest of, or enter into any joint venture or partnership agreement with, any person, other than as contemplated by this Agreement without the prior written
consent of the Funding Agent. 
  

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	(n)	Distribution, Etc.: 

 It
will not declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of its shares, or return any capital to its shareholders as such, or purchase,
retire, defease, redeem or otherwise acquire for value or make any payment in respect of any shares of any class of its capital stock or any warrants, rights or options to acquire any such shares, now or hereafter outstanding; provided,
however, that it may declare and pay cash dividends to its shareholders so long as (i) no Termination Event or Potential Termination Event shall then exist or would occur as a result thereof, (ii) such dividends are in compliance
with all applicable law including the corporate law of the state of its incorporation, and (iii) such dividends have been approved by all necessary and appropriate corporate action. 

 

	(o)	Debt: 

 It will not incur
any debt: 
  

	 	(i)	from a bank or other financial institution except in the ordinary course of its activities, or 

 

	 	(ii)	from any other member of the LyondellBasell Group where such inter-company debt (x) represents the onloan (directly or indirectly) of debt incurred from a bank or
other financial institution which is not (A) Seller Permitted Indebtedness or (B) incurred by a Seller in the ordinary course of business or (C) incurred pursuant to this Agreement, and (y) where the aggregate amount outstanding
of all such inter-company debt incurred by LCN and BSM would be, when taking into account the proposed additional debt, in excess of EUR 100 million or the equivalent thereof of any amount in any currency other than EUR at any time at the spot
rate of euro exchange of the Funding Agent for the exchange of such currency against the euro at 11 a.m. (London time) on the date of determination, 

other than any debt incurred pursuant to this Agreement and the Seller Permitted Indebtedness, nor will it create any Encumbrance on its
assets other than a Seller Permitted Encumbrance. 
  

	(p)	Place of business 

 Each
Seller undertakes that: 
  

	 	(i)	it will: 

  

	 	(A)	maintain its registered office in the jurisdiction of its incorporation; and 

 

	 	(B)	maintain its “centre of main interests” (as that expression is used in Council Regulation (EC) No. 1346/2000 of 29 May 2000 on insolvency
proceedings (the Insolvency Regulation)) in the Netherlands; and 

  

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	 	(ii)	it will not maintain an “establishment” (as that expression is used in the Insolvency Regulation) in any jurisdiction other than the Netherlands, Russia,
Poland, Hungary, Czech Republic, Romania, Kazakhstan and Slovakia. 

 Information Undertakings of the Sellers: 

5.5 Either LCN or BSM will provide to, or procure that there are provided to, the Funding Agent and the Master Purchaser (in multiple copies, if requested
by the Funding Agent or the Master Purchaser) the following: 
  

	(a)	as soon as available and in any event within 45 days after the end of each quarter of each fiscal year, management accounts of the Parent and each Seller as of the end
of such quarter certified by the chief financial officer of the Parent and each Seller respectively; 

  

	(b)	as soon as available and in any event within 120 days after the end of each fiscal year of the LyondellBasell Group, a copy of the consolidated annual report for such
year for the LyondellBasell Group, containing financial statements for such year audited by independent public accountants of recognised national standing; 

 

	(c)	at the time of the delivery of the financial statements provided for in paragraph (b) of this Clause 5.5, a certificate of the chief financial officer or the
treasurer of each Seller to the effect that, to the best of such officer’s knowledge, no Termination Event has occurred and is continuing or, if any Termination Event has occurred and is continuing, specifying the nature and extent thereof;

  

	(d)	as soon as possible and in any event within five days after the occurrence of each Termination Event or Potential Termination Event, a statement of the chief financial
officer of the relevant Seller setting forth details of such Termination Event or Potential Termination Event and the action that such Seller has taken and proposes to take with respect thereto; 

 

	(e)	at least 30 days prior to any change in the name or jurisdiction of organisation of a Seller, a notice setting forth the new name or jurisdiction of organisation and
the effective date thereof; 

  

	(f)	so long as any Capital shall be outstanding, as soon as possible and in any event no later than the day of occurrence thereof, notice that a Seller has stopped selling
pursuant to this Agreement, all newly arising Receivables; 

  

	(g)	promptly provide to the Funding Agent and the Master Purchaser a copy of any auditors’ report delivered in relation to any Seller, whether in connection with a
semi-annual or annual audit or otherwise; 

  

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	(h)	promptly provide to the Funding Agent and the Master Purchaser details of any court proceedings to which any Seller is a party or of any events or proceedings of which
any Seller is aware which may result in any Seller becoming subject to proceedings before the courts of any jurisdiction in respect of which, if such proceedings were to be determined against the relevant Seller, the liability of the relevant Seller
in respect of which proceedings would in aggregate exceed EUR 25,000,000; and 

  

	(i)	promptly notify the Funding Agent and the Master Purchaser of the occurrence of any event specified in paragraphs (p), (q) or (r) of Schedule 2
(Termination Events) to the Framework Deed in relation to the Parent. 

 Covenant of the Sellers; Reviews

 5.6 Until the latest of the Programme Termination Date or the date on which no Receivable shall be outstanding or the date all other
amounts owed by the Sellers hereunder to the Master Purchaser or the Funding Agent are paid in full: 
  

	(a)	each Seller will, at its expense, from time to time, upon prior written notice, during regular business hours as requested by the Funding Agent, permit the Funding
Agent, or its agents or representatives: 

  

	 	(i)	to examine and make copies of and abstracts from all books, records and documents (including, without limitation, computer tapes and disks) in the possession or under
the control of such Seller, as the case may be, relating to Purchased Receivables and the Related Security, including, without limitation, the Contracts, and 

 

	 	(ii)	to visit the offices and properties of such Seller, for the purpose of examining such materials described in paragraph (i) above, and to discuss matters relating
to Purchased Receivables and the Related Security or such Seller’s performance under the Transaction Documents or under the Contracts with any of the officers or employees of such Seller having knowledge of such matters,

  

	(b)	 the Funding Agent may appoint independent public accountants or other persons acceptable to the Funding Agent to carry out a Review and to prepare and
deliver to the Funding Agent and the Master Purchaser a written report with respect to the Receivables and the Seller Credit and Collection Procedures (including, in each case, the systems, procedures and records relating thereto) on a scope and in
a form reasonably requested by the Funding Agent (acting on the instruction, and with the prior written consent of the Note Purchasers). The expense of four periodic Reviews in each calendar year shall be borne by the Sellers; provided,
however, that after the occurrence and during the continuance of an event which, but for notice or lapse of time or both, would constitute a Servicer Default, or after the occurrence and during the continuance of a Potential Termination Event or
a Termination Event, or if there shall occur a material change in Seller Credit and Collection Procedures or in a Servicer’s reporting systems relating to the Receivables or used in the preparation of the Servicer Reports, or data in any
Servicer Report is incorrect 

  

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or any Seller has difficulty providing the data to the Servicers or following an audit report indicating an audit deficiency, the expense of any additional audits, examinations, reports and
visits as the Funding Agent shall deem necessary under the circumstances shall be borne by the Sellers. 

 Representations
and Warranties by the Master Purchaser on the Closing Date and on the Funding Date 
 5.7 The Master Purchaser hereby represents and warrants
to each of the Sellers and the Funding Agent on the Closing Date and on the Funding Date as follows: 
  

	(a)	Status: it is duly incorporated with limited liability and validly existing under the laws of Ireland; 

 

	(b)	Powers and Authorisations: the documents which contain or establish its constitution include provisions which give power, and all necessary corporate
authority has been obtained and action taken, for it to own its assets, carry on its business and operations as they are now being conducted and to sign and deliver, and perform the transactions contemplated in, the Transaction Documents to which it
is a party; 

  

	(c)	Legal Validity: its obligations under the Transaction Documents constitute, or when executed by it will constitute, its legal, valid and binding obligations
enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganisation, moratorium or similar laws affecting the enforcement of creditors’ rights generally;

  

	(d)	Ordinary course of business: the Master Purchaser represents and warrants that each remittance in respect of the Purchased Receivables by any of the Sellers
to the Master Purchaser under this Agreement will have been (i) in payment of a debt incurred by the Seller in the ordinary course of business or financial affairs of the Seller and the Master Purchaser and (ii) made in the ordinary course
of business or financial affairs of the Seller and the Master Purchaser; 

  

	(e)	Non-Violation: the execution, signing and delivery of the Transaction Documents to which it is a party and the performance of any of the transactions
contemplated in any of them: 

  

	 	(i)	do not and will not contravene or breach or constitute a default under or conflict or be inconsistent with or cause to be exceeded any limitation on it or the powers of
its directors imposed by or contained in: 

  

	 	(A)	any law, statute, decree, rule, regulation or licence to which it or any of its assets or revenues is subject or of any order, judgment, injunction, decree, resolution,
determination or award of any court or any judicial, administrative, or governmental authority or organisation which applies to it or any of its assets or revenues; or 

 

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	 	(B)	any document which contains or establishes its constitution; and 

  

	 	(ii)	as of the Funding Date, do not and will not contravene or breach or constitute a default under or conflict or be inconsistent with or cause to be exceeded any
limitation on it or the powers of its directors imposed by or contained in any agreement, indenture, mortgage, deed of trust, bond, or any other document, instrument or obligation to which it is a party or by which any of its assets or revenues is
bound or affected; 

  

	(f)	Consents: no authorisation, approval, consent, licence, exemption, registration, recording, filing or notarisation and no payment of any duty or tax and no other
action whatsoever which has not been duly and unconditionally obtained, made or taken is required to ensure the creation, validity, legality, enforceability or priority of its liabilities and obligations or of the rights of the Sellers against it
under the Transaction Documents save for (i) the delivery of the particulars of the security created pursuant to the Master Purchaser Security Documents in the prescribed form to the Registrar of Companies in Ireland within 21 days of the
creation of such security in accordance with section 99 of the Companies Act, 1963 (as amended) of Ireland and (ii) the delivery of the particulars of such security to the Revenue Commissioners in Ireland in accordance with section 1001 of the
Taxes Consolidation Act, 1997 (as amended) of Ireland; and 

  

	(g)	Solvency: it is solvent and able and expects to be able to pay its debts as they fall due. 

6. PROTECTION OF INTERESTS AND NOTIFICATIONS TO
OBLIGORS 
 6.1 BSM undertakes that it shall: 
  

	(a)	subject to Clause 6.2, include in all Invoices issued by it in respect of Purchased Receivables the following wording (or a translation of such wording, approved by the
Funding Agent, in a language appropriate to the relevant Obligor): 

 “Notice is hereby given that the
receivable owed by you in respect of the amounts set out in this invoice has been sold and assigned by Basell Sales & Marketing Company B.V. to Basell Polyolefins Collections Limited (a company incorporated in Ireland with registered number
405558 whose registered office is at 53 Merrion Square, Dublin 2, Ireland) in accordance with, and subject to, the terms of a master receivables purchase agreement dated 4 May 2010 (as amended); and 

 

	(b)	instruct all Obligors to pay amounts in respect of BSM Purchased Receivables directly into a Master Purchaser Account. 

 

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 6.2 For the purposes of Clause 6.1(a), BSM shall include such wording on all Invoices issued by it or on
its behalf in respect of Purchased Receivables as follows: 
  

	(a)	from the Closing Date, it shall include on all Invoices the wording from the beginning of the first line up to but excluding the words ‘4 May 2010 (as
amended)’ on the seventh line of the paragraph and in its place the Invoice shall include instead the words ‘29 June 2006’ ; and 

  

	(b)	as soon as reasonably practicable after the Closing Date and in any event within fifteen Business Days of the Closing Date, it shall include on all Invoices, in its
entirety, the paragraph provided for in Clause 6.1(a). 

 6.3 LCN undertakes that it shall: 

 

	(a)	include in all Invoices issued by it thereafter in respect of Purchased Receivables the following wording (or a translation of such wording, approved by the Funding
Agent, in a language appropriate to the relevant Obligor): 

 “Notice is hereby given that
the receivable owed by you in respect of the amounts set out in this invoice has been sold and assigned by Lyondell Chemie Nederland B.V. to Basell Polyolefins Collections Limited (a company incorporated in Ireland with registered number 405558
whose registered office is at 53 Merrion Square, Dublin 2, Ireland) in accordance with, and subject to, the terms of a master receivables purchase agreement dated 4 May 2010 (as amended) and that Basell Polyolefins Collections Limited has
assigned such receivable by way of security to Citicorp Trustee Company Limited (a company incorporated in England and Wales with registered number 00235914 whose registered office is at
14th Floor, Citigroup Centre, 33 Canada Square, Canary
Wharf, London E14 5LB) in accordance with and subject to the terms of a deed of charge dated 4 May 2010 (as amended, restated and supplemented from time to time) or a German assignment agreement dated 28 April 2010 (in the case of a
receivable governed by German law)”; and 
  

	(b)	instruct all Obligors to pay amounts in respect of LCN Purchased Receivables directly into a Master Purchaser Account. 

6.4 For the purposes of Clause 6.3(a), LCN shall include such wording on all Invoices issued by it or on its behalf in respect of Purchased Receivables
as follows: 
  

	(a)	from the Closing Date, it shall include on all Invoices the wording in Clause 6.3(a) except: 

 

	 	(i)	for the words ‘28 April 2010’ wherever such words appear and in its place the Invoice shall include instead the words ‘8 July 2009’; and

  

	 	(ii)	for the words ‘4 May 2010’ wherever such words appear and in its place the Invoice shall include instead the words ‘29 June 2006’;

  

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	(b)	as soon as reasonably practicable after the Closing Date and in any event within fifteen Business Days of the Closing Date, it shall include on all Invoices, in its
entirety, the paragraph provided for in Clause 6.3(a) 

 6.5 BSM will on or before the Closing Date execute a power of attorney
substantially in the form set out in Part A of Schedule 4 (the BSM Master Purchaser Receivables Power of Attorney) and deliver the same to the order of the Master Purchaser on such date. 

6.6 LCN will on or before the Closing Date execute a power of attorney substantially in the form set out in Part B of Schedule 4 (the LCN
Master Purchaser Receivables Power of Attorney), and together with the BSM Master Purchaser Receivables Power of Attorney, the Master Purchaser Receivables Powers of Attorney and each a Master Purchaser Receivables Power
of Attorney) and deliver the same to the order of the Master Purchaser on such date. 
 6.7 Each Seller hereby agrees and acknowledges
that, if at any time the Funding Agent determines, in its discretion, that such actions would be necessary or desirable for the protection of the interests of the Master Purchaser, the Note Purchasers and/or the Noteholders, or is so directed by the
Note Purchasers under the Intercreditor and Indemnity Deed, the Funding Agent and the Master Purchaser shall each be entitled to, and the Master Purchaser (if so instructed by the Funding Agent) shall take such action as it reasonably considers to
be necessary in order to, recover any amount outstanding in respect of Purchased Receivables or to improve, protect, preserve or enforce the Master Purchaser’s rights against the Obligors in respect of Purchased Receivables. 

6.8 Each Seller undertakes that if, following the notification to an Obligor of the sale and assignment of Purchased Receivables owed by such Obligor,
such Obligor contacts the Seller, the Seller shall confirm to the Obligor the sale and assignment of the relevant Purchased Receivable, that the Master Purchaser is entitled to all amounts owed in respect of the Purchased Receivable and that the
Obligor should comply with any payment instructions received from the Master Purchaser, the Funding Agent or any Alternate Collection Agent. 

7. TERMINATION 

Termination Event – no further obligation to purchase 

7.1 If any Termination Event shall occur and be continuing, the Master Purchaser may in its discretion, and the Funding Agent shall if so directed by Note
Purchasers, deliver a Termination Event Notice to each of the Sellers, the Parent and the Servicers. Upon delivery of such Termination Event Notice, the Master Purchaser shall have no further obligation to purchase any further Receivables from the
Sellers. For the avoidance of doubt, upon the date of delivery of a Termination Event Notice, the Programme Termination Date shall have occurred and on such date the Master Purchaser shall have no further obligation to purchase any further
Receivables from the Sellers. 
  

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 Termination Event – Set off 

7.2 Following the occurrence of a Termination Event due to any insolvency event affecting a Seller, each of the Master Purchaser, the Funding Agent and
the Security Trustee shall be entitled without notice (but shall not be obliged) to set off any obligation which is due and payable by that Seller and unpaid against any obligation (whether or not matured) owed under any Transaction Document by the
Master Purchaser or the Funding Agent (as the case may be) to that Seller regardless of the place of payment or currency of either obligation. 

Termination by a Seller – merger 

7.3 A Seller may terminate its agreement to sell Receivables to the Master Purchaser at any time by giving five Business Days’ notice in writing to
the Master Purchaser and the Funding Agent provided that either: 
  

	(a)	the business of such Seller is merged or amalgamated with the other Seller; or 

 

	(b)	the other Seller, acting jointly with such Seller, terminates its agreement to sell receivables by also giving five Business Days’ notice in writing to the Master
Purchaser and the Funding Agent. 

 Continuing Effect 

7.4 The termination by a Seller of its agreement to sell Receivables to the Master Purchaser pursuant to Clause 7.3 above shall not affect any rights or
obligations of the parties in relation to any Receivables purchased prior to such termination and the provisions of this Agreement shall continue to bind the parties to the extent and for so far and so long as may be necessary to give effect to such
rights and obligations. The covenants, obligations and undertakings contained in this Agreement and the rights and remedies in this Agreement in respect of any representation, warranty or statement made under or in connection with this Agreement and
the indemnification and other payment obligations in this Agreement shall continue and remain in full force and effect notwithstanding the termination of this Agreement. 

8. REMEDIES FOR BREACH OF WARRANTY 

Non-Conforming Receivables 
 8.1 If any
representation or warranty set out in Part A of Schedule 1 insofar as it relates to the assignability, collectability, validity or enforceability of a Purchased Receivable or if any representation or warranty set out in Part B of
Schedule 1 in respect of a Purchased Receivable proves to have been incorrect on the relevant Purchase Date and remains incorrect, or if the relevant Purchased Receivable has never existed (each affected Purchased Receivable being a
Non-Conforming Receivable) the Relevant Seller, in respect of each Non-Conforming Receivable, shall treat the amount equal to the Outstanding Balance of the relevant Non-Conforming Receivable as a Deemed Collection and the Relevant
Seller shall pay to the relevant Master Purchaser Account an amount equal to the Outstanding Balance of the relevant Non-Conforming Receivable on the next Settlement Date. Notwithstanding 

 

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the fact that the Deemed Collection shall be paid by the Relevant Seller on the next Settlement Date, for all other purposes including, without limitation, the calculation of the Daily Asset
Base, the Deemed Collection shall be deemed to have been received as of the day such Non-Conforming Receivable arises. To the extent that a Seller has made a payment to the Master Purchaser in respect of a Non-Conforming Receivable in accordance
with this Clause 8.1 and an actual Collection is subsequently received by the Master Purchaser in respect of such Non-Conforming Receivable, the Master Purchaser will pay to that Seller on the immediately succeeding Settlement Date, in accordance
with the applicable Master Purchaser Priority of Payments and by way of refund of the payment made by the Seller pursuant to this Clause 8.1, an amount equal to the Collection so received in respect of such Non-Conforming Receivable. 

Dilutions 
 8.2 If a Dilution occurs in
respect of any Purchased Receivable, the Relevant Seller shall be deemed to have received a collection in an amount equal to each such Dilution and on the next Settlement Date shall pay to the relevant Master Purchaser Account an amount equal to
such Dilution and the amount paid by the Relevant Seller pursuant to this Clause 8.2 shall be treated as a Deemed Collection in respect of the relevant Purchased Receivable. Notwithstanding the fact that the Relevant Seller shall make payment in
respect of the Dilution on the next Settlement Date, for all other purposes including, without limitation, the calculation of the Daily Asset Base, the Dilution shall be deemed to have occurred as of the day such Dilution arises. 

Means of remedying breach 
 8.3 For the
avoidance of doubt, the payment by a Seller in full of the amount due in respect of any Purchased Receivable under Clause 8.1 or Clause 8.2 on the date on which it is due will remedy any breach or default by such Seller in respect of that Receivable
or the relevant part thereof and the Master Purchaser and the Funding Agent shall not have any other right or remedy in respect of such breach or default. 

Recoupment of Value Added Tax 
 8.4 For
the purpose of ensuring recoupment of any value added tax forming part of a Purchased Receivable: 
  

	(a)	all or part of which remains unpaid after the statutory period for purposes of claiming bad debt relief has elapsed; or 

 

	(b)	the Outstanding Balance of which is, or would be, reduced, adjusted or cancelled by the Relevant Seller, 

the Relevant Seller will use its reasonable endeavours to recover such value added tax to the extent that the Relevant Seller is legally entitled to
claim a repayment of such value added tax (or the appropriate part thereof) from the appropriate tax authorities, and shall, upon receipt of any amount in respect of such value added tax, to the extent that the Master Purchaser has not already been
fully compensated for the non-receipt of such part of the Purchased Receivable as is equal to the valued added tax charged 
  

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thereon, promptly remit the net amount not so compensated to the Master Purchaser and any such net amount will be paid into a Master Purchaser Account and treated as a Collection. The Relevant
Seller will make such accounting write-offs and transfers and raise such credit notes as may be necessary or desirable for this purpose, and take all such other steps as may be reasonably requested by the Master Purchaser provided that the Relevant
Seller shall not be required to take any steps which it reasonably considers will unduly prejudice its tax affairs. At the request of the Relevant Seller and whether or not any amounts are payable to the Master Purchaser under this Clause 8.4,
the Master Purchaser may, or at such time as the Master Purchaser is fully compensated, will, reassign or re-transfer such Purchased Receivable to the Relevant Seller, who will accept such re-assignment or re-transfer of any such Purchased
Receivable (for a nil or nominal consideration), solely for the purpose of facilitating recoupment of such value added tax. 
 9.
PROTECTION OF MASTER PURCHASER, FURTHER ASSURANCE 

Non Petition Undertaking 
 9.1
Notwithstanding any other provision of this Agreement, or the winding up of the Master Purchaser, no Seller will take any corporate action or other steps or legal proceedings for the winding up, dissolution or reorganisation or examination or for
the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, examiner, sequestrator or similar officer of the Master Purchaser or of any or all of the revenues and assets of the Master Purchaser nor participate in any
ex parte proceedings nor seek to enforce any judgment against the Master Purchaser. 
 Further Assurance 

9.2 Each Seller agrees that from time to time it will, at its own cost, promptly execute and deliver all instruments and documents, and take all further
action as the Master Purchaser or the Funding Agent may reasonably request in order to perfect, protect or more fully evidence the Master Purchaser’s interest in the Purchased Receivables and any proceeds thereof. 

Enforcement 
 9.3 Each Seller hereby
irrevocably consents to the Master Purchaser (or the Funding Agent on its behalf) or the Security Trustee at any time after the occurrence of a Termination Event, for its own benefit commencing proceedings in the name of such Seller in respect of
any of the Purchased Receivables. 
 Currency Indemnity 

9.4 If any payment under this Agreement is made or fails to be satisfied in a currency (the payment currency) other than the currency in
which such payment is expressed to be due (the contractual currency) then the Seller making such payment as a separate and independent obligation shall indemnify and hold harmless (on an after-Tax basis) the Master Purchaser to the
extent that the amount of the payment actually received by the Master Purchaser when converted into the contractual currency by the Master Purchaser purchasing the contractual currency (with the sum received) falls short of the amount expressed to
be due. 
  

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 Payment to the Seller Accounts 

9.5 Whenever any amount is due, owing or payable to a Seller under or in connection with this Agreement, payment of such sum in cleared funds into the
relevant Seller Account, or as otherwise directed in writing by the Relevant Seller at least two Business Days before any such payment is due to be made, shall constitute a complete discharge of the Master Purchaser’s obligation to pay such
amounts. For the purposes of this Clause 9.5, where an amount is payable in EUR, the reference to the Seller Account shall be construed as a reference to the relevant Seller EUR Account. Where an amount is payable in US$, the reference to the
Seller Account shall be construed as a reference to the relevant Seller US$ Account and where an amount is payable in GBP, the reference to the Seller Account shall be construed as a reference to the relevant Seller GBP Account. 

Appropriation of Payments 
 9.6 If a
person owing a payment obligation in respect of a Purchased Receivable makes a general payment to the Relevant Seller on account both of a Purchased Receivable which the Master Purchaser has purchased or agreed to purchase and of any other moneys
due for any reason whatsoever to the Relevant Seller and makes no apportionment between them then such payment shall be treated as though the person had appropriated it first to the Purchased Receivable which the Master Purchaser has purchased or
agreed to purchase and the proceeds of or comprised in such payment up to the full amount due or to become due in respect of the Purchased Receivable shall accordingly be the property of the Master Purchaser and the Relevant Seller shall immediately
and without deduction transfer that amount in accordance with Clause 4 (Collection of Receivables) of the Servicing Agreement and shall in the meantime hold such moneys as fiduciary agent for the Master Purchaser. 

10. SECURITY TRUSTEE 

The Security Trustee (for itself and in its capacity as trustee under the Master Purchaser Deed of Charge) has agreed to become a party to this Agreement
in order to receive the benefit of the warranties, covenants, undertakings and indemnities expressed in its favour, for agreeing amendments to this Agreement and for the better preservation and enforcement of the Security Trustee’s rights under
the Master Purchaser Deed of Charge. However, the Security Trustee shall not assume or incur any obligation or liability whatsoever to the other parties hereto by virtue of the provisions contained in this Agreement. 

11. COUNTERPARTS 
 This
Agreement may be executed in any number of counterparts, and by each party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this
Agreement by e-mail attachment or telecopy shall be an effective mode of delivery. 
  

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 12. GOVERNING LAW 

This Agreement and any non-contractual obligations arising out of or in relation to this Agreement are governed by, and shall be construed in accordance
with, English law. 
 13. JURISDICTION 

The provisions of Clause 4 of the Framework Deed shall apply to this Agreement on the basis set out therein. 

 

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 SCHEDULE 1 

Part A 

Representations and Warranties relating to the Sellers 

 

	(a)	Status: it is a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) duly incorporated and validly existing under
the laws of the Netherlands and is duly qualified to do business in every jurisdiction where the nature of its business requires it to be so qualified except where failure to so qualify could not reasonably be expected to result in a Material
Adverse Effect; 

  

	(b)	Place of business:  

  

	 	(i)	it will: 

  

	 	(A)	maintain its registered office in the jurisdiction of its incorporation; and 

 

	 	(B)	maintain its “centre of main interests” (as that expression is used in Council Regulation (EC) No. 1346/2000 of 29 May 2000 on insolvency
proceedings (the Insolvency Regulation)) in the Netherlands; and 

  

	 	(ii)	it will not maintain an “establishment” (as that expression is used in the Insolvency Regulation) in any jurisdiction other than the Netherlands, Russia,
Poland, Hungary, Czech Republic, Romania, Kazakhstan and Slovakia; and 

  

	(c)	Capacity and authorisation: the execution, delivery and performance by it of this Agreement or of any other Transaction Document to which it is a party and any
other documents to be delivered by it hereunder: 

  

	 	(i)	are within its corporate powers; 

  

	 	(ii)	have been duly authorised by all necessary corporate action; 

  

	 	(iii)	do not contravene: 

  

	 	(A)	its articles of association; 

  

	 	(B)	any law, rule or regulation applicable to it; 

  

	 	(C)	any contractual restriction binding on or affecting it or its property; or 

 

	 	(D)	any order, writ, judgment, award, injunction or decree binding on or affecting it or its property; and 

 

	 	(iv)	do not result in or require the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties. This Agreement has
been duly executed and delivered by it; 

  

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	(d)	Consents: no authorisation or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due
execution, delivery and performance by it of this Agreement or any other Transaction Document to which it is a party or any other document to be delivered by it hereunder; 

 

	(e)	Legal Validity: this Agreement and any other Transaction Document to which it is a party constitutes the legal, valid and binding obligation of it enforceable
against it in accordance with its terms subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally; 

 

	(f)	Servicer Reports: each Servicer Report (if prepared by it or one of its affiliates, or to the extent that information contained therein is supplied in writing by
it or an affiliate), information, exhibit, financial statement, document, book, record or report furnished or to be furnished at any time by or on behalf of it to the Funding Agent or the Master Purchaser, in connection with this Agreement is or
will be accurate in all material respects as of its date or (except as otherwise disclosed to the Funding Agent or the Master Purchaser, as the case may be, at such time) as of the date so furnished (or, if applicable, as of a date certain specified
in such report), and no such document contains or will contain any untrue statements of a material fact or omits or will omit to state a material fact necessary in order to make the statements contained therein, in the light of the circumstances
under which they were made, not misleading; 

  

	(g)	No Default: no event has occurred which constitutes, or which with the giving of notice and/or the lapse of time and/or a relevant determination would
constitute, a contravention of, or default under, any such law, statute, decree, rule, regulation, order, judgment, injunction, decree, resolution, determination or award or any agreement, document or instrument by which it or any of its assets is
bound or affected, being a contravention or default which could reasonably be expected materially and adversely to affect its ability to observe or perform its obligations under the Transaction Documents to which it is a party;

  

	(h)	No contravention; conflict: the execution, delivery and performance by each of the Parent, BSM and LCN (the LB Party) of each Transaction Document
to which it is a party and the consummation of the transactions under such Transaction Documents does not in any material way conflict with or result in any breach or contravention of or the creation of any security interest, or require any
payment to be made under: 

  

	 	(i)	any Contractual Obligation to which such LB Party is a party or affecting it or the properties of such LB Party or any of its subsidiaries; or 

 

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	 	(ii)	any order in any material way, injunction, writ or decree of any governmental authority or any arbitral award to which such LB Party its property is subject in any
material way; or 

  

	 	(iii)	violate any material law in any material way; 

except with respect to any conflict, breach or contravention or payment (but not the creation of any security interest), to the extent
that such conflict, breach, contravention, violation or payment could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; 
  

	(i)	Tax Liabilities: all material and necessary returns have been delivered by it or on its behalf to the relevant taxation authorities and it is not in material
default in the payment of any Taxes, and, to its knowledge, no material claim is being asserted with respect to Taxes which is not disclosed in its most recent financial statements; 

 

	(j)	Accounts: the most recently delivered audited consolidated financial statements (including the income statement and balance sheet) of the LyondellBasell Group
have been prepared on a basis consistently applied in accordance with the relevant accounting standards and present fairly its results for the relevant period and the state of its affairs at that date; 

 

	(k)	No Material Adverse Change: since Closing Date there has been no change in its business or operations so as to have a material adverse effect on its ability to
perform its obligations under this Agreement or any of the other Transaction Documents; 

  

	(l)	Solvency: it is not unable to pay its debts or otherwise insolvent and, to the best of its knowledge and belief, there are no circumstances existing that will
bring it in a situation of cessation of payments (ophouden te betalen) within the meaning of the Dutch Bankruptcy Code or otherwise make it insolvent and it will not become unable to pay its debts or otherwise become insolvent in consequence
of any sale of Receivables or any obligation or transaction contemplated in the Transaction Documents to which it is a party; 

  

	(m)	No Termination Event: no Termination Event or Potential Termination Event has occurred; 

 

	(n)	Suspect period: 

  

	 	(i)	it is entering into the transactions as described in the Transaction Documents (including all obligations to be assumed by it in connection therewith) in good faith and
for the purpose of carrying on its business and such transactions are in the best interest of it and within the scope of its objects; and 

  

	 	(ii)	it believes that the entering into of the transactions and the execution, delivery and performance of the Transaction Documents do not and will not prejudice (A) its
ability to pay its debts when they fall due and (B) the rights of its existing and future creditors; 

  

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	(o)	Information: none of the written information and reports furnished by it in connection with the negotiation and entry into of the transactions envisaged by the
Transaction Documents is inaccurate in any material respect, or contains any material misstatement of fact or, to its knowledge, omits to state a material fact or any fact necessary to make the statements contained therein not materially misleading
and it is not aware of any fact, information or circumstance the omission of which from such information or reports would reasonably affect an assessment of the rights being acquired in relation to any Receivables, the enforceability or
collectability of the Receivables or the transactions and arrangements contemplated by the Transaction Documents; 

  

	(p)	No Litigation: there is no pending or threatened action, investigation or proceeding affecting it or any of its Subsidiaries before any court, governmental
agency or arbitrator which could reasonably be expected to result in a Material Adverse Effect; 

  

	(q)	Licences: it has all necessary licences for carrying on the enforcement and collection of the Receivables and the performance of its obligations under the
Transaction Documents; 

  

	(r)	Goods: at the time of the delivery, following the Sale of Products to which the Purchased Receivables relate to the relevant Obligors, it was the absolute owner
of the relevant products which were not subject to any Encumbrances or claims of any kind (including without limitation any retention of title or unpaid vendor’s lien) by the vendor thereof and such products were acquired by it from such vendor
on bona fide arm’s length terms pursuant to a contract of true sale; 

  

	(s)	Cash Pooling Companies: the Cash Pooling Companies are each of the members of the LyondellBasell Group that provide centralised cash pooling and other treasury
services to the members of the LyondellBasell Group; and 

  

	(t)	Ordinary course of business: each remittance in respect of the Purchased Receivables by a Seller to the Master Purchaser under this Agreement will have been
(i) in payment of a debt incurred by such Seller in the ordinary course of business or financial affairs of that Seller and the Master Purchaser and (ii) made in the ordinary course of business or financial affairs of that Seller and the
Master Purchaser. 

  

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 Part B 

Representations and Warranties relating to the Purchased Receivables 

 

	(a)	Ownership of Purchased Receivables: it is, immediately prior to the Purchase Date, the sole and absolute owner of the Purchased Receivable and the Related
Contract Rights with respect to such Receivable and is entitled to sell and assign and is selling and assigning it to the Master Purchaser free from any Encumbrance or adverse claim; 

 

	(b)	Transfer and Good Title: (i) in relation to the Purchased Receivables, the information and statements of any kind supplied or to be supplied by it to the
Master Purchaser as evidence of or relating to a Purchased Receivable are true, accurate, correct, complete and not misleading; (ii) on completion of the sale of the Purchased Receivable in accordance with the Master Receivables Purchase
Agreement, the Master Purchaser will obtain title thereto and will have title in and to such Purchased Receivables; and (iii) there are no legal, regulatory or contractual restrictions or binding personal obligations which prevent the sale and
transfer of title to the Purchased Receivables to the Master Purchaser; 

  

	(c)	Terms and Conditions: all Receivables have been originated under and are governed exclusively by the terms of the relevant General Terms and Conditions or a
Model Sales Agreement or on terms which are not prejudicial to the transferability or collectability of such Receivables; 

  

	(d)	Status of Contracts: all services or products to be supplied under the Contract under which the Purchased Receivable arises on or prior to the Purchase Date will
be delivered in accordance with the terms of the Contract to the relevant Obligor and all the requirements of the Contract have been complied with in full and all other terms and conditions upon which the payment of the Purchased Receivable may be
dependent have been fulfilled. There is no fact, circumstance, act, omission or state of affairs which could constitute a breach of any warranty, term or condition of the Contract or which would permit the Obligor or any other person to reject the
services or products delivered under the Contract or which would provide any Obligor with any reason, justification, excuse or defence of any kind for not making timely payment in full of the whole amount due in respect of the Purchased Receivable;

  

	(e)	 Valid and Binding: the Contract under which the Purchased Receivable arises and the Purchased Receivable (including all associated rights)
(i) are duly authorised by it and, to its best knowledge, each other party thereto; (ii) are legally valid and binding obligations of each Obligor and, to the best knowledge of it each other relevant party thereto which are and will be
enforceable against such parties in accordance with their terms (subject to all relevant insolvency laws or other laws of mandatory application which would not prejudice the recoverability of the Purchased Receivables) and, such Contract complies
with all statutory and other requirements for their validity (subject to all laws of mandatory application, which do not prejudice the 

 

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recoverability of the Purchased Receivables). It is not aware of any fact, circumstance, act, omission or state of affairs which could constitute a breach of any warranty, term or condition of
the Contract or which would permit the Obligor or any other person to reject the services or products delivered (or to be delivered) under the Contract or which would provide any Obligor (or any other person who is liable to make a payment in
respect of the Purchased Receivable) with any reason, justification, excuse or defence of any kind for not making timely payment in full of the whole amount due in respect of the Purchased Receivable; 

 

	(f)	No Variation or Amendment: there has been no variation, amendment, modification, waiver or extension of time of any kind in respect of the original terms of the
Contract under which the Purchased Receivable arises which in any material way adversely affects the terms of the Purchased Receivable, or its enforceability or collectability; 

 

	(g)	No Violation: neither the Purchased Receivable nor the Contract under which it arises contravenes in any material respect any relevant applicable laws, rules or
regulations and it has not and, so far as it is aware no other party to the Contract has contravened any such law, rule, regulation or of any agreement, judgment, injunction, order, decree or other instrument binding upon any of them, in each case
which in any way adversely affects the enforceability or collectability of the Purchased Receivable; 

  

	(h)	Seller Credit and Collection Procedures: (i) it has complied with the relevant Seller Credit and Collection Procedures in entering into the Contract under
which the Purchased Receivable arises and in relation to the administration of each such Purchased Receivable to the date on which it is purchased hereunder (which criteria have been consistently applied in the management of the business of the
Seller); and (ii) it has taken steps to require that each relevant Obligor makes payment of each Purchased Receivable to one of the Master Purchaser Accounts; 

 

	(i)	Information: all information, written and (to the extent it has been provided by a Designated Person) oral, including any periodic reports (such as the
Servicer’s Determination Report) supplied before or after the Funding Date by it or the Parent (and in particular as for the latter, its financial statements) is, when taken together, accurate in all material respects; 

 

	(j)	Data Protection: the disclosure of information relating to the Obligor of each Purchased Receivable as contemplated by, and for the purposes envisaged by, this
Agreement and the Servicing Agreement after the Funding Date is not contrary to data protection laws in the Netherlands or any other Eligible Country; 

  

	(k)	No Termination or Defence: the Contract under which the Purchased Receivable arises has not been terminated or frustrated and no event has occurred which would
make the Contract subject to force majeure or any right of rescission; and there is no right or entitlement of any kind for the non-payment of the amounts under each Purchased Receivable when due; 

 

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	(l)	Set-off: there is not and it is not aware of any circumstances which would give rise to: 

 

	 	(i)	any right of set-off (other than with respect to a Volume Rebate Credit) netting, counterclaim, defence, or deduction by the Obligor in respect of the Purchased
Receivable; 

  

	 	(ii)	any credit note, discount, allowance or reverse invoice which has been made or granted to any Obligor in relation to the same or any other transaction which remains
outstanding, unless such credit note, discount, allowance or reverse invoice is reflected in the Purchased Receivable when sold and in its Purchase Price; 

  

	(m)	Fraud or Dispute: the Contract under which the Purchased Receivable arises has not (i) been entered into fraudulently by the Obligor in respect thereof or
(ii) been passed to the claims or legal department or referred to external lawyers other than in respect of the issue by it of letters demanding payment which are issued in the ordinary course of business; 

 

	(n)	Misrepresentation, Duress: the Contract under which the Purchased Receivable arises was not entered into as a consequence of any conduct constituting fraud,
misrepresentation, duress or undue influence by it, its directors, officers, employees or agents or by any other person acting on behalf of it; 

  

	(o)	Segregation: with effect from the time when the Purchased Receivable is purchased by the Master Purchaser, it maintains records clearly identifying the relevant
Purchased Receivable in accordance with Clause 5.4(i) (Marking of Records) of this Agreement; 

  

	(p)	The Seller’s Records: it has or has caused to be maintained records relating to each relevant Purchased Receivable which are accurate and complete in all
material respects and which are adequate so as to enable such Purchased Receivable to be enforced against the relevant Obligor and such records are held by it or to its order; 

 

	(q)	Eligible Receivables: all Receivables are properly characterised as Eligible Receivables or Receivables which are not Eligible Receivables and in the case of any
Eligible Receivables, are properly included in Net Receivables Pool Balance in the written information provided to the Funding Agent; 

  

	(r)	Percentage Factor: on the date of any purchase or reinvestment, the Percentage Factor does not exceed the Maximum Percentage Factor; and

  

	(s)	No Taxes: 

  

	 	(i)	the Purchased Receivables are not subject to any withholding taxes and are assignable free and clear of any VAT, sales taxes, withholding taxes, export/import taxes,
acquisition taxes, transfer taxes or any other Taxes, charges, levies, duties or imposts; and 

  

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	 	(ii)	the Master Purchaser can in no other way be liable for any Tax in the Netherlands by virtue of the transactions envisaged by the Transaction Documents provided that the
Master Purchaser has not performed and will not perform any activities in the Netherlands other than those contemplated by the Transaction Documents. 

 

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 SCHEDULE 2 

FORM OF SOLVENCY CERTIFICATE 

I, the undersigned, being a duly appointed authorised signatory of [Basell Sales & Marketing B.V.] [Lyondell Chemie Nederland B.V.] (the
Seller), hereby certify that: 
  

	(a)	the Seller is not unable to pay its debts and will not become unable to do so as a consequence of the entry into or the performance of its obligations under any of the
Transaction Documents to which it is a party; 

  

	(b)	the Seller is not, and to the best of our knowledge and belief, there are no circumstances existing that will bring the Seller in a situation of cessation of payments
(ophouden te betalen) within the meaning of the Dutch Bankruptcy Code; 

  

	(c)	no order has been made, petition presented, proceeding or corporate action commenced or any other step taken with respect to a statutory merger (juridische
fusie) or de-merger (splitsing), liquidation (vereffening) or a voluntary liquidation (ontbinding) of the Seller or appointment of a liquidator, receiver, administrator, trustee, curator (bewindvoerder) or similar
officer in any jurisdiction in respect of the Seller or of any or all of the assets or revenues of the Seller, and the Seller has not received a notice concerning its dissolution from (i) the Amsterdam Chamber of Commerce under Article 2:19a of
the Netherlands Civil Code (NCC) or (ii) the relevant district court (rechtbank) under Article 2:21 NCC; 

  

	(d)	the Seller has not filed an application for bankruptcy (faillissement), a (provisional) suspension of payments ((voorlopige) surseance van
betaling), offered a judicial composition (gerechtelijk akkoord) or any similar proceedings pursuant to the EU Insolvency Regulation; 

  

	(e)	the Seller is entering into the transactions as described in the Transaction Documents (including all obligations to be assumed by the Seller in connection therewith)
in good faith and for the purpose of carrying on the Seller’s business and such transactions are in the best interest of the Seller and, within the scope of its objects and for the benefit of the Seller; and 

 

	(f)	the Seller believes that the entering into of the transactions and the execution, delivery and performance of the Transaction Documents do not and will not prejudice
(i) the Seller’s ability to pay its debts when they fall due and (ii) the rights of existing and future creditors of the Seller. 

This certificate is given and delivered to you in my capacity as a duly appointed authorised signatory of the Seller on behalf of the Seller without
personal liability. 
  

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	Authorised Signatory
		
	Name:	 	  

			
		
	Signature:	 	  

			
		
	Date:	 	  

  

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 SCHEDULE 3 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	[The Master Purchaser] 

  

	Copy to:	Citibank, N.A., London Branch (the Funding Agent) 

	 	Citigroup Centre 

	 	33 Canada Square 

	 	Canary Wharf 

	 	London E14 5LB 

 This certificate is delivered
to you in accordance with Clause 5.4(b) of the Master Receivables Purchase Agreement dated 4 May 2010 (as amended from time to time) (the Agreement). The definitions contained in the Master Definitions and Framework Deed dated
28 April 2010 as amended and restated from time to time shall apply to this certificate. The date of this certificate is [—]. 

We certify that: 
  

	(a)	as at [—] no Termination Event or Potential Termination Event or Cash Control Event existed and no Termination Event,
Potential Termination Event or Cash Control Event existed at any time during the period since [the Closing Date] [the date of the last certificate delivered under Clause 5.4(b) [other than [—]];
and 

  

	(b)	during the period since [the Closing Date] [the date of the last certificate delivered under Clause 5.4(b)] the Seller has observed and performed all of its
undertakings and satisfied every condition contained in the Agreement to be observed performed or satisfied by it on or prior to the date of this certificate other than [—]. 

 

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 [BASELL SALES & MARKETING COMPANY B.V.] 

[LYONDELL CHEMIE NEDERLAND B.V.] 
  

	
	  

	Director
	
	  

	Director

  

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 SCHEDULE 4 

MASTER PURCHASER RECEIVABLES POWERS OF ATTORNEY 

Part A 

BSM Perfection Power of Attorney 

THIS POWER OF ATTORNEY is given on 4 May 2010 by BASELL SALES & MARKETING COMPANY B.V. whose registered office is at Weena
737, 3013 AM Rotterdam, The Netherlands (the Principal) in favour of BASELL POLYOLEFINS COLLECTIONS LIMITED (the Attorney) whose registered office is at 53 Merrion Square, Dublin 2, Ireland. 

WHEREAS: 

(A) Pursuant to an agreement dated 4 May 2010 (as amended from time to time, including on or about the date hereof) between the Principal (as Seller)
and the Attorney (as Purchaser) (the Master Receivables Purchase Agreement), the Principal is to transfer to the Attorney the Receivables in respect of certain Contracts regarding the sale of polyolefin, petrochemical, chemical and
fuel products and any Related Security derived from and including the benefit of the Contracts. 
 (B) The Principal has agreed to appoint the
Attorney as its attorney in the manner hereinafter appearing irrevocably for the performance of the Principal’s obligations under and pursuant to the Master Receivables Purchase Agreement. 

Terms defined in the Master Receivables Purchase Agreement have the same meaning where used herein. 

NOW THIS DEED WITNESSETH THAT the Principal HEREBY
APPOINTS the Attorney to be its true and lawful attorney for it and in its name or otherwise to do any of the following acts, deeds and things or any of them as may be within the power of the Principal: 

1. to perfect the title of the Attorney in and to any or all of the BSM Purchased Receivables, the Related Security and the related Contracts insofar as
they relate to BSM Purchased Receivables; 
 2. to give notice of the assignment of the right, title, benefit and interest of the Principal in
the BSM Purchased Receivables, the Contracts and/or the Related Security to the Attorney to the relevant Obligors or any of them; 
 3. to
deliver invoices in respect of, demand, sue for and receive all moneys due or payable under or in respect of the BSM Purchased Receivables; 

4. from time to time to substitute and appoint severally one or more persons as attorney or attorneys (the Substitute Attorneys) for all or
any of the purposes aforesaid; and 
  

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 5. to do every other act or thing and to execute all such deeds, documents and certificates which the
Attorney may deem to be necessary, proper or expedient for all or any of the foregoing purposes. 
 AND the Principal
hereby agrees at all times hereafter to ratify and confirm any act, matter or deed whatsoever the Attorney or any Substitute Attorney shall lawfully do or cause to be done pursuant to these presents to the extent that such act or acts and execution
are within the power of the Principal and within the contemplation of this Power of Attorney. 
 AND the Principal hereby
agrees to indemnify the Attorney or any Substitute Attorney against any loss, claim, liability or expense imposed upon the said Attorney or any Substitute Attorney as a result of any action taken by the said Attorney or any Substitute Attorney
pursuant to these presents save where the same arises as the result of personal and conscious bad faith, negligence or fraud of the Attorney or any Substitute Attorney. 

AND the Principal hereby declares that, these presents having been given for security purposes and to secure continuing obligations
of the Principal, the powers hereby created shall be irrevocable and shall not be affected by the liquidation, receivership, the making of an administration order or appointment of an administrative receiver or any other equivalent event of or
affecting the Principal. 
 AND the laws of England shall apply to this Power of Attorney and the interpretation thereof
and to all acts of the Attorney and/or Substitute Attorney carried out or purported to be carried out under or pursuant hereto. 

IN WITNESS whereof the Principal has caused this Power of Attorney to be executed and delivered as its deed this day
and year first before written. 
  

					
	EXECUTED as a DEED	  	)	  	
	by BASELL SALES &	  	)	  	
	MARKETING COMPANY B.V. a	  	)	  	
	company incorporated in the Netherlands,	  	)	  	
	acting by being a person who, in accordance	  	)	  	
	with the laws of that territory, is acting	  	)	  	
	under the authority of the company	  	)	  	

  

	
	Witness:
	
	Name:
	
	Address:

  

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 Part B 

LCN Perfection Power of Attorney 

THIS POWER OF ATTORNEY is given on 4 May 2010 by LYONDELL CHEMIE NEDERLAND B.V. whose registered office is at Weena 737, 3013 AM
Rotterdam, the Netherlands (the Principal) in favour of BASELL POLYOLEFINS COLLECTIONS LIMITED (the Attorney) whose registered office is at 53 Merrion Square, Dublin 2, Ireland. 

WHEREAS: 

(A) Pursuant to an agreement entered into on 4 May 2010 (as amended from time to time, including on or about the date hereof) between, amongst
others, the Principal (as Seller) and the Attorney (as Purchaser) (the Master Receivables Purchaser Agreement), the Principal is to transfer to the Attorney the Receivables in respect of certain Contracts regarding the sale of
polyolefin, petrochemical, chemical and fuel products and any Related Security derived from and including the benefit of the Contracts. 
 (B)
The Principal has agreed to appoint the Attorney as its attorney in the manner hereinafter appearing irrevocably for the performance of the Principal’s obligations under and pursuant to the Master Receivables Purchase Agreement. 

Terms defined in the Master Receivables Purchase Agreement have the same meaning where used herein. 

NOW THIS DEED WITNESSETH THAT the Principal HEREBY
APPOINTS the Attorney to be its true and lawful attorney for it and in its name or otherwise to do any of the following acts, deeds and things or any of them as may be within the power of the Principal: 

1. to perfect the title of the Attorney in and to any or all of the LCN Purchased Receivables, the Related Security and the related Contracts insofar as
they relate to LCN Purchased Receivables; 
 2. to give notice of the assignment of the right, title, benefit and interest of the Principal in
the LCN Purchased Receivables, the Contracts and/or the Related Security to the Attorney to the relevant Obligors or any of them; 
 3. to
deliver invoices in respect of, demand, sue for and receive all moneys due or payable under or in respect of the LCN Purchased Receivables; 

4. from time to time to substitute and appoint severally one or more persons as attorney or attorneys (the Substitute Attorneys) for all or
any of the purposes aforesaid; and 
 5. to do every other act or thing and to execute all such deeds, documents and certificates which the
Attorney may deem to be necessary, proper or expedient for all or any of the foregoing purposes. 
  

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 AND the Principal hereby agrees at all times hereafter to ratify and confirm any
act, matter or deed whatsoever the Attorney or any Substitute Attorney shall lawfully do or cause to be done pursuant to these presents to the extent that such act or acts and execution are within the power of the Principal and within the
contemplation of this Power of Attorney. 
 AND the Principal hereby agrees to indemnify the Attorney or any Substitute
Attorney against any loss, claim, liability or expense imposed upon the said Attorney or any Substitute Attorney as a result of any action taken by the said Attorney or any Substitute Attorney pursuant to these presents save where the same arises as
the result of personal and conscious bad faith, negligence or fraud of the Attorney or any Substitute Attorney. 
 AND the
Principal hereby declares that, these presents having been given for security purposes and to secure continuing obligations of the Principal, the powers hereby created shall be irrevocable and shall not be affected by the liquidation, receivership,
the making of an administration order or appointment of an administrative receiver or any other equivalent event of or affecting the Principal. 

AND the laws of England shall apply to this Power of Attorney and the interpretation thereof and to all acts of the Attorney and/or
Substitute Attorney carried out or purported to be carried out under or pursuant hereto and to any non-contractual obligations arising out of or in relation hereto. 

IN WITNESS whereof the Principal has caused this Power of Attorney to be executed and delivered as its deed this day
and year first before written. 
  

					
	EXECUTED as a DEED	  	)	  	
	LYONDELL CHEMIE	  	)	  	
	NEDERLAND B.V. a	  	)	  	
	company incorporated in the Netherlands,	  	)	  	
	acting by being a person who, in accordance	  	)	  	
	with the laws of that territory, is acting	  	)	  	
	under the authority of the company	  	)	  	

  

	
	Witness:
	
	Name:
	
	Address:

  

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 SCHEDULE 5 

ADDRESSES OF THE SELLERS 
  

			
	SELLER	  	ADDRESS OF PRINCIPAL PLACE OF BUSINESS AND CHIEF
EXECUTIVE OFFICE
		
	BSM	  	 Weena 737, 3013 AM

Rotterdam,
 The Netherlands

		
	LCN	  	 Weena 737, 3013 AM

Rotterdam,
 The
Netherlands

  

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 IN WITNESS OF WHICH this Agreement
has been signed by the duly authorised representatives of the parties to it on the date appearing on Page 1: 
  

					
	SIGNED by	  	)	  	
		  	)	  	
	for and on behalf of	  	)	  	
	BASELL SALES & MARKETING	  	)	  	
	COMPANY B.V.	  	)	  	
			
	SIGNED by	  	)	  	
		  	)	  	
	for and on behalf of	  	)	  	
	LYONDELL CHEMIE	  	)	  	
	NEDERLAND B.V.	  	)	  	
			
	SIGNED by	  	)	  	
		  	)	  	
	for and on behalf of	  	)	  	
	BASELL POLYOLEFINS	  	)	  	
	COLLECTIONS LIMITED	  	)	  	
			
	SIGNED by	  	)	  	
		  	)	  	
	for and on behalf of	  	)	  	
	CITICORP TRUSTEE	  	)	  	
	COMPANY LIMITED	  	)	  	
			
	SIGNED by	  	)	  	
		  	)	  	
	for and on behalf of	  	)	  	
	CITIBANK, N.A., LONDON BRANCH	  	)	  	

  

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 4 MAY 2010 

BASELL SALES & MARKETING COMPANY B.V. 

(as Seller and Servicer) 

LYONDELL CHEMIE NEDERLAND B.V. 

(as Seller and Servicer) 

BASELL POLYOLEFINS COLLECTIONS LIMITED 

(as Master Purchaser) 

CITICORP TRUSTEE COMPANY LIMITED 

(as Security Trustee) 

and 

CITIBANK, N.A., LONDON BRANCH 

(as Funding Agent) 
  

 
 MASTER
RECEIVABLES 
 PURCHASE AGREEMENT 

 
  

 

 

 Freshfields Bruckhaus Deringer LLP 

65 Fleet Street 

London EC4Y 1HS 

 Master Receivables Purchase Agreement 

CONFORMED COPY 
  

 CONTENTS 

 

			
	 CLAUSE
	  	PAGE
		
	1. DEFINITIONS AND INTERPRETATION	  	1
		
	2. SALE OF RECEIVABLES	  	2
		
	3. DETERMINATION, PAYMENT OF THE PURCHASE PRICE AND OTHER PAYMENTS	  	3
		
	4. REPURCHASE OF CREDIT INSURED RECEIVABLES	  	7
		
	5. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS	  	8
		
	6. PROTECTION OF INTERESTS AND NOTIFICATIONS TO OBLIGORS	  	16
		
	7. TERMINATION	  	18
		
	8. REMEDIES FOR BREACH OF WARRANTY	  	19
		
	9. PROTECTION OF MASTER PURCHASER, FURTHER ASSURANCE	  	21
		
	10. SECURITY TRUSTEE	  	22
		
	11. COUNTERPARTS	  	22
		
	12. GOVERNING LAW	  	23
		
	13. JURISDICTION	  	23
		
	SCHEDULE 1	  	24
		
	SCHEDULE 2 FORM OF SOLVENCY CERTIFICATE	  	32
		
	SCHEDULE 3 FORM OF COMPLIANCE CERTIFICATE	  	34
		
	SCHEDULE 4 MASTER PURCHASER RECEIVABLES POWERS OF ATTORNEY	  	36
		
	SCHEDULE 5 ADDRESSES OF THE SELLERS	  	40

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