Document:

Exhibit
10.1

 

Execution
Copy

 

HUNTSMAN
MASTER TRUST

 

SECOND AMENDED
AND RESTATED POOLING AGREEMENT

 

HUNTSMAN
RECEIVABLES FINANCE LLC,

as Company

 

and

 

HUNTSMAN
(EUROPE) BVBA,

as Master Servicer

 

and

 

J.P. MORGAN
BANK (IRELAND) plc

as Trustee

 

Dated as of April
18, 2006

 

Sidley Austin

WOOLGATE EXCHANGE

25 BASINGHALL
STREET

LONDON EC2V
5HA

TELEPHONE 020
7360 3600

FACSIMILE 020
7626 7937

 

 

TABLE OF CONTENTS

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I DEFINITIONS

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.01

  	
   

  	
  Definitions.

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.02

  	
   

  	
  Other Definitional
  Provisions.

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II PARTICIPATION IN RECEIVABLES,
  REPRESENTATIONS WARRANTIES AND COVENANTS

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.01

  	
   

  	
  Participation.

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.02

  	
   

  	
  Acceptance by Trustee.

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.03

  	
   

  	
  Representations and
  Warranties of the Company.

  	
  9

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.04

  	
   

  	
  Representations and
  Warranties of the Company Relating to the Receivables.

  	
  13

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.05

  	
   

  	
  Adjustment Payment for
  Ineligible Receivables.

  	
  14

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.06

  	
   

  	
  Purchase of Investor
  Certificateholders’ Interest in the Participation.

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.07

  	
   

  	
  Affirmative Covenants of
  the Company.

  	
  16

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.08

  	
   

  	
  Negative Covenants of
  the Company.

  	
  20

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.09

  	
   

  	
  Addition of Approved
  Currency, Approved Originator and Approved Obligor Country; Approved Acquired
  Line of Business Receivables.

  	
  24

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.10

  	
   

  	
  Removal and Withdrawal
  of Originators and Approved Originators.

  	
  28

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.11

  	
   

  	
  FX Hedging Policy.

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.12

  	
   

  	
  Notices, Reports,
  Directions by Master Servicer.

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.13

  	
   

  	
  Power of Attorney.

  	
  30

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III RIGHTS OF HOLDERS AND
  ALLOCATION AND APPLICATION OF COLLECTIONS

  	
  31

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.01

  	
   

  	
  Establishment of the
  Company Concentration Accounts, Series Concentration Accounts and General
  Reserve Accounts; Certain Payments and Allocations.

  	
  31

  

 

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE IV

  	
  ARTICLE IV IS RESERVED AND MAY BE SPECIFIED
  IN ANY SUPPLEMENT WITH RESPECT TO THE SERIES RELATING THERETO

  	
  39

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V THE INVESTOR CERTIFICATES AND
  EXCHANGEABLE COMPANY INTEREST

  	
  39

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.01

  	
   

  	
  The Investor
  Certificates.

  	
  39

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.02

  	
   

  	
  Authentication of
  Certificates.

  	
  40

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.03

  	
   

  	
  Registration of Transfer
  and Exchange of Investor Certificates.

  	
  41

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.04

  	
   

  	
  Additional Issuance of
  Certificates.

  	
  43

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.05

  	
   

  	
  Mutilated, Destroyed,
  Lost or Stolen Investor Certificates.

  	
  43

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.06

  	
   

  	
  Persons Deemed Owners.

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.07

  	
   

  	
  Appointment of Paying
  Agent; Distributions by Paying Agent.

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.08

  	
   

  	
  Access to List of
  Investor Certificateholders’ Names and Addresses.

  	
  45

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.09

  	
   

  	
  Authenticating Agent

  	
  45

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.10

  	
   

  	
  Tax Treatment.

  	
  47

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.11

  	
   

  	
  Exchangeable Company
  Interest.

  	
  47

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.12

  	
   

  	
  Book-Entry Certificates.

  	
  50

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.13

  	
   

  	
  Notices to Clearing
  Agency.

  	
  51

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.14

  	
   

  	
  Definitive Certificates.

  	
  51

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.15

  	
   

  	
  Securities Act
  Restrictions.

  	
  51

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI OTHER MATTERS RELATING TO THE
  COMPANY

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.01

  	
   

  	
  Liability of the
  Company.

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.02

  	
   

  	
  Limitation on Liability
  of the Company.

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.03

  	
   

  	
  Merger or Consolidation
  of, or Assumption of the Obligations of, Huntsman International or the
  Company.

  	
  52

  
					

 

ii

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE VII EARLY AMORTIZATION EVENTS

  	
  54

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.01

  	
   

  	
  Early Amortization
  Events.

  	
  54

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.02

  	
   

  	
  Additional Rights upon
  the Occurrence of Certain Events.

  	
  55

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII THE TRUSTEE

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.01

  	
   

  	
  Duties of Trustee.

  	
  56

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.02

  	
   

  	
  Rights of the Trustee.

  	
  58

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.03

  	
   

  	
  Trustee Not Liable for
  Recitals.

  	
  59

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.04

  	
   

  	
  Trustee May Own Investor
  Certificates.

  	
  60

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.05

  	
   

  	
  Trustee’s and the
  Liquidation Servicer’s Fees and Expenses.

  	
  60

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.06

  	
   

  	
  Eligibility Recitals.

  	
  61

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.07

  	
   

  	
  Resignation or Removal
  of Trustee.

  	
  61

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.08

  	
   

  	
  Successor Trustee.

  	
  62

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.09

  	
   

  	
  Merger or Consolidation
  of Trustee.

  	
  62

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.10

  	
   

  	
  Appointment of
  Co-Trustee or Separate Trustee.

  	
  63

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.11

  	
   

  	
  Tax Returns.

  	
  64

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.12

  	
   

  	
  Trustee May Enforce
  Claims Without Possession of Investor Certificates.

  	
  64

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.13

  	
   

  	
  Suits for Enforcement.

  	
  65

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.14

  	
   

  	
  Rights of Investor
  Certificateholders to Direct Trustee.

  	
  65

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.15

  	
   

  	
  Representations and
  Warranties of Trustee.

  	
  65

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.16

  	
   

  	
  Maintenance of Office or
  Agency.

  	
  66

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.17

  	
   

  	
  Limitation of Liability.

  	
  66

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IX TERMINATION

  	
  66

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.01

  	
   

  	
  Termination of Trust.

  	
  66

  

 

iii

 

	
   

  	
  Page

  
	
   

  	
   

  
	
  SECTION 9.02

  	
   

  	
  Optional Purchase and
  Final Termination Date of Investor Certificates of Any Series.

  	
  67

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.03

  	
   

  	
  Final Payment with
  Respect to Any Series.

  	
  68

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.04

  	
   

  	
  The Company’s
  Termination Rights.

  	
  70

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X MISCELLANEOUS PROVISIONS

  	
  70

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.01

  	
   

  	
  Amendment.

  	
  70

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.02

  	
   

  	
  Protection of Right,
  Title and Interest to Trust.

  	
  72

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.03

  	
   

  	
  Governing Law.

  	
  73

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.04

  	
   

  	
  Notices.

  	
  73

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.05

  	
   

  	
  Severability of
  Provisions.

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.06

  	
   

  	
  Assignment.

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.07

  	
   

  	
  Investor Certificates
  Nonassessable and Fully Paid.

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.08

  	
   

  	
  Further Assurances.

  	
  74

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.09

  	
   

  	
  No Waiver; Cumulative
  Remedies.

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.10

  	
   

  	
  Counterparts.

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.11

  	
   

  	
  Third-Party
  Beneficiaries.

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.12

  	
   

  	
  Actions by Investor
  Certificateholders.

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.13

  	
   

  	
  Merger and Integration.

  	
  75

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.14

  	
   

  	
  Headings.

  	
  76

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.15

  	
   

  	
  No Setoff.

  	
  76

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.16

  	
   

  	
  No Bankruptcy Petition.

  	
  76

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.17

  	
   

  	
  Limitation of Liability.

  	
  76

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.18

  	
   

  	
  Certain Information.

  	
  77

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.19

  	
   

  	
  Responsible Officer
  Certificates; No Recourse.

  	
  77

  
	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.20

  	
   

  	
  Effectiveness of this
  Agreement.

  	
  77

  

 

iv

 

EXHIBITS

 

	
  Exhibit A

  	
   

  	
  Form of Company Annual Opinion of Counsel

  
	
  Exhibit B

  	
   

  	
  Form of Daily Report

  
	
  Exhibit C

  	
   

  	
  Form of Monthly Settlement Report

  

 

SCHEDULES

 

	
  Schedule 1

  	
   

  	
  Identification of the (A) Company
  Concentration Accounts, (B) Series Concentration Accounts and Subaccounts,
  (C) Collection Accounts and Master Collection Accounts, (D) Company Receipts
  Accounts and (E) Lockbox Accounts

  
	
  Schedule 2

  	
   

  	
  Location of Records of the Company

  
	
  Schedule 3

  	
   

  	
  Receivables Specification and Exception Schedule

  
	
  Schedule 4

  	
   

  	
  Designated Line of Business

  
	
  Schedule 5

  	
   

  	
  FX Hedging Policy

  
	
  Schedule 6

  	
   

  	
  Internal Operating Procedures Memorandum

  

 

ANNEX

 

	
  Annex X

  	
   

  	
  Definitions

  

 

v

 

This SECOND AMENDED AND RESTATED POOLING
AGREEMENT dated as of April 18, 2006 (this “Agreement”)
is entered into by HUNTSMAN RECEIVABLES FINANCE LLC, a limited liability
company organized under the laws of the State of Delaware (the “Company”), HUNTSMAN (EUROPE) BVBA, a corporation organized under
the laws of Belgium (in its capacity as master servicer, the “Master  Servicer”) and J.P.
MORGAN BANK (IRELAND) plc, a banking institution organized under the laws of
Ireland, not in its individual capacity, but solely as trustee (in such
capacity, the “Trustee”).

 

W I T N E S S E T H :

 

WHEREAS, (i) Huntsman International LLC, as
buyer, Tioxide Americas Inc., Huntsman Propylene Oxide Ltd., Huntsman Ethyleneamines
Ltd., Huntsman Expandable Polymers Company, LC, Huntsman Polymers Corporation,
Huntsman Petrochemical Corporation and Huntsman International Fuels L.P., (each
a “U.S. Originator” and together the “U.S. Originators”) entered into the Second Amended and
Restated U.S. Receivables Purchase Agreement dated as of April 18, 2006 (as
amended, supplemented or otherwise modified from time to time, the “U.S. Receivables Purchase Agreement”) relating to the sale
of certain Receivables originated by the US Originators, (ii) Huntsman
International LLC, as buyer, and Tioxide Europe Limited, Huntsman Surface Sciences
UK Ltd. and Huntsman Petrochemicals (UK) Limited (each, a “UK
Originator” and together, the “UK Originators”)
entered into the Amended and Restated UK Receivables Purchase Agreement dated
as of April 18, 2006 (as amended, supplemented or otherwise modified from time
to time, the “UK Receivables Purchase Agreement”)
relating to the sale of certain Receivables originated by the UK Originators,
(iii) the Company, the Master Servicer, Huntsman Holland B.V. (the “Dutch Originator”), Tioxide Europe S.L. and Huntsman
Performance Products Spain S.L. (each, a “Spanish Originator”
and together, the “Spanish Originators”),
Tioxide Europe S.A.S., and Huntsman Surface Sciences (France) S.A.S. (each, a “French Originator” and together, the “French
Originators”), Tioxide Europe S.r.l., Huntsman Surface Sciences
Italia S.r.l. and Huntsman Patrica S.r.l (each, an “Italian
Originator” and together, the “Italian Originators”
and together with the Dutch Originator, the Italian Originators, the Spanish
Originators, the French Originators and the UK Originators, the “European Originators”) entered into the Amended and Restated
Omnibus Receivables Purchase Agreement dated as of April 18, 2006 (as amended,
supplemented or otherwise modified from time to time, the “Omnibus
Receivables Purchase Agreement”)
relating to the sale of certain Receivables originated by such Originators, (iv)
the Company and Huntsman International LLC, as contributor, entered into the
Amended and Restated Contribution Agreement dated April 18, 2006 (as amended,
supplemented or otherwise modified from time to time, the “Contribution
Agreement” and together with the U.S. Receivables Purchase
Agreement, the UK Receivables Purchase Agreement and the Omnibus Receivables
Purchase Agreement, the “Origination Agreements”)
pursuant to which Huntsman International LLC (the “Contributor”)
agreed to contribute, from time to time certain Receivables it has purchased or
may purchase from the U.S. Originators and the European Originators as well as
the Receivables originated by it and (v) the Company, the Master Servicer, the
Liquidation Servicer, the Local Servicers party thereto and the Trustee entered
into the Second Amended and Restated Servicing Agreement dated as of April 18,
2006 (as further amended, supplemented or otherwise modified from time to time,
the “Servicing Agreement”) pursuant to
which, among other things, the Master Servicer appointed each of the U.S.
Originators and the European Originators (collectively, the “Originators”) as a local servicer (in such capacity, a “Local Servicer”) for certain Receivables contributed to the
Company;

 

1

 

WHEREAS, the parties hereto entered into
the Pooling Agreement on December 21, 2000 (as amended and restated on June 26,
2001 and as further amended and restated as of April 18, 2006, the “Pooling Agreement”) in order to create a master trust to
which the Company granted a Participation in (without effecting any transfer or
conveyance of any right, title or interest hereunder) all of its right, title
and interest in, to and under the Receivables, Related Property and other
Participation Assets then or thereafter owned by the Company and such master
trust agreed, from time to time at the direction of the Company (or the Master
Servicer on its behalf), to issue one or more Series of Investor Certificates,
representing interests in such Participation as specified in the Supplement
related to such Series (each as defined herein);

 

WHEREAS, the Company, the Master Servicer
and the Trustee now desire to further amend, restate and replace the Pooling
Agreement in its entirety, with the terms and conditions herein.

 

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

 

ARTICLE
I

 

DEFINITIONS

 

SECTION 1.01           Definitions.

 

Capitalized terms used herein shall, unless
otherwise defined or referenced herein, have the meanings assigned to such
terms in Annex X attached hereto which Annex X is incorporated by reference herein.

 

SECTION 1.02           Other Definitional Provisions.

 

(a)           All terms defined or incorporated by reference in this Agreement,
the Servicing Agreement or in any Supplement shall have such defined meanings
when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

 

(b)           As used herein and in any certificate or other document made or
delivered pursuant hereto or thereto, accounting terms not defined herein or
incorporated by reference herein, and accounting terms partly defined herein or
incorporated by reference herein to the extent not defined, shall have the
respective meanings given to them under GAAP. To the extent that the
definitions of accounting terms herein or incorporated by reference herein are
inconsistent with the meanings of such terms under GAAP, the definitions
contained herein or incorporated by reference herein shall control.

 

(c)           The words “hereof”, “herein” and “hereunder” and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; and Section, subsection,
Schedule, Exhibit and Appendix references contained in this Agreement are
references to Sections, subsections, Schedules, Exhibits and Appendices in or
to this Agreement unless otherwise specified.

 

2

 

(d)           The definitions contained herein or incorporated by reference herein
are applicable to the singular as well as the plural forms of such terms and to
the masculine as well as to the feminine and neuter genders of such terms.

 

(e)           Where a definition contained herein or incorporated by reference
herein specifies that such term shall have the meaning set forth in the related
Supplement, the definition of such term set forth in the related Supplement may
be preceded by a prefix indicating the specific Series or Class to which such
definition shall apply.

 

(f)            Any reference herein to a provision of the Bankruptcy Code, Code,
ERISA, 1940 Act or the UCC shall be deemed a reference to any successor
provision thereto.

 

(g)           Any reference herein to a Schedule, Exhibit or Appendix to this
Agreement shall be deemed to be a reference to such Schedule, Exhibit or
Appendix as it may be amended, modified or supplemented from time to time to
the extent that such Schedule, Exhibit or Appendix may be amended, modified or
supplemented (or any term or provision of any Transaction Document may be
amended that would have the effect of amending, modifying or supplementing information
contained in such Schedule, Exhibit or Appendix) in compliance with the terms
of the Transaction Documents.

 

(h)           Any reference herein to any representation, warranty or covenant “deemed”
to have been made is intended to encompass only representations, warranties or
covenants that are expressly stated to be repeated on or as of dates following
the execution and delivery of this Agreement, and no such reference shall be
interpreted as a reference to any implicit, inferred, tacit or otherwise unexpressed
representation, warranty or covenant.

 

(i)            The words “include”, “includes” or “including” shall be interpreted
as followed, in each case, by the phrase “without limitation”.

 

(j)            References to the Pooling Agreement in any other document or
agreement shall be deemed to be references to this agreement as amended and
restated as of the date hereof and all amendments and supplements hereto and
all assignments hereof.

 

ARTICLE
II

 

PARTICIPATION
IN RECEIVABLES,

REPRESENTATIONS WARRANTIES AND COVENANTS

 

SECTION 2.01           Participation.

 

(a)           Grant of Participation.
By execution and delivery of this Agreement the Company, as beneficial owner of
the Receivables and the Collections, grants to the Trust a participation (the “Participation”) in and to all proceeds of, or payments in
respect of, any and all of the following (“Participation Amounts”):

 

3

 

(i)            the Receivables contributed to the Company by the Contributor from
time to time prior to but not including the Trust Termination Date;

 

(ii)           the Receivables subrogated, sold or otherwise transferred to the
Company by Tioxide Europe SAS, Huntsman Surface Sciences (France) S.A.S. and
any other Approved Originator from time to time prior to but not including the
Trust Termination Date;

 

(iii)          the Related Property;

 

(iv)          all Collections;

 

(v)           any FX Hedging Agreements;

 

(vi)          all rights (including rescission, replevin or reclamation) relating
to any Receivable or arising therefrom;

 

(vii)         each of the Origination Agreements, the Collection Account
Agreements and the Servicing Agreement, including, in respect of each
agreement, (A) all rights of the Company to receive monies due and to become
due under or pursuant to such agreement, whether payable as fees, expenses,
costs or otherwise, (B) all rights of the Company to receive proceeds of any
insurance, indemnity, warranty or guaranty with respect to such agreement, (C)
claims of the Company for damages arising out of or for breach of or default
under such agreement, (D) the right of the Company to amend, waive or terminate
such agreement, to perform thereunder and to compel performance and otherwise
exercise all remedies thereunder and (E) all other rights, remedies, powers,
privileges and claims of the Company under or in connection with such agreement
(whether arising pursuant to such agreement or otherwise available to the
Company at law or in equity), including the rights of the Company to enforce
such agreement and to give or withhold any and all consents, requests, notices,
directions, approvals, extensions or waivers under or in connection therewith
(all of the foregoing set forth in subclauses (vii)
(A) through (E),
inclusive, the “Transferred Agreements”);

 

(viii)        the Collection Accounts and Master Collection Accounts, including
(A) all funds and other evidences of payment held therein and all certificates
and instruments, if any, from time to time representing or evidencing the
Collection Accounts and Master Collection Accounts or any funds and other
evidences of payment held therein, (B) all investments of such funds held in
the Collection Accounts and Master Collection Accounts and all certificates and
instruments from time to time representing or evidencing such investments, (C)
all notes, certificates of deposit and other instruments from time to time
hereafter delivered or transferred to, or otherwise possessed by, the Trustee
for and on behalf of the Company in substitution for the then existing
Collection Accounts and Master Collection Accounts and (D) all interest, dividends,
cash, instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in

 

4

 

exchange
for the then existing Collection Accounts and Master Collection Accounts; and

 

(ix)           the Company Concentration Accounts, including (A) all funds and
other evidences of payment held therein and all certificates and instruments,
if any, from time to time representing or evidencing the Company Concentration
Accounts or any funds and other evidences of payment held therein, (B) all
investments of such funds held in the Company Concentration Accounts and all
certificates and instruments from time to time representing or evidencing such
investments, (C) all notes, certificates of deposit and other instruments from
time to time hereafter delivered or transferred to, or otherwise possessed by,
the Trustee for and on behalf of the Company in substitution for the then
existing Company Concentration Accounts, and (D) all interest, dividends, cash,
instruments and other property from time to time received, receivable or
otherwise distributed in respect of or in exchange for the then existing
Company Concentration Accounts;

 

(x)            the General Reserve Accounts, including all funds and other
evidences of payment held therein with respect to proceeds from Eligible
Investments; and

 

(xi)           all proceeds of or payments in respect of any and all of the
foregoing clauses (i) through (vii) (including proceeds that constitute property of the
types described in clause (vii)
above and including Collections.

 

Such assets described in the foregoing clauses (i) through (xi), shall
constitute the “Participation Assets”.

 

Pursuant to the Participation, the Company
shall, upon receipt by it of any Participation Amounts pay to the Trustee in
accordance with the terms hereof an amount calculated by reference to such
Participation Amount and equal to such amount as is required to be so paid
pursuant to Section 3.01(f)(iv).

 

The obligation of the Company to pay to the
Trustee amounts calculated by reference to each Participation Amount shall
constitute an obligation to account for and pay such amounts so calculated to
the Trustee and shall not constitute, and shall not be construed as, the
repayment or discharge of any loan or advance or the payment of any amount by
way of interest or of an obligation to account for such Participation Amounts
thereunder (but rather to pay amounts calculated by reference thereto) and,
notwithstanding any of the other provisions of this Agreement, the
Participation shall not constitute or effect any transfer or conveyance of any
right, title or interest in or to any of the Participation Assets subject to
the security interest granted hereunder to the Trustee. Notwithstanding any of
the said provisions, the Company shall continue to be the beneficial owner of
the Receivables and the Collections, subject only to the security interest
granted under Section 2.01(b) by the Company to
the Trustee on behalf of the Trust.

 

(b)           Grant of Security Interest. The Company hereby grants to the Trustee for the benefit of the
Holders to secure the Company Obligations a continuing perfected first priority
security interest in all of the Company’s present and

 

5

 

future
right, title and interest in, to and under the Receivables contributed by the
Contributor to the Company and the Participation Assets related thereto and its
beneficial right and title in and to the Company Concentration Accounts, and
agrees that this Agreement shall be deemed to constitute a security agreement
under applicable law in favor of the Trustee, for the benefit of the Investor
Certificateholders.

 

The security interest granted in favor of
the Trust pursuant to this Section 2.01(b)
shall be granted to the Trustee, on behalf of the Trust, and each reference in
this Agreement to such security interest shall be construed accordingly. In
connection with the foregoing security interest, each of the Company and the
Master Servicer agrees to deliver to the Trustee each Participation Asset
evidencing a Receivable or any Related Property with respect thereto (including
any original document or instrument necessary to effect or to perfect such
security interest) in which the participation and security interest is being
perfected under the relevant UCC or otherwise by possession and not by filing a
financing statement or similar document. Without limiting the generality of the
foregoing sentence, each of the Company and the Master Servicer hereby agrees
to deliver or cause to be delivered to the Trustee an original of (i) any
promissory note or other instrument evidencing a Receivable pledged to the
Trust and (ii) any chattel paper evidencing a Receivable pledged to the Trust
or to stamp any such promissory note or other instrument or chattel paper in
large block lettering with the following language: “THIS PROMISSORY
NOTE/CHATTEL PAPER IS SUBJECT TO THE LIEN OF THE TRUSTEE PURSUANT TO THE
POOLING AGREEMENT DATED AS OF DECEMBER 21, 2000, AS AMENDED AND RESTATED ON
JUNE 26, 2001, AND AS FURTHER AMENDED AND RESTATED AS OF APRIL 18, 2006, AMONG
HUNTSMAN RECEIVABLES FINANCE LLC, HUNTSMAN (EUROPE) BVBA AND J.P. MORGAN BANK
(IRELAND) PLC” AND ANY AMENDMENTS OR SUPPLEMENTS THERETO.”

 

The foregoing grant of the Participation
and the security interest does not constitute and is not intended to result in
a creation or an assumption by the Trust, the Trustee, any Investor
Certificateholder or the Company, in their capacity as a Holder, of any
obligation of the Master Servicer, the Company, an Originator or any other
Person in connection with the Receivables or under any agreement or instrument
relating thereto, including, any obligation to any Obligor.

 

In this Agreement (including Annex X), notwithstanding any of the other provisions of
this Agreement or any of the Transaction Documents:

 

(i)            all references to the Company having an interest in Receivables or
Collections shall be construed as references to the Company being the sole
beneficial owner of such Receivables and Collections, subject only to the
security interest granted by the Company under Section 2.01;

 

(ii)           all references to the Trustee or Investor Certificateholders having
any entitlement to or interest in any Receivables or Collections shall be
construed as references to their having a right of participation and a security
interest as provided for in Section 2.01
and all references to their having a right to receive Collections or to
Collections being received or held for their benefit shall be construed as
references to

 

6

 

their
having a right to receive amounts calculated by reference to Collections
pursuant to the Participation granted hereunder and to such amounts being
received or held for their benefit;

 

(iii)          all references to the Trustee allocating to the Company any
Collections or distributing or transferring any amount to the Company (whether
by transfer to any Company Receipts Account or otherwise) from a Company
Concentration Account shall be construed as references to the Trustee making
such allocations, distributions and transfers by way of release of such amounts
from the security interest created under Section 2.01(b)
in recognition of the payment by the Company in whole or in part of amounts
payable by it under the Participation granted under Section
2.01(a) above;

 

(iv)          all references to the Trustee transferring any amounts from any
Company Concentration Account to any Series Concentration Account shall be
construed as references to the Trustee making such transfers (with the written
authority of the Company) pursuant to the Company’s obligation to make payments
to the Trustee for the benefit of the Investor Certificateholders pursuant to
the Participation granted under Section 2.01(a);

 

(v)           all references to the Trustee allocating to the Company any Series
Amounts (or parts thereof) or making any distribution to the Company from any
Series Concentration Account or subaccount thereof or transferring any amount
from any Series Concentration Account to any Company Receipts Account shall be
construed as references to the Trustee making such allocations, distributions
and transfers on behalf of the relevant Series (and out of funds beneficially
owned by the Series) in consideration of the granting by the Company to the
Trustee of the Participation described in Section 2.01(a)
(such consideration being in addition, where applicable, to the payment of the
Initial Invested Amount in accordance with Section 5.02);

 

(vi)          it is hereby acknowledged that any Series Amounts shall be held by
the Trustee for the account of Investor Certificateholders of the relevant
Series (as the beneficial owners thereof), subject to the Trustee being hereby
authorized by the relevant Series to apply such amounts on behalf of the Series
in accordance with the provisions of the Transaction Documents. Accordingly,
all references to the Company having any interest in any Series Amounts shall
be construed as references to the Company being entitled to the benefit of the
allocations, distributions and transfers referred to in (v) above;

 

(vii)         all references to the Company purchasing any interest in Receivables
or Collections from the Trustee or any Certificateholders including any such
references contained in Section 2.06
and 9.02 shall be construed as references
to the Company discharging all or part (as appropriate) of its obligations in
respect of the Participation granted by it in respect of such Receivables and
Collections and thereby procuring a

 

7

 

corresponding
release, to the same extent, of any related security interest granted by it in
respect of such Receivables and Collections;

 

(viii)        any (a) requirement on the Company to deal or not to deal with
Receivables or Collections in any particular way and any restrictions on the
exercise by the Company of any of its continuing rights of beneficial ownership
in respect of the Receivables and Collections and (b) authority given by the
Company to the Trustee in relation to any Collection Account and any Company
Concentration Account shall be taken as forming part of the security interest
granted to the Trustee hereunder for the benefit of the Investor
Certificateholders (which interest secures the obligations of the Company under
the participation granted by it hereunder) and shall subsist only for so long
as the said security interest subsists and until the same is fully discharged;

 

(ix)           all references to the Company agreeing to decrease the amount of its
Exchangeable Company Interest by any amount (the “Relevant
Amount”) shall be taken to be references to the Company agreeing to
pay the Relevant Amount pursuant to the Participation granted under Section 2.01(a) (in addition to any other amounts payable by
the Company pursuant thereto) on the earliest occasion when sufficient
Collections are available for that purpose;

 

(x)            all references to the Trustee or Investor Certificateholders having
any interest in any Participation Amounts shall be taken to be references to
the rights of the Trustee, as against the Company, to receive payments from the
Company (for the benefit of the Investor Certificateholders) pursuant to the
Participation granted under Section 2.01(a),
such rights being secured by the security interest granted by the Company
hereunder in relation to the Participation Amounts;

 

(xi)           all references to Receivables “contributed from Huntsman
International to the Company” or Receivables “contributed from the Contributor
to the Company” shall be deemed to include Receivables subrogated, sold or
otherwise transferred directly from an Originator or other entity to the
Company;

 

(xii)          all provisions applicable to Receivables contributed to the Company
from Huntsman International shall be deemed to be equally applicable to
Receivables subrogated, sold or otherwise transferred from an Originator or
other entity to the Company; and

 

(xiii)         it is acknowledged that there shall be no loan by any Investor
Certificateholders of any Series to the Trustee or the Company and that any
indebtedness owed by the Company to the Trustee shall be by way of
Participation in relation to the Receivables and is not in respect of any
borrowing by the Company or by the Trustee on behalf of the Company.
Accordingly, any references in this Agreement or any Supplement to amounts
being distributable by the Trustee to the Investor Certificateholders in
respect of amounts described as “interest” or “principal” (and all like
expressions) shall be construed as

 

8

 

references
to amounts which the Investor Certificateholders are entitled to receive in
their capacity as holders of fractional undivided interests in the relevant
Participation, being amounts which are calculated primarily by reference to
costs and outgoings which are (or are expected to be) incurred by Investor
Certificateholders in funding their acquisition and holding of said interests.

 

In connection with its grant of the
Participation, the Company further agrees, at its own expense, on each
Receivables Purchase Date, (A) to direct (or cause the Master Servicer to
direct) each Originator to identify on its extraction records relating to
Receivables from its master database of receivables, that the Receivables have
been conveyed to Huntsman International pursuant to one of the Origination
Agreements, (B) to direct the Master Servicer to maintain a record-keeping
system that will clearly and unambiguously indicate, in the Master Servicer’s
files maintained on behalf of the Company that such Receivables have been contributed
by the Huntsman International to the Company and a Participation and a security
interest have been granted by the Company to the Trust for the benefit of the
Holders and (C) to deliver or transmit or cause the Master Servicer on behalf
of the Company to deliver or transmit to the Trustee a Daily Report containing
at least the information specified in Exhibit B as to all Receivables, as of
each related Receivables Contribution Date, in each case in accordance with the
Transaction Documents.

 

SECTION 2.02           Acceptance by Trustee.

 

(a)           The Trustee hereby acknowledges its acceptance on behalf of the
Trust of the Participation and security interest granted to the Trust pursuant
to Section 2.01(b) and declares that it
shall maintain the Participation and such security interest, upon the trust
herein set forth, for the benefit of all Holders. The Trustee shall maintain an
electronic copy of each Daily Report and Monthly Settlement Report, as
delivered pursuant to Section 2.01
and Section 3.01(j) at the Corporate Trust
Office.

 

(b)           The Trustee shall have no power to create, assume or incur
indebtedness or other liabilities in the name of the Trust other than as
contemplated in this Agreement.

 

SECTION 2.03           Representations and Warranties of the Company.

 

The Company hereby represents and warrants
to the Trustee and the Trust, for the benefit of the Holders, as of the
Effective Date and as of the Issuance Date of each Series, that:

 

(a)           Organization: Powers.
It (i) is duly formed, validly existing and in good standing under the laws of
the jurisdiction of its organization, (ii) has all requisite power and
authority to own its property and assets and to carry on its business as now
conducted and as proposed to be conducted, (iii) is qualified to do business
in, and is in good standing in, every jurisdiction where the nature of its
business so requires, except where the failure so to qualify could not
reasonably be expected to result in a Material Adverse Effect with respect to
it and (iv) has the limited liability company power and authority to execute,
deliver and perform its obligations under this Agreement, each of the other
Transaction Documents to which it is a party and each other agreement or
instrument contemplated hereby or thereby to which it is or will be a party.

 

9

 

(b)           Authorization. The
execution, delivery and performance by it of each of the Transaction Documents
to which it is a party and the performance of the Transactions (i) have been
duly authorized by all requisite company and, if applicable and required,
Shareholder action and (ii) will not (A) violate (1) any Requirement of Law
applicable to it or (2) any provision of any Transaction Document or any other
material Contractual Obligation to which it is a party or by which it or any of
its property is or may be bound, (B) be in conflict with, result in a breach of
or constitute (alone or with notice or lapse of time or both) a default under,
or give rise to any right to accelerate or to require the prepayment,
repurchase or redemption of any obligation under any Transaction Document or
any other material Contractual Obligation to which it is a party or by which it
or any of its property is or may be bound, or (C) result in the creation or
imposition of any Lien upon or with respect to any property or assets now owned
or hereafter acquired by it (other than Permitted Liens).

 

(c)           Enforceability. This
Agreement has been duly executed and delivered by it and constitutes, and each
other Transaction Document to which it is a party when executed and delivered
by it will constitute, a legal, valid and binding obligation of it enforceable
against it in accordance with its respective terms, subject (a) to applicable
bankruptcy, insolvency, reorganization, moratorium and other similar laws
affecting the enforcement of creditors rights generally, from time to time in
effect and (b) to general principles of equity (whether enforcement is sought
by a proceeding in equity or at law).

 

(d)           Governmental Approvals. No action, consent or approval of, registration
or filing with or any other action by any Governmental Authority is or will be
required in connection with the Transaction Documents, except for (i) the
filing of UCC financing statements (or similar filings) in any applicable
jurisdictions necessary to perfect the Trust’s security interest in the
Receivables and (ii) such as have been made or obtained and are in full force
and effect; provided, that it makes no representation or warranty as to whether
any action, consent, or approval of, registration or filing with or any other
action by any Governmental Authority is or will be required in connection with
the distribution of the Certificates and Interests.

 

(e)           Litigation: Compliance with Laws.

 

(i)            there are no actions, suits or proceedings at law or in equity or by
or before any Governmental Authority now pending or, to its knowledge,
threatened against it or affecting it or any of its properties, revenues or
rights (i) in connection with the execution and delivery of the Transaction
Documents and the consummation of the Transactions contemplated thereunder,
(ii) which could reasonably be expected to materially affect adversely the
income tax or franchise tax attributes of the Trust under the United States
federal or any state or franchise tax systems or (iii) for which there exists a
reasonable likelihood of an outcome that would result in a Material Adverse
Effect with respect to it;

 

10

 

(ii)           it is not in default with respect to any judgment, writ, injunction,
decree or order of any Governmental Authority, which would reasonably be
expected to have a Material Adverse Effect with respect to it; and

 

(iii)          it has complied with all applicable provisions of its organizational
or governing documents and any other Requirements of Law with respect to it,
its business and properties and the Participation Assets.

 

(f)            Agreements.

 

(i)            it has no Contractual Obligations other than (A) the Transaction
Documents to which it is a party and the other contractual arrangements
permitted thereby or contemplated thereunder and (B) any other agreements or
instruments that it is not prohibited from entering into by Section 2.08(f) and that, in the aggregate, neither contain
payment obligations or other liabilities on the part of it in excess of
$100,000 nor would upon default result in a Material Adverse Effect. Other than
the restrictions created by the Transaction Documents, it is not subject to any
limited liability company restriction that could reasonably be expected to have
a Material Adverse Effect with respect to it; and

 

(ii)           it is not in default in any material respect under any provision of
any Transaction Document or any other material Contractual Obligation to which
it is a party or by which it or any of its properties or assets are or may be
bound.

 

(g)           Federal Reserve Regulations.

 

(i)            it is not engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of buying or
carrying Margin Stock; and

 

(ii)           no part of the proceeds from the issuance of any Investor
Certificates will be used, whether directly or indirectly, and whether
immediately, incidentally or ultimately, for any purpose that entails a
violation of, or that is inconsistent with, the provisions of the regulations
of the Board, including Regulation U or Regulation X.

 

(h)           Investment Company Act.
It is not an “investment company” as defined in, or subject to regulation
under, the 1940 Act nor is it “controlled” by a company defined as an “investment
company” or subject to regulation under the 1940 Act.

 

(i)            No Early Amortization Event. No Early Amortization Event or Potential Early Amortization Event
has occurred and is continuing.

 

(j)            Tax Classification.
Neither the Company nor any member of the Company has elected or taken any
action that would cause the Company to be classified as a partnership or
corporation for U.S. tax purposes.

 

11

 

(k)           Tax Returns. It has
filed or caused to be filed all material tax returns and has paid or caused to
be paid or made adequate provision for all taxes due and payable by it and all
assessments received by it except to the extent that any failure to file or
nonpayment (i) is being contested in good faith or (ii) could not reasonably be
expected to result in a Material Adverse Effect with respect to it.

 

(l)            Location of Records.
The offices at which the Company keeps its records concerning the Receivables
either (x) are located at the address set
forth on Schedule 2 hereto and at the addresses
set forth for the relevant Originator on Schedule 2 of
the related Origination Agreement or (y) the Company has notified the Trustee
of the location thereof in accordance with the provisions of Section 2.08(i).

 

(m)          Solvency. No
Insolvency Event with respect to it has occurred and the granting of security
interests in the Participation Assets by it to the Trust has not been made in
contemplation of the occurrence thereof. Both prior to and after giving effect
to the transactions occurring on each Issuance Date, (i) the fair value of its
assets at a fair valuation will exceed its debts and liabilities, subordinated,
contingent or otherwise; (ii) the present fair salable value of its property
will be greater than the amount that will be required to pay its probable
liability on its debts and other liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured; (iii) it
will be able to pay its debts and liabilities, subordinated, contingent or
otherwise, as such debts and liabilities become absolute and matured; and (iv)
it will not have unreasonably small capital with which to conduct the business
in which it is engaged as such business is now conducted and is proposed to be
conducted. For all purposes of clauses (i)
through (iv) above, the amount of contingent
liabilities at any time shall be computed as the amount that, in the light of
all the facts and circumstances existing at such time, represents the amount that
can reasonably be expected to become an actual or matured liability. It does
not intend to, nor does it believe that it will, incur debts beyond its ability
to pay such debts as they mature, taking into account the timing of and amounts
of cash to be received by it and the timing of and amounts of cash to be
payable in respect of its Indebtedness.

 

(n)           Subsidiaries. It has
no Subsidiaries and all of its Shares are owned by Huntsman International.

 

(o)           Names. Its legal name
is as set forth in this Agreement. It has no trade names, fictitious names,
assumed names or “doing business as” names.

 

(p)           Liabilities. Other
than (i) the liabilities, commitments or obligations (whether absolute,
accrued, contingent or otherwise) arising under or in respect of the Transaction
Documents, (ii) immaterial amounts due and payable in the ordinary course of
business of a special-purpose company, it does not have any liabilities,
commitments or obligations (whether absolute, accrued, contingent or
otherwise), whether due or to become due, and (iii) all amounts described in clauses (i) and (ii) shall be
payable solely from funds available to it which are not otherwise required to
be applied to the payment of any amounts owed by it pursuant to any Pooling and
Servicing Agreement.

 

12

 

(q)           Collection Procedures.
It has not acted in contravention of any Policies with respect to the
Receivables.

 

(r)            Collection Accounts and the Master Collection
Accounts. Except to the extent otherwise permitted
under the terms of this Agreement, the Collection Accounts and the Master
Collection Accounts are free and clear of any Lien (except for Permitted Liens).

 

(s)           No Material Adverse Effect. Since the Effective Date, no event has occurred which has had a
Material Adverse Effect with respect to it.

 

(t)            Bulk Sales. The
execution, delivery and performance of this Agreement do not require compliance
with any “bulk sales” law by the Company in the United States.

 

(u)           Clifford Chance UK Tax Opinion. The statements of fact assumed in assumptions 7, 10, 14, 16, 25
and 26 of the UK Tax Opinion of Clifford Chance Limited Liability Partnership
dated April 18, 2006 are correct so far as they relate to each of the Company,
the Contributor and the UK Originators and their Affiliates. For the avoidance
of doubt, no representation is made in this sub-paragraph (u) in respect of
matters of law or legal judgment.

 

(v)           United Kingdom Finance Act 1988. There are no circumstances in existence which could cause the
Company or the Contributor to have any liabilities under Section 132 of the
United Kingdom Finance Act 1988.

 

The representations and warranties as of
the date made set forth in this Section 2.03
shall survive the Participation and the security interest granted in the
Participation Assets to the Trust. Upon discovery by a Responsible Officer of
the Company or the Master Servicer or by a Responsible Officer of the Trustee
of a breach of any of the foregoing representations and warranties with respect
to any Outstanding Series as of the Issuance Date of such Series, the party
discovering such breach shall give prompt written notice to the other parties
and to each Funding Agent with respect to any Outstanding Series. The Trustee’s
obligations in respect of any breach are limited as provided in Section 8.02(e).

 

SECTION 2.04           Representations and Warranties of the Company Relating to the
Receivables.

 

The Company hereby represents and warrants
to the Trustee and the Trust, for the benefit of the Holders, with respect to
each Receivable in which a Participation and a security interest is granted to
the Trust as of the related Receivables Contribution Date, unless, in either
case, otherwise stated in the applicable Supplement or unless such
representation or warranty expressly relates only to a prior date, that:

 

(a)           Receivables Description. As of the related Receivables Contribution Date, the Daily Report
delivered or transmitted pursuant to Section 2.01(b)
sets forth in all material respects a complete listing of all Receivables (and
any items of Related Property), in which a Participation and a security
interest is granted to the Trust on the related Receivables Contribution Date
and the information contained in the Daily Report with respect to each such
Receivable is true and correct (except for any errors or omissions that do not

 

13

 

result
in material impairment of the interests, rights or remedies of the Trustee or
the Investor Certificateholders with respect to any Receivable) as of the
related Receivables Contribution Date.

 

(b)           No Liens. Each
Eligible Receivable existing on the Effective Date or, in the case of Eligible
Receivables in which a Participation and security interest is granted to the
Trust after the Effective Date, on the related Receivables Contribution Date
was, on such date, free and clear of any Lien, except for Permitted Liens.

 

(c)           Eligible Receivable.
Each Receivable in which a Participation and security interest is granted to
the Trust that is included in the calculation of the Aggregate Receivables
Amount is an Eligible Receivable and, in the case of Receivables in which a
security interest is granted to the Trust after the Effective Date, on the
related Receivables Contribution Date, each such Receivable that is included in
the calculation of the Aggregate Receivables Amount on such related Receivables
Contribution Date is an Eligible Receivable.

 

(d)           Filings. All filings
and other acts required to permit the Company (or its permitted assignees or pledgees)
to provide any notification subsequent to the applicable Receivables
Contribution Date (without materially impairing the Trust’s security interest
in the Participation Assets and without incurring material expenses in
connection with such notification) necessary under the applicable UCC or under
other applicable laws of jurisdictions outside the United States (to the extent
applicable) shall have been made or performed in order to grant the Trust on
the applicable Receivables Contribution Date a continuing first priority
perfected security interest in respect of all Receivables and Related Property.

 

(e)           Policies. Since the
Effective Date, to its knowledge, there have been no material changes in the
Policies, other than as permitted hereunder.

 

The representations and warranties as of
the date made set forth in this Section 2.04
shall survive the grant of the Participation and the security interest in the
Participation Assets to the Trust. Upon discovery by a Responsible Officer of
the Company or the Master Servicer or a Responsible Officer of the Trustee of a
breach of any of the representations and warranties (or of any Receivable
encompassed by the representation and warranty in Section
2.04(c) not being an Eligible Receivable as of the relevant Receivables
Contribution Date), the party discovering such breach shall give prompt written
notice to the other parties and to each Funding Agent with respect to all
Outstanding Series. The Trustee’s obligations in respect of any breach are
limited as provided in Section 8.02(e).

 

SECTION 2.05           Adjustment Payment for Ineligible Receivables.

 

(a)           Adjustment Payments.
If (i) any representation or warranty under Sections 2.04(a)
or (b) is not true and correct as of the
date specified therein with respect to any Receivable in which a security
interest was granted in favor of the Trust, or any Receivable encompassed by
the representation and warranty in Sections 2.04(c)
or 2.04(d) is determined not to have been
an Eligible Receivable as of the relevant Receivables Contribution Date, (ii)
there

 

14

 

is a
breach of any covenant under Section 2.08(b)
with respect to any Receivable or (iii) the Trust’s interest in any Receivable
is not a continuing first priority perfected security interest at any time as a
result of any action taken by, or the failure to take action by, the Company
(any Receivable as to which the conditions specified in any of clause (i), (ii) or (iii) of this Section 2.05(a)
exists is referred to herein as an “Ineligible Receivable”)
then, after the earlier (the date on which such earlier event occurs, the “Ineligibility Determination Date”) to occur of the discovery
by the Master Servicer of any such event that continues unremedied or receipt
by the Company of written notice (which may be in the Daily Report) given by
the Master Servicer of any such event that continues unremedied, the Company
shall pay to the Trustee the Adjustment Payment in the amount and manner set
forth in Section 2.05(b) hereof.

 

(b)           Adjustment Payment Amount. Subject to the last sentence of this Section 2.05(b),
the Company may (i) reduce the amount of its Exchangeable Company Interest by
an amount equal to the difference between (x) minus (y) below and, to the
extent such reduction is insufficient to satisfy its obligations hereunder the
Company shall make an Adjustment Payment with respect to each Ineligible
Receivable, (ii) make an Adjustment Payment in an amount equal to the
difference between (x) minus (y) below or (iii) fully reduce its Exchangeable
Company Interest to cover its obligations hereunder with respect to such
Ineligible Receivable, each as required pursuant to Section 2.05(a)
by depositing in the applicable currency Company Concentration Account on the
Business Day following the related Ineligibility Determination Date an amount
equal to the lesser of (x) the amount by which the Aggregate Target Receivables
Amount exceeds the Aggregate Receivables Amount (after giving effect to the
reduction thereof by the Principal Amount of such Ineligible Receivable) and
(y) the aggregate outstanding Principal Amount of all such Ineligible
Receivables less any Collections in respect of such Ineligible Receivable
thereto for applied by or on behalf of the Master Servicer.

 

Upon such reduction of its Exchangeable
Company Interest or upon transfer or deposit of the Adjustment Payment amount
specified in this Section 2.05(b),
as the case may be, the Company shall be entitled to retain without recourse,
representation or warranty, all subsequent Collections (or amounts in respect
thereof) received by it in respect of each such Ineligible Receivable and such
Collections shall not form part of the Participation Assets. The obligation of
the Company to reduce its Exchangeable Company interest or to pay such Adjustment
Payment amount specified in this Section 2.05(b),
as the case may be, with respect to any Ineligible Receivables in which a
security interest was granted by it, respectively, shall constitute the sole
remedy respecting the event giving rise to such obligation available to
Investor Certificateholders (or the Trustee on behalf of Investor
Certificateholders) unless such obligation is not satisfied in full in
accordance with the terms of this Agreement.

 

15

 

SECTION 2.06           Purchase of Investor Certificateholders’ Interest in the
Participation.

 

(a)           In the event of any breach of any of the representations and
warranties set forth in Section 2.03 as
of the date made which breach has a Material Adverse Effect, the Trustee, at
the written direction of the Funding Agent(s) for Holders evidencing more than
50% of the Aggregate Invested Amount shall notify the Company (with a copy to
the Master Servicer) to pay to the Trust an amount calculated in accordance
with Section 2.06(b), with reference to the
Investor Certificateholders’ Interest for such affected Outstanding Series and
pursuant to such notice, the Company shall be obligated to make such payment in
respect of such affected Investor Certificateholders’ Interest on the Business
Day occurring not later than five (5) Business Days after receipt of such
notice on the terms and conditions set forth in Section
2.06(b) below; provided, however, that no such payment shall be required to be made
if, by such Business Day, the Master Servicer shall provide the Trustee with a
Responsible Officer’s certificate to the effect that the representations and
warranties contained in Section 2.03
shall then be true and correct in all material respects and any Material
Adverse Effect caused thereby shall have been cured.

 

(b)           If required by the provisions of Section
2.06(a), the Company shall deposit into the appropriate Series
Concentration Account on the Business Day preceding the Distribution Date
referred to in Section 2.06(a) above, an amount
in U.S. Dollars or Euro (as applicable) equal to the purchase price (as
described in the next succeeding sentence) for the affected Investor
Certificateholders’ Interest for such affected Outstanding Series on such day.
The purchase price for any such purchase will be equal to (i) the Adjusted
Invested Amount of such Outstanding Series on the date on which the purchase is
made plus (ii) an amount equal to all interest accrued but unpaid on such
Series up to (but excluding) the Distribution Date on which the distribution of
such deposit is scheduled to be made pursuant to Section 9.02
plus (iii) any other amount required to be paid in connection therewith
pursuant to any Supplement. Notwithstanding anything to the contrary in this
Agreement, the entire amount of the purchase price deposited in the appropriate
Series Concentration Account (together with amounts on deposit in the
applicable Series Principal Concentration Subaccount) shall be distributed to
the related Investor Certificateholders on such Distribution Date pursuant to Section 9.02. If the Trustee gives notice directing the
Company to made a payment as provided above, the obligation of the Company to
make such payment pursuant to this Section 2.06
shall constitute the sole remedy respecting an event of the type specified in
the first sentence of this Section 2.06
available to the applicable Investor Certificateholders (or the Trustee on
behalf of such Investor Certificateholders) unless such payment obligation is
not satisfied in full in accordance with the terms of this Agreement.

 

SECTION 2.07           Affirmative Covenants of the Company.

 

The Company hereby covenants that, until
the Trust Termination Date occurs, it shall (or with respect to clauses (a), (d)(ii), (l) and (n), shall
direct the Master Servicer on its behalf to):

 

16

 

(a)           Annual Opinion.
Deliver (or request the Master Servicer to deliver) to the Trustee and each
Funding Agent an Opinion of Counsel substantially in the form of Exhibit A (with such modifications as are reasonably
acceptable to the Trustee and any Funding Agent with respect to any Outstanding
Series and the Trustee), on the anniversary of the date hereof.

 

(b)           Payment of Obligations; Compliance with Obligations. Pay, discharge or otherwise satisfy at or before maturity or
before they become delinquent, as the case may be, all its obligations of
whatever nature (including all taxes, assessments, levies and other
governmental charges imposed on it), except where the amount or validity
thereof is currently being contested in good faith by appropriate proceedings
and reserves in conformity with GAAP with respect thereto have been provided on
the books of the Company. The Company shall defend the security interest of the
Trustee and the Holders in, to and under the Receivables and the other
Participation Assets, whether now existing or hereafter created, against all
claims of third parties. The Company will duly fulfill all obligations on its
part to be fulfilled under or in connection with the Participation and will do
nothing to impair the rights of the Holders in the Participation.

 

(c)           Books and Records.
Keep proper books of records and account in which entries in conformity in all
material respects with GAAP shall be made of all dealings and transactions in
relation to its business and activities.

 

(d)           Compliance with Law and Policies.

 

(i)            comply with all Requirements of Law, the provisions of the
Transaction Documents and all other material Contractual Obligations applicable
to the Company except where the failure to so comply would not reasonably be
expected to have a Material Adverse Effect; and

 

(ii)           perform its obligations in accordance with the Policies, as amended
from time to time in accordance with the Transaction Documents, in regard to
the Receivables and the Receivables Assets.

 

(e)           Purchase of Receivables. Purchase Receivables solely in accordance with the Origination
Agreement.

 

(f)            Delivery of Collections. In the event that the Company receives Collections directly from
Obligors and in pursuance of the security interests granted by the Company
hereunder, deliver and deposit, endorse, if applicable, to the Trustee for
deposit into the applicable Collection Account or deposit an amount equal to such
Collections directly into the applicable Company Concentration Account within
one (1) Business Day after its receipt thereof.

 

(g)           Notices. Promptly give
written notice to the Trustee and each Funding Agent for any Outstanding Series
of the occurrence of any Liens on Receivables (other than Permitted Liens),
Early Amortization Event or Potential Early Amortization Event, the statement
of a Responsible Officer of the Company setting forth the details of such Early
Amortization Event or Potential Early

 

17

 

Amortization
Event and the action taken, or which the Company proposes to take, with respect
thereto.

 

(h)           Collection Accounts, Master Collection Accounts
and Company Concentration Accounts. Take all reasonable
actions necessary to ensure that the Collection Accounts, the Master Collection
Accounts and the Company Concentration Accounts shall be free and clear of, and
defend the Collection Accounts, the Master Collection Accounts and the Company
Concentration Accounts against, Liens (other than Permitted Liens), any writ,
order, stay, judgment, warrant of attachment or execution or similar process.

 

(i)            Separate Company Existence.

 

(i)            except as set forth in the Transaction Documents, maintain its own
deposit account or accounts, separate from those of any Affiliate, with
commercial banking institutions and ensure that the funds of the Company will
not be diverted to any other Person or for other than uses of the Company, not
commingle such funds with the funds of any Originator or any Subsidiary or
Affiliate of any Originator; provided, however, that the foregoing restriction shall not preclude
Collections from being commingled with any Originator’s funds or with an
Originator’s funds in the Collection Accounts, the Master Collection Accounts
and the Company Concentration Accounts for a period of time not to exceed one
(1) Local Business Day or preclude the Company from making, in accordance with
the Transaction Documents, a distribution to the Contributor in respect of its
membership interests in accordance with the provisions of Section 2.08(m);

 

(ii)           to the extent that it shares the same officers or other employees as
any of its Shareholders or Affiliates, the salaries of and the expenses related
to providing benefits to such officers and other employees shall be fairly
allocated among such entities, and each such entity shall bear its fair share
of the salary and benefit costs associated with all such common officers and
employees;

 

(iii)          to the extent that it jointly contracts with any of its Shareholders
or Affiliates to do business with vendors or service providers or to share
overhead expenses, the costs incurred in so doing shall be allocated fairly
among such entities, and each such entity shall bear its fair share of such
costs. To the extent that the Company contracts or does business with vendors
or service providers where the goods and services provided are partially for
the benefit of any other Person, the costs incurred in so doing shall be fairly
allocated to or among such entities for whose benefit the goods or services are
provided, and each such entity shall bear its fair share of such costs. All
material transactions between the Company and any of its Affiliates, whether
currently existing or hereafter entered into, shall be only on an arm’s length
basis;

 

18

 

(iv)          maintain office space separate from the office space of any
Originator and its Affiliates (but which may be located at the same address as
any Originator or one of any Originator’s Affiliates). To the extent that the
Company and any of its Shareholders or Affiliates have offices in the same
location, there shall be a fair and appropriate allocation of overhead costs
among them, and each such entity shall bear its fair share of such expenses;

 

(v)           issue separate financial statements prepared not less frequently
than annually and prepared in accordance with GAAP;

 

(vi)          conduct its affairs strictly in accordance with its organizational
documents and observe all necessary, appropriate and customary company
formalities, including, holding regular and special Shareholders’ and
directors, meetings appropriate to authorize all company action, keeping
separate minutes of its meetings, passing all resolutions or consents necessary
to authorize actions taken or to be taken, and maintaining separate books,
records and accounts, including, but not limited to, payroll and intercompany
transaction accounts;

 

(vii)         except to the extent expressly provided for any of the Transaction
Documents, not assume or guarantee any of the liabilities of an Originator, the
Master Servicer or any Affiliate thereof; and

 

(viii)        take, or refrain from taking, as the case may be, all other actions
that are necessary to be taken or not to be taken in order to (x) ensure that
the assumptions and factual recitations set forth in the Specified Bankruptcy
Opinion Provisions remain true and correct and (y) comply with those procedures
described in such provisions.

 

(j)            Preservation of Company Existence. (i) Preserve and maintain its company existence, rights,
franchises and privileges in the jurisdiction of its formation and (ii) qualify
and remain qualified in good standing as a foreign corporation in each
jurisdiction where such qualification is required other than any jurisdiction
where the failure so to qualify would not have a Material Adverse Effect.

 

(k)           Assessments. Promptly
pay and discharge all taxes, assessments, levies and other governmental charges
imposed on it except such taxes, assessments, levies and other governmental
charges that (i) are being contested in good faith by appropriate proceedings
and for which the Company shall have set aside on its books adequate reserves
or (ii) the failure to pay, satisfy or discharge would not reasonably be
expected to result in a Material Adverse Effect.

 

(l)            Obligations. Defend
the security of the Trust in, to and under the Receivables and the other
Participation Assets, whether now existing or hereafter created, against all
claims of third parties claiming through the Company. The Company will duly
fulfill in accordance with the Servicing Agreement all obligations on its part
to be fulfilled under or in connection with each

 

19

 

Receivable
and will do nothing to materially impair the rights of the Company in such
Receivable.

 

(m)          Enforcement of Origination Agreement. The Company shall use its best efforts to enforce all rights held
by it under any Origination Agreement to which it is a party.

 

(n)           Maintenance of Property. Keep all property and assets useful and necessary to permit the
monitoring and collection of Receivables.

 

(o)           Bankruptcy. Cooperate
with the Funding Agents and Trustee in making any amendments to the Transaction
Documents and take, or refrain from taking, as the case may be, all other
actions deemed reasonably necessary by the Funding Agents and/or Trustee in
order to comply with the structured finance statutory exemption set forth in
legislative amendments to the U.S. Bankruptcy Code at or any time after such
amendments are enacted into law; provided, however, that it shall not be required to make any amendment
or to take, or omit from taking, as the case may be, any action which it
reasonably believes would have the effect of materially changing the economic
substance of the transaction contemplated by the Transaction Documents on the
Effective Date.

 

(p)           Enforcement of Contribution Agreement. The Company shall enforce its rights under the Contribution
Agreement and shall cause the Contributor to enforce the Contributor’s rights
under the Origination Agreements, in each case, including the right to receive
Adjustment Payments and the right to indemnification.

 

SECTION 2.08           Negative Covenants of the Company.

 

The Company hereby covenants that, until
the Trust Termination Date occurs, it shall not directly or indirectly:

 

(a)           Limitation on Liabilities. Create, incur, assume or suffer to exist any Indebtedness, except
(i) Indebtedness evidenced by the Subordinated Loan, (ii) liabilities
(including accrued and contingent liabilities) or obligations arising under or
in respect of the Transaction Documents, including liabilities and obligations
representing fees, expenses and indemnities payable pursuant to and in
accordance with the Transaction Documents and (iii) immaterial amounts due and
payable in the ordinary course of business of a special purpose company,
provided that any Indebtedness permitted hereunder and described in clauses (i) and (iii) shall be
payable by the Company solely from funds available to the Company which are not
otherwise required to be applied to the payment of any amounts by the Company
pursuant to any Pooling and Servicing Agreement.

 

(b)           Limitation on Transfers of Receivables, etc. Except as otherwise permitted by the Transaction Documents, at any
time sell, transfer, grant a participation and security interest in or
otherwise dispose of any of the Receivables, Related Property, Participation
Assets or the proceeds thereof.

 

20

 

(c)           Limitation on Guarantee Obligations. Become or remain liable, directly or contingently, in connection
with any Indebtedness or other liability of any other Person, whether by
guarantee, endorsement (other than endorsements of negotiable instruments for
deposit or collection in the ordinary course of business), agreement to
purchase or repurchase, agreement to supply or advance funds or otherwise other
than under or as contemplated by any Transaction Documents.

 

(d)           Limitation on Fundamental Changes. Except to the extent permitted under the Transaction Documents,
enter into any merger, consolidation or amalgamation, or liquidate, to the
fullest extent permitted by law, wind up or dissolve itself (or suffer any
liquidation or dissolution), or make any material change in its present method
of conducting business, or convey, sell, lease, assign, transfer, grant a participation,
security interest in or otherwise dispose of, all or substantially all of its
property, business or assets other than the Participation and the security
interests contemplated hereby.

 

(e)           Business. Engage at
any time in any business or business activity other than the acquisition of
Receivables pursuant to any Origination Agreement to which it is a party, the security
interests hereunder, the other transactions contemplated by the Transaction
Documents, the incurrence of Indebtedness under the Subordinated Company
Interests, any Subordinated Loan as contemplated in the Transaction Documents,
and any activity incidental to the foregoing and necessary or convenient to
accomplish the foregoing, or otherwise contemplated by any of the Transaction
Documents or enter into or be a party to any agreement or instrument other than
in connection with the foregoing.

 

(f)            Agreements. Become a
party to any indenture, mortgage, instrument, contract, agreement, lease or
other undertaking, except the Transaction Documents, the Pledge Agreement, the
Subordinated Interests, any Subordinated Loan as contemplated in the
Transaction Documents, leases of office space, equipment or other facilities
for use by the Company in its ordinary course of business, employment
agreements, service agreements, agreements relating to shared employees and the
other Transaction Documents and agreements necessary to perform its obligations
under the Transaction Documents, (ii) issue any power of attorney (except to
the Trustee or the Master Servicer or except for the purpose of permitting any
Person to perform any ministerial functions on behalf of the Company that are
not prohibited by or inconsistent with the terms of the Transaction Documents),
or (iii) other than pursuant to the terms of any Origination Agreement to which
it is a party, amend, supplement, modify or waive any of the provisions of the
Origination Agreement or request, consent or agree to or suffer to exist or
permit any such amendment, supplement, modification or waiver or exercise any
consent rights granted to it thereunder unless such amendment, supplement,
modification or waiver or such exercise of consent rights would not have a
Material Adverse Effect with respect to the Company or any Outstanding Series
and each Funding Agent shall have consented to any such amendments,
supplements, modifications or waivers.

 

21

 

(g)           Policies. Permit any
change or modification in any material respect to the Policies, except (i) if
such changes or modifications are necessary under any Requirement of Law or
(ii) the Funding Agents shall have consented with respect thereto.

 

(h)           Instruments. Unless
delivered to the Trustee pursuant to Section 2.01(b),
the Company shall not take any action to cause any U.S. Receivable not
evidenced by an “instrument” (as defined in the applicable UCC or other similar
applicable statute or legislation) upon origination to become evidenced by an
instrument, except in connection with its enforcement or collection of a
Defaulted Receivable.

 

(i)            Offices. Move the
location of where the Company keeps its records to a new location without
providing thirty (30) days’ prior written notice to the Trustee and each
Funding Agent.

 

(j)            Change in Name. Change
the Company’s name, corporate structure, jurisdiction of organization, place of
business or chief executive office in any manner that would or is likely to (i)
make any financing statement or continuation statement (or other similar
instrument) relating to this Agreement seriously misleading within the meaning
of Section 9-506(b) of the applicable UCC (or analogous provision of any other
similar applicable statute or legislation) or (ii) impair the perfection of the
Trust’s interest in any Receivable under any other similar law, without 30 days’
prior written notice to the Trustee and each Funding Agent.

 

(k)           Charter. Amend or make
any change or modification to its constitutive documents without obtaining the
consent of each Funding Agent (provided that, notwithstanding anything to the
contrary in this Section 2.08(k), the Company may
make amendments, changes or modifications pursuant to changes in law of the
jurisdiction of its formation or amendments to change the Company’s name
(subject to compliance with clause (j)
above)).

 

(l)            Tax Classification.
Elect or take any action that would cause it to be classified as a partnership
or corporation for U.S. tax purposes or permit any member of the Company to so
elect or take any such action.

 

(m)          Limitation on Restricted Payments. Declare or pay any dividend on, or make any payment on account of,
or set apart assets for a sinking or other analogous fund for, the purchase,
redemption, defeasance, retirement or other acquisition of, any shares of any
class of capital stock of the Company, whether now or hereafter outstanding, or
make any other distribution in respect thereof, either directly or indirectly,
whether in cash or property or in obligations of the Company (such
declarations, payments, setting apart, purchases, redemptions, defeasance,
retirements, acquisitions and distributions being herein called “Restricted Payments”), unless (i) at the date such
Restricted Payment is made, the Company shall have made all payments in respect
of its obligations pursuant to the Transaction Documents and the Pledge
Agreement, and (ii) the Restricted Payment Test for each outstanding Series is
satisfied on such date; provided, however, that such limitation on Restricted Payments shall
not preclude the Company from making, in

 

22

 

accordance
with the Transaction Documents, a distribution or paying as a dividend to its
Shareholder in respect of the Shares in the Company; provided
that no Early Amortization Event or Potential Early Amortization Event has
occurred and is continuing.

 

(n)           Accounting for Purchases. Except in accordance with any Requirement of Law, prepare any
financial statements which shall account for the transactions contemplated
under any Origination Agreement or the transactions contemplated hereunder in
any manner other than, as a contribution of the Receivables from the
Contributor to the Company and as a grant of a secured Participation in the
Receivables from time to time by the Company to the Trust, respectively, or in
any other respect account for or treat the transactions contemplated under any
Origination Agreement or the transactions contemplated hereunder (including for
financial accounting purposes, except as required by law) in any manner other
than as a contribution of the Receivables from the Contributor to the Company
and as a grant of a secured Participation in the Receivables from the Company
to the Trust, respectively; provided, however, that this subsection shall not apply for any tax or
tax accounting purposes.

 

(o)           Extension or Amendment of Receivables. Extend, make any Dilution Adjustment to, rescind, cancel, amend or
otherwise modify, or attempt or purport to extend, amend or otherwise modify,
the terms of any Receivables other than as permitted under Section
4.05(a) of the Servicing Agreement.

 

(p)           Amendment of Transaction Documents or Other
Material Documents. Other than as set forth in the
Transaction Documents, amend any Transaction Document or other material
document related to any transactions contemplated hereby or thereby.

 

(q)           Origination Agreements.
Take any action under any Origination Agreement to which it is a party that
could reasonably be expected to have a Material Adverse Effect.

 

(r)            Limitation on Investments and Loans. Make any advance, loan, extension of credit or capital
contribution to, or purchase any stock, bonds, notes, debentures or other
securities of or any assets constituting a business unit of, or make any other
investment in, any Person, except for any Exchangeable Company Interest, any
Subordinated Company Interests, any Subordinated Loan, the Receivables and the
other Participation Assets or as otherwise contemplated under the Transaction
Documents.

 

(s)           Limitation on Mergers, Acquisitions and Asset
Sales. Enter into any agreement to merge with or
acquire another company or sell all or substantially all of the Company’s
assets, other than as permitted in Section 6.03
hereof.

 

(t)            Perfection of Security Interest. Taking all actions reasonably requested by the Trustee (including
but not limited to all filings and other acts necessary or advisable under the
applicable UCC or other applicable laws or similar statute of each relevant
jurisdiction) in order to continue the Trust’s first priority

 

23

 

perfected
security interest in all Receivables now owned or acquired by the Company.

 

SECTION 2.09      Addition of Approved Currency,
Approved Originator and Approved Obligor Country;  Approved Acquired Line of Business
Receivables.

 

At the written request of the Master
Servicer delivered to the Trustee and each Funding Agent, (1) the addition of a
currency as an Approved Currency, (2) the addition of an originator as an
Approved Originator, (3) the addition of a jurisdiction as an Approved Obligor
Country or as an Approved Contract Jurisdiction or (4) the inclusion of
Acquired Line of Business Receivables as Eligible Receivables, in each case
after the Series 2000-1 Issuance Date, shall be permitted upon satisfaction of
the relevant conditions set forth in this Section 2.09,
the relevant Origination Agreement and any Supplement.

 

(a)           Approved Currency. Each
Funding Agent shall have consented to the addition of any currency as Approved
Currency.

 

(b)           Approved Originator.

 

(i)            such proposed Approved Originator is an Affiliate of Huntsman
International;

 

(ii)           the Master Servicer, the Company and each Funding Agent shall have
received a copy of the Policies of such Originator, which Policies shall be in
form and substance satisfactory to the Master Servicer, the Servicer Guarantor,
the Company and each Funding Agent;

 

(iii)          the governing law of the Contracts relating to the Receivables
originated by such proposed Approved Originator is the law of an Approved
Contract Jurisdiction;

 

(iv)          the Company and each Funding Agent shall have received confirmation
that there is no pending or threatened action or proceeding affecting such proposed
Approved Originator before any Governmental Authority that could reasonably be
expected to have a Material Adverse Effect with respect to it (other than such
action or proceeding as disclosed in public filings);

 

(v)           the Trustee shall have received an Opinion of Counsel in form and
substance satisfactory to it and any Funding Agent from a nationally recognized
law firm qualified to practice in the jurisdiction in which such Originator is
located to the effect that the sale of Receivables by such Originator to the
Contributor or the Company (or such other entity as shall have been agreed)
constitute true sales of such Receivables to the Contributor or the Company or
such entity;

 

(vi)          the Trustee shall have received an Opinion of Counsel from a nationally
recognized law firm in form and substance satisfactory to it and any Funding
Agent with respect to the Originators from one or more nationally recognized
law firms authorized to practice law in the

 

24

 

jurisdiction
in which such proposed Approved Originator is located, the jurisdictions
governing the contracts originated by such Originator and in New York;

 

(vii)         the Master Servicer and the Servicer Guarantor shall have agreed in
writing to service the Receivables originated and proposed to be sold by such
Originator in accordance with the terms and conditions of the Servicing
Agreement and the Servicer Guarantor shall have agreed to guarantee the Master
Servicer’s obligations in connection therewith;

 

(viii)        the Liquidation Servicer shall have notified the Company and the
Funding Agents that a Standby Liquidation System is in place for such proposed Approved
Originator;

 

(ix)           the Company, the Trustee and each Funding Agent shall have received
a certificate prepared by a Responsible Officer of the Master Servicer
certifying that after giving effect to the addition of such proposed Approved Originator,
the Aggregate Target Receivables Amount shall be equal to or less than the
Aggregate Receivables Amount on the date such proposed Approved Originator is
added pursuant to the applicable Receivables Purchase Agreement;

 

(x)            such Originator shall have executed an Additional Originator Joinder
Agreement in the form of Schedule 3 or
corresponding schedule attached to the applicable Receivables Purchase
Agreement, shall have otherwise acceded to an existing Receivables Purchase
Agreement or shall have entered into a Receivables Purchase Agreement
substantially similar to the existing Receivables Purchase Agreement with such
modifications as necessary or appropriate to address jurisdiction-specific
issues;

 

(xi)           if applicable, such Originator shall have executed, filed and
recorded, at its own expense, appropriate UCC financing statements with respect
to the Receivables (and Related Assets) originated and proposed to be sold by
it in such manner and such jurisdictions as are necessary to perfect the Company’s
ownership interest in such Receivables;

 

(xii)          the Company and each Funding Agent shall be satisfied that there are
no Liens on the Receivables to be sold by such Originator, except Permitted
Liens;

 

(xiii)         the Collection Accounts with respect to the Receivables to be sold
or contributed by such proposed Approved Originator shall have been established
in the name of the Company and the Company shall have caused the Trustee to
have a first priority perfected security interest in such accounts or shall
have been established in the name of the Trustee (whereby the Trustee may grant
to the Company a revocable authorization to operate such accounts), or, if the
Trustee shall not have such first priority perfected security interest or
ownership interest in such accounts, the Company shall have established, or
shall have caused Huntsman International to establish, appropriate reserves, as

 

25

 

determined
by the Funding Agents, to cover any failure of timely remittance in full of
Collections from such accounts or shall have established, or shall have caused
Huntsman International to establish, appropriate reserves, as determined by the
Funding Agents, to cover a failure of timely remittance in full of Collections
from the Collection Accounts to the relevant Master Collection Account in
accordance with the Transaction Documents, or shall have made such other
arrangements as appropriate or necessary, as determined by the Funding Agents,
to address jurisdiction-specific issues; and

 

(xiv)        if the aggregate Principal Amount of Receivables to be added to the
pool of Receivables by Additional Originators added as Approved Originators and
with respect to Acquired Lines of Business pursuant to the provisions of this Section 2.09 in the immediately preceding twelve (12)
calendar months (including the aggregate Principal Amount of all Receivables of
such proposed Originator proposed to be sold by such proposed Originator) is
greater than ten percent (10%) of the Aggregate Receivables Amount on such date
before giving effect to the addition of such proposed Approved Originator, such
calculation to be made immediately prior to the proposed addition of such Approved
Originator, then (i) each Funding Agent shall have consented to the addition of
such Originator and (ii) the historical aging and liquidation schedule
information of the Receivables originated by such proposed Approved Originator
and other data relating to the Receivables is satisfactory to each Funding
Agent.

 

(c)           Approved Obligor Country.

 

The Company, the Trustee and each Funding
Agent shall have consented in advance, in writing, to such inclusion of a
jurisdiction as an Approved Obligor Country.

 

(d)           Approved Contract Jurisdiction.

 

The Company, the Trustee and each Funding
Agent shall have consented in advance, in writing, to inclusion of a
jurisdiction as an Approved Contract Jurisdiction.

 

(e)           Approved Acquired Line of Business Receivables.

 

(i)            the Master Servicer, the Company, the Trustee and each Funding Agent
shall have received a copy of the Policies with respect to the relevant
Acquired Line of Business, which Policies shall be in form and substance
satisfactory to the Master Servicer, the Servicer Guarantor, the Company and
each Funding Agent;

 

(ii)           the Company, the Trustee and each Funding Agent shall have received
confirmation that there is no pending or threatened action or proceeding
affecting the Originator or Originators with respect to such Acquired Line of
Business before any Governmental Authority that could reasonably be expected to
have a Material Adverse Effect with

 

26

 

respect
to it (other than such action or proceeding as disclosed in public filings);

 

(iii)          the Liquidation Servicer shall have notified the Company and the
Funding Agents that a Standby Liquidation System is in place for such Acquired
Line of Business;

 

(iv)          the Company, the Trustee and each Funding Agent shall have received
a certificate prepared by a Responsible Officer of the Master Servicer
certifying that after giving effect to the addition of such Acquired Line of
Business Receivables, the Aggregate Target Receivables Amount shall be equal to
or less than the Aggregate Receivables Amount on the date designated by the
relevant Originator or Originators pursuant to sub-clause
(v) below;

 

(v)           the relevant Originator or Originators with respect to such Acquired
Line of Business shall have delivered a notice to the Master Servicer, the
Company the Trustee and each Funding Agent, designating the date upon which the
Acquired Line of Business Receivables would commence being considered as
possible Eligible Receivables;

 

(vi)          if applicable, the relevant Originator or Originators with respect
to such Acquired Line of Business shall have executed, filed and recorded, at
its own expense, appropriate UCC financing statements with respect to the
Receivables (and Related Assets) originated and proposed to be sold by it in
such manner and such jurisdictions as are necessary to perfect the Company’s ownership
interest in such Receivables;

 

(vii)         the Company and each Funding Agent shall be satisfied that there are
no Liens on the Acquired Line of Business Receivables to be sold by such
Originator, except as Permitted Liens;

 

(viii)        the Collection Accounts with respect to the Acquired Line of
Business Receivables to be sold or contributed by such Originator shall have been
established in the name of the Company (or existing Collection Accounts will be
used with respect to such Receivables) and the Company shall have caused the
Trustee to have a first priority perfected security interest in such accounts
or shall have been established in the name of the Trustee (whereby the Trustee
may grant to the Company a revocable authorization to operate such accounts),
or, if the Trustee shall not have such first priority perfected security
interest or ownership interest in such accounts, the Company shall have
established, or shall have caused Huntsman International to establish,
appropriate reserves, as determined by the Funding Agents, to cover any failure
of timely remittance in full of Collections from such accounts or shall have
established, or shall have caused Huntsman International to establish,
appropriate reserves, as determined by the Funding Agents, to cover a failure
of timely remittance in full of Collections from the Collection Accounts to the
relevant Master Collection Account in accordance with the Transaction
Documents, or

 

27

 

shall
have made such other arrangements as appropriate or necessary, as determined by
the Funding Agents, to address jurisdiction-specific issues; and

 

(ix)           if the
aggregate Principal Amount of Receivables added to the pool of Receivables by
Additional Originators added as Approved Originators and with respect to
Acquired Lines of Business pursuant to the provisions of this Section 2.09 in the immediately preceding twelve (12)
calendar months (including the aggregate Principal Amount of all Receivables of
such proposed Acquired Line of Business) is greater than ten percent (10%) of
the Aggregate Receivables Amount on such date before giving effect to the
addition of such proposed Acquired Lines of Business Receivables, such
calculation to be made immediately prior to the proposed addition of such
Acquired Lines of Business Receivables, then (i) each Funding Agent shall have
consented to the addition of such Acquired Lines of Business Receivables and
(ii) the historical aging and liquidation schedule information of the
Receivables originated with respect to such Acquired Lines of Business
Receivables and other data relating to the Receivables is satisfactory to each
Funding Agent.

 

SECTION 2.10           Removal and Withdrawal of Originators and Approved Originators.

 

(a)           Subject to Sections 2.10(c)
and 2.10(d), at the written request of the
Company or the Master Servicer, an Approved Originator may be removed or
terminated as an Originator and an Approved Originator may withdraw as an Originator;
provided that, in each case,

 

(i)            such removal or withdrawal is in accordance with the applicable
Origination Agreement,

 

(ii)           each Funding Agent shall have given its prior written consent to
such removal, termination or withdrawal, such consent not to be unreasonably
withheld,

 

(iii)          no Program Termination Event or Potential Termination Event has
occurred and is continuing or would occur as a result thereof, and

 

(iv)          the Company, the Trustee and each Funding Agent shall have received
prior written notice from the Master Servicer of such removal, termination or
withdrawal of the Originator (accompanied by a certificate of a Responsible
Officer of the Master Servicer attaching a pro forma Daily
Report and certifying that the Aggregate Target Receivables Amount will be
equal to or less than the Aggregate Allocated Receivables Amount after giving
effect to such removal, termination or withdrawal);

 

provided that, sub-clause (ii) above shall not apply if the aggregate
Principal Amount of Receivables of an Originator that is removed, withdrawn or
terminated pursuant to the provisions of this Section 2.10
(excluding any

 

28

 

Permitted Designated Line of Business) in the
immediately preceding twelve (12) calendar months is less than ten per cent
(10%) of the Aggregate Receivables Amount as of the date immediately prior to
the proposed removal, withdrawal or termination of the relevant Approved Originator;
provided, further,
that sub-clause (ii) shall not apply to (1) an
Originator with respect to which an Originator Termination Event has occurred
under the applicable Origination Agreement and (2) an Originator identified as
an Originator of Receivables with respect to any Permitted Designated Line of
Business.

 

(b)           At the written request of the Master Servicer, an Approved
Originator may cease selling Receivables originated with respect to a
Designated Line of Business by designating such Designated Line of Business as
an Excluded Designated Line of Business; provided that,
in each case,

 

(i)            such cessation is in accordance with the applicable Origination
Agreement,

 

(ii)           each Funding Agent shall have given its prior written consent to such
cessation, such consent not to be unreasonably withheld,

 

(iii)          no Program Termination Event or Potential Termination Event has
occurred and is continuing or would occur as a result thereof,

 

(iv)          the Trustee and each Funding Agent shall have received prior written
notice from the Master Servicer of such cessation (accompanied by a certificate
of a Responsible Officer of the Master Servicer attaching a pro forma Daily Report and certifying that the Aggregate
Target Receivables Amount will be equal to or less than the Aggregate Allocated
Receivables Amount after giving effect to such disposition and/or cessation);
and

 

(v)           all Obligors with respect to Receivables originated with respect to
the Excluded Designated Line of Business shall be instructed to make all
payments with respect to receivables which are not Receivables owned by the
Company to accounts other than the Collection Accounts and the Master Servicer
shall take all steps reasonably intended to cause such Obligors comply with
such instructions;

 

provided that, sub-clause (ii) above shall not apply if (x) the Excluded
Designated Line of Business is a Permitted Designated Line of Business
Disposition or (y) the aggregate Principal Amount of Receivables removed from
the pool of Receivables pursuant to the provisions of this Section 2.10
(excluding any Permitted Designated Line of Business) in the immediately
preceding twelve (12) calendar months (including the Aggregate Principal
Balance of such proposed Excluded Designated Line of Business) is less than ten
per cent (10%) of the Aggregate Receivables Amount as of the date immediately
prior to the proposed removal, withdrawal or termination of the relevant
Approved Originator or proposed cessation of the Excluded Designated Line of
Business.

 

29

 

(c)           Upon and
after notice being given pursuant to Section 2.10(b)(iv),
any Receivables with respect to an Excluded Designated Line of Business shall:
(i) cease to be sold, transferred or contributed to the Contributor and/or the
Company; and (ii) shall, assuming satisfaction of all other applicable
requirements with respect to an Eligible Receivable, continue to be an Eligible
Receivable only if (A) such Receivables were sold, transferred or contributed
to the Company prior to the date such notice was given and (B) the Excluded
Designated Line of Business has not yet been sold or otherwise disposed.

 

(d)           An
Originator that is removed, terminated or withdrawn, or that is the Originator
with respect to an Excluded Designated Line of Business, shall have a continuing
obligation with respect to Receivables previously sold or contributed by it
pursuant to the relevant Origination Agreement (including making Originator
Dilution Adjustment Payments, Originator Adjustment Payments and payments in
respect of indemnification) unless the Servicer Guarantor or an Affiliate of
such Originator has assumed all such obligations; provided,
however, that an Affiliate of such Originator may assume such
Originator’s obligations only with the prior written consent of each Funding
Agent.

 

SECTION 2.11           FX Hedging Policy.

 

The Trustee shall at all times comply with the FX
Hedging Policy set forth in Schedule 6 hereto.

 

SECTION 2.12           Notices, Reports, Directions by Master Servicer.

 

Any information, notice or report to be delivered by,
or any instructions, requests, demands, elections or directions to be given by,
the Master Servicer under this Agreement is, unless otherwise indicated, being
delivered or given by the Master Servicer on behalf of the Company in
accordance with the provisions of this Agreement, the related Supplement and
the Servicing Agreement.

 

SECTION 2.13           Power of Attorney.

 

(a)           The Company authorizes the Trustee, and hereby irrevocably appoints
the Trustee, as its agent and attorney in fact coupled with an interest, with
full power of substitution and with full authority in place of the Company, to
take any and all steps in the Company’s name and on behalf of the Company, that
are necessary or desirable, in the determination of the Trustee to collect
amounts due under the Receivable Assets, including: (a) endorsing the
Company’s name on checks and other instruments representing Collections of
Receivable Assets and enforcing the Receivable Assets; (b) taking any of
the actions provided for under Section 7.03
of the Contribution Agreement (or the corresponding provisions of any
Origination Agreement); and (c) enforcing the Receivable Assets, including
to ask, demand, collect, sue for, recover, compromise, receive and give
aquittance and receipts for moneys due and to become due under or in connection
with therewith and to file any claims or take any action or institute any
proceedings that the Trustee (or any designee thereof) may deemed to be
necessary or desirable for the collection thereof or to enforce compliance with
the other terms and conditions of, or to perform

 

30

 

any
obligations or enforce any rights of the Company in respect of, the Receivable
Assets. The rights under this Section 2.13a(a)
shall not be exercisable with respect to the Company unless an Originator
Termination Event has occurred and is continuing with respect to a relevant
Originator (and then only to Receivables originated by such Originator) or a
Program Termination Event as set forth in Section 7.02(a)
of the Contribution Agreement or an Early Amortization Event has occurred and
is continuing.

 

(b)           By execution and delivery of this Agreement, the Company, as owner
of the Receivables and the Collections, hereby appoints J.P. Morgan Bank
(Ireland) Plc for itself as its lawful agent for the purpose, as the case may
be, of serving Notice of Subrogation on any or all Obligors pursuant to and
subject to the conditions of the French Receivables Purchase Agreement. For the
avoidance of doubt, the power of attorney granted hereunder is for the benefit
of J.P. Morgan Bank (Ireland) Plc and not as trustee, agent, representative or “commissionaire”
of any other party.

 

ARTICLE
III

 

RIGHTS
OF HOLDERS AND ALLOCATION

AND APPLICATION OF COLLECTIONS

 

THE FOLLOWING PORTION OF THIS ARTICLE III

IS APPLICABLE TO ALL SERIES.

 

SECTION 3.01           Establishment of the Company Concentration Accounts, Series
Concentration Accounts and General Reserve Accounts; Certain Payments and
Allocations.

 

(a)           Trustee’s Duties in Respect of the Company
Concentration Accounts, Series Concentration Accounts and General Reserve
Accounts.

 

(i)            The Trustee, for the benefit of the Company, as sole beneficial
owner shall cause to be established and maintained in the name of the Trustee,
with an Eligible Institution or with the corporate trust department of the
Trustee or an Eligible Institution, a segregated account for each Approved
Currency and, at the instruction of the Master Servicer, an additional
segregated account for each currency designated as an Approved Currency after
the date hereof (each a “Company Concentration
Account” and, collectively, the “Company
Concentration Accounts”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Company.
Collections on deposit in the applicable Collection Account and Master
Collection Account established pursuant to Section 2.09 of
the Contribution Agreement, shall be transferred to the applicable currency
Company Concentration Account on the Business Day following the day on which
such Collections are received.

 

(ii)           The Trustee shall also cause to be established and maintained in the
name of the Trustee, as Trustee of the Trust and for the benefit of the
Investor Certificateholders, with such Eligible Institution for each

 

31

 

Approved
Currency, individual accounts for each Outstanding Series (each, for each
Series a “Series Concentration Account” and,
collectively, the “Series Concentration
Accounts”). Each Series Concentration Account shall be solely and
beneficially owned by the relevant Series for the benefit of the Investor
Certificateholders of such Series and shall bear a designation clearly
indicating that the funds deposited therein are held for the benefit of the
relevant Series.

 

(iii)          The Trustee shall further establish or cause to be established for
each Series, so long as such Series is an Outstanding Series, subaccounts of
the Series Concentration Accounts with respect to each Series (respectively,
the “Series Principal Concentration Subaccount”,
“Series Non-Principal Concentration Subaccount”
and “Series Accrued Interest Subaccount” and
collectively, the “Series Concentration
Subaccounts”. Schedule 1
hereto identifies each Collection Account, each Master Collection Account, each
Company Concentration Account, each Series Concentration Account and
subaccounts thereof and each Company Receipts Account by setting forth the
account number of each such account and subaccount, the currency of the Collections
or other amounts to be deposited into such account, the location of such
account, the account designation of each such account and the name of the
institution with which each such account has been established.

 

(iv)          On or before the Effective Date, the Trustee shall establish and
maintain for the benefit of the Investor Certificateholders three segregated
accounts (one for each Approved Currency) (each a “General
Reserve Account” and collectively, the “General
Reserve Accounts”) bearing a designation that the funds deposited
therein are held for the benefit of the Investor Certificateholders. There
shall be separate subaccounts of the General Reserve Accounts for each
outstanding Series to the extent funds are required to be deposited therein
with respect to such Series pursuant to the related Supplement. Funds shall be
deposited to and withdrawn from the applicable subaccount of the General
Reserve Accounts as and to the extent provided in each Supplement.

 

(v)           The Trustee shall establish and maintain for the benefit of the
Company, as sole beneficial owner, a segregated account (the “Withholding Tax Reserve Account”), bearing a designation
that the funds deposited therein are held for the benefit of the Company, which
account shall be under the sole dominion and control of the Trustee and in
which the Trustee shall have a first priority perfected security interest. If
an amount is required to be credited to the Withholding Tax Reserve Account to
satisfy a reserve requirement pursuant to paragraph (p) of
the definition of “Eligible Receivables,” the Company shall remit or cause to
be remitted or withdraw such amounts as are necessary to ensure that the
balance of the Withholding Tax Reserve Account is equal to the amount necessary
to satisfy any such requirement. The Company shall maintain a reserve for
potential

 

32

 

withholding
tax liabilities regarding the Originators in Spain in an amount equal to
€17,469. Amounts in the Withholding Tax Reserve Account shall be invested by
the Trustee in accordance with Section 3.01(e).
Investment Earnings on funds held in the Withholding Tax Reserve Account shall
be deposited by the Trustee in such account. In the event of the imposition of
a withholding tax on any Collections, the Trustee shall be permitted to remit
an amount equal to the resulting shortfall from amounts on deposit in the
Withholding Tax Reserve Account to the relevant Master Collection Account.

 

(b)           Authority of the Trustee in Respect of Accounts.

 

(i)            The Trustee shall have a first priority perfected security interest
in each of the Collection Accounts (or the Collection Account shall have been
established in the name of the Trustee (whereby the Trustee may grant to the
Company a revocable authorization to operate such accounts), or, if the Trustee
shall not have such first priority perfected security interest or ownership
interest in such accounts, the Company shall have established, or shall have
caused Huntsman International to establish, appropriate reserves, as determined
by the Funding Agents, to cover any failure of timely remittance in full of
Collections from such accounts to the Master Collection Account or any other
applicable account of the Trustee), the Master Collection Accounts, the Company
Concentration Accounts and the General Reserve Accounts. Each of the Series
Concentration Accounts and the General Reserve Accounts shall be under the sole
dominion and control of the Trustee for the benefit of the Holders. If, at any
time, the Master Servicer has actual notice or knowledge that any institution
holding the Collection Accounts, the Master Collection Accounts, the Company
Concentration Accounts or the General Reserve Accounts has ceased to be an
Eligible Institution, the Master Servicer shall, on behalf of the Company, establish
within thirty (30) days a substitute account therefor with an Eligible
Institution, transfer any cash and any Eligible Investments to such new account
and from the date any such substitute accounts are established, such newly
established accounts shall be the Collection Accounts, the Master Collection
Accounts. the Company Concentration Accounts and the General Reserve Accounts,
as applicable. Neither the Company, the Master Servicer nor any person or
entity claiming by, through or under the Company or the Master Servicer, shall
have any right, title or interest in, except to the extent expressly provided
under the Transaction Documents, or any right to withdraw any amount from, the
Series Concentration Accounts or the General Reserve Accounts. So long as the
security interest created hereunder subsists neither the Company nor the Master
Servicer nor any person or entity claiming by, through or under the Company or
the Master Servicer shall have any right to withdraw any amount from the
Company Concentration Accounts except to the extent expressly provided in the
Transaction Documents. Pursuant to the authority granted to the Master Servicer
in Section 2.02(b) of the Servicing
Agreement, the Master Servicer shall have the power to instruct the

 

33

 

Trustee,
in writing, to make withdrawals from and payments to the Company Concentration
Accounts and the General Reserve Accounts for the purposes of carrying out the
Master Servicer’s or Trustee’s duties hereunder.

 

(ii)           The Master Servicer agrees to give written direction (which may be
included within any Daily Report) to apply all Aggregate Daily Collections with
respect to the Receivables and to make all other applications and allocations
described in Article III and in the Supplement
with respect to each Outstanding Series.

 

(iii)          Each Series of Investor Certificates shall represent Fractional
Undivided Interests in the right to receive amounts calculated by reference to
Collections and other amounts at the times and in the amounts specified in this
Article III (as supplemented by the
Supplement related to such Series) to be deposited in the Collection Accounts
or Master Collection Accounts and transferred to the Company Concentration
Accounts and any other accounts secured for the benefit of the Investor
Certificateholders or paid to the Investor Certificateholders (with respect to
each outstanding Series, the “Investor
Certificateholders’ Interest”). The Exchangeable Company Interest
shall represent the Company’s exclusive beneficial ownership interest in the
Participation Assets subject to any security interest granted by it under this
Agreement and the Subordinated Company Interests, if any, shall represent the
rights comprising such Subordinated Company Interests pursuant to the related
Supplement; provided, however,
that no such Exchangeable Company Interest or Subordinated Company Interests
shall represent any interest in any Trust Account and any other accounts
maintained for the benefit of the Investor Certificateholders, except as
specifically provided in this Article III.

 

(c)           Establishment of the Company Receipt Accounts. The Company, for its own benefit and as sole beneficial owner
shall cause to be established and maintained in its name, a segregated account
for each Approved Currency (each a “Company Receipts Account”
and, collectively the “Company Receipts Accounts”),
bearing a designation clearly indicating that the funds deposited therein are
held for the benefit of the Company.

 

(d)           Additional Accounts.
The Company may establish and maintain in the name of the Trustee, as trustee
of the Trust, segregated accounts in addition to or in place of the segregated
accounts set forth in Schedule 1, provided that such accounts are established and maintained
at an Eligible Institution and, provided, further, that prior to establishing such accounts, the
Company shall have (i) obtained the prior written consent of any Funding Agent
and (ii) the Trustee and the Funding Agents shall have received an Opinion of
Counsel from a nationally recognized law firm (which, as to factual matters,
may be based on a certificate of the Company) to the effect that such changes
in the accounts do not materially and adversely affect the Investor
Certificateholders.

 

34

 

(e)           Administration of the Series Concentration
Accounts and the General Reserve Accounts by the Trustee. At the written direction of the Master Servicer, funds on deposit
in the Series Concentration Accounts and the General Reserve Accounts available
for investment, shall be invested by the Trustee in Eligible Investments
selected by the Master Servicer. All such Eligible Investments shall be held by
the Trustee as trustee for the benefit of the Investor Certificateholders.
Amounts on deposit in each Series Non-Principal Concentration Subaccount and
the General Reserve Accounts shall, if applicable, be invested in Eligible
Investments that will mature on or before the Business Day immediately
preceding the next Distribution Date. All interest and investment earnings (net
of losses and investment expenses) on funds deposited in any Series
Non-Principal Concentration Subaccount shall be deposited in such subaccount.
Amounts on deposit in any Series Principal Concentration Subaccount and any
other accounts or subaccounts as specified in the related Supplement shall be
invested in Eligible Investments that mature no later than the Business Day
prior to the date which is specified in any Supplement. The Trustee, or its
nominee or custodian, shall maintain possession of the negotiable instruments
or securities, if any, evidencing any Eligible Investments from the time of
purchase thereof until the time of sale or maturity. Any earnings (net of
losses and investment expenses) (the “Investment Earnings”)
on such invested funds in a Series Principal Concentration Subaccount and any
other accounts or subaccounts as specified in the related Supplement will be
deposited by the Trustee in the related Series Non-Principal Concentration
Subaccount. Investment Earnings on funds held in any subaccount of the General
Reserve Accounts shall be deposited by the Trustee in such subaccount.

 

(f)            Daily Collections.

 

(i)            On the Business Day Received, promptly following the receipt of
Collections in the form of available funds in any Collection Account, the
Company shall have authorized a transfer of all Collections on deposit in (A)
any Collection Account with respect to the U.S. Originators directly to the
applicable Company Concentration Account, such transfer to be completed by
12:30 p.m. London time on the next succeeding Business Day following the day on
which such Collections are received in the Collection Account, each such
individual transfer amount to be reported by the Master Servicer to the Trustee
by 10:00 a.m. London time; and (B) any Collection Account with respect to the
European Originators directly to the applicable Master Collection Account.

 

(ii)           Promptly following the transfer of Collections to the applicable
Master Collection Account, the Master Servicer shall transfer, or cause to be
transferred, such transfer to be completed by 12:30 p.m. London time on the
next succeeding Business Day following the day on which such Collections are
received in the Master Collection Accounts, an amount equal to the amount of
Collections to the applicable Company Concentration Account.

 

35

 

(iii)          Promptly following the transfer of Collections to the applicable
Company Concentration Account, but in no event later than the next succeeding
Business Day of the Collections being received in such Company Concentration
Accounts, the Master Servicer shall calculate (such calculations to be
contained in the Daily Report) and direct the Trustee to make the transfers,
allocations and distributions set forth in Sections 3.01(f),
3.01(g), 3.01(h),
3.01(i), 3.01(j) and 3.01(k), as applicable, based on such Aggregate Daily
Collections as demonstrated in the Daily Report.

 

(iv)          If the Aggregate Daily Collections are deposited into a Company
Concentration Account pursuant to Section 3.01(b)(ii)
at or before 12:30 p.m. London time, and the Daily Report specified in Section 3.01(b)(ii) is received by the Trustee at or before
12:30 p.m. London time, the Trustee shall transfer, within a reasonable time,
on such Business Day, from the Company Concentration Accounts to the respective
Series Concentration Accounts, an amount equal to the product of (x) the
applicable Invested Percentage for such Outstanding Series and (y) such
Aggregate Daily Collections (in accordance with the Daily Report which should
be reconciled with balances in the Company Concentration Accounts).

 

(v)           If (A) the applicable amount referred to in Section
3.01(f)(iv) is deposited into a Series Concentration Account at or
before 12:30 p.m. London time, and the Daily Report is received by the Trustee
at or before 12:30 p.m. London time, as set forth in Section
3.01(f)(iv), or (B) the Servicer has deposited Servicer Advances
into a Series Concentration Account, the Trustee shall transfer, within a
reasonable time but in any event no later than 2:30 p.m. London time funds, on
such Business Day, from the Series Concentration Account for each Outstanding
Series to the Series Non-Principal Concentration Subaccount, the Series
Principal Concentration Subaccount and the Series Accrued Interest Subaccount
of each such Series in accordance with the Daily Report and the related
Supplement for such Series.

 

(vi)          Except as otherwise provided in a Supplement, if the applicable
amount referred to in Section 3.01(f)(iv)
is deposited into the Company Concentration Accounts at or before 12:30 p.m.
London time, and the Daily Report is received by the Trustee at or before 12:30
p.m. London time, as set forth in Section 3.01(f)(iv),
the Trustee shall, in accordance with the Daily Report, transfer, within a
reasonable time, but in any event no later than 2:30 p.m. London time, on such
Business Day, to the relevant Company Receipts Account the remaining funds, if
any, on deposit in the Company Concentration Accounts on such day after giving
effect to the distributions to be made pursuant to the Supplement for any
Outstanding Series.

 

(vii)         If the Collections received in respect of a Receivable that is not
set forth in a Daily Report can be identified by the Master Servicer within
five (5) Local Business Days of receipt, the Master Servicer shall send written
notice to the Trustee identifying such Receivable and setting

 

36

 

forth
the amount of Collections attributable to such Receivable. If the Trustee shall
have received such written notice within five (5) Local Business Days of the
Local Business Day on which such Collections have been deposited into a
Collection Account, such Collections shall be transferred to the relevant
Company Receipts Account by the Trustee.

 

(g)           Certain Allocations Following an Amortization
Period.

 

(i)            If, on any Settlement Report Date, an Amortization Period has
occurred and is continuing with respect to any Outstanding Series and at such
Settlement Report Date, a Revolving Period is still in effect with respect to
any other Outstanding Series (a “Special Allocation
Settlement Report Date”), then the Master Servicer shall calculate
the following amounts:

 

(A)          the amount (the “Allocable Charged-Off
Amount”) equal to the excess, if any, of (I) the aggregate Principal
Amount of Charged-Off Receivables for the related Settlement Period over (II)
the aggregate Principal Amount of Recoveries received during the related
Settlement Period; and

 

(B)           the amount (the “Allocable Recoveries
Amount”) equal to the excess, if any, of (I) the aggregate Principal
Amount of Recoveries received during the related Settlement Period over (II)
the aggregate Principal Amount of Charged-Off Receivables for the related
Settlement Period.

 

(ii)           If, on any Special Allocation Settlement Report Date, either of the
Allocable Charged-Off Amount or the Allocable Recoveries Amount is greater than
zero for the related Settlement Period, the Trustee shall (in accordance with
written directions received pursuant to Section 3.01(b)(ii))
make (A) a pro rata allocation to each Outstanding Series (based on the
Invested Percentage for such Series) of a portion (as determined in clause (iii) below) of each such positive amount and (B) a pro  rata allocation
to the Exchangeable Company Interest of the remaining portion of each such
positive amount.

 

(iii)          With respect to each portion of the Allocable Charged-Off Amount and
the Allocable Recoveries Amount which is allocated to an Outstanding Series
pursuant to Section 3.01(g)(ii), the Trustee
shall (in accordance with the written direction of the Master Servicer) apply
each such amount to such Series in accordance with the related Supplement for
such Series.

 

(h)           Allocations for the Exchangeable Company Interest. On each Business Day and, after the occurrence and continuation of
a Potential Early Amortization Event or an Early Amortization Event in each
case set forth in Section 7.1 of
the Agreement, and until the Trust Termination Date, on each Distribution Date,
after making all transfers and allocations required pursuant to Section 3.01(f), the Trustee shall (in accordance with the
written direction of the

 

37

 

Master
Servicer (which may be given in the form of the Daily Report) upon which the
Trustee may conclusively rely) transfer no later than 2:30 p.m. London time, on
such Business Day, the amounts on deposit in the Company Receipts Accounts to
the holder of the Exchangeable Company Interest or to such accounts or such
Persons as the holder of the Exchangeable Company Interest may direct in
writing (which direction may consist of standing instructions provided by the
holder of the Exchangeable Company Interest that shall remain in effect until
changed by such holder of the Exchangeable Company Interest in writing); provided, however, that a
transfer for purposes of this Section 3.0(h)
shall be deemed to have occurred at such time as the Trustee instructs the bank
at which the Company Concentration Accounts are held to debit the Company
Concentration Accounts in the amount of the outgoing amount; provided, further, that a
failure of the Trustee to transfer funds by 2:30 p.m. London time, shall not be
a breach of this Section 3.01(h) if (i) the same
bank wire transfer program is not used by the Company and the Trustee to make
such transfers or (ii) a Trustee/Master Servicer Force Majeure Delay occurs,
and in either such event the Trustee shall use its best efforts to transfer
funds within a reasonable time.

 

(i)            Setoff. In addition to
the provisions of Section 8.05,
(i) if the Company shall fail to make a payment as provided in this Agreement
or any Supplement, the Trustee may set off and apply any amounts otherwise
payable to the Company under any Transaction Document. The Company hereby
waives demand, notice or declaration of such setoff and application; and (ii)
in the event the Master Servicer shall fail to make a payment as provided in
any Transaction Document, the Trustee may set off and apply any amounts
otherwise payable to the Master Servicer in its capacity as Master Servicer
under the Transaction Documents on account of such obligation. The Master
Servicer hereby waives demand, notice or declaration of such setoff and
application.

 

(j)            Allocation and Application of Funds. The Master Servicer shall direct the Trustee in writing (which may
be given in the form of the Daily Reports and the Monthly Settlement Reports)
to apply all amounts computed by reference to Aggregate Daily Collections with
respect to the Receivables as described in this Article III
and in the Supplement with respect to each Outstanding Series. The Master
Servicer shall direct the Trustee in writing to pay such collections and other
amounts to the holder of the Exchangeable Company Interest to the extent such
amounts are allocated to the Exchangeable Company Interest under Section 3.01(h) and as otherwise provided in Article III if and to the extent that such amounts represent
amounts transferred to a Company Receipts Account pursuant to Section 3.01(f)(vi) or (as the case may be) Section 3.01(f)(vii) such amounts shall be paid to the
holder of the Exchangeable Company Interests by way of consideration for the
grant of the Participation pursuant to Section 2.01(a).
Unless otherwise provided in one or more Supplements, if the Trustee receives
any Daily Report at or before 12:30 p.m. London time, on any Business Day, the
Trustee shall make any applications of funds required thereby on the same
Business Day, but in any event no later than 2:30 p.m. London time and
otherwise on the next succeeding Business Day.

 

38

 

(k)           FX Forward Payments.

 

(i)            All payments made under the FX Forward Agreements shall be paid
directly into the applicable Company Concentration Account.

 

(ii)           If the payments under the FX Forward Agreements are deposited into a
Company Concentration Account pursuant to the preceding Section
3.01(k)(i) no later than 12:30 p.m. London time, and the Daily
Report specified in Section 3.01(b)(ii)
is received by the Trustee no later than 12:30 p.m. London time, the Trustee
shall transfer, within a reasonable time, on such Business Day, from the
Company Concentration Accounts, to the respective Series Concentration
Accounts, an amount equal to the product of (x) the payments that have been
made under the FX Forward Agreements (in accordance with the Daily Report which
should be reconciled with balances in the Company Concentration Accounts) and
(y) a percentage with respect to each Series determined as (A) the Invested
Amount with respect to such Series at such time divided by (B) the Invested Amount
with respect to all Series at such time.

 

(iii)          If the applicable amount referred to in Section
3.01(k)(ii) is deposited into a Series Concentration Account no
later than 12:30 p.m. London time, and the Daily Report is received by the
Trustee no later than 12:30 p.m. London time, as set forth in the preceding Section 3.01(k)(ii), the Trustee shall transfer, within a
reasonable time but in any event no later than 2:30 p.m. London time funds, on
such Business Day, from the Series Concentration Account for each Outstanding
Series to the Series Non-Principal Concentration Subaccount, the Series
Principal Concentration Subaccount and the Series Accrued Interest Subaccount
of each such Series in accordance with the Daily Report and the related
Supplement for such Series.

 

THE REMAINDER OF ARTICLE III SHALL BE
SPECIFIED IN THE SUPPLEMENT WITH RESPECT TO EACH SERIES. SUCH REMAINDER SHALL
BE APPLICABLE ONLY TO THE SERIES RELATING TO THE SUPPLEMENT IN WHICH SUCH
REMAINDER APPEARS.

 

ARTICLE
IV

 

ARTICLE
IV IS RESERVED

AND MAY BE SPECIFIED IN ANY SUPPLEMENT

WITH RESPECT TO THE SERIES RELATING THERETO

 

ARTICLE
V

 

THE
INVESTOR CERTIFICATES AND

EXCHANGEABLE COMPANY INTEREST

 

39

 

SECTION 5.01           The Investor Certificates.

 

The Investor Certificates of each Series
and any Class thereof shall be substantially in the form of the exhibits with
respect thereto attached to the applicable Supplement. The Investor
Certificates shall, upon issue, be executed by the Trustee (on behalf of the
Trust and without the Trustee incurring any personal liability in respect of
the Investor Certificates) and the Trustee shall authenticate and redeliver the
Investor Certificates as provided in Section 5.02.
Except as otherwise set forth as to any Series or Class in the related
Supplement, the Investor Certificates shall be issued by the Trust in minimum
denominations of $1,000,000 and in integral multiples of $100,000 in excess
thereof. Each Investor Certificate shall be executed by manual or facsimile signature
by the Trustee or a Responsible Officer of the Trustee on behalf of the
Trustee. Investor Certificates bearing the manual or facsimile signature of the
individual who was, at the time when such signature was affixed, authorized to
sign on behalf of the Trustee shall not be rendered invalid, notwithstanding
that such individual has ceased to be so authorized prior to or on the date of
the authentication and delivery of such Investor Certificates or does not hold
such office at the date of such Investor Certificates. No Investor Certificate
shall be entitled to any benefit under this Agreement, or be valid for any
purpose, unless there appears on such Investor Certificate a certificate of
authentication substantially in the form provided for herein executed by or on
behalf of the Trustee by the manual signature of a duly authorized signatory,
and such certificate of authentication upon any Investor Certificate shall be
conclusive evidence, and the only evidence, that such Investor Certificate has
been duly authenticated and delivered hereunder. All Investor Certificates
shall be dated the date of their authentication but failure to do so shall not
render them invalid. Unless otherwise specified in the Supplement for each
Series, Investor Certificates for each Series and any Class thereof shall be in
fully registered form.

 

In addition to the foregoing, the
Supplement for each Series may specify the relevant terms with respect to such
Series, which terms may include, as applicable: (i) its name or designation,
(ii) the aggregate principal amount of Investor Certificates of such Series,
(iii) the Certificate Rate (or the method for calculating such Certificate
Rate) with respect to such Series, (iv) the interest payment date or dates and
the date or dates from which interest shall accrue, (v) the method of applying
Collections with respect to such Series towards the satisfaction of amounts
payable by the Company in respect of Investor Certificates of such Series and
the method by which the principal amount of Investor Certificates of such
Series shall amortize or accrete, (vi) the names of any accounts to be used by
such Series and the terms governing the operation of any such account, (vii)
whether the Investor Certificates of such Series may be issued in bearer form
or registered form and any limitations imposed on transfer, sale or exchange
thereon, including the limitations provided in Section l65(j) and 1287(a) of
the Code, (viii) the Series Termination Date, (ix) whether the Investor
Certificates will be issued in multiple classes and, if so, the method of
applying Collections among such classes as described under clause (v)
of this paragraph and (x) any other relevant terms of such Series of Investor
Certificates that do not (subject to Sections 8.14
and 10.01(b) hereof) change the terms of
any Outstanding Series of Investor Certificates or otherwise materially
conflict with the provisions of this Agreement.

 

SECTION 5.02           Authentication of Certificates.

 

(a)           Authentication and Delivery of Certificates. The Trustee shall authenticate and deliver the initial Series of
Investor Certificates that are issued upon the written order of the Master
Servicer in a form reasonably satisfactory to the Trustee, to the holders of
the initial Series of Investor Certificates, against payment for the first
Series issued by the Trustee of the Initial Invested

 

40

 

Amount
to the Company. The Investor Certificates shall be duly authenticated by or on
behalf of the Trustee in authorized denominations equal to (in the aggregate)
such Initial Invested Amount. Upon a Company Exchange as provided in Section 5.11 and the satisfaction of the conditions
specified therein, the Trustee shall authenticate and deliver the Investor
Certificates of additional Series (with the designation provided in the
applicable Supplement) (or, if provided in any Supplement, the additional
Investor Certificates of an existing Series), upon the written order of the
Company, to the Persons designated in such Supplement. Upon the written order
of the Master Servicer, the Investor Certificates of any Series shall be duly
authenticated by or on behalf of the Trustee, in authorized denominations equal
to (in the aggregate) the Initial Invested Amount of such Series of Investor
Certificates.

 

(b)           Company Certificates.
Upon written request of the Master Servicer, the Trustee shall authenticate and
deliver to the Company one or more certificates representing the Exchangeable
Company Interest in a form reasonably satisfactory to the Trustee. Such
certificates shall be duly authenticated by or on behalf of the Trustee in
denominations as requested by the Company. The Company shall pay all costs
associated with such issuance of certificates.

 

SECTION 5.03           Registration of Transfer and Exchange of Investor Certificates.

 

(a)           With respect to Investor Certificates of a Series which are issued
in registered form, the Trustee shall cause to be kept at the office or agency
to be maintained by a transfer agent and registrar (which may be the Trustee)
(the “Transfer Agent and Registrar”) in
accordance with the provisions of Section 8.16 a
register (the “Certificate Register”) in which,
subject to such reasonable regulations as the Trustee may prescribe, the
Transfer Agent and Registrar shall provide for the registration of the Investor
Certificates and of transfers and exchanges of the Investor Certificates as
herein provided. The Company hereby appoints J.P. Morgan Bank (Ireland) plc as
Transfer Agent and Registrar for the purpose of registering the Investor
Certificates and transfers and exchanges of the Investor Certificates as herein
provided. J.P. Morgan Bank (Ireland) plc shall be permitted to resign as
Transfer Agent and Registrar upon 30 days’ prior written notice to the Company,
the Trustee and the Master Servicer; provided, however, that such resignation shall not be effective and J.P.
Morgan Bank (Ireland) plc shall continue to perform its duties as Transfer
Agent and Registrar until the Trustee has appointed a successor Transfer Agent
and Registrar reasonably acceptable to the Company and such successor Transfer
Agent and Registrar has accepted such appointment. The provisions of Sections 8.01, 8.02, 8.03, 8.05, and 10.19 shall apply to J.P. Morgan Bank (Ireland) plc (or the
Trustee to the extent it is so acting) also in its role as Transfer Agent or
Registrar, as the case may be, for so long as J.P. Morgan Bank (Ireland) plc
(or the Trustee to the extent it is so acting) shall act as Transfer Agent or
Registrar, as the case may be.

 

Each of the Master Servicer and the Company
hereby jointly and severally agrees to provide the Trustee from time to time
sufficient funds, on a timely basis and in accordance with and subject to Section 8.05, for the payment of any reasonable compensation
payable to the Transfer Agent and Registrar for its services under this Section 5.03 and under Section 5.10.
The Trustee

 

41

 

hereby agrees that, upon the receipt of
such funds from the Company, it shall pay the Transfer Agent and Registrar such
amounts.

 

Upon surrender for registration of transfer
of any Investor Certificate at any office or agency of the Transfer Agent and
Registrar maintained for such purpose, the Trustee shall execute (on behalf of
the Trust), and the Trustee shall, upon the written order of the Company,
authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Investor Certificates in authorized denominations
of the same Series (and Class) representing like aggregate Fractional Undivided
Interests and which bear numbers that are not contemporaneously outstanding.

 

At the option of an Investor
Certificateholder, Investor Certificates may be exchanged for other Investor
Certificates of the same Series (and Class) in authorized denominations of like
aggregate Fractional Undivided Interests, bearing numbers that are not
contemporaneously outstanding, upon surrender of the Investor Certificates to
be exchanged at any such office or agency of the Transfer Agent and Registrar
maintained for such purpose.

 

Whenever any Investor Certificates of any
Series are so surrendered for exchange, the Trustee shall execute (on behalf of
the Trust), and the Trustee shall, upon the written order of the Company, authenticate
and (unless the Transfer Agent and Registrar is different from the Trustee, in
which case the Transfer Agent and Registrar shall) deliver, the Investor
Certificates of such Series which the Investor Certificateholder making the
exchange is entitled to receive. Every Investor Certificate presented or
surrendered for registration of transfer or exchange shall be accompanied by a
written instrument of transfer, with sufficient instructions, duly executed by
the Investor Certificateholder thereof or his attorney-in-fact duly authorized
in writing delivered to the Trustee (unless the Transfer Agent and Registrar is
different from the Trustee, in which case to the Transfer Agent and Registrar)
and complying with any requirements set forth in the applicable Supplement.

 

No service charge shall be made for any
registration of transfer or exchange of Investor Certificates, but the Transfer
Agent and Registrar may require any Investor Certificateholder that is
transferring or exchanging one or more Investor Certificates to pay a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Investor Certificates.

 

All Investor Certificates surrendered for
registration of transfer and exchange shall be cancelled and disposed of in a
customary manner satisfactory to the Trustee.

 

The Trustee (on behalf of the Trust and without
incurring personal liability with respect to the Investor Certificates) shall execute
and deliver Investor Certificates to the Transfer Agent and Registrar in such
amounts and at such times as are necessary to enable the Transfer Agent and
Registrar to fulfill their respective responsibilities under this Agreement and
the Investor Certificates.

 

42

 

(b)           The Transfer Agent and Registrar will maintain at its expense in
Ireland and, subject to Section 5.03(a),
if specified in the related Supplement for any Series, any other city outside
the United Kingdom designated in such Supplement, an office or offices or
agency or agencies where Investor Certificates may be surrendered for
registration or transfer or exchange.

 

(c)           Unless otherwise stated in any related Supplement, registration of
transfer of Investor Certificates containing a legend relating to restrictions
on transfer of such Investor Certificates (which legend shall be set forth in
the Supplement relating to such Investor Certificates) shall be effected only
if the conditions set forth in the related Supplement are complied with.

 

Investor Certificates issued upon
registration or transfer of, or in exchange for, Investor Certificates bearing
the legend referred to above shall also bear such legend unless the Company,
the Master Servicer, the Trustee and the Transfer Agent and Registrar receive
an Opinion of Counsel satisfactory to each of them, to the effect that such
legend may be removed.

 

SECTION 5.04           Additional Issuance of Certificates.

 

(a)           The Company may cause the Trustee to issue one or more additional
Series. To the extent provided in the related Supplement, the Company may cause
the Trustee to increase the Invested Amount of a Class of Investor Certificates
of an Outstanding Series and an increase in any related Subordinated Company
Interests.

 

(b)           A new issuance or an additional issuance, as the case may be, may
only occur upon delivery to the Trustee of, among other things, the following:
(i) an additional Supplement specifying the principal terms of such Series
(except in the case of an additional issuance to the extent provided in the
related Supplement) and (ii) the applicable credit enhancement, if any.

 

SECTION 5.05           Mutilated, Destroyed, Lost or Stolen Investor Certificates.

 

With respect to Investor Certificates of a
Series which are issued in registered form, if (a) any mutilated Investor
Certificate is surrendered to the Transfer Agent and Registrar, or the Transfer
Agent and Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Investor Certificate and (b) there is delivered to the Transfer
Agent and Registrar and the Trustee such security or indemnity as may be
required by them to save the Trust, each of them and the Company harmless,
then, in the absence of actual notice to the Trustee or Transfer Agent and
Registrar that such Investor Certificate has been acquired by a bona fide
purchaser, and, upon the written request of the Company, the Trustee shall
authenticate and deliver on behalf of the Trust, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Investor Certificate, a new
Investor Certificate of like tenor and aggregate Fractional Undivided Interest
and bearing a number that is not contemporaneously outstanding. In connection
with the issuance of any new Investor Certificate under this Section 5.05, the Trustee or the Transfer Agent and
Registrar may require the payment by the Investor Certificateholder of a sum
sufficient to cover any tax or other governmental expenses (including the fees
and expenses of the Trustee and Transfer Agent and Registrar) connected
therewith. Any duplicate Investor Certificate issued pursuant to this Section 5.05 shall constitute complete and indefeasible
evidence of ownership in the Trust, as if originally

 

43

 

issued, whether or not the lost, stolen or
destroyed Investor Certificate shall be found at any time.

 

SECTION 5.06           Persons Deemed Owners.

 

At all times prior to due presentation of
an Investor Certificate for registration of transfer, if applicable, the
Company, the Trustee, the Paying Agent, the Transfer Agent and Registrar, any
Funding Agent and any agent of any of them may treat the Person in whose name
any Investor Certificate is registered as the owner of such Investor
Certificate for the purpose of receiving distributions pursuant to Article IV of the related Supplement and for all other
purposes whatsoever, and neither the Trustee, the Paying Agent, the Transfer
Agent and Registrar nor any agent of any of them shall be affected by any
notice to the contrary. Notwithstanding the foregoing provisions of this Section 5.06, in determining whether the Investor
Certificateholders of the requisite Fractional Undivided Interests have given
any request, demand, authorization, direction, notice, consent or waiver
hereunder, Investor Certificates owned by the Company, or any Affiliate
thereof, shall be disregarded and deemed not to be outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Investor Certificates which a Responsible Officer of the Trustee actually knows
to be so owned shall be so disregarded. Investor Certificates so owned by the
Company or any Affiliate thereof which have been pledged in good faith shall
not be disregarded and may be regarded as outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Investor Certificates and that the pledgee is not the
Company or any Affiliate thereof.

 

SECTION 5.07           Appointment of Paying Agent; Distributions by Paying Agent.

 

The Paying Agent shall make distributions
to Investor Certificateholders from the Series Concentration Accounts (and/or
any other account or accounts maintained for the benefit of Investor
Certificateholders as specified in the related Supplement for any Series)
pursuant to Articles III and IV. The Trustee may revoke such power and remove the Paying
Agent if the Trustee determines in its sole discretion that the Paying Agent shall
have failed to perform its obligations under this Agreement in any material
respect. Unless otherwise specified in the related Supplement for any Series
and with respect to such Series, the Paying Agent shall initially be J.P.
Morgan Bank (Ireland) plc and any co-paying agent chosen by J.P. Morgan Bank
(Ireland) plc. Each Paying Agent other than the Initial Paying Agent shall have
a combined capital and surplus of at least $100,000,000. The Paying Agent shall
be permitted to resign upon thirty (30) days’ prior written notice to the
Trustee. In the event that the Paying Agent shall so resign, the Trustee shall
appoint a successor to act as Paying Agent (which shall be a depositary
institution or trust company) reasonably acceptable to the Company which appointment
shall be effective on the date on which the Person so appointed gives the
Trustee written notice that it accepts the appointment. Any resignation or
removal of the Paying Agent and appointment of successor Paying Agent pursuant
to this Section 5.07 shall not become effective
until acceptance of appointment by the successor Paying Agent, as provided in
this Section 5.07. The Trustee shall cause
such successor Paying Agent or any additional Paying Agent appointed by the
Trustee to execute and deliver to the Trustee an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Trustee
that as Paying Agent, such successor Paying Agent or additional Paying Agent
will hold all sums, if any, held by it for payment to the Holders in trust for
the benefit of the Holders entitled thereto until such sums shall be paid to
such Holders. The Paying Agent shall return all unclaimed funds to the Trustee
and upon removal of a Paying Agent such

 

44

 

Paying Agent shall also return all funds in
its possession to the Trustee. The provisions of Sections
8.01, 8.02, 8.03,
8.05 and 10.19
shall apply to J.P. Morgan Bank (Ireland) plc (or the Trustee to the extent it
is so acting) also in its role as Paying Agent, for so long as J.P. Morgan Bank
(Ireland) plc (or the Trustee to the extent it is so acting) shall act as
Paying Agent. Any reference in this Agreement to the Paying Agent shall include
any co-paying agent unless the context requires otherwise.

 

The Company hereby agrees to provide the
Trustee from time to time sufficient funds, on a timely basis and in accordance
with and subject to Section 8.05,
for the payment of any reasonable compensation payable to the Paying Agent for
its services under this Section 5.07.
The Trustee hereby agrees that, upon the receipt of such funds from the Company,
it shall pay the Paying Agent such amounts.

 

SECTION 5.08         Access to List of Investor
Certificateholders’ Names and Addresses.

 

With respect to Investor Certificates of a
Series which are issued in registered form, the Trustee will furnish or cause
to be furnished by the Transfer Agent and Registrar to the Company, the Master
Servicer or the Paying Agent, within ten (10) Business Days after receipt by
the Trustee of a request therefor from the Company, the Master Servicer or the
Paying Agent, respectively, in writing, a list of the names and addresses of
the Investor Certificateholders as then recorded by or on behalf of the
Trustee. The costs and expenses incurred in connection with the provision of
such list shall constitute Program Costs under the Supplement for the
applicable Series. If three or more Investor Certificateholders of record or
any Investor Certificateholder of any Series or a group of Investor
Certificateholders of record representing Fractional Undivided Interests
aggregating not less than 10% of the Invested Amount of the related Outstanding
Series (the “Applicants”) apply in writing to
the Trustee, and such application states that the Applicants desire to
communicate with other Investor Certificateholders of any Series with respect
to their rights under this Agreement or under the Investor Certificates and is
accompanied by a copy of the communication which such Applicants propose to
transmit, then the Trustee, after having been adequately indemnified by such
Applicants for its costs and expenses, shall transmit or shall cause the
Transfer Agent and Registrar to transmit, such communication to the Investor
Certificateholders reasonably promptly after the receipt of such application.

 

Every Investor Certificateholder, by
receiving and holding an Investor Certificate, agrees with the Trustee that
neither the Trustee, the Transfer Agent and Registrar, nor any of their
respective agents, officers, directors or employees shall be held accountable
by reason of the disclosure or mailing of any such information as to the names
and addresses of the Investor Certificateholders hereunder, regardless of the
sources from which such information was derived.

 

As soon as practicable following each
Record Date, the Trustee shall provide to the Paying Agent or its designee, a
list of Investor Certificateholders in such form as the Paying Agent may
reasonably request.

 

SECTION 5.09           Authenticating Agent

 

(a)           The Trustee may appoint one or more authenticating agents with
respect to the Investor Certificates which shall be authorized to act on behalf
of the Trustee in authenticating the Investor Certificates in connection with
the issuance,

 

45

 

delivery,
registration of transfer (if applicable), exchange or repayment of the Investor
Certificates; provided, that each such authenticating agent shall satisfy the
conditions set forth in Section 8.02(a).
Whenever reference is made in this Agreement to the authentication of Investor
Certificates by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication on behalf of the
Trustee by an authenticating agent and a certificate of authentication executed
on behalf of the Trustee by an authenticating agent.

 

(b)           Any institution succeeding to the corporate trust business of an
authenticating agent shall continue to be an authenticating agent without the
execution or filing of any paper or any further act on the part of the Trustee
or such authenticating agent; provided such institution satisfies the
conditions set forth in Section 8.02(a).

 

(c)           An authenticating agent may at any time resign by giving written
notice of resignation to the Trustee. Upon the receipt by the Trustee of any
such notice of resignation and upon the giving of any such notice of
termination by the Trustee, the Trustee shall immediately give notice of such
resignation or termination to the Company.

 

(d)           Any resignation of an authenticating agent shall not become
effective until acceptance of appointment by the successor authenticating agent
as provided in this Section 5.09.
The Trustee may at any time terminate the agency of an authenticating agent by
giving notice of termination to such authenticating agent. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time an
authenticating agent shall cease to be acceptable to the Trustee or fail to
satisfy the conditions set forth in Section 8.06,
the Trustee promptly may appoint a successor authenticating agent.

 

(e)           Any successor authenticating agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as
an authenticating agent. No successor authenticating agent (other than an
Affiliate of the Trustee) shall be appointed unless such authenticating agent
(i) is reasonably acceptable to the Trustee and the Company and (ii) satisfies
the conditions set forth in Section 8.02(a).

 

(f)            The Company hereby agrees to provide the Trustee from time to time
sufficient funds, on a timely basis and in accordance with and subject to Section 8.05, for the payment of any reasonable compensation
payable to each authenticating agent for its services under this Section 5.09. The Trustee hereby agrees that, upon the
receipt of such funds from the Company, it shall pay each authenticating agent
such amounts.

 

(g)           The provisions of Sections 8.01, 8.02, 8.03, 8.05 and 10.18 shall be
applicable to any authenticating agent.

 

(h)           Pursuant to an appointment made under this Section 5.09,
the Investor Certificates may have endorsed thereon, in lieu of the Trustee’s
certificate of

 

46

 

authentication,
an alternate certificate of authentication in substantially the following form:

 

“This is one of the Investor Certificates

described in the Pooling Agreement

dated as of December 21, 2000,

as amended and restated on June 26, 2001 and

as further amended and restated on April 18, 2006

among Huntsman Receivables Finance LLC,

Huntsman (Europe) BVBA, as Master Servicer

and

J.P. Morgan Bank (Ireland) plc, as Trustee”

 

	
   

  	
   

  	
   

  

as Authenticating Agent

for the Trustee

 

	
  By

  	
   

  	
   

  
	
  Authorized Signatory

  

 

SECTION 5.10           Tax Treatment.

 

It is the intent of the Master Servicer,
the Company, the Investor Certificateholders and the Trustee that, under
applicable U.S. Federal, State and local income and franchise tax laws (but for
no other purpose), the Investor Certificates will qualify as indebtedness of
the Company secured by the Participation Assets and that the Trust will not be
characterized as an association or publicly traded partnership taxable as a
corporation. The Company, the Master Servicer and the Trustee, by entering into
this Agreement, and each Investor Certificateholder, by its acceptance of its
Investor Certificate, agree to treat, except as otherwise required by law, the
Investor Certificates for applicable U.S. Federal, State and local income and
franchise tax purposes (but for no other purpose) as indebtedness of the
Company. The provisions of this Agreement and all related Transaction Documents
shall be construed to further these intentions of the parties. This Section 5.10 shall survive the termination of this Agreement
and shall be binding on all transferees of any of the foregoing persons.

 

SECTION 5.11           Exchangeable Company Interest.

 

(a)           The Company may decrease the amount of its Exchangeable Company
Interest in exchange for (i) an increase in the Invested Amount of a Class of
Investor Certificates of an Outstanding Series and an increase in any related
Subordinated Company Interests in connection with an issuance of additional
Investor Certificates of such Outstanding Series in accordance with the
respective Supplement or (ii) one or more newly issued Series of Investor
Certificates and any related newly issued Subordinated Company Interests (any
such decrease, a “Company Exchange”).
A Company Exchange shall not be necessary in connection with an increase in the
Invested Amount of any Investor Certificates issued in a Series with an
Invested Amount that may increase or decrease from time to time. Such Investor
Certificates are expected to be designated as “Variable
Funding Certificates” or “VFC Certificates”.
The Master Servicer may perform a Company Exchange by notifying the

 

47

 

Trustee,
in writing at least twenty (20) Business Days in advance (an “Exchange Notice”) of the date upon which the Company
Exchange is to occur (an “Exchange Date”).
Any Exchange Notice given by the Company shall state the designation of any
Series to be issued on the Exchange Date and, with respect to each such Series:
(a) its additional or Initial Invested Amount, as the case may be, if any,
which in the aggregate at any time may not be greater than the current
principal amount of the Company’s Exchangeable Company Interest if any, at such
time and (b) its Certificate Rate (or the method for allocating interest
payments or other cash flow to such Series), if any. On the Exchange Date, the
Trustee shall only (i) authenticate and deliver any Investor Certificates
evidencing an increase in the Invested Amount of a Class of Investor
Certificates or a newly issued Series and (ii) permit the issuance of any
related Subordinated Company Interests, upon delivery to the Trustee of the
following (together with the delivery by the Company to the Trustee of any
additional agreements, instruments or other documents as are specified in the
related Supplement): (a) a Supplement executed by the Master Servicer and the
Company and specifying the Principal Terms of such Series (provided that no
such Supplement shall be required for any increase in the Invested Amount of a
Class of Investor Certificates, and any related increase in any related
Subordinated Company Interests, unless it is so required by the related
Supplement), (b) a Tax Opinion addressed to the Trustee and the Trust, (c) a
General Opinion addressed to the Trustee and the Trust, (d) a Responsible
Officer’s certificate of the Company certifying that all conditions precedent
to the authentication and delivery of such Investor Certificates have been
satisfied and upon which Responsible Officer’s certificate the Trustee may
conclusively rely, (e) the receipt of the written consent of each Funding
Agent, (f) written instructions of an officer of the Company specifying the
amount, Series, Investor Certificates and other Interests to be issued with
respect to the Company Exchange and (g) the applicable Investor Certificates if
necessary. Upon delivery of the items listed in clauses (a)
through (g) above and satisfaction of any
conditions set forth in any Supplement for an Outstanding Series, the existing
Exchangeable Company Interest and the applicable Subordinated Company
Interests, as the case may be, shall be deemed adjusted as of such Exchange
Date, and the new Subordinated Company Interests, if any, shall be deemed duly
created as of such Exchange Date, in each case as provided above. The Trustee
shall cause to be kept at the office or agency to be maintained by the Transfer
Agent and Registrar in accordance with the provisions of Section 8.16
a register (the “Exchange Register”) in which,
subject to such reasonable regulations as the Trustee may prescribe, the
Transfer Agent and Registrar shall record all Company Exchanges and the amount
of the Exchangeable Company Interest following any Company Exchange. There is
no limit to the number of Company Exchanges that the Company may perform under
this Agreement. If the Company shall, on any Exchange Date, retain any Investor
Certificates issued on such Exchange Date, it shall, prior to transferring any
such Investor Certificates to another Person, obtain a Tax Opinion. Additional
restrictions relating to a Company Exchange may be set forth in any Supplement.

 

(b)           Upon any Company Exchange, the Trustee, in accordance with the
written directions of the Master Servicer shall issue to the Company under Section 

 

48

 

5.01, for execution, as agent of the Trustee, and redelivery to the
Trustee for authentication under Section 5.02,
(i) one or more Investor Certificates representing an increase in the Invested
Amount of an Outstanding Series, or (ii) one or more new Series of Investor
Certificates. Any such Investor Certificates shall be substantially in the form
specified in the applicable Supplement and each shall bear, upon its face, the
designation for such Series to which each such Certificate belongs so selected
by the Master Servicer.

 

(c)           In conjunction with a Company Exchange, the parties hereto shall,
except as otherwise provided in Section 5.11(a)
above, execute a Supplement to this Agreement, which shall define, with respect
to any additional Investor Certificates or newly issued Series, as the case may
be: (i) its name or designation, (ii) its additional or initial principal
amount, as the case may be (or method for calculating such amount), (iii)
whether the Investor Certificates for such Series may be issued in bearer form
or registered form and any limitations imposed thereon on transfer, sale or
exchange, including the limitations provided in Section 165(j) and 1287(a) of
the Code, (iv) its Certificate Rate (or formula for the determination thereof),
(v) the interest payment date or dates and the date or dates from which
interest shall accrue, (vi) the method for allocating Collections to Holders,
(vii) the names of any accounts or subaccounts to be used by such Series and
the terms governing the operation of any such accounts or subaccounts, (viii)
the issue and terms of a letter of credit or other form of Enhancement, if any,
with respect thereto, (ix) the terms on which the Certificates of such Series
may be repurchased by the Company or may be remarketed to other investors, (x)
the Series Termination Date thereafter, (xi) any deposit account maintained for
the benefit of Holders, (xii) the number of classes of such Series, and if more
than one Class, the rights and priorities of each such Class, (xiii) the rights
of the holder of such Exchangeable Company Interest that have been transferred
to the holders of such Series, (xiv) the designation of any Series Accounts or
subaccounts and the terms governing the operation of any such Series Accounts
or subaccounts, (xv) provisions acceptable to the Trustee concerning the
payment of the Trustee’s fees and expenses and (xvi) other relevant terms (all
such terms, the “Principal Terms” of such Series).
The Supplement executed in connection with the Company Exchange shall contain
administrative provisions which are reasonably acceptable to the Trustee.

 

(d)           The Company shall not transfer, assign, exchange or otherwise
dispose of its Exchangeable Company Interest or any Subordinated Company
Interests without (i) the prior written consent of each Funding Agent and (ii) delivery
of a Tax Opinion. If the Company shall transfer, assign, exchange or otherwise
dispose of all or any portion of its Exchangeable Company Interest or any
Subordinated Company Interests, in accordance with the preceding sentence, the
Transfer Agent and Registrar shall record the transfer, assignment, exchange or
other disposition of (i) the Exchangeable Company Interest in the Exchange Register
and (ii) any Subordinated Company Interests in a register maintained by the
Transfer Agent and Registrar at its office or agency (the “Subordinated
Interest Register”). Any Holder who wishes to transfer, assign,
exchange or otherwise dispose of all or any portion of the Exchangeable Company
Interest or any Subordinated Company Interests held

 

49

 

by it
shall deliver instructions and a written instrument of transfer, with
sufficient instructions, duly executed by such Holder or his attorney-in-fact
duly authorized in writing delivered to the Trustee (unless the Transfer Agent
and Registrar is different from the Trustee, in which case to the Transfer
Agent and Registrar) and complying with any requirements set forth in the
applicable Supplement. No service charge shall be made for any registration of
transfer or exchange of all or any portion of the Exchangeable Company Interest
or any Subordinated Company Interests, but the Transfer Agent and Registrar may
require any Holder that is transferring or exchanging all or any portion of the
Exchangeable Company Interest or any Subordinated Company Interests to pay a
sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of all or any portion of the
Exchangeable Company Interest or the Subordinated Company Interests.

 

(e)           Except as specified in any Supplement for a related Series, all
Investor Certificates of any Series shall be equally and ratably entitled as
provided herein to the benefits hereof without preference, priority or
distinction on account of the actual time or times of authentication and
delivery, all in accordance with the terms and provisions of this Agreement and
the applicable Supplement.

 

(f)            If the Company reduces its Exchangeable Company Interest pursuant to
Section 2.05 hereof, the Company shall
immediately notify the Trustee of any such reduction and the Trustee shall make
the appropriate notification in its records that such reduction of the
Exchangeable Company Interest has been made.

 

SECTION 5.12           Book-Entry Certificates.

 

If specified in any related Supplement, the
Investor Certificates, or any portion thereof, upon original issuance, shall be
issued in the form of one or more typewritten Investor Certificates
representing the Book-Entry Certificates, to be delivered to the Depository
specified in such Supplement which shall be the Clearing Agency, specified by,
or on behalf of, the Company for such Series. The Investor Certificates shall
initially be registered on the Certificate Register in the name of the nominee
of such Clearing Agency, and no Certificate Book-Entry Holder will receive a
definitive certificate representing such Certificate Book-Entry Holder’s
interest in the Investor Certificates, except as provided in Section 5.14. Unless and until definitive, fully registered
Investor Certificates (“Definitive Certificates”)
have been issued to Investor Certificateholders pursuant to Section 5.14 or the related Supplement:

 

(a)           the provisions of this Section 5.12
shall be in full force and effect;

 

(b)           the Master Servicer (or the Servicer Guarantor on behalf of the
Master Servicer) and the Trustee may deal with each Clearing Agency for all
purposes (including the making of distributions on the Investor Certificates)
as the Investor Certificateholder without respect to whether there has been any
actual authorization of such actions by the Certificate Book-Entry Holders with
respect to such actions;

 

50

 

(c)           to the extent that the provisions of this Section 5.12
conflict with any other provisions of this Agreement, the provisions of this Section 5.12 shall control; and

 

(d)           the rights of Certificate Book-Entry Holders shall be exercised only
through the Clearing Agency and the related Clearing Agency Participants and
shall be limited to those established by law and agreements between such
related Certificate Book-Entry Holders and the Clearing Agency and/or the
Clearing Agency Participants. Pursuant to the Depository Agreement, the initial
Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit distributions of amounts due in respect
of the Investor Certificates to such Clearing Agency Participants.

 

Notwithstanding the foregoing, no Class or
Series of Investor Certificates may be issued as Book-Entry Certificates (but,
instead, shall be issued as Definitive Certificates) unless at the time of
issuance of such Class or Series, the Company and the Trustee receive a Tax
Opinion.

 

SECTION 5.13           Notices to Clearing Agency.

 

Whenever notice or other communication to
the Investor Certificateholders is required under this Agreement, unless and
until Definitive Certificates shall have been issued to Certificate Book-Entry
Holders pursuant to Section 5.14,
the Trustee shall prepare and give all such notices and communications
specified herein to be given to the Investor Certificateholders to the Clearing
Agencies.

 

SECTION 5.14           Definitive Certificates.

 

For any series for which Book-Entry
Certificates have been issued pursuant to Section 5.12
hereof, if (a)(i) the Master Servicer advises the Trustee in writing that any
Clearing Agency is no longer willing or able to properly discharge its responsibilities
under the applicable Depository Agreement, and (ii) the Master Servicer is
unable to locate a qualified successor, (b) the Master Servicer at its option
advises the Trustee in writing that it elects to terminate the book-entry
system through such Clearing Agency or (c) after the occurrence of a Master
Servicer Default or an Early Amortization Event, Certificate Book-Entry Holders
representing Fractional Undivided Interests aggregating more than 50% of the
Invested Amount held by such Certificate Book-Entry Holders of each affected
Series then issued and outstanding advise the Clearing Agency through the
Clearing Agency Participants in writing, and the Clearing Agency shall so
notify the Trustee, that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of the Certificate
Book-Entry Holders, the Trustee shall notify the Clearing Agency, which shall
be responsible to notify the Certificate Book-Entry Holders, of the occurrence
of any such event and of the availability of Definitive Certificates to
Certificate Book-Entry Holders requesting the same. Upon surrender to the
Trustee of the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions from the Clearing Agency for registration, the
Trustee shall issue the Definitive Certificates. Neither the Master Servicer
(or the Servicer Guarantor on its behalf) nor the Trustee shall be liable for
any delay in delivery of such instructions and may conclusively rely on, and
shall be protected in relying on, such instructions.

 

51

 

SECTION 5.15           Securities Act Restrictions.

 

Investor Certificates may be issued
pursuant to an exemption from registration under the Securities Act or may be registered
pursuant to an effective registration statement under the Securities Act.
Investor Certificates that have not been registered pursuant to an effective
registration statement under the Securities Act and any interest therein may
not be reoffered, resold, pledged or otherwise transferred, and shall not be
registered for transfer in the Certificate Register except pursuant to the
provisions set forth in the Supplement relating to such Series of Investor
Certificates. Such Investor Certificates shall contain a legend substantially
to the effect set forth in the related Supplement.

 

ARTICLE
VI

 

OTHER
MATTERS RELATING TO THE COMPANY

 

SECTION 6.01           Liability of the Company.

 

Except as set forth below in this Section 6.01, the Company shall be liable for all
obligations, covenants, representations and warranties of the Company arising
under or related to this Agreement or any Supplement. Except as provided in the
preceding sentence and otherwise herein, the Company shall be liable only to
the extent of the obligations specifically undertaken by it in its capacity as
Company hereunder and shall not be liable for any act or omission of the Paying
Agent, an authenticating agent, the Transfer Agent and Registrar or the Trustee.
Notwithstanding any other provision hereof or of any Supplement, the sole
remedy of the Trust, the Trustee (in its individual capacity or as Trustee),
the Holders or any other Person in respect of any obligation, covenant,
representation, warranty or agreement of the Company under or related to this
Agreement or any Supplement shall be against the assets of the Company, subject
to the payment priorities contained herein. Neither the Trust, the Trustee, the
Holders nor any other Person shall have any claim against the Company to the
extent that the Company’s assets are insufficient to meet such obligations,
covenant, representation, warranty or agreement (the difference being referred
to herein as a “Shortfall”) and all claims in
respect of the shortfall shall be extinguished.

 

SECTION 6.02           Limitation on Liability of the Company.

 

Subject to Sections
6.01 and 10.19, neither
the Company nor any of their respective directors or officers or employees or
agents shall be under any liability to the Trust, the Trustee, the Holders or
any other Person for any action taken or for refraining from the taking of any
action pursuant to this Agreement whether or not such action or inaction arises
from express or implied duties under any Transaction Document; provided, however, that
this provision shall not protect the Company against any liability which would
otherwise be imposed by reason of willful misconduct, bad faith or gross
negligence in the performance of any duties or by reason of reckless disregard
of any obligations and duties hereunder.

 

SECTION 6.03           Merger or Consolidation of, or Assumption of the Obligations of,
Huntsman International or the Company.

 

(a)           Neither Huntsman International nor the Company (each a “Relevant Entity”) shall consolidate with or merge into any
other corporation or convey, transfer or dispose of its properties and assets
(including in the case of Huntsman International its consolidated Subsidiaries
as property and assets) substantially as an entirety to any Person, or engage
in any corporate restructuring or reorganization, or liquidate or dissolve
unless:

 

52

 

(i)            the business entity formed by such consolidation or into which the Relevant
Entity is merged or the Person which acquires by conveyance, transfer or
disposition of the properties and assets of the Relevant Entity substantially
as an entirety, if the Relevant Entity is not the surviving entity shall
expressly assume, by an agreement supplemental hereto, executed and delivered
to the Trustee, in form and substance reasonably satisfactory to the Trustee,
the performance of every covenant and obligation of the Relevant Entity;

 

(ii)           the Relevant Entity has delivered to the Trustee a Certificate of a
Responsible Officer and an Opinion of Counsel (which, as to factual matters,
may be based on a certificate by the Relevant Entity) each stating that such
consolidation, merger, restructuring, reorganization, conveyance, transfer or
disposition or engagement in any corporate restructuring or reorganization and
such supplemental agreement comply with this Section 6.03,
that such supplement agreement is a valid and binding obligation of such
surviving entity enforceable against such surviving entity in accordance with
its terms, except as such enforceability may be limited by Applicable
Insolvency Laws and except as such enforceability may be limited by general
principles of equity (whether considered in a suit at law or in equity), and
that all conditions precedent herein provided for relating to such transaction
have been complied with;

 

(iii)          if any Series is outstanding, the related Funding Agent(s) shall
have consented to such consolidation, merger, restructuring, reorganization,
conveyance or transfer;

 

(iv)          the Company shall have delivered to the Trustee and the Funding
Agent(s) of each outstanding Series a Tax Opinion, dated the date of such
consolidation, merger, restructuring, reorganization, conveyance or transfer,
with respect thereto;

 

(v)           in connection with any merger, consolidation or corporate
restructuring or reorganization of the Company, the business entity into which
the Company shall merge or consolidate shall be (x) with respect to the
Company, a business entity that is not subject to Title 11 of the United States
Code or (y) a special purpose corporation, the powers and activities of which
shall be limited to the performance of the obligations of the Company under
this Agreement, any Supplement and the Origination Agreements; and

 

(vi)          if the Company is not the surviving entity, the surviving entity
shall file new UCC financing statements and all other documents which may be
required with respect to the participation and security interest of the Trust
in relation to the U.S. Receivables.

 

(b)           The obligations of the Company hereunder shall not be assigned nor
shall any Person succeed to the obligations of the Company hereunder except in
each case in accordance with (i) the provisions of the foregoing
paragraphs or (ii) conveyances, mergers, consolidations, assumptions,
sales or transfers to other

 

53

 

entities
(1) for which Huntsman International delivers an Officer’s Certificate to the
Trustee indicating that Huntsman International reasonably believes that such
action will not adversely affect in any material respect the interests of any
Investor Certificateholder or Holder of a Participation therein, (2) which meet
the requirements of Section 6.03(a)
and (3) for which such purchaser, transferee, pledgee or entity shall expressly
assume, in an agreement supplemental hereto, executed and delivered to the
Trustee in writing in form reasonably satisfactory to the Trustee, the
performance of every covenant and obligation of the Company thereby conveyed.

 

ARTICLE
VII

 

EARLY
AMORTIZATION EVENTS

 

SECTION 7.01           Early Amortization Events.

 

Unless modified with respect to any Series
of Investor Certificates by any related Supplement, if any one of the following
events (each, an “Early Amortization Event”)
shall occur:

 

(a)           an Insolvency Event shall have occurred with respect to the Trust,
the Company, any Originator or Huntsman International;

 

(b)           the Trust or the Company shall become an “investment company” or “controlled”
by an “investment company” within the meaning of the 1940 Act;

 

(c)           the Trust shall receive a written notice from the U.S. Internal
Revenue Service taking the position that the Trust should be characterized for
United States federal income tax purposes as a “publicly traded partnership” or
as an association taxable as a corporation and counsel to the Company does not
provide an opinion reasonably acceptable to the Trustee and each Funding Agent
that such claim is without merit; or

 

(d)           no Successor Master Servicer shall have been appointed and accepted
such appointment pursuant to and within the grace period set forth in the
Servicing Agreement following a Master Servicer Default; or

 

(e)           a Program Termination Event shall have occurred and be continuing
under any Origination Agreement;

 

then, an “Early
Amortization Period” with respect to all Outstanding Series shall commence
without any notice or other action on the part of the Trustee or any Investor
Certificateholder immediately upon the occurrence of such event. The Master
Servicer shall notify each Funding Agent and the Trustee in writing of the
occurrence of such Early Amortization Period, specifying the date of the
occurrence of such event. Upon the commencement against the Trust, the Company,
any Originator or Huntsman International of a case, proceeding or other action
described in clause (ii) of the definition of “Insolvency Event”, the Company shall cease to accept
contributions of Receivables from the Contributor and cease to grant a
Participation or security interest in the Receivables to the Trust, until such
time, if any, as such case, proceeding or other action is vacated, discharged,
or stayed or bonded pending appeal. If an Insolvency Event with respect to the
Trust or the Company

 

54

 

occurs, the Company shall immediately cease
to grant a Participation or security interest in Receivables to the Trust (or,
if the Company has previously suspended the grant of a Participation or
security interest in Receivables to the Trust to comply with the preceding
sentence, such suspension shall become a permanent cessation of the grant of a
Participation or security interest in Receivables to the Trust) and the entity
with respect to which such Insolvency Event has occurred, shall promptly give
written notice to the Trustee of such occurrence. Notwithstanding any cessation
of the grant of a Participation or security interest in to or granting of a
security interest in favor of the Trust of additional Receivables, Receivables
participated to or in which a security interest was granted in favor of the
Trust prior to the occurrence of such Insolvency Event and Collections in
respect of such Receivables and interest, whenever created, accrued in respect
of such Receivables, shall continue to be a part of the Trust.

 

Additional Early Amortization Events and
the consequences thereof may be set forth in each Supplement with respect to
the Series relating thereto.

 

SECTION 7.02           Additional Rights upon the Occurrence of Certain Events.

 

(a)           If after the occurrence of an Insolvency Event with respect to the
Trust, the Company, any Originator or the Servicer Guarantor, the Aggregate
Invested Amount and all accrued and unpaid amounts due in respect thereon have
not been paid to the Investor Certificateholders, the Company as beneficial
owner of the Receivables acknowledges that the Trustee may in pursuance of the
security interest granted hereunder and in accordance with the written
direction of the Liquidation Servicer shall send written notice to the Investor
Certificateholders and request instructions from such holders, which notice shall
request each Certificateholder to advise the Trustee in writing that it elects
one of the following options: (A) the Certificateholder wishes the Liquidation
Servicer not to so sell, dispose of or otherwise liquidate the Receivables; (B)
the Certificateholder wishes the Liquidation Servicer to sell, dispose of or
otherwise liquidate the Receivables; or (C) the Certificateholder refuses to
advise the Trustee as to the specific action the Liquidation Servicer should
take. If after 60 days from the day notice is first given, the Trustee shall
not have received written instructions selecting option (A) above from (x)
Investor Certificateholders representing more than 50% of the Invested Amount
of each Series (or, in the case of a Series having more than one Class of
Investor Certificates, Investor Certificateholders representing more than 50%
of the Invested Amount of each Class of such Series) and (z) if there are any
Holders of the Exchangeable Company Interest other than the Company, the
Holders of the Exchangeable Company Interest representing more than 50% of the
Company Interest not held by the Company, the Trustee shall proceed to direct
the Liquidation Servicer to so sell, dispose of, or otherwise liquidate the
Receivables in a commercially reasonable manner and on commercially reasonable
terms, which shall include the solicitation of competitive bids and the Trustee
shall cause the Liquidation Servicer to consummate the sale, liquidation or
disposition of the Receivables as provided above with the highest bidder for
the Receivables; provided, however
that neither Huntsman International nor any of its Affiliates shall participate
in any bidding for the Receivables. The Company hereby expressly waives any
rights of redemption or rights to receive notice of any such sale except as may
be

 

55

 

required
by law. All reasonable costs and expenses incurred by the Liquidation Servicer
in such sale shall be reimbursable to the Liquidation Servicer as provided in Section 8.05.

 

(b)           The proceeds from the sale, disposition or liquidation of the
Receivables pursuant to Section 7.02(a)
above shall be treated as Collections on the Receivables and such proceeds
shall be released to the Liquidation Servicer in an amount equal to the amount
of any expenses incurred by the Liquidation Servicer acting in its capacity as
Liquidation Servicer under this Section 7.02
that have not otherwise been reimbursed and the remainder, if any, will be
distributed to Investor Certificateholders of each Series after immediately
being deposited in the related Company Concentration Account, in accordance
with the provisions of Section 3.01(f)
and the related Supplement for such Series. After giving effect to all such
distributions, the remainder, if any, shall be allocated to the Exchangeable
Company Interest and such amount shall be released to the Holder of the
Exchangeable Company Interest.

 

ARTICLE
VIII

 

THE
TRUSTEE

 

SECTION 8.01           Duties of Trustee.

 

(a)           The Trustee, prior to the occurrence of a Master Servicer Default or
Early Amortization Event of which a Responsible Officer of the Trustee has
actual knowledge and after the curing of the Master Servicer Defaults and Early
Amortization Events which may have occurred, undertakes to perform such duties
and only such duties as are specifically set forth in the Pooling and Servicing
Agreements or any Supplement and no implied covenants or obligations shall be
read into such Pooling and Servicing Agreements against the Trustee. If a
Master Servicer Default or Early Amortization Event of which a Responsible
Officer of the Trustee has actual knowledge occurred (which has not been cured
or waived), the Trustee shall exercise the rights and powers vested in it by
any Pooling and Servicing Agreement or any Supplement and shall use the same
degree of care and skill in their exercise as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs.

 

(b)           The Trustee may conclusively rely as to the truth of the statements
and the correctness of the opinions expressed therein upon resolutions,
certificates, statements, opinions, reports, documents, orders or other
instruments furnished to the Trustee; provided, that (i) in the case of any of
the above which are specifically required to be furnished to the Trustee
pursuant to any provision of the Pooling and Servicing Agreements, the Trustee
shall, subject to Section 8.02,
examine them to determine whether they appear on their face to conform to the
requirements of this Agreement and (ii) in the case of any of the above as to
which the Trustee is required to perform procedures pursuant to the Internal Operating
Procedures Memorandum, the Trustee shall perform said procedures in accordance
with the Internal Operating Procedures Memorandum.

 

56

 

(c)           Subject to Section 8.01(a),
no provision of this Agreement shall be construed to relieve the Trustee from
liability for its own grossly negligent action, its own grossly negligent failure
to act or its own willful misconduct; provided, however, that:

 

(i)            the Trustee shall not be liable for an error of judgment unless it
shall be proved that the Trustee was grossly negligent, or acted in bad faith,
in ascertaining the pertinent facts;

 

(ii)           the Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it in good faith unless grossly negligent;

 

(iii)          the Trustee shall not be charged with knowledge of any failure by
the Master Servicer to comply with any of its obligations, unless a Responsible
Officer of the Trustee obtains actual knowledge of such failure or the Trustee
receives written notice of such failure from the Master Servicer, any Funding
Agent or any Investor Certificateholder;

 

(iv)          the Trustee shall not be charged with knowledge of a Master Servicer
Default or Early Amortization Event unless a Responsible Officer of the Trustee
obtains actual knowledge of such event or the Trustee receives written notice
of such default or event from the Master Servicer or Servicer Guarantor, as the
case may be, any Funding Agent or any Holder of Investor Certificates;

 

(v)           the Trustee shall not be liable for any investment losses resulting
from any investments of funds on deposit in the Company Concentration Accounts
or Series Concentration Accounts (provided that the Trustee has complied with
the instructions of the Master Servicer in accordance of the terms of this
Agreement in conducting such investments); and

 

(vi)          the Trustee shall have no duty to monitor the performance of the
Master Servicer or the Servicer Guarantor, nor shall it have any liability in
connection with malfeasance or nonfeasance by the Master Servicer or the
Servicer Guarantor; the Trustee shall have no liability in connection with compliance
of the Master Servicer, the Servicer Guarantor or the Company with statutory or
regulatory requirements related to the Receivables; and the Trustee shall have
no duty to perform, except as otherwise required pursuant to the Internal Operating
Procedures Memorandum, any recalculation or verification of any calculation
with respect to data provided to the Trustee by the Master Servicer.

 

(d)           Except as expressly provided in any Pooling and Servicing Agreement,
the Trustee shall have no power to vary the corpus of the Trust.

 

(e)           Provided that the Master Servicer and the Company shall have
provided to the Trustee and the Liquidation Servicer, promptly upon request,
all books, records and other information reasonably requested by the Trustee
and the Liquidation Servicer and shall have provided the Trustee and the
Liquidation

 

57

 

Servicer
with all necessary access to the properties, books and records of the Master
Servicer and the Company which the Trustee and the Liquidation Servicer may
reasonably require, then within sixty (60) days following the Effective Date
the Trustee shall notify the Master Servicer, each Funding Agent and each
Investor Certificateholder of such events.

 

SECTION 8.02           Rights of the Trustee.

 

Except as otherwise provided in Section 8.01 and in the Internal Operating Procedures Memorandum:

 

(a)           The Trustee may delegate any of the duties, rights and powers vested
in it hereunder to an Eligible Institution; provided,
however, that no such delegation shall
be effective unless such third party has a combined capital and surplus of at
least $100,000,000 and short-term ratings of at least “A-1”/”P-1” by S&P
and Moody’s, respectively, and subject to supervision or examination by federal
or state authority.

 

(b)           The Trustee may conclusively rely on and shall be protected in
acting on, or in refraining from acting in accord with, any resolution,
Responsible Officer’s certificate, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, appraisal, bond, note or other paper or document
believed by it to be genuine and to have been signed or presented to it
pursuant to any Pooling and Servicing Agreement by the proper party or parties.

 

(c)           The Trustee may consult with counsel, and any Opinion of Counsel and
any advice of such counsel shall be full and complete authorization and
protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with such Opinion of Counsel.

 

(d)           The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by any Pooling and Servicing Agreement, or to
institute, conduct or defend any litigation hereunder or in relation hereto, at
the request, order or direction of any of the Holders, pursuant to the
provisions of any Pooling and Servicing Agreement, unless such Holders shall
have offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which may be incurred therein or thereby; provided, however, that
nothing contained herein shall relieve the Trustee of the obligations, upon the
occurrence of a Master Servicer Default and default under the Servicing
Guarantee or Early Amortization Event (which has not been cured), to exercise
such of the rights and powers vested in it by any Pooling and Servicing
Agreement, and to use the same degree of care and skill in their exercise as a
prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. The right of the Trustee to perform any
discretionary act enumerated in this Agreement shall not be construed as a
duty, and the Trustee shall not be answerable for other than its gross
negligence or willful misconduct in the performance of any such act.

 

(e)           The Trustee shall not be personally liable for any action taken,
suffered or omitted by it in good faith and believed by it to be authorized or
within the

 

58

 

discretion
or rights or powers conferred upon it by any Pooling and Servicing Agreement; provided that the Trustee shall be liable for its gross
negligence or willful misconduct.

 

(f)            The Trustee shall not be bound to make any investigation into the facts
of matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, direction, order, approval, bond,
note or other paper or document, unless requested in writing so to do by the
Holders of Investor Certificates evidencing Fractional Undivided Interests
aggregating more than 50% of the Invested Amount of any Series which could be
materially and adversely affected if the Trustee does not perform such acts;
provided, however, that such Holders of Investor Certificates shall indemnify
and reimburse the Trustee for any liability or expense resulting from any such
investigation requested by them; provided, further, that the Trustee shall be entitled to make such
further inquiry or investigation into such facts or matters as it may
reasonably see fit, and if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books and records
of the Company, personally or by agent or attorney, at the sole cost and expense
of the Company.

 

(g)           The Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through Affiliates,
agents or attorneys or a custodian or nominee, and the Trustee shall not be
responsible for any misconduct or negligence on the part of, or for the
supervision of, any such Affiliate, agent, attorney, custodian or nominee
appointed with due care by it hereunder.

 

(h)           The Trustee shall not be required to make any initial or periodic
examination of any documents or records related to the Receivables, the
Collection Accounts, the Company Concentration Accounts, the Master Collection
Accounts, the Company Receipts Account and the General Reserve Accounts for the
purpose of establishing the presence or absence of defects, the compliance by
the Company with its representations and warranties or for any other purpose.

 

(i)            In the event that the Trustee is also acting as Paying Agent or
Transfer Agent and Registrar hereunder, the rights and protections afforded to
the Trustee pursuant to this Article VIII shall also be afforded to such Paying
Agent or Transfer Agent and Registrar.

 

SECTION 8.03           Trustee Not Liable for Recitals.

 

The Trustee assumes no responsibility for
the correctness of the recitals contained herein and in the Investor
Certificates (other than the certificate of authentication on the Investor
Certificates). Except as set forth in Section 8.15
the Trustee makes no representations as to the validity or sufficiency of any
Pooling and Servicing Agreement, of the Investor Certificates (other than the
certificate of authentication on the Investor Certificates), of the
Exchangeable Company Interest, of any Subordinated company interests, of any
Receivable or of any related document or interest. The Trustee shall not be
accountable for the use or application by the Company of any of the Investor
Certificates, any Subordinated company interests or any Exchangeable Company
Interest or of the proceeds of such Investor

 

59

 

Certificates, such Subordinated company
interests or such Exchangeable Company Interest or for the use or application
of any funds paid to the Company in respect of the Receivables or deposited in
or withdrawn from the Collection Accounts, the Company Concentration Accounts
or other accounts hereafter established to effectuate the transactions
contemplated herein and in accordance with the terms of any Pooling and
Servicing Agreement.

 

The Trustee shall not be accountable for
the use or application by the Master Servicer of any of the Investor
Certificates or of the proceeds of such Investor Certificates, or for the use
or application of any funds paid to the Master Servicer in respect of the
Receivables or deposited in or withdrawn from the Collection Accounts or the
Company Concentration Accounts by or at the direction of the Master Servicer.
The Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of any Receivable.

 

SECTION 8.04           Trustee May Own Investor Certificates.

 

The Trustee in its individual or any other
capacity (a) may become the owner or pledgee of Investor Certificates with the
same rights as it would have if it were not the Trustee and (b) may transact
any banking and trust business with the Company, the Master Servicer or an
Originator as it would were it not the Trustee.

 

SECTION 8.05           Trustee’s and the Liquidation Servicer’s Fees and Expenses.

 

The Trustee shall be entitled to a fee
(which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) for all services rendered by the
Trustee in the execution of the trusts hereby created and in the exercise and
performance of any of the powers and duties hereunder of the Trustee. The Master
Servicer covenants and agrees to pay to the Trustee annually in advance on the
Effective Date and on or about each one year anniversary thereof, a fee agreed
upon in writing between the Trustee and the Master Servicer. The Trustee shall
also be entitled to reimbursement from the Master Servicer or the Company upon
its request for all reasonable expenses (including expenses incurred in
connection with notices, requests for documentation or other communications to
Holders), disbursements, losses, liabilities, damages and advances incurred or
made by the Trustee in accordance with any of the provisions of any Pooling and
Servicing Agreement or by reason of its status as Trustee under any Pooling and
Servicing Agreement (including the reasonable fees and expenses of its agents,
any co-trustee and counsel) except any such expense, disbursement, loss,
liability, damage or advance that is finally judicially determined to have
resulted from its gross negligence, willful misconduct or bad faith; provided, that any obligation of the Company to make
payments under this Section 8.05
shall be Company Subordinated Obligations except as provided in the sixth
sentence of this Section 8.05. To the extent the
fees and expenses of the Trustee are not paid on a current basis (including
pursuant to the first sentence of this Section 8.05),
the Trustee shall be entitled to be paid such items from amounts that would be
distributable to the Company under Article III of
this Agreement. The Trustee shall be entitled to reimbursement for any
reasonable out-of-pocket costs or expenses incurred in connection with the
review, negotiation, preparation, execution and delivery of any of the
Transaction Documents or in connection with the issuance of any Investor Certificates
on the Effective Date. If the Liquidation Servicer is appointed as Successor
Master Servicer by the Trustee in accordance with the Servicing Agreement, the
Liquidation Servicer, in its capacity as Successor Master Servicer, shall also
be entitled to be paid the Servicing Fee as specified in the agreement between
the Liquidation Servicer and the Trustee (the “Liquidation
Servicer Agreement”) in addition to any other compensation to

 

60

 

which the Master Servicer is expressly
entitled under any Pooling and Servicing Agreement; provided, however,
that any Servicing Fee payable to a Successor Master Servicer (which will be
payable to the Liquidation Servicer) will not be a Company Subordinated
Obligation and shall be payable from the application of funds from the Series
Non-Principal Concentration Subaccounts in accordance with this Agreement and the
applicable Series Supplement. Notwithstanding any other provision of the
applicable Series Supplement or any other Transaction Document, the Servicing
Fee payable to a Successor Master Service shall be paid to the Liquidation
Servicer so long as the Liquidation Servicer has not resigned or been
terminated. The Trustee shall not be liable for any fees of the Liquidation
Servicer in its capacity as Successor Master Servicer. The provisions of this Section 8.05 shall apply to the reasonable expenses,
disbursements and advances made or incurred by the Liquidation Servicer, to the
extent not otherwise paid. The covenants to pay the expenses, disbursements,
losses, liabilities, damages and advances provided for in this Section shall
survive the termination of any Pooling and Servicing Agreement and shall be
binding on the Company, the Master Servicer and any Successor Master Servicer.

 

SECTION 8.06           Eligibility Recitals.

 

The initial Trustee hereunder on the
Effective Date shall be a banking institution in Dublin, Ireland. Any
subsequent Trustee, other than the initial Trustee, shall be a banking
institution, located in Europe and shall have a combined capital and surplus of
at least $100,000,000 (or its foreign equivalent), short term ratings of at
least “A-1”/”P-1” by S&P and Moody’s, respectively and subject to the
regulatory supervision in its jurisdiction. If such institution publishes
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then, for the purpose of
this Section 8.06, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 8.06,
the Trustee shall resign immediately in the manner and with the effect
specified in Section 8.07.

 

SECTION 8.07           Resignation or Removal of Trustee.

 

(a)           Subject to paragraph (c)
below, the Trustee may at any time resign and be discharged from the trust
hereby created by giving 60 calendar days prior written notice thereof to the
Company, the Master Servicer and each Funding Agent. Upon receiving such notice
of resignation, the Company shall promptly appoint a successor trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Trustee and one copy to the successor trustee. If no
successor trustee shall have been so appointed and have accepted such
appointment within thirty (30) days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

 

(b)           If at any time the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.06
and shall fail to resign after written request therefor by the Master Servicer,
or if at any time the Trustee shall be legally unable to act, or shall be
adjudged a bankrupt or insolvent, or if a receiver of the Trustee or of its
property shall be appointed, or any public officer shall take charge or control
of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Company may remove the

 

61

 

Trustee
and promptly appoint a successor trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the Trustee so removed and
one copy to the successor trustee.

 

(c)           Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall not become effective until acceptance of
such appointment as provided in Section 8.08.

 

(d)           The obligations of the Company described in Section 8.05
and the obligations of the Master Servicer described in Section 8.05
and Section 5.02 of the Servicing Agreement
shall survive the removal or resignation of the Trustee as provided in this
Agreement.

 

(e)           No Trustee under this Agreement shall be personally liable for any
action or omission of any successor trustee.

 

SECTION 8.08           Successor Trustee.

 

(a)           Any successor trustee appointed as provided in Section 8.07
shall execute, acknowledge and deliver to the Company and to its predecessor
Trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor Trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall
become fully vested with all the rights, powers, duties and obligations of its
predecessor hereunder, with like effect as if originally named as Trustee
herein. The predecessor Trustee shall deliver to the successor trustee all
documents or copies thereof, at the expense of the Master Servicer, and
statements held by it hereunder; and the Company and the predecessor Trustee
shall execute and deliver such instruments and do such other things as may
reasonably be required for fully and certainly vesting and confirming in the
successor trustee all such rights, power, duties and obligations.

 

(b)           No successor trustee shall accept appointment as provided in this Section 8.08 unless at the time of such acceptance such
successor trustee shall be eligible under the provisions of Section 8.06.

 

(c)           Upon acceptance of appointment by a successor trustee as provided in
this Section 8.08, such successor trustee
(including the Servicer Guarantor) shall mail notice of such succession
hereunder to the Funding Agents and all Holders at their addresses as shown in
the Certificate Register, the Exchange Register or the Subordinated Interest
Register, as applicable.

 

SECTION 8.09           Merger or Consolidation of Trustee.

 

Any Person into which the Trustee may be
merged or converted or with which it may be consolidated, or any Person
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any Person succeeding to the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be eligible under the provisions of Section 8.06,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto, anything herein to the contrary notwithstanding. The
Trustee shall promptly give notice (except to the extent prohibited

 

62

 

under any Requirement of Law or Contractual
Obligation), but in no event less than ten (10) days prior to any such merger
or consolidation, to the Company and the Master Servicer upon any such merger
or consolidation of the Trustee. Information as to such merger or consolidation
that is made publicly available by the Trustee in the Authorized Newspapers
shall be deemed to satisfy the notice requirement of this Section 8.09.

 

SECTION 8.10           Appointment of Co-Trustee or Separate Trustee.

 

(a)           Notwithstanding any other provisions of any Pooling and Servicing
Agreement, at any time, for the purpose of meeting any legal requirements of
any jurisdiction in which any part of the Trust may at the time be located, the
Trustee shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust, and to vest in
such Person or Persons, in such capacity and for the benefit of the Holders,
such title to the Trust, or any part thereof, and, subject to the other
provisions of this Section 8.10,
such powers, duties, obligations, rights and trusts as the Trustee may consider
necessary. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 8.06
and no notice to Holders of the appointment of any co-trustee or separate
trustee shall be required under Section 8.08. The
Trustee shall promptly notify each Funding Agent of the appointment of any
co-trustee.

 

(b)           Every separate trustee and co-trustee shall, to the extent permitted
by law, be appointed and act subject to the following provisions and
conditions:

 

(i)            all rights, powers, duties and obligations conferred or imposed upon
the Trustee shall be conferred or imposed upon and exercised or performed by
the Trustee and such separate trustee or co-trustee jointly (it being
understood that such separate trustee or co-trustee is not authorized to act
separately without the Trustee joining in such act), except to the extent that
under any statute of any jurisdiction in which any particular act or acts are
to be performed (whether as Trustee hereunder), the Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the
Trust or any portion thereof in any such jurisdiction) shall be exercised and
performed singly by such separate trustee or co-trustee, but solely at the
direction of the Trustee;

 

(ii)           neither the Trustee nor any separate trustee or co-trustee shall be
personally liable by reason of any act or omission of any other trustee,
separate trustee or co-trustee hereunder so long as such trustee, separate
trustee or co-trustee is appointed with due care in accordance with the terms
of this Agreement; and

 

(iii)          the Trustee may at any time accept the resignation of or remove any
separate trustee or co-trustee.

 

(c)           Any notice, request or other writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and
co-trustees, as

 

63

 

effectively
as if given to each of them. Every instrument appointing any separate trustee
or co-trustee shall refer to this Agreement and the conditions of this Article
VIII. Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Trustee or separately, as
may be provided therein, subject to all the provisions of any Pooling and
Servicing Agreement, specifically including every provision of any Pooling and
Servicing Agreement relating to the conduct of, affecting the liability of, or
affording protection to, the Trustee. Every such instrument shall be filed with
the Trustee and a copy thereof given to the Master Servicer and the Company.

 

(d)           Any separate trustee or co-trustee may at any time constitute the
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect to any
Pooling and Servicing Agreement on its behalf and in its name. If any separate
trustee or co-trustee shall die, become incapable of acting, resign or be
removed, all of its estates, properties, rights, remedies and trusts shall vest
in and be exercised by the Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

 

SECTION 8.11           Tax Returns.

 

In the event the Trust shall be required to
file U.S. Federal, state, local or foreign income tax returns, the Company (or
the Master Servicer on its behalf) shall prepare and file or shall cause to be
prepared and filed any such tax returns required to be filed by the Trust and
shall remit such tax returns to the Trustee for signature at least five (5)
Business Days before such tax returns are due to be filed (including
extensions). The Master Servicer (or the Servicer Guarantor on its behalf)
shall also prepare or shall cause to be prepared all U.S. Federal tax
information in connection with this Agreement required by law to be distributed
to Holders and shall deliver such information to the Trustee at least five (5)
Business Days prior to the date it is required by law to be distributed to the
Holders. The Trustee, upon request, will furnish the Company or the Master
Servicer with all such information known to the Trustee as may be reasonably
determined by the Company or the Master Servicer to be required in connection
with the preparation of all U.S. Federal, state, local or foreign income tax
returns of the Trust, and shall, upon the Company’s (or the Master Servicer’s
on behalf of the Company) written request, execute such tax returns. In no
event shall the Trustee in its individual capacity be liable for any
liabilities, costs or expenses of the Trust, the Holders, the Master Servicer
(or the Servicer Guarantor on its behalf), arising under any U.S. Federal,
state, local or foreign income tax law or regulation, including excise taxes or
any other tax imposed by a Governmental Authority on or measured by income (or
any interest or penalty with respect thereto or arising from any failure to
comply therewith). The Trustee shall not be required to determine whether any
filing of tax returns is required.

 

SECTION 8.12         Trustee May Enforce Claims
Without Possession of Investor Certificates.

 

All rights of action and claims under any
Pooling and Servicing Agreement or the Investor Certificates may be prosecuted
and enforced by the Trustee without the possession of any of the Investor
Certificates or the production thereof in any proceeding relating thereto, and
any such proceeding instituted by the Trustee shall be brought in its own name
as trustee. Any

 

64

 

recovery of judgment shall, after provision
for the payment of the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders in respect of which such judgment has been obtained.

 

SECTION 8.13           Suits for Enforcement.

 

If a Master Servicer Default or a default
under the Servicing Guarantee shall occur and be continuing, the Trustee may,
as provided in Section 6.01 of the Servicing
Agreement, proceed to protect and enforce its rights and the rights of the
Holders under this Agreement or any other Transaction Document by suit, action
or proceeding (including any suit, action or proceeding on behalf of the
Holders against any third party) in equity or at law or otherwise, whether for
the specific performance of any covenant or agreement contained in this
Agreement or any other Transaction Document or in aid of the execution of any
power granted in this Agreement or any other Transaction Document or for the
enforcement of any other legal, equitable or other remedy as the Trustee, being
advised by counsel, shall deem most effective to protect and enforce any of the
rights of the Trustee or the Holders. In furtherance of and without limiting
the generality of Section 8.01(d),
the Trustee shall have the right to obtain, before initiating any such action,
such reasonable indemnity from the Holders as the Trustee may require against
the costs, expenses and liabilities that may be incurred therein or thereby.
Nothing herein contained shall be deemed to authorize the Trustee to authorize
or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Investor Certificates,
the Subordinated company interests or the Exchangeable Company Interest or the
rights of any holder thereof, or authorize the Trustee to vote in respect of
the claim of any Holder in any such proceeding.

 

SECTION 8.14           Rights of Investor Certificateholders to Direct Trustee.

 

Investor Certificateholders evidencing more
than 50% of the Invested Amount of any Series affected by the conduct of any
proceeding or the exercise of any right conferred on the Trustee shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee; provided, however,
that nothing in any Pooling and Servicing Agreement shall impair the right of
the Trustee to take any action deemed proper by the Trustee and which is not
inconsistent with such direction of the Investor Certificateholders; provided, however, that
in furtherance and without limiting the generality of Section
8.01(d), the Trustee shall have the right to obtain, before acting
in accordance with any such direction of the Investor Certificateholders, such
reasonable indemnity from the Investor Certificateholders as the Trustee may
require against the costs, expenses and liabilities that may be incurred in so
acting.

 

SECTION 8.15           Representations and Warranties of Trustee.

 

Trustee represents and warrants that:

 

(a)           the Trustee is a banking institution organized, existing and in good
standing under the laws of Dublin, Ireland and is duly authorized to exercise
trust powers under applicable law;

 

65

 

(b)           the Trustee has the power and authority to enter into this Agreement
and any Supplement, and has taken all necessary action to authorize the
execution, delivery and performance by it of this Agreement and any Supplement;
and

 

(c)           this Agreement and each of the Transaction Documents executed by it
have been duly executed and delivered by the Trustee and, in the case of all
such Transaction Documents, are legal, valid and binding obligations of the
Trustee, enforceable in accordance with their respective terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect
affecting the enforcement of creditors’ rights generally and except as such
enforceability may be limited by general principles of equity (whether
considered in a suit at law or in equity).

 

SECTION 8.16           Maintenance of Office or Agency.

 

The Trustee will maintain at its expense in
Dublin, Ireland, an office or offices or agency or agencies where notices and
demands to or upon the Trustee in respect of the Investor Certificates or any
other Interests and the Pooling and Servicing Agreements may be served. The
Trustee will give prompt written notice to the Company, the Master Servicer and
the Holders of any change in the location of the Certificate Register, the
Exchange Register, the Subordinated Interest Register or any such office or
agency.

 

SECTION 8.17           Limitation of Liability.

 

The Investor Certificates are executed by
the Trustee, not in its individual capacity but solely as Trustee of the Trust,
in the exercise of the powers and authority conferred and vested in it by the
Trust Agreement. Each of the undertakings and agreements made on the part of
the Trustee in the Investor Certificates is made and intended not as a personal
undertaking or agreement by the Trustee but is made and intended for the
purpose of binding only the Trust.

 

ARTICLE
IX

 

TERMINATION

 

SECTION 9.01           Termination of Trust.

 

(a)           The Trust and the respective obligations and responsibilities of the
Company, the Master Servicer and the Trustee created hereby (other than the
obligation of the Trustee to make payments to Holders as hereafter set forth
and any indemnification obligations hereunder) shall terminate, except with
respect to any such obligations or responsibilities expressly stated to survive
such termination, on the earliest of (i) the last day of the June 2021 Settlement
Period, or if such day is not a Business Day, the immediately preceding
Business Day, (ii) at the option of the Company, at any time when the Aggregate
Invested Amount is zero, (iii) following the occurrence of any of the Early
Amortization Events specified in Section 7.01,
at any time when the Aggregate Invested Amount is zero and (iv) upon completion
of distribution of the amounts referred to in Section
7.02(b) (the “Trust Termination Date”).

 

66

 

(b)           If on the Distribution Date in the month immediately preceding the
month in which the Trust Termination Date occurs (after giving effect to all
transfers, withdrawals, deposits and drawings to occur on such date and the
payment of principal on any Series of Investor Certificates to be made on the
related Distribution Date pursuant to Article III)
the Invested Amount of any Series would be greater than zero (as certified in
writing by the Master Servicer), the Company as beneficial owner of the
Receivables hereby authorizes the Trustee, at the written direction of the
Master Servicer to make reasonable efforts to cause the Liquidation Servicer to
sell within 30 days of such Distribution Date all of the Receivables; provided, however, that neither
Huntsman International nor any of its Affiliates shall participate in any
bidding in respect of the sale of the Receivables. The proceeds of such sale
shall be treated as Collections on the Receivables and shall be allocated in
accordance with Article III. During such 30-day
period, the Master Servicer shall continue to collect Collections on the
Receivables and allocate Collections in accordance with the provisions of Article III. The reasonable costs and expenses incurred by
the Trustee and the Liquidation Servicer in such sale shall be reimbursable to
the Trustee and the Liquidation Servicer as provided in Section 8.05.

 

SECTION 9.02         Optional Purchase and Final
Termination Date of Investor Certificates of Any Series.

 

(a)           On any Distribution Date during the Amortization Period with respect
to any Series on which the Invested Amount (or such other amount as may be set
forth in the related Supplement) of such Series is reduced to an amount equal
to or less than ten percent (10%) of the Initial Invested Amount (or such other
amount as may be set forth in the related Supplement) for such Series as of the
day preceding the beginning of such Amortization Period, the Master Servicer shall
have the option to repurchase the entire Investor Certificateholders’ Interest
of such Series, at a purchase price equal to (i) the outstanding Invested
Amount of the Investor Certificates of such Series plus (ii) amounts due in
respect thereof through such Distribution Date (after giving effect to any
payment of principal and monthly interest on such date of purchase) plus (iii)
all other amounts payable to all Investor Certificateholders of such Series
under the related Supplement (such purchase price, the “Clean-Up
Call Repurchase Price”). The amount of the Clean-Up Call Repurchase
Price will be deposited and credited to the applicable Series Concentration
Account for such Series on such Distribution Date in immediately available
funds and will be passed through in full to the applicable Investor
Certificateholders. In the event that the Master Servicer fails for any reason
to deposit the Clean-Up Call Repurchase Price for such Receivables, the
Investor Certificateholders’ Interest in the Receivables will continue and
monthly payments will continue to be made to the Investor Certificateholders.

 

(b)           The amount deposited pursuant to Section
9.02(a) shall be paid to the Investor Certificateholders of the
related Series pursuant to Article III on
the Distribution Date following the date of such deposit. All Investor
Certificates of a Series which are purchased by the Company pursuant to Section 9.02(a) shall be delivered by the Company upon such
purchase to, and be cancelled by

 

67

 

(in
accordance with the written directions of the Company), the Transfer Agent and
Registrar and be disposed of in a manner satisfactory to the Trustee and the
Company.

 

(c)           All amounts due with respect to any Series of Investor Certificates
shall be due and payable no later than the Series Termination Date with respect
to such Series. Unless otherwise provided in a Supplement, in the event that
the Invested Amount of any Series of Investor Certificates is greater than zero
on its Series Termination Date (after giving effect to all transfers,
withdrawals, deposits and drawings to occur on such date and the payment of
amounts due to be made on such Series on such date), the Company as beneficial
owner of the Receivables acknowledges that the Trustee may in pursuance of the
security interest granted hereunder sell or cause to be sold, in accordance
with the directions of the Investor Certificateholders representing more than
50% of the Invested Amount of such Series (upon which the Trustee may
conclusively rely) Receivables with an aggregate principal amount approximately
equal to the Outstanding Invested Amount of such Series and pay the proceeds to
all Investor Certificateholders of such Series pro rata
(except that unless expressly provided to the contrary in the related
Supplement, no payment shall be made to Investor Certificateholders of any
Class of any Series that is by its terms subordinated to any other Class until
such senior Class of Investor Certificates have been paid in full) in payment
of amounts due on such Series of Investor Certificates, provided,
however, in furtherance and without
limiting the generality of Section 8.01(d),
the Trustee shall have the right to obtain, before acting in accordance with
any such direction of the Investor Certificateholders, such reasonable
indemnity from the Investor Certificateholders as the Trustee may require
against the costs, expenses and liabilities that may be incurred in so acting.
Absent such direction from the Funding Agents of the Investor
Certificateholders representing more than 50% of the Invested Amount of such
Series or absent such reasonable indemnity as the Trustee may require in
connection with such direction, the Trustee shall continue to hold the
Participation Assets in accordance with the terms of the Pooling and Servicing
Agreements until the Trust Termination Date (or until a majority of the
Investor Certificateholders shall otherwise direct the Trustee); provided that the terms of this Agreement, the related
Supplement and the Servicing Agreement shall be deemed to remain in full force
and effect, except that no additional Receivables shall be allocated with
respect to such Series. The reasonable costs and expenses incurred by the
Trustee and the Liquidation Servicer in such sale shall be reimbursable to the
Trustee and the Liquidation Servicer as provided in Section 8.05.
Any proceeds of such sale in excess of such amounts due in respect thereof
shall be paid, pro rata, to the holders of the
Exchangeable Company Interest (other than Huntsman International or any of its
Affiliates), unless and to the extent otherwise specified in any applicable
Supplement. Upon such Series Termination Date with respect to the applicable
Series, final payment of all amounts allocable to any Investor Certificates of
such Series shall be made in the manner provided in this Section 9.02.

 

68

 

SECTION 9.03           Final Payment with Respect to Any Series.

 

(a)           Written notice of any termination, specifying the Distribution Date
upon which the Investor Certificateholders of any Series may surrender their
Investor Certificates for payment of the final distribution with respect to
such Series and cancellation, shall be given (subject to at least 30 days’
prior written notice from the Master Servicer to the Trustee containing all
information required for the Trustee’s notice or such shorter period as is
acceptable to the Trustee) by the Trustee to Investor Certificateholders of
such Series mailed not later than the fifth day of the month of such final
distribution specifying (i) the Distribution Date upon which final payment of
the Investor Certificates will be made upon presentation and surrender of
Investor Certificates at the office or offices therein designated, (ii) the
amount of any such final payment and (iii) that the Record Date otherwise
applicable to such Distribution Date is not applicable, payments being made
only upon presentation and surrender of the Investor Certificates at the office
or offices therein specified. The Master Servicer’s notice to the Trustee in
accordance with the preceding sentence shall be accompanied by a Responsible
Officer’s certificate setting forth the information specified in Section 4.03 of the Servicing Agreement covering the period
during the then current calendar year through the date of such notice. The
Trustee shall give such notice to the Transfer Agent and Registrar and the
Paying Agent at the time such notice is given to such Investor
Certificateholders.

 

(b)           Notwithstanding the termination of the Trust pursuant to Section 9.01(a) or the occurrence of the Series Termination
Date with respect to any Series pursuant to Section 9.02,
all funds then on deposit in the Collection Accounts (but only to the extent
necessary to pay all outstanding and unpaid amounts to Holders) shall continue
to be held in trust for the benefit of the Holders and the Paying Agent or the
Trustee shall pay such funds to the Investor Certificateholders upon surrender
of their Investor Certificates in accordance with the terms hereof. Any
Investor Certificate not surrendered on the date specified in Section 9.03(a)(i) shall cease to accrue any amounts due
provided for such Investor Certificate from and after such date. In the event
that all of the Investor Certificateholders shall not surrender their Investor
Certificates for cancellation within six (6) months after the date specified in
the above-mentioned written notice, the Trustee shall give a second written
notice to the remaining Investor Certificateholders of such Series to surrender
their Investor Certificates for cancellation and receive the final distribution
with respect thereto. If within one (1) year after the second notice all the
Investor Certificates of such Series shall not have been surrendered for
cancellation, the Trustee may take appropriate steps, or may appoint an agent to
take appropriate steps, to contact the remaining Investor Certificateholders of
such Series concerning surrender of their Investor Certificates, and the cost
thereof shall be paid out of the funds in the related Series Concentration
Account held for the benefit of such Investor Certificateholders. The Trustee
and the Paying Agent shall pay, pro rata, to
the holders of the Exchangeable Company Interest upon request any monies held
by them for the payment of amounts due in respect thereof that remains unclaimed
for two (2) years and neither the Trustee nor the Paying Agent shall be liable
to any Investor Certificateholder for such payment to the Company upon its
request. After such payment to the Company, Holders entitled to the money must
look to the Company for

 

69

 

payment
as general creditors unless an applicable abandoned property law designates
another Person.

 

(c)           All Investor Certificates surrendered for payment of the final
distribution with respect to such Investor Certificates and cancellation shall
be cancelled by the Transfer Agent and Registrar and be disposed of in a
customary manner satisfactory to the Trustee.

 

SECTION 9.04           The Company’s Termination Rights.

 

Upon the termination of the Trust pursuant
to Section 9.01 and payment to the Trustee
(in its capacity as such) of all amounts owed to it under any Pooling and
Servicing Agreement, the Trustee shall release the security interest of the
Trust in the Participation Assets, whether then existing or thereafter created,
and all proceeds thereof except for amounts held by the Trustee pursuant to Section 9.03(b). The Trustee shall execute and deliver such
instruments in each case without recourse, representation or warranty, as shall
be reasonably requested by the Company to effect the release of all right,
title and interest which the Trust had in the Participation Assets.

 

ARTICLE
X

 

MISCELLANEOUS
PROVISIONS

 

SECTION 10.01         Amendment.

 

(a)           Subject to Section 10.01(c),
this Agreement, the Servicing Agreement and each Supplement in respect of an
outstanding Series (collectively, the “Pooling and Servicing
Agreements”) may be amended in writing from time to time by the
Master Servicer, the Company and the Trustee with the written consent of each Funding
Agent with respect to any Outstanding Series, and without the consent of any
Holder, to cure any ambiguity, to correct or supplement any provisions herein
or therein which may be inconsistent with any other provisions herein or therein
or to add any other provisions hereto or thereto to change in any manner or
eliminate any of the provisions with respect to matters or questions raised
under any Pooling and Servicing Agreement which shall not be inconsistent with
the provisions of any Pooling and Servicing Agreement; provided,
however, that such action shall not, as
evidenced by a Responsible Officer’s certificate of the Company delivered to
the Trustee, have a Material Adverse Effect with respect to the Company (but,
to the extent that the determination of whether such action would have a
Material Adverse Effect with respect to the Company requires a conclusion as to
a question of law, an Opinion of Counsel shall be delivered to the Trustee in
addition to such Responsible Officer’s certificate); provided,
further any amendment that is entered
into to provide additional Enhancement for any Outstanding Series or to conform
to regulations issued by the Internal Revenue Service shall be deemed to have
no Material Adverse Effect with respect to the Company. The Trustee may, but
shall not be obligated to, enter into any such amendment pursuant to this Section 10.01(a) or Section 10.01(b)
which affects the Trustee’s rights, duties or immunities under any Pooling and
Servicing Agreement or otherwise.

 

70

 

(b)           Subject to Section 10.01(c),
any Pooling and Servicing Agreement and, to the extent provided in any Pooling
and Servicing Agreement, any other agreement relating to the Receivables may
also be amended (other than in the circumstances referred to in Section 10.01(a)) in writing from time to time by the Master
Servicer, the Company and the Trustee with the consent of the Funding Agent(s) representing
Investor Certificateholders of more than 50% of the Aggregate Invested Amount
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of such Pooling and Servicing Agreement or
such other agreement or of modifying in any manner the rights of Holders of any
Series then issued and outstanding; provided, however, that no such amendment shall (i) reduce in any
manner the amount of, or delay the timing of, distributions which are required
to be made on any Investor Certificate of such Series without the consent of
such Investor Certificateholder of such Series; (ii) change the definition of
or the manner of calculating the interest of any Investor Certificateholder of
such Series without the consent of such Investor Certificateholder; or (iii)
reduce the aforesaid percentage of the Invested Amount of any adversely
affected Series or Class the Holders of which are required to consent to any
such amendment without the consent of all Investor Certificateholders of each
Series adversely affected in any material respect.

 

(c)           Notwithstanding anything in this Section
10.01 to the contrary, the Supplement with respect to any Series may
be amended on the terms and with the procedures provided in such Supplement.

 

(d)           It shall not be necessary for the consent of Investor
Certificateholders under Section 10.01(b)
to approve the particular form of any proposed amendment, but it shall be
sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Investor Certificateholders shall be subject to such reasonable
requirements as the Trustee may prescribe.

 

(e)           In executing or accepting any amendment pursuant to this Section 10.01, the Trustee shall, upon request, be entitled
to receive and rely upon (i) an Opinion of Counsel stating that such amendment
is authorized pursuant to a specific provision of a Pooling and Servicing
Agreement and complies with such provision, (ii) a certificate from a
Responsible Officer of the Company stating that (A) such amendment shall not
adversely affect the interests of the Holders of any outstanding Investor
Certificates in any material respect except for Holders of the Series whose
consent to such amendment has been obtained in accordance with Section 10.01(b) and (B) all conditions precedent to the
execution and delivery of such amendment shall have been satisfied in full and
(iii) a Tax Opinion.

 

(f)            Promptly after the execution of any amendment pursuant to Section 10.01, the Trustee shall furnish written
notification of the substance of such amendment to each Investor
Certificateholder of each Outstanding Series (or with respect to an amendment
of a Supplement, to each Investor Certificateholder of the applicable Series),
and the Master Servicer shall furnish written notification of the substance of
such amendment to each Funding Agent.

 

71

 

SECTION 10.02                                       Protection of Right, Title and Interest to Trust.

 

The Company (or the Master Servicer on
behalf of the Company) shall cause each Pooling and Servicing Agreement, all
amendments thereto and/or all financing statements and continuation statements
and any other necessary documents covering the Holders’ and the Trustee’s
right, title and interest to the Trust and the Participation Assets to be
promptly recorded, registered and filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required
by law fully to preserve and protect the right, title and interest of the
Trustee hereunder to all property comprising the Trust. The Company (or the
Master Servicer on behalf of the Company) shall deliver to the Trustee copies
of, or filing receipts for, any document recorded, registered or filed as
provided above, as soon as available following such recording, registration or
filing. In the event that the Master Servicer fails to file such financing or
continuation statements and the Trustee has received an Opinion of Counsel, at
the expense of the Company, that such filing is necessary to fully preserve and
to protect the Trustee’s right, title and interest in any Participation Asset
then the Trustee shall have the right to file the same on behalf of the Master
Servicer, the Company and the Trustee shall be reimbursed and indemnified by
the Company for making such filing. The Company shall cooperate fully with the
Master Servicer in connection with the obligations set forth above and will
execute any and all documents reasonably required to fulfill the intent of this
Section 10.02.

 

(a)                                  The
death or incapacity of any Holder shall not operate to terminate this Agreement
or the Trust, nor shall such death or incapacity entitle such Holder’s legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

 

(b)                                 Except
with respect to the Investor Certificateholders as expressly provided in any
Pooling and Servicing Agreement, no Holder shall have any right to vote or in
any manner otherwise control the operation and management of the Trust, or the
obligations of the parties hereto; nor shall any Holder be under any liability
to any third person by reason of any action taken by the parties to this
Agreement pursuant to any provision hereof.

 

(c)                                  No
Holder shall have any right by virtue of any provisions of this Agreement to
institute any suit, action or proceeding in equity or at law upon or under or
with respect to this Agreement, unless such Holder previously shall have given
to the Trustee written request to institute such action, suit or proceeding in
its own name as Trustee hereunder and shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and
liabilities to be incurred therein or thereby, and the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity, shall have
neglected or refused to initiate any such action, suit or proceeding; it being
understood and intended, and being expressly covenanted by each Holder with
every other Holder and the Trustee, that no one or more Holder(s) shall have
any right in any manner whatever by virtue or by availing itself or themselves
of any provisions of the Pooling and Servicing Agreements to affect, disturb or
prejudice the rights of any other of the Interests, or to obtain or seek to
obtain priority over or preference to any other such Holder, or to enforce any
right under this Agreement, except in the manner herein provided and for the
equal,

 

72

 

ratable
and common benefit of all Holders. For the protection and enforcement of the
provisions of this Section 10.02,
each and every Holder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.

 

(d)                                 By
their acceptance of Interests pursuant to this Agreement and the applicable
Supplement, the Holders agree to the provisions of this Section
10.02.

 

SECTION 10.03                                       Governing Law.

 

THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO ANY CONFLICTS OF LAWS PRINCIPLES OTHER THAN SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW, EXCEPT TO THE EXTENT THAT ISSUES OF
PERFECTION ARE GOVERNED BY THE LAWS OF ANOTHER JURISDICTION.

 

SECTION 10.04                                       Notices.

 

All notices, requests and demands to or
upon the respective parties hereto to be effective shall be in writing
(including by telecopy), and, unless otherwise expressly provided herein, shall
be deemed to have been duly given or made when delivered by hand, or three days
after being deposited in the mail, postage prepaid, or, in the case of telecopy
notice, when received, addressed as follows (i) in the case of the Company, the
Master Servicer and the Trustee, or to such other address as may be hereafter
notified by the respective parties hereto:

 

The Company:

 

Huntsman Receivables Finance LLC

c/o Huntsman International LLC

500 Huntsman Way

Salt Lake City, Utah 84108

Attention: Office of General Counsel

Telephone No.: 1 (801) 532-5700

Facsimile No.: 1 (801) 584-5782

with a copy to the Master Servicer

 

The Master Servicer:

 

Huntsman (Europe) BVBA

 

Everslaan 45

B-3078 Everberg

Belgium

Attention: Treasury Department

Phone No.: 32 2 758 9211

Facsimile No.: 32 2 759 5501

 

The Trustee:

 

J.P. Morgan Bank (Ireland) plc

JPMorgan House

International Financial Services Centre

Dublin 1, Ireland

Attention: Michael Drew

Telephone No. +353 1 612 3238

Facsimile No. +353 1 612 5777

 

73

 

Any notice required or permitted to be
mailed to a Holder shall be given by first-class mail, postage prepaid, at the
address of such Holder as shown in the Certificate Register, the Exchange
Register or the Subordinated Interest Register, as the case may be. Any notice
so mailed within the time prescribed in any Pooling and Servicing Agreement
shall be conclusively presumed to have been duly given, whether or not the
Holder receives such notice. With respect to service of process in the United
States, the Master Servicer and the Trustee hereby appoint CT Corporation as
their respective agent for service of process in the United States.

 

SECTION 10.05                                       Severability of Provisions.

 

If any one or more of the covenants,
agreements, provisions or terms of any Pooling and Servicing Agreement shall
for any reason whatsoever be held invalid, then such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of such Pooling and Servicing Agreement and
shall in no way affect the validity or enforceability of the other provisions
of any Pooling and Servicing Agreement or of the Investor Certificates or
rights of the Holders.

 

SECTION 10.06                                       Assignment.

 

Notwithstanding anything to the contrary
contained herein, except as provided in Section 5.03 of
the Servicing Agreement, no Pooling and Servicing Agreement, nor any rights or
interests thereunder, may be assigned by the Company or the Master Servicer
without the prior written consent of the Funding Agent(s) representing more
than 50% of the Aggregate Invested Amount.

 

SECTION 10.07                                       Investor Certificates Nonassessable and Fully Paid.

 

It is the intention of the parties to each
Pooling and Servicing Agreement that the Investor Certificateholders shall not
be personally liable for obligations of the Trust, that the interests in the
Trust represented by the Investor Certificates shall be nonassessable for any
losses or expenses of the Trust or for any reason whatsoever and that Investor
Certificates upon authentication thereof by the Trustee pursuant to Section 5.02 are and shall be deemed fully paid.

 

SECTION 10.08                                       Further Assurances.

 

Each of the Company, the Servicer Guarantor
and the Master Servicer hereby agree to do and perform, from time to time, any
and all acts (including but not limited to notifying related Obligors to the
extent necessary to perfect the grant of any Participation hereunder by the
Company to the Trust, except to the extent that the relevant UCC and other
similar laws (to the extent applicable) permit the Company (or its assignees)
to provide such notification subsequent to the applicable Receivables
Origination Date without materially impairing the Trust’s Participation and
security interest in the Participation Assets and without incurring material
expenses in connection with such notification) and to execute any and all
further instruments required or reasonably requested by the Trustee more fully
to effect the purposes

 

74

 

of each Pooling and Servicing Agreement,
including the execution of any financing statements or continuation statements
relating to the Receivables for filing under the provisions of the UCC (or
other applicable laws) of any applicable jurisdiction.

 

SECTION 10.09                                       No Waiver; Cumulative Remedies.

 

No failure to exercise and no delay in
exercising, on the part of the Trustee or the Investor Certificateholders, any
right, remedy, power or privilege hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exhaustive of any
rights, remedies, powers and privileges provided by law.

 

SECTION 10.10                                       Counterparts.

 

This Agreement may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

 

SECTION 10.11                                       Third-Party Beneficiaries.

 

This Agreement will inure to the benefit of
and be binding upon the parties hereto and the Holders and their respective
successors and permitted assigns. Except as provided in this Section 10.11 and in any Supplement, no other Person will
have any right or obligation hereunder.

 

SECTION 10.12                                       Actions by Investor Certificateholders.

 

(a)                                  Wherever
in any Pooling and Servicing Agreement a provision is made that an action may
be taken or a notice, demand or instruction given by Investor
Certificateholders, such action, notice or instruction may be taken or given by
any Investor Certificateholders of any Series, unless such provision requires a
specific percentage of Investor Certificateholders of a certain Series or all
Series.

 

(b)                                 Any
request, demand, authorization, direction, notice, consent, waiver or other act
by an Investor Certificateholder shall bind such Investor Certificateholder and
every subsequent Holder of such Investor Certificate issued upon the
registration of transfer thereof or in exchange therefor or in lieu thereof in
respect of anything done or omitted to be done by the Trustee, the Company and
the Master Servicer in reliance thereon, whether or not notation of such action
is made upon such Investor Certificate.

 

SECTION 10.13                                       Merger and Integration.

 

Except as specifically stated otherwise
herein, this Agreement sets forth the entire understanding of the parties
relating to the subject matter hereof, and all prior understandings, written or
oral, are superseded by this Agreement and the Servicing Agreement. This
Agreement and the Servicing Agreement may not be modified, amended, waived, or
supplemented except as provided herein.

 

75

 

SECTION 10.14                                       Headings.

 

The headings herein are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

 

SECTION 10.15                                       No Setoff.

 

Except as expressly provided in this
Agreement or any other Transaction Document, the Trustee agrees that it shall
have no right of setoff or banker’s lien against, and no right to otherwise
deduct from, any funds held in the Collection Accounts or the Company
Concentration Accounts for any amount owed to it by the Company, the Master
Servicer or any Holder.

 

SECTION 10.16                                       No Bankruptcy Petition.

 

Each of the Trustee (for itself and on
behalf of the Holders) and the Master Servicer hereby covenant and agree that
it will not institute against, or join any other Person in instituting against,
the Company any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other proceedings (including, but not limited to,
petitioning for the declaration of the Company’s assets en désastre) under any
Applicable Insolvency Laws.

 

SECTION 10.17                                       Limitation of Liability.

 

It is expressly understood and agreed by
the parties hereto that (a) each Pooling and Servicing Agreement is executed
and delivered by the Trustee, not individually or personally but solely as
Trustee of the Trust, in the exercise of the powers and authority conferred and
vested in it, (b) except with respect to Section 8.15
the representations, undertakings and agreements herein made on the part of the
Trust are made and intended not as personal representations, undertakings and
agreements by the Trustee, but are made and intended for the purpose of binding
only the Trust, (c) nothing herein contained shall be construed as creating any
liability on the Trustee, individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties who are signatories to this Agreement and by
any Person claiming by, through or under such parties; provided,
however, the Trustee shall be liable in
its individual capacity for its own willful misconduct or gross negligence and
for any tax assessed against the Trustee based on or measured by any fees,
commission or compensation received by it for acting as Trustee and (d) under
no circumstances shall the Trustee be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under any Pooling and Servicing Agreement; provided,
further, that this Section
10.17 shall survive the resignation or removal of the Trustee.

 

Except as otherwise provided hereunder,
each of Huntsman International, the Company and the Master Servicer severally
hereby agrees to indemnify and hold harmless the Trustee, the Trust (for the
benefit of the Holders) and the Holders (each, an “Indemnified
Person”) from and against any loss, liability, expense, damage or
injury suffered or sustained by reason of any acts, omissions or alleged acts
or omissions arising out of, or relating to, activities of the Company pursuant
to any Pooling and Servicing Agreement to which it is a party, including any
judgment, award, settlement, reasonable attorneys’ fees and other reasonable
costs or expenses incurred in connection with the defense of any actual or
threatened action, proceeding or claim, except to the extent such loss, liability,
expense, damage or injury

 

76

 

resulted from the gross negligence, bad
faith or willful misconduct of an Indemnified Person or resulted from the
performance of any Receivable, market fluctuations or other market or
investment risk not attributable to acts or omissions or alleged acts or
omissions of the Company; provided, however, that any payments to be made by the Company
pursuant to this Section 10.17 shall be Company
Subordinated Obligations.

 

SECTION 10.18                                       Certain Information.

 

The Master Servicer and the Company shall
promptly provide to the Trustee such information in computer tape, hard copy or
other form regarding the Receivables as the Trustee may reasonably determine to
be necessary to perform its obligations hereunder.

 

SECTION 10.19                                       Responsible Officer Certificates; No Recourse.

 

Any certificate executed and delivered by a
Responsible Officer of the Master Servicer, the Company or the Trustee pursuant
to the terms of the Transaction Documents shall be executed by such Responsible
Officer not in an individual capacity but solely in his or her capacity as an
officer of the Company or the Trustee, as applicable, and such Responsible
Officer will not be subject to personal liability as to matters contained in
the certificate. A director, officer, employee or shareholder, as such, of the
Company shall not have liability for any obligation of the Company hereunder or
under any Transaction Document or for any claim based on, in respect of, or by
reason of, any Transaction Document, unless such claim results from the gross
negligence, fraudulent acts or willful misconduct of such director, officer,
employee or shareholder.

 

SECTION 10.20                                       Effectiveness of this Agreement.

 

This Second Amended and Restated Pooling
Agreement shall come into effect only upon the occurrence of the Series 2001-1 Redemption
Date, at which time the existing Amended and Restated Pooling Agreement dated June
26, 2001 (the “Existing Agreement”) will be of no
further force and effect except as to evidence the creation of trusts,
participations and security interests thereunder and the incurrence of
obligations thereunder. Notwithstanding anything in this Section
10.20 to the contrary (a) Section 2.07(q)
through (u) of the Existing Agreement shall
continue to have force and effect but only in relation to Relevant Documents
(as defined for the purposes of the Existing Agreement) executed before
December 1, 2003 and (b) all provisions of the Existing Agreement relating to
the Stamp Duty Reserve Accounts (as defined for the purposes of the Existing
Agreement) (including, without limitation, provisions relating to the
establishment and maintenance of, and the grant of security under, such
accounts) shall continue to have force and effect.

 

77

 

IN WITNESS WHEREOF, the Company, the Master Servicer and the Trustee have caused this
Agreement to be duly executed by their respective officers as of the day and
year first above written.

 

	
  HUNTSMAN RECEIVABLES FINANCE LLC,

  
	
  as the Company

  
	
   

  
	
   

  
	
  By:

  	
  /s/ SEAN DOUGLAS

  	
   

  
	
   

  	
  Name: Sean Douglas

  	
   

  
	
   

  	
  Title: Vice President and Treasurer

  	
   

  
	
   

  
	
   

  
	
  HUNTSMAN (EUROPE) BVBA,

  
	
  as Master Servicer

  
	
   

  
	
   

  
	
  By:

  	
  /s/ CHRISTOPHE STRUYVELT

  	
   

  
	
   

  	
  Name: Christophe Struyvelt

  	
   

  
	
   

  	
  Title: Manager

  	
   

  
	
   

  
	
   

  
	
  J.P. MORGAN BANK (IRELAND) plc,

  
	
  not in its individual capacity but solely as Trustee

  
	
   

  
	
   

  
	
  By:

  	
  /s/ FRANCIS DE CARRIÈRE

  	
   

  
	
   

  	
  Name: Francis De Carrière

  	
   

  
	
   

  	
  Title: Manager

  	
   

  
	
   

  
	
   

  
	
  HUNTSMAN INTERNATIONAL LLC,

  
	
  Acknowledged and agreed to with respect

  
	
  to Sections 5.03,
  6.03, 7.01
  and 10.17

  
	
   

  
	
   

  
	
  By:

  	
  /s/ SEAN DOUGLAS

  	
   

  
	
   

  	
  Name: Sean Douglas

  	
   

  
	
   

  	
  Title: Vice President and Treasurer

  	
   

  

 

78

Execution Copy

 

ANNEX X

to

Pooling Agreement

 

“ABR” shall mean, for any day, a per annum alternate base rate
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest
of (a) the Prime Rate in effect on such day, (b) the Base CD Rate in effect on
such day plus 1% and (c) the
Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%. If for any reason, the relevant Funding Agent
shall have determined (which determination shall be conclusive absent manifest
error) that it is unable to ascertain the Base CD Rate or the Federal Funds
Effective Rate or both for any reason, including the inability or failure of
the relevant Funding Agent to obtain sufficient quotations in accordance with
the terms of the definitions thereof, the ABR shall be determined without
regard to clause (b) or (c), or both, of the immediately preceding
sentence, as appropriate, until the circumstances giving rise to such inability
no longer exist. Any change in the ABR due to a change in the Prime Rate, the
Base CD Rate or the Federal Funds Effective Rate shall be effective on the
effective date of such change in the Prime Rate, the Base CD Rate or the
Federal Funds Effective Rate, respectively. The term “Prime Rate” shall mean the rate of interest
per annum publicly announced from time to time by the relevant Funding Agent as
its prime rate in effect at its principal office in New York City; each change
in the Prime Rate shall be effective on the date such change is publicly
announced as being effective. The term “Base
CD  Rate” shall mean the
sum of (a) the product of (i) the Three-Month Secondary CD Rate and (ii)
Statutory Reserves and (b) the Assessment Rate. The term “Three-Month Secondary CD Rate” shall mean,
for any day, the secondary market rate for three-month certificates of deposit
reported as being in effect on such day (or, if such day shall not be a
Business Day, the next preceding Business Day) by the Board of Governors
through the public information telephone line of the Federal Reserve Bank of
New York (which rate will, under the current practices of the Board of
Governors, be published in Federal Reserve Statistical Release H.15(519) during
the week following such day), or, if such rate shall not be so reported on such
day or such next preceding Business Day, the average of the secondary market
quotations for three-month certificates of deposit of major money center banks
in New York City received at approximately 10:00 a.m. New York City time, on
such day (or, if such day shall not be a Business Day, on the next preceding
Business Day) by the relevant Funding Agent from three negotiable certificate
of deposit dealers in New York City of recognized standing selected by it.

 

“Accrual Period” shall mean, for any Series, the period from
and including a Distribution Date, or, in the case of the initial Accrual
Period for such Series, the date of issuance of such Series, to but excluding
the succeeding Distribution Date.

 

“Accumulation Period” shall have, with respect to any
Outstanding Series, the meaning assigned to such term in the related
Supplement.

 

“Acquired Line of Business” shall mean any business acquired by
an Approved Originator after the Series 2000-1 Issuance Date.

 

“Acquired Line of Business Receivables” shall mean Receivables
generated by an Approved Originator arising from an Acquired Line of Business.

 

“Additional Originator” shall mean any Originator added as an
Approved Originator pursuant to Section 2.09
of the Pooling Agreement after the Initial Issuance Date.

 

 

“Adjusted Invested Amount” shall have, with respect to any
Outstanding Series, the meaning assigned to such term in the related
Supplement.

 

“Adjustment Payments” shall mean the collective reference to
payments of Originator Adjustment Payment, Originator Dilution Adjustment
Payment or Originator Indemnification Payment, any Contributor Adjustment
Payment, Contributor Dilution Adjustment Payment or Contributor Indemnification
Payment, and (iii) any other payment made in accordance with Sections 2.05 and 2.06 (or corresponding section) of the
applicable Origination Agreement, Sections
2.05(a) and (b) of the Pooling Agreement and Section 4.05 of the Servicing Agreement.

 

“Administrative Agent” shall mean, with respect to any Series,
the Person, if any, so designated in the related Supplement.

 

“Affiliate” shall mean, with respect to any specified Person,
any other Person which, directly or indirectly, is in control of, is controlled
by, or is under common control with, such specified Person. For purposes of
this definition “control” of a Person
means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of such Person, whether through
the ownership of voting securities or otherwise, and the terms “controlling” and “controlled” have meanings correlative to
the foregoing.

 

“Aged Receivables Ratio” shall mean, as of the last day of each
Settlement Period, the percentage equivalent of a fraction, the numerator of
which shall be the sum of (a) the aggregate unpaid balance of Receivables
contributed by the Contributor to the Company (and with respect to which the
Company has granted the Participation and a security interest to the Trust)
that were 61 to 90 days past due and (b) the aggregate amount of Receivables
that were charged off as uncollectible prior to the day that is 61 days after
its original due date during such Settlement Period, and the denominator of
which shall be the aggregate Principal amount of Receivables contributed by the
Contributor to the Company (and with respect to which the Company has granted
the Participation and a security interest to the Trust) during the third prior
Settlement Period (including the Settlement Period ended on such day).

 

“Aggregate Adjusted Invested Amount” shall mean, with respect
to any date of determination, the sum of the Adjusted Invested Amounts with
respect to all Outstanding Series on such date of determination.

 

“Aggregate Allocated Receivables Amount” shall mean, with
respect to any date of determination, the sum of the Allocated Receivables
Amounts with respect to all Outstanding Series on such date of determination.

 

“Aggregate Daily Collections” shall mean, with respect to any
Business Day, the aggregate amount of all Collections in immediately available
funds deposited into the Company Concentration Accounts on such day by 12:30
p.m. London time and available for allocation to different Series.

 

“Aggregate Initial Daily Collections” shall mean, with respect
to any Business Day, the aggregate amount of all Collections deposited into the
Collection Accounts.

 

“Aggregate Invested Amount” shall mean, at any date of
determination, the sum of the Invested Amounts with respect to all Outstanding
Series on such date of determination.

 

2

 

“Aggregate Obligor Country Overconcentration Amount” shall
mean, on any date of determination, the aggregate Principal Amount of
non-Defaulted Receivables due from Obligors in Approved Obligor Countries
which, when expressed as a percentage of the Principal Amount of all Eligible
Receivables in the Trust at such date of determination, exceeds the Approved
Obligor Country Overconcentration Limit.

 

“Aggregate Obligor Overconcentration Amount” shall mean, on any
date of determination, the Principal Amount of non-Defaulted Receivables due
from an Eligible Obligor and with respect to which a Participation has been
granted by the Company to the Trust at such date, that when expressed as a
percentage of the Principal Amount of all Eligible Receivables in the Trust at
such date of determination, exceeds the Obligor Limit set forth in Schedule 3 to the Pooling Agreement under
heading (E) “Obligor Limit”.

 

“Aggregate Originator Country Overconcentration Amount” shall
mean, on any date of determination, the aggregate Principal Amount of
non-Defaulted Receivables sold by an Approved Originator which, when expressed
as a percent of the Principal Amount of all Eligible Receivables in the Trust
at such date of determination, exceeds the Approved Originator Country
Overconcentration Limit.

 

“Aggregate Receivables Amount” shall mean, on any date of
determination, without duplication, the aggregate Principal Amount of all
Eligible Receivables owned by the Company at the end of the Business Day
immediately preceding such date minus
(i)  the Aggregate Obligor
Overconcentration Amount; (ii) the Aggregate Obligor Country Overconcentration
Amount; (iii) the Aggregate Originator Country Overconcentration Amount; (iv)
an amount equal to Timely Payment Accruals and Commission Accruals; (v) an
amount equal to the Volume Rebate Accrual; and (vi) the Potential Offset
Amount.

 

“Aggregate Target Receivables Amount” shall mean, on any date
of determination, the sum of the Target Receivables Amounts with respect to all
Outstanding Series on such date of determination.

 

“Allocable Charged-Off Amount” shall have, with respect to any
Series, the meaning assigned in Section
3.01(g)(i)(A) of the Pooling Agreement as modified by any Supplement
for such Series.

 

“Allocable Recoveries Amount” shall have, with respect to any
Series, the meaning assigned in Section
3.01(g)(i)(B) of the Pooling Agreement as modified by any Supplement
for such Series.

 

“Allocated Receivables Amount” shall have, with respect to any
Outstanding Series, the meaning assigned in the related Supplement for such
Outstanding Series.

 

“Amortization Period” shall have, with respect to any
Outstanding Series, the meaning assigned to such term in the related Supplement
for such Outstanding Series.

 

“Applicable Insolvency Laws” shall mean, with respect to any
Person, any applicable bankruptcy, insolvency or other similar United States or
foreign law now or hereafter in effect.

 

“Applicable Notice Provisions” shall mean the notice provisions
set forth in Section 8.11 (or
corresponding section)  of the applicable Origination
Agreement.

 

3

 

“Applicants” shall have the meaning assigned in Section 5.08 of the Pooling Agreement.

 

“Appropriate Rating” shall mean (i) the rating required to
maintain the existing rating, whether 
direct or indirect, on each Outstanding Series of Investor Certificates
and if no such rating exists for such Series of Investor Certificates then (ii)
a rating at a level agreed upon between the Company and the Trustee acting at the
direction of the Funding Agent(s).

 

“Approved Acquired Line of Business” shall mean each Acquired
Line of Business approved by the Funding Agents in accordance with the proviso
in the definition of Eligible Receivables, with effect on and after the date of
such approval.

 

“Approved Contract Jurisdiction” shall mean (i) on the Initial
Issuance Date, the jurisdictions set forth in the Receivables Specification and
Exception Schedule attached to the Pooling Agreement as Schedule 3 under
heading (B) “Approved Contract Jurisdictions”,
representing jurisdictions the law of which may govern Contracts and (ii) after
the Initial Issuance Date, any additional contract jurisdiction added in
accordance with Section 2.09 of
the Pooling Agreement.

 

“Approved Currency” shall mean (i) initially, United States
Dollars, Pound Sterling, and Euro and (ii) any additional legal currency added
in accordance with Section 2.09 of
the Pooling Agreement.

 

“Approved Obligor Country” shall mean (i) initially, the
countries set forth in the Receivables Specification and Exception Schedule
attached to the Pooling Agreement as Schedule
3 under heading (A) “Approved
Obligor Country Limit” and (ii) any Obligor Country which may be
added pursuant to and in accordance with the provisions of Section 2.09(c) of the Pooling Agreement.

 

“Approved Obligor Country Overconcentration Limit” shall mean,
with respect to each Approved Obligor Country set forth in the Receivables
Specification and Exception Schedule attached to the Pooling Agreement as Schedule 3 under the heading “Approved Obligor Countries”, the percentage
appearing next to the applicable ratings category of foreign currency rating
for such country, such percentage representing with respect to each such
country the maximum aggregate percentage of Receivables that may constitute the
Trust pool where the related Obligors are residents in such country.

 

“Approved Originator” shall mean (i) (A) with respect to the
U.S. Originators, Tioxide Americas Inc., Huntsman Propylene Oxide Ltd., Huntsman
International Fuels L.P., Huntsman Ethyleneamines Ltd., Huntsman International
LLC, Huntsman Expandable Polymers Corporation LC, Huntsman Petrochemical
Corporation and Huntsman Polymers Corporation; and (B) with respect to the
European Originators, Huntsman Holland B.V., Tioxide Europe Limited, Huntsman
Petrochemicals (UK) Limited, Huntsman Surface Sciences UK Ltd., Tioxide Europe
S.r.l., Huntsman Surface Sciences Italia S.r.l., Huntsman Patrica S.r.l.,
Tioxide Europe S.L., Huntsman Performance Products Spain, S.L., Tioxide Europe
S.A.S. and Huntsman Surface Sciences (France) S.A.S.; and (ii) any entity that
may be approved as an Additional Originator pursuant to, and in accordance
with, the provisions of Section 2.09
of the Pooling Agreement.

 

“Approved Originator Country Overconcentration Limit” shall
mean, with respect to the country in which an Approved Originator is located as
set forth in the Receivables Specification and Exception Schedule attached to
the Pooling Agreement as Schedule 3

 

4

 

under heading (F) “Approved Originator Country Overconcentration Limit”,
the percentage appearing next to the name of such country, such percentage
representing with respect to each such country the maximum aggregate percentage
of Receivables that may constitute the Trust pool where the related Approved
Originators are residents in such country.

 

“Approved Originator Joinder Agreement” shall mean the
agreement in the form of Schedule 3 (or
corresponding schedule) attached to the applicable Origination Agreement.

 

“Authorized Newspaper” shall mean collectively, the Wall Street
Journal, the International Wall Street Journal, the Financial Times (European
Edition) of London, England, and solely with respect to Certificates listed on
the Luxembourg Stock Exchange, d’Wort of Luxembourg. If any of such newspapers
shall cease to be published, the Master Servicer, the Company (or the Master
Servicer on behalf of the Company) or the Trustee shall substitute for it
another newspaper in Luxembourg (with respect to d’Wort of Luxembourg) and in
Europe (with respect to the International Wall Street Journal and the Financial
Times (European Edition) of London, England) and in the United States (with
respect to the Wall Street Journal), customarily published at least once a day
for at least five (5) days in each calendar week, of general circulation.

 

“Bankruptcy Code” shall mean the United States Federal
Bankruptcy Code, 11 U.S.C. §§ 101 1330, as amended.

 

“Board” means, with respect to any entity, such entity’s board
of directors (in the case of a corporation), board of managers (in the case of
a limited liability company) or equivalent governing body in other cases.

 

“Board of Governors” shall mean the Board of Governors of the
Federal Reserve System of the United States of America.

 

“Book-Entry Certificates” shall mean Certificates evidencing a
beneficial interest in the Investor Certificates, ownership and transfers of
which shall be made through book entries by a Clearing Agency as described in Section 5.12 of the Pooling Agreement;
provided, however, that after the occurrence of a condition whereupon
book-entry registration and transfer are no longer permitted and Definitive
Certificates are issued to the Certificate Book-Entry Holders, such Investor
Certificates shall no longer be “Book-Entry Certificates.

 

“Business Day” shall mean any day other than (i) a Saturday or
a Sunday and (ii) any other day on which commercial banking institutions or
trust companies in (A) the State of New York or (B) the city where the
Corporate Trust Office of the Trustee is located, which on the Effective Date
shall be Dublin, Ireland and which, in each case, are authorized or obligated
by law, executive order or governmental decree to be closed; provided that, when used in connection with
the calculation of Certificate Rates which are determined by reference to the
One-Month LIBOR, “Business Day”
means any business day banks are open for dealings in dollar deposits in the
London interbank market; and further provided
that when used in connection with the calculation of Certificate Rates which
are determined by reference to the One-Month EURIBOR, “Business Day” means any business day on
which commercial banks are open for business in London, Amsterdam and Luxembourg
and on which the Trans-European Automated Real Time Gross Settlement Express
Transfer (“TARGET”) payment system
is operating.

 

5

 

“Business Day Received” shall mean, except as otherwise set
forth in the applicable Supplement, with respect to funds deposited in a
Collection Account, such day of deposit.

 

“Capital
Stock” means (i) with
respect to any Person that is a corporation, any and all shares, interests,
participations or other equivalents (however designated and whether or not
voting) of corporate stock, including each class of common stock and preferred
stock of such Person and (ii) with respect to any Person that is not a
corporation, any and all partnership, membership or other equity interests of
such Person.

 

“Certificate” shall mean any certificate issued pursuant to the
Pooling Agreement or any Supplement.

 

“Certificate Book-Entry Holder” shall mean, with respect to a
Book-Entry Certificate, the Person who is listed on the books of the Clearing
Agency, or on the books of a Person maintaining an account with such Clearing
Agency, as the beneficial owner of such Book-Entry Certificate (directly or as
an indirect participant, in accordance with the rules of such Clearing Agency).

 

“Certificate of Formation” shall mean the certificate of
formation with respect to the Company filed with the Secretary of State of
Delaware pursuant to Section 18-201 of the Delaware Limited Liability Company
Act, and any and all amendments thereto and restatements thereof.

 

“Certificate Rate” shall mean, with respect to any Series and
Class of Investor Certificates, the percentage interest rate (or formula on the
basis of which such interest rate shall be determined) stated in the applicable
Supplement.

 

“Certificate Register” shall mean the register maintained
pursuant to Section 5.03(a) of the
Pooling Agreement providing for the registration of the Investor Certificates
and transfers and exchanges thereof.

 

“Change of Control” shall
mean:

 

(a)                                  any “person” or “group” (as such terms are used
in Sections 13(d) and 14(d) of the Exchange Act), other than Mr. Jon M.
Huntsman, his spouse, direct descendants, an entity controlled by any of the
foregoing and/or by a trust of the type described hereafter, and/or a trust for
the benefit of any of the foregoing (the “Huntsman Group”) or GOP, is or
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act, except that a person shall be deemed to have “beneficial
ownership” of all securities that such person has the right to acquire, whether
such right is exercisable immediately or only after the passage of time),
directly or indirectly, of 35% or more of the then outstanding voting capital
stock of Huntsman International other than in a transaction having the approval
of the Board of the Parent Company, or, if there is no Parent Company, of the
Board of Huntsman International; provided, that in each case, at least a
majority of the members of such approving Board are Continuing Directors of
such entity; or

 

(b)                                 Continuing Directors cease to constitute at
least a majority of the members of the Board of Huntsman International or the
Board of any Parent Company.

 

6

 

“Charged-Off Receivables” shall mean, with respect to any
Settlement Period, all Receivables which, in accordance with the Policies have
or should have been written off during such Settlement Period as uncollectible,
including the Receivables of any Obligor which becomes the subject of any voluntary
or involuntary bankruptcy proceeding.

 

“Class” shall mean, with respect to any Series, any one of the
classes of Investor Certificates of that Series as specified in the related
Supplement.

 

“Clean Up Call Repurchase Price” shall have the meaning assigned
in Section 9.02(a) of the Pooling
Agreement.

 

“Clearing Agency” shall mean each organization registered as a
“clearing agency” pursuant to
Section 17A of the Exchange Act.

 

“Clearing Agency Participant” shall mean a broker, dealer,
bank, other financial institution or other Person for whom from time to time a
Clearing Agency effects transfers and pledges of securities deposited with such
Clearing Agency.

 

“Code” shall mean the United States Internal Revenue Code of
1986, as amended, and the rules and regulations promulgated thereunder from
time to time.

 

“Collection Account Agreements” shall mean (i) on the Effective
Date, each of the Collection Account Agreements, dated as of December 21, 2000
(or thereabout, between the Company and the Collection Account Bank, and (ii)
after the Effective Date, any other collection account agreement entered into
by the Company and an Eligible Institution, in each case in the form reasonably
satisfactory to each Funding Agent.

 

“Collection Account Bank” shall mean any bank holding a
Collection Account or a Master Collection Account which will be an Eligible
Institution appointed by the Company.

 

“Collection Accounts” shall mean the accounts established and
maintained by the Company in accordance with the Collection Account Agreements
and into which Collections shall be deposited.

 

“Collections” shall mean all collections and all amounts
received in respect of the Receivables in which a Participation has been
granted to the Trust and in which a security interest was granted in favor of
the Trustee for the benefit of the Certificateholders, including Recoveries,
Adjustment Payments, indemnification payments made by the Master Servicer, and
payments received in respect of Dilution Adjustments, together with all
collections received in respect of the Related Property in the form of cash,
checks, wire transfers or any other form of cash payment, and all proceeds of
Receivables and collections thereof (including collections evidenced by an
account, note, instrument, letter of credit, security, contract, security
agreement, chattel paper, general intangible or other evidence of indebtedness
or security, whatever is received upon the sale, exchange, collection or other
disposition of, or any indemnity, warranty or guaranty payable in respect of,
the foregoing and all “proceeds”
of the Receivables as defined in Section
9-102(a)(64) of the applicable UCC.

 

“Commission” shall means a payment made to a third party vendor
or distributor who on-sells products to Obligors.

 

7

 

“Commission Accruals” shall mean, with respect to any date of
determination, for the purposes of determining the Aggregate Receivables
Amount, the aggregate amount of outstanding Commission balances as of the
Business Day immediately preceding the date of such determination.

 

“Company” shall mean Huntsman Receivables Finance LLC, a
limited liability company organized under the laws of the State of Delaware.

 

“Company Concentration Accounts” shall mean the accounts which
are established by the Trustee pursuant to Section
3.01(a)(i) of the Pooling Agreement and set forth in Schedule 1 to
the Pooling Agreement.

 

“Company Exchange” shall have the meaning assigned in Section 5.11(a) of the Pooling Agreement.

 

“Company Obligations” shall mean all obligations owed by the
Company for commissions, fees, expenses, indemnifications, and all other
obligations and liabilities of every nature of the Company, from time to time
owed to the Trustee, each Funding Agent and the Investor Certificateholders,
whether direct or indirect, absolute or contingent, due or to become due, or
now existing or thereafter incurred, whether on account of commissions, amounts
owed and payable, incurred fees, indemnities, out of pocket costs or expenses
(including all reasonable fees and disbursements of counsel) or otherwise which
arise under any Transaction Document.

 

“Company Receipts Accounts” shall mean the accounts established
and maintained by the Company pursuant to Section
3.01(c) of the Pooling Agreement and set forth in Schedule 1 to the Pooling Agreement, which
are in existence from time to time and into which amounts due to the Company
under the Pooling Agreement and any Supplement are deposited from time to time.

 

“Company Subordinated Obligations” shall mean any Company
Obligation or other liability designated as such in any Pooling and Servicing
Agreement, each of which payment obligations and other liabilities shall (i) be
subordinated and subject to the prior payment in full of all Company Unsubordinated
Obligations then due, (ii) be made solely from funds available to the Company
that are not required to be applied to Company Unsubordinated Obligations then
due and (iii) not constitute a general recourse claim against the Company, but
only a claim against the Company to the extent of funds available to the
Company after satisfying all Company Unsubordinated Obligations then due.

 

“Company Unsubordinated Obligations” shall mean all Company
Obligations and other liabilities of the Company under any Pooling and
Servicing Agreement that are not designated as Company Subordinated
Obligations.

 

“Confidential Information” shall have the meaning assigned to
such term in Section 8.16 of the
Contribution Agreement.

 

“Continuing Directors” shall mean, as of any date and with
respect to any entity, the collective reference to:

 

(a)                                  all members of the Board of such entity who
have held office continuously since the date of this Agreement, and

 

8

 

(b)           all members of the Board of such entity who assumed office
after the date of this Agreement and whose appointment or nomination for
election by the holders of voting capital stock of such entity was approved by
a vote of at least 50% of the Continuing Directors in office immediately prior
to such appointment or nomination or by the Huntsman Group.

 

“Contract” shall mean an agreement between an Originator and an
Obligor (including but not limited to, a written contract, an invoice, a
purchase order or an open account) pursuant to or under which such Obligor
shall be obligated to make payments in respect of any Receivable or any Related
Property to such Originator from time to time.

 

“Contractual Obligation” shall mean, as to any Person, any
provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of
its property is bound.

 

“Contribution Agreement” shall mean the Amended and Restated
Contribution Agreement dated as of April 18, 2006, between Huntsman
International, as contributor, and the Company, as amended, supplemented or
otherwise modified from time to time in accordance with the Transaction
Documents.

 

“Contribution Date” shall have the meaning set forth in Section 2.01(a)(i) of the Contribution
Agreement.

 

“Contribution Value” shall have the meaning set forth in Section 2.02 of the Contribution Agreement.

 

“Contributor” shall mean Huntsman International.

 

“Contributor Adjustment Payment” shall have the meaning
assigned to such term in Section 2.06(a)
of the Contribution Agreement.

 

“Contributor Dilution Adjustment Payment” shall have the
meaning assigned to such term in Section 2.05
of the Contribution Agreement.

 

“Contributor Indemnification Payment” shall have the meaning
assigned to such term in Section 2.06(b)
of the Contribution Agreement.

 

“Corporate Trust Office” shall mean the principal office of the
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the Effective Date is located at JPMorgan House,
International Financial Services Centre, Dublin 1, Ireland.

 

“Credit Enhancement” shall have the meaning ascribed to such
term in the Asset Purchase Agreement for the respective Series.

 

“Credit Enhancer” shall mean, with respect to any Series, that
Person, if any, designated as such in the applicable Supplement.

 

“CT Corporation” shall mean CT Corporation Inc.

 

9

 

“Daily Report” shall mean a report prepared by the Master Servicer
pursuant to Section 4.01 of the
Servicing Agreement on each Business Day, substantially in the form of Exhibit B attached to the Pooling
Agreement.

 

“Days Sales Outstanding” shall mean, as of any Settlement
Report Date and continuing until (but not including) the next Settlement Report
Date, the number of days equal to the product of (i) 91 and (ii) the amount
obtained by dividing (A) the aggregate Principal Amount of Receivables as of
the last day of the Settlement Period immediately preceding such earlier
Settlement Report Date, by (B) the aggregate Principal Amount of Receivables
contributed by the Contributor to the Company (and with respect to which
thereafter the Company has granted the Participation to the Trust and a
security interest in favor of the Trustee for the benefit of the
Certificateholders) for the three Settlement Periods immediately preceding such
earlier Settlement Report Date.

 

“Defaulted Receivable” shall mean any Eligible Receivable (a)
which is unpaid in whole or in part (other than as a result of a Dilution
Adjustment) for more than sixty (60) days after its original due date or (b)
which is a Charged-Off Receivable prior to sixty (60) days after the original
due date.

 

“Definitive Certificates” shall have the meaning assigned in Section 5.12 of the Pooling Agreement.

 

“Delinquency Ratio” shall mean, as of the last day of each
Settlement Period, the percentage equivalent of a fraction, the numerator of
which shall be the aggregate unpaid balance of Receivables contributed by the Contributor
to the Company (and with respect to which the Company has granted a
Participation and a security interest to the Trust) that were thirty one (31)
to sixty (60) days past due during such Settlement Period, and the denominator
of which shall be the aggregate Principal Amount of Receivables contributed by
the Contributor to the Company (and, in each case, the Company has granted a
Participation and a security interest to the Trust) during the third prior
Settlement Period (including the Settlement Period ended on such day).

 

“Depository” shall mean, with respect to any Series, the
Clearing Agency designated as the “Depository”
in the related Supplement.

 

“Depository Agreement” shall mean, with respect to any Series,
an agreement among the Company, the Trustee and a Clearing Agency, in a form
reasonably satisfactory to the Trustee, and the Company.

 

“Depository Participant” shall mean a broker, dealer, bank,
other financial institution or other Person for whom from time to time the
Depository effects book entry transfers and pledges of securities deposited
with the Depository.

 

“Designated Line of Business” shall mean any line of business
which the Master Servicer can identify by means of product, ledger, code or
other means of identification so that Receivables originated with respect to
such Designated Line of Business are identifiable and distinguished from all
other Receivables of the relevant Originator or Originators.

 

“Dilution Adjustment” shall mean any payment adjustments
(including payment adjustments arising as a result of any reconciliation) of
any Eligible Receivables, and the amount of any other reduction of any payment
under any Receivable, in each case granted or

 

10

 

made by an Originator to the
related Obligor; provided, however, that a “Dilution Adjustment” shall not include (1) any Collection on a
Receivable or Charged-Off Receivable or (2) any Timely Payment Discount,
Commission or any Volume Rebate for which a reserve is maintained to account
for any potential offset; provided,
further, that for purposes of
determining the Dilution Ratio, with respect to Dilution Adjustments relating
to invoices where the entire invoice balance has been cancelled or credited
(each referred to as “credited”) and a rebilled invoice subsequently issued for
the same item (together called “credit and re-bills”), the Dilution Adjustment
shall include: (i) the net difference (only if a positive value) between the
original invoice amount and the subsequent rebilled amount so long as the
rebilled invoice is issued within 5 Business Days of the original invoice being
credited, which was credited in its entirety or (ii) the entire amount of the
cancelled or credited invoice should the subsequent rebilled invoice be issued
after 5 Business Days of the original invoice being credited in its entirety.
For credit and re-bills in which the credit and re-bill occur in separate
Settlement Periods, the amount of the Dilution Adjustment, as calculated above
will be listed as occurring in the Settlement Period of the original invoice
date.

 

“Dilution Horizon” shall mean in relation to any Receivable the
number of days from the date on which such Receivable was created to the date
on which a Dilution Adjustment with respect to such Receivable is issued by the
Originator. Dilution Horizon relating to invoices where the entire invoice
balance has been cancelled or credited and a rebilled invoice subsequently
issued for the same item (together called “credit and re-bills”) shall mean the
number of days from the date on which the invoice reflecting such Receivable
was first created to the date of the re-billed invoice.

 

“Dilution Horizon Factor” shall mean a fraction, the numerator
of which is the aggregate weighted average Dilution Horizon of the Originators
(based upon the Dilution Adjustment of the selected Receivables) for such
period. “Dilution Horizon Factor”
shall be calculated by the Master Servicer each June and December by selecting
a random sample of 50 Dilution Adjustments per each Originator over the
preceding three months, with the exception of Huntsman Petrochemical
Corporation, Huntsman Petrochemicals (UK) Ltd. and Huntsman Holland B.V. in
which case the random sample shall include 100 Dilution Adjustments created
during such period. The Master Servicer will prepare a table by originator for
the Funding Agents which will include for each Dilution Adjustment the original
invoice date, invoice amount, Obligor, amount of the credit or net from credit
and re-bill, if applicable (see Dilution Adjustment), and a description of each
Dilution Adjustment. A weighted average Dilution Horizon per Originator in days
will be computed therefrom based on the amount of Dilution Adjustment per item
and the Dilution Horizon per item. A weighted average for the program will be
computed therefrom by weighting the weighted average Dilution Horizon per
Originator by the average amount of Dilution Adjustments by originator over the
preceding three months. The denominator for “Dilution
Horizon Factor” shall be 30; it
being understood, that if the required sample size of Dilution
Adjustments is not available, the Master Servicer will compute the preceding
calculations on such other amount available; it
being further understood, that the random sample shall not include
any adjustments resulting from any Timely Payment Discount, Commission or any
Volume Rebate for which a reserve is maintained to account for any potential
offset.

 

“Dilution Period” shall mean, as of any Settlement Report Date
and continuing until (but not including) the next Settlement Report Date, the
quotient of (i) the product of (A) the aggregate Principal Amount of the
Receivables that were contributed by the Contributor to

 

11

 

the Company (and in which
thereafter a Participation and security interest were granted by the Company to
the Trust), as applicable during the Settlement Period immediately preceding
such earlier Settlement Report Date and (B) the Dilution Horizon Factor as of such
Settlement Report Date and (ii) the Aggregate Receivables Amount as of the last
day of the Settlement Period immediately preceding such earlier Settlement
Report Date.

 

“Dilution Ratio” shall mean, as of the last day of each
Settlement Period, an amount (expressed as a percentage) equal to the aggregate
amount of Dilution Adjustments made during such Settlement Period divided by the aggregate Principal Amount
of Receivables that were contributed by the Contributor to the Company (and
thereafter a Participation and security interest were granted by the Company to
the Trust) during the immediately preceding Settlement Period (including the
Settlement Period ended on such day).

 

“Discounted Percentage” shall mean (i) with respect to the
calculation of the Contribution Value attributed to the Receivables and the
other Receivable Assets related thereto to be contributed by the Contributor to
the Company, a percentage agreed upon by the Contributor, and consented to by
each Funding Agent (such consent not to be unreasonably withheld) from time to
time that reflects, among other factors, the historical rate at which
Receivables are charged off in accordance with the Policies and (ii) with
respect to the calculation of the related Contribution Value or Originator Purchase
Price, a percentage agreed upon by the related Originator and the Contributor
and consented to by each Funding Agent (such consent not to be unreasonably
withheld) from time to time that reflects, among other factors, the historical
rate at which Receivables are charged off in accordance with the Policies of
the related Originator.

 

“Distribution Date” shall mean, (i) except as otherwise set
forth in the applicable Supplement and in clause
(ii) hereof, the 15th day of the month, or if such 15th day is not a
Business Day, the next succeeding Business Day.

 

“Dollars”, “United States
Dollars”, “U.S. Dollars”
and “$” shall mean the legal
currency of the United States of America.

 

“Dutch Originator” shall mean any of (i) Huntsman Holland B.V.
and (ii) after the Initial Issuance Date, any Approved Originator incorporated
in the Netherlands.

 

“Dutch Receivables” shall mean the Receivables originated by a
Dutch Originator and sold to Huntsman International, then contributed,
transferred, assigned and conveyed to the Company and with respect to which a
Participation and security interest were granted by the Company to the Trust.

 

“Dutch Receivables Purchase Agreement” means the Dutch
Receivables Purchase Agreement, between the Dutch Originators and the Contributor
as amended, supplemented or otherwise modified from time to time in accordance
with the Transaction Documents, and attached as Attachment 1 to the Omnibus
Receivables Purchase Agreement.

 

“Early Amortization Event” shall have, with respect to any Series,
the meaning assigned in Section 7.01
of the Pooling Agreement (without taking into account any Supplements) and in
any Supplement for such Series.

 

12

 

“Early Amortization Period” shall have, with respect to any
Series, the definition assigned to such term in Section 7.01 of the Pooling Agreement (without taking into
account any Supplements) and in any Supplement for such Series.

 

“Early Originator Termination” shall have the meaning assigned
in Section 7.01 (or other
corresponding section) of the applicable Origination Agreement.

 

“Early Program Termination” shall have the meaning assigned in Section 7.02 (or other corresponding
section) of the applicable Origination Agreement.

 

“ECI Holder” shall mean any holder of an Exchangeable Company
Interest, but only to the extent of such Exchangeable Company Interest.

 

“Effective Date” shall mean December 21, 2000.

 

“Eligible Institution” shall mean (a) with respect to accounts
in the United States a depositary institution or trust company (which may
include the Trustee and its Affiliates) organized under the laws of the United
States of America or any one of the States thereof or the District of Columbia;
provided, however, that at all times (i) such
depositary institution or trust company is a member of the Federal Deposit
Insurance Corporation, (ii) the unsecured and uncollateralized debt obligations
of such depositary institution or trust company are rated in one of the two
highest long-term or short-term rating categories by each Rating Agency and
(iii) such depositary institution or trust company has a combined capital and
surplus of at least $100,000,000 and (b) with respect to accounts outside the
United States an entity authorized to accept deposits in the relevant
jurisdiction which has unsecured and uncollateralized debt obligations rated in
one of the two highest long-term or short-term rating categories by each Rating
Agency.

 

“Eligible Investments” shall mean any book entry securities,
negotiable instruments or securities represented by instruments in bearer or
registered form which evidence:

 

(a)                                  direct obligations of, or obligations fully
guaranteed as to timely payment by, the United States of America or any OECD
Country;

 

(b)                                 federal funds, demand deposits, time deposits
or certificates of deposit of any depositary institution or trust company
incorporated under the laws of the United States of America, any state thereof
(or any domestic branch of a foreign bank) or any OECD Country and subject to
supervision and examination by federal, state or foreign banking or depositary
institution authorities; provided,
however, that at the time of the
investment or contractual commitment to invest therein the commercial paper or
other short term unsecured debt obligations (other than such obligations the
rating of which is based on the credit of a Person other than such depository
institution or trust company) thereof shall have a credit rating from each of
the Rating Agencies rating such investment in the highest investment category
granted thereby;

 

(c)                                  commercial paper rated, at the time of the
investment or contractual commitment to invest therein, in the highest rating
category by each Rating Agency rating such commercial paper;

 

13

 

(d)                                 investments in money market funds (including
funds for which the Trustee or any of its Affiliates is investment manager or
adviser) rated in the highest rating category by each Rating Agency rating such
money market fund (provided that,
if such Rating Agency is S&P, such rating shall be “AAA”);

 

(e)                                  bankers acceptances issued by any depository
institution or trust company referred to in clause
(b) above; or

 

(f)                                    repurchase obligations with respect to any
security that is a direct obligation of, or fully guaranteed by, the United
States of America, any OECD Country or any agency or instrumentality thereof
the obligations of which are backed by the full faith and credit of the United
States of America or such OECD Country, in either case entered into with a
depository institution or trust company (acting as principal) described in clause (b) above;

 

provided that “Eligible
Investments” shall exclude any obligations which are:

 

(i)                                     issued by the United Kingdom government or by
any governmental entity or body (whether local or national) of the United
Kingdom;

 

(ii)                                  issued by a company resident in the United
Kingdom (or by any other body of persons having its main seat of business in
the United Kingdom);

 

(iii)                               issued by a company (or other body of persons)
through a branch situated in the United Kingdom or for the purposes of a
business carried on in the United Kingdom;

 

(iv)                              secured on assets situated in the United
Kingdom;

 

(v)                                 represented by instruments in bearer form which
instruments are at any time physically situated in the United Kingdom; or

 

(vi)                              represented by instruments in registered form
which are registered in a register kept in the United Kingdom.

 

“Eligible Obligor” shall mean, as of any date of determination,
each Obligor in respect of a Receivable that satisfies the following
eligibility criteria:

 

(a)                                  it is located in an Approved Obligor Country;

 

(b)                                 it is not Huntsman International or an
Affiliate thereof; and

 

(c)                                  it is not the subject of any voluntary or
involuntary bankruptcy proceeding.

 

“Eligible Receivable” shall mean, as of any date of
determination, each Receivable owing by an Eligible Obligor that as of such
date satisfies the following eligibility criteria:

 

(a)                                  it is not a Defaulted Receivable;

 

(b)                                 the goods related to it shall have been shipped
and the services related to it shall have been performed and such Receivable
shall have been billed to the related Obligor;

 

14

 

(c)                                  it arose in the ordinary course of business
from the sale of goods, products and/or services by the related Originator and
in accordance with the Policies of such Originator and, at such date of
determination, the related Origination Agreement has not been terminated as to
such Originator;

 

(d)                                 it does not contravene any applicable law, rule
or regulation and the related Originator is not in violation of any law, rule
or regulation in connection with it, in each case which in any way would render
such Receivable unenforceable or would otherwise impair in any material respect
the collectibility of such Receivable;

 

(e)                                  it is not a Receivable for which an Originator
has established a specific offsetting reserve; provided that a Receivable subject only in part to the
foregoing shall be an Eligible Receivable to the extent not so subject;

 

(f)                                    it is not a Receivable with original payment
terms in excess of 120 days from the first day of the month following the month
in which an invoice was created (“Net Terms”);
provided that a receivable may
have Net Terms greater than 120 days if each Funding Agent has consented
thereto;

 

(g)                                 the related Originator or Obligor is not in
default in any material respect under the terms of the Contract, if any, from
which such Receivable arose;

 

(h)                                 (i) all right, title and interest in such
Receivable has been legally and validly, directly or indirectly, sold to the
Contributor by the related Originator and contributed by Huntsman International
to the Company pursuant to the related Origination Agreement, or (ii) all right,
title and interest in such Receivable has been legally and validly, directly or
indirectly, transferred, assigned or sold to the Company by the related
Originator pursuant to the related Origination Agreement;

 

(i)                                     (i) the Company will either have legal and
beneficial ownership therein or a continuing first priority perfected security
interest therein free and clear of all Liens other than Permitted Liens and
(ii) such Receivable has been the subject of a grant of a Participation and
security interest by the Company to the Trust and the subject of the grant of a
continuing first priority perfected security interest therein from the Company
to the Trust free and clear of all Liens other than such Permitted Liens;

 

(j)                                     the Contract related to such Receivables (i)
expressly prohibits any offset, counterclaim, or defense with respect to such
Receivables or (ii) does not contain such prohibition but (x) the Obligor with
respect to such Receivables is not a supplier of goods or services purchased by
the Originator of such Receivables or (y) the Aggregate Receivables Amount has
been reduced by the Potential Offset Amount; provided
that the aggregate Principal Amount of all such Receivables described in clause (ii) above does not exceed 10% of
the Aggregate Receivables Amount;

 

(k)                                  it is at all times the legal, valid and binding
obligation of the Obligor thereon, enforceable against such Obligor in
accordance with its terms, except as enforceability may be limited by
applicable bankruptcy, insolvency,

 

15

 

reorganization, moratorium or
similar laws affecting the enforcement of creditors rights generally and by
general equitable principles (whether enforcement is sought by proceedings in
equity or law);

 

(l)                                     as of the date of contribution or sale, as the
case may be, of such Receivable, neither of the Company nor any Originator has
(i) taken any action in contravention of the terms of any Transaction Document
that would impair the rights of the Trustee or the Investor Certificateholders
therein or (ii) failed to take any action required to be taken by the terms of
any Transaction Document that was necessary to avoid impairing the rights
therein of the Trustee or Investor Certificateholders with respect to such
Receivables;

 

(m)                               as of the date of purchase of such Receivable,
each of the representations and warranties made in the applicable Origination
Agreement by the related Originator with respect to such Receivable is true and
correct in all material respects;

 

(n)                                 at the time any such Receivable was contributed
by the Contributor to the Company under the Contribution Agreement, no
Insolvency Event had occurred with respect to the Contributor or the Company;

 

(o)                                 the governing law of the related Contract is
the law of an Approved Contract Jurisdiction;

 

(p)                                 it is not subject to any withholding taxes of
any applicable jurisdiction or political subdivision and is assignable free and
clear of any sales or other tax, impost or levy, unless an appropriate reserve,
as determined by each Funding Agent, is made for such tax liability;

 

(q)                                 the Obligor of which is not a Government
Obligor or an individual;

 

(r)                                    either (i) the Contract related to such
Receivable does not expressly prohibit, or require consent to be obtained from
the related Obligor in connection with, a sale, transfer, assignment or
conveyance of such Receivable, (ii) if such consent is required, the related
Obligor has consented in writing in accordance with the terms of the Contract
and applicable laws or (iii) the Contract related to such Receivable is
governed by the laws of a State of the United States, the assignment thereof is
subject to Sections 9-406 and 9-407 of the UCC (or similar applicable
provision) of such State which permits the effective assignment of such
Receivable and the related rights under such Contract against the Obligor of
such Receivable notwithstanding the failure of the assignor to obtain the
consent of the Obligor in connection with such assignment;

 

(s)                                  it is denominated and payable only in an
Approved Currency;

 

(t)                                    the Obligor of which has not defaulted on any
payment obligation to an Originator at any time during the three year period
preceding the contribution or sale of such Receivable to the Company, other
than any payments which the Obligor has disputed in good faith;

 

16

 

(u)                                 either the Trust is excluded from the
definition of “investment company”
pursuant to Rule 3a-7 under the 1940 Act, or such Receivable is an account
receivable representing all or part of the sales price of merchandise,
insurance or services within the meaning of Section 3(c)(5) of the 1940 Act;

 

(v)                                 all required consents, approvals,
authorizations or notifications necessary for the creation and enforceability
of such Receivable and the effective contribution by the Contributor to the
Company and grant of a Participation and grant of a security interest by the
Company to the Trust shall have been obtained or made with respect to such
Receivable;

 

(w)                               constitutes an account (and not an “instrument” or “chattel paper” unless such “instrument”
or “chattel paper” has been
stamped in the manner set forth in Section
2.01(b) of the Pooling Agreement) within the meaning of Section 9-102 of the UCC that governs the
perfection of the interest granted therein);

 

(x)                                   no Originator Termination Event has occurred
with respect to the Originator of such Receivable;

 

(y)                                 the Company has the benefit of any existing
marine insurance policy naming Huntsman Corporation as named insured to the
extent the benefits of such policy extend to the Company;

 

(z)                                   if the Servicer Guarantor’s corporate credit
rating by S&P is less than “B” or the corporate family rating by Moody’s is
less than “B2” and the Originator of such Receivables is located in Spain, the
Obligor of such Receivables has been instructed to make payments with respect
to such Receivable to a Collection Account in the name of the Company; and

 

(aa)                            if it is transferred under the French
Receivables Purchase Agreement, it is governed by French law and the Obligor of
such Receivable is a French Obligor; unless, in the case of Obligors
located in the Netherlands and Belgium, the Company shall have delivered to the
Trustee and each Funding Agent no later than May 18, 2006 a legal opinion by Belgium
counsel and Dutch counsel confirming that sales with respect to such
Receivables are enforceable against third parties;

 

provided that (A) Acquired Line of Business Receivables
originated by an Eligible Obligor shall constitute Eligible Receivables only to
the extent that the requirements of Section
2.09(e) of the Pooling Agreement have been satisfied and all other
criteria with respect to Eligible Receivables set forth in the definition
thereof are satisfied with respect to any such Acquired Line of Business
Receivable and (B) Receivables originated with respect to Excluded Designated
Lines of Business shall constitute Eligible Receivables only to the extent
provided in Section 2.10(c) of the
Pooling Agreement and so long as all criteria with respect to Eligible
Receivables set forth in the definition thereof are satisfied with respect to
any such Receivable originated with respect to an Excluded Designated Line of
Business.

 

“Enhancement” shall mean, with respect to any Series, (i) the
funds on deposit in or credited to any bank account (or subaccount thereof) of
the Trust, (ii) any surety arrangement, any

 

17

 

letter of credit, guaranteed
rate agreement, maturity guaranty facility, tax protection agreement, interest
rate swap, currency swap or other contract, agreement or arrangement, in each
case for the benefit of any Investor Certificateholders of such Series, as
designated in the applicable Supplement and (iii) the subordination of one
Class of Investor Certificates in a Series to another Class in such Series or
the subordination of any Interest to the Investor Certificates of such Series.

 

“ERISA” shall mean the United States Employee Retirement Income
Security Act of 1974, as amended.

 

“ERISA Affiliate” shall mean, with respect to any Person, any
trade or business (whether or not incorporated) that is a member of a group of
which such Person is a member and which is treated as a single employer under
Section 414 of the Code.

 

“Euro” shall mean the legal currency of the member states of
the European Union that adopt the single currency in accordance with the
European Community Treaty.

 

“Euroclear” shall mean Euroclear Bank S.A./N.V., as operator of
the Euroclear System.

 

“European Originators” shall mean (i) the Dutch Originators,
the UK Originators, the Italian Originators, the Spanish Originators and the
French Originators and (ii) after the Initial Issuance Date, any Approved
Originator which is located in Europe.

 

“European Receivables Purchase Agreements” shall mean,
collectively, the Dutch Receivables Purchase Agreement, the UK Receivables
Purchase Agreement, the Italian Receivables Purchase Agreement, the Spanish
Receivables Purchase Agreement and the French Receivables Purchase Agreement.

 

“Exchange Act” shall mean the United States Securities Exchange
Act of 1934, as amended.

 

“Exchange Date” shall have the meaning, with respect to any
Series issued pursuant to a Company Exchange, assigned in Section 5.11(a) of the Pooling Agreement.

 

“Exchange Notice” shall have the meaning, with respect to any
Series issued pursuant to a Company Exchange, assigned in Section 5.11(a) of the Pooling Agreement.

 

“Exchange Register” shall have the meaning assigned in Section 5.11(a) of the Pooling Agreement.

 

“Exchangeable Company Interests” shall mean the Company’s
exclusive beneficial ownership interest in the Participation Assets subject to
any security interests granted by the Company under the Pooling Agreement.

 

“Excluded Designated Line of Business” shall mean any
Designated Line of Business identified by notice given pursuant to Section 2.10 of the Pooling Agreement as an
“Excluded Designated Line of Business”.

 

“Execution Date” shall mean the date of execution of the UK
Receivables Purchase Agreement and the Contribution Agreement, which shall be
at least one Business Day prior to the Effective Date.

 

18

 

“Federal Funds Effective Rate” shall mean, for any day, an
interest rate per annum equal to (a) the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System
arranged by Federal funds brokers, as published on the next succeeding Business
Day by the Federal Reserve Bank of New York, or, (b) if such rate is not so
published for any day which is a Business Day, the average of the quotations at
approximately 11:00 a.m. New York Time on such day on such transactions
received by the relevant Funding Agent from three (3) Federal funds brokers of
recognized standing selected by it in its sole discretion.

 

“Fiscal Period” shall have the meaning assigned to such term in
the Servicing Agreement.

 

“Force Majeure Delay” shall mean, with respect to the Master
Servicer or any agent thereof, any cause or event which is beyond the control
and not due to the negligence of the Master Servicer or such agent that delays,
prevents or prohibits the Master Servicer’s delivery of Daily Reports and/or
Monthly Settlement Reports, including acts of God, floods, fire, explosions of
any kind, snowstorms and other irregular weather conditions and mass
transportation disruptions, but shall not include strikes; provided that no such cause or event shall
be deemed to be a Force Majeure Delay unless the Master Servicer shall have
given the Company, the Trustee and each Funding Agent written notice thereof as
soon as reasonably possible under the circumstances after the beginning of such
delay.

 

“Foreign Clearing Agency” shall mean each of Clearstream and
Euroclear.

 

“Foreign Government Obligor” shall mean any government of a
nation or territory outside the United States or any subdivision thereof or any
agency, department or instrumentality thereof.

 

“Forward Rate” shall mean, with respect to any Series, the
forward exchange rate of the applicable maturity indicated by the FX
Counterparty or the Trustee, for currency exchange into United States Dollars
of the Pound Sterling, the Euro and any additional Approved Currency.

 

“Fractional Undivided Interest” shall mean a fractional
undivided interest, which, with respect to any Investor Certificate, can be
expressed as a percentage of the interest in the Participation Assets
represented by the Series or Class in which it was issued by taking the
percentage equivalent of a fraction the numerator of which is the principal
amount of such Investor Certificate and the denominator of which is the
aggregate principal amount of all Investor Certificates of such Series or
Class.

 

“French Originator” shall mean any of (i) Tioxide Europe
S.A.S., (ii) Huntsman Surface Sciences (France) S.A.S. and (iii) after the
Initial Issuance Date, any Approved Originator incorporated in France.

 

“French Receivables” shall mean the Receivables originated by a
French Originator and sold to Huntsman International, then contributed transferred,
assigned and conveyed to the Company and with respect to which a Participation
and security interest were granted by the Company to the Trust.

 

“French Receivables Purchase Agreement” shall mean the French
Receivables Subrogation Agreement between, inter alias, the French Originators
and the Contributor, as amended,

 

19

 

supplemented or otherwise
modified from time to time in accordance with the Transaction Documents, and
attached as Attachment 3 to the Omnibus Receivables Purchase Agreement.

 

“Funding Agent” shall mean, with respect to any Series, the
Person, if any, so designated in the related Supplement and the term “Funding
Agent” shall only refer to any Administrative Agent if designated in such
related Supplement.

 

“Funding Amount” shall mean, with respect to any Series, the
amount so designated in the Asset Purchase Agreement with respect to such
Series.

 

“FX Counterparty” shall mean, with respect to any Series, (i)
on the Effective Date, JPMorgan Chase Bank, N.A.; and (ii) thereafter, any FX
counterparty in any FX Hedging Agreement, which has a short-term unsecured
rating of at least “A-1” by S&P and “P-1” by Moody’s and is located outside
the United Kingdom.

 

“FX Forward Agreement” shall mean a contract pursuant to a FX
Hedging Agreement between the Trustee and a FX Counterparty whereby the Trustee
agrees to sell at a certain date, a certain amount of any U.S. Dollars, Pounds
Sterling or Euros at the Forward Rate and the FX Counterparty agrees to deliver
U.S. Dollars or Euros on such date, and whereby the maturity of any FX Forward
Agreement, unless otherwise specified with respect to a Series in the related
Series Supplement, is equal to (i) if Days Sales Outstanding are less than or
equal to forty five (45) days, three calendar months; and (ii) if Days Sales
Outstanding are greater than 45 days, but less than or equal to 60 days, four
(4) calendar months; provided further
that if, the Invested Amount with respect to a Series has not been reduced to
zero at the applicable Scheduled Maturity Date for such Series, the Trustee
will enter into the last set of FX Forward Agreements which will mature on the
Business Day immediately preceding the Final Maturity Date for such Series.

 

“FX Hedging Agreement” shall mean, with respect to any Series,
a currency hedge agreement (including any FX Forward Agreements thereunder)
pursuant to a 1992 International Swaps and Derivatives Association Master
Agreement between the Trustee and a FX Counterparty.

 

“FX Hedging Policy” shall mean the currency hedge policy
attached as Schedule 5 to the
Pooling Agreement.

 

“GAAP” shall mean generally accepted accounting principles in
the respective jurisdiction of incorporation of the relevant entity, as in
effect from time to time.

 

“General Opinion” shall mean, with respect to any action of the
Master Servicer, the Company or an Originator, an Opinion of Counsel to the
effect that (i) such action has been duly authorized by all necessary corporate
action on the part of the Master Servicer, the Company or such Originator, as
the case may be, (ii) any agreement executed in connection with such action
constitutes a legal, valid and binding obligation of the Master Servicer, the
Company or an Originator, as the case may be, enforceable against such party in
accordance with the terms thereof, except as enforceability may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws now or hereinafter in effect, affecting the enforcement of creditors’
rights and except as such enforceability may be limited by general principles
of equity (whether considered in a proceeding at law or in equity or subject to
similar exceptions), (iii) such action does not violate any organizational
documents or require any consent or filing thereunder, (iv) such action does
not result in a breach of, or

 

20

 

default under any material
contractual obligation of such party, or creation of any Lien, pursuant thereto
and (v) any condition precedent to any such action specified in the applicable
Transaction Document, if any, has been complied with.

 

“General Reserve Account” shall have the meaning assigned to
such term in Section 3.01(a) of
the Pooling Agreement.

 

“GOP” shall mean MatlinPatterson Global Opportunities Partners
L.P. and any other entity managed by its investment advisor, MatlinPatterson
Global Advisers LLC.

 

“Governmental Authority” shall mean any nation or government,
any State or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government.

 

“Government Obligor” shall mean any U.S. Government Obligor,
any U.S. State/Local Government Obligor or Foreign Government Obligor.

 

“Guaranteed Obligations” shall mean the obligations of the
Master Servicer as set forth under Article
VII of the Servicing Agreement.

 

“Historical Receivables Information” means historical numerical
information regarding Receivables relating to periods prior to the date on
which any Originator became an Additional Originator or the date on which an
Acquired Line of Business has become an Approved Acquired Line of Business, to
the extent that such information is necessary to calculate, among other things,
the Aged Receivables Ratio, the Default Ratio, the Delinquency Ratio, the
Dilution Horizon, the Dilution Horizon Factor, the Dilution Ratio and the Day
Sales Outstanding and such calculations require numerical information relating
to periods prior to such date; provided
that with respect to any Additional Originator or Approved Acquired Line of
Business such calculation shall, to the extent applicable, be performed using
Historical Receivables Information with respect to such Additional Originator
or Approved Acquired Line of Business.

 

“Holders” shall mean any or all of the Investor
Certificateholders, the holders of Subordinated Company Interests and the
holder of the Exchangeable Company Interests.

 

“Huntsman BV” shall mean Huntsman Holland B.V., a limited
liability company organized under the laws of The Netherlands and its
successors and permitted assigns.

 

“Huntsman Europe” shall mean Tioxide Europe Ltd., a corporation
organized under the laws of England and Wales and its successors and permitted
assigns.

 

“Huntsman Group” shall have the meaning assigned to such term
within the definition of “Change of Control”.

 

“Huntsman International” shall mean Huntsman International LLC,
a limited liability company organized under the laws of the State of Delaware
and its successors and permitted assigns.

 

“Huntsman Propylene” means Huntsman Propylene Oxide Ltd., a
limited partnership organized under the laws of Texas.

 

21

 

“Huntsman (UK)” shall mean Huntsman (Petrochemicals) UK
Limited, a corporation organized under the laws of England and Wales and its
successors and permitted assigns.

 

“Indebtedness” shall mean, with respect to any Person at any
date, (i) all indebtedness of such Person for borrowed money, (ii) any
obligation owed for the deferred purchase price of property or services which
purchase price is evidenced by a note or similar written instrument, (iii) note
payable and drafts accepted representing extensions of credit whether or not
representing obligations for borrowed money, (iv) that portion of obligations
of such Person under capital leases which is properly classified as a liability
on a balance sheet in conformity with GAAP and (v) all liabilities of the type
described in the foregoing clauses (i)
through (iv) secured by any Lien
(other than Permitted Liens and Liens on receivables that are not Receivables)
on any property owned by such Person even though such Person has not assumed or
otherwise become liable for the payment thereof.

 

“Indemnified Person” shall have the meaning assigned to such
term in Section 10.17 of the
Pooling Agreement or any subscription agreement with respect to any Series, as
applicable.

 

“Indemnifying Person” shall have the meaning assigned to such
term in any subscription agreement with respect to any Series, as applicable.

 

“Independent Public Accountants” shall mean, with respect to
any Person, any independent certified public accountants of nationally
recognized standing, or any successor thereto, (who may also render other
services to the Company, the Master Servicer or an Originator); provided that such firm is independent with
respect to such Person within the meaning of Rule 2-01(b) of Regulation S-X
under the Securities Act.

 

“Ineligibility Determination Date” shall have the meaning
assigned in Section 2.05(a) of the
Pooling Agreement.

 

“Ineligible Receivable” shall, (i) as used in the Origination
Agreements, have the meaning specified in each Origination Agreement, and (ii)
as used in all other Transaction Documents, have the meaning specified in Section 2.05(a) of the Pooling Agreement.

 

“Information” shall have the meaning specified in Exhibit G to the Series 2000-1 Supplement.

 

“Initial Contribution” shall mean the first contribution (if
any) of Receivables and Receivables Assets related thereto, made pursuant to Section 2.01 of the Contribution Agreement.

 

“Initial Contribution Date” shall mean the date on which the
Initial Contribution is made.

 

“Initial Issuance Date” shall mean December 21, 2000.

 

“Initial Invested Amount” means in respect of any Series, the
amount identified as the “Initial Invested
Amount” for such Series in the Supplement for such Series.

 

“Inland Revenue” shall mean the United Kingdom Inland Revenue.

 

“Insolvency Event” shall mean, with respect to any Person, (i)
a court having jurisdiction shall enter a decree or order for relief in respect
of such Person in an involuntary case under Applicable Insolvency Laws, which
decree or order is not stayed or any other similar relief

 

22

 

shall be granted under any
applicable federal, state or foreign law now or hereafter in effect and shall
not be stayed; (ii)(A) an involuntary case is commenced against such Person
under any Applicable Insolvency Law now or hereafter in effect, a decree or
order of a court having jurisdiction for the appointment of a receiver,
liquidator, sequestrator, trustee, custodian or other officer having similar
powers over such Person, or over all or a substantial part of the property of
such Person, shall have been entered, an interim receiver, trustee or other
custodian of such Person for all or a substantial part of the property of such
Person is involuntarily appointed, a warrant of attachment, execution or
similar process is issued against any substantial part of the property of such
Person, and (B) any event referred to in clause
(ii)(A) above continues for 60 days unless dismissed, bonded or
discharged; (iii) such Person shall at its request have a decree or an order
for relief entered with respect to it or commence a voluntary case under any
Applicable Insolvency Law now or hereafter in effect, or shall consent to the
entry of a decree or an order for relief in an involuntary case, or to the
conversion of an involuntary case to a voluntary case, under any such
Applicable Insolvency Law, consent to the appointment of or taking possession
by a receiver, trustee or other custodian for all or a substantial part of its
property; (iv) the making by such Person of any general assignment for the
benefit of creditors; (v) the inability or failure of such Person generally to
pay its debts as such debts become due; or (vi) the Board of Directors of such
Person authorizes action to approve any of the foregoing.

 

“Institutional Accredited Investor” shall mean an institutional
accredited investor, within the meaning of Rule 501(a)(1), (2), (3) or (7) of
Regulation D under the Securities Act.

 

“Interest” shall mean any interest in the Participation Assets
issued pursuant to the Pooling Agreement or any Supplement.

 

“Internal Operating Procedures Memorandum” shall mean the
internal operating procedures memorandum of the Trustee, a copy of which is
attached as Schedule 6 to the
Pooling Agreement, as the same may be amended from time to time with the prior
written approval of the Master Servicer and the Administrative Agent.

 

“International Fuels” shall mean Huntsman International Fuels
L.P., a limited partnership organized under the laws of Texas.

 

“Invested Amount” shall, with respect to any Series, the amount
specified as the “Invested Amount”
for such Series in the Supplement for such Series.

 

“Invested Percentage” shall mean, with respect to any Series,
the percentage specified as the “Invested
Percentage” for such Series in the Supplement for such Series.

 

“Investment” shall mean the making by the Company of any
advance, loan, extension of credit or capital contribution to, the purchase of
any stock, bonds, notes, debentures or other securities of or any assets
constituting a business unit of, or the making by the Company of any other
investment in, any Person.

 

“Investment Earnings” shall have the meaning assigned in Section 3.01(e) of the Pooling Agreement.

 

“Investor Certificateholder” shall mean the holder of record
of, or the bearer of, any Investor Certificate issued with respect to a
particular Series.

 

23

 

“Investor Certificateholders’ Interest” shall have the meaning
assigned in Section 3.01(b)(iii)
of the Pooling Agreement.

 

“Investor Certificates” shall mean the Certificates executed by
the Trustee and authenticated by or on behalf of the Trustee, substantially in
the form attached to the applicable Supplement, but shall not include the
Exchangeable Company Interests, the Subordinated Company Interests or any other
Interests held by the Company.

 

“Issuance Date” shall mean, with respect to any Series, the
date of issuance of such Series, or the date of any increase to the Invested
Amount of such Series, as specified in the related Supplement.

 

“Italian Originator” shall mean any of (i) Tioxide Europe
S.r.l., (ii) Huntsman Surface Sciences Italia S.r.l., (iii) Huntsman Patrica
S.r.l. and (iv) after the Initial Issuance Date, any Approved Originator
incorporated in Italy.

 

“Italian Receivables” shall mean the Receivables originated by
an Italian Originator and sold to Huntsman International, then contributed,
transferred, assigned and conveyed to the Company with respect to which a
Participation and security interest were granted by the Company to the Trust.

 

“Italian Receivables Purchase Agreements” shall mean (a) the
Italian Receivables Purchase Agreement among Huntsman Italian Receivables
Finance S.r.l., as purchaser, Tioxide Europe S.r.l., Huntsman Surface Sciences
Italia S.r.l. and Huntsman Patrica S.r.l., each as an originator, and Huntsman
(Europe) B.V.B.A., as master servicer, and (b) the Onward Sale Agreement among
Huntsman Italian Receivables Finance S.r.l., as onward seller, Huntsman
International LLC, as onward purchaser, and Huntsman (Europe) B.W.B.A., as
master servicer, in each case as amended, supplemented or otherwise modified
from time to time in accordance with the Transaction Documents, and attached as
Attachments 4 and 5, respectively, to the Omnibus Receivables Purchase Agreement.

 

“Junior Claims” shall mean any and all rights of the Company of
any kind in the Participation Assets (other than any rights of the Company in
the Participation Assets with respect to the Exchangeable Company Interests, if
any), including any right to receive any distribution pursuant to the terms of
any Supplement (other than any right of the Company to receive any distribution
with respect to the Exchangeable Company Interests, if any).

 

“Lien” shall mean, with respect to any asset, (a) any mortgage,
deed of trust, lien, pledge, encumbrance, charge or security interest in or on
such asset and (b) the interest of a vendor or a lessor under any conditional
sale agreement, capital lease or title retention agreement relating to such
asset; provided, however, that if a lien is imposed under
Section 412(n) of the Code or Section 302(f) of ERISA for a failure to make a
required installment or other payment to a plan to which Section 412(n) of the
Code or Section 302(f) of ERISA applies, then such lien shall not be treated as
a “Lien” from and after the time
(x) (i) any Person who is obligated to make such payment pays to such plan the
amount of such lien determined under Section 412(n)(3) of the Code or Section
302(f)(3) of ERISA, as the case may be, and provides to the Trustee and any
Funding Agent a written statement of the amount of such lien together with
written evidence of payment of such amount, or (ii) such lien expires pursuant
to Section 412(n)(4)(B) of the Code or Section 302(f)(4)(B) of ERISA and (y)
the consent of each Funding Agent is obtained.

 

24

 

“Limited Liability Company Agreement” shall mean the Limited
Liability Company Agreement dated as of October 10, 2000, between the
Contributor, as Shareholder and Donald J. Puglisi, as the Special Member.

 

“Lien Creation” shall mean the creation, incidence, assumption
or suffering to exist by the Company or an Originator of any Lien upon the
Receivables, Related Property or the proceeds thereof.

 

“Liquidation Servicer” shall mean PricewaterhouseCoopers LLP
and its successors and assigns.

 

“Liquidation Servicer Agreement” shall mean the letter
agreement, dated as of April 18, 2006, between the Liquidation Servicer and the
Trustee, attached as Schedule 4 to
the Servicing Agreement.

 

“Liquidation Servicer Commencement Date” shall mean the date
that the Trustee gives notice to activate the appointment of
PricewaterhouseCoopers LLP as the Liquidation Servicer, which shall take effect
immediately, provided that the
Liquidation Servicer shall commence to act as such no later than five (5)
Business Days after the delivery of the Termination Notice by the Trustee to
the Master Servicer.

 

“Liquidation Servicing Fee” shall mean the fee payable to the
Liquidation Servicer as set forth in the Liquidation Servicer Agreement.

 

“Local Business Day” shall mean, with respect to any
Originator, any day other than (i) a Saturday or a Sunday and (ii) any other
day on which commercial banking institutions or trust companies in the
jurisdiction in which such Originator has its principal place of business, are
authorized or obligated by law, executive order or governmental decree to be
closed.

 

“Local Servicer” shall have the meaning assigned to such term Section 2.01(c) of the Servicing Agreement.

 

“Margin Stock” shall have the meaning given to such term in
Regulation U of the Board of Governors.

 

“Master Collection Accounts” shall have the meaning assigned to
such term in Section 2.09 of the
Contribution Agreement.

 

“Master Servicer” shall mean Huntsman (Europe) B.V.B.A., and
any Successor Master Servicer under the Servicing Agreement.

 

“Master Servicer Default” shall have, with respect to any
Series, the meaning assigned to such term in Section
6.01 of the Servicing Agreement and, if applicable, as supplemented
by the related Supplement for such Series.

 

“Master Servicer Indemnified Person” shall have the meaning
assigned to such term in Section 5.02(a)
of the Servicing Agreement.

 

“Master Servicer Site Review” shall mean a review performed by
the Liquidation Servicer of the servicing operations of the Master Servicer’s
central site location.

 

25

 

“Material Adverse Effect” shall mean, if used with respect to a
Person, (a) a material impairment of the ability of such Person to perform its
obligations under the Transaction Documents, (b) a materially adverse effect on
the business, operations, property or condition (financial or otherwise) of
such Person, (c) a material impairment of the validity or enforceability of any
of the Transaction Documents against such Person, (d) a material impairment of
the collectibility of the Eligible Receivables taken as a whole and (e) a
material impairment of the interests, rights or remedies of the Trustee or the
Investor Certificateholders of any Outstanding Series under or with respect to
the Transaction Documents or the Eligible Receivables taken as a whole.

 

“Monthly Servicing Fee” shall have the meaning assigned to such
term in Section 2.05(a) of the
Servicing Agreement.

 

“Monthly Settlement Report” shall mean a report prepared by the
Master Servicer for each Settlement Period pursuant to Section 4.02 of the Servicing Agreement, in
substantially the form of Exhibit C to
the Pooling Agreement.

 

“Moody’s” shall mean Moody’s Investors Service, Inc. or its
successors and assigns.

 

“Multiemployer Plan” shall mean, with respect to any Person, a
multiemployer plan as defined in Section 4001(a)(3) of ERISA to which such
Person or any ERISA Affiliate of such Person (other than one considered an
ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the
Code) is making or accruing an obligation to make contributions, or has within
any of the preceding five plan years made or accrued an obligation to make
contributions.

 

“1940 Act” shall mean the United States Investment Company Act
of 1940, as amended.

 

“Obligor” shall mean, with respect to any Receivable, the party
obligated to make payments with respect to such Receivable, including any guarantor
thereof.

 

“Obligor Limit” shall mean the amount set forth in the
Receivables Specification and Exception Schedule attached to the Pooling
Agreement as Schedule 3 under
heading (E) “Obligor Limit” which
shall represent, at any date, with respect to an Eligible Obligor, the
percentage of the Principal Amount of all Eligible Receivables in the Trust at
such date which are due from such Eligible Obligor for the applicable ratings
category of long-term senior debt of that Obligor, or if such Obligor is unrated
and is a wholly owned subsidiary, then the applicable ratings category of long
term senior debt of such Obligor’s parent; provided,
however, for purposes of this
definition that all Eligible Obligors that are Affiliates of each other shall
be deemed to be a single Eligible Obligor to the extent the Master Servicer has
actual knowledge of the affiliation and in that case, the applicable debt
rating for such group of Obligors shall be the debt rating of the ultimate
parent of the group.

 

If the ratings given by
S&P and Moody’s to the long term senior debt of any Obligor (or the
ultimate parent of the Obligor or the affiliated group of which such Obligor is
a member, as the case may be) would result in different applicable percentages
under Schedule 3 to the Pooling
Agreement, the applicable percentage shall be the percentage associated with
the lower rating, as between S&P’s rating and Moody’s rating, of such
Obligor’s (or such ultimate parent’s, as the case may be) long-term senior
debt; provided that:  (i) if an Obligor (or such ultimate parent,
as the case may be) is not rated by one of the Rating Agencies, then such
Obligor (or the ultimate parent, as the case may be) shall be deemed to be
unrated unless the

 

26

 

Rating Agency that does not
rate the Obligor consents to the application of the rating given the Obligor by
the Rating Agency that does give such a rating and (ii) if an Obligor (or such
ultimate parent, as the case may) does not have a long-term senior debt rating
from either of the Rating Agencies, but has a short-term senior debt rating,
then the applicable percentage shall be the percentage associated with the long
term senior debt ratings that are equivalent to such short term senior debt
ratings as set forth in the table set forth in the Receivables Specification
and Exception Schedule attached to the Pooling Agreement as Schedule 3 under the heading “Obligor Limit”. The ratings specified in
the table are minimums for each percentage category, so that a rating not shown
in the table falls in the category associated with the highest rating shown in
the table that is lower than that rating.

 

“OECD Country” shall mean a country that is a member of the
grouping of countries that are full members of the Organization of Economic
Cooperation and Development.

 

“Offer Letter” shall have the meaning assigned to such term in
the UK Receivables Purchase Agreement.

 

“Omnibus Receivables Purchase Agreement” shall mean the Amended
and Restated Omnibus Receivables Purchase Agreement dated as of April 18, 2006,
between, inter alios, the Company and the European Originators (other than the
UK Originators) (as amended, restated or otherwise modified and in effect from
time to time).

 

“One-Month LIBOR” shall mean, for any Accrual Period, the rate
per annum, as determined by the Trustee, which is the arithmetic mean (rounded
to the nearest 1/100th of 1%) of the offered rates for U.S. Dollar deposits
having a maturity of one month commencing on the first day of such Accrual
Period that appears on Page 3750 of the Telerate System Incorporated Service
(or on any successor or substitute page of such service, or any successor to or
substitute for such service, providing rate quotations comparable to those
currently provided on such page of the Telerate System Incorporated Service, as
determined by the Trustee for purposes of providing interest rates applicable
to U.S. Dollar deposits having a maturity of one month in the London interbank
market) at approximately 11:00 a.m. London time, two Business Days prior to the
commencement of such Accrual Period. In the event that such rate is not so
available at such time for any reason, then “One-Month LIBOR” for such Accrual
Period shall be the rate at which U.S. Dollar deposits in a principal amount of
not less than $1,000,000 maturing in one month are offered to the principal
London office of the Trustee in immediately available funds in the London
interbank market at approximately 11:00 a.m. London time, two Business Days
prior to the commencement of such Accrual Period.

 

“Opinion of Counsel” shall mean a written opinion or opinions
of one or more counsel (who, unless otherwise specified in the Transaction
Documents, may be internal counsel to the Company, the Master Servicer or an Originator)
designated by the Company, the Master Servicer or an Originator, as the case
may be, that is reasonably acceptable to the Trustee and each Funding Agent.

 

“Optional Repurchase Percentage” shall have, with respect to
any Series, the meaning assigned to such term in the related Supplement for
such Series.

 

“Optional Termination Date,” with respect to any Series shall
have the meaning ascribed thereto in the related Series Supplement.

 

27

 

“Original Principal Amount” shall mean, with respect to any
Receivable, the Principal Amount of such Receivable as of the date on which
such Receivable is contributed, sold or otherwise conveyed to the Contributor
or the Company, as the case may be, under the applicable Origination Agreement.

 

“Origination Agreements” shall mean (i) the Contribution
Agreement and each Receivables Purchase Agreement; and (ii) any contribution
agreement, receivables purchase agreement or corresponding agreement entered
into by the Company or the Contributor (as the case may be) and any Additional
Originator.

 

“Originator” shall mean any Approved Originator, except that
for purposes of the Contribution Agreement, the term “Originator” shall not
include the French Originators.

 

“Originator Adjustment Payment” shall have the meaning assigned
to such term in Section 2.06(a) (or
corresponding section) of the Origination Agreements.

 

“Originator Daily Report” shall mean a report prepared by an
Originator on each date of contribution or sale, as the case may be, of
Receivables to the Company pursuant to and in accordance with the applicable
Origination Agreement, substantially in the form of Exhibit B to the Pooling Agreement.

 

“Originator Dilution Adjustment Payment” shall have the meaning
assigned to such term in Section 2.05
(or corresponding section) of the Origination Agreements.

 

“Originator Documents” shall have the meaning assigned to such
term in Section 7.03(b)(iii)  (or corresponding section) of the Origination
Agreements.

 

“Originator Indemnification Event” shall have the meaning
assigned to such term in Section 2.06(b)
(or corresponding section) of the Origination Agreements.

 

“Originator Indemnification Payment” shall have the meaning
assigned to such term in Section 2.06(b)
(or corresponding section) of the Origination Agreements.

 

“Originator Indemnified Liabilities” shall have the meaning
assigned to such term in Section 8.02
(or corresponding section) of the Origination Agreement.

 

“Originator Payment Date” shall have the meaning assigned to
such term in Section 2.03(a) of
the UK Receivables Purchase Agreement and the corresponding provisions of the
other Receivables Purchase Agreements.

 

“Originator Purchase Price” shall have the meaning assigned to
such term in Section 2.02 (or corresponding
section) of the Receivables Purchase Agreements.

 

“Originator Termination Date” shall have the meaning assigned
to such term in Section 7.01 (or
corresponding section) of the Origination Agreements.

 

“Originator Termination Event” shall have the meaning assigned
to such term in Section 7.01 (or
corresponding section) of each Origination Agreement, or such other
corresponding provision, as applicable.

 

“Outstanding Amount Advanced” shall mean, on any date of
determination, the aggregate of all Servicer Advances remitted by the Master
Servicer out of its own funds pursuant to

 

28

 

Section 2.06 of the Servicing Agreement and Section 3A.06 of the related Supplement,
less the aggregate of all related Servicer Advance Reimbursement Amounts
received by the Master Servicer.

 

“Outstanding Investor Certificates” shall mean, at any time,
Investor Certificates issued pursuant to an effective Supplement for which the
Series Termination Date has not occurred.

 

“Outstanding Series” shall mean, at any time, a Series issued
pursuant to an effective Supplement for which the Series Termination Date for
such Series has not occurred.

 

“Parent Company” shall mean Huntsman Corporation and any
successor thereto (by merger or consolidation) for so long as Huntsman
Corporation or such successor entity (as applicable) owns, directly or
indirectly, at least a majority of the voting capital stock of Huntsman
International.

 

“Participation”  shall
have the meaning assigned to such term in Section
2.01(a) of the Pooling Agreement.

 

“Participation Amount” shall have its meaning assigned to such
term in Section 2.01(a) of the
Pooling Agreement.

 

“Participation Assets” shall have the meaning assigned to such
term in Section 2.01(a) of the
Pooling Agreement.

 

“Paying Agency Agreement” shall mean the Paying Agency
Agreement dated as of April 18, 2006 between Huntsman Receivables Finance LLC,
the Trustee, and JPMorgan Chase Bank, N.A., as paying agent.

 

Paying Agent” shall mean any paying agent and co-paying
agent appointed pursuant to Section 5.07
of the Pooling Agreement and, unless otherwise specified in the related
Supplement of any Series and with respect to such Series, shall initially be
JPMorgan Chase Bank, N.A., London Branch.

 

“Payment Terms Factor” shall mean for each six month period to
occur after the Initial Issuance Date, a 
fraction calculated by the Master Servicer, the numerator of which is
the sum of (i) the weighted average payment terms (based upon the Principal
Amount of the Receivables and expressed as a number of days) for the
Receivables contributed by the Contributor to the Company, as the case may be,
(and in relation to which a Participation and a security interest are granted
by the Company to the Trust) during such period and (ii) 60, and the
denominator of which is 90.

 

“PBGC” shall mean the Pension Benefit Guaranty Corporation
established pursuant to Subtitle A of Title IV of ERISA and any Person
succeeding to the functions thereof.

 

“Permitted Designated Line of Business Disposition” shall mean
any Designated Line of Business identified on Schedule
4 to the Pooling Agreement but only to the extent that an Originator
has ceased originating Receivables with respect to such Designated Line of
Business within one year after the Series 2000-1 Issuance Date.

 

“Permitted Liens” shall mean, at any time, for any Person:

 

(a)                                  liens created pursuant to any Transaction
Document;

 

29

 

(b)                                 liens for taxes, assessments or other governmental
charges or levies (i) not yet due or (ii) with respect to which are being
contested in good faith by appropriate proceedings and with respect to which
reserves in conformity with GAAP have been provided on the books of such
Person;

 

(c)                                  liens of or resulting from any judgment or
award, the time for the appeal or petition for rehearing of which shall not
have expired, or in respect of which such Person shall at any time in good
faith be prosecuting an appeal or proceeding for a review and with respect to
which a reserve or other appropriate provisions are being maintained in
accordance with GAAP; and

 

(d)                                 liens, charges or other encumbrances or
priority claims incidental to the conduct of business or the ownership of
properties and assets (including mechanics’, carriers’, repairers’,
warehousemen’s and statutory landlords’ liens) and deposits, pledges or liens
to secure statutory obligations, surety or appeal bonds or other liens of like
general nature incurred in the ordinary course of business and not in
connection with the borrowing of money, provided in each case, the obligation
secured is not overdue, or, if overdue, is being contested in good faith by
appropriate actions or proceedings and with respect to which a reserve or other
appropriate provisions are being maintained in accordance with GAAP.

 

“Person” shall mean any individual, partnership, corporation,
business trust, joint stock company, trust, unincorporated association, joint
venture, limited liability company, Governmental Authority or other entity of
whatever nature.

 

“Plan” shall mean, with respect to any Person, any pension plan
(other than a Multiemployer Plan) subject to the provisions of Title IV of
ERISA or Section 412 of the Code
which is maintained for employees of such Person or any ERISA Affiliate of such
Person.

 

“Pledge Agreement” shall mean the Pledge Agreement, dated as of
August 16, 2005, by and among Huntsman International and certain of its
subsidiaries form time to time party thereto (as Pledgors) and Deutsche Bank AG
New York Branch (as Collateral Agent and Administrative Agent).

 

“Policies” shall mean the credit and collection policies of the
Approved Originators, copies of which are in writing, have been previously
delivered to the Trustee and the Administrative Agent, prior to or on the
Series 2000-1 Issuance Date, as the same may be amended, supplemented or
otherwise modified from time to time; provided that material changes to such
Policies must be approved by the Administrative Agent (such consent not to be
unreasonably withheld).

 

“Pooling Agreement” shall mean the Second Amended and Restated
Pooling Agreement, dated as of April 18, 2006, among the Company, the Master
Servicer and the Trustee, as the same may be further amended, restated,
supplemented or otherwise modified from time to time, and including, unless
expressly stated otherwise, each Supplement.

 

“Pooling and Servicing Agreements” shall have the meaning
assigned to such term in Section 10.01(a)
of the Pooling Agreement.

 

30

 

“Potential Early Amortization Event” shall mean an event which,
with the giving of notice or the lapse of time or both, would constitute an
Early Amortization Event under the Pooling Agreement or under any Supplement.

 

“Potential Master Servicer Default” shall mean an event which,
with the giving of notice or the lapse of time or both, would constitute a
Master Servicer Default under the Servicing Agreement or any Supplement.

 

“Potential Offset Amount” shall mean an amount determined by the
Local Servicer and equal to the amount of any known potential offset,
counterclaim, or defense with respect to an Eligible Receivable, and further
aggregated by the Master Servicer for the purposes of calculating the Aggregate
Receivable Amount.

 

“Potential Originator Termination Event” shall mean any
condition or act that, with the giving of notice or the lapse of time or both,
would constitute an Originator Termination Event.

 

“Potential Program Termination Event” shall mean any condition
or act that, with the giving of notice or the lapse of time or both, would
constitute a Program Termination Event.

 

“Pound Sterling” shall mean the legal currency of the United
Kingdom.

 

“Principal Amount” shall mean, with respect to any Receivable,
the unpaid principal amount due thereunder.

 

“Principal Transfer Agent” shall have the meaning assigned to
such term in the Paying Agency Agreement.

 

“Principal Terms” shall have the meaning, with respect to any
Series issued pursuant to a Company Exchange, assigned to such term in Section 5.11(c) of the Pooling Agreement.

 

“Program Costs” shall have, with respect to any Series, the
meaning assigned to such term in the related Supplement for such Series.

 

“Program Termination Date” shall have the meaning assigned to
such term in Section 7.02 (or
corresponding section) of the Origination Agreements.

 

“Program Termination Event” shall have the meaning assigned to
such term in Section 7.02 (or
corresponding section) of the Origination Agreements.

 

“Publication Date” shall have the meaning assigned to such term
in Section 7.02(a) of the Pooling
Agreement.

 

“Qualified Institutional Buyer” shall have the meaning assigned
to such term in Rule 144A(a) under the Securities Act.

 

“Rating Agency” shall mean, with respect to each Outstanding
Series, any rating agency or agencies designated as such in this Annex X; provided
that: (i) in the event that no Outstanding Series has been rated, whether
directly or indirectly, then for purposes of the definitions of “Eligible Institution” and “Eligible Investments”, “Rating Agency” shall mean S&P and
Moody’s; and (ii) except as provided in Clause
(i), in the event no Outstanding
Series (other than a Series of VFC Certificates) has been rated, whether
directly

 

31

 

or indirectly, any reference
to “Rating Agency” or the “Rating Agencies” shall be deemed to have
been deleted from the Pooling Agreement.

 

“Receivable” shall mean all the indebtedness and payment
obligations of an Obligor to an Originator arising from the sale of merchandise
or services by an Originator (and shall include (a) such indebtedness and
payment obligation as may be evidenced by any invoice issued as a re-invoicing
or substitution invoicing of an original invoice and (b) the right of payment
of any interest, sales taxes, finance charges, returned check or late charges
and other obligations of such Obligor with respect thereto).

 

“Receivable Assets” shall, as used in the Origination
Agreements, have the meaning assigned in Section
2.1(a) thereof/or the respective corresponding provision of such
Originator Agreement.

 

“Receivables Contribution Date” shall mean, with respect to any
Receivable, the Business Day on which the Company receives a contribution of
such Receivable from the Contributor or direct conveyance from the Originator
and grants a Participation and security interest in such Receivable to the
Trust.

 

“Receivables Purchase Agreement” shall mean (i) any of (a) the
U.S. Receivables Purchase Agreement, (b) the UK Receivables Purchase Agreement,
(c) the Dutch Receivables Purchase Agreement, (d) the Italian Receivables
Purchase Agreements, (e) the Spanish Receivables Purchase Agreement and (e) the
French Receivables Purchase Agreement and (ii) any receivables purchase
agreement entered into by any Additional Originator and the Contributor or the
Company, as the case may be, in accordance with the Transaction Documents.

 

“Record Date” shall mean, with respect to the initial
Distribution Date, the Business Day immediately preceding such Distribution
Date and, with respect to any other Distribution Date, the last Business Day of
the immediately preceding Settlement Period.

 

“Recoveries” shall mean all amounts collected (net of out of
pocket costs of collection) in respect of Charged-Off Receivables.

 

“Regulation U” shall mean Regulation U of the Board of
Governors as from time to time in effect and all official rulings and
interpretations thereunder or thereof.

 

“Regulation X” shall mean Regulation X of the Board of
Governors as from time to time in effect and all official rulings and
interpretations thereunder or thereof.

 

“Related Property” shall mean, with respect to any Receivable:

 

(a)                                  all of the applicable U.S. Originator’s, UK
Originator’s, Dutch Originator’s, Italian Originator’s, Spanish Originator’s
and French Originator’s respective interest in the goods, if any, relating to
the sale which gave rise to such Receivable;

 

(b)                                 all other security interests or Liens and
property subject thereto from time to time purporting to secure payment of such
Receivable, whether pursuant to the Contract related to such Receivable or
otherwise, together with all financing statements signed by the applicable
Obligor describing any collateral securing such Receivable; and

 

32

 

(c)                                  all guarantees, insurance and other agreements
or arrangements of whatever character from time to time supporting or securing
payment of such Receivable whether pursuant to the Contract related to such
Receivable or otherwise;

 

including in the case of clauses (b) and (c), any rights described therein evidenced by an account,
note, instrument, contract, security agreement, chattel paper, general
intangible or other evidence of indebtedness or security.

 

“Relevant Amount” shall have the meaning assigned in Section 2.01(b) of the Series 2000-1
Supplement.

 

“Relevant Clearing System” shall mean Clearstream and Euroclear
or any other clearing system which is a central securities depository for a
Series, as specified in the related Supplement.

 

“Reportable Event” shall mean any reportable event as defined
in Section 4043(b) of ERISA
or the regulations issued thereunder with respect to a Plan (other than a Plan
maintained by an ERISA Affiliate which is considered an ERISA Affiliate only
pursuant to Section (m) or (o) of Section 414 of the Code).

 

“Reported Day” shall have the meaning assigned to such term in Section 4.01 of the Servicing Agreement.

 

“Required Subordinated Amount” shall have the meaning assigned
to such term, if any, set forth in the related Supplement.

 

“Requirement of Law” shall mean for any Person the certificate
of incorporation and by laws or other organizational or governing documents of
such Person, and any law, treaty, rule or regulation, or determination of an
arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person
or any of its property is subject.

 

“Resignation Notice” shall have the meaning assigned to such
term in Section 6.02(a) of
the Servicing Agreement.

 

“Responsible Officer” shall mean (i) when used with respect to
the Trustee, any officer within the Corporate Trust Office of the Trustee
including any Vice President, any Assistant Vice President, Trust Officer or
Assistant Trust Officer or any other officer of the Trustee customarily
performing functions similar to those performed by any of the above designated
officers and (ii) when used with respect to any other Person, any member of the
Board, the Chief Executive Officer, the President, the Chief Financial Officer,
the Treasurer, any Vice President, the Controller or manager (in the case of a
limited liability company) of such Person; provided,
however, that a Responsible Officer shall not certify in his capacity
as a Vice President as to any financial information.

 

“Restricted Payments” shall have the meaning assigned to such
term in Section 2.08(m) of the
Pooling Agreement.

 

“Restricted Payments Test” shall mean, on any date of
determination with respect to any outstanding Series, unless otherwise
specified in the related Supplement, that the Target Receivables Amount for
such Series is at least equal to the sum of the Adjusted Invested

 

33

 

Amount for such Series and the
required subordinated or reserve amount for such Series, in each case as the
term “Restricted Payments Test” is
more specifically defined in the related Supplement.

 

“Revolving Period” shall have, with respect to any Outstanding
Series, the meaning assigned to such term in the related Supplement.

 

“S&P” shall mean Standard & Poor’s, a division of The
McGraw-Hill Companies, Inc. or any successor thereto.

 

“Securities Act” shall mean the United States Securities Act of
1933, as amended.

 

“Senior Claims” shall mean collectively the right of any holder
of a VFC Certificate and the ECI Holders to receive distributions pursuant to
the Transaction Documents and all other Indebtedness, obligations and
liabilities of the Company to any holder of a VFC Certificate and any ECI
Holder, whether existing on the Effective Date or thereafter incurred or
created, under or with respect to a VFC Certificate and the Exchangeable
Company Interest.

 

“Series” shall mean any series of Investor Certificates and any
related Subordinated Company Interests, the terms of which are set forth in a
Supplement.

 

“Series 2000-1 Issuance Date” shall have the meaning assigned
to such term in the Supplement with respect to the Series 2000-1 Variable
Funding Certificates.

 

“Series 2001-1
Indenture Supplement”
shall mean the Series 2001-1 Supplement dated as of June 26, 2001 to Base
Indenture among Huntsman International Asset-Backed Securities Ltd, The Chase
Manhattan Bank, London Branch and Chase Manhattan Bank (Ireland) plc.

 

“Series
2001-1 Redemption Date”
shall mean the date upon which the Series 2001-1 Term Certificates (as defined
in the Series 2001-1 Supplement) and the Series 2001-1 Notes (as defined in the
Series 2001-1 Indenture Supplement) have been paid in full.

 

“Series 2001-1
Supplement” shall mean
the Series 2001-1 Supplement dated as June 26, 2001 to Amended and Restated
Pooling Agreement among the Company, the Master Servicer and the Trustee.

 

“Series Account” shall mean any deposit, trust, escrow, reserve
or similar account maintained for the benefit of the Investor
Certificateholders and the holders of the related Subordinated Company Interest
of any Series or Class, as specified in any Supplement.

 

“Series Amount” shall mean any amount which is held  in any Series Concentration Account and “Series Amounts” shall mean all such
amounts.

 

“Series Concentration Account” shall mean any account
established by the Trustee for the benefit of the Investor Certificateholders
which is established as a Series Concentration Account as contemplated in Section 3.01(a) of the Pooling Agreement.

 

“Series Concentration Subaccount” shall have the meaning
assigned to such term in Section 3.01(a)
of the Pooling Agreement.

 

“Series Non-Principal Concentration Subaccount” shall have the
meaning assigned in Section 3.01(a)
of the Pooling Agreement.

 

34

 

“Series Principal Concentration Subaccount” shall have the
meaning assigned in Section 3.01(a)
of the Pooling Agreement.

 

“Series Termination Date” shall have, with respect to any
Series, the meaning assigned in the related Supplement for such Series.

 

“Servicer Advance” shall mean amounts deposited in any Approved
Currency by the Master Servicer out of its own funds into any Series
Concentration Account pursuant to Section
2.06(a) of the Servicing Agreement.

 

“Servicer Advanced Reimbursement Amount” means any amount
received or deemed to be received by the Master Servicer pursuant to Section 2.06(b) of the Servicing Agreement
and Sections 3A.03(b) of the
related Supplement of a Servicer Advance made out of its own funds.

 

“Servicer Guarantor” shall mean Huntsman International LLC and
its successors and assigns.

 

“Servicing Agreement” shall mean the Seconded Amended and
Restated Servicing Agreement, April 18, 2006, among the Company, the Master
Servicer, the Servicer Guarantor and the Trustee, as such agreement may be
amended, supplemented or otherwise modified and in effect from time to time.

 

“Servicing Fee” shall have the meaning assigned to such term in
Section 2.05(a) of the Servicing
Agreement.

 

“Servicing Fee Percentage” shall mean 1.0% per annum.

 

“Servicing Guarantee” shall mean the Servicing Guarantee under Article VII of the Servicing Agreement,
executed by the Servicer Guarantor in favor of the Company and the Trustee on
behalf of the Trust for the benefit of the Certificateholders.

 

“Servicing Reserve Ratio” shall mean, as of any Settlement
Report Date and continuing (but not including) until the next Settlement Report
Date, an amount (expressed as a percentage) equal to (i) the product of (A) the
Servicing Fee Percentage and (B) 2.0 times Days
Sales Outstanding as of such earlier Settlement Report Date divided by (ii) 360.

 

“Settlement Period” shall mean initially the period commencing
December 21, 2000 and ending on January 31, 2000. Thereafter, Settlement Period
shall mean each fiscal month of the Master Servicer.

 

“Settlement Report Date” shall mean, except as otherwise set
forth in the applicable Supplement, the 12th day of each calendar month
or, if such 12th day is not a Business Day, the next succeeding
Business Day.

 

“Share” shall mean a share held in the Company as described in
the Limited Liability Company Agreement comprising all rights held and
obligations owed by the holder of such share under the terms of the Limited
Liability Company Agreement and applicable law.

 

“Shareholder” shall mean a holder of Shares in the Company.

 

35

 

“Significant Subsidiary” shall mean a subsidiary of Huntsman
International whose assets comprise five percent (5%) or more of the
Consolidated Total Assets of Huntsman International and its consolidated
subsidiaries.

 

“Spanish Originator” shall mean any of (i) Tioxide Europe S.L.,
(ii) Huntsman Performance Products Spain S.L. (f/k/a Huntsman Surface Sciences
Iberica S.L.) and (iii) after the Initial Issuance Date, any Approved
Originator incorporated in Spain.

 

“Spanish Receivables” shall mean the Receivables originated by
a Spanish Originator and sold to Huntsman International, then contributed
transferred, assigned and conveyed to the Company with respect to which a
Participation and security interest were granted by the Company to the Trust.

 

“Spanish Receivables Purchase Agreement” shall mean the Spanish
Receivables Purchase Agreement between, inter alia, the Spanish Originators and
the Contributor (as amended, supplemented or otherwise modified from time to
time in accordance with the Transaction Documents), and attached as Attachment
2 to the Omnibus Receivables Purchase Agreement.

 

“Special Allocation Settlement Report Date” shall have the
meaning assigned to such term in Section
3.01(g)(i) of the Pooling Agreement.

 

“Specified Bankruptcy Opinion Provisions” shall mean the
factual assumptions (including those contained in the factual certificate
referred to therein) and the actions to be taken by each U.S. Originator and
the Company in the legal opinion of Clifford Chance US LLP relating to certain
bankruptcy matters delivered on each Issuance Date.

 

“Spot Rate” shall mean, the weighted average rate or rates
(weighted, if applicable or to the extent applicable), as of any date of
determination, (i) for amounts hedged under the FX Hedging Policy with an FX
Forward Agreement, the foreign exchange rate provided under such FX Forward
Agreement for which Pound Sterling, Euro or other Approved Currency can be
exchanged for U.S. Dollars on such date of determination; and (ii) for all
other amounts, the foreign exchange rate provided by the FX Counterparty or the
Trustee for which Pound Sterling, Euro or other Approved Currency can be
exchanged for U.S. Dollars on such date of determination.

 

“Standby Liquidation System” shall mean a system satisfactory
to the Liquidation Servicer by which the Liquidation Servicer will receive and
store electronic information regarding Receivables from the Master Servicer
which may be utilized in the event of a liquidation of the Receivables to be
carried out by the Liquidation Servicer.

 

“State/Local Government Obligor” shall mean any state of the
United States or local government thereof or any subdivision thereof or any
agency, department, or instrumentality thereof.

 

“Statutory Reserves” shall mean a fraction (expressed as a
decimal), the numerator of which is the number one and the denominator of which
is the number one minus the
aggregate of the maximum reserve percentages (including any marginal, special,
emergency or supplemental reserves) expressed as a decimal established by the
Board of Governors and any other banking authority, domestic or foreign, to
which any Funding Agent is subject for new negotiable nonpersonal time deposits
in dollars of over $100,000 with maturities

 

36

 

approximately equal to three
months. Statutory Reserves shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage.

 

“Sterling” shall mean the legal currency of the United Kingdom.

 

“Subordinated Company Interests” shall mean in relation to any
Series, the entitlement to receive the amounts which are specified in the
relevant Supplement as being payable to the holder of the Subordinated Company
Interests for the Series concerned; such amounts designated to be paid out
of  the relevant Series Concentration
Accounts and any subaccounts thereof, in each case to the extent not required
to be distributed to or for the benefit of the Investor Certificateholders of the relevant Series.

 

“Subordinated Interest Amount” shall have, with respect to any
Outstanding Series, the meaning assigned in the related Supplement for such
Outstanding Series.

 

“Subordinated Interest Register” shall have the meaning
assigned to such term in Section 5.11(d)
of the Pooling Agreement.

 

“Subordinated Loan” shall mean a loan by the Contributor to the
Trust pursuant to Sections 5.01
and 11.16 of the Series 2000-1
Supplement or equivalent provisions of any other Indenture Supplement.

 

“Subsidiary” shall mean, as to any Person, a corporation,
partnership or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other
ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the board of directors or other managers of
such corporation, partnership or other entity are at the time owned, or the
management of which is otherwise controlled, directly or indirectly through one
or more intermediaries, or both, by such Person.

 

“Successor Master Servicer” shall mean (a) prior to the
occurrence of a Master Servicer Default, and upon receipt by the Trustee of a
Termination Notice or Resignation Notice, a Person nominated by the Master
Servicer or a Person appointed by the Trustee which, at the time of its
appointment as Servicer (i) is legally qualified and has the corporate power
and authority to service the Receivables participated to the Trust, (ii) is
approved by each Funding Agent, (iii) has demonstrated the ability to service a
portfolio of similar receivables in accordance with high standards of skill and
care in the sole determination of the Master Servicer or the Trustee, and (iv)
has accepted its appointment by a written assumption in a form acceptable to
the Trustee (b) following the occurrence of a Master Servicer Default, from the
Liquidation Servicer Commencement Date, PricewaterhouseCoopers as the
Liquidation Servicer; provided
that no such Person shall be an Successor Servicer if it is a direct competitor
of Huntsman (Europe) BVBA or any Significant Subsidiary.

 

“Supplement” shall mean, with respect to any Series, a
supplement to the Pooling Agreement complying with the terms of the Pooling
Agreement, executed by the Company, the Master Servicer, the Trustee, the
Servicer Guarantor and other parties listed therein in conjunction with the
issuance of any Series.

 

“Target Receivables Amount” shall have, with respect to any
Outstanding Series, the meaning specified in the related Supplement, or Annex
of definitions relating thereto, as the Series Target Receivables Amount for
such Outstanding Series.

 

37

 

“Taxes” shall mean any present or future income, stamp or other
taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now
or hereafter imposed, levied, collected, withheld or assessed by any
Governmental Authority.

 

“Tax Opinion” shall mean, unless otherwise specified in the
Supplement for any Series with respect to such Series or any Class within such
Series, with respect to any action, an Opinion of Counsel of one or more
outside law firms to the effect that, for United States federal income tax
purposes, (i) such action will not adversely affect the characterization as
debt of any Investor Certificates of any Outstanding Series or Class not
retained by the Company, (ii) in the case of Section
5.11 of the Pooling Agreement, the Investor Certificates of the new
Series that are not retained by the Company will be characterized as debt and
(iii) the Trust will be disregarded as an entity separate from the Company for
U.S. federal income tax purposes.

 

“Term Certificates” shall mean any and all Series of shares,
interests, Participations or other equivalent instruments representing
fractional undivided interests in the Participation granted by the Company to
the Trust with respect to the receivables, as specified in the Supplement
related to such Series.

 

“Termination Notice” shall have the meaning assigned to such
term in Section 6.01 of the
Servicing Agreement.

 

“Timely Payment Accrual” shall mean, for the purposes of
determining the Aggregate Receivables Amount, an aggregate amount of Timely
Payment Discounts as of the Business Day immediately preceding the date of such
determination.

 

“Timely Payment Discount” shall mean, with respect to any date
of determination, a cash discount relating to the Receivables contributed by
the Contributor to the Company (directly or indirectly), and  granted by the Originators to the Obligors),
as stipulated in the Contract.

 

“Tioxide Americas” shall mean Tioxide Americas Inc., a
corporation organized under the laws of The Cayman Islands, and its successors
and permitted assigns.

 

“Transaction Documents” shall mean the collective reference to
the Pooling Agreement, the Servicing Agreement, each Supplement with respect to
any Outstanding Series, the Origination Agreements, the Investor Certificates
and any other documents delivered pursuant to or in connection therewith.

 

“Transactions” shall mean the transactions contemplated under
each of the Transaction Documents.

 

“Transfer Agent and Registrar” shall have the meaning assigned
to such term in Section 5.03(a) of
the Pooling Agreement and shall initially be the Trustee.

 

“Transferred Agreements” shall have the meaning assigned to
such term in Section 2.01(a)(vii)
of the Pooling Agreement.

 

“Trust” shall mean the Huntsman Master Trust created by the
Pooling Agreement.

 

“Trust Termination Date” shall have the meaning assigned in Section 9.01(a) of the Pooling Agreement.

 

38

 

“Trustee” shall mean the institution executing the Pooling
Agreement as trustee, or its successor in interest, or any successor trustee
appointed as therein provided.

 

“Trustee Force Majeure Delay” shall mean any cause or event
that is beyond the control and not due to the gross negligence of the Trustee
that delays, prevents or prohibits the Trustee’s performance of its duties
under Article VIII of the Pooling
Agreement, including acts of God, floods, fire, explosions of any kind,
snowstorms and other irregular weather conditions, unanticipated employee
absenteeism, mass transportation disruptions, any power failure, telephone
failure or computer failure in the office of the Trustee, including failure of
the bank wire system utilized by the Trustee or any similar system or failure of
the Fed Wire system operated by the Federal Reserve Bank of New York and all
similar events. The Trustee shall notify the Company as soon as reasonably
possible after the beginning of any such delay.

 

“UCC” shall mean the Uniform Commercial Code, as amended from
time to time, as in effect in any specified jurisdiction.

 

“UK Originator” shall mean any of (i) Tioxide Europe Limited,
(ii) Huntsman Petrochemicals (UK) Limited, (iii) Huntsman Surface Sciences UK
Ltd. and (ii) after the Initial Issuance Date, any Approved Originator which
originates Receivables to Obligors located in the United Kingdom.

 

“UK Originator Daily Report” shall mean the report prepared by
any UK Originator and attached to any offer Letter and forming part of any
offer made by any UK Originator pursuant to Section
2.1 of the UK Receivables Purchase Agreement substantially in the
Form of Schedule 2 to the UK
Receivables Purchase Agreement;

 

“UK Receivables” shall mean the Receivables originated by a UK
Originator and sold to Huntsman International, then contributed, transferred,
assigned and conveyed to the Company and thereafter participated by the Company
to the Trust.

 

“UK Receivables Purchase Agreement” shall mean the Amended and
Restated UK Receivables Purchase Agreement among Huntsman International, as
purchaser, Tioxide Europe Limited, Huntsman Petrochemicals (UK) Limited and
Huntsman Surface Sciences UK Ltd., as originators, and Huntsman (Europe)
B.V.B.A., as master servicer, as amended, supplemented or otherwise modified
from time to time in accordance with the Transaction Documents.

 

“UK Tax Opinion” shall mean an opinion of Clifford Chance
Limited Liability Partnership relating to the United Kingdom taxation treatment
of the Company in connection with the transaction documents.

 

“United States” for purposes of geographic description shall
mean the United States of America (including the States and the District of
Columbia), its territories, its possessions (including Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands) and other areas subject to its jurisdictions.

 

“United States Person” shall mean an individual who is a
citizen or resident of the United States, or a corporation, partnership or
other entity created or organized in or under the laws of the United States or
any political subdivision thereof, or an estate or trust the income of which is
subject to U.S. federal income taxation regardless of its source.

 

39

 

“U.S. Dollars” shall mean the legal currency of the United
States of America.

 

“U.S. Dollar Shortfall” shall have the meaning specified in Section 3.01(d)(ii) of the Pooling
Agreement.

 

“U.S. Government Obligor” shall mean the United States
government or any subdivision thereof or any agency, department or
instrumentality thereof.

 

“U.S. Originator” shall mean (i) Huntsman International LLC,
(ii) Tioxide Americas Inc., (iii) Huntsman Propylene Oxide Ltd., (iv) Huntsman
International Fuels L.P., (v) Huntsman Ethyleneamines Ltd., (vi) Huntsman
Petrochemical Corporation., (vii) Huntsman Polymers Corporation, (viii)
Huntsman Expandable Polymers Company LC and (ix) after the Initial Issuance
Date, any Approved Originator which originates Receivables to Obligors located
in the United States.

 

“U.S. Receivables” shall mean the Receivables originated by a
U.S. Originator and contributed, transferred, assigned and conveyed to the
Company directly or indirectly and thereafter participated by the Company to
the Trust.

 

“U.S. Receivables Purchase Agreement” means the Second Amended
and Restated U.S. Receivables Purchase Agreement dated as of April 18, 2006,
among Huntsman International LLC, as purchaser, and Tioxide Americas Inc.,
Huntsman Propylene Oxide Ltd., Huntsman International Fuels L.P. and Huntsman
Ethyleneamines Ltd., each as a seller and an originator, as amended,
supplemented or otherwise modified from time to time in accordance with the
Transaction Documents.

 

“Variable Funding Certificate” or “VFC Certificate” shall have the meaning assigned in Section 5.11(a) of the Pooling Agreement.

 

“Volume Rebate” shall mean a discount periodically granted by
the Originator to Obligor, as stipulated in the Contract for achieving certain
sales volume.

 

“Volume Rebate Accrual” shall mean, with respect to any date of
determination, for the purposes of determining the Aggregate Receivables
Amount, the aggregate amount of outstanding Volume Rebate balances of
Receivables as of the Business Day immediately preceding the date of such
determination.

 

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

 

“Withholding Tax Reserve Account” shall have the meaning
assigned to such term in Section 3.01(a)(vi) of
the Pooling Agreements.

 

40Exhibit 10.2

 

Execution Copy

 

HUNTSMAN
MASTER TRUST

AMENDED AND RESTATED

SERIES 2000-1 SUPPLEMENT

 

 

Dated
as of April 18, 2006

 

to

 

SECOND
AMENDED AND RESTATED POOLING AGREEMENT

 

Dated
as of April 18, 2006

 

Among

 

HUNTSMAN
RECEIVABLES FINANCE LLC,

as Company

 

HUNTSMAN
(EUROPE) BVBA,

as Master
Servicer

 

JUPITER
SECURITIZATION CORPORATION,

as the Existing Series 2000-1
VFC Certificateholder

 

THE
SEVERAL FINANCIAL INSTITUTIONS PARTY HERETO AS FUNDING AGENTS,

 

THE
SERIES 2000-1 CONDUIT PURCHASERS PARTY HERETO,

 

THE
SEVERAL FINANCIAL INSTITUTIONS PARTY HERETO

AS SERIES 2000-1 APA BANKS,

 

J.P.
MORGAN SECURITIES LTD.,

as Book Runner
and Mandated Lead Arranger

 

JPMORGAN
CHASE BANK, N.A.,

as Administrative
Agent

 

and

 

J.P.
MORGAN BANK (IRELAND) PLC,

as Trustee

 

 

SIDLEY AUSTIN

WOOLGATE EXCHANGE

25 BASINGHALL STREET

LONDON EC2V 5HA

TELEPHONE 020 7360 3600

FACSIMILE 020 7626 7937

REF:  //30508-30240

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page No

  
	
  ARTICLE I DEFINITIONS

  	
  1

  
	
  SECTION 1.01

  	
  Definitions

  	
  1

  
	
  SECTION 1.02

  	
  Other Definitional Provisions

  	
  2

  
	
   

  	
   

  	
   

  
	
  ARTICLE II
  DESIGNATION OF SERIES 2000-1 VFC CERTIFICATES; PURCHASE AND SALE OF THE
  SERIES

  2000-1 VFC CERTIFICATES

  	
  3

  
	
  SECTION 2.01

  	
  Designation

  	
  3

  
	
  SECTION 2.02

  	
  The Series 2000-1 VFC Certificates and Series 2000-1
  Subordinated Interests

  	
  3

  
	
  SECTION 2.03

  	
  Purchases of Interests in the Series 2000-1 VFC
  Certificates and the Series 2000-1 Subordinated Interests

  	
  4

  
	
  SECTION 2.04

  	
  Delivery

  	
  5

  
	
  SECTION 2.05

  	
  Procedure for Initial Issuance and for Increasing the Series 2000-1
  Invested Amount

  	
  6

  
	
  SECTION 2.06

  	
  Sale by a Series 2000-1 Conduit Purchaser of its Series 2000-1
  Purchaser Invested Amount to a Series 2000-1 APA Bank

  	
  10

  
	
  SECTION 2.07

  	
  Procedure for Decreasing the Series 2000-1 Invested
  Amount

  	
  13

  
	
  SECTION 2.08

  	
  Reductions of the Series 2000-1 Commitments

  	
  15

  
	
  SECTION 2.09

  	
  Interest; Fees

  	
  16

  
	
  SECTION 2.10

  	
  Indemnification by Huntsman International and the Company

  	
  17

  
	
  SECTION 2.11

  	
  Inability to Determine Eurodollar Rate

  	
  18

  
	
  SECTION 2.12

  	
  Series 2000-1 FX Hedging Agreements

  	
  19

  
	
  SECTION 2.13

  	
  Notices, Reports, Directions by Master Servicer

  	
  19

  
	
  SECTION 2.14

  	
  Optional Termination by the Company

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE III ARTICLE III OF THE AGREEMENT

  	
  20

  
	
  SECTION 3.01

  	
   

  	
  20

  

 

i

 

	
  SECTION 3A.02

  	
  Establishment of Series 2000-1 Accounts

  	
  20

  
	
  SECTION 3A.03

  	
  Daily Allocations

  	
  22

  
	
  SECTION 3A.04

  	
  Determination of Interest

  	
  25

  
	
  SECTION 3A.05

  	
  Determination of Series 2000-1 Monthly Principal

  	
  29

  
	
  SECTION 3A.06

  	
  Applications

  	
  30

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV DISTRIBUTIONS AND REPORTS

  	
  33

  
	
  SECTION 4A.01

  	
  Distributions

  	
  33

  
	
  SECTION 4A.02

  	
  Daily Reports

  	
  33

  
	
  SECTION 4A.03

  	
  Reports and Notices

  	
  33

  
	
   

  	
   

  	
   

  
	
  ARTICLE V ADDITIONAL SERIES 2000-1 EARLY AMORTIZATION
  EVENTS

  	
  34

  
	
  SECTION 5.01

  	
  Additional Series 2000-1 Early Amortization Events

  	
  34

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI SERVICING FEE

  	
  38

  
	
  SECTION 6.01

  	
  Servicing Compensation

  	
  38

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII CHANGE IN CIRCUMSTANCES

  	
  38

  
	
  SECTION 7.01

  	
  Illegality

  	
  38

  
	
  SECTION 7.02

  	
  Requirements of Law

  	
  39

  
	
  SECTION 7.03

  	
  Taxes

  	
  41

  
	
  SECTION 7.04

  	
  Indemnity

  	
  45

  
	
  SECTION 7.05

  	
  Assignment of Series 2000-1 Commitments Under Certain
  Circumstances; Duty to Mitigate

  	
  46

  
	
  SECTION 7.06

  	
  Limitation

  	
  47

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII COVENANTS; REPRESENTATIONS AND WARRANTIES

  	
  47

  
	
  SECTION 8.01

  	
  Representations and Warranties of the Company and the
  Master Servicer

  	
  47

  
	
  SECTION 8.02

  	
  Covenants of the Company, the Master Servicer and Huntsman
  International

  	
  47

  
	
  SECTION 8.03

  	
  Negative Covenants of the Company and the Master Servicer

  	
  49

  
	
  SECTION 8.04

  	
  Obligations Unaffected

  	
  51

  

 

ii

 

	
  ARTICLE IX CONDITIONS PRECEDENT

  	
  51

  
	
  SECTION 9.01

  	
  Conditions Precedent to Effectiveness of Supplement.

  	
  51

  
	
   

  	
   

  	
   

  
	
  ARTICLE X THE ADMINISTRATIVE AGENT AND FUNDING AGENTS

  	
  56

  
	
  SECTION 10.01

  	
  Appointment.

  	
  56

  
	
  SECTION 10.02

  	
  Delegation of Duties

  	
  57

  
	
  SECTION 10.03

  	
  Exculpatory Provisions

  	
  57

  
	
  SECTION 10.04

  	
  Reliance by Administrative Agent and Funding Agents

  	
  58

  
	
  SECTION 10.05

  	
  Notice of Master Servicer Default or Series 2000-1
  Early Amortization Event or Potential Series 2000-1 Early Amortization
  Event

  	
  58

  
	
  SECTION 10.06

  	
  Non Reliance on Administrative Agent or Funding Agents and
  Other Series 2000-1 Purchasers

  	
  59

  
	
  SECTION 10.07

  	
  Indemnification

  	
  60

  
	
  SECTION 10.08

  	
  Administrative Funding and Funding Agent in Its Individual
  Capacity

  	
  61

  
	
  SECTION 10.09

  	
  Successor Administrative Agent and Funding Agent

  	
  61

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI MISCELLANEOUS

  	
  62

  
	
  SECTION 11.01

  	
  Ratification of Agreement

  	
  62

  
	
  SECTION 11.02

  	
  Governing Law

  	
  62

  
	
  SECTION 11.03

  	
  Further Assurances

  	
  62

  
	
  SECTION 11.04

  	
  Payments

  	
  63

  
	
  SECTION 11.05

  	
  Costs and Expenses

  	
  63

  
	
  SECTION 11.06

  	
  No Waiver; Cumulative Remedies

  	
  63

  
	
  SECTION 11.07

  	
  Amendments

  	
  64

  
	
  SECTION 11.08

  	
  Severability

  	
  65

  
	
  SECTION 11.09

  	
  Notices

  	
  65

  
	
  SECTION 11.10

  	
  Successors and Assigns

  	
  66

  
	
  SECTION 11.11

  	
  Counterparts

  	
  71

  
	
  SECTION 11.12

  	
  Adjustments; Setoff

  	
  71

  

 

iii

 

	
  SECTION 11.13

  	
  Limitation of Payments by the Company

  	
  72

  
	
  SECTION 11.14

  	
  No Bankruptcy Petition; No Recourse

  	
  72

  
	
  SECTION 11.15

  	
  Limitation on Addition of Approved Originators, Approved
  Currency, Approved Obligors and a Successor Master Servicer; Mergers and
  Consolidations

  	
  73

  
	
  SECTION 11.16

  	
  Subordinated Loan

  	
  74

  
	
  SECTION 11.17

  	
  Limited Recourse

  	
  77

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII FINAL DISTRIBUTIONS

  	
  78

  
	
  SECTION 12.01

  	
  Certain Distributions

  	
  78

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII ADMINISTRATIVE AGENT

  	
  78

  
	
  SECTION 13.01

  	
  Administrative Agent.

  	
  78

  
	
   

  	
   

  	
   

  
	
  SCHEDULE I Series 2000-1 Commitments

  	
  82

  
	
  SCHEDULE II Series 2000-1 Concentration Accounts

  	
  83

  
	
  SCHEDULE III Series 2000-1 Definitions

  	
  84

  
	
  SCHEDULE IV Notices

  	
  111

  
	
  EXHIBIT A-1 Form of Series 2000-1 U.S.
  Dollar VFC Certificate

  	
  113

  
	
  EXHIBIT A-2 Form of Series 2000-1 Euro VFC
  Certificate

  	
  121

  
	
  EXHIBIT B Form of Series 2000-1 Commitment
  Transfer Supplement

  	
  129

  
	
  EXHIBIT C Form of Administrative Questionnaire

  	
  134

  
	
  EXHIBIT D Form of Daily Report

  	
  136

  
	
  EXHIBIT E Form of Monthly Settlement Report

  	
  140

  
	
  EXHIBIT F Form of Increase/Decrease Notice

  	
  141

  
	
  EXHIBIT G Form of Confidentiality Agreement

  	
  144

  

 

iv

 

This Amended
and Restated Series 2000-1 SUPPLEMENT dated as of April 18, 2006 (as
the same may be amended, supplemented, restated or otherwise modified from time
to time, this “Supplement”), is made among
Huntsman Receivables Finance LLC (the “Company”), a
Delaware limited liability company, Huntsman (Europe) BVBA (the “Master Servicer”), a company organized under the laws of
Belgium, Jupiter Securitization Corporation as the Existing Series 2000-1
VFC Certificateholder, the conduit purchasers party hereto from time to time as
Series 2000-1 Conduit Purchasers (the “Series 2000-1
Conduit Purchasers”), the several financial institutions party
hereto from time to time as Series 2000-1 APA banks (the “Series 2000-1 APA Banks”), the several financial
institutions party hereto from time to time as funding agents (the “Funding Agents”), J.P. Morgan Securities Ltd., as Book
Runner and Mandated Lead Arranger, JPMorgan Chase Bank, N.A., as administrative
agent (the “Administrative Agent”) and J.P.
Morgan Bank (Ireland) plc, as trustee (the “Trustee”).

 

W I T N E S S
E T H :

 

WHEREAS, the
Company, the Master Servicer and the Trustee (i) have entered into the
Pooling Agreement, dated as of December 21, 2000, as amended and restated
on June 26, 2001 and (ii) will enter into the Second Amended and
Restated Pooling Agreement, dated as of April 18, 2006 (as in effect on
the date hereof and as the same may be amended, supplemented, restated or
otherwise modified from time to time (the “Agreement”);

 

WHEREAS, the
Agreement provides, among other things, that the Company, the Master Servicer
and the Trustee may at any time and from time to time enter into supplements to
the Agreement for the purpose of authorizing the issuance, by the Company, of
one or more Series of Investor Certificates on behalf of the Trust, for
execution and redelivery to the Trustee for authentication;

 

WHEREAS,
pursuant to the Series 2000-1 Supplement dated as of December 21,
2000 (the “Existing Series 2000-1 Supplement”)
the Company, the Master Servicer, the Trustee, the “Series 2000-1 Conduit
Purchasers” party thereto, and the “Series 2000-1 APA Banks” party
thereto, and the other parties to the Existing Series 2000-1 Supplement,
supplemented the Agreement to provide among other matters for the issuance of a
Variable Funding Certificate; and

 

WHEREAS the
Company, the Master Servicer, the Trustee, the Series 2000-1 Conduit
Purchasers, the Series 2000-1 APA Banks and the Funding Agents wish to
amend and restate the Existing Series 2000-1 Supplement on the terms and
conditions hereinafter set forth;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual covenants herein
contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby expressly acknowledged, the parties hereto
agree as follows:

 

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01              Definitions.

 

Capitalized
terms used herein shall unless otherwise defined or referenced herein, have the
meanings assigned to such terms in Annex X (as amended,
supplemented, restated or

 

1

 

otherwise
modified from time to time) to the Pooling Agreement or Schedule III
to this Supplement.

 

SECTION 1.02                                                              Other Definitional Provisions.

 

(a)                                  All terms defined or incorporated by reference in this Supplement
shall have such defined meanings when used in any certificate or other document
made or delivered pursuant hereto unless otherwise defined therein.

 

(b)                                 As used herein and in any certificate or other document made or
delivered pursuant hereto or thereto, accounting terms not defined herein or
incorporated by reference herein, and accounting terms partly defined herein or
incorporated by reference herein to the extent not defined, shall have the
respective meanings given to them under GAAP. 
To the extent that the definitions of accounting terms herein or
incorporated by reference herein are inconsistent with the meanings of such
terms under GAAP, the definitions contained herein or incorporated by reference
herein shall control.

 

(c)                                  The words “hereof”, “herein” and “hereunder” and
words of similar import when used in this Supplement shall refer to this
Supplement as a whole and not to any particular provision of this Supplement;
and Section, Schedule, Exhibit and Appendix references contained in this
Supplement are references to Sections, Schedules, Exhibits and Appendices in or
to this Supplement unless otherwise specified.

 

(d)                                 The definitions contained herein or incorporated by reference herein
are applicable to the singular as well as the plural forms of such terms and to
the masculine as well as to the feminine and neuter genders of such terms.

 

(e)                                  Any reference herein or in any other Transaction Document to a
provision of the Bankruptcy Code, Code, ERISA, 1940 Act or the UCC shall be
deemed a reference to any successor provision thereto.

 

(f)                                    Any reference herein to a Schedule, Exhibit or Appendix to this
Supplement shall be deemed to be a reference to such Schedule, Exhibit or
Appendix as it may be amended, modified or supplemented from time to time to
the extent that such Schedule, Exhibit or Appendix may be amended,
modified or supplemented (or any term or provision of any Transaction Document
may be amended that would have the effect of amending, modifying or
supplementing information contained in such Schedule, Exhibit or Appendix)
in compliance with the terms of the Transaction Documents.

 

(g)                                 Any reference in this Supplement to any representation, warranty or
covenant “deemed” to have been made is intended to encompass only
representations, warranties or covenants that are expressly stated to be
repeated on or as of dates following the execution and delivery of this
Supplement, and no such reference shall be interpreted as a reference to any
implicit, inferred, tacit or otherwise unexpressed representation, warranty or
covenant.

 

(h)                                 The words “include”, “includes” or “including”
shall be interpreted as if followed, in each case, by the phrase “without
limitation”.

 

2

 

(i)                                     References to the Series 2000-1 Supplement in any other
document or agreement inclusive of the Transaction Documents and Related
Documents (as such term is defined in the Base Indenture) shall be deemed to be
references to this Supplement as amended and restated on the date hereof and
all amendments and supplements hereto and all assignments hereof.

 

ARTICLE II

 

DESIGNATION OF SERIES 2000-1 VFC
CERTIFICATES; PURCHASE AND SALE OF THE SERIES 2000-1 VFC CERTIFICATES

 

SECTION 2.01                                                              Designation.

 

The Investor
Certificates and interests created and authorized pursuant to the Agreement and
this Supplement shall be designated as (i) the “Series 2000-1
U.S. Dollar VFC Certificates” and the “Series 2000-1
Euro VFC Certificates” (together, the “Series 2000-1
VFC Certificates”) and (ii) subordinated interests as described
in Section 2.02(b).

 

SECTION 2.02                                                              The Series 2000-1 VFC Certificates and Series 2000-1
Subordinated Interests.

 

(a)                                  The Series 2000-1 VFC Certificates will represent fractional
undivided interests in the Participation and security interest granted by the
Company to the Trustee for the benefit of the Investor Certificateholders under
the Pooling Agreement, consisting of the right of the Series 2000-1 VFC
Certificateholders to receive the distributions specified herein out of (i) the
Series 2000-1 Invested Percentage (expressed as a decimal) of
Participation Amounts with respect to Collections received with respect to the
Receivables and all other funds on deposit in the Collection Accounts and (ii) to
the extent such interests appear herein, all other funds on deposit in the Series 2000-1
Accounts (collectively, the “Series 2000-1 VFC
Certificateholder Interests”).

 

(b)                                 The Company will be entitled to receive, in consideration of the
grant of the Participation and security interest under the Agreement, the
payments specified herein from the funds on deposit in the Series 2000-1
Accounts and any subaccounts thereof, in each case to the extent not required
to be distributed to or for the benefit of the Series 2000-1 VFC
Certificateholders (the “Series 2000-1
Subordinated Interests”).  The
Series 2000-1 VFC Certificateholders hereby authorize the Trustee to make
the payments referred to in the preceding sentence out of the funds on deposit
in the Series 2000-1 Accounts by way of consideration payable to the
Company as referred to above.  The
Exchangeable Company Interests, the Series 2000-1 Subordinated Interests
and any other Subordinated Company Interests outstanding from time to time
shall represent the exclusive beneficial ownership interest owned by the
Company in the Participation Assets.

 

(c)                                  The Series 2000-1 U.S. Dollar VFC Certificates and the Series 2000-1
Euro VFC Certificates shall be substantially in the form of Exhibits A-1 and A-2,
respectively, and shall, upon issue, be executed by the Trustee (on behalf of
the Trust and without the Trustee incurring any personal liability in respect
of

 

3

 

the Investor Certificates) and will be
authenticated and redelivered by the Trustee as provided in Section 2.04 of this Supplement and Section 5.02 of the Agreement.  The Series 2000-1 U.S. Dollar VFC
Certificates and the Series 2000-1 Euro VFC Certificates shall be issued
in the form of definitive certificates, each registered in the name of the
Funding Agent for the applicable VFC Purchaser Group for the benefit of the Series 2000-1
Purchasers for that VFC Purchaser Group, from time to time, as the holder
thereof. The Series 2000-1 Subordinated Interests will be uncertificated.

 

SECTION 2.03                                                              Purchases of Interests in the Series 2000-1 VFC Certificates
and the Series 2000-1 Subordinated Interests.

 

(a)                                  Initial Purchase.  On the Existing Series 2000-1 Issuance
Date, PARCO purchased the Existing Series 2000-1 VFC Certificate.  PARCO’s interest in the Series 2000-1
VFC Certificate has been transferred to the Existing Series 2000-1 VFC
Certificateholder. Subject to the terms and conditions of this Supplement, the
Existing Series 2000-1 VFC Certificateholder agrees to surrender its
Existing Series 2000-1 VFC Certificate on the Series 2000-1 Issuance
Date in exchange for the issuance of new Series 2000-1 VFC Certificates
and for the payment to be made pursuant to Section 5.11 of
the Agreement.  Subject to the terms and
conditions of this Supplement, including delivery of notice, if any, required
by Section 2.05,

 

(i)                                     on the Series 2000-1 Issuance Date, (A) each Series 2000-1
Conduit Purchaser may, in its sole discretion, purchase a Series 2000-1
VFC Certificate, in an amount equal to its respective VFC Pro Rata Share of the
Series 2000-1 Initial Invested Amount, or (B) if any Series 2000-1
Conduit Purchaser shall have notified the Funding Agent for such Series 2000-1
Conduit Purchaser’s VFC Purchaser Group that it has elected not to purchase a Series 2000-1
VFC Certificate on the Series 2000-1 Issuance Date, each Series 2000-1
APA Bank for the applicable VFC Purchaser Group hereby severally agrees to
purchase on the Series 2000-1 Issuance Date such Series 2000-1 VFC
Certificate Interest, which Series 2000-1 VFC Certificate Interest of each
Series 2000-1 APA Bank will be reflected on the schedule attached as Schedule I to the Series 2000-1 VFC Certificate,
in an amount equal to such Series 2000-1 APA Bank’s Series 2000-1
Commitment Percentage of the Series 2000-1 Initial Invested Amount; and

 

(ii)                                  thereafter, (A) if any Series 2000-1 Conduit Purchaser
shall have purchased a Series 2000-1 VFC Certificate on the Series 2000-1
Issuance Date, such Series 2000-1 Conduit Purchaser may, in its sole
discretion, maintain such Series 2000-1 VFC Certificate, subject to
increase or decrease during the Series 2000-1 Revolving Period, in
accordance with the provisions of this Series 2000-1 Supplement and (B) if
the Series 2000-1 APA Banks with respect to a VFC Purchaser Group shall
have purchased a Series 2000-1 VFC Certificate Interest on the Series 2000-1
Issuance Date or, in any case, on or after the Series 2000-1 Purchase
Date, each Series 2000-1 APA Bank with respect to such VFC Purchaser Group
hereby severally agrees to maintain its Series 2000-1 VFC Certificate
Interest, subject to increase

 

4

 

or decrease during the Series 2000-1
Revolving Period, in accordance with the provisions of this Supplement.

 

The Company
hereby agrees to maintain ownership of the Series 2000-1 Subordinated
Interests, subject to increase or decrease during the Series 2000-1
Revolving Period, in accordance with Section 2.05
or Section 2.07 (as applicable).  Payments by the Series 2000-1 Conduit
Purchasers in respect of the Series 2000-1 VFC Certificates or the Series 2000-1
APA Banks in respect of the Series 2000-1 VFC Certificate Interests shall
be made in immediately available funds on the Series 2000-1 Issuance Date
to the Trust.

 

(b)                                 Series 2000-1 APA Banks Commitment.  Subject to the
terms and conditions of this Supplement, each Series 2000-1 APA Bank shall
be deemed to have severally agreed, by its acceptance of its Series 2000-1
VFC Certificate Interest, to maintain its Series 2000-1 VFC Certificate
Interest, subject to increase or decrease during the Series 2000-1
Revolving Period, in accordance with the provisions of this Supplement and the Series 2000-1
Asset Purchase Agreement with respect to its VFC Purchaser Group.

 

(c)                                  Maximum Series 2000-1 Purchaser Invested
Amount. 
Notwithstanding anything to the contrary contained in this Supplement,
at no time shall the Series 2000-1 Purchaser U.S. Dollar Invested Amount
and the Series 2000-1 Purchaser Euro Invested Amount (calculated without
regard to clauses (c)(iv) and (v) of the applicable definition thereof but with
regard to clause (d) of the definition of Series 2000-1
Purchaser Euro Invested Amount) of any Series 2000-1 APA Bank exceed such Series 2000-1
APA Bank’s Series 2000-1 Commitment at such time.

 

(d)                                 Allocations Among Currency of Certificates.  All fundings with respect
to the Series 2000-1 Euro VFC Certificate and Series 2000-1 Purchaser
Euro Invested Amounts shall be allocated solely to the Euro VFC Purchaser
Groups.

 

SECTION 2.04                                                              Delivery.

 

On the Series 2000-1
Issuance Date, the Master Servicer shall direct the Trustee in writing pursuant
to Section 5.02 of the Agreement to execute
and duly authenticate, and the Trustee, upon receiving such direction, shall so
authenticate each Series 2000-1 VFC Certificate in the name of the Funding
Agent for the applicable VFC Purchaser Group and deliver such Series 2000-1
VFC Certificate to the Funding Agent for the benefit of the Series 2000-1
Conduit Purchaser or the Series 2000-1 APA Banks, as the case may be, for
that VFC Purchaser Group, in accordance with such written directions.  The Series 2000-1 U.S. Dollar VFC
Certificates shall be issued in an initial amount of $1,000,000 and in integral
multiples of $100,000 in excess thereof. 
The Series 2000-1 Euro VFC Certificate shall be issued in an
initial amount of €1,000,000 and in integral multiples of €100,000 in excess
thereof.  The Trustee shall mark on its
books the actual Series 2000-1 Invested Amount and Series 2000-1
Subordinated Interest Amount outstanding on any date of determination, which,
absent manifest error, shall constitute prima facie
evidence of the outstanding Series 2000-1 Invested Amount and Series 2000-1
Subordinated Interest Amount from time to time. 
The Trustee shall remit to the Company by wire transfer to the account
designated by the Company the purchase price received from each Series 2000-1
Purchaser.

 

5

 

SECTION 2.05                                                              Procedure for Initial Issuance and for Increasing the Series 2000-1
Invested Amount.

 

(a)                                  Subject to Section 2.05(c),
(I) on the Series 2000-1 Issuance Date, each Series 2000-1 Conduit
Purchaser may agree, in its sole discretion, to purchase a Series 2000-1
VFC Certificate, and each Series 2000-1 APA Bank hereby agrees to purchase
a Series 2000-1 VFC Certificate in accordance with Section 2.03
and (II) on any Business Day during the Series 2000-1 Commitment Period,
each Series 2000-1 Conduit Purchaser may agree, in its sole discretion,
and each Series 2000-1 APA Bank hereby agrees, that the Series 2000-1
Invested Amount may be increased by increasing each Series 2000-1
Purchaser’s Series 2000-1 Purchaser U.S. Dollar Invested Amount or Series 2000-1
Purchaser Euro Invested Amount (each, a “Series 2000-1
Increase”), upon the request of the Master Servicer (each date on
which an increase in the Series 2000-1 U.S. Dollar Invested Amount or Series 2000-1
Euro Invested Amount occurs hereunder being herein referred to as the “Series 2000-1 Increase Date” applicable to such Series 2000-1
Increase); provided, however,
that the Master Servicer shall have given to each Funding Agent (with a copy to
the Administrative Agent and the Trustee) irrevocable written notice (effective
upon receipt), substantially in the form of Exhibit F
hereto, of such request no later than:

 

(i)                                     7:00 a.m., New York City time, two Business Days prior to the Series 2000-1
Issuance Date or such Series 2000-1 Increase Date, as the case may be, in
the case of any Series 2000-1 Increase Date occurring prior to the
occurrence of a Conduit Purchaser Termination Event with respect to a relevant
VFC Purchaser Group if all or a portion of the Series 2000-1 Initial
Invested Amount or Series 2000-1 Increase Amount is to be allocated to a Series 2000-1
CP Tranche upon notice given pursuant to Section 3A.04(c)(i);
or

 

(ii)                                  (x) 7:00 a.m., New York City time, on the Series 2000-1
Issuance Date or such Series 2000-1 Increase Date, as the case may be, if,
after the occurrence of a Conduit Purchaser Termination Event with respect to a
relevant VFC Purchaser Group or any Series 2000-1 Purchase Date with
respect to a relevant VFC Purchaser Group, the Series 2000-1 Initial
Invested Amount or Series 2000-1 Increase Amount is to be priced with
respect to a relevant VFC Purchaser Group solely with reference to the ABR, or
(y) 7:00 a.m., New York City time, three Business Days prior to the Series 2000-1
Issuance Date or such Series 2000-1 Increase Date, as the case may be, if,
after the occurrence of a Conduit Purchaser Termination Event with respect to a
relevant VFC Purchaser Group or any Series 2000-1 Purchase Date with
respect to a relevant VFC Purchaser Group, all or a portion of the Series 2000-1
Initial Invested Amount or Series 2000-1 Increase Amount is to be
allocated with respect to a relevant VFC Purchaser Group to a Series 2000-1
Eurodollar Tranche upon notice given pursuant to Section 3A.04(c)(ii);

 

provided, further, that the provisions of
this Section shall not restrict the allocations of Collections pursuant to
Article III.  Each notice shall state (x) 

 

6

 

the Series 2000-1
Issuance Date or the Series 2000-1 Increase Date, as the case may be, (y)
the Series 2000-1 Initial U.S. Dollar Invested Amount, the Series 2000-1
Initial Euro Invested Amount or the proposed amount of such Series 2000-1
Increase with respect to each Class of Series 2000-1 VFC Certificates
(the “Series 2000-1 Increase Amount”),
as the case may be, and (z) on and after the occurrence of a Conduit Purchaser
Termination Event with respect to a relevant VFC Purchaser Group or any Series 2000-1
Purchase Date with respect to a relevant VFC Purchaser Group, the portions of
the Series 2000-1 Initial U.S. Dollar Invested Amount and the Series 2000-1
Initial Euro Invested Amount or the Series 2000-1 Increase Amount in
respect thereof (as the case may be) that will be allocated to a Series 2000-1
Eurodollar Tranche and the Series 2000-1 Floating Tranche with respect to
a relevant VFC Purchaser Group.  Each Series 2000-1
Increase shall be allocated between the respective VFC Purchaser Groups in
accordance with their VFC Pro Rata Share and the requirements of Section 2.05(c)(ii)(C). 
No Series 2000-1 Purchaser shall be obligated to fund any such Series 2000-1
Increase, unless concurrently with any such Series 2000-1 Increase in the Series 2000-1
Invested Amount, the Series 2000-1 Subordinated Interest Amount shall be
increased by an amount, if any (the “Series 2000-1
Subordinated Interest Increase Amount”), such that after giving
effect to such increase, the Series 2000-1 Adjusted Invested Amount plus the Series 2000-1 Subordinated Interest Amount
equals the Series 2000-1 Target Receivables Amount.

 

(b)                                 If a Series 2000-1 Conduit Purchaser elects not to fund any
portion of its VFC Pro Rata Share of a requested Series 2000-1 Increase,
such Series 2000-1 Conduit Purchaser shall notify the related Funding
Agent thereof and deliver a Sale Notice in accordance with Section 2.06
and each related Series 2000-1 APA Bank shall purchase its Series 2000-1
Commitment Percentage of such Series 2000-1 Conduit Purchaser’s Series 2000-1
Purchaser U.S. Dollar Invested Amount and/or Series 2000-1 Purchaser Euro
Invested Amount in accordance with Section 2.06
and fund such Series 2000-1 Increase in an amount equal to its Series 2000-1
Commitment Percentage of such Series 2000-1 Increase; provided,
however, that a Series 2000-1 APA
Bank shall not be obligated to fund any portion of a Series 2000-1
Increase that would cause its Series 2000-1 Purchaser U.S. Dollar Invested
Amount and Series 2000-1 Purchaser Euro Invested Amount to exceed its Series 2000-1
Commitment.

 

(c)                                  The Series 2000-1 Purchasers shall not be required to make the
initial purchase of Series 2000-1 VFC Certificate Interests on the Series 2000-1
Issuance Date or to increase their respective Series 2000-1 Purchaser U.S.
Dollar Invested Amount or Series 2000-1 Purchaser Euro Invested Amount on
any Series 2000-1 Increase Date unless:

 

(i)                                     (1) in respect of the Series 2000-1 U.S. Dollar VFC
Certificates, the related aggregate Series 2000-1 Initial U.S. Dollar
Invested Amount or Series 2000-1 Increase Amount in respect thereof is
equal to $1,000,000 or an integral multiple of $100,000 in excess thereof and (2) in
respect of the Series 2000-1 Euro VFC Certificates the related

 

7

 

aggregate Series 2000-1 Initial Euro
Invested Amount or Series 2000-1 Increase Amount in respect thereof is
equal of €1,000,000 or an integral multiple of €100,000 in excess thereof;

 

(ii)                                  after giving effect to the Series 2000-1 Initial Invested
Amount or Series 2000-1 Increase Amount,

 

(A)                              the Series 2000-1 Invested Amount (calculated without regard to
clauses (c)(iv) and (v) of the definitions of Series 2000-1 Purchaser
U.S. Dollar Invested Amount and Series 2000-1 Purchaser Euro Invested
Amount but with regard to clause (d) of
the definition of Series 2000-1 Purchaser Euro Invested Amount) would not
exceed the Series 2000-1 Maximum Invested Amount on the Series 2000-1
Issuance Date or such Series 2000-1 Increase Date, as the case may be,

 

(B)                                the Series 2000-1 Allocated Receivables Amount would not be
less than the Series 2000-1 Target Receivables Amount on the Series 2000-1
Issuance Date or such Series 2000-1 Increase Date, as the case may be, as
set forth in the Daily Report delivered on such date, and

 

(C)                                with respect to any VFC Purchaser Group, the Series 2000-1
Purchaser U.S. Dollar Invested Amount and the Series 2000-1 Purchaser Euro
Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser
U.S. Dollar Invested Amount and Series 2000-1 Purchaser Euro Invested
Amount, respectively but with regard to clause (d) of
the definition of Series 2000-1 Purchaser Euro Invested Amount) with
respect to such VFC Purchaser Group would not exceed its VFC Pro Rata Share of
the Series 2000-1 Purchaser U.S. Dollar Invested Amount and Series 2000-1
Purchaser Euro Invested Amount on the Series 2000-1 Issuance Date or such Series 2000-1
Increase Date,

 

(iii)                               no Series 2000-1 Early Amortization Event or Potential Series 2000-1
Early Amortization Event under the Agreement or this Supplement shall have
occurred and be continuing;

 

(iv)                              in the case of any funding by a Series 2000-1 Conduit
Purchaser, such Series 2000-1 Conduit Purchaser shall have consented to
such funding in its sole discretion and no Conduit Purchaser Termination Event
shall have occurred and be continuing with respect to such Series 2000-1
Conduit Purchaser; and

 

(v)                                 all of the representations and warranties made by each of the
Company, the Master Servicer and each Originator in each Transaction Document
to which it is a party are true and correct in all material respects on and as
of the Series 2000-1 Issuance Date or such Series 2000-1 Increase
Date, as the case may be, as if made on and as of such

 

8

 

date (except to the extent such
representations and warranties are expressly made as of another date).

 

The delivery
of the Series 2000-1 VFC Certificates on behalf of the Company and the
Company’s acceptance of funds in connection with (x) the Series 2000-1
Purchasers’ initial purchase of the Series 2000-1 VFC Certificates on the Series 2000-1
Issuance Date and (y) each Series 2000-1 Increase occurring on any Series 2000-1
Increase Date shall, in each case, constitute a representation and warranty by
the Company to the Series 2000-1 Purchasers as of the Series 2000-1
Issuance Date or such Series 2000-1 Increase Date, as the case may be,
that all of the conditions contained in this Section 2.05(c) (excluding
sub-clause (iv)) have been satisfied.

 

(d)                                 After receipt by each Funding Agent of the notice required by Section 2.05(a) from the Master Servicer on behalf
of the Company and the Trust, each Funding Agent shall, so long as the
conditions set forth in Sections 2.05(a) and
(c) are satisfied, promptly provide
telephonic notice:

 

(i)                                     prior to the occurrence of a Conduit Purchaser Termination Event
with respect to the related Series 2000-1 Conduit Purchaser, to the
related Series 2000-1 Conduit Purchaser; and

 

(ii)                                  on and after the occurrence of a Conduit Purchaser Termination Event
with respect to the related Series 2000-1 Conduit Purchaser or in the
event the related Series 2000-1 Conduit Purchaser elects not to fund the
requested Series 2000-1 Increase Amount, to each related Series 2000-1
APA Bank,

 

of the Series 2000-1 Increase Date and
of the portion of the Series 2000-1 Increase Amount allocable to such Series 2000-1
Conduit Purchaser and to such Series 2000-1 APA Bank (which shall equal
such Series 2000-1 Conduit Purchaser’s VFC Pro Rata Share of the Series 2000-1
Increase Amount and in the case of any Series 2000-1 APA Bank, its Series 2000-1
Commitment Percentage of the Series 2000-1 Increase Amount).  The Master Servicer shall promptly notify the
Company of the Series 2000-1 Increase Date and the amount of the Series 2000-1
Subordinated Interest Increase Amount. 
If a Series 2000-1 Conduit Purchaser elects to fund a Series 2000-1
Increase, such Series 2000-1 Conduit Purchaser agrees to pay in
immediately available funds its VFC Pro Rata Share of the amount of such Series 2000-1
Increase on the related Series 2000-1 Increase Date to the Trust for
deposit in the Series 2000-1 Principal Concentration Subaccount for
distribution to the Company in accordance with the terms of the Transaction
Documents.  On or after the occurrence of
a Conduit Purchaser Termination Event with respect to a Series 2000-1
Conduit Purchaser or in the event a Series 2000-1 Conduit Purchaser elects
not to fund the requested Series 2000-1 Increase Amount, each related Series 2000-1
APA Bank agrees to pay in immediately available funds such Series 2000-1
APA Bank’s Series 2000-1 Commitment Percentage of each Series 2000-1
Increase on the related Series 2000-1 Increase Date to the Trust for
deposit in the Series 2000-1 Principal Concentration Subaccount for
distribution to the Company in accordance with the terms of the Transaction
Documents.

 

9

 

SECTION 2.06                                                              Sale by a Series 2000-1 Conduit Purchaser of its Series 2000-1
Purchaser Invested Amount to a Series 2000-1 APA Bank.

 

(a)                                  On any date prior to the Series 2000-1 Commitment Termination
Date, each Series 2000-1 Conduit Purchaser may deliver a Sale Notice to
the related Funding Agent, the Company, the Master Servicer and the Trustee, to
sell to the related Series 2000-1 APA Banks (in accordance with their
respective Series 2000-1 Commitment Percentages), and each Series 2000-1
APA Bank hereby agrees to purchase its Series 2000-1 Commitment Percentage
of, the Series 2000-1 Purchase Percentage of such Conduit Purchaser
Interest of the Conduit Purchaser in its VFC Purchaser Group at the applicable Series 2000-1
Purchase Price.  Each Sale Notice shall
be delivered by the relevant Series 2000-1 Conduit Purchaser to the
applicable Funding Agent, the Company, the Master Servicer and the Trustee
prior to 12:30 p.m. New York City time, on the proposed Series 2000-1
Purchase Date and shall constitute an irrevocable offer by such Series 2000-1
Conduit Purchaser to sell the portion of its Series 2000-1 Purchaser
Invested Amount designated in such notice at the applicable Series 2000-1
Purchase Price.  The Series 2000-1
Purchase Amount set forth in any Sale Notice delivered by a Series 2000-1
Conduit Purchaser on the Series 2000-1 Commitment Termination Date or upon
the occurrence of a Conduit Purchaser Termination Event with respect to such
Conduit Purchaser shall equal 100% of the applicable Conduit Purchaser
Interest.    Each Series 2000-1 APA
Bank hereby agrees to purchase from the related Series 2000-1 Conduit
Purchaser such Series 2000-1 APA Bank’s Series 2000-1 Commitment
Percentage of the Series 2000-1 Purchase Percentage of the applicable
Conduit Purchaser Interest for a purchase price equal to such Series 2000-1
APA Bank’s Series 2000-1 Commitment Percentage of the applicable Series 2000-1
Purchase Price on such Series 2000-1 Purchase Date (which date, subject to
Section 2.06(b), may be the same
as the date of the Sale Notice). 
Notwithstanding anything to the contrary set forth in this Supplement,
no Series 2000-1 APA Bank shall have any obligation to purchase all or any
portion of the Conduit Purchaser Interest from the related Series 2000-1
Conduit Purchaser if, on such Series 2000-1 Purchase Date, any Conduit
Purchaser Insolvency Event shall have occurred and be continuing with respect
to such Series 2000-1 Conduit Purchaser.

 

(b)                                 If, at or prior to 12:30 p.m. New York City time on any
Business Day, a Series 2000-1 Conduit Purchaser delivers a Sale Notice to
the applicable Funding Agent specifying that the related Series 2000-1
Purchase Date shall be the same date as the date of the Sale Notice, such
Funding Agent shall, by no later than 1:30 p.m. New York City time, on
such Business Day, notify (by telecopy or by telephone call promptly confirmed
in writing by telecopy) the related Series 2000-1 APA Banks of the receipt
and content of the Sale Notice.  Each
related Series 2000-1 APA Bank shall purchase its Series 2000-1
Commitment Percentage of the Series 2000-1 Purchaser Percentage of the
Conduit Purchaser Interest of such Series 2001-1 Conduit Purchaser by
depositing its Series 2000-1 Commitment Percentage of the applicable Series 2000-1
Purchase Price in immediately available funds into the account(s) specified by
the Series 2000-1 Conduit Purchaser in the Sale Notice no later than 3:00 p.m.
New York City time on the same date as the date of such

 

10

 

notice. 
If a Series 2000-1 Conduit Purchaser delivers a Sale Notice to the
related Funding Agent after 12:30 p.m. New York City time on any Business
Day or a Series 2000-1 Conduit Purchaser delivers a Sale Notice to the
related Funding Agent specifying that the related Series 2000-1 Purchase
Date shall be a date other than the date of the Sale Notice, such Funding Agent
shall promptly advise (by telecopy or by telephone call promptly confirmed in
writing by telecopy) each related Series 2000-1 APA Bank of the receipt
and content of the Sale Notice. 
Notwithstanding the fact that the Series 2000-1 Purchase Date may
occur on a date which is later than the date on which the Sale Notice is
delivered to the related Funding Agent, the several obligations of each related
Series 2000-1 APA Bank to make such purchase and to make payment of the
amounts required to be paid by it pursuant to Section 2.06(a) shall
arise immediately upon receipt by such Funding Agent of the Sale Notice.  Upon payment of the applicable Series 2000-1
Purchase Price as provided herein and delivery to the Trustee by a Funding
Agent of the related Series 2000-1 Conduit Purchaser’s Series 2000-1
VFC Certificate, the Trustee shall sign, on behalf of the Trust and without
incurring any personal liability in respect of the Investor Certificates, and
shall, upon the written direction of the Master Servicer, duly authenticate new
Series 2000-1 VFC Certificates in the name of the relevant Funding Agent,
for the benefit of each relevant Series 2000-1 APA Bank, with a Series 2000-1
VFC Certificate Interest with respect to each Series 2000-1 APA Bank equal
to such Series 2000-1 APA Bank’s Series 2000-1 Commitment Percentage
of the VFC Pro Rata Share of the Series 2000-1 Maximum Invested Amount
(with reference to clause (a) only
of the definition thereof) for its VFC Purchaser Group and in the name of the
relevant Series 2000-1 Conduit Purchaser in a denomination equal to the
VFC Pro Rata Share of the Series 2000-1 Maximum Invested Amount (with
reference to clause (a) only of the
definition thereof) for its VFC Purchaser Group minus
the aggregate amount of the Series 2000-1 VFC Certificate Interests of its
related Series 2000-1 APA Banks, as set forth in such written direction
and shall deliver such Series 2000-1 VFC Certificates to the relevant
Funding Agent, if applicable, in accordance with such written direction.

 

(c)                                  If, by 3:00 p.m. New York City time, on any Series 2000-1
Purchase Date, any Series 2000-1 APA Bank (any such Series 2000-1 APA
Bank, a “Series 2000-1 Defaulting APA Bank”,
and any related Series 2000-1 APA Bank (if any) other than the Series 2000-1
Defaulting APA Bank being referred to as a “Series 2000-1
Non-Defaulting APA Bank”) fails to make its Series 2000-1
Commitment Percentage of the Series 2000-1 Purchase Price available to the
relevant Funding Agent pursuant to Section 2.06(b) (the
aggregate amount not so made available to the Funding Agent being referred to
as the “Series 2000-1 Purchase Price Deficit”),
then such Funding Agent shall, by no later than 3:30 p.m. New York City
time, on such Series 2000-1 Purchase Date, instruct each Series 2000-1
Non-Defaulting APA Bank to pay, by no later than 4:00 p.m. New York City
time on such Series 2000-1 Purchase Date, in immediately available funds,
to the account designated by such Funding Agent, an amount equal to the lesser
of (x) such Series 2000-1 Non-Defaulting APA Banks’ proportionate share
(based upon the relative Series 2000-1 Commitments of the Series 2000-1
Non-Defaulting APA Banks) of the Series 2000-1 Purchase Price Deficit and
(y) such Series 2000-1 Non-Defaulting

 

11

 

APA Bank’s unused Series 2000-1
Commitment.  A Series 2000-1
Defaulting APA Bank shall forthwith, upon demand, pay to the related Funding
Agent for the ratable benefit of the Series 2000-1 Non-Defaulting APA
Banks all amounts paid by each Series 2000-1 Non-Defaulting APA Bank on
behalf of such Series 2000-1 Defaulting APA Bank, together with interest
thereon, for each day from the date a payment was made by a Series 2000-1
Non-Defaulting APA Bank until the date such Series 2000-1 Non-Defaulting
APA Bank has been paid such amounts in full, at a rate per annum equal to the
sum of the Federal Funds Effective Rate plus 2%.  In addition, without prejudice to any other
rights that a Series 2000-1 Conduit Purchaser may have under applicable
law, each Series 2000-1 Defaulting APA Bank shall pay to the related Series 2000-1
Conduit Purchaser forthwith upon demand, the difference between the Series 2000-1
Defaulting APA Bank’s Series 2000-1 Commitment Percentage of the
applicable Series 2000-1 Purchase Price and the amount paid with respect
thereto by the Series 2000-1 Non-Defaulting APA Banks, together with
interest thereon, for each day from the date of the related Funding Agent’s
request for such Series 2000-1 Defaulting APA Bank’s Series 2000-1
Commitment Percentage of the applicable Series 2000-1 Purchase Price
pursuant to Section 2.06(b) until
the date the requisite amount is paid to the related Series 2000-1 Conduit
Purchaser in full, at a rate per annum equal to the sum of the Federal Funds
Effective Rate plus 2%.

 

(d)                                 The transfer by a Series 2000-1 Conduit Purchaser of all or a
portion of its rights in a Series 2000-1 VFC Certificate pursuant to this Section 2.06 shall be without recourse or warranty,
express or implied, except that such Series 2000-1 Conduit Purchaser
represents that such Series 2000-1 VFC Certificate is free and clear of
adverse claims created by or arising as a result of claims against such Series 2000-1
Conduit Purchaser.  By executing and
delivering a Sale Notice pursuant to Section 2.06(a),
such Series 2000-1 Conduit Purchaser makes no representation or warranty
and assumes no responsibility with respect to:

 

(i)                                     any statements, warranties or representations made in or in
connection with such Series 2000-1 VFC Certificate or the execution,
legality, validity, enforceability, genuineness, sufficiency or value of such Series 2000-1
VFC Certificate, or any other agreement, instrument or other document furnished
pursuant thereto or in connection therewith, including any Transaction
Document; or

 

(ii)                                  the financial condition of the Trust, the Trustee, the Master
Servicer, any Originator, the Company or any Obligor (collectively, the “Transaction Parties”), any other Series 2000-1 Conduit
Purchaser, any Series 2000-1 APA Bank or any Funding Agent, or the
performance or observance by the Transaction Parties of any of their respective
obligations under the Series 2000-1 VFC Certificates or the Transaction
Documents.

 

(e)                                  If on the related Series 2000-1 Purchase Date, there is an
applicable Series 2000-1 Loss Amount, then, in such event, each Series 2000-1
APA Bank in the VFC Purchaser Group with respect to the sale occurring on such Series 2000-1
Purchase Date agrees that the related Funding Agent, for the benefit of

 

12

 

the related Series 2000-1 Conduit
Purchaser, shall, after the applicable APA Bank Aggregate Invested Amount is
zero, remit to the related Series 2000-1 Conduit Purchaser the applicable Series 2000-1
Reduction Percentage of any amounts received by such Funding Agent with respect
to a Series 2000-1 VFC Certificate immediately after receipt of such
amounts.

 

SECTION 2.07                                                              Procedure for Decreasing the Series 2000-1 Invested Amount.

 

(a)                                  Subject to Section 7.04,
on any Business Day during the Series 2000-1 Revolving Period or the Series 2000-1
Amortization Period (except for Distribution Dates during the Series 2000-1
Amortization Period (which shall be governed by Section 3A.06(c))),
upon written request by the Master Servicer, the Series 2000-1 U.S. Dollar
Invested Amount and/or the Series 2000-1 Euro Invested Amount may be
reduced (a “Series 2000-1 Decrease”) by
the distribution, in accordance with Section 3A.03(b),
by the Trustee for the pro rata
benefit of the Series 2000-1 Purchasers (determined in accordance with
their Series 2000-1 Purchaser U.S. Dollar Invested Amount and/or Series 2000-1
Purchaser Euro Invested Amount and Section 2.07(e))
of the aggregate funds on deposit in the Series 2000-1 Principal
Concentration Subaccounts on such day (including any funds deposited therein
pursuant to Section 3A.02(d)) in an
amount not to exceed the amount of such aggregate funds on deposit on such day
(each date on which a Series 2000-1 Decrease in the Series 2000-1
U.S. Dollar Invested Amount or Series 2000-1 Euro Invested Amount occurs
hereunder being herein referred to as the “Series 2000-1
Decrease Date” applicable to such Series 2000-1 Decrease); provided, that:

 

(i)                                     the Master Servicer shall have made such written request by giving
each Funding Agent (with a copy to the Administrative Agent and the Trustee)
irrevocable written notice (effective upon receipt), substantially in the form
of Exhibit F hereto, stating the
amount of such Series 2000-1 Decrease, prior to 7:00 a.m. New York
City time,

 

(A)                              on the second Business Day prior to the Series 2000-1 Decrease
Date, if all or any portion of the Series 2000-1 Decrease relates to a Series 2000-1
CP Tranche;

 

(B)                                on the Business Day of the Series 2000-1 Decrease Date, if the Series 2000-1
Decrease relates solely to a Series 2000-1 Floating Tranche; or

 

(C)                                on the Business Day that is three Business Days prior to the Series 2000-1
Decrease, if all or any portion of the Series 2000-1 Decrease relates to a
Series 2000-1 Eurodollar Tranche;

 

(ii)                                  (1) in respect of a Series 2000-1 U.S. Dollar VFC
Certificate, such Series 2000-1 Decrease shall be in an amount equal to
$1,000,000 and integral multiples of $100,000 in excess thereof or if the Series 2000-1
U.S. Dollar Invested Amount is less than $1,000,000 then such Series 2000-1
Decrease shall equal the Series 2000-1 U.S. Dollar Invested Amount or (2) in
respect of a Series 2000-1 Euro VFC Certificate, such Series 2000-1
Decrease shall be in an amount equal to €1,000,000

 

13

 

and in integral multiples of €100,000 in
excess thereof or if the Series 2000-1 Euro Invested Amount is less than
€1,000,000 then such Series 2000-1 Decrease shall equal the Series 2000-1
Euro Invested Amount; and

 

(iii)                               no Series 2000-1 Decrease with respect to a Series 2000-1
Eurodollar Tranche prior to the termination of a Series 2000-1 Eurodollar
Period may occur unless, concurrently with such Series 2000-1 Decrease,
the Company shall have paid to the Series 2000-1 Purchasers any amounts
due and payable pursuant to Section 7.04.

 

Each distribution pursuant to this Section 2.07(a) shall be made by the Trustee
distributing to each Funding Agent the amount of such Series 2000-1
Decrease allocable to the Series 2000-1 Purchasers in such Funding Agent’s
VFC Purchaser Group.

 

(b)                                 Simultaneously with any such Series 2000-1 Decrease during the Series 2000-1
Revolving Period, the Series 2000-1 Subordinated Interest Amount shall be
reduced by an amount (the “Series 2000-1
Subordinated Interest Reduction Amount”) such that the Series 2000-1
Subordinated Interest Amount shall equal the Series 2000-1 Required
Subordinated Amount after giving effect to such Series 2000-1
Decrease.  During the Series 2000-1
Revolving Period, after the distribution described in Section 2.07(a) has
been made, and the Series 2000-1 Subordinated Interest Amount shall have
been reduced by the Series 2000-1 Subordinated Interest Reduction Amount,
a distribution shall be made, in accordance with Section 3A.03(b),
by the Trustee to the holder of the Series 2000-1 Subordinated Interest
out of remaining aggregate funds on deposit in the Series 2000-1 Principal
Concentration Subaccounts in an amount equal to the lesser of (x) the Series 2000-1
Subordinated Interest Reduction Amount and (y) the amount of such remaining
aggregate funds on deposit in the Series 2000-1 Principal Concentration
Subaccount.

 

(c)                                  Notwithstanding Section 2.07(a),
the Funding Agents may, on or prior to the maturity date of any (i) Series 2000-1
Eurodollar Tranche; (ii) Series 2000-1 Floating Tranche; or (iii) Series 2000-1
CP Tranche, by providing written notice to the Trustee and Master Servicer,
elect to decrease, in whole or in part, the Series 2000-1 Invested Amount
on the applicable maturity date in the amount specified in such notice.  In accordance with any such notice, on the
maturity of the relevant tranches, the Trustee shall distribute, in accordance
with Section 3A.03(b), for the pro rata benefit of the Series 2000-1 Purchasers
(determined in accordance with their Series 2000-1 Purchaser U.S. Dollar
Invested Amount and/or Series 2000-1 Purchaser Euro Invested Amount and Section 2.07(e)), of the aggregate funds on deposit in
the Series 2000-1 Principal Concentration Subaccounts on such day in an
amount not to exceed the lesser of (i) the amount of such aggregate funds
on deposit in such subaccounts; and (ii) the decrease in the Series 2000-1
Invested Amount requested by the Funding Agents, plus
all interest and fees payable with respect thereto.  Notwithstanding the foregoing, the exercise
of such option by the Series 2000-1 Purchasers shall not result in a
reduction of the respective commitments of the Series 2000-1 Conduit
Purchasers or the commitments of

 

14

 

any of the Series 2000-1 APA Banks
pursuant to Section 2.08.  If the Series 2000-1 Purchasers exercise
their rights hereunder, so long as the Series 2000-1 Commitments are
outstanding and any amount hereunder remains payable to any Series 2000-1
Purchaser, the Series 2000-1 Purchasers shall continue to have the benefit
of the security interests created hereunder. 
Each distribution pursuant to this Section 2.07(c) shall
be made by the Trustee distributing to each Funding Agent the amount of such
reduction (plus interest and fees payable with respect thereto) allocable to
the Series 2000-1 Purchasers in such Funding Agent’s VFC Purchaser Group.

 

(d)                                 Subject to Section 2.07(e),
any reduction in the Series 2000-1 Invested Amount with respect to a VFC
Purchaser Group on any Business Day shall be allocated in the following order
of priority:

 

(i)                                     first, to reduce pro rata the portion of the Series 2000-1 Invested
Amount with respect to such VFC Purchaser Group allocated to Series 2000-1
CP Tranches and the Series 2000-1 Unallocated Balance, as appropriate; and

 

(ii)                                  second, to reduce the
portion of the Series 2000-1 Invested Amount with respect to such VFC
Purchaser Group allocated to Series 2000-1 Eurodollar Tranches in such
order as the Master Servicer may select in order to minimize interest expenses
and costs payable pursuant to Section 7.04.

 

Each distribution pursuant to this Section 2.07(d) shall be made by the Trustee
distributing to each Funding Agent the amount of such reduction (plus interest
and fees payable with respect thereto) allocable to the Series 2000-1
Purchasers in such Funding Agent’s VFC Purchaser Group.

 

(e)                                  Any decrease in the Series 2000-1 Purchaser Invested Amount
pursuant to Section 2.07(a) or (c) shall be allocated between the Series 2000-1
U.S. Dollar Invested Amount and the Series 2000-1 Euro Invested Amount as
provided in the notice given by the Master Servicer under Section 2.07(a) or
by the Funding Agents under Section 2.07(c).

 

SECTION 2.08                                                              Reductions of the Series 2000-1 Commitments.

 

(a)                                  On any Distribution Date during the Series 2000-1 Revolving
Period, the Master Servicer, on behalf of the Company and the Trust may, upon
three Business Days prior written notice to the Funding Agents (with a copy to
the Trustee), reduce or terminate the Series 2000-1 Commitments (a “Series 2000-1 Commitment Reduction”); provided that:

 

(i)                                     in the case of a reduction, the Series 2000-1 Aggregate
Commitment Amount may only be reduced in an amount equal to $5,000,000 or a
whole multiple of $1,000,000 in excess thereof and in the case of a
termination, the Series 2000-1 Aggregate Commitment Amount and the Series 2000-1
Commitments shall each be terminated in their entirety; and

 

15

 

(ii)                                  no such reduction or termination, as the case may be, shall be
permitted if, after giving effect thereto and to any reduction in the Series 2000-1
Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definitions of Series 2000-1 Purchaser
U.S. Dollar Invested Amount and Series 2000-1 Purchaser Euro Invested
Amount (as applicable but with regard to clause (d) of
the definition of Series 2000-1 Purchaser Euro Invested Amount)) on such
date, the Series 2000-1 Invested Amount would exceed the Series 2000-1
Aggregate Commitment Amount then in effect.

 

Each Series 2000-1 APA Bank’s Series 2000-1
Commitment shall be reduced pro rata by
such Series 2000-1 APA Bank’s Series 2000-1 Commitment Percentage of
the amount of such Series 2000-1 Commitment Reduction.

 

(b)                                 If the Series 2000-1 Amortization Period has commenced, the Series 2000-1
Aggregate Commitment Amount shall be reduced to 102% of the Series 2000-1
Maximum Invested Amount, from time to time, and the Series 2000-1 Maximum
Invested Amount shall be reduced to the Series 2000-1 Invested Amount
outstanding from time to time.  Each Series 2000-1
APA Bank’s Series 2000-1 Commitment shall be reduced by such Series 2000-1
APA Bank’s Series 2000-1 Commitment Percentage of the amount of such
reduction.

 

(c)                                  The Series 2000-1 Aggregate Commitment Amount shall be reduced
by 102% of the amount of any relevant principal reduction amount applied to the
reduction of the Series 2000-1 Invested Amounts pursuant to Section 2.07(d) or 2.07(e).

 

(d)                                 Once reduced or terminated as provided in this Section 2.08,
the portion of the Series 2000-1 Aggregate Commitment Amount so reduced or
terminated may not be subsequently reinstated. 
Upon effectiveness of any such reduction or termination, the
Administrative Agent shall prepare a revised Schedule I
of this Supplement to reflect the reduced or terminated Series 2000-1
Commitment of each Series 2000-1 APA Bank and Schedule I
of this Supplement shall be deemed to be automatically superseded by such
revised Schedule I.  The Administrative Agent shall distribute
such revised Schedule I to the Company,
the Master Servicer, the Trustee and each Funding Agent.  Concurrently therewith, each Funding Agent
shall distribute a revised Annex I to the Series 2000-1
Asset Purchase Agreement with respect to its VFC Purchaser Group to the
Company, the Master Servicer, the Administrative Agent, the Trustee and each
related Series 2000-1 APA Bank.

 

SECTION 2.09                                                              Interest; Fees.

 

(a)                                  Amounts in respect of interest on the Series 2000-1 VFC
Certificates shall be determined in accordance with Section 3A.04
and shall be payable on each Distribution Date or other applicable day pursuant
to Section 3A.06(a).

 

(b)                                 Prior to the Series 2000-1 Amortization Period, the Series 2000-1
Purchasers shall be entitled to receive a fee with respect to each Accrual
Period (or portion thereof) during the Series 2000-1 Revolving Period (the
“Series 2000-1

 

16

 

Unused Fee”) which shall accrue on each day during such Accrual Period in an
amount equal to the product of (i) the Series 2000-1 Unused Fee Rate,
times (ii) the excess of the Series 2000-1
Aggregate Commitment Amount on such day over the Series 2000-1 Purchaser
Invested Amount on such day.  The Series 2000-1
Unused Fee shall be determined in accordance with Section 3A.04
and be payable on a pro rata basis
to the Series 2000-1 Purchasers as part of the Series 2000-1 Monthly
Interest on each Distribution Date during the Series 2000-1 Revolving
Period.  The Trustee shall not be liable
for the payment of the Series 2000-1 Unused Fee from its own funds.

 

(c)                                  Each Series 2000-1 Conduit Purchaser shall be entitled to
receive a fee with respect to each Accrual Period (or portion thereof) during the
period prior to the occurrence of a Conduit Purchaser Termination Event with
respect to such Series 2000-1 Conduit Purchaser (the “Series 2000-1
Utilization Fee”).  The Series 2000-1
Utilization Fee shall accrue on each day during such Accrual Period in an
amount equal to the product of (i) the Series 2000-1 Utilization Fee
Rate, times (ii) the Series 2000-1
Conduit Purchaser Invested Amount on such day. 
The Series 2000-1 Utilization Fee shall be determined in accordance
with Section 3A.04 and be payable on a pro rata basis to each Series 2000-1 Conduit Purchaser
as part of the Series 2000-1 Monthly Interest on each Distribution Date
prior to the occurrence of a Conduit Purchaser Termination Event with respect
to such Series 2000-1 Conduit Purchaser. 
The Trustee shall not be liable for the payment of the Series 2000-1
Utilization Fee from its own funds.

 

(d)                                 Calculations of per annum rates under this Supplement shall be made
on the basis of the actual number of days elapsed and a 360 day year with respect
to interest rates except with respect to interest rates based on ABR, which
shall be calculated on the basis of the actual number of days elapsed and a 365
(or 366, as the case may be) day year. 
Each determination of Eurodollar Rate by each Funding Agent shall be
conclusive and binding upon each of the parties hereto in the absence of
manifest error.

 

SECTION 2.10                                                              Indemnification by Huntsman International and the Company.

 

(a)                                  Without limiting any other rights that the Funding Agents, the
Administrative Agent, the Series 2000-1 Conduit Purchasers or the Series 2000-1
APA Banks may have under this Supplement, the Agreement, the other Transaction
Documents or under applicable law, each of Huntsman International and the
Company hereby agrees to indemnify the Funding Agents, the Administrative
Agent, the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA
Banks and any of their respective agents, officers, directors, employees, and
agents (each a “Series 2000-1 Indemnified Party”
and collectively, the “Series 2000-1
Indemnified Parties”) from and against any and all damages, losses,
claims, liabilities, costs, penalties, judgments and expenses, including
reasonable attorneys’ fees and reasonable disbursements (all of the foregoing
being collectively referred to as “Series 2000-1
Indemnified Amounts”) awarded against or incurred by any of them in
connection with the entering into and performance of this Supplement or any of
the Transaction Documents by any of the Series 2000-1 Indemnified Parties,
excluding, however, any amounts that are finally judicially determined to have
resulted from the gross

 

17

 

negligence or wilful misconduct on the part
of any Series 2000-1 Indemnified Party; provided
that in no event shall Huntsman International be required to make any indemnity
payments resulting from the lack of performance or collectibility of the
Receivables owned by the Company (unless such loss results from a breach of
representation or undertaking by Huntsman International or one of its
Affiliates with respect to any such Receivable).

 

(b)                                 In case any proceeding by any Person shall be instituted involving
any Series 2000-1 Indemnified Party in respect of which indemnity may be
sought pursuant to Section 2.10(a),
such Series 2000-1 Indemnified Party shall promptly notify Huntsman
International and the Company and the Company and Huntsman International, upon
request of such Series 2000-1 Indemnified Party, shall retain counsel
satisfactory to such Series 2000-1 Indemnified Party to represent such Series 2000-1
Indemnified Party and shall pay the reasonable fees and disbursements of such
counsel related to such proceeding.  In
any such proceeding, any Series 2000-1 Indemnified Party shall have the
right to retain its own counsel, at the expense of Huntsman International and
the Company.  Except as set forth herein,
it is understood that neither the Company nor the Master Servicer shall, in
respect of the legal expenses of any Series 2000-1 Indemnified Party in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees and expenses of more than one separate firm
(in addition to any local counsel) for all such Series 2000-1 Indemnified
Parties and all other parties indemnified by the Company under this Supplement,
the Series 2000-1 Asset Purchase Agreements or any other Transaction
Document.

 

(c)                                  Any payments to be made by Huntsman International and the Company
pursuant to this Section shall be, without restriction, due and payable
from Huntsman International and the Company, jointly and severally, and shall
with respect to amounts owing from the Company be (i) Company Subordinated
Obligations, (ii) be made solely from funds available to the Company that
are not required to be applied to Company Unsubordinated Obligations then due
and (iii) not constitute a general recourse claim against the Company, but
only a claim payable after the satisfaction of all Company Unsubordinated
Obligations then due, except to the extent that funds are available (including
funds available to the Company pursuant to the exercise of its right to
indemnity and other payments pursuant to Sections 2.06
and 8.02 (or equivalent sections) of the
Origination Agreements) to the Company to make such payments.

 

SECTION 2.11                                                              Inability to Determine Eurodollar Rate.

 

If, prior to
the first day on which any Series 2000-1 Eurodollar Tranche commences:

 

(a)                                  any Funding Agent shall have determined or shall have been notified
(which determination or notification, in the absence of manifest error, shall
be conclusive and binding upon the Company) that, by reason of circumstances
affecting the relevant market, adequate and reasonable means do not exist for
ascertaining a Eurodollar Rate for such Series 2000-1 Eurodollar Tranche;
or

 

18

 

(b)                                 any Funding Agent shall have received notice from one or more
related Series 2000-1 APA Banks that a Eurodollar Rate determined or to be
determined for such Series 2000-1 Eurodollar Tranche will not adequately
and fairly reflect the cost to such Series 2000-1 APA Bank (as
conclusively certified by such Series 2000-1 APA Bank(s)) of purchasing or
maintaining its/their affected portions of Series 2000-1 Eurodollar
Tranches during the related Settlement Period;

 

then, in
either such event, such Funding Agent shall give telecopy or telephonic notice
thereof (confirmed in writing) to the Company, the Master Servicer, the
Administrative Agent, the Trustee and the Series 2000-1 APA Banks as soon
as practicable (but, in any event, within forty five (45) days after such
determination or notice, as applicable) thereafter.  Upon delivery of such notice and until such
notice has been withdrawn by such Funding Agent, no further Series 2000-1
Eurodollar Tranches shall be made.  Each
Funding Agent agrees to withdraw any such notice as soon as reasonably
practicable after such Funding Agent is notified of a change in circumstances
which makes such notice inapplicable.

 

SECTION 2.12                                                              Series 2000-1 FX Hedging Agreements.

 

The Trustee
shall at all times comply with the FX Hedging Policy set forth in Schedule 6 of the Pooling Agreement.

 

SECTION 2.13                                                              Notices, Reports, Directions by Master Servicer.

 

Any
information, notice or report to be delivered by, or any instructions,
requests, demands, elections or directions to be given by, the Master Servicer
under this Supplement is, unless otherwise indicated, being delivered or given
by the Master Servicer on behalf of the Company in accordance with the provisions
of the Agreement, this Supplement and the Servicing Agreement.

 

SECTION 2.14                                                              Optional Termination by the Company.

 

On any
Business Day following October 17, 2006, but at no time prior to such
date, the Master Servicer may require the Trustee to cause the Series 2000-1
Revolving Period to terminate on the date (the “Series 2000-1
Optional Termination Date”) set forth in an irrevocable written
notice (the “Series 2000-1 Optional Termination
Notice”) delivered by the Master Servicer to the Trustee (which date,
in any event, shall not be less than thirty (30) days from the date on which
such notice is delivered).  Following the
occurrence of the Series 2000-1 Optional Termination Date, no amounts
deposited in the Series 2000-1 Principal Collection Subaccount will be
distributed to the Company until the Series 2000-1 Invested Amount is paid
in full.  To the extent allocated funds
are available therefore, payments of principal on the Series 2000-1 VFC
Certificates will commence on the Distribution Date next succeeding the Series 2000-1
Optional Termination Date and will be made on each Distribution Date thereafter
until the Series 2000-1 Invested Amount is paid in full or the
Participation Assets allocated to the Series 2000-1 Interests have been
depleted.  Notwithstanding the foregoing,
the Series 2000-1 Invested Amount may, on any Distribution Date on or
after the Series 2000-1 Optional Termination Date, be paid in full out of
the proceeds of the issuance of a new Series of Investor Certificates
issued in accordance with Section 5.11
of the Pooling Agreement, together with (if applicable) funds available in the Series 2000-1
Principal Collection Subaccount.  The
Trustee shall give prompt notice of its receipt of a Series 2000-1
Optional Termination Notice to the Series 2000-1 VFC

 

19

 

Certificateholders
(in the form and at the location specified by such VFC Certificateholder or the
Trustee).

 

ARTICLE III

 

ARTICLE III OF THE AGREEMENT

 

SECTION 3.01

 

Section 3.01 of the Agreement and each other section of Article III of the Agreement relating to another Series shall
be read in its entirety as provided in the Agreement.  Article III
of the Agreement (except for Section 3.01
thereof and any portion thereof relating to another Series) shall read in its
entirety as follows and shall be exclusively applicable to the Series 2000-1
VFC Certificates and the Series 2000-1 Subordinated Interests.

 

SECTION 3A.02                                                      Establishment of Series 2000-1 Accounts.

 

(a)                                  The Trustee has caused to be established and shall cause to be
maintained in the name of the Trustee, on behalf of the Trust, with respect to
the Series 2000-1 VFC Certificates and for the benefit of the Series 2000-1
Purchasers,

 

(i)                                     (A) a Concentration Account for Pound Sterling (the “Series 2000-1 Pound Sterling Concentration Account”), (B) a
Concentration Account for Euro (the “Series 2000-1 Euro
Concentration Account”), and (C) a Concentration Account for
U.S. Dollar (the “Series 2000-1 U.S.
Dollar Concentration Account” and, together with the Series 2000-1
Pound Sterling Concentration Account and the Series 2000-1 Euro
Concentration Account, the “Series 2000-1
Concentration Accounts”);

 

(ii)                                  a series of subaccounts of each Series 2000-1 Concentration
Account consisting of (A) a Principal Concentration Subaccount for Pound
Sterling (the “Series 2000-1 Pound Sterling Principal
Concentration Subaccount”), (B) a Principal Concentration
Subaccount for Euro (the “Series 2000-1 Euro
Principal Concentration Subaccount”), and (C) a Principal
Concentration Subaccount for U.S. Dollar (the “Series 2000-1
U.S. Dollar Principal Concentration Subaccount” and, together with
the Series 2000-1 Pound Sterling Principal Concentration Subaccount and
the Series 2000-1 Euro Principal Concentration Subaccount, the “Series 2000-1 Principal Concentration Subaccounts”);

 

(iii)                               a series of subaccounts of each Series 2000-1 Concentration
Account consisting of (A) a Non-Principal Concentration Subaccount for
Pound Sterling (the “Series 2000-1 Pound
Sterling Non-Principal Concentration Subaccount”), (B) a
Non-Principal Concentration Subaccount for Euro (the “Series 2000-1
Euro Non-Principal Concentration Subaccount”), and (C) a
Non-Principal Concentration Subaccount for U.S. Dollar (the “Series 2000-1 U.S. Dollar Non-Principal Concentration Subaccount”
and, together with the Series 2000-1 Pound Sterling Non-Principal
Concentration Subaccount and 

 

20

 

the Series 2000-1 Euro Non-Principal Concentration Subaccount, the
“Series 2000-1 Non-Principal Concentration
Subaccounts”); and

 

(iv)                              a further series of subaccounts of each of the Series 2000-1
Non-Principal Concentration Subaccounts consisting of (A) an Accrued
Interest Subaccount for Pound Sterling (the “Series 2000-1
Pound Sterling Accrued Interest Subaccount”), (B) an Accrued
Interest Subaccount for Euro (the “Series 2000-1 Euro
Accrued Interest Subaccount”), and (C) an Accrued Interest
Subaccount for U.S. Dollar (the “Series 2000-1 U.S.
Dollar Accrued Interest Subaccount” and, together with the Series 2000-1
Pound Sterling Accrued Interest Subaccount and the Series 2000-1 Euro
Accrued Interest Subaccount, the “Series 2000-1 Accrued
Interest Subaccounts”).

 

All accounts
established pursuant to this Section 3A.02(a) and
listed on Schedule II, are collectively
referred to as the “Series 2000-1
Accounts”.  Each Series 2000-1
Account shall bear a designation indicating that the funds deposited therein
are held for the benefit of the Series 2000-1 Purchasers.  The Trustee, on behalf of the Trust for the
benefit of the Series 2000-1 Purchasers, shall possess all right, title
and interest in all funds from time to time on deposit in, and all Eligible
Investments credited to, the Series 2000-1 Accounts and in all proceeds thereof.
The Series 2000-1 Accounts shall be under the sole dominion and control of
the Trustee for the exclusive benefit of the Series 2000-1 Purchasers.

 

(b)                                 All Eligible Investments in the Series 2000-1 Accounts shall be
held by the Trustee, on behalf of the Trust, for the benefit of the Series 2000-1
Purchasers.  Funds on deposit in a Series 2000-1
Account shall, at the written direction of the Master Servicer, be invested by
the Trustee in Eligible Investments which shall mature on the Business Day prior
to the date of the scheduled application of such funds.

 

(c)                                  On any Business Day, the Company may deposit funds from Collections
only to the subaccount of the General Reserve Account relating to Series 2000-1.  At the request of the Master Servicer, on any
Business Day the Trustee shall release to the Company any funds on deposit in
such subaccount so long and to the extent that (i) the Series 2000-1
Allocated Receivables Amount is at least equal to the sum of the Series 2000-1
Target Receivables Amount for such day and (ii) the Company is not liable
at such time to make any other payment under the Agreement or this Supplement
(whether due at such time or on the next Distribution Date).

 

(d)                                 On any Business Day, the Master Servicer may, in accordance with Section 2.06 of the Servicing Agreement, deposit
Servicer Advances into the appropriate currency Series 2000-1 Principal
Concentration Subaccount or Series 2000-1 Non-Principal Concentration
Subaccount.

 

(e)                                  On each date on which a FX Counterparty makes a payment to the
Trustee pursuant to a Series 2000-1 FX Hedging Agreement with respect to
the Series 2000-1 VFC Certificates, the Trustee shall deposit such payment
into the relevant Series 2000-1 Principal Concentration Subaccount.  On any Business

 

21

 

Day on which the Trustee is required to
make a payment to such FX Counterparty pursuant to a Series 2000-1 FX
Hedging Agreement, the Trustee may make such payment from funds available in
the relevant Series 2000-1 Principal Concentration Subaccount.

 

SECTION 3A.03                                                      Daily Allocations.

 

(a)                                  The portion of the Aggregate Daily Collections allocated to Series 2000-1
pursuant to Article III of the Agreement
shall be allocated as set forth in this Article III.  The Master Servicer shall determine such
allocations in accordance with this Article III and
direct the Trustee to make such allocations by delivering the Daily Report and
the Trustee shall allocate such amounts in accordance with the instructions of
the Master Servicer in the Daily Report (upon which the Trustee may
conclusively rely, subject to its obligation to perform the procedures set
forth in the Internal Operating Procedures Memorandum) as follows:

 

(i)                                     first, during the Series 2000-1
Amortization Period, if any amounts are owed to any Person on account of
Servicing Fees incurred in respect of the performance of its responsibilities
as Successor Master Servicer, an amount equal to the product of (a) the
amount so owed to such Successor Master Servicer and (b) a fraction, the
numerator of which shall be equal to the Series 2000-1 Invested Amount as
of the end of the immediately preceding Accrual Period and the denominator of
which shall be equal to the Aggregate Invested Amount as of the end of the
immediately preceding Accrual Period shall be transferred from the relevant Series 2000-1
Concentration Account to the relevant Series 2000-1 Non-Principal
Concentration Subaccount in accordance with the Account Currency Priority;

 

(ii)                                  second, on each
Business Day, following the transfers (if any) pursuant to clause (i) above,
an amount equal to the Series 2000-1 Accrued Expense Amount for such day
(or, during the Series 2000-1 Revolving Period, such greater amount as the
Master Servicer may request in writing) shall be transferred from the relevant Series 2000-1
Concentration Account to the relevant Series 2000-1 Non-Principal
Concentration Subaccount in accordance with the Account Currency Priority; provided that:

 

(A)                              on the tenth Business Day of each Accrual Period (and each Business
Day thereafter, if necessary, until the full amount of any positive Series 2000-1
Accrued Expense Adjustment is transferred),

 

(B)                                on the day of any Series 2000-1 Increase (and each Business Day
thereafter, if necessary, until the full amount of any positive Series 2000-1
Accrued Expense Adjustment is transferred),

 

(C)                                on the day of any distribution pursuant to Section 2.07
and

 

22

 

(D)                               on the last Business Day of each Accrual Period,

 

an amount
equal to the Series 2000-1 Accrued Expense Adjustment shall, if such
adjustment is a positive amount, be transferred from the relevant Series 2000-1
Concentration Account to the relevant Series 2000-1 Non-Principal
Concentration Subaccount in the order provided in the Account Currency
Priority, or if such adjustment is a negative amount, be transferred from the
relevant Series 2000-1 Non-Principal Concentration Subaccount to the
relevant Series 2000-1 Concentration Account with respect to the same currency
(or deducted from the transfer in respect of the Series 2000-1 Accrued
Expense Amount for such Business Day);

 

(iii)                               third, on each
Business Day (including Distribution Dates), following the transfers pursuant
to sub-clauses (i) and (ii) above, any remaining funds on deposit in the Series 2000-1
Concentration Accounts shall be transferred by the Trustee to the relevant Series 2000-1
Principal Concentration Subaccounts with respect to the same currency.

 

(b)                                 (i)                                     On each Business Day during the Series 2000-1 Revolving Period
(including Distribution Dates), after giving effect to (x) all allocations of
Aggregate Daily Collections referred to in subparagraphs (a)(i),
(a)(ii) and (a)(iii) on
such Business Day and (y) any deposit resulting from a Series 2000-1
Increase, if any, pursuant to Section 2.05(d) on
such Business Day, amounts on deposit in the Series 2000-1 Principal
Concentration Subaccounts shall be distributed by the Trustee not later than
2:30 p.m. London time (but only to the extent that the Trustee has
received a Daily Report which reflects the receipt of the Aggregate Daily
Collections on deposit therein not later than 12:30 p.m. London time, upon
which Daily Report the Trustee may conclusively rely, subject to its obligation
to perform the procedures set forth in the Internal Operating Procedures
Memorandum),

 

(A)                              first, to distribute
to the account designated by the Master Servicer an amount equal to the
Outstanding Amount Advanced, if any, from the applicable Series 2000-1
Principal Concentration Subaccount corresponding to the Approved Currency in
which the Master Servicer has made the Servicer Advance;

 

(B)                                second, to distribute
amounts payable with respect to reductions in the Series 2000-1 Invested
Amount and Series 2000-1 Subordinated Interest Amount in accordance with Section 2.07;

 

(C)                                third, any remaining
balances in the Series 2000-1 Principal Concentration Subaccounts shall be
transferred to the relevant Company Receipts Accounts in accordance with
directions contained in the Daily Report or to such accounts or such Persons as
the Master Servicer may direct in writing (which directions may consist of
standing instructions provided by the

 

23

 

Company that shall remain in effect until
changed by the Company in writing); provided that
the distributions under sub-clauses (A) and (C) shall be made only if no Series 2000-1 Early
Amortization Event, or Potential Series 2000-1 Early Amortization Event or
has occurred and is continuing; and

 

(D)                               fourth, distributions
from the Series 2000-1 Principal Concentration Subaccount for purposes of sub-clause (C) above and Section 2.07
shall be made in accordance with the Account Currency Priority.

 

(ii)                                  On each Business Day during the Series 2000-1 Amortization
Period (including Distribution Dates), funds deposited in the Series 2000-1
Principal Concentration Subaccounts shall be invested in Eligible Investments
that mature on or prior to the Business Day immediately preceding the next
Distribution Date and shall be distributed on such Distribution Date in
accordance with Section 3A.06(c).  Except as set forth in Section 3A.06(c),
no amounts on deposit in any Series 2000-1 Principal Concentration
Subaccount shall be distributed by the Trustee to the Company or the owner of
the Series 2000-1 Subordinated Interests during the Series 2000-1
Amortization Period; provided that
amounts on deposit which represent Collections received on Ineligible
Receivables, may be released to the Company; provided,
further, that in the case of
Collections received with respect to Ineligible Receivables payment has been
made by the Company in respect of such Ineligible Receivables in accordance
with Section 2.05 of the Pooling
Agreement and/or (as the case may be) the Exchangeable Company Interests have
been reduced in accordance therewith and the Trustee has received all relevant
payments from the Company in connection with the foregoing.

 

(c)                                  (i)                                     On each Business Day, an amount equal to the Series 2000-1
Daily U.S. Dollar Interest Deposit for such day shall be transferred by the
Trustee, based solely on the information provided to the Trustee by the Master
Servicer in the Daily Report (upon which the Trustee may conclusively rely,
subject to its obligation to perform the procedures set forth in the Internal
Operating Procedures Memorandum), from the relevant Series 2000-1
Non-Principal Concentration Subaccount to the relevant Series 2000-1
Accrued Interest Subaccount in accordance with the Account Currency Priority.
Amounts transferred pursuant to sub-clauses (b) and (c) of the
Account Currency Priority shall be converted into U.S. Dollars at the
applicable currency Spot Rate provided by the Paying Agent prior to any such
transfer.

 

(ii)                                          On each Business Day, an amount equal to the Series 2000-1
Daily Euro Interest Deposit for such day shall be transferred by the Trustee,
based solely on the information provided to the Trustee by the Master Servicer
in the Daily Report (upon which the Trustee may conclusively rely, subject to
its obligation to perform the procedures set forth in the Internal Operating
Procedures Memorandum), from the relevant Series 2000-1 Non-Principal
Concentration Subaccount

 

24

 

to the relevant Series 2000-1 Accrued Interest
Subaccount in accordance with the Account Currency Priority.  Amounts transferred pursuant to sub-clause (b) of
the Account Currency Priority and then, to the extent funds on deposit in the Series 2000-1
U.S. Dollar Non-Principal Subaccount are not sufficient sub-clause (c) of
the Account Currency Priority, shall be converted into Euro at the applicable
currency Spot Rate provided by the Paying Agent prior to any such transfer.

 

(d)                                 The allocations to be made pursuant to this Section 3A.03
are subject to the provisions of Sections 2.05, 2.06, 7.02 and 9.01 of the Agreement.

 

SECTION 3A.04                                                      Determination of Interest.

 

The amount in
respect of interest distributable with respect to the Series 2000-1 VFC
Certificates on each Distribution Date for the Accrual Period then ending shall
be determined by the Master Servicer as follows:

 

(a)                                  (i)                                     (1) For the Series 2000-1 U.S. Dollar VFC Certificates,
the amount of interest distributable (“Series 2000-1 U.S.
Dollar Monthly Interest Distribution”) on each Distribution Date
shall be the aggregate amount of Series 2000-1 Daily U.S. Dollar Interest
Expense accrued during the Accrual Period ending on such Distribution Date and (2) for
the Series 2000-1 Euro VFC Certificates, the amount of interest
distributable (“Series 2000-1 Euro Monthly Interest
Distribution”) on each Distribution Date shall be the aggregate
amount of Series 2000-1 Daily Euro Interest Expense accrued during the
Accrual Period ending on such Distribution Date.

 

(ii)                                  On or before the first day of each Accrual Period or any other day
(other than a Distribution Date) upon which (x) a Series 2000-1 Increase
is to occur in accordance with Section 2.05
or (y) the Series 2000-1 Invested Amounts are to be reduced in accordance
with Section 2.07, each Funding Agent
shall notify the Trustee and the Master Servicer of the Series 2000-1 U.S.
Dollar Certificate Rate applicable with respect to the Series 2000-1 U.S.
Dollar VFC Certificates and the Series 2000-1 Euro Certificate Rate
applicable with respect to the Series 2000-1 Euro VFC Certificates for its
VFC Purchaser Group (and, if applicable, the CP Rate, Eurodollar Rate or ABR
which applies and the Series 2000-1 U.S. Dollar Invested Amount and the Series 2000-1
Euro Invested Amount as to which such rates apply).

 

(iii)                               If the Series 2000-1 U.S. Dollar Certificate Rate applicable to
any Series 2000-1 U.S. Dollar VFC Certificate or the Series 2000-1
Euro Certificate Rate applicable to any Series 2000-1 Euro VFC Certificate
changes during any Accrual Period, the Funding Agent with respect to the VFC
Purchaser Group to which such change applies shall notify the Trustee and the
Master Servicer of such changes.  The
parties to this Supplement hereby acknowledge and agree that the Series 2000-1
CP Rate determined with respect to any Series 2000-1 CP Tranche

 

25

 

represents an estimate of the expected CP Rate that
would apply to the funding of such Series 2000-1 CP Tranche for the
relevant Series 2000-1 CP Rate Period. 
At least two (2) Business Days prior to the last day of the Accrual
Period, the related Funding Agent shall notify the Trustee and the Master
Servicer of the actual CP Rate and corresponding CP Costs for the Accrual
Period then ending.

 

(iv)                              Following any change in the amount of any Series 2000-1
Eurodollar Tranche, Series 2000-1 CP Tranche or Series 2000-1
Floating Tranche or the Series 2001-1 U.S. Dollar Certificate Rate or Series 2000-1
Euro Certificate Rate which applies to all or any portion thereof during an
Accrual Period:

 

(A)                              the Series 2000-1 U.S. Dollar Monthly Interest or Series 2000-1
Euro Monthly Interest (as applicable) shall be calculated with respect to such
changed amount and/or changed rate for the number of days in the Accrual Period
during which such changed amount is outstanding and/or changed rate is
applicable; and

 

(B)                                the Master Servicer shall amend the Monthly Settlement Report to
reflect the adjustment in the Series 2000-1 U.S. Dollar Monthly Interest
or Series 2000-1 Euro Monthly Interest for such Accrual Period caused by
such change and any consequent adjustments and the Master Servicer shall also
provide written notification to the Trustee of any such change in the Series 2000-1
U.S. Dollar Certificate Rate or the Series 2000-1 Euro Certificate Rate.

 

(C)                                Any amendment to the Monthly Settlement Report pursuant to this Section 3A.04(a)(iv) shall be completed by 1:00 p.m.
London time, on the next Settlement Report Date.

 

(b)                                 (i)                                     On each Distribution Date, the Master Servicer shall determine the
excess, if any (the “Series 2000-1 U.S.
Dollar Interest Shortfall”), of (i) the aggregate Series 2000-1
U.S. Dollar Monthly Interest Distribution for the Accrual Period ending on such
Distribution Date over (ii) the sum of (A) the amount that will be
available to be distributed to the Series 2000-1 Purchasers on such
Distribution Date in respect thereof pursuant to Sections
3A.03 and 3A.06(a) and
(B) the amount of any Servicer Advances made by the Master Servicer
pursuant to Section 2.06 of the Servicing
Agreement and Section 3A.02(d).  If the Series 2000-1 U.S. Dollar
Interest Shortfall with respect to any Distribution Date is greater than zero,
an additional amount (“Series 2000-1 U.S.
Dollar Additional Interest”) equal to the product of (A) the
number of days until such Series 2000-1 U.S. Dollar Interest Shortfall
shall be repaid divided by 365 (or 366, as the
case may be), (B) the ABR plus 2.0% and (C) such
Series 2000-1 U.S. Dollar Interest Shortfall that has not been paid to the
Series 2000-1 Purchasers shall be payable as provided herein with respect
to the Series 2000-1 U.S. Dollar VFC Certificates on each Distribution
Date

 

26

 

following such Distribution Date to but
excluding the Distribution Date on which such Series 2000-1 U.S. Dollar
Interest Shortfall is paid to the Series 2000-1 U.S. Dollar VFC
Certificateholders.

 

(ii)                                  On each Distribution Date, the Master Servicer shall determine the
excess, if any (the “Series 2000-1 Euro
Interest Shortfall”), of (i) the aggregate Series 2000-1
Euro Monthly Interest Distribution for the Accrual Period ending on such
Distribution Date over (ii) the sum of (A) the amount that will be
available to be distributed to the Series 2000-1 Purchasers on such
Distribution Date in respect thereof pursuant to Sections
3A.03 and 3A.06(a) and
(B) the amount of any Servicer Advances made by the Master Servicer
pursuant to Section 2.06 of the Servicing
Agreement and Section 3A.02(d).  If the Series 2000-1 Euro Interest
Shortfall with respect to any Distribution Date is greater than zero, an
additional amount (“Series 2000-1 Euro
Additional Interest”) equal to the product of (A) the number of
days until such Series 2000-1 Euro Interest Shortfall shall be repaid divided by 365 (or 366, as the case may be), (B) the
ABR plus 2.0% and (C) such Series 2000-1
Euro Interest Shortfall that has not been paid to the Series 2000-1
Purchasers shall be payable as provided herein with respect to the Series 2000-1
Euro VFC Certificates on each Distribution Date following such Distribution
Date to but excluding the Distribution Date on which such Series 2000-1
Euro Interest Shortfall is paid to the Series 2000-1 Euro VFC
Certificateholders.

 

(c)                                  On any Business Day, the Master Servicer may, with respect to any
VFC Purchaser Group and subject to Section 3A.04(d),
elect to allocate all or any portion of the Series 2000-1 Available
Pricing Amount:

 

(i)                                     prior to a Conduit Purchaser Termination Event with respect to the
related Series 2000-1 Conduit Purchaser, to a Series 2000-1 CP
Tranche commencing on such Business Day by giving the Administrative Agent and
each Funding Agent irrevocable written or telephonic (confirmed in writing)
notice thereof, which notice must be received by the Funding Agents prior to
7:00 a.m. New York City time, two Business Days prior to such Business Day
(provided that the selection of Series 2000-1
CP Tranches shall be at the sole discretion of the related Funding Agents); or

 

(ii)                                  (x) on or after the occurrence of a Conduit Purchaser Termination
Event or Series 2000-1 Purchase Date with respect to the related Conduit
Purchaser, to one or more Series 2000-1 Eurodollar Tranches by reference
to the ABR by giving the Administrative Agent and the Funding Agents
irrevocable written or telephonic (confirmed in writing) notice, thereof, which
notice must be received prior to 7:00 a.m. New York City time on such
Business Day, or (y) on or after the occurrence of a Conduit Purchaser
Termination Event with respect to the related Conduit Purchaser or Series 2000-1
Purchase Date with respect to the related Conduit Purchaser, to one or more Series 2000-1
Eurodollar Tranches with Series 2000-1 Eurodollar Periods commencing on
such Business Day by giving the Administrative

 

27

 

Agent and the Funding Agents irrevocable written or
telephonic (confirmed in writing) notice thereof, which notice must be received
by the Funding Agents prior to 7:00 a.m. New York City time, three
Business Days prior to such Business Day.

 

Each such
notice shall specify (A) the applicable Business Day, (B) the Series 2000-1
Available Pricing Amount that shall be allocable to any Series 2000-1 CP
Tranche and (C) the Series 2000-1 Eurodollar Period and the portion
of the Series 2000-1 Available Pricing Amount being allocated to each Series 2000-1
Eurodollar Tranche, if any.  On or after
any Series 2000-1 Purchase Date with respect to a VFC Purchaser Group,
each Funding Agent shall notify the related Series 2000-1 APA Banks of the
contents of each such notice promptly upon receipt thereof.  So long as no Conduit Purchaser Termination
Event has occurred with respect to any of the Series 2000-1 Conduit
Purchasers, the allocation of Series 2000-1 Available Pricing Amount to Series 2000-1
CP Tranches shall be allocated as among the Series 2000-1 Conduit Purchasers
pro rata based on their VFC Pro Rata
Share.

 

(d)                                 Notwithstanding
anything to the contrary contained in this Section 3A.04:

 

(i)                                     if a Series 2000-1 Conduit Purchaser holds a Series 2000-1
Purchaser Invested Amount, such Series 2000-1 Conduit Purchaser shall
approve the portion of the Series 2000-1 Invested Amount funded by it
which is to be allocated to Series 2000-1 CP Tranches; and

 

(ii)                                  if a Series 2000-1 APA Bank holds a Series 2000-1
Purchaser Invested Amount:

 

(A)                              the portion of the Series 2000-1 Purchaser Invested Amount with
respect to such Series 2000-1 APA Bank allocable to each Series 2000-1
Eurodollar Tranche must be in an amount equal to $500,000 or an integral
multiple of $500,000 in excess thereof;

 

(B)                                no more than five Series 2000-1 Eurodollar Tranches shall be
outstanding at any one time with respect to any VFC Purchaser Group;

 

(C)                                after the occurrence and during the continuance of any Series 2000-1
Early Amortization Event or Potential Series 2000-1 Early Amortization
Event, each Funding Agent may choose to allocate any portion of the Series 2000-1
Available Pricing Amount with respect to its VFC Purchaser Group to a Series 2000-1
Eurodollar Tranche or Series 2000-1 Floating Rate Tranche; and

 

(D)                               after the end of the Series 2000-1 Revolving Period, the
Company (or the Master Servicer on behalf of the Company) may not select any Series 2000-1
Eurodollar Period that does not end on or prior to the next succeeding
Distribution Date.

 

28

 

SECTION 3A.05                                                      Determination of Series 2000-1 Monthly Principal.

 

(a)                                  Payments of Series 2000-1 Principal.  The amount of principal in
respect of the Series 2000-1 U.S. Dollar VFC Certificates (the “Series 2000-1 U.S. Dollar Monthly Principal Payment”)
and the amount of principal in respect of the Series 2000-1 Euro VFC
Certificates (the “Series 2000-1 Euro
Monthly Principal Payment”) distributable from the Series 2000-1
Principal Concentration Subaccounts on each Distribution Date during the Series 2000-1
Amortization Period shall be equal to the amount on deposit in such subaccounts
on the immediately preceding Settlement Report Date after giving effect to any
payments required to be made to the FX Counterparty pursuant to any Series 2000-1
FX Hedging Agreements with respect to the Series 2000-1 VFC Certificates; provided, however, that
the Series 2000-1 U.S. Dollar Monthly Principal Payment and the Series 2000-1
Euro Monthly Principal Payment on any Distribution Date shall not exceed the Series 2000-1
U.S. Dollar Invested Amount and the Series 2001 Euro Invested Amount,
respectively, on such Distribution Date after giving effect to the reductions
and increases pursuant to paragraphs (b) and
(c) below.  Further, on any other Business Day during the
Series 2000-1 Amortization Period, funds shall be distributed from the Series 2000-1
Principal Concentration Subaccounts to the Series 2000-1 VFC
Certificateholders in accordance with Section 2.07
of this Supplement.

 

(b)                                 Reductions to Series 2000-1 Principal.  If, on any Special
Allocation Settlement Report Date, the Series 2000-1 Allocable Charged-Off
Amount is greater than zero for the related Settlement Period, the Trustee
shall (in accordance with the written directions of the Master Servicer
provided in accordance with Section 3.01(b)(ii) of
the Agreement, upon which the Trustee may conclusively rely, subject to its
obligation to perform the procedures set forth in the Internal Operating
Procedures Memorandum) make the following applications of such amount in the
following order of priority:

 

(i)                                     first, the Series 2000-1
Required Subordinated Amount shall be reduced (but not below zero) by an amount
equal to the Series 2000-1 Allocable Charged-Off Amount (which shall be
reduced by the amount so applied); and

 

(ii)                                  second, to the extent
that the Series 2000-1 Allocable Charged-Off Amount is greater than zero
following the applications in clause (i) above,
the Series 2000-1 U.S. Dollar Invested Amount and the Series 2000-1
Euro Invested Amount shall be reduced pro rata (but
not below zero) by such remaining Series 2000-1 Allocable Charged-Off
Amount (which shall be reduced by the amount so applied) and such reduction
shall be allocated to the Series 2000-1 Purchaser U.S. Dollar Invested
Amount and the Series 2000-1 Purchaser Euro Invested Amount on a pro rata basis.

 

(c)                                  Increases to Series 2000-1 Principal.  If, on any Special
Allocation Settlement Report Date, the Series 2000-1 Allocable Recoveries
Amount is greater than zero for the related Settlement Period, the Trustee
shall (in accordance with written directions from the Master Servicer upon
which the

 

29

 

Trustee may conclusively rely, subject to
its obligation to perform the procedures set forth in the Internal Operating
Procedures Memorandum) make the following applications (after giving effect to
the applications in Section 3A.05(b) of
such amount in the following order of priority):

 

(i)                                     first, the Series 2000-1
U.S. Dollar Invested Amount and the Series 2000-1 Euro Invested Amount
shall be increased pro rata (but
only to the extent of any previous reductions of the Series 2000-1 U.S.
Dollar Invested Amount and the Series 2000-1 Euro Invested Amount pursuant
to Section 3A.05(b)(ii)) by the
amount of the Series 2000-1 Allocable Recoveries Amount (which shall be
reduced by the amount so applied) and such increase shall be allocated to the Series 2000-1
Purchaser U.S. Dollar Invested Amount and the Series 2000-1 Purchaser Euro
Invested Amount on a pro rata basis;
and

 

(ii)                                  second, to the extent
that the Series 2000-1 Allocable Recoveries Amount is greater than zero
following the applications in clause (i) above,
the Series 2000-1 Required Subordinated Amount shall be increased (but
only to the extent of any previous reductions of the Series 2000-1
Required Subordinated Amount pursuant to Section 3A.05(b)(i))
by such remaining Series 2000-1 Allocable Recoveries Amount (which shall
be reduced by the amount so applied).

 

SECTION 3A.06                                                      Applications.

 

(a)                                  Series 2000-1 Accrued Interest Subaccounts.

 

The Trustee shall
distribute to the Paying Agent, based solely on the information provided to the
Trustee by the Master Servicer in the Daily Report (upon which the Trustee may
conclusively rely, subject to its obligation to perform the procedures set
forth in the Internal Operating Procedures Memorandum), on each Distribution
Date, from amounts on deposit in the Series 2000-1 Accrued Interest
Subaccounts in accordance with the Account Currency Priority:

 

(i)                                     an amount equal to the Outstanding Amount Advanced with respect to Series 2000-1,
if any, to the account designated by the Master Servicer pursuant to Section 3A.02(d); 
and

 

(ii)                                  pro rata:

 

(x)                                   for the Series 2000-1 U.S. Dollar VFC Certificates, an amount
equal to the Series 2000-1 U.S. Dollar Monthly Interest Distribution
payable on such Distribution Date (such amount, the “Series 2000-1 U.S.
Dollar Monthly Interest Payment”), plus the amount of any Series 2000-1
U.S. Dollar Monthly Interest Payment previously due but not distributed to the Series 2000-1
Purchasers on a prior Distribution Date, plus the amount of any Series 2000-1
U.S. Dollar Additional Interest for such Distribution Date and any Series 2000-1
U.S. Dollar Additional Interest previously due but not distributed to the
applicable Series 2000-1 Purchasers on a prior Distribution Date; and

 

30

 

(y)                                 for the Series 2000-1 Euro VFC Certificates, an amount equal to
the Series 2000-1 Euro Monthly Interest Distribution payable on such
Distribution Date (such amount, the “Series 2000-1 Euro
Monthly Interest Payment”), plus the amount
of any Series 2000-1 Euro Monthly Interest Payment previously due but not
distributed to the Series 2000-1 Purchasers on a prior Distribution Date, plus the amount of any Series 2000-1 Euro Additional
Interest for such Distribution Date and any Series 2000-1 Euro Additional
Interest previously due but not distributed to the applicable Series 2000-1
Purchasers on a prior Distribution Date.

 

(b)                                 Series 2000-1 Non-Principal Concentration
Subaccounts.

 

On each
Distribution Date, the Trustee shall, based solely on the information provided
to the Trustee by the Master Servicer in the Daily Report (upon which the
Trustee may conclusively rely, subject to its obligation to perform the
procedures set forth in the Internal Operating Procedures Memorandum), apply
funds on deposit in the Series 2000-1 Non-Principal Concentration
Subaccounts in the following order of priority to the extent funds are
available:

 

(i)                                     first, an amount equal
to the Series 2000-1 Monthly Servicing Fee for the Accrual Period ending
on such Distribution Date shall be withdrawn by the Trustee and paid to the
Master Servicer (less any amounts payable to the
Trustee pursuant to Section 8.05
of the Agreement, which shall be paid to the Trustee) from the Series 2000-1
Non-Principal Concentration Subaccounts in accordance with the Account Currency
Priority (amounts paid pursuant to sub-clauses (b) and (c) of the
Account Currency Priority shall be converted to U.S. Dollars at the applicable
currency Spot Rate provided by the Paying Agent);

 

(ii)                                  second, (following the
applications in clause (i), an amount equal to any
Series 2000-1 Program Costs due and payable shall be withdrawn by the
Trustee and paid to the Persons owed such amounts from the Series 2000-1
Non-Principal Concentration Subaccounts in accordance with the Account Currency
Priority; and

 

(iii)                               third, any remaining
amounts on deposit in the Series 2000-1 Non-Principal Concentration
Subaccounts (in excess of the Series 2000-1 Accrued Expense Amount as of
such Distribution Date) not allocated pursuant to clauses (i) and
(ii) above shall be paid to the
holder of the Series 2000-1 Subordinated Interests; provided,
however, that during the Series 2000-1
Amortization Period, such remaining amounts shall be deposited in the relevant Series 2000-1
Principal Concentration Subaccount for distribution in accordance with Section 3A.06(c).

 

31

 

(c)                                  Series 2000-1 Amortization Period - Series 2000-1
Principal Concentration Subaccounts.

 

During the Series 2000-1
Amortization Period and following the occurrence of the Series 2000-1
Optional Termination Date, the Trustee shall, based solely on the information
provided to the Trustee by the Master Servicer in the Daily Report (upon which
the Trustee may conclusively rely, subject to its obligation to perform the
procedures set forth in the Internal Operating Procedures Memorandum), apply,
on each Distribution Date, amounts on deposit in the Series 2000-1
Principal Concentration Subaccounts in the following order of priority:

 

(i)                                     first, an amount equal
to the Outstanding Amount Advanced with respect to the Series 2000-1, if
any, shall be distributed from the applicable Series 2000-1 Principal
Subaccount corresponding to the Approved Currency in which the Master Servicer
has made the Servicer Advance to the account designated by the Master Servicer
pursuant to Section 3A.02(d);

 

(ii)                                  second, an amount
equal to the Series 2000-1 U.S. Dollar Monthly Principal Payment and the Series 2000-1
Euro Monthly Principal Payment for such Distribution Date shall be distributed
to the Paying Agent, on behalf of the Series 2000-1 Purchasers, from the Series 2000-1
Principal Concentration Subaccounts in accordance with the Account Currency
Priority pro rata to the Series 2000-1 U.S.
Dollar VFC Certificateholders and the Series 2000-1 Euro VFC
Certificateholders in reduction (to zero) of the Series 2000-1 U.S. Dollar
Invested Amount and the Series 2000-1 Euro Invested Amount, respectively;

 

(iii)                               third, if, following
the payment in full of all amounts set forth in clauses (i) and
(ii) above, any amounts are owed
to the Trustee or the Series 2000-1 Purchasers, such amounts shall be
transferred to pay the Trustee or the Paying Agent, on behalf of the Series 2000-1
Purchasers, as the case may be, from the Series 2000-1 Principal
Concentration Subaccounts in accordance with the Account Currency Priority; and

 

(iv)                              fourth, following the
payment in full of all amounts set forth in clauses (i),
(ii) and (iii) above,
the remaining (if any) amounts on deposit in the Series 2000-1 Principal
Concentration Subaccounts on such Distribution Date, if any, shall be
distributed to the Company, as holder of the Series 2000-1 Subordinated
Interests.

 

Notwithstanding the foregoing, during the Amortization
Period the Administrative Agent may, at the direction of any Funding Agent,
apply (or direct the Paying Agent to apply) amounts on deposit in the Series 2000-1
Principal Concentration Accounts as between the Series 2000-1 Euro VFC
Certificate and the Series 2000-1 U.S. Dollar VFC Certificates taking into
account prevailing exchange rates in order to maximize payments in respect of
the Series 2000-1 Euro Invested Amount and the Series 2000-1 U.S.
Dollar

 

32

 

Invested Amount; provided that
such application by the Administrative Agent, at the direction of any Funding
Agent, shall be made on an equitable basis taking into account the outstanding Series 2000-1
Invested Amount in respect of each Funding Agent.

 

ARTICLE IV

 

DISTRIBUTIONS AND REPORTS

 

Article IV of the Agreement (except for any portion thereof relating to
another Series) shall read in its entirety as follows and the following shall
be exclusively applicable to the Series 2000-1 VFC Certificate issued
pursuant to this Supplement:

 

SECTION 4A.01                                                      Distributions.

 

(a)                                  On each Distribution Date, the Trustee shall distribute to each
Funding Agent with respect to its VFC Purchaser Group from the accounts
indicated in Article III the aggregate
amount to be distributed to all Series 2000-1 Purchasers pursuant to Article III. 
Each Funding Agent shall distribute to each related Series 2000-1
Purchaser its Pro rata Share of such amounts based upon each Series 2000-1
Purchaser’s Series 2000-1 Commitment Percentage.

 

(b)                                 All allocations and distributions hereunder shall be in accordance
with the Daily Report and the Monthly Settlement Report and shall be made in
accordance with the provisions of Section 11.04
and subject to Section 3.01(i) of the
Agreement.

 

SECTION 4A.02                                                      Daily Reports.

 

The Master
Servicer shall provide each Funding Agent, the Trustee and the Liquidation
Servicer with a Daily Report in accordance with Section 4.01
of the Servicing Agreement and substantially in the form of Exhibit D to this Supplement.  Each Funding Agent shall make copies of the
Daily Report available to its related Series 2000-1 Purchasers, upon
reasonable request, at such Funding Agent’s office at its address as specified
from time to time in accordance with Section 11.09.

 

SECTION 4A.03                                                      Reports and Notices.

 

(a)                                  Monthly Settlement Reports.  On each Settlement Report
Date, the Master Servicer shall deliver to the Trustee, each Funding Agent and
the Liquidation Servicer a Monthly Settlement Report in the Form of Exhibit E to this Supplement setting forth, among other
things, the Series 2000-1 Loss Reserve Ratio, the Series 2000-1
Dilution Reserve Ratio, the Series 2000-1 Minimum Ratio, the Series 2000-1
Ratio, the Series 2000-1 U.S. Dollar Monthly Interest, the Series 2000-1
Euro Monthly Interest, the Series 2000-1 U.S. Dollar Additional Interest,
the Series 2000-1 Euro Additional Interest, the Series 2000-1
Carrying Cost Reserve Ratio, the Servicing Reserve Ratio, the Series 2000-1
Monthly Servicing Fee, the Series 2000-1 U.S. Dollar Monthly Principal
Payment, the Series 2000-1 Euro Monthly Principal Payment, the Servicer
Advances made by the Master Servicer during the related Settlement Period, and
Outstanding Amount Advanced as of the end of the related

 

33

 

Settlement Period, each as recalculated
taking into account the immediately preceding Settlement Period and to be
applied for the period commencing on (and including) such Settlement Report
Date and ending on (and not including) the next succeeding Settlement Report
Date.  Each Funding Agent shall forward a
copy of each Monthly Settlement Report to any of its related Series 2000-1
Purchasers upon request by any such Series 2000-1 Purchaser.

 

(b)                                 Annual Certificateholders’ Tax Statement.  On or before January 31
of each calendar year (or such earlier date as required by applicable law), the
Master Servicer on behalf of the Trustee shall furnish, or cause to be
furnished, to each Person who at any time during the preceding calendar year
was a Series 2000-1 Purchaser, a statement prepared by the Master Servicer
containing the aggregate amount distributed to such Person for such preceding
calendar year or the applicable portion thereof during which such Person was a Series 2000-1
Purchaser, together with such other information as is required to be provided
by an issuer of indebtedness under the Code and such other customary
information as the Master Servicer deems necessary to enable the Series 2000-1
Purchasers to prepare their tax returns. 
Such obligation of the Master Servicer shall be deemed to have been
satisfied to the extent that substantially comparable information shall have
been provided by the Trustee, the related Funding Agent or the Master Servicer
pursuant to any requirements of the Code as from time to time in effect.  Tax returns for the Trust shall be prepared
by the Company (or the Master Servicer on its behalf) in accordance with Section 8.11
of the Agreement and the Trustee shall be under no obligation to prepare tax
returns for the Trust.

 

(c)                                  Series 2000-1 Early Amortization
Event/Distribution of Principal Notices.  Upon the Company or the Master Servicer
obtaining actual knowledge of the occurrence of a Series 2000-1 Early
Amortization Event or Potential Series 2000-1 Early Amortization Event,
the Master Servicer shall give prompt written notice thereof to the Trustee,
the Liquidation Servicer, the Administrative Agent and to each Funding
Agent.  As promptly as reasonably
practicable after its receipt of notice of the occurrence of a Series 2000-1
Early Amortization Event, each Funding Agent shall give notice to each related Series 2000-1
Purchaser.  In addition, on the Business Day
preceding each day on which a distribution of principal is to be made during
the Series 2000-1 Amortization Period, the Master Servicer shall direct
each Funding Agent (with a copy to the Administrative Agent) to send notice to
each related Series 2000-1 Purchaser, which notice shall set forth the
amount of principal to be distributed on the related date to each Series 2000-1
Purchaser with respect to the outstanding Series 2000-1 VFC Certificates.

 

ARTICLE V

 

ADDITIONAL SERIES 2000-1 EARLY AMORTIZATION
EVENTS

 

SECTION 5.01                                                               Additional Series 2000-1 Early Amortization Events.

 

If any one of:
(I) the events specified in Section 7.01
of the Agreement or (II) the following events (each, a “Series 2000-1
Early Amortization Event”), shall occur, in each case after

 

34

 

giving effect
to the lapse of any grace period, the giving of any notice or making of any
determination applicable thereto:

 

(a)                                  (i)                                     failure on the part of the Master Servicer to direct any payment or
deposit to be made, or failure of any payment or deposit to be made, in respect
of amounts owing on (A) any Series 2000-1 U.S. Dollar VFC Certificate
in respect of Series 2000-1 Daily U.S. Dollar Interest Expense or Series 2000-1
Daily U.S. Dollar Interest Deposit (or amounts derived from either of them), (B) any
Series 2000-1 Euro VFC Certificate in respect of Series 2000-1 Daily
Euro Interest Expense or Series 2000-1 Daily Euro Interest Deposit (or
amounts derived from either of them) or (C) the Series 2000-1 Unused
Fee or Series 2000-1 Utilization Fee, in each case within one (1) Business
Day of the date such interest or Series 2000-1 Unused Fee or Series 2000-1
Utilization Fee is due;

 

(ii)                                  failure on the part of the Master Servicer to direct any payment or
deposit to be made in respect of any other amount owing on the Series 2000-1
VFC Certificates within one (1) Business Day of the date such amount is
due or such deposit is required to be made; or

 

(iii)                               failure on the part of the Master Servicer to direct any payment or
deposit to be made, or of the Company to make any payment or deposit in respect
of any other amounts owing by the Company, under any Pooling and Servicing
Agreement to or for the benefit of any of the Series 2000-1 Purchasers
within two (2) Business Days of the date such amount is due or such
deposit is required to be made;

 

provided, however, that no Series 2000-1 Early Amortization shall
exist if such failure is directly attributable to a Trustee Force Majeure
Delay;

 

(b)                                 failure on the part of the Company duly to observe or perform in any
material respect any covenant or agreement of the Company set forth in any
Pooling and Servicing Agreement (including each covenant contained in Sections 2.07 and 2.08 of the
Agreement) that continues unremedied fifteen (15) Business Days after the
earlier of (i) the date on which a Responsible Officer of the Company or a
Responsible Officer of the Master Servicer has knowledge of such failure and (ii) the
date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Company by the Trustee, or to the
Company and the Trustee by the Administrative Agent at the direction of the Series 2000-1
Majority Purchasers;

 

(c)                                  any representation or warranty made or deemed made by the Company in
any Pooling and Servicing Agreement to or for the benefit of the Series 2000-1
Purchasers shall prove to have been incorrect in any material respect when made
or when deemed made that continues to be incorrect fifteen (15) Business Days
after the earlier of (i) the date on which a Responsible Officer of the
Company or a Responsible Officer of the Master Servicer has knowledge of such
failure and (ii) the date on which notice of such failure, requiring the
same to be remedied, shall have been given to the Company by the Trustee or to
the Company and the Trustee by the Administrative Agent at

 

35

 

the direction of the Series 2000-1
Majority Purchasers and as a result of such incorrectness, the interests,
rights or remedies of the Series 2000-1 Purchasers have been materially
and adversely affected;

 

(d)                                 a Master Servicer Default shall have occurred and be continuing;

 

(e)                                  a Program Termination Event shall have occurred and be continuing
with respect to any Originator; provided, however, that the Administrative Agent acting at the
direction of all Series 2000-1 Purchasers may waive any such event in
their sole discretion;

 

(f)                                    any of the Agreement, the Servicing Agreement, this Supplement or
the Origination Agreements shall cease, for any reason, to be in full force and
effect, or the Company, the Master Servicer, an Originator or any Affiliate of
any of the foregoing, shall so assert in writing;

 

(g)                                 the Trust shall for any reason cease to have a continuing first
priority perfected security interest in any or all of the Participation Amounts
and the Participation Assets related thereto (subject to no other Liens other
than any Permitted Liens) or any of the Master Servicer, the Company, an
Originator or any Affiliate of any of the foregoing, shall so assert;

 

(h)                                 a Federal tax notice of a Lien shall have been filed against the
Company or the Trust unless there shall have been delivered to the Trustee and
each Funding Agent proof of release of such Lien;

 

(i)                                     a notice of a Lien shall have been filed by the PBGC against the
Company or the Trust under Section 412(n) of the Code or Section 302(f) of
ERISA for a failure to make a required installment or other payment to a plan
to which Section 412(n) of the Code or Section 302(f) of ERISA
applies unless there shall have been delivered to the Trustee and each Funding
Agent proof of the release of such Lien;

 

(j)                                     the Series 2000-1 Percentage Factor exceeds 100% unless the
Company reduces the Series 2000-1 Invested Amount or increases the balance
of the Eligible Receivables within five (5) Business Days so as to reduce
the Series 2000-1 Percentage Factor to less than or equal to 100%;

 

(k)                                  the average Dilution Ratio for the three (3) preceding Settlement
Periods exceeds 4.50% for 6 months from the date of this Supplement and
thereafter, 4.00%;

 

(l)                                     the average Aged Receivables Ratio for the three (3) preceding
Settlement Periods exceeds 2.5%;

 

(m)                               the average Delinquency Ratio for the three (3) preceding
Settlement Periods exceeds 5.0%;

 

(n)                                 the Servicer Guarantor or any of its Subsidiaries shall default in
the observance or performance of any agreement or condition relating to any of
its outstanding Indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event shall occur or

 

36

 

condition exist, the effect of which
default or other event or condition is to cause such Indebtedness to become due
prior to its stated maturity; provided, however, that no Series 2000-1 Early Amortization Event
shall be deemed to occur under this paragraph unless the aggregate amount of
Indebtedness in respect of which any default or other event or condition
referred to in this paragraph shall have occurred shall be equal to at least
$50,000,000;

 

(o)                                 any action, suit, investigation or proceeding at law or in equity
(including injunctions, writs or restraining orders) shall be brought or
commenced or filed by or before any arbitrator, court or Governmental Authority
against the Company or the Master Servicer or any properties, revenues or
rights of any thereof which could reasonably be expected to have a Material
Adverse Effect;

 

(p)                                 one or more judgments or decrees shall be entered against the
Servicer Guarantor or the Company involving in the aggregate a liability (not
paid or fully covered by insurance) of (i) with respect to the Servicer
Guarantor, $50,000,000 or (ii) with respect to the Company, $25,000 or
more and such judgments or decrees shall not have been vacated, discharged,
stayed or bonded pending appeal within thirty (30) days from the entry thereof;

 

(q)                                 a Change of Control shall occur;

 

(r)                                    notwithstanding Sections 2.08(s)
and 6.03 of the Agreement, a merger or transaction
involving Huntsman International, the Company or an Originator, whereby it is
not the surviving entity unless (A) such merger or transaction does not,
in the reasonable opinion of the Administrative Agent or any Funding Agent,
have a Material Adverse Effect with respect to it and (B) legal opinions
in form and substance satisfactory to each Funding Agent and satisfying with
respect to all Series are delivered to the Trustee, the Administrative
Agent and each Funding Agent; and

 

(s)                                  failure to comply with the FX Hedging Policy if such failure is not
remedied within three (3) Business Days of the date such failure occurs,

 

then, in the
case of (x) any event described in Section 7.01(a) of
the Agreement, automatically without any notice or action on the part of the
Trustee or Series 2000-1 Purchasers, an Early Amortization Period shall
immediately commence or (y) any other event described above, after the
applicable grace period (if any) set forth in the applicable Section, the
Trustee may, and at the written direction of any Funding Agent, shall, by
written notice then given to the Company and the Master Servicer, declare that
an Early Amortization Period has commenced as of the date of such notice with
respect to Series 2000-1 (any such period under clause (x)
or (y) above, a “Series 2000-1
Early Amortization Period”); provided that a
default by the Company in the payment of a Subordinated Loan shall not
constitute a Series 2000-1 Early Amortization Event hereunder.  Upon the occurrence of a Series 2000-1
Early Amortization Event or a Potential Series 2000-1 Early Amortization
Event, the Administrative Agent may, or shall at the written direction of any
Funding Agent, direct each Obligor to make all payments with respect to
Receivables directly to the relevant currency account established by the
Trustee pursuant to Section 3.01(a) of
the Agreement.  Notwithstanding the
foregoing, the Company, at its option, may deliver U.S. Dollars and/or Euro (as
applicable) to the Trustee in an amount sufficient to cure any Early
Amortization

 

37

 

Event that is
capable of being cured by such delivery of U.S. Dollars and/or Euro (as
applicable) only out of Collections from the Series 2000-1 Concentration
Accounts.  Any cash so delivered to the
Trustee shall be in the form of a Subordinated Loan made by the Company to the
Trust and shall be subject to the provisions of Section 11.16.

 

ARTICLE VI

 

SERVICING FEE

 

SECTION 6.01                                                              Servicing Compensation.

 

A monthly
servicing fee (the “Series 2000-1 Monthly
Servicing Fee”) shall be payable to the Master Servicer on each
Distribution Date for the preceding Settlement Period, in an amount equal to
the product of (a) the Servicing Fee and (b) a fraction, the
numerator of which shall be equal to the Series 2000-1 Invested Amount as
of the end of the preceding Settlement Period and the denominator of which
shall be equal to the sum of (1) the Series 2000-1 Aggregate
Commitment Amount and (2) the sum of the Invested Amounts for all other Outstanding
Series, each calculated as of the end of such preceding Settlement Period.  To the extent that funds on deposit in the Series 2000-1
Non-Principal Concentration Subaccounts at any such date are insufficient to
pay the Series 2000-1 Monthly Servicing Fee due on such date as set forth
in the Monthly Settlement Report delivered by the Master Servicer to the
Trustee, the Trustee shall so notify the Master Servicer and the Company, and
the Company will be obligated to immediately pay the Master Servicer the amount
of any such deficiency; provided that
any payments to be made by the Company pursuant to this Section shall (i) be
Company Subordinated Obligations, (ii) be made solely from funds available
to the Company that are not required to be applied to Company Unsubordinated
Obligations then due and (iii) not constitute a general recourse claim
against the Company but only a claim against the Company, to the extent of
funds available after the satisfaction of all Company Unsubordinated
Obligations then due; provided, further,
that the Series 2000-1 Monthly Servicing Fee payable to a Successor Master
Servicer (which will be payable to the Liquidation Servicer in accordance with
the preceding sentence) will not be a Company Subordinated Obligation and shall
also be payable from the application of funds from the Series 2000-1
Non-Principal Concentration Subaccounts in accordance with Section 3A.06(b).  Notwithstanding any other provision of this
Supplement or any other Transaction Document, the Monthly Servicing Fee,
including the Series 2000-1 Monthly Servicing Fee, payable to a Successor
Master Servicer shall be paid to the Liquidation Servicer so long as the
Liquidation Servicer has not resigned or been terminated.

 

ARTICLE VII

 

CHANGE IN CIRCUMSTANCES

 

SECTION 7.01                                                              Illegality.

 

Notwithstanding
any other provision herein, if, after the Series 2000-1 Issuance Date, or
with respect to any Person becoming a Series 2000-1 Purchaser or a Series 2000-1
APA Bank subsequent to the Series 2000-1 Issuance Date, after the new date
such Person became a Series 2000-1 Purchaser or a Series 2000-1 APA
Bank, as applicable (the “Series 2000-1
Acquisition Date”), the adoption of or any change in any Requirement
of Law or in the interpretation or administration thereof by any Governmental
Authority charged with the administration or interpretation thereof shall make
it unlawful for any Series 2000-1

 

38

 

Purchaser or Series 2000-1
APA Bank to make or maintain its portion of the Series 2000-1 VFC
Certificateholder’s Interest in any Series 2000-1 Eurodollar Tranche and
such Series 2000-1 Purchaser or Series 2000-1 APA Bank, as
applicable, shall provide written notice to its Funding Agent, the
Administrative Agent, the Trustee, the Master Servicer and the Company, then
effective upon the commencement of the next Series 2000-1 Eurodollar
Period, or immediately if it shall be unlawful for such Series 2000-1
Purchaser or Series 2000-1 APA Bank to make or maintain its portion of the
Series 2000-1 VFC Certificateholder’s Interest in any Series 2000-1
Eurodollar Tranche to the end of the applicable Series 2000-1 Eurodollar
Period, Series 2000-1 Daily U.S. Dollar Interest Expense and Series 2000-1
Daily Euro Interest Expense in respect of the portion of each Series 2000-1
Eurodollar Tranche applicable to such Series 2000-1 Purchaser or Series 2000-1
APA Bank shall until the foregoing notice is withdrawn by such Series 2000-1
Purchaser or Series 2000-1 APA Bank be calculated by reference to the ABR
(such calculation shall be performed by the Administrative Agent and in the
absence of manifest error shall be binding and conclusive).  If any such change in the method of
calculating the Series 2000-1 Daily U.S. Dollar Interest Expense or Series 2000-1
Daily Euro Interest Expense occurs on a day which is not the last day of the Series 2000-1
Eurodollar Period with respect to any Series 2000-1 Eurodollar Tranche,
the Company shall pay to the applicable Funding Agent for the account of such Series 2000-1
Purchaser or Series 2000-1 APA Bank the amounts, if any, as may be
required pursuant to Section 7.04.

 

SECTION 7.02                                                              Requirements of Law.

 

(a)                                  Notwithstanding any other provision herein, if after the Series 2000-1
Issuance Date the adoption of or any change in any Requirement of Law or in the
interpretation or application thereof by any Governmental Authority charged
with the interpretation or administration thereof, or compliance by any Series 2000-1
Purchaser or Series 2000-1 APA Bank with any request or directive (whether
or not having the force of law) from any central bank or other Governmental
Authority made (i) as to any Series 2000-1 Purchaser or Series 2000-1
APA Bank that is a Series 2000-1 Purchaser or Series 2000-1 APA Bank
on the date hereof, subsequent to the date hereof or (ii) as to any Series 2000-1
Purchaser or Series 2000-1 APA Bank that becomes a Series 2000-1
Purchaser or Series 2000-1 APA Bank after the date hereof, subsequent to
the Series 2000-1 Acquisition Date:

 

(i)                                     shall change the basis of taxation of payments to any such Series 2000-1
Purchaser or Series 2000-1 APA Bank in respect of the Transaction
Documents; and

 

(ii)                                  shall impose, modify or deem applicable any reserve, special
deposit, compulsory loan or similar requirement against assets held by,
deposits or other liabilities in or for the account of, advances, loans or
other extensions of credit by, or any other acquisition of funds by, any office
of such Series 2000-1 Purchaser or Series 2000-1 APA Bank which is
not otherwise included in the determination of the Eurodollar Rate;

 

and the result
of any of the foregoing is to increase the cost to such Series 2000-1
Purchaser or Series 2000-1 APA Bank by an amount which such Series 2000-1
Purchaser or Series 2000-1 APA Bank deems in its reasonable judgment to be
material, of making, converting into, continuing or maintaining

 

39

 

Series 2000-1
Eurodollar Tranches or to reduce any amount receivable hereunder in respect
thereof, then, in any such case, the Company will pay to such Series 2000-1
Purchaser or Series 2000-1 APA Bank upon demand such additional amount or
amounts as will compensate such Series 2000-1 Purchaser or Series 2000-1
APA Bank for such additional costs incurred or reduced amount receivable other
than amounts with respect to Taxes for which the Company is held harmless
pursuant to Section 7.03 and without
duplication of any amounts for which the Company is obligated to make payment
under Section 7.03.

 

(b)                                 If any Series 2000-1 Purchaser which is a depository
institution or trust company subject to supervision and examination by federal,
state or foreign banking or depository institution authorities or Series 2000-1
APA Bank (i) that is a Series 2000-1 Purchaser or Series 2000-1
APA Bank, as the case may be, on the date hereof shall have determined that the
adoption after the Series 2000-1 Issuance Date of or any change after the Series 2000-1
Issuance Date or (ii) that becomes a Series 2000-1 Purchaser or Series 2000-1
APA Bank, as the case may be, after the date hereof shall have determined that
the adoption after the Series 2000-1 Acquisition Date of, or any change
after the Series 2000-1 Acquisition Date, in any Requirement of Law
regarding capital adequacy or in the interpretation or application thereof or
compliance by such Series 2000-1 Purchaser or Series 2000-1 APA Bank
or any corporation controlling such Series 2000-1 Purchaser or Series 2000-1
APA Bank with any request or directive regarding capital adequacy (with respect
to any Series 2000-1 Purchaser which is a banking institution) (whether or
not having the force of law) from any Governmental Authority made subsequent to
the date hereof shall have the effect of reducing the rate of return on such Series 2000-1
Purchaser’s, such Series 2000-1 APA Bank’s or such corporation’s capital
(with respect to any Series 2000-1 Purchaser which is a banking
institution) as a consequence of its obligations hereunder or under the
Transaction Documents to a level below that which such Series 2000-1
Purchaser, such Series 2000-1 APA Bank or such corporation could have
achieved but for such adoption, change or compliance (taking into consideration
such Series 2000-1 Purchaser’s, such Series 2000-1 APA Bank’s or such
corporation’s policies with respect to capital adequacy) by an amount deemed by
such Series 2000-1 Purchaser or Series 2000-1 APA Bank in its
reasonable judgment to be material, then from time to time, the Company will
promptly pay to such Series 2000-1 Purchaser or Series 2000-1 APA
Bank such additional amount or amounts as will compensate such Series 2000-1
Purchaser or Series 2000-1 APA Bank for such reduction suffered.

 

(c)                                  Any payments to be made by the Company pursuant to this Section shall
(i) be Company Subordinated Obligations, (ii) be made solely from
funds available to the Company that are not required to be applied to Company
Unsubordinated Obligations then due and (iii) until the date that is one
year and one day after payment in full of the Company Unsubordinated
Obligations, not constitute a general recourse claim against the Company after
satisfying all Company Unsubordinated Obligations then due at any time during
the period of one year and one day following the date on which all Company
Unsubordinated Obligations have been paid in full, except to the

 

40

 

extent that funds are available (including
funds available to the Company pursuant to the exercise of its right to
indemnity and other payments pursuant to Sections 2.06
and 8.02 of the Origination Agreements) to
the Company to make such payments.

 

(d)                                 If any Series 2000-1 Purchaser or Series 2000-1 APA Bank
becomes entitled to claim any additional amounts pursuant to Section (a) or (b) above,
it shall promptly notify the Master Servicer and the Company (with a copy to
the Administrative Agent and each Funding Agent) of the event by reason of
which it has become so entitled.  A
certificate setting forth (i) any additional amounts payable pursuant to
this Section and (ii) a reasonably detailed explanation of the
calculation of such amount or amounts submitted by such Series 2000-1
Purchaser or Series 2000-1 APA Bank to the Company (with a copy to each
Funding Agent) shall be conclusive in the absence of manifest error.  The agreements in this Section shall
survive the termination of this Supplement and the Agreement and the payment of
all amounts payable hereunder.

 

(e)                                  Failure or delay on the part of any Series 2000-1 Purchaser or Series 2000-1
APA Bank to demand compensation pursuant to this Section 7.02
shall not constitute a waiver of such Series 2000-1 Purchaser’s or Series 2000-1
APA Bank’s right to demand such compensation; provided
that the Company will not be required to compensate a Series 2000-1 Purchaser
or Series 2000-1 APA Bank pursuant to this Section 7.02
for any increased costs or reductions incurred more than 270 days prior to the
date that such Series 2000-1 Purchaser or Series 2000-1 APA Bank
notifies the Company of the change in any Requirement of Law giving rise to
such increase costs or reductions and of such Series 2000-1 Purchaser’s or
Series 2000-1 APA Bank’s intention to claim compensation therefor; provided, further, that,
if the change in any Requirement of Law giving rise to such increased costs or
reductions is retroactive, then the 270 day period referred to above shall be
extended to include the period of retroactive effect thereof.

 

SECTION 7.03                                                              Taxes.

 

(a)                                  All payments made by the Company under this Supplement shall be made
free and clear of, and without deduction or withholding for or on account of,
any Taxes, excluding (i) any income, franchise, branch profits or similar
taxes imposed on or measured by the net income (or in lieu of net income) of
either Funding Agent, any Series 2000-1 Purchaser or any Series 2000-1
APA Bank by (A) the United States or any political subdivision or taxing
authority thereof or therein, (B) any jurisdiction under the laws of which
such Funding Agent, such Series 2000-1 Purchaser, such Series 2000-1
APA Bank or such lending office is organized, incorporated, resident or
citizen, or in which its lending office is located, managed or controlled or in
which its principal office is located or any political subdivision or taxing
authority thereof or therein, (ii) for any Series 2000-1 Acquiring
Purchaser or Series 2000-1 Participants, taxes to the extent that they
were Series 2000-1 Excluded Taxes (as defined below) with respect to such
person’s predecessor or to the extent the taxes were Series 2000-1 Excluded
Taxes as a result of the breach (including a breach of warranty), wilful
misconduct or gross negligence of such predecessor,

 

41

 

(iii) taxes imposed as a result of any
Funding Agent’s, Series 2000-1 Purchaser’s, Series 2000-1 APA Bank’s,
Series 2000-1 Acquiring Purchaser’s or Series 2000-1 Participant’s
(and not its predecessor’s) gross negligence or wilful misconduct and (iv) for
any Series 2000-1 Purchaser or Series 2000-1 APA Bank that is not
organized under the laws of the United States of America or a State thereof,
any United States withholding tax to the extent existing on the Series 2000-1
Issuance Date (the Taxes referred to in the foregoing clauses (i) —
(iv) individually or collectively
being called “Series 2000-1 Excluded Taxes”
and any and all other Taxes, collectively or individually, being called “Series 2000-1 Non-Excluded Taxes”).  Subject to Section 7.03(b),
if any such Series 2000-1 Non-Excluded Taxes are required to be withheld
from any amounts payable to either Funding Agent or any Series 2000-1
Purchaser or any Series 2000-1 APA Bank hereunder, the amounts so payable
to such Funding Agent or such Series 2000-1 Purchaser or such Series 2000-1
APA Bank shall be increased to the extent necessary so that after all required
deductions have been made in respect of Series 2000-1 Non-Excluded Taxes
(including deductions applicable to additional sums payable under this Section 7.03(a)) to such Funding Agent, such Series 2000-1
Purchaser or such Series 2000-1 APA Banks, as the case may be, receives an
amount equal to the amount which would have been due had no such deductions
been made.  Whenever any Series 2000-1
Non-Excluded Taxes are payable by the Company, as promptly as possible
thereafter, the Company shall send to the relevant Funding Agent for its own
account or for the account of such Series 2000-1 Purchaser or Series 2000-1
APA Bank, as the case may be, a certified copy of any original official receipt
received by the Company showing payment thereof or any other proof reasonably
acceptable to such Funding Agent.  In
addition, the Company agrees to pay any and all present or future stamp or
documentary taxes and any other excise or property taxes or similar charges or
similar levies that arise from any payment made under the Agreement, this
Supplement or the Series 2000-1 VFC Certificates or from the execution or
delivery of, or otherwise with respect to, the Agreement, this Supplement, or
the Series 2000-1 VFC Certificates (collectively, “Series 2000-1
Other Taxes”).  The Company
agrees to indemnify each of the Funding Agents, the Series 2000-1
Purchasers and the Series 2000-1 APA Banks for the full amount of any Series 2000-1
Non-Excluded Taxes and Series 2000-1 Other Taxes paid by either Funding
Agent or any Series 2000-1 Purchaser or any Series 2000-1 APA Bank
(as the case may be) and any liability (including penalties, interest and
expenses) arising therefrom or with respect thereto other than any penalties,
interest or expense to the extent arising from the failure of such Funding
Agent, such Series 2000-1 Purchaser or Series 2000-1 APA Bank to pay
such Taxes or Series 2000-1 Other Taxes on a timely basis.  The relevant Funding Agent shall provide
immediate notice to the Company after receipt of a demand for payment of Series 2000-1
Non-Excluded Taxes and Series 2000-1 Other Taxes.  If the Company fails to pay any Series 2000-1
Non-Excluded Taxes when due to the appropriate taxing authority or fails to
remit to the applicable Funding Agent the required receipts or any other proof
reasonably acceptable to such Funding Agent, the Company will indemnify such
Funding Agent, the Series 2000-1 Purchasers and the Series 2000-1 APA
Banks for any incremental taxes, interest or penalties that may become payable
by such Funding Agent or any Series 2000-1 Purchaser

 

42

 

or any Series 2000-1 APA Bank as a
result of any such failure.  The
agreements in this Section shall survive the termination of this Supplement
and the repayment of the Series 2000-1 Invested Amount and all other
amounts payable hereunder.

 

(b)                                 Each Series 2000-1 Purchaser and each Series 2000-1 APA
Bank that is not incorporated under the laws of the United States of America or
a State thereof or the District of Columbia shall:

 

(i)                                     deliver to the Master Servicer, the Company, the Trustee and the
related Funding Agent two duly completed copies of United States Internal
Revenue Service Form W-8ECI, W-8BEN or W-8IMY, or successor applicable
form and such other forms, certificates and documentation as may be necessary
or appropriate to establish, in each case, that it is entitled to receive
payments from the Company without a deduction for U.S. federal withholding tax
or with a deduction at a reduced rate. 
In the case of a Series 2000-1 Purchaser or Series 2001-1 APA
Bank that provides an Internal Revenue Service Form W-8BEN, such Series 2000-1
Purchaser or Series 2001-1 APA Bank shall either (i) claim the
benefit of a treaty that provides for a complete exemption from United States
withholding tax for payments of interest or (ii) claim the benefit of the
U.S. “portfolio interest exemption” by also providing a certification that is
not a “bank” making a loan under this Supplement in the ordinary course of its
business within the meaning of Section 881(c)(3)(a) of the Code or a
person related to the Company in a manner described in Sections 871(h)(3)(B),
881(c)(3)(B) or 881(c)(3)(C) of the Code.  If a Series 2000-1 Purchaser or Series 2001-1
APA Bank that provides an Internal Revenue Service Form W-8BEN is unable
to claim a complete exemption from the United States withholding tax because of
a change in law after the date such Series 2000-1 Purchaser or Series 2001-1
APA Bank became a party to this Supplement, the Series 2000-1 Purchaser or
Series 2001-1 APA Bank will be treated as satisfying the requirements of
this Section 7.03(b)(i), as the case
may be;

 

(ii)                                  deliver to the Master Servicer, the Company, the Trustee, the
Administrative Agent and the related Funding Agent two further copies of any
such form or certification (a) on or before the date that any such form or
certification expires or becomes obsolete, (b) after the occurrence of any
event requiring a change in the most recent form previously delivered by it to
the Company, the Trustee, the Administrative Agent or the related Funding Agent
and (c) at the request of the Master Servicer, the Company, the Trustee or
the related Funding Agent; and

 

(iii)                               obtain such extensions of time for filing and complete such forms or
certifications as may reasonably be requested by the Company, the Trustee, the
Administrative Agent or the related Funding Agent;

 

unless any
change in treaty, law or regulation has occurred prior to, and is in effect on,
the date on which any such delivery would otherwise be required which would

 

43

 

prevent such Series 2000-1
Purchaser or Series 2000-1 APA Bank from duly completing and delivering
any such form with respect to it and such Series 2000-1 Purchaser or Series 2000-1
APA Bank so advises the Company and the related Funding Agent.  Each Series 2000-1 Purchaser or Series 2000-1
APA Bank shall certify to the Company, the Trustee, the Administrative Agent
and the related Funding Agent at the time it first becomes a Series 2000-1
Purchaser or Series 2000-1 APA Bank, and thereafter to the extent provided
by law, (i) all such forms are true and complete, (ii) that it is
entitled to receive payments under this Supplement without, or at a reduced
rate of, withholding of any United States federal income taxes and (iii) that
it is entitled to an exemption from United States backup withholding tax.  Each Person that shall become a Series 2000-1
Purchaser, a Series 2000-1 APA Bank or a Series 2000-1 Participant
pursuant to Section 11.10 shall, upon the
effectiveness of the related transfer, be required to provide to the Company,
the Trustee, the Administrative Agent, the Master Servicer and the related
Funding Agent all of the forms and statements required pursuant to this
Section, provided that in the case of a Series 2000-1 Participant such Series 2000-1
Participant shall furnish all such required forms and statements to the Series 2000-1
Purchaser or Series 2000-1 APA Bank from which the related participation
shall have been purchased and such Series 2000-1 Purchaser or Series 2000-1
APA Bank shall provide such forms to the Company with a duly executed Form W-8IMY
and withholding statement.  If the
Company or the Trustee has not received the forms set forth in Section 7.03(b)(i) hereof, the Company or the
Trustee shall withhold taxes from such payment at the applicable statutory rate
and shall not be obliged to make increased payments under Section 7.03(a) hereof
until such forms or other documents are delivered.

 

(c)                                  Each Series 2000-1 Purchaser and each Series 2000-1 APA
Bank that is a United States Person within the meaning of Section 7701(a)(30)
of the Code shall deliver to the Master Servicer, the Company, the Trustee and
the related Funding Agent two duly completed copies of the United States
Internal Revenue Service Form W-9 or any successor applicable form.

 

(d)                                 The Company is not required to make any payment under Section 7.03(a) to the extent such payment would
be due as the result of the relevant Funding Agent, Series 2000-1
Purchaser, Series 2000-1 APA Bank, Series 2000-1 Acquiring Purchaser
of Series 2000-1 Participant not providing the forms required by Section 7.03(b)(i), or 7.03(b)(ii).

 

(e)                                  If the Company makes a payment under Section 7.03(a) (a
“Tax Payment”) in respect of a payment
to any Funding Agent, Series 2000-1 Purchaser, Series 2000-1 APA
Bank, Series 2000-1 Acquiring Purchaser or Series 2000-1 Participant
under this Supplement and such person determines in good faith that it has
obtained a refund of tax or obtained and used a credit against tax on its
overall net income (a “Tax Credit”)
which such person acting reasonably is able to identify as attributable to that
Tax Payment, then provided such person has received all amounts which are then
due and payable by the Company, such person shall reimburse the Company such
amount as such person determines acting reasonably to be such proportion of
that Tax Credit as will leave such person (after that reimbursement) in no better
or worse position than it would have been in if no Tax Payment had been
required.

 

44

 

SECTION 7.04                                                              Indemnity.

 

Huntsman
International and the Company jointly and severally agree to indemnify each Series 2000-1
Purchaser and each Series 2000-1 APA Bank and to hold each Series 2000-1
Purchaser and each Series 2000-1 APA Bank harmless from any loss or
expense which such Series 2000-1 Purchaser or Series 2000-1 APA Bank
may sustain or incur as a consequence of:

 

(a)                                  default by the Company in making a borrowing of, conversion into or
continuation of a Series 2000-1 Eurodollar Tranche after the Company has
given irrevocable notice requesting the same in accordance with the Section 2.05(a);

 

(b)                                 default by the Company in making a decrease in the Series 2000-1
Eurodollar Tranche in connection with a Series 2000-1 Decrease after the
Company has given irrevocable notice thereof in accordance with the provisions
of Section 2.07(a)(i); or

 

(c)                                  the making of a decrease of a Series 2000-1 Eurodollar Tranche
prior to the termination of the Series 2000-1 Eurodollar Period for such Series 2000-1
Eurodollar Tranche.

 

Such
indemnification may include an amount equal to the excess, if any, of (i) the
amount of interest which would have accrued on the amount so prepaid or not so
borrowed, converted or continued, for the period from the date of such
prepayment or of such failure to borrow, convert or continue to the last day of
the Series 2000-1 Eurodollar Period (or in the case of a failure to
borrow, convert or continue, the Series 2000-1 Eurodollar Period that
would have commenced on the date of such prepayment or of such failure) in each
case at the applicable rate of interest for such Series 2000-1 Eurodollar
Tranche provided for herein (excluding, however, the Series 2000-1
Applicable Margin included therein, if any) over
(ii) the amount of interest (as reasonably determined by such Series 2000-1
Purchaser or Series 2000-1 APA Bank) which would have accrued to such Series 2000-1
Purchaser or Series 2000-1 APA Bank on such amount by placing such amount
on deposit for a comparable period with leading banks in the interbank
Eurodollar market; provided that
any payments made by Huntsman International or the Company pursuant to this Section 7.04 shall be, without exception, due and
payable from the Company and with respect to amounts owing from the Company any
amounts paid pursuant hereto shall be Company Subordinated Obligations.  This covenant shall survive the termination
of this Supplement and the payment of all amounts payable hereunder.  A certificate of a Series 2000-1
Purchaser or Series 2000-1 APA Bank setting forth (x) any amount that such
Series 2000-1 Purchaser or Series 2000-1 APA Bank is entitled to
receive pursuant to this Section 7.04
and (y) a reasonably detailed explanation of the calculation of such amount by
the affected Series 2000-1 Purchaser or Series 2000-1 APA Bank, as
the case may be, shall be delivered to the Company and the Master Servicer and
shall be conclusive absent manifest error.

 

45

 

SECTION 7.05                                                              Assignment of Series 2000-1 Commitments Under Certain
Circumstances; Duty to Mitigate.

 

(a)                                  If (i) any Series 2000-1 Purchaser or Series 2000-1
APA Bank delivers a notice described in Section 7.02
or (ii) the Company is required to pay any additional amount or
indemnification payment to any Series 2000-1 Purchaser or Series 2000-1
APA Bank pursuant to Section 7.03,
the Company may, at its sole expense and effort (including with respect to the
processing and recordation fee referred to in Section 11.10(b)),
upon notice to such Series 2000-1 Purchaser or Series 2000-1 APA Bank
and to the related Funding Agent and the Administrative Agent, require such Series 2000-1
Purchaser or Series 2000-1 APA Bank to transfer and assign, without
recourse (in accordance with and subject to the restrictions contained in Section 11.10), all of its interests, rights and
obligations under this Supplement to an assignee that shall assume such
assigned obligations pursuant to the execution and delivery, by such assignee,
of a Series 2000-1 Commitment Transfer Supplement in the form attached
hereto as Exhibit B (which assignee may be
another Series 2000-1 Purchaser or Series 2000-1 APA Bank, as
applicable, if another Series 2000-1 Purchaser or Series 2000-1 APA
Bank accepts such assignment); provided that (A) such
assignment shall not conflict with any law, rule or regulation or order of
any court or other Governmental Authority having jurisdiction, (B) the
Company will have received the prior written consent of the related Funding
Agent, and (C) the Company or its assignee shall have paid to the affected
Series 2000-1 Purchaser or Series 2000-1 APA Bank in immediately
available funds an amount equal to the sum of the principal of, and interest
accrued to the date of such payment on, the outstanding Series 2000-1 VFC
Certificate Interests of such Series 2000-1 Purchaser or Series 2000-1
APA Bank plus all fees and other amounts accrued
for the account of such Series 2000-1 Purchaser or Series 2000-1 APA
Bank hereunder (including any amounts under Sections
7.02, 7.03 and 7.04);
and provided, further,
that, if prior to any such transfer and assignment the circumstances or event
that resulted in such Series 2000-1 Purchaser’s or Series 2000-1 APA
Bank’s notice under Section 7.02
or the amounts paid pursuant to Section 7.03,
as the case may be, cease to cause such Series 2000-1 Purchaser or Series 2000-1
APA Bank to suffer increased costs or reductions in amounts received or
receivable or reduction in return on capital, or cease to have the consequences
specified in Section 7.02, or cease to
result in amounts being payable under Section 7.03,
as the case may be (including as a result of any action taken by such Series 2000-1
Purchaser or Series 2000-1 APA Bank pursuant to Section 7.05(b)),
or if such Series 2000-1 Purchaser or Series 2000-1 APA Bank shall
withdraw its notice under Section 7.02
or shall waive its right to further payments under Section 7.03
in respect of such circumstances or event, as the case may be, then such Series 2000-1
Purchaser or Series 2000-1 APA Bank shall not thereafter be required to
make any such transfer and assignment hereunder.

 

(b)                                 If (i) any Series 2000-1 Purchaser or Series 2000-1
APA Bank delivers a notice described in Section 7.02
or (ii) the Company is required to pay any additional amount to any Series 2000-1
Purchaser or Series 2000-1 APA Bank pursuant to Section 7.03,
then such Series 2000-1 Purchaser or Series 2000-1 

 

46

 

APA Bank shall use reasonable efforts
(which shall not require such Series 2000-1 Purchaser or Series 2000-1
APA Bank to incur an unreimbursed loss or unreimbursed cost or expense or
otherwise take any action inconsistent with its internal policies or legal or
regulatory restrictions or suffer any disadvantage or burden reasonably deemed
by it to be significant) (A) to file any certificate or document
reasonably requested in writing by the Company (or the Master Servicer, on
behalf of the Company) or (B) to assign its rights and delegate and
transfer its obligations hereunder to another of its offices, branches or
affiliates, if such filing or assignment would enable it to withdraw its notice
pursuant to Section 7.02 or would reduce
amounts payable pursuant to Section 7.03,
as the case may be, in the future.  The
Company hereby agrees to pay all reasonable costs and expenses incurred by any Series 2000-1
Purchaser or Series 2000-1 APA Bank in connection with any such filing or
assignment, delegation and transfer.

 

SECTION 7.06                                                              Limitation.

 

The
obligations of the Company under this Article VII
shall be limited, inter alia, by Section 11.13.

 

ARTICLE VIII

 

COVENANTS; REPRESENTATIONS AND WARRANTIES

 

SECTION 8.01                                                              Representations and Warranties of the Company and the Master
Servicer.

 

(a)                                  The Company and the Master Servicer each hereby represents and
warrants to the Trustee, the Administrative Agent, each Funding Agent and each
of the Series 2000-1 Purchasers and the Series 2000-1 APA Banks that
each and every of their respective representations and warranties contained in Section 8.01(b), the Agreement and the Servicing
Agreement is true and correct as of the Series 2000-1 Issuance Date and as
of the date hereof and as of the date of each Series 2000-1 Increase and,
in the case of Section 8.02(g) below,
on any date when any transaction is entered into pursuant to any Series 2000-1
FX Hedging Agreement.

 

(b)                                 The Company hereby represents and warrants to the Trustee and the
Trust, for the benefit of the Series 2000-1 VFC Certificateholders, on
each Receivables Contribution Date that since the Effective Date, no material
adverse change has occurred in the overall rate of collection of the
Receivables.

 

SECTION 8.02                                                              Covenants of the Company, the Master Servicer and Huntsman
International.

 

Each of the
Company (solely with respect to clauses (a), (c), (d), (e), (f), (g) and (j) below), and
the Master Servicer hereby agrees, in addition to its obligations under the
Agreement and the Servicing Agreement, that:

 

(a)                                  it shall not terminate the Agreement unless in compliance with the
terms of the Agreement and the Supplements relating to each Outstanding Series;

 

47

 

(b)                                 within 60 days of the date hereof, the Master Servicer will have
taken all actions reasonably requested by the Liquidation Servicer in
connection with, and to ensure completion of, each of the Master Servicer Site
Review and the review of the Master Servicer’s Standby Liquidation System;

 

(c)                                  it shall observe in all material respects each and every of its
respective covenants (both affirmative and negative) contained in the
Agreement, the Servicing Agreement, this Supplement and all other Transaction
Documents to which it is a party;

 

(d)                                 it shall afford the Administrative Agent, each Funding Agent or any
of their respective representatives access to all records relating to the
Receivables at any reasonable time during regular business hours, upon
reasonable prior notice (and without prior notice if a Series 2000-1 Early
Amortization Event has occurred), for purposes of inspection and to make copies
of and abstracts from its records, books of account and documents (including
computer tapes and disks) relating to the Receivables, and shall permit the
Administrative Agent, each Funding Agent or the Trustee or any of their
respective representatives to visit any of its offices or properties during
regular business hours and as often as may reasonably be requested, subject to
its normal security and confidentiality requirements and to discuss its
business, operations, properties, financial and other conditions with its
officers and employees and with its Independent Public Accountants;

 

(e)                                  it shall not waive the provisions of Section 2.06
or Section 8.02 of any Origination
Agreement or take any action, nor shall it permit any Originator to take any
action, requiring the consent of the Funding Agents pursuant to any Transaction
Documents, without the prior written consent of the Series 2000-1 Majority
Purchasers;

 

(f)                                    it shall not permit any Originator to amend or make any change or
modification to its constitutive documents if such amendment, change or
modification is reasonably expected to have a Material Adverse Effect without
the consent of each Funding Agent; provided that
such Originator may make amendments, changes or modifications pursuant to
changes in law of the jurisdiction of its organization or amendments to such
Originator’s name (subject to compliance with Section 6.04
(or corresponding section) of the applicable Origination Agreement)),
registered agent or address of registered office;

 

(g)                                 it shall cooperate in good faith to allow the Trustee and the
Liquidation Servicer to use its available facilities and expertise upon a
Master Servicer termination or default;

 

(h)                                 it shall determine the Series 2000-1 FX Hedging Agreements (if
any) that need to be in effect under the FX Hedging Policy and it shall direct
the Trustee to enter into the Series 2000-1 FX Hedging Agreements with the
FX Counterparty in accordance with the FX Hedging Policy; provided
that the FX Counterparty shall not have its main seat of business in the United
Kingdom and shall not act through an office in the United Kingdom for any of
the purposes of the Series 2000-1 FX Hedging Agreements;

 

48

 

(i)                                     it shall obtain an executed intercreditor agreement by July 31,
2006, in form and substance satisfactory to each Funding Agent;

 

(j)                                     it shall furnish to the Trustee and each Funding Agent:

 

(i)                                     within 150 days after the end of each fiscal year the balance sheet
and related statements of income, stockholders’ equity and cash flows showing
the financial condition of the Company as of the close of such fiscal year and
the results of its operations during such year, all audited by the Company’s
Independent Public Accountants and accompanied by an opinion of such
accountants (which shall not be qualified in any material respect) to the
effect that such financial statements fairly present in all material respects
the financial condition and results of operations of the Company in accordance
with GAAP consistently applied;

 

(ii)                                  within 60 days after the end of each of the first three fiscal
quarters of each fiscal year the Company’s unaudited balance sheet and related
statements of income, stockholders’ equity and cash flows for the period from
the beginning of such fiscal year to the end of such quarter, all certified by
a Responsible Officer of the Company;

 

(iii)                               together with the financial statements required pursuant to clauses (i) and (ii) above,
a compliance certificate signed by a Responsible Officer of the Company stating
that (x) the attached financial statements have been prepared in accordance
with GAAP and accurately reflect the financial condition of the Company and (y)
to the best of such Person’s knowledge, no Early Amortization Event or
Potential Early Amortization Event exists, or if any Early Amortization Event
or Potential Early Amortization Event exists, stating the nature and status
thereof;

 

(iv)                              promptly upon the furnishing thereof to the shareholders of the
Company, copies of all financial statements, financial reports and proxy
statements so furnished;

 

(v)                                 promptly all information, documents, records, reports, certificates,
opinions and notices received by the Company from an Originator under any
Origination Agreement, as the Trustee or any Funding Agent may reasonably
request; and

 

(vi)                              promptly, from time to time, such other information regarding the
operations, business affairs and financial condition of the Company, or
compliance with the terms of any Transaction Document, in each case as any
Funding Agent or the Trustee may reasonably request.

 

SECTION 8.03                                                              Negative Covenants of the Company and the Master Servicer.

 

(a)                                  The Company shall not make any Restricted Payments while Series 2000-1
is an Outstanding Series, except:

 

49

 

(i)                                     from amounts distributed to it (x) in respect of the Exchangeable
Company Interests; provided that
on the date any such Restricted Payment is made, the Company shall be in
compliance with its payment obligations under Section 2.05
of the Agreement, (y) pursuant to Section 3A.02(d) or
(z) in respect of payments received by the Company from the Trust in
consideration for the Participation granted in the Receivables contributed from
time to time to the Company by Huntsman International pursuant to the
Contribution Agreement and Section 2.08(m)
of the Agreement;

 

(ii)                                  in compliance with all terms of the Transaction Documents; and

 

(iii)                               in accordance with all corporate and legal formalities applicable to
the Company;

 

provided that no Restricted Payments shall be made if a Series 2000-1
Early Amortization Event has occurred and is continuing (or would occur as a
result of making such Restricted Payment).

 

(b)                                 The Master Servicer hereby agrees that it shall observe each and all
of its covenants (both affirmative and negative) contained in each Pooling and
Servicing Agreement in all material respects and that it shall:

 

(i)                                     provide to the Administrative Agent and each Funding Agent (A) no
later than the Series 2000-1 Issuance Date (as provided by Section 9.01(s)) and (B) in the case of an
addition of an Originator, prior to the date such Originator is added, evidence
that each such Originator maintains disaster recovery systems and back up
computer and other information management systems which shall be reasonably
satisfactory to the Administrative Agent and each Funding Agent and the
Liquidation Servicer;

 

(ii)                                  provide to the Administrative Agent and each Funding Agent,
simultaneously with delivery to the Trustee, all reports, notices,
certificates, statements and other documents required to be delivered to the
Trustee pursuant to the Agreement, the Servicing Agreement and the other
Transaction Documents and furnish to the Administrative Agent and each Funding
Agent promptly after receipt thereof a copy of each material notice, material
demand or other material communication (excluding routine communications)
received by or on behalf of the Company or the Master Servicer with respect to
the Transaction Documents; and

 

(iii)                               provide notice to the Administrative Agent and each Funding Agent of
the appointment of a Successor Master Servicer pursuant to Section 6.02
of the Servicing Agreement.

 

(c)                                  The Company shall not amend, change or modify any of the
representations or covenants (as applicable) in Sections
2.03(f),  2.03(j), Sections 2.07(i),
2.07(o), 2.08(a),
2.08(c) through (e) and 2.08(k) of the
Pooling Agreement without the prior consent of each Funding Agent.

 

50

 

(d)                                 The Company shall not amend, change or modify any of the duties and
services of the Liquidation Servicer as set forth in Schedule 4
to the Servicing Agreement without the prior consent of each Funding
Agent.

 

(e)                                  The Master Servicer shall not change or modify the Policies in any
material respect, except as provided in Section 4.05(b) of
the Servicing Agreement; provided that
any material changes to the Policies must be approved in writing by the Funding
Agent(s) representing more than 50% of the Series 2000-1 Invested Amount.

 

SECTION 8.04                                                              Obligations Unaffected.

 

The
obligations of the Company and the Master Servicer to the Administrative Agent,
the Funding Agents, the Series 2000-1 Purchasers and the Series 2000-1
APA Banks under this Supplement shall not be affected by reason of any
invalidity, illegality or irregularity of any of the Receivables or any sale of
any of the Receivables.

 

ARTICLE IX

 

CONDITIONS PRECEDENT

 

SECTION 9.01                                                              Conditions Precedent to Effectiveness of Supplement.

 

This
Supplement will become effective on the date on which the following conditions
precedent have been satisfied or waived by the Funding Agents:

 

(a)                                  Transaction Documents.  Each Funding Agent shall have received:

 

(i)                                     an original copy for itself and photocopies (which may be provided
in CD-ROM or other electronic image media or format) for each Series 2000-1
Purchaser and each Series 2000-1 APA Bank, each executed and delivered in
form and substance satisfactory to the Funding Agents, of:

 

(A)                              this Supplement executed by a duly authorized officer or authorized
representative of each of the Company, the Master Servicer, the Trustee, the
Administrative Agent, each Funding Agent, the Series 2000-1 Conduit
Purchasers and the Series 2000-1 APA Banks (as to which each party shall
receive an original counterpart); and

 

(B)                                the other Transaction Documents to be executed and delivered in connection
with execution and delivery of this supplement; and

 

(ii)                                  copies (which may be provided in CD-ROM or other electronic image
media or format) for itself and for each Series 2000-1 Purchaser and each Series 2000-1
APA Bank of the Agreement and all other Transaction Documents (including each
Supplement with respect to other Series but otherwise excluding any
documents relating exclusively to such other Series), in each case duly
executed by the parties thereto and certified by a Responsible Officer of
Huntsman

 

51

 

International as true, correct and complete
copies of each such document as amended through the date hereof.

 

(b)                                 Corporate Documents; Corporate Proceedings of the
Company, each Originator and the Master Servicer.  Each Funding Agent shall have received, with
a copy for each Series 2000-1 Purchaser and each Series 2000-1 APA
Bank, from the Company, Huntsman International, the Master Servicer and each
Originator, complete copies of:

 

(i)                                     a copy of the Certificate of Formation or incorporation, or its
equivalent, including all amendments thereto, of such Person, certified as of a
recent date by the Secretary of State, if applicable, or other appropriate
authority of the jurisdiction of incorporation, as the case may be, and a
certificate of compliance, of status or of good standing (or other similar
certificate, if any), as and to the extent applicable, of each such Person as
of a recent date, from the Secretary of State or other appropriate authority of
such jurisdiction;

 

(ii)                                  a certificate of a Responsible Officer of such Person dated the Series 2000-1
Issuance Date and certifying (A) that attached thereto is a true and
complete copy of the constituent documents of such Person in effect as of the Series 2000-1
Issuance Date, (B) that attached thereto is a true and complete copy of
duly adopted resolutions (or, if applicable unanimous consents), of the Board
of Directors or managing members or general partners of such Person or
committees thereof authorizing the execution, delivery and performance of the
transactions contemplated by the Transaction Documents, and that such
resolutions have not been amended, modified, revoked or rescinded and are in
full force and effect on the Series 2000-1 Issuance Date, (C) that
the certificate of incorporation or formation of such Person has not been
amended since the last amendment thereto shown on the certificate of the
Secretary of State or other appropriate authority of the jurisdiction of
incorporation or formation of such Person furnished pursuant to clause (i) above and (D) as to the incumbency and
specimen signature of each director, officer or manager executing any
Transaction Document to which such Person is a party or any other document
delivered in connection herewith or therewith on behalf of such Person; and

 

(iii)                               a certificate of another Responsible Officer as to the incumbency
and specimen signature of the Responsible Officer executing the certificate
pursuant to clause (ii) above;

 

provided that
in the case of any Originator other than Huntsman International, the
requirements of this Section 9.01(b) may
be satisfied by delivery of the certificates last delivered by the relevant
Originator in connection  with the
Transaction Documents, in each case certified by a Responsible Officer of
Huntsman International as being true, correct and complete copies of such
certificates.

 

52

 

(c)                                  Good Standing Certificates.  Each Funding Agent shall
have received copies of certificates of compliance, of status or of good
standing (or similar certificate, if any), dated as of a recent date from the
Secretary of State or other appropriate authority of such jurisdiction, with
respect to the Company, Huntsman International, the Master Servicer and each
Approved Originator  in each jurisdiction
where the ownership, lease or operation of property or the conduct of business
requires it to qualify as a foreign corporation, except where the failure to so
qualify would not reasonably be expected to have a material adverse effect on
the business, operations, properties or condition (financial or otherwise) of
such Person.

 

(d)                                 Consents, Licenses, Approvals, Etc.  Each Funding Agent shall
have received, with a photocopy (which may be provided in CD-ROM or other
electronic image media or format) for each Series 2000-1 Purchaser and
each Series 2000-1 APA Bank, certificates dated the Series 2000-1
Issuance Date of a Responsible Officer of such Person either:

 

(i)                                     attaching copies of all material consents, licenses, approvals,
registrations or filings required in connection with the execution, delivery
and performance by such Person of the Agreement, this Supplement, the
Origination Agreements and/or the Servicing Agreement, as the case may be, and
the validity and enforceability of the Agreement, this Supplement, the
Origination Agreements, and/or the Servicing Agreement against such Person and
such consents, licenses and approvals shall be in full force and effect; or

 

(ii)                                  stating that no such consents, licenses, approvals registrations or
filings are so required, except for those that may be required under state
securities or “blue sky” laws;

 

provided, that the Company makes no representation or warranty as to whether
any action, consent, or approval of, registration or filing with any other
action by any Governmental Authority is or will be required in connection with
the distribution of the Series 2000-1 VFC Certificates and Series 2000-1
VFC Certificate Interests.

 

(e)                                  Lien Searches.  Each Funding Agent and the Trustee shall have
received the results of a recent search satisfactory to the Funding Agents of
any UCC filings (or equivalent filings) made with respect to the Company and
the Originators (and with respect to such other Persons as either Funding Agent
deems necessary) in the jurisdictions in which the Originators and the Company
are required to file financing statements (or similar filings) pursuant to Section 9.01(u), together with copies of the financing
statements (or similar documents) disclosed by such search, and accompanied by
evidence satisfactory to the Funding Agents that any Liens disclosed by such
search would be Permitted Liens or have been released.

 

(f)                                    Legal Opinions.  The Administrative Agent and the Trustee shall
have received, with a copy for each Series 2000-1 Purchaser and each Series 2000-1
APA Bank, legal opinions from counsel to Huntsman International, the

 

53

 

Company or the applicable Originators, as
the case may be, in each case in form and substance satisfactory to the
Administrative Agent and the Trustee.

 

(g)                                 Fees.  Each Funding Agent, the Series 2000-1
Conduit Purchaser, the Series 2000-1 APA Banks and the Trustee shall have
received payment of all fees and other amounts due and payable to any of them
on or before the Series 2000-1 Issuance Date.

 

(h)                                 Conditions Under the Origination Agreements.  A Responsible Officer of
each Originator and the Contributor, respectively, shall have certified, in
writing, that all conditions to the obligations of the Contributor and the
relevant Originator on the Series 2000-1 Issuance Date under the
applicable Origination Agreement shall have been satisfied in all material
respects.

 

(i)                                     Copies of Written Policies.  Each Funding Agent and the
Trustee shall have received from the Master Servicer a copy of the Policies in form and substance acceptable to the Funding Agents, certified by a Responsible Officer of the Master Servicer as true,
correct and complete copy of such Policies.

 

(j)                                     The Company’s Shareholders.  The composition of the
Company’s shareholders (including at least one independent director) shall be
reasonably acceptable to the Funding Agents.

 

(k)                                  Financial Statements.  Each Funding Agent shall have received audited
consolidated financial statements of income, stockholder’s equity and cash
flows of Huntsman International and its consolidated Subsidiaries for the
calendar year ended December 31, 2005 and other financial information with
respect to such entities in form and substance satisfactory to the Funding
Agents and accompanied by a copy of the opinion of Deloitte & Touche,
Independent Public Accountants.

 

(l)                                     Solvency Certificate.  Each Funding Agent and the Trustee shall have
received a certificate from the Company dated the Series 2000-1 Issuance
Date and signed by a Responsible Officer of the Company in form satisfactory to
the Funding Agents, to the effect that the Company will be solvent after giving
effect to the transactions occurring on the Series 2000-1 Issuance Date.

 

(m)                               Representations and Warranties.  On the Series 2000-1
Issuance Date, the representations and warranties of the Company and the Master
Servicer in the Agreement, the Servicing Agreement and this Supplement shall be
true and correct in all material respects.

 

(n)                                 Establishment of Company Receipts Accounts.  Each Funding Agent and the
Trustee shall be satisfied with the arrangements for the safe and timely
collection of payments in respect of Receivables.

 

(o)                                 Daily Report.  Each Funding Agent and the Trustee shall have
received a Daily Report on the Series 2000-1 Issuance Date.

 

(p)                                 Monthly Settlement Report.  Each Funding Agent and the
Trustee shall have received a Monthly Settlement Report for March 2006.

 

54

 

(q)                                 No Litigation.  Each Funding Agent shall have received
confirmation from the Master Servicer, Huntsman International and the Company
that there is no pending or, to the knowledge of the Master Servicer, Huntsman
International or the Company after due inquiry, action or proceeding threatened
in writing affecting any Originator, the Master Servicer, Huntsman
International or the Company or any of their respective Subsidiaries before any
Governmental Authority that could reasonably be expected to have a Material
Adverse Effect other than disclosed in public filings.

 

(r)                                    Back up Servicing Arrangements.  Each Funding Agent shall
have received evidence that each Originator and the Master Servicer maintains
disaster recovery systems and back up computer and other information management
systems that, in each Funding Agents’ and the Liquidation Servicer’s reasonable
judgement, are sufficient to protect such Originator’s business against
material interruption or loss or destruction of its primary computer and
information management systems.

 

(s)                                  Systems.  Each Funding Agent and Liquidation Servicer
shall have received evidence that the Master Servicer shall have established
operational systems satisfactory to the Funding Agents and the Liquidation
Servicer that are capable of aggregating information regarding the Receivables
and related Obligors from all Approved Originators.

 

(t)                                    Filings, Registrations and Recordings.

 

(i)                                     Each U.S. Originator shall have filed and recorded (in a form acceptable
to the Trustee and the Funding Agents) on or prior to the Series 2000-1
Issuance Date, at its own expense, UCC financing statements (or other similar
filings) with respect to the Receivables originated by such U.S. Originator and
the other Receivable Assets related thereto in such manner and in such
jurisdictions as are necessary to perfect the Company’s ownership interest
therein under the relevant UCC (or similar laws) and delivered evidence of such
filings to each Funding Agent on or prior to the Series 2000-1 Issuance
Date, and all other action (including but not limited to notifying related
Obligors of the assignment of a Receivable, except to the extent that the
relevant UCC and other similar laws (to the extent applicable) permit such
Originator to provide such notification subsequent to the Effective Date
without materially impairing the Company’s ownership of the Receivables and
without incurring material expenses in connection with such notification)
necessary to perfect under the relevant UCC and other similar laws (to the
extent applicable) in jurisdictions outside the United States (to the extent
applicable) the Company’s ownership of the Receivables originated by such
Originator and the other Receivable Assets related thereto shall have been duly
taken; and

 

(ii)                                  the Company (or the Master Servicer on its behalf) shall have
received copies of proper UCC financing statements (or other similar filings)
which will be filed on or before the Series 2000-1 Issuance Date, at its
own expense, with respect to the Participation Assets in such manner

 

55

 

and in such jurisdictions as are necessary
to perfect and maintain perfection of the security interest and Participation
of the Trustee, on behalf of the Trust, in the Participation Assets and
delivered evidence of such filings to each Funding Agent on or prior to the Series 2000-1
Issuance Date, and all other action (including but not limited to notifying
related Obligors of the assignment of a Receivable, except to the extent that
the relevant UCC and other similar laws (to the extent applicable) permit the
Company (or its assignees) to provide such notification subsequent to the
Effective Date without materially impairing the Trust’s security interest and
Participation in the Participation Assets and without incurring material
expenses in connection with such notification) necessary to perfect under the
relevant UCC and other similar laws (to the extent applicable) in jurisdictions
outside the United States (to the extent applicable) the Trust’s security
interest in the Participation Assets shall have been duly taken by the Company
(or by the Master Servicer on its behalf).

 

(u)                                 Obligor information as requested by the
Liquidation Servicer.  The Liquidation Servicer shall have received,
on or before the Series 2000-1 Issuance Date, information on all Eligible
Obligors, including legal name, legal address and domicile, contact name,
telephone and fax details and payment terms.

 

(v)                                 Series 2000-1 FX Hedging Agreements.  The Series 2000-1 FX
Hedging Agreements required by the FX Hedging Policy are in place.

 

(w)                               Due diligence by the Liquidation Servicer.  Within 60 days
following the Series 2000-1 Issuance Date, the Liquidation Servicer will
complete the Master Servicer Site Review and the review of the Master Servicer’s
Standby Liquidation System.

 

(x)                                   Other Requests.  Each Funding Agent shall have received such
other approvals, opinions or documents as it may reasonably request.

 

ARTICLE X

 

THE ADMINISTRATIVE AGENT AND FUNDING AGENTS

 

SECTION 10.01                                                       Appointment.

 

(a)                                  Each Series 2000-1 Purchaser and each Funding Agent hereby
irrevocably designates and appoints the Administrative Agent as the agent of
such Series 2000-1 Purchaser and Funding Agent, as the case may be, under
this Supplement and the other Transaction Documents and each such Series 2000-1
Purchaser and Funding Agent irrevocably authorizes the Administrative Agent, in
such capacity, to take such action on its behalf under the provisions of this
Supplement and the other Transaction Documents and to exercise such powers and
perform such duties as are expressly delegated to the Administrative Agent by
the terms of this Supplement and the other Transaction Documents, together with
such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary
elsewhere in

 

56

 

this Supplement or any other Transaction
Document, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Series 2000-1 Purchaser or any Funding Agent, and no
implied covenants, functions, responsibilities, duties, obligations or
liabilities shall be read into this Supplement or otherwise exist against the
Administrative Agent.

 

(b)                                 Each Series 2000-1 Purchaser hereby irrevocably designates and
appoints the Funding Agent for such Series 2000-1 Purchaser’s VFC
Purchaser Group as the agent of such Series 2000-1 Purchaser under this
Supplement and the other Transaction Documents and each such Series 2000-1
Purchaser irrevocably authorizes such Funding Agent, in such capacity, to take
such action on its behalf under the provisions of this Supplement and the other
Transaction Documents and to exercise such powers and perform such duties as
are expressly delegated to such Funding Agent by the terms of this Supplement
and the other Transaction Documents, together with such other powers as are
reasonably incidental thereto. 
Notwithstanding any provision to the contrary elsewhere in this Supplement
or any other Transaction Document, neither Funding Agent shall have any duties
or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Series 2000-1 Purchaser, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read
into this Supplement or otherwise exist against either Funding Agent.

 

(c)                                  Except as otherwise expressly provided in this Supplement, any
notice, request or other communication made by the Funding Agent for a Series 2000-1
Conduit Purchaser’s VFC Purchaser Group shall constitute a notice, request or
communication to all relevant parties within such VFC Purchaser Group and each
party to this Supplement may assume that the Funding Agent has, to the extent
applicable, forwarded such notice, request or other communication to the
relevant parties within such Series 20001- Conduit Purchaser’s VFC
Purchaser Group.

 

SECTION 10.02                                                       Delegation of Duties.

 

The
Administrative Agent and each Funding Agent may execute any of its respective
duties under this Supplement or any other Transaction Document by or through
agents or attorneys in fact and shall be entitled to advice of counsel (who may
be counsel for the Company, the Administrative Agent, a Funding Agent, the
Master Servicer, any other Series 2000-1 Conduit Purchaser or any other Series 2000-1
Purchaser), independent public accountants and other experts selected by it
concerning all matters pertaining to such duties.  Neither Funding Agent shall be responsible
for the negligence or misconduct of any agents or attorneys in fact selected by
it with reasonable care.

 

SECTION 10.03                                                       Exculpatory Provisions.

 

Neither the
Administrative Agent nor any Funding Agent nor any of their respective
officers, directors, employees, agents, attorneys in fact or Affiliates shall
be (i) liable for any action lawfully taken or omitted to be taken by it
or such Person under or in connection with the Agreement or this Supplement or
any other Transaction Document (x) with the consent or at the request of the Series 2000-1
Majority Purchasers or (y) in the absence of its own gross

 

57

 

negligence or
wilful misconduct or (ii) responsible in any manner to the Administrative
Agent or any Funding Agent or any of the Series 2000-1 Purchasers for any
recitals, statements, representations or warranties made by the Company or any
respective officer of the Company contained in this Supplement or any other
Transaction Document or in any certificate, report, statement or other document
referred to or provided for in, or received by the Administrative Agent or such
Funding Agent, as the case may be, under or in connection with, this Supplement
or any other Transaction Document or for the value, validity, effectiveness,
genuineness, enforceability or sufficiency of this Supplement or any other
Transaction Document or for any failure of the Company to perform its
obligations hereunder or thereunder. 
Neither the Administrative Agent nor any Funding Agent shall be under
any obligation to the Administrative Agent or any Funding Agent or any Series 2000-1
Purchaser to ascertain or to inquire as to the observance or performance of any
of the agreements contained in, or conditions of, this Supplement or any other
Transaction Document, or to inspect the properties, books or records of the
Company or the Master Servicer.

 

SECTION 10.04                                                       Reliance by Administrative Agent and Funding Agents.

 

The
Administrative Agent and each Funding Agent shall be entitled to rely, and
shall be fully protected in relying, upon the Series 2000-1 VFC
Certificates, any writing, resolution, notice, consent, certificate, affidavit,
letter, telecopy, telex or teletype message, statement, order or other
documents or conversation reasonably believed by it to be genuine and correct
and to have been signed, sent or made by the proper Person or Persons and upon
advice and statements of legal counsel (including counsel to the Company or the
Master Servicer), independent accountants and other experts selected by the
Administrative Agent or such Funding Agent, as the case may be, and shall not
be liable for any action taken or omitted to be taken by it in good faith in
accordance with the advice of such counsel, accountants or experts.  The Administrative Agent and each Funding
Agent may deem and treat the payee of a Series 2000-1 VFC Certificate as
the owner thereof for all purposes unless a written notice of assignment,
negotiation or transfer thereof shall have been filed with the Administrative
Agent and the related Funding Agent.  The
Administrative Agent and each Funding Agent shall be fully justified in failing
or refusing to take any action under this Supplement or any other Transaction
Document unless it shall first receive such advice or concurrence of the Series 2000-1
Majority Purchasers or, in the case of any Funding Agent, such advice
concurrence of its VFC Purchaser Group, in each case as the Administrative
Agent or such Funding Agent, as the case may be, deems appropriate and it shall
first be indemnified to its satisfaction by the Series 2000-1 APA Banks,
in the case of the Administrative Agent, or the Series 2000-1 APA Banks in
its VFC Purchaser Group, in the case of any Funding Agent, against any and all
liability and expense which may be incurred by it by reason of taking or
continuing to take any such action.  The
Administrative Agent shall in all cases be fully protected in acting, or in
refraining from acting, under this Supplement and the other Transaction
Documents in accordance with a request of any Series 2000-1 Purchaser, and
such request and any action taken or failure to act pursuant thereto shall be
binding.  Each Funding Agent shall in all
cases be fully protected in acting, or in refraining from acting, under this
Supplement and the other Transaction Documents in accordance with a request of
the Series 2000-1 Purchasers in its VFC Purchaser Group given in
accordance with its applicable Series 2000-1 Asset Purchase Agreement, and
such request and any action taken or failure to act pursuant thereto shall be
binding.

 

58

 

SECTION 10.05                                                       Notice of Master Servicer Default or Series 2000-1 Early
Amortization Event or Potential Series 2000-1 Early Amortization Event.

 

Neither the
Administrative Agent nor any Funding Agent shall be deemed to have knowledge or
notice of the occurrence of any Master Servicer Default or any Series 2000-1
Early Amortization Event or Potential Series 2000-1 Early Amortization
Event hereunder unless the Administrative Agent or such Funding Agent has
received written notice from the Administrative Agent, a Funding Agent, a Series 2000-1
Purchaser, the Company or the Master Servicer referring to the Agreement or
this Supplement, describing such Master Servicer Default or such Series 2000-1
Early Amortization Event or Potential Series 2000-1 Early Amortization
Event and stating that such notice is a “notice of a Master
Servicer Default with respect to the Master Servicer” or a “notice of a Series 2000-1 Early Amortization Event or Potential Series 2000-1
Early Amortization Event”, as the case may be.  In the event that the Administrative Agent or
a Funding Agent receives such notice, the Administrative Agent or such Funding
Agent shall give notice thereof to the Series 2000-1 Purchasers, the Series 2000-1
APA Banks, the Company and the Master Servicer. 
The Administrative Agent shall take such action with respect to such
Master Servicer Default or Series 2000-1 Early Amortization Event or
Potential Series 2000-1 Early Amortization Event as shall be reasonably
directed by the Series 2000-1 Majority Purchasers; provided
that unless and until the Administrative Agent shall have received such
directions and indemnification satisfactory to the Administrative Agent from
the Series 2000-1 APA Banks, the Administrative Agent may (but shall not
be obligated to) take such action, or refrain from taking such action, with
respect to such Master Servicer Default or Series 2000-1 Early
Amortization Event or Potential Series 2000-1 Early Amortization Event as
it shall deem advisable in the best interests of the Series 2000-1
Purchasers.  Each Funding Agent shall
take such action (to the extent permitted hereunder) with respect to such
Master Servicer Default or Series 2000-1 Early Amortization Event or
Potential Series 2000-1 Early Amortization Event as shall be reasonably
directed by the Series 2000-1 Purchasers in its VFC Purchaser Group in
accordance with its applicable Series 2000-1 Asset Purchase Agreement; provided that unless and until a Funding Agent shall have
received such directions and indemnification satisfactory to such Funding Agent
from the related Series 2000-1 APA Banks, such Funding Agent may (but
shall not be obligated to) take such action, or refrain from taking such
action, with respect to such Master Servicer Default or Series 2000-1
Early Amortization Event or Potential Series 2000-1 Early Amortization
Event as it shall deem advisable in the best interests of the related Series 2000-1
Purchasers.

 

SECTION 10.06                                                       Non Reliance on Administrative Agent or Funding Agents and Other Series 2000-1
Purchasers.

 

Each Series 2000-1
Purchaser expressly acknowledges that neither the Administrative Agent nor any
Funding Agent nor any of their respective officers, directors, employees,
agents, attorneys in fact or Affiliates have made any representations or
warranties to it and that no action by the Administrative Agent or any Funding
Agent hereinafter taken, including any review of the affairs of the Company,
shall be deemed to constitute any representation or warranty by the
Administrative Agent or any Funding Agent to any Series 2000-1
Purchaser.  Each Series 2000-1
Purchaser represents to the Administrative Agent and each Funding Agent that it
has, independently and without reliance upon the Administrative Agent or either
Funding Agent or any other Series 2000-1 Purchaser, and based on such
documents and information as it has deemed appropriate, made its own appraisal
of and investigation into the business, operations, property, financial and
other condition and creditworthiness of the Company and made its own decision
to enter into this Supplement.  Each Series 2000-1

 

59

 

Purchaser also
represents that it will, independently and without reliance upon the
Administrative Agent or any Funding Agent or any other Series 2000-1
Purchaser, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals
and decisions in taking or not taking action under this Supplement and the
other Transaction Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial
and other condition and creditworthiness of the Company.  Except for notices, reports and other
documents expressly required to be furnished to the Series 2000-1
Purchasers by the Administrative Agent or its related Funding Agent hereunder,
neither the Administrative Agent nor any Funding Agent shall have any duty or
responsibility to provide any Series 2000-1 Purchaser with any credit or
other information concerning the business, operations, property, condition
(financial or otherwise), prospects or creditworthiness of the Company which
may come into the possession of the Administrative Agent or such Funding Agent
or any of its officers, directors, employees, agents, attorneys in fact or
Affiliates.

 

SECTION 10.07                                                       Indemnification.

 

(a)                                  The Series 2000-1 APA Banks agree to indemnify the
Administrative Agent in its capacity as such (to the extent not reimbursed by
Huntsman International and the Company and without limiting the obligation of
Huntsman International, the Company and the Master Servicer to do so), ratably
according to their respective Series 2000-1 Commitment Percentages in effect
on the date on which indemnification is sought (or, if indemnification is
sought after the Series 2000-1 Commitment Termination Date, ratably in
accordance with their Series 2000-1 Commitment Percentages immediately
prior to such date), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever which may at any time be imposed or,
incurred by or asserted against the Administrative Agent in any way relating to
or arising out of, the Series 2000-1 Commitments, this Supplement, any of
the other Transaction Documents or any documents contemplated by or referred to
herein or therein or the transactions contemplated hereby or thereby or any
action taken or omitted by the Administrative Agent under or in connection with
any of the foregoing; provided that
no Series 2000-1 Purchaser shall be liable for the payment of any portion
of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements to the extent resulting solely from the
Administrative Agent’s gross negligence or wilful misconduct.  The agreements in this Section shall
survive the payment of all amounts payable hereunder.

 

(b)                                 The Series 2000-1 APA Banks in each VFC Purchaser Group agree
to indemnify the related Funding Agent in its capacity as such (to the extent
not reimbursed by Huntsman International and the Company and without limiting
the obligation of Huntsman International, the Company and the Master Servicer
to do so), ratably according to their respective Series 2000-1 Commitment
Percentages as a percentage of all Series 2000-1 Commitments in such VFC
Purchaser Group, in effect on the date on which indemnification is sought (or,
if indemnification is sought after the Series 2000-1 Commitment
Termination Date, ratably in accordance with their Series 2000-1
Commitment Percentages as a percentage of all Series 2000-1 Commitments in
such VFC

 

60

 

Purchaser Group, immediately prior to such
date), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind whatsoever which may at any time be imposed or, incurred by or asserted
against the such Funding Agent in any way relating to or arising out of, the Series 2000-1
Commitments, this Supplement, any of the other Transaction Documents or any
documents contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by the such
Funding Agent under or in connection with any of the foregoing; provided that no Series 2000-1 Purchaser shall be
liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
to the extent resulting solely from such Funding Agent’s gross negligence or
wilful misconduct.  The agreements in
this Section shall survive the payment of all amounts payable hereunder.

 

SECTION 10.08                                                       Administrative Funding and Funding Agent in Its Individual Capacity.

 

The
Administrative Agent, each Funding Agent and their respective Affiliates may
make loans to, accept deposits from and generally engage in any kind of
business with the Company, the Master Servicer or any of their Affiliates as
though the Administrative Agent or such Funding Agent, as the case may be, were
not the Administrative Agent or a Funding Agent hereunder.  With respect to any Series 2000-1 VFC
Certificate Interest held by the Administrative Agent or a Funding Agent, the
Administrative Agent or such Funding Agent, as the case may be, shall have the
same rights and powers under this Supplement and the other Transaction Documents
as any Series 2000-1 Purchaser and may exercise the same as though it were
not a Funding Agent, and the terms “Series 2000-1 APA
Bank” and “Series 2000-1
Purchaser” shall include the Administrative Agent or such Funding
Agent, as the case may be, in its individual capacity.

 

SECTION 10.09                                                       Successor Administrative Agent and Funding Agent.

 

(a)                                  The Administrative Agent may resign as Administrative Agent upon ten
(10) days’ notice to the Trustee, each Funding Agent, the Series 2000-1
Purchasers and the Company and such resignation is not to be effective until a
successor funding agent is appointed.  If
the Administrative Agent shall resign as Administrative Agent under this
Supplement, then the Series 2000-1 Purchasers shall appoint from among the
Series 2000-1 Purchasers a successor agent for the Series 2000-1
Purchasers, which successor agent shall be approved by the Company and the
Master Servicer (which approval shall not be unreasonably withheld), whereupon
such successor agent shall succeed to the rights, powers and duties of the
Administrative Agent, and the term “Administrative Agent”
shall include such successor agent effective upon such appointment and
approval, and the former Administrative Agent’s rights, powers and duties as
the Administrative Agent shall be terminated, without any other or further act
or deed on the part of such former Administrative Agent or any of the parties
to this Supplement.  After any retiring
Administrative Agent’s resignation as the Administrative Agent, the provisions
of this Article X shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was the
Administrative Agent under this Supplement.

 

61

 

(b)                                 Each Funding Agent may resign as a Funding Agent upon ten (10) days’
notice to the Administrative Agent, the Trustee, the other Funding Agent(s),
the Series 2000-1 Purchasers and the Company and such resignation is not
to be effective until a successor funding agent is appointed.  If a Funding Agent shall resign as Funding
Agent under this Supplement, then the Series 2000-1 Purchasers in the
related VFC Purchaser Group shall appoint from among the Series 2000-1 APA
Banks in the related VFC Purchaser Group a successor agent for the Series 2000-1
Purchasers, which successor agent shall be approved by the Company and the
Master Servicer (which approval shall not be unreasonably withheld), whereupon
such successor agent shall succeed to the rights, powers and duties of such
Funding Agent, and the term “Funding Agent”
shall include such successor agent effective upon such appointment and
approval, and the former Funding Agent’s rights, powers and duties as a Funding
Agent shall be terminated, without any other or further act or deed on the part
of such former Funding Agent or any of the parties to this Supplement.  After any retiring Funding Agent’s
resignation as a Funding Agent, the provisions of this Article X
shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was a Funding Agent under this Supplement.

 

ARTICLE XI

 

MISCELLANEOUS

 

SECTION 11.01                                                       Ratification of Agreement.

 

As
supplemented by this Supplement, the Agreement is in all respects ratified and
confirmed and the Agreement as so supplemented by this Supplement shall be
read, taken and construed as one and the same instrument.

 

SECTION 11.02                                                       Governing Law.

 

THIS
SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK WITHOUT REFERENCE TO ANY CONFLICT OF LAW PRINCIPLES (OTHER
THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

SECTION 11.03                                                       Further Assurances.

 

Each of the
Company, the Master Servicer and the Trustee agrees, from time to time, to do
and perform any and all acts and to execute any and all further instruments
required or reasonably requested by the Administrative Agent or the Funding
Agents more fully to give effect to the purposes of this Supplement and the
sale of the Series 2000-1 VFC Certificates and the Series 2000-1 VFC
Certificate Interests hereunder, including, in the case of the Company and the
Master Servicer, the execution of any financing or registration statements or
similar documents or notices or continuation statements relating to the
Receivables and the other Participation Assets for filing or registration under
the provisions of the relevant UCC or similar legislation of any applicable
jurisdiction; provided that, in the case of the
Trustee, in furtherance and without limiting the generality of Section 8.01(d) of the Agreement, the Trustee
shall have received reasonable assurance in writing of adequate reimbursement
and

 

62

 

indemnity in
connection with taking such action before the Trustee shall be required to take
any such action.

 

SECTION 11.04                                                       Payments.

 

Each payment
to be made hereunder shall be made on the required payment date in U.S. Dollars
and/or Euro (as applicable) and in immediately available funds, if to any Series 2000-1
Purchaser, at the office of the related Funding Agent as determined in
accordance with Section 11.09.  Except in the circumstances described in Section 2.06(c), on each Distribution Date, each
Funding Agent shall remit in like funds to each related Series 2000-1
Purchaser its applicable pro rata share
(based on each such Series 2000-1 Purchaser’s Series 2000-1 Purchaser
Invested Amount) of each such payment received by such Funding Agent for the
account of the related Series 2000-1 Purchasers.  The Master Servicer shall provide
instructions to the Trustee with respect to conversion of funds from one
currency into another currency and the Trustee is hereby authorized, to the
extent it is required to convert funds in one currency into funds in another
currency in order to make any payment or distribution, to convert such funds at
the Spot Rate provided by the Paying Agent.

 

SECTION 11.05                                                       Costs and Expenses.

 

The Company
agrees to pay all reasonable fees and out of pocket costs and expenses of the
Trustee, the Administrative Agent, each Funding Agent, each Series 2000-1
Conduit Purchaser and each Series 2000-1 APA Bank (including reasonable
fees and disbursements of counsel to the Trustee, the Administrative Agent,
each Funding Agent each Series 2000-1 Conduit Purchaser) in connection
with (i) the preparation, execution and delivery of this Supplement, the
Agreement, and the other Transaction Documents and amendments or waivers of any
such documents, (ii) the reasonable enforcement by the Trustee, the
Administrative Agent, any Funding Agent, any Series 2000-1 Conduit
Purchaser or any Series 2000-1 APA Bank of the obligations and liabilities
of the Company and the Master Servicer under the Agreement, this Supplement,
the other Transaction Documents or any related document, (iii) any
restructuring or workout of the Agreement, this Supplement or any related
document and (iv) any inspection of the Company’s and/or the Master
Servicer’s offices, properties, books and records and any discussions with the
officers, employees and the Independent Public Accountants of the Company or
the Master Servicer; provided, however,
that any payments made by the Company pursuant to this Section 11.05
shall be Company Subordinated Obligations; and provided,
further, that in respect of payments of out-of-pocket costs and
expenses incurred pursuant to clause (iv) above,
the Company agrees to pay such out-of-pocket costs and expenses (a) in
connection with one inspection conducted once every calendar year prior to the
occurrence of a Series 2000-1 Early Amortization Event or a Master Servicer
Default; provided, however, that such annual
inspection with respect to a Funding Agent shall not exceed $30,000; and (b) in
connection with any inspection conducted following the occurrence and during
the continuance of a Series 2000-1 Early Amortization Event or a Master
Servicer Default.

 

SECTION 11.06                                                       No Waiver; Cumulative Remedies.

 

No failure to
exercise and no delay in exercising, on the part of the Trustee, the
Administrative Agent, either Funding Agent or any Series 2000-1 Purchaser,
any right, remedy, power or privilege hereunder, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power
or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege.  The

 

63

 

rights,
remedies, powers and privileges herein provided are cumulative and not
exhaustive of any rights, remedies, powers and privileges provided by law.

 

SECTION 11.07                                                       Amendments.

 

(a)                                  Subject to this Section 11.07(c),
this Supplement may be amended in writing from time to time by the Master
Servicer, the Company and the Trustee, with the prior written notice to and
written consent of each Funding Agent, but without the consent of any holder of
a Series 2000-1 VFC Certificate or any Series 2000-1 VFC Certificate
Interest, to cure any ambiguity, to correct or supplement any provisions herein
which may be inconsistent with any other provisions herein or to add any other
provisions to or change in any manner or eliminate any of the provisions with
respect to matters or questions raised under this Supplement which shall not be
inconsistent with the provisions of any Pooling and Servicing Agreement; provided, however, that
such action shall not, as evidenced by a Responsible Officer’s Certificate of
the Company delivered to the Trustee upon which the Trustee may conclusively
rely, have a Material Adverse Effect (but, to the extent that the determination
of whether such action would have a Material Adverse Effect requires a
conclusion as to a question of law, an Opinion of Counsel shall be delivered by
the Company to the Trustee in addition to such Responsible Officer’s
Certificate).  The Trustee may, but shall
not be obligated to, enter into any such amendment pursuant to this Section 11.07(a) or Section 11.07(b) that
affects the Trustee’s rights, duties or immunities under any Pooling and
Servicing Agreement or otherwise.

 

(b)                                 Subject to Section 11.07(c),
this Supplement may also be amended (other than in the circumstances referred
to in Section 11.07(a)) in writing from
time to time by the Master Servicer, the Company and the Trustee with the
written consent of each Funding Agent and the Series 2000-1 Majority
Purchasers for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Supplement or of modifying
in any manner the rights of the Series 2000-1 VFC Certificateholders; provided, however, that
no such amendment shall, unless signed or consented to in writing by all Series 2000-1
Purchasers, (i) extend the time for payment, or reduce the amount, of any
amount of money payable to or for the account of any Series 2000-1
Purchaser under any provision of this Supplement, extend the Series 2000-1
Termination Date or reduce the Series 2000-1 Subordinated Interests, (ii) subject
any Series 2000-1 Purchaser to any additional obligation (including, any
change in the determination of any amount payable by any Series 2000-1
Purchaser) or (iii) change the VFC Pro Rata Shares or the Series 2000-1
Aggregate Commitment Amount or the percentage of Series 2000-1 Purchasers
which shall be required for any action under this Section or any other
provision of this Supplement.

 

(c)                                  No amendment to this Supplement shall be effective unless the prior
written consent of each Funding Agent is obtained.

 

(d)                                 Each of the Company and the Trustee hereby agrees that the Company
and the Trustee may not perform a Company Exchange in accordance with Section 5.11 of the Agreement without:

 

64

 

(i)                                     the prior written consent of, (A) if the Company Exchange will
occur prior to a Conduit Purchaser Termination Event with respect to a Series 2000-1
Conduit Purchaser, the Series 2000-1 Conduit Purchaser in such VFC
Purchaser Group and the Series 2000-1 Required APA Banks in such VFC
Purchaser Group and (B) if the Company Exchange will occur on or after a
Conduit Purchaser Termination Event with respect to a Series 2000-1
Conduit Purchaser, the Series 2000-1 Purchase Date with respect to a Series 2000-1
Conduit Purchaser or any day thereafter, the Series 2000-1 Required APA
Banks in such VFC Purchaser Group;

 

(ii)                                  the prior written consent of each Funding Agent; and

 

(iii)                               to the extent determined applicable by the Funding Agents, entering
into an amendment to this Supplement (in form satisfactory to the Funding
Agents) to provide under this Supplement the benefit of any term or condition
with respect to any Series relating to such Company Exchange which the
Funding Agents determine is more favourable to the relevant Holders than is
provided under this Supplement.

 

(e)                                  Each of the Company and the Trustee hereby agrees that no term of
the Agreement which relates to a Funding Agent or the Administrative Agent may
be amended, modified, waived or otherwise varied without the prior written
consent of each Funding Agent and the Administrative Agent.

 

SECTION 11.08                                                       Severability.

 

If any
provision hereof is void or unenforceable in any jurisdiction, such status
shall not affect the validity or enforceability of (i) such provision in
any other jurisdiction or (ii) any other provision hereof in such or any
other jurisdiction.

 

SECTION 11.09                                                       Notices.

 

(a)                                  All notices, requests and demands to or upon any party hereto to be
effective shall be given (i) in the case of the Company, the Master
Servicer and the Trustee, in the manner set forth in Section 10.05
of the Agreement and (ii) in the case of the Administrative Agent, each
Funding Agent, each Series 2000-1 Conduit Purchaser and each Series 2000-1
APA Bank, in writing (including a confirmed transmission by telecopy), and,
unless otherwise expressly provided herein, shall be deemed to have been duly
given or made when delivered by hand or three days after being deposited in the
mail, postage prepaid, or, in the case of telecopy notice, when received, in
the case of the Administrative Agent, each Funding Agent, each Series 2000-1
Conduit Purchaser and each Series 2000-1 APA Bank, at their respective addresses
set forth on Schedule IV attached hereto
or below their names on Attachment 1 to
any Series 2000-1 Commitment Transfer Supplement, as applicable; or to
such other address as may be hereafter notified by any of the respective
parties hereto.

 

(b)                                 Notices, requests and demands hereunder may be delivered or
furnished by electronic communications pursuant to procedures approved by the
Master Servicer, the Administrative Agent, the Funding Agents and the Trustee; 

 

65

 

provided that the foregoing shall not apply to notices pursuant to Article 11 unless otherwise agreed by the
Administrative Agent and the applicable Funding Agent with respect to a VFC
Purchaser Group.  The Master Servicer,
the Administrative Agent, the Funding Agents and the Trustee may, each in its
discretion, agree to accept notices, requests and demands to it hereunder by
electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to
particular notices or communications.

 

SECTION 11.10                                                       Successors and Assigns.

 

(a)                                  This Supplement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.

 

(b)                                 Any Series 2000-1 Purchaser (x) may at any time, upon the
consent of the related Series 2000-1 Conduit Purchaser and the related
Funding Agent, and (y) shall, upon the request of the related Series 2000-1
Conduit Purchaser and the related Funding Agent, in the event that a Series 2000-1
Purchaser that is a Series 2000-1 APA Bank shall cease to have short term
debt ratings of at least “A-1” by S&P and at least “P-1” by Moody’s, or, if
such Series 2000-1 APA Bank does not have short term debt which is rated
by S&P and Moody’s, in the event the parent corporation of such Series 2000-1
APA Bank has rated short term debt, such parent corporation ceases to have
short term debt ratings of at least “A-1” by S&P and at least “P-1” by
Moody’s, assign to one or more Eligible Assignees (any such assignee shall be
referred to herein as “Series 2000-1
Acquiring Purchaser”) all or a portion of its interests, rights and
obligations under this Supplement and the Transaction Documents; provided, however, that:

 

(i)                                     the amount of the Series 2000-1 Commitment of the assigning Series 2000-1
APA Bank subject to each such assignment (determined as of the date the Series 2000-1
Commitment Transfer Supplement with respect to such assignment is delivered to
the related Funding Agent) shall not be less than $10,000,000 (or, if less, the
entire remaining amount of such Series 2000-1 Purchaser’s Series 2000-1
Commitment);

 

(ii)                                  the parties to each such assignment shall execute and deliver to the
Administrative Agent and the related Funding Agent a Series 2000-1
Commitment Transfer Supplement, substantially in the form of Exhibit B, together with a processing and recordation
fee payable to the Administrative Agent of $3,500;

 

(iii)                               the Series 2000-1 Acquiring Purchaser, if it shall not already
be a Series 2000-1 Purchaser, shall deliver to the Administrative Agent
and the related Funding Agent an Administrative Questionnaire, substantially in
the form of Exhibit C to this Supplement;
and

 

(iv)                              such assignment shall comply in all respects with the terms of the
applicable Series 2000-1 Asset Purchase Agreement.

 

66

 

Any Series 2000-1
Purchaser can assign all or a portion of its interests, rights and obligations
under this Supplement and the Transaction Documents to a Conduit Assignee of
such Series 2000-1 Purchaser, which Conduit Assignee is rated at least “A-1”
by S&P and at least “P-1” by Moody’s, without consent; provided
that such assignment would not result in adverse tax consequences with respect
to the obligations of the Company pursuant to Section 7.03
hereof or increased costs for the Company or any of its Affiliates with respect
to the obligations of the Company or such Affiliate pursuant to Section 7.02 hereof, in which instance Company consent
would be required (which consent may not be unreasonably withheld).  Upon acceptance and recording pursuant to Section 11.10(e), from and after the applicable Series 2000-1
Transfer Effective Date (A) the Series 2000-1 Acquiring Purchaser
thereunder shall be a party hereto and, to the extent of the interest assigned
by such Series 2000-1 Commitment Transfer Supplement, have the rights and
obligations of a Series 2000-1 Purchaser under this Supplement and (B) the
assigning Series 2000-1 Purchaser thereunder shall, to the extent of the interest
assigned pursuant to Series 2000-1 Commitment Transfer Supplement, be
released from its obligations under this Supplement and the other Transaction
Documents (and, in the case of a Series 2000-1 Commitment Transfer
Supplement covering all or the remaining portion of an assigning Series 2000-1
APA Bank’s rights and obligations under this Supplement and the other
Transaction Documents, such Series 2000-1 APA Bank shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 7.01, 7.02, 7.03, 7.04 and 11.05, as well as to any fees accrued for its account and
not yet paid).

 

(c)                                  By executing and delivering a Series 2000-1 Commitment Transfer
Supplement, the assigning Series 2000-1 APA Bank thereunder and the Series 2000-1
Acquiring Purchaser thereunder shall be deemed to confirm to and agree with
each other and the other parties hereto as follows:

 

(i)                                     such assigning Series 2000-1 Purchaser warrants that it is the
legal and beneficial owner of the interest being assigned thereby free and
clear of any adverse claim and that its Series 2000-1 Commitment and the
outstanding balances of the Series 2000-1 VFC Certificates being assigned,
in each case without giving effect to assignments thereof which have not become
effective, are as set forth in such Series 2000-1 Commitment Transfer
Supplement;

 

(ii)                                  except as set forth in sub-clause (i) above,
such assigning Series 2000-1 Purchaser makes no representation or warranty
and assumes no responsibility with respect to any statements, warranties or
representations made in or in connection with this Supplement or any other
Transaction Document, or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Supplement, any other Transaction
Document or any other instrument or document furnished pursuant hereto or
thereto, or the financial condition of any Originator, the Master Servicer or
the Company or the performance or observance by any Originator, the Master
Servicer or the Company of any of their respective obligations under this
Supplement, any other

 

67

 

Transaction Document or any other
instrument or document furnished pursuant hereto or thereto;

 

(iii)                               such Series 2000-1 Acquiring Purchaser represents and warrants
that it is legally authorized to enter into such Series 2000-1 Commitment
Transfer Supplement;

 

(iv)                              such Series 2000-1 Acquiring Purchaser confirms that it has
received a copy of this Supplement or any other Transaction Document and such other
documents and information as it has deemed appropriate to make its own credit
analysis and decision to enter into such Series 2000-1 Commitment Transfer
Supplement;

 

(v)                                 such Series 2000-1 Acquiring Purchaser will independently and
without reliance upon the Administrative Agent, either Funding Agent, the
Trustee, the assigning Series 2000-1 Purchaser or any other Series 2000-1
Purchaser and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under this Supplement or any other Transaction Document;

 

(vi)                              such Series 2000-1 Acquiring Purchaser appoints and authorizes
the Administrative Agent and the related Funding Agent and the Trustee to take
such action as agent on its behalf and to exercise such powers under this
Supplement and the other Transaction Documents as are delegated to the
Administrative Agent and the related Funding Agent and the Trustee,
respectively, by the terms hereof, together with such powers as are reasonably
incidental thereto; and

 

(vii)                           such Series 2000-1 Acquiring Purchaser agrees that it will
perform in accordance with its terms all the obligations which by the terms of
this Supplement are required to be performed by it as a Series 2000-1
Purchaser.

 

(d)                                 Notwithstanding and in addition to the provisions of Section 5.03 of the Agreement, the Administrative Agent
shall maintain at one of its offices a copy of each Series 2000-1
Commitment Transfer Supplement delivered to it and a register for the
recordation of the names and addresses of the Series 2000-1 Purchaser, and
the Series 2000-1 Commitments of, and the principal amount of the Series 2000-1
VFC Certificate issued to, the Series 2000-1 VFC Certificateholder and
each Series 2000-1 VFC Certificate Interest allocated to each Series 2000-1
Purchaser pursuant to the terms hereof from time to time (the “Series 2000-1 Register”).  Notwithstanding the provisions of Section 5.06 of the Agreement, the entries in the Series 2000-1
Register as provided in this Section 11.10(d) shall
be conclusive and the Company, the Master Servicer, the Series 2000-1
Purchaser, the Transfer Agent and Registrar, the Administrative Agent, the
related Funding Agent and the Trustee shall treat each Person whose name is
recorded in the Series 2000-1 Register pursuant to the terms hereof as a Series 2000-1
Purchaser hereunder for all purposes of this Supplement, notwithstanding notice
to the contrary.  However, in accordance
with Section 5.06 of the Agreement, in
determining whether the

 

68

 

holders of the requisite Fractional
Undivided Interests have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, any Investor Certificate owned by the
Company, the Master Servicer, the Servicer Guarantor, any Originator or any
Affiliate thereof, shall be disregarded and deemed not to be outstanding,
except that, in determining whether the Trustee shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or
waiver, only an Investor Certificate which a Responsible Officer of the Trustee
actually knows to be so owned shall be so disregarded.  Any Series 2000-1 VFC Certificate owned
by the Company, the Master Servicer, any Originator or any Affiliate thereof
which has been pledged in good faith shall not be disregarded and may be
regarded as outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Investor Certificate
and that the pledgee is not the Company, the Master Servicer, any Originator or
any Affiliate thereof.  The Series 2000-1
Register shall be available for inspection by the Company, the Master Servicer,
any Originator, the Series 2000-1 Purchasers and the Trustee, at any
reasonable time and from time to time upon reasonable prior notice.

 

(e)                                  Upon its receipt of a duly completed Series 2000-1 Commitment
Transfer Supplement executed by an assigning Series 2000-1 Purchaser or Series 2000-1
APA Bank, as applicable, and a Series 2000-1 Acquiring Purchaser, an
Administrative Questionnaire completed in respect of the Series 2000-1
Acquiring Purchaser (unless the Series 2000-1 Acquiring Purchaser shall
already be a Series 2000-1 Purchaser hereunder) and the processing and
recordation fee referred to in Section 11.10(b) above,
(i) the Administrative Agent and the related Funding Agent shall accept
such Series 2000-1 Commitment Transfer Supplement, (ii) the
Administrative Agent shall record the information contained therein in the Series 2000-1
Register and (iii) the related Funding Agent shall give prompt written
notice thereof to the Series 2000-1 Purchaser, the Company, the Master
Servicer and the Trustee.  No assignment
shall be effective unless and until it has been recorded in the Series 2000-1
Register as provided in this Section 11.10(e).

 

(f)                                    Any Series 2000-1 Purchaser or Series 2000-1 APA Bank may
sell participations to one or more banks or other entities (the “Series 2000-1 Participants”) in all or a portion of its
rights and obligations under this Supplement and the other Transaction
Documents (including all or a portion of its Series 2000-1 Commitment and
its Series 2000-1 VFC Certificate Interest); provided,
however, that:

 

(i)                                     such Series 2000-1 Purchaser’s or Series 2000-1 APA Bank’s
obligations under this Supplement shall remain unchanged;

 

(ii)                                  such Series 2000-1 Purchaser or Series 2000-1 APA Bank
shall remain solely responsible to the other parties hereto for the performance
of such obligations;

 

(iii)                               the Series 2000-1 Participants shall be entitled to the benefit
of the cost protection provisions contained in Sections
7.01, 7.02, 7.03
and 7.04, and shall be required to provide
the tax forms and certifications

 

69

 

described in Section 7.03(b),
to the same extent as if they were Series 2000-1 Purchasers or Series 2000-1
APA Banks; provided that no such Participant
shall be entitled to receive any greater amount pursuant to such Sections than
a Series 2000-1 Purchaser or Series 2000-1 APA Bank, as applicable,
would have been entitled to receive in respect of the amount of the
participation sold by such Series 2000-1 Purchaser or Series 2000-1
APA Bank to such Series 2000-1 Participant had no sale occurred;

 

(iv)                              the Company, the Master Servicer, the other Series 2000-1
Purchasers, the Series 2000-1 APA Banks, the Administrative Agent, the
Funding Agents and the Trustee shall continue to deal solely and directly with
such Series 2000-1 Purchaser or Series 2000-1 APA Bank in connection
with such Series 2000-1 Purchaser’s or Series 2000-1 APA Bank’s
rights and obligations under this Supplement, and such Series 2000-1
Purchaser or Series 2000-1 APA Bank shall retain the sole right to enforce
its rights under its Series 2000-1 VFC Certificate Interest and to approve
any amendment, modification or waiver of any provision of this Supplement
(other than amendments, modifications or waivers decreasing any fees payable
hereunder or the amount of principal of or the rate at which interest is
payable on the Series 2000-1 VFC Certificates, extending any scheduled
principal payment date or date fixed for the payment of interest on the Series 2000-1
VFC Certificates or increasing or extending the Series 2000-1
Commitments); and

 

(v)                                 the sum of the aggregate amount of any Series 2000-1 Commitment
or portion thereof subject to each such participation plus
the portion of the Series 2000-1 Invested Amount represented by any Series 2000-1
VFC Certificate Interest subject to such participation shall not be less than
$10,000,000.

 

(g)                                 Any Series 2000-1 Purchaser or Series 2000-1 APA Bank may,
in connection with any assignment or participation or proposed assignment or
participation pursuant to this Section 11.10,
disclose to the Series 2000-1 Acquiring Purchaser or Series 2000-1
Participant or proposed Series 2000-1 Acquiring Purchaser or Series 2000-1
Participant any information relating to any Originator, the Master Servicer,
the Trust or the Company furnished to such Series 2000-1 Purchaser or Series 2000-1
APA Bank by or on behalf of such entities; provided that,
prior to any such disclosure of information, each such Series 2000-1
Acquiring Purchaser or Series 2000-1 Participant or proposed Series 2000-1
Acquiring Purchaser or Series 2000-1 Participant shall execute and deliver
to the Master Servicer a confidentiality agreement in the form of Exhibit G.

 

(h)                                 Neither the Company nor the Master Servicer shall assign or delegate
any of its rights or duties hereunder other than to an Affiliate thereof
without the prior written consent of the Funding Agents, the Trustee and each Series 2000-1
Purchaser, and any attempted assignment without such consent shall be null and
void.

 

70

 

(i)                                     Notwithstanding any other provisions herein, no transfer or
assignment of any interests or obligations of any Series 2000-1 Purchaser
or Series 2000-1 APA Bank hereunder or any grant of participation therein
shall be permitted if such transfer, assignment or grant would result in a
prohibited transaction under Section 4975 of the Internal Revenue Code or Section 406
of ERISA or cause the Participation Assets to be regarded as “plan assets”
pursuant to 29 C.F.R. § 2510.3 101, or require the Company or an
Originator to file a registration statement with the Securities and Exchange
Commission or to qualify under the “blue sky” laws of any state.

 

(j)                                     No provision of the Transaction Documents shall in any manner
restrict the ability of the Series 2000-1 Conduit Purchasers to assign,
participate, grant security interests in, or otherwise transfer any portion of
their respective Series 2000-1 Purchaser Invested Amounts.  Without limiting the foregoing, each Series 2000-1
Conduit Purchaser may, on one or a series of transactions, transfer all or any
portion of its Series 2000-1 Purchaser Invested Amount, and its rights and
obligations under the Transaction Documents to a Conduit Assignee.

 

SECTION 11.11                                                       Counterparts.

 

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

 

SECTION 11.12                                                       Adjustments; Setoff.

 

(a)                                  If any Series 2000-1 Purchaser (a “Series 2000-1
Benefited Purchaser”) shall at any time receive in respect of its Series 2000-1
Purchaser Invested Amount any distribution of any amount, including Series 2000-1
Unused Fee, Series 2000-1 Utilization Fee or other fees, or any interest
thereon, or receive any collateral in respect thereof (whether voluntarily or
involuntarily, by setoff, or otherwise) in a greater proportion than any such
distribution received by any other Series 2000-1 Purchaser, if any, in
respect of such other Series 2000-1 Purchaser’s Series 2000-1
Purchaser Invested Amount, or interest thereon, such Series 2000-1
Benefited Purchaser shall purchase for cash from the other Series 2000-1
Purchasers such portion of each such other Series 2000-1 Purchaser’s Series 2000-1
VFC Certificate Interest, or shall provide such other Series 2000-1
Purchasers with the benefits of any such collateral, or the proceeds thereof,
as shall be necessary to cause such Series 2000-1 Benefited Purchaser to
share the excess payment or benefits of such collateral or proceeds ratably
with each of the Series 2000-1 Purchasers; provided,
however, that if all or any portion of
such excess payment or benefits is thereafter recovered from such Series 2000-1
Benefited Purchaser, such purchase shall be rescinded, and the purchase price
and benefits returned, to the extent of such recovery, but without
interest.  The Master Servicer agrees
that each Series 2000-1 Purchaser so purchasing a Series 2000-1 VFC
Certificate Interest may exercise all rights of payment (including rights of
setoff) with respect to such portion as fully as if such Series 2000-1
Purchaser were the direct holder of such portion.

 

71

 

(b)                                 In addition to any rights and remedies of the Series 2000-1
Purchasers provided by law, each Series 2000-1 Purchaser shall have the
right, without prior notice to the Company, any such notice being expressly
waived by the Company, to the extent permitted by applicable law, upon any
amount becoming due and payable by the Company hereunder or under the Series 2000-1
VFC Certificates to setoff and appropriate and apply against any and all
deposits (general or special, time or demand, provisional or final), in any
currency, and any other credits, indebtedness or claims, in any currency, in
each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by such Series 2000-1 Purchaser to or
for the credit or the account of the Company. 
Each Series 2000-1 Purchaser agrees promptly to notify the Company,
the Administrative Agent and the Funding Agents after any such setoff and
application made by such Series 2000-1 Purchaser; provided
that the failure to give such notice shall not affect the validity of such
setoff and application.

 

SECTION 11.13                                                       Limitation of Payments by the Company.

 

The Company’s
obligations under Article VII
shall be limited to the funds available to the Company which have been properly
distributed to the Company pursuant to the Agreement and any Supplement and
neither the Administrative Agent, nor any Funding Agent nor any Series 2000-1
Purchaser shall have any actionable claim against the Company for failure to
satisfy such obligation because it does not have funds available therefor from
amounts properly distributed.

 

SECTION 11.14                                                       No Bankruptcy Petition; No Recourse.

 

(a)                                  The Administrative Agent, each Funding Agent, each Series 2000-1
Purchaser, the Master Servicer, the Trustee and each Series 2000-1 APA
Bank hereby covenants and agrees that it will not institute against, or join
any other Person in instituting against, the Company, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
similar proceedings (including, but not limited to, petitioning for the
declaration of the Company’s assets en désastre) under any Applicable
Insolvency Laws.

 

(i)                                     Notwithstanding anything elsewhere herein contained, the sole remedy
of the Administrative Agent, each Funding Agent, the Master Servicer, the
Trustee, each Series 2000-1 Purchaser, each Series 2000-1 APA Bank or
any other person in respect of any obligation, covenant, representation,
warranty or agreement of the Company under or related to this Supplement shall
be against the assets of the Company, subject to the payment priorities
contained herein and in the Agreement. 
Neither the Administrative Agent, nor any Funding Agent, nor any Series 2000-1
Purchaser, nor any Series 2000-1 APA Bank, nor the Trustee, nor the Master
Servicer, nor any other person shall have any claim against the Company to the
extent that such assets are insufficient to meet any such obligation, covenant,
representation, warranty or agreement (the difference being referred to herein
as “shortfall”) and all claims in respect
of the shortfall shall be extinguished. 
A director, member, independent manager, managing member, officer or
employee, as applicable, of the Company shall not

 

72

 

have liability for any obligation of the
Company hereunder or under any Transaction Document or for any claim based on,
in respect of, or by reason of, any Transaction Document, unless such claim
results from the gross negligence, fraudulent acts or wilful misconduct of such
director, officer or employee.

 

(b)                                 Each Series 2000-1 Purchaser, the Company, the Master Servicer,
the Administrative Agent, each Funding Agent and the Series 2000-1 APA
Banks each hereby covenant and agree that prior to the date which is one year (or,
if longer, such preference period as is then applicable) and one day after the
latest of (i) the last day of the Series 2000-1 Amortization Period, (ii) the
date on which all Investor Certificates of each other Outstanding Series are
repaid in full, and (iii) the date on which all outstanding Commercial
Paper of each Series 2000-1 Conduit Purchaser is paid in full, it will not
institute against, or join any other Person in instituting against, any Series 2000-1
Conduit Purchaser any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings, or other similar proceedings under any Applicable
Insolvency Laws.

 

The provisions
of this Section 11.14 shall survive
termination of this Supplement.

 

SECTION 11.15                                                       Limitation on Addition of Approved Originators, Approved Currency,
Approved Obligors and a Successor Master Servicer; Mergers and Consolidations

 

(a)                                  Notwithstanding satisfaction of the conditions set forth in Section 2.09 of the Agreement or in any Origination
Agreement, while any Series 2000-1 VFC Certificate is outstanding:

 

(i)                                     the addition of any Receivables denominated in a currency other than
an Approved Currency;

 

(ii)                                  the execution and delivery of any other Origination Agreement (other
than those entered into on or before the Series 2000-1 Issuance Date);

 

(iii)                               the addition of an Additional Originator;

 

(iv)                              the addition of any Receivable governed by any law other than an
Approved Contract Jurisdiction;

 

(v)                                 the appointment of a Successor Master Servicer;

 

(vi)                              the addition of a jurisdiction as an Approved Obligor Country which
is a Non-Investment Grade Country;

 

(vii)                           any merger, consolidation, conveyance, sale or transfer with respect
to the Master Servicer; or

 

(viii)                        any Acquired Line of Business or disposition of line of business
other than Permitted Designated Line of Business Disposition,

 

73

 

shall, in each case, require the prior written consent
of the Administrative Agent acting at the direction of all Series 2000-1
Purchasers.

 

(b)                                 Notwithstanding satisfaction of the conditions set forth in Section 6.03 of the Agreement, Section 5.01
of the Servicing Agreement and Section 6.11
(or any corresponding section) of the Origination Agreements, the occurrence of
any such event set forth in such Sections shall require the delivery to the
Trustee of the prior written consent of each Funding Agent.

 

SECTION 11.16                                                       Subordinated Loan.

 

(a)                                  If the Company elects to deliver U.S. Dollars and/or Euro (as
applicable) to cure an Early Amortization Event pursuant to Section 5.01, such cash contribution, which may be made
only out of Collections from the Series 2000-1 Concentration Accounts,
shall be evidenced as a Subordinated Loan, will constitute a Junior Claim and
will be subject to the provisions of this Section 11.16.  Irrespective of the time, order or method of
payment and irrespective of anything else contained in this or any other
document or agreement other than in this Section 11.16,
so long as any VFC Certificate remains outstanding, the Company agrees that any
and all Junior Claims are and shall be expressly subordinate and junior to the
Senior Claims in right and time of payment. 
Each Junior Claimant by acceptance thereof waives any and all notice of
the creation or accrual of any such Senior Claim and notice of proof of
reliance upon these subordination provisions by any holder of any Senior
Claim.  Any such Senior Claim shall
conclusively be deemed to have been created, contracted or incurred in reliance
upon these subordination provisions and all dealings between the Company and
any holders of any such Senior Claims (including the Company as an ECI Holder)
so arising shall be deemed to have been consummated in reliance upon these
subordination provisions.  The provisions
of this Section 11.16 are and are intended
to be solely for the purpose of defining the relative rights of the Junior
Claimants, on the one hand, and the holders of any Senior Claims, on the other
hand.

 

(b)                                 In the event of any Insolvency Event:

 

(i)                                     all Senior Claims shall first be Indefeasibly Paid, or such payment
shall have been provided for in a manner satisfactory to all of the holders of
Senior Claims, before any payment or distribution, whether in cash, securities
or other property, shall be made to any Junior Claimant on account of such
Junior Claim; and

 

(ii)                                  any payment or distribution of any kind or character, whether in
cash, securities or other property that would otherwise (but for these
subordination provisions) be payable or deliverable with respect to any Junior
Claim shall be paid or delivered directly to the holders of Senior Claims (or
to a banking institution selected by the court or other Person making the
payment or delivery or designated by any holder of any Senior Claim) for
application in payment of the Senior Claims in accordance with the priorities
then existing among such holders until all Senior Claims shall have been
Indefeasibly Paid, or such payment

 

74

 

shall have been provided for in a manner
satisfactory to all of the holders of Senior Claims.

 

As used in
this Section 11.16, the term “Indefeasibly Paid” means, with respect to the making of any
payment on or with respect to any Senior Claim, a payment of such Senior Claim
in full that is not subject to avoidance under Section 547 of the
Bankruptcy Code.

 

(c)                                  Turnover of Improper Payments.  If any payment or
distribution of any character or any security, whether in cash, securities or
other property shall be received by any Junior Claimant in contravention of any
of the terms hereof and before all the Senior Claims shall have been
Indefeasibly Paid or such payment shall have been provided for in a manner
satisfactory to all of the holders of Senior Claims, such payment or
distribution or security shall be received in trust for the benefit of, and
shall be paid over or delivered and transferred to, the holders of the Senior
Claims at the time outstanding in accordance with the priorities then existing
among such holders for application to the payment of all Senior Claims
remaining unpaid, to the extent necessary to pay all such Senior Claims in
full.  In the event of the failure of any
Junior Claimant to endorse or assign any such payment, distribution or
security, the Administrative Agent is hereby irrevocably authorized to endorse
or assign the same.

 

(d)                                 No Prejudice or Impairment.  The rights under these
subordination provisions of the holders of any Senior Claims as against any
Junior Claimant shall, to the fullest extent permitted by applicable law,
remain in full force and effect without regard to, and shall not be impaired or
affected by:

 

(i)                                     any act or failure to act on the part of the Company;

 

(ii)                                  any extension or indulgence with respect to any payment or
prepayment of any Senior Claim or any part thereof or with respect to any other
amount payable to any holder of any Senior Claim;

 

(iii)                               any amendment, modification or waiver of, or addition or supplement
to, or deletion from, or compromise, release, consent or other action with respect
to, any of the terms of any Senior Claim, the Agreement, this Supplement or any
other agreement that may be made relating to any Senior Claim;

 

(iv)                              any exercise or non exercise by the holder of any Senior Claim of
any right, power, privilege or remedy under or with respect to such Senior
Claim, the Agreement, this Supplement or any waiver of any such right, power,
privilege or remedy or of any default with respect to such Senior Claim, the
Agreement or this Supplement, or any receipt by the holder of any Senior Claim
of any security, or any failure by such holders to perfect a security interest
in, or any release by such holder of, any security for the payment of such
Senior Claim;

 

(v)                                 any merger or consolidation of the Company or any of its Subsidiaries
into or with any other Person, or any sale, lease or transfer of any or all

 

75

 

of the assets of the Company or any of its
Subsidiaries to any other Person;

 

(vi)                              absence of any notice to, or knowledge by, any Junior Claimant of
the existence or occurrence of any of the matters or events set forth in the
foregoing sub-clauses  (i) through
(v); or

 

(vii)                           any other circumstance.

 

The terms and
conditions of this Section 11.16
shall not be modified or amended without the express written consent of the Funding
Agent(s) representing Certificateholders of more than 50% of the Series 2000-1
Invested Amount and, if any such amendment would adversely affect the interests
of an ECI Holder, without the written consent of the ECI Holder or Holders.

 

(e)                                  The obligations of the Junior Claimants under these subordination
provisions shall continue to be effective, or be reinstated, as the case may
be, if at any time any payment with respect to any Senior Claim, or any other
payment to any holder of any Senior Claim in its capacity as such, is rescinded
or must otherwise be restored or returned by the holder of such Senior Claim
upon the occurrence of any Insolvency Event, or upon or as a result of the
appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, the Company or any substantial part of property, or otherwise, all
as though such payment had not been made.

 

(f)                                    No Junior Claimant shall have any subrogation or other rights as the
holder of a Senior Claim, and each Junior Claimant hereby waives all such
rights of subrogation and all rights of reimbursement or indemnity whatsoever
and all rights of recourse to any security for any Senior Claim, until such
time as all the Senior Claims shall be Indefeasibly Paid or such payment shall
have been provided for in a manner satisfactory to all of the holders of Senior
Claims and all of the obligations of the Company under the Senior Claims, the
Agreement and this Supplement shall have been duly performed.  From and after the time at which all Senior
Claims have been Indefeasibly Paid or such payment shall have been provided for
in a manner satisfactory to all of the holders of Senior Claims, the Junior Claimants
shall be subrogated to all rights of any holders of Senior Claims to receive
any further payments or distributions applicable to the Senior Claims until the
Junior Claims shall have been paid in full or such payment shall have been
provided for in a manner satisfactory to the majority in amount of the Junior
Claimants, and for the purposes of such subrogation, no payment or distribution
received by the holders of Senior Claims of cash, securities or other property
to which the Junior Claimants would have been entitled except for these subordination
provisions shall, as between the Company and its creditors other than the
holders of Senior Claims, on the one hand, and the Junior Claimants, on the
other, be deemed to be a payment or distribution by the Company to or on
account of the Senior Claims.

 

(g)                                 Each Certificate or other instrumentality evidencing any Junior
Claim shall contain the following legend conspicuously noted on the face
thereof:  “THIS [NAME OF INSTRUMENT] IS SUBJECT TO THE SUBORDINATION

 

76

 

PROVISIONS SET FORTH IN SECTION 11.16
OF THE AMENDED AND RESTATED SERIES 2000-1 SUPPLEMENT AMONG HUNTSMAN RECEIVABLES
FINANCE LLC, HUNTSMAN (EUROPE) BVBA, AS MASTER SERVICER, THE SEVERAL FINANCIAL
INSTITUTIONS PARTY THERETO AS FUNDING AGENTS, THE SERIES 2000-1 CONDUIT
PURCHASERS PARTY THERETO, THE SEVERAL FINANCIAL INSTITUTIONS PARTY THERETO AS
SERIES 2000-1 APA BANKS, JPMORGAN CHASE BANK, N.A., AS ADMINISTRATIVE AGENT AND
J.P. MORGAN BANK (IRELAND) PLC, AS TRUSTEE, DATED AS OF APRIL 18, 2006” and shall specifically state that a copy of these subordination
provisions (to the extent not expressly stated in such instrument) is on file
with the Company and is available for inspection at the Company’s offices.

 

SECTION 11.17                                                       Limited Recourse.

 

Notwithstanding
anything to the contrary contained herein, the respective obligations of each Series 2000-1
Conduit Purchaser under this Supplement are solely the corporate obligations of
the Series 2000-1 Conduit Purchasers and, in the case of obligations of
each Series 2000-1 Conduit Purchaser other than Commercial Paper, shall be
payable at such time as funds are received by or are available to such Series 2000-1
Conduit Purchaser in excess of funds necessary to pay in full all outstanding
Commercial Paper issued by such Series 2000-1 Conduit Purchaser and, to
the extent funds are not available to pay such obligations, the claims relating
thereto shall not constitute a claim against such Series 2000-1 Conduit
Purchaser but shall continue to accrue. 
Each party hereto agrees that the payment of any claim (as defined in Section 101
of Title 11 of the Bankruptcy Code) of any such party shall be subordinated to
the payment in full of all Commercial Paper.

 

No recourse
under any obligation, covenant or agreement of any Series 2000-1 Conduit
Purchaser contained in this Supplement shall be had against any incorporator,
stockholder, officer, director, employee or agent of such Series 2000-1
Conduit Purchaser, the Administrative Agent, the Funding Agents or any of their
Affiliates (solely by virtue of such capacity) by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any statute or
otherwise; it being expressly agreed and understood
that the Agreement is solely a corporate obligation of the Series 2000-1
Conduit Purchasers, and that no personal liability whatever shall attach to or
be incurred by any incorporator, stockholder, officer, director, employee or
agent of either Series 2000-1 Conduit Purchaser, the Administrative Agent,
the Funding Agents, the Manager or any of their Affiliates (solely by virtue of
such capacity) or any of them under or by reason of any of the obligations,
covenants or agreements of such Series 2000-1 Conduit Purchaser contained
in this Supplement, or implied therefrom, and that any and all personal
liability for breaches by such Series 2000-1 Conduit Purchaser of any of
such obligations, covenants or agreements, either at common law or at equity,
or by statute, rule or regulation, of every such incorporator,
stockholder, officer, director, employee or agent is hereby expressly waived as
a condition of and in consideration for the execution of the Agreement;
provided that the foregoing shall not relieve any such Person from any
liability it might otherwise have as a result of fraudulent actions taken or
omissions made by them.  The provisions
of this Section 11.17 shall survive
termination of this Supplement.

 

77

 

ARTICLE XII

 

FINAL DISTRIBUTIONS

 

SECTION 12.01                                                       Certain Distributions.

 

(a)                                  Not later than 2:00 p.m. New York City time, on the
Distribution Date following the date on which the proceeds from the disposition
of the Receivables pursuant to Section 7.02(b) of
the Agreement are deposited into the Series 2000-1 Non-Principal
Concentration Subaccounts and the Series 2000-1 Principal Concentration
Subaccounts, the Paying Agent shall distribute such amounts pursuant to Article III of this Supplement.

 

(b)                                 Notwithstanding anything to the contrary in this Supplement or the
Agreement, any distribution made to the Series 2000-1 Investor
Certificateholders pursuant to this Section shall be deemed to be a final
distribution pursuant to Section 9.03
of the Agreement with respect to the Series 2000-1 VFC Certificates.

 

ARTICLE XIII

 

ADMINISTRATIVE AGENT

 

SECTION 13.01                                                       Administrative Agent.

 

Notwithstanding anything to the contrary in the
Agreement, the Servicing Agreement or this Supplement, for purposes of all
provisions of the Agreement and the Servicing Agreement requiring the consent
of each Funding Agent of Holders evidencing more than 50% of the Aggregate
Invested Amount, references to “Funding Agent” shall be construed as references
to the Administrative Agent designated in this Supplement; provided,
however, that for purposes of Sections 10.01(a) and 10.01(b) of
the Agreement and Sections 6.01
and 6.03 of the Servicing Agreement, the Administrative Agent shall seek the consent
of the Funding Agents representing Series 2000-1 Investors Certificateholders
of more than 60% of the Series 2000-1 Invested Amount.

 

78

 

IN WITNESS WHEREOF, the Company, the Master Servicer, the Trustee, the Administrative
Agent, the Funding Agents, the Series 2000-1 Conduit Purchasers and the Series 2000-1
APA Banks have caused this Series 2000-1 Supplement to be duly executed by
their respective officers as of the day and year first above written.

 

	
  HUNTSMAN RECEIVABLES FINANCE
  LLC,

  
	
  as Company

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ SEAN DOUGLAS

  	
   

  
	
   

  	
  Name: Sean Douglas

  	
   

  
	
   

  	
  Title: Vice President and Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  HUNTSMAN (EUROPE) BVBA,

  	
   

  
	
  as Master Servicer

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ CHRISTOPHE STRUYVELT

  	
   

  
	
   

  	
  Name: Christophe Struyvelt

  	
   

  
	
   

  	
  Title: Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ FRANCIS DE CARRIÈRE

  	
   

  
	
   

  	
  Name: Francis De Carrière

  	
   

  
	
   

  	
  Title: Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  JPMORGAN CHASE BANK, N.A.,

  
	
  as Administrative Agent

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/
  STEPHANIE WOLF

  	
   

  
	
   

  	
  Name:
  Stephanie Wolf

  	
   

  
	
   

  	
  Title:
  Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  J.P. MORGAN BANK (IRELAND) PLC,

  
	
  not in its individual capacity but solely
  as Trustee

  
	
   

  	
   

  
	
  By:

  	
  /s/
  PATRICK JOSEPH DUFFY

  	
   

  
	
   

  	
  Name:
  Patrick Joseph Duffy

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  JPMORGAN CHASE BANK, N.A.,

  
	
  as Funding Agent

  
	
   

  	
   

  
	
  By:

  	
  /s/
  STEPHANIE WOLF

  	
   

  
	
   

  	
  Name:
  Stephanie Wolf

  	
   

  
	
   

  	
  Title:
  Managing Director

  	
   

  

 

79

 

	
  WACHOVIA CAPITAL MARKETS, LLC,

  
	
  as Funding Agent

  
	
   

  	
   

  
	
  By:

  	
  /s/
  EERO H. MAKI

  	
   

  
	
   

  	
  Name:
  Eero H. Maki

  	
   

  
	
   

  	
  Title:
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  JUPITER SECURITIZATION
  CORPORATION,

  
	
  as a Series 2000-1 Conduit Purchaser
  and the

  
	
  Existing Series 2000-1 VFC
  Certificateholder

  
	
   

  	
   

  
	
  By:

  	
  /s/
  STEPHANIE WOLF

  	
   

  
	
   

  	
  Name:
  Stephanie Wolf

  	
   

  
	
   

  	
  Title:
  Authorized Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  VARIABLE FUNDING CAPITAL
  COMPANY, LLC,

  
	
   

  	
   

  
	
  By:

  	
  Wachovia
  Capital Markets, LLC

  	
   

  
	
  As
  Attorney-in-Fact

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  DOUGLAS R. WILSON, SR.

  	
   

  
	
   

  	
  Name:
  Douglas R. Wilson, Sr.

  	
   

  
	
   

  	
  Title:
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  JPMORGAN CHASE BANK, N.A.,

  
	
  as a Series 2000-1
  APA Bank

  
	
   

  	
   

  
	
  By:

  	
  /s/
  STEPHANIE WOLF

  	
   

  
	
   

  	
  Name:
  Stephanie Wolf

  	
   

  
	
   

  	
  Title:
  Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  WACHOVIA CAPITAL MARKETS, LLC,

  
	
  as a Series 2000-1 APA Bank

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN SECURITIES LTD,

  
	
  as Book Runner and Mandated Lead Arranger

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  STEPHANIE WOLF

  	
   

  
	
   

  	
  Name:
  Stephanie Wolf

  	
   

  
	
   

  	
  Title:
  Managing Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  HUNTSMAN INTERNATIONAL LLC

  
	
   

  	
   

  
	
  By:

  	
  /s/ SEAN DOUGLAS

  	
   

  
	
   

  	
  Name: Sean Douglas

  	
   

  
	
   

  	
  Title: Vice President and Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and Agreed as of the day and
  year first written above solely for purposes of Sections
  2.10, 7.04, 8.02(e) and 8.02(f):

  

 

80

 

SCHEDULE I

 

Series 2000-1 Commitments

 

Part A.  Commitments and VFC Purchaser Groups

 

	
  Funding Agent

  	
   

  	
  Conduit

  Purchaser

  	
   

  	
  Committed

  Purchaser

  	
   

  	
  Committed

  Purchaser

  Commitment

  	
   

  	
  Euro/Dollar

  VFC Purchaser

  Groups

  
	
  JP
  Morgan Chase Bank, N.A.

  	
   

  	
  Jupiter
  Securitization Corporation

  	
   

  	
   

  	
   

  	
  $

  	
  306,000,000

  	
   

  	
  Euro
  VFC Purchaser Group/Dollar VFC Purchaser Group

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia
  Capital Markets, LLC

  	
   

  	
  Variable
  Funding Capital Company, LLC

  	
   

  	
   

  	
   

  	
  $

  	
  204,000,000

  	
   

  	
  Dollar
  VFC Purchaser Group

  

 

Part B. 
Invested Amounts

 

	
  Date

  	
   

  	
  Series 2000-1

  Increase in

  Series 2000-1

  Purchaser U.S.

  Dollar Invested

  Amount/Series

  2000-1 Euro

  Invested Amount

  	
   

  	
  Series 2000-1

  Decrease in

  Series 2000-1

  Purchaser U.S.

  Dollar Invested

  Amount/Series

  2000-1 Euro

  Invested Amount

  	
   

  	
  Series 2000-1

  Purchaser U.S.

  Dollar Invested

  Amount/Series

  2000-1

  Purchaser Euro

  Invested Amount

  	
   

  	
  Notation

  Made By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

81

 

SCHEDULE III

 

Series 2000-1 Definitions

 

“Account Currency Priority” shall mean, with respect to any
designated type of Series 2000-1 Account, that funds shall be applied,
distributed or paid from such designated Series 2000-1 Account (a) so
long as the Hedging Requirement is satisfied after giving effect to such
application, distribution or payment is made, as between the relevant
currencies in accordance with the instructions of the Master Servicer, and (b) if
the Hedging Requirement is not satisfied,

 

(1) funds
to be applied, distributed or paid in respect of an obligation denominated in
U.S. Dollars, shall be made in the following order of priority:

 

(i)                                     first, from such
designated Series 2000-1 Account as is denominated in U.S. Dollars;

 

(ii)                                  second, to the extent
the funds applied, distributed or paid pursuant to clause (i) above
are not sufficient to fully pay or satisfy the relevant obligation or purpose,
from such designated Series 2000-1 Account as is denominated in Pound
Sterling; and

 

(iii)                               third, to the extent
the funds applied, distributed or paid pursuant to clauses (i) and
(ii) above are not sufficient to
fully pay or satisfy the relevant obligation or purpose, from such designated Series 2000-1
Account as is denominated in Euro; and

 

(2) funds
to be applied, distributed or paid in respect of an obligation denominated in
Euro, shall be made in the following order of priority:

 

(i)                                     first, from such
designated Series 2000-1 Account as is denominated in Euro;

 

(ii)                                  second, to the extent
the funds applied, distributed or paid pursuant to clause (i) above
are not sufficient to fully pay or satisfy the relevant obligation or purpose,
from such designated Series 2000-1 Account as is denominated in Pound
Sterling; and

 

(iii)                               third, to the extent
the funds applied, distributed or paid pursuant to clauses (i) and
(ii) above are not sufficient to
fully pay or satisfy the relevant obligation or purpose, from such designated Series 2000-1
Account as is denominated in U.S. Dollars;

 

provided, however, that the Administrative
Agent, at the direction of any Funding Agent, may elect not to implement the
above Account Currency Priority and instead direct payments in any priority and
currency as it deems appropriate in order to maximize payments in respect of
the Series 2000-1 Euro Invested Amount and the Series 2000-1 U.S.
Dollar Invested Amount.

 

“Administrative Agent” shall mean JPMorgan Chase Bank, N.A.
or any other administrative agent appointed on behalf of the Funding Agents,
the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA Banks,
and its successors and assigns in such capacity.

 

82

 

“Allocated CP Rate” means, for any Series 2000-1 CP Rate
Period with respect to a Series 2000-1 Conduit Purchaser, to the extent
such Series 2000-1 Conduit Purchaser funds all or a portion of its
interest in the Series 2000-1 VFC Certificates by the issuance by it or on
its behalf of Commercial Paper notes, the per annum rate equivalent to, as
determined by the related Funding Agent, (i) the aggregate discount
applicable to or interest which shall accrue on all Commercial Paper notes
issued by such Series 2000-1 Conduit Purchaser to enable such Series 2000-1
Conduit Purchaser to fund and maintain the funding of the purchase of Series 2000-1
VFC Certificates under the Series 2000-1 Supplement and having a term
equivalent to the tenor of such the applicable Series 2000-1 CP Tranche,
as sold by any placement agent or commercial paper dealer selected by such Series 2000-1
Conduit Purchaser, plus (ii) any
and all applicable issuing and paying agent fees and commissions of placement
agents and commercial paper dealers in respect of such Commercial Paper notes
for such term, plus (iii) incremental
carrying costs incurred with respect to Commercial Paper notes maturing on
dates other than those on which corresponding funds are received by such Series 2000-1
Conduit Purchaser (including any Broken Funding Costs) plus
(iv) costs associated with funding and maintaining currency hedge
agreements (and which may also be allocated in part to the funding of other
assets of Series 2000-1 Conduit Purchaser); provided,
however, that if any component of any such rate is a discount rate,
in calculating the “Allocated CP Rate” for such Series 2000-1 CP Rate
Period, the related Funding Agent shall for such component use the rate
resulting from converting such discount rate to an interest bearing equivalent
rate per annum.

 

“Amended Documents” shall mean (a) the Second Amended
and Restated Pooling Agreement to be dated as of April 18, 2006 by, among
others, the Company and the Trustee; (b) the Second Amended and Restated
Master Servicing Agreement to be dated as of April 18, 2006 by, among
others, the Company and the Trustee; and (c) the amended and restated
Origination Agreements each to be dated as of April 18, 2006.

 

“APA Bank Aggregate Invested Amount” shall have the meaning
assigned to it in the applicable Series 2000-1 Asset Purchase Agreement.

 

“APA  Pro rata Share”
shall have the meaning assigned to the term “Pro rata
Share” in the applicable Series 2000-1 Asset Purchase
Agreement.

 

“Broken Funding Costs” means, with respect to any Series 2000-1
CP Tranche which: (i) has been paid on a date other than the date on which
it was scheduled to mature or (ii) is not prepaid or redeemed (in whole or
in part) on the date specified or required in connection with any prepayment or
redemption in accordance with the Series 2000-1 Supplement, an amount
equal to the excess, if any, of (A) the CP Costs that would have accrued
during the remainder of the Series 2000-1 CP Rate Period or the tranche
periods for Commercial Paper notes determined by the related Funding Agent to
relate to such Series 2000-1 CP Tranche subsequent to the date of such
prepayment or redemption (or in respect of clause (ii) above, the date
such prepayment or redemption was specified or required to occur) of such Series 2000-1
CP Tranche if such prepayment or redemption had not occurred or such prepayment
or redemption had not been specified or required, over (B) the
sum of (x) to the extent all or a portion of the funds attributable to such Series 2000-1
CP Tranche are allocated to another Purchaser Interest, the amount of CP Costs
actually accrued during the remainder of such period on such new Purchaser
Interest, and (y) to the extent the funds attributable to such Series 2000-1
CP Tranche are not allocated to another Purchaser Interest, the income, if any,
actually received during the remainder of such period by the holder of such
Purchaser Interest 

 

83

 

from investing
the portion of the funds attributable to such Series 2000-1 CP Tranche not
so allocated.

 

“Commercial Paper” shall mean, as the context requires, the
short term promissory notes issued by or on behalf of any Series 2000-1
Conduit Purchaser in the United States or European commercial paper markets.

 

“Conduit Assignee” shall mean any special purpose vehicle
issuing indebtedness in the commercial paper market that is administered by
JPMorgan Chase Bank, N.A. or Wachovia Capital Markets, LLC or any other special
purpose vehicle issuing indebtedness, in each case that meets the conditions
set forth in Section 11.10 of the Series 2000-1
Supplement.

 

“Conduit Purchaser Insolvency Event” shall mean, with respect
to any Series 2000-1 Conduit Purchaser, an event designated as a “Conduit Purchaser Insolvency Event” in the applicable Series 2000-1
Asset Purchase Agreement.

 

“Conduit Purchaser Interest” shall mean, with respect to any Series 2000-1
Conduit Purchaser on any date of determination, the Series 2000-1 U.S.
Dollar Invested Amount and/or the Series 2000-1 Euro Invested Amount of
such Series 2000-1 Conduit Purchaser less any amount
therein transferred to its related Series 2000-1 APA Banks pursuant to Section 2.01 (or corresponding section) of applicable Series 2000-1
Asset Purchase Agreement.

 

“Conduit Purchaser Invested Amount” shall mean, with respect
to any Series 2000-1 Conduit Purchaser, the amount designated as the “Conduit Purchaser Invested Amount” in the applicable Series 2000-1
Asset Purchase Agreement.

 

“Conduit Purchaser Termination Event” shall mean, with
respect to any Series 2000-1 Conduit Purchaser, an event designated as a “Conduit Purchaser Termination Event” in the applicable Series 2000-1
Asset Purchase Agreement.

 

“CP Costs” means, for each Series 2000-1 CP Tranche, the
sum of all amounts payable with respect to such Series 2000-1 CP Tranche
determined by reference to the relevant Series 2000-1 CP Rate.

 

“Dollar
VFC Purchaser Group”
shall mean any VFC Purchaser Group which is designated in the Supplement or a Series 2000-1
Commitment Transfer Supplement as a “Dollar VFC Purchaser Group”.

 

“Eligible Assignee” shall mean the Series 2000-1 APA
Banks, and with respect to any Series 2000-1 Purchaser, any Person that (A) is
a Conduit Assignee or an existing Series 2000-1 APA Bank; or (B) (i) is
a financial institution formed under the laws of any OECD Country; provided that such Person, if not a financial institution
organized under the laws of the United States, is acting through a branch or
agency located in the United States and (ii) has a short term debt rating
of at least “A-1” from S&P, and “P-1” from Moody’s.

 

“Eurodollar Rate” shall mean, with respect to any Series 2000-1
Eurodollar Period, a rate per annum equal to the sum (rounded upwards, if
necessary, to the next higher 1/16 of 1%) of (A) the rate obtained by
dividing (i) the applicable LIBOR Rate by (ii) a percentage equal to
100% minus the reserve percentage used for
determining the maximum reserve requirement as specified in Regulation D of the
Board of Governors of the Federal Reserve System (including any marginal,
emergency, supplemental, special or other reserves) that is

 

86

 

applicable to
a Series 2000-1 APA Bank or a Funding Agent during such Series 2000-1
Eurodollar Period in respect of Eurocurrency or Eurodollar funding, lending or
liabilities (or, if more than one percentage shall be so applicable, the daily
average of such percentage for those days in such Series 2000-1 Eurodollar
Period during which any such percentage shall be applicable) plus (B) the then daily net annual assessment rate
(rounded upwards, if necessary, to the nearest 1/16 of 1%) as estimated by the
Funding Agent for determining the current annual assessment payable by such Series 2000-1
APA Bank or Funding Agent to the Federal Deposit Insurance Corporation in
respect of Eurocurrency or Eurodollar funding, lending or liabilities.

 

“Euro VFC
Purchaser Group” shall
mean any VFC Purchaser Group which is designated in the Supplement or a Series 2000-1
Commitment Transfer Supplement as a “Euro VFC Purchaser Group”.

 

“Existing Series 2000-1 Issuance Date” shall mean December 21,
2000.

 

“Existing Series 2000-1 Supplement” shall have the
meaning assigned to such term in the recitals to this Supplement.

 

“Existing Series 2000-1 VFC Certificate” shall mean the Series 2000-1
VFC Certificate executed and authenticated by the Trustee in accordance with
the Existing Series 2000-1 Supplement.

 

“Existing Series 2000-1 VFC Certificateholder” shall
mean Jupiter Securitization Corporation.

 

“Fee Letter” shall mean the Fee Letter, dated as of the Series 2000-1
Issuance Date, among the Company, the Administrative Agent, the Funding Agents
and the Series 2000-1 Conduit Purchasers.

 

“Funding Agent” shall mean, with respect to the JPMorgan VFC
Purchaser Group, JPMorgan Chase Bank, N.A., and with respect to the Wachovia
VFC Purchaser Group, Wachovia Capital Markets, LLC.  For the avoidance of doubt, with respect to
the Series 2000-1, Funding Agents shall mean only JPMorgan Chase Bank,
N.A., and Wachovia Capital Markets, LLC.

 

“Hedging Requirement” shall mean, with respect to any Distribution Date, after giving
effect to relevant distributions, Receivables and Collections which, taken
together with any Series 2000-1 FX Hedging Agreements then in effect,
denominated in one currency are sufficient to support the Aggregate Target
Receivables Amount in the same currency on such Distribution Date.

 

“Huntsman International” shall mean Huntsman International LLC, a Delaware limited liability
company.

 

“JPMorgan  Conduit” shall
mean (a) Jupiter and any successor thereto (or any Eligible Assignee which
enters into a Series 2000-1 Commitment Transfer Supplement with Jupiter),
or (b) any Series 2000-1 Acquiring Purchaser who becomes party to the
Supplement at any time by entering into a Series 2000-1 Commitment
Transfer Supplement with Jupiter; provided that
at the time such Series 2000-1 Commitment Transfer Supplement becomes
effective all references to Jupiter in any of the Transaction Documents as
amended and

 

87

 

supplemented
from time to time, including all defined terms therein, shall be references to
such Series 2000-1 Acquiring Purchaser.

 

“JPMorgan VFC Purchaser Group” shall mean the VFC Purchaser
Group consisting of JPMorgan Chase Bank, N.A. as a Funding Agent, Jupiter, as
an initial Series 2000-1 Conduit Purchaser (or any Eligible Assignee which
enters into a Series 2000-1 Commitment Transfer Supplement with Jupiter)
and JPMorgan Chase Bank, N.A. as a Series 2000-1 APA Bank.

 

“Jupiter” shall mean Jupiter Securitization Corporation, a Delaware
corporation.

 

“LIBOR Rate” shall mean, with respect to any Series 2000-1
Eurodollar Period, the rate at which deposits in dollars are offered to the
Funding Agent for the relevant VFC Purchaser Group in the London interbank
market at approximately 11:00 a.m. London time two (2) Business Days
before the first day of such Series 2000-1 Eurodollar Period in an amount
approximately equal to the Series 2000-1 Eurodollar Tranche to which the
Eurodollar Rate is to apply and for a period of time approximately equal to the
applicable Series 2000-1 Eurodollar Period.

 

“PARCO” shall mean Park Avenue Receivables Company, LLC, a
Delaware limited liability company, and any successor thereto.

 

“Permitted Designated Line
of Business Disposition” shall have the
meaning assigned to such term in Annex X to the
Agreement.

 

“Placement Agent” shall have the meaning assigned to such
term in the applicable Series 2000-1 Asset Purchase Agreement.

 

“Pooled Commercial Paper” shall mean, with respect to a Series 2000-1
Conduit Purchaser funding its interest in a Series 2000-1 CP Tranche
through the issuance of Commercial Paper notes, Commercial Paper notes issued
by (or on behalf of) such Series 2000-1 Conduit subject to any particular
pooling arrangement by or applicable to such Series 2000-1 Conduit
Purchaser, but excluding Commercial Paper notes issued by (or on behalf of)
such Series 2000-1 Conduit Purchaser for a tenor and in an amount
specifically requested by any Person in connection with any agreement effected
by (or on behalf of) such Series 2000-1 Conduit Purchaser.

 

“Pooled CP Rate” shall mean, for each day during any Series 2000-1
CP Rate Period with respect to a Series 2000-1 Conduit Purchaser, to the
extent such Series 2000-1 Conduit Purchaser funds all or a portion of its
interest in the Notes by the issuance by it or on its behalf of Commercial
Paper notes, the per annum rate equivalent to the sum as determined by the
related Funding Agent (without duplication) of: 
(i) discount or yield accrued on Pooled Commercial Paper on such
day; plus (ii) any and all applicable
issuing and paying agent fees and commissions of placement agents and
commercial paper dealers, and issuing and paying agent fees incurred, in
respect of such Pooled Commercial Paper for such day; plus
(iii) other costs associated with funding small or odd-lot amounts with
respect to all receivable purchase facilities which are funded by Pooled
Commercial Paper for such day; minus (iv) any
accrual of income net of expenses received on such day from investment of
collections received under all receivable purchase facilities funded
substantially with Pooled Commercial Paper; minus
(v) any payment received on such day net of expenses in respect of Broken
Funding Costs related to the prepayment of any interest of any purchase
facilities or funding facilities funded by Series 2000-1 Conduit Purchaser
substantially with Pooled Commercial Paper; 

 

88

 

plus (vi) costs associated with funding and maintaining currency
hedge agreements related to the issuance of Pooled Commercial Paper; provided, however, that
if any component of any such rate is a discount rate, in calculating the “Pooled
CP Rate” for such Series 2000-1 CP Rate Period, the related Funding Agent
shall for such component use the rate resulting from converting such discount
rate to an interest bearing equivalent rate per annum.

 

“Potential Series 2000-1 Early Amortization Event” shall
mean an event which, with the giving of notice and/or the lapse of time, would
constitute a Series 2000-1 Early Amortization Event.

 

“Pro rata Share” shall have the meaning assigned to such term
in the applicable Series 2000-1 Asset Purchase Agreement.

 

“Purchased Percentage” shall have the meaning assigned to
such term in a Series 2000-1 Commitment Transfer Supplement substantially
in the form attached as Exhibit B
to the Series 2000-1 Supplement.

 

“Purchaser Interest” means, at any time with respect to Series 2000-1
Conduit Purchaser, the investment or other ownership interest acquired by such Series 2000-1
Conduit Purchaser and associated with the reinvestment of a designated amount
of the principal of any Series 2000-1 VFC Certificate.

 

“Sale Notice” shall have the meaning assigned to such term in
the applicable Series 2000-1 Asset Purchase Agreement.

 

“Series 2000-1” shall mean the Series of Investor
Certificates and the Subordinated Company Interests, the Principal Terms of
which are set forth in the Series 2000-1 Supplement.

 

“Series 2000-1 Accounts” shall have the meaning assigned
in Section 3A.02(a) of the Series 2000-1
Supplement.

 

“Series 2000-1 Accrued Expense Adjustment” shall mean,
for any Business Day in any Accrual Period, the amount, if any, which may be
less than zero, equal to the difference between:

 

(a)                                  the entire amount of (i) the sum of all accrued and unpaid Series 2000-1
Daily U.S. Dollar Interest Expense and Series 2000-1 Daily Euro Interest
Expense from the beginning of such Accrual Period to and including such
Business Day, (ii) the Series 2000-1 Monthly Servicing Fee, (iii) the
aggregate amount of all previously accrued and unpaid Series 2000-1 U.S.
Dollar Monthly Interest and Series 2000-1 Euro Monthly Interest for prior
Distribution Dates, (iv) the aggregate amount of all accrued and unpaid Series 2000-1
U.S. Dollar Additional Interest and Series 2000-1 Euro Additional Interest
and (v) all accrued Series 2000-1 Program Costs, in each case for
such Accrual Period determined as of such day; and

 

(b)                                 the aggregate of the amounts transferred to the Series 2000-1
Non-Principal Concentration Subaccount on or before such day in respect of such
Accrual Period pursuant to Section 3A.03(a)(i) and (ii) of the Series 2000-1 Supplement, before
giving effect to any transfer made in respect of the Series 2000-1 Accrued
Expense Adjustment on such day pursuant to the proviso to such Section.

 

89

 

“Series 2000-1 Accrued Expense Amount” shall mean, for
each Business Day during an Accrual Period, the sum of:

 

(a)                                  in the
case of each of the first ten Business Days in the Accrual Period, one tenth of
the Series 2000-1 Monthly Servicing Fee, (in the case of the foregoing clause (a), up to the amount thereof due and payable on the
succeeding Distribution Date);

 

(b)                                 in the
case of each Business Day of each Accrual Period, an amount equal to the amount
of accrued and unpaid Series 2000-1 Daily U.S. Dollar Interest Expense and
Series 2000-1 Daily Euro Interest Expense in respect of such day;

 

(c)                                  the
aggregate amount of all previously accrued and unpaid Series 2000-1 U.S.
Dollar Monthly Interest and Series 2000-1 Euro Monthly Interest for prior
Distribution Dates;

 

(d)                                 the
aggregate amount of all accrued and unpaid Series 2000-1 U.S. Dollar
Additional Interest and Series 2000-1 Euro Additional Interest; and

 

(e)                                  all Series 2000-1 Program Costs that have accrued since the
preceding Business Day.

 

“Series 2000-1 Accrued Interest Subaccounts” shall have
the meaning assigned in Section 3A.02(a)(iv) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Acquiring Purchaser” shall have the
meaning assigned to such term in Section 11.10(b) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Acquisition Date” shall have the meaning
assigned to such term in Section 7.01
of the Series 2000-1 Supplement.

 

“Series 2000-1 Adjusted Invested Amount” shall mean, as
of any date of determination, (i) the Series 2000-1 Invested Amount
on such date, minus (ii) the amount on
deposit in the Series 2000-1 Principal Concentration Subaccount on such
date (up to a maximum of the Series 2000-1 Invested Amount).

 

“Series 2000-1 Aggregate Commitment Amount” shall mean,
with respect to any Business Day, the aggregate amount of the Series 2000-1
Commitments of all Series 2000-1 APA Banks on such date, as reduced from
time to time or terminated in their entirety pursuant to Section 2.08
of the Series 2000-1 Supplement.

 

“Series 2000-1 Aggregate Unpaids” shall mean, at any
time, an amount equal to the sum of:

 

(a)                                  the Series 2000-1 Invested Amount;

 

(b)                                 the aggregate amount of all previously accrued and unpaid Series 2000-1
Monthly Interest for prior Distribution Dates;

 

(c)                                  the aggregate amount of all accrued and unpaid Series 2000-1
U.S. Dollar Additional Amount and Series 2000-1 Euro Additional Interest;

 

(d)                                 any Series 2000-1 Commitment Fee payable to the Funding Agent
for the benefit of the Series 2000-1 Purchasers; and

 

90

 

(e)                                  all other amounts owed (whether due or accrued) under the
Transaction Documents by the Company or the Master Servicer to the Series 2000-1
Conduit Purchases, the Series 2000-1 APA Banks or the Funding Agents at such
time.

 

“Series 2000-1 Allocable Charged Off Amount” shall mean,
with respect to any Special Allocation Settlement Report Date, the “Allocable
Charged Off Amount”, if any, that has been allocated to Series 2000-1.

 

“Series 2000-1 Allocable Recoveries Amount” shall mean,
with respect to any Special Allocation Settlement Report Date, the “Allocable
Recoveries Amount”, if any, that has been allocated to Series 2000-1.

 

“Series 2000-1 Allocated Receivables Amount” shall mean,
on any date of determination, the lower of (i) the Series 2000-1
Target Receivables Amount on such day and (ii) the product of (x) the
Aggregate Receivables Amount on such day multiplied by
(y) the percentage equivalent of a fraction the numerator of which is the Series 2000-1
Target Receivables Amount on such day and the denominator of which is the
Aggregate Target Receivables Amount on such day.

 

“Series 2000-1 Amortization Period” shall mean the
period commencing on the Business Day following the Series 2000-1
Revolving Period and ending on the date when the Series 2000-1 Invested
Amount shall have been reduced to zero and all accrued interest and other
amounts owing on the Series 2000-1 VFC Certificates and to the Funding
Agents and the Series 2000-1 Purchasers under the Transaction Documents
shall have been paid.

 

“Series 2000-1 APA Bank” shall mean any APA Bank party
to the Series 2000-1 Supplement and a Series 2000-1 Asset Purchase
Agreement, including such APA Bank’s permitted successors or assigns.

 

“Series 2000-1 Applicable Margin” shall mean on any date
of determination, the margin set forth opposite the rating applicable to the
Servicer Guarantor at the time of such determination in the grid set forth
below.

 

	
  Rating of Servicer

  Guarantor

  	
   

  	
  Applicable Margin for

  Serious 2000-1 Conduit

  Purchasers

  	
   

  	
  Applicable Margin for

  Series 2000-1 APA Banks

  	
   

  
	
  S&P

  	
   

  	
  Moody’s

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (% per annum)

  	
   

  	
  (% per annum)

  	
   

  
	
  BBB-

  	
   

  	
  Baa3

  	
   

  	
  0.375

  	
   

  	
  1.00

  	
   

  
	
  BB+

  	
   

  	
  Ba1

  	
   

  	
  0.450

  	
   

  	
  1.00

  	
   

  
	
  BB

  	
   

  	
  Ba2

  	
   

  	
  0.550

  	
   

  	
  1.00

  	
   

  
	
  BB-

  	
   

  	
  Ba3

  	
   

  	
  0.600

  	
   

  	
  1.00

  	
   

  
	
  B+

  	
   

  	
  B1

  	
   

  	
  0.750

  	
   

  	
  1.25

  	
   

  
	
  B

  	
   

  	
  B2

  	
   

  	
  1.000

  	
   

  	
  1.25

  	
   

  
	
  B-

  	
   

  	
  B3

  	
   

  	
  1.100

  	
   

  	
  1.25

  	
   

  

 

91

 

“Series 2000-1 Article VII Costs” shall mean any
amounts due pursuant to Article VII
of the Series 2000-1 Supplement.

 

“Series 2000-1 Asset Purchase Agreement” shall mean each
asset or liquidity purchase agreement or similar agreement entered into by and
among a Series 2000-1 Conduit Purchaser, its related Funding Agent and the
Series 2000-1 APA Banks in its VFC Purchaser Group from time to time party
thereto and relating to the Trust, as the same from time to time may be
amended, supplemented or otherwise modified and in effect.

 

“Series 2000-1 Available Pricing Amount” shall mean, on
any Business Day, the sum of (i) the Series 2000-1 Unallocated
Balance plus (ii) the Series 2000-1
Increase, if any, on such date.

 

“Series 2000-1 Benefited Purchaser” shall have the
meaning assigned in Section 11.12(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Carrying Cost Reserve Ratio” shall mean,
as of any Settlement Report Date and continuing until (but not including) the
next Settlement Report Date, an amount (expressed as a percentage) equal to (a) the
product of (i) 2.0 times Days
Sales Outstanding as of such day and (ii) the greater of 1.30 times (1) the ABR in effect as of such day plus the Series 2000-1 Applicable Margin and (2) the
Eurodollar Rate plus the Series 2000-1
Applicable Margin, each as in effect as of such day divided by
(b) 365.

 

“Series 2000-1 Collections” shall mean, with respect to
any Business Day, an amount equal to the product of (i) the Series 2000-1
Invested Percentage on such Business Day and (ii) Aggregate Daily
Collections.

 

“Series 2000-1 Commitment” shall mean, as to any Series 2000-1
APA Bank, its obligation to purchase a Series 2000-1 VFC Certificate on
the Series 2000-1 Issuance Date, to acquire all or part of a Series 2000-1
VFC Certificate Interest with respect to the Series 2000-1 Conduit
Purchaser in its VFC Purchaser Group and to maintain and, subject to certain
conditions, increase, its Series 2000-1 Purchaser Invested Amount plus any accrued and unpaid discount therefrom, in an
aggregate amount, in each case, not to exceed at any one time outstanding the
amount set forth opposite such Series 2000-1 APA Bank’s name on Schedule I of the Series 2000-1 Supplement and Annex I of the applicable Series 2000-1 Asset Purchase
Agreement under the caption “Commitment”, or in its Series 2000-1
Commitment Transfer Supplement as such amount may be reduced from time to time
pursuant to Section 2.08(e) of the Series 2000-1
Supplement; collectively, as to all Series 2000-1 APA Banks, the “Series 2000-1 Commitments”.

 

“Series 2000-1 Commitment Percentage” shall mean, as to
any Series 2000-1 APA Bank and as of any date, the percentage equivalent
of a fraction, the numerator of which is such Series 2000-1 APA Bank’s Series 2000-1
Commitment as set forth on Schedule I
of the Series 2000-1 Supplement and Annex I of the
applicable Series 2000-1 Asset Purchase Agreement or in its Series 2000-1
Commitment Transfer Supplement and the denominator of which is the Series 2000-1
Aggregate Commitment Amount as of such date.

 

“Series 2000-1 Commitment Period” shall mean the period
commencing on the Series 2000-1 Issuance Date and terminating on the Series 2000-1
Commitment Termination Date.

 

92

 

“Series 2000-1 Commitment Reduction” shall have the
meaning assigned to such term in Section 2.08(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Commitment Termination Date” shall mean
the earliest to occur of (a) the date on which all amounts due and owing
to the Series 2000-1 Conduit Purchasers and the Series 2000-1 APA
Banks in respect of the Series 2000-1 VFC Certificates have been
indefeasibly paid in full to the Series 2000-1 Conduit Purchasers and the Series 2000-1
APA Banks (as certified by each of the Funding Agents with respect to its VFC
Purchaser Group), and the Series 2000-1 Aggregate Commitment Amount has
been reduced to zero pursuant to Section 2.08
of the Series 2000-1 Supplement and Section 2.05
(or corresponding section) of the applicable Series 2000-1 Asset Purchase
Agreement and (b) the Series 2000-1 Scheduled Commitment Termination
Date.

 

“Series 2000-1 Commitment Transfer Supplement” shall
mean a commitment transfer supplement substantially in the form of Exhibit B attached to the Series 2000-1
Supplement.

 

“Series 2000-1 Concentration Accounts” shall have the
meaning assigned to such term in Section 3A.02(a)(i) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Conduit Purchaser” shall mean each of
Jupiter and VFCC, including their respective successors and assigns, but
excluding the Series 2000-1 APA Banks as assignees pursuant to Section 2.06 of the Series 2000-1 Supplement.

 

“Series 2000-1 CP Rate” means, for any Series 2000-1
CP Rate Period with respect to a Series 2000-1 Conduit Purchaser, to the
extent such Series 2000-1 Conduit Purchaser funds all or a portion of its
interest in a Series 2000-1 CP Tranche by the issuance by it (or on its
behalf) of Commercial Paper notes, the per annum rate equivalent to, as
determined by the related Funding Agent, (a) the weighted average Pooled
CP Rate for such Series 2000-1 CP Rate Period with respect to such Series 2000-1
Conduit Purchaser or (b) the weighted average Allocated CP Rate for such Series 2000-1
CP Rate Period with respect to such Series 2000-1 Conduit Purchaser, as
applicable, in each case including (without duplication) costs associated with
other borrowings by such Series 2000-1 Conduit Purchaser and any other
costs associated with the issuance of Commercial Paper notes of or related to
the issuance of Commercial Paper notes that are allocated, in whole or in part,
by such Series 2000-1 Conduit Purchaser or the related Funding Agent to
fund or maintain such interest (and which may also be allocated in part to the
funding of other assets of such Series 2000-1 Conduit Purchaser).

 

“Series 2000-1 CP Rate Period” shall mean, with respect
to any Series 2000-1 CP Tranche, an Accrual Period.

 

“Series 2000-1 CP Tranche” shall mean a portion of the Series 2000-1
Invested Amount for which the Series 2000-1 Monthly Interest is calculated
by reference to a particular Series 2000-1 CP Rate and a particular Series 2000-1
CP Rate Period.

 

“Series 2000-1 Daily Euro Interest Deposit” shall mean,
for any Business Day, an amount equal to (i) the amount of accrued and
unpaid Series 2000-1 Daily Euro Interest Expense in respect of such day plus (ii) the aggregate amount of all previously
accrued and unpaid Series 2000-1 Daily Euro Interest Expense that has not
yet been deposited in a Series 2000-1 Accrued Interest Subaccount plus (iii) the aggregate amount of all accrued and
unpaid Series 2000-1 Euro Additional Interest.

 

93

 

“Series 2000-1 Daily Euro Interest Expense” for any day
in any Accrual Period, shall mean the sum of:

 

(a)                                  the product of (i) the portion of the Series 2000-1 Euro
Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser
Euro Invested Amount) allocable to the Series 2000-1 Floating Tranche on
such day divided by 365 and (ii) the ABR plus the Series 2000-1 Applicable Margin in effect on
such day plus the accrued and unpaid Series 2000-1
Unused Fee in respect of such day;

 

(b)                                 the product of (i) the portion of the Series 2000-1 Euro
Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser
Euro Invested Amount) allocable to Series 2000-1 Eurodollar Tranches on
such day divided by 360 and (ii) the
Eurodollar Rate plus the Series 2000-1
Applicable Margin on such day in effect with respect thereto plus the accrued and unpaid Series 2000-1 Unused Fee in
respect of such day; and

 

(c)                                  the product of (i) the Series 2000-1 Euro Invested Amount
(calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser
Euro Invested Amount) allocable to Series 2000-1 CP Tranches on such day divided by 360 and (ii) the Series 2000-1 CP Rate plus the accrued and unpaid Series 2000-1 Unused Fee in
respect of such day plus the
accrued and unpaid Series 2000-1 Utilization Fee in respect of such day;

 

provided, however, that for the purposes of
calculating Series 2000-1 Euro Monthly Interest, the “Series 2000-1
Daily Euro Interest Expense” for any day following the date of determination
shall be based on the allocable portions of the Series 2000-1 Euro
Invested Amount, the ABR, Eurodollar Rate, the Series 2000-1 CP Rate and
the applicable Series 2000-1 Margin and the Series 2000-1 Utilization
Fee Rate, as of or in effect on such date of determination; provided, further, that
for any such day during the continuation of a Series 2000-1 Early
Amortization Period, the “Series 2000-1 Daily Euro Interest Expense” for
such day shall be equal to the greater of (i) the sum of the amounts
calculated pursuant to clauses (a), (b) and (c) above
and (ii) the product of (x) the Series 2000-1 Euro Invested Amount on
such day divided by 365 and (y) (A) the ABR
in effect on such day plus 2.00% per
annum or (B) the Series 2000-1 CP Rate plus
2.00% per annum.

 

“Series 2000-1 Daily U.S. Dollar Interest Deposit” shall
mean, for any Business Day, an amount equal to (i) the amount of accrued
and unpaid Series 2000-1 Daily U.S. Dollar Interest Expense in respect of
such day plus (ii) the aggregate amount of
all previously accrued and unpaid Series 2000-1 Daily U.S. Dollar Interest
Expense that has not yet been deposited in a Series 2000-1 Accrued
Interest Subaccount plus (iii) the
aggregate amount of all accrued and unpaid Series 2000-1 U.S. Dollar
Additional Interest.

 

“Series 2000-1 Daily U.S. Dollar Interest Expense” for
any day in any Accrual Period, shall mean the sum of:

 

(a)                                  the product of (i) the portion of the Series 2000-1 U.S.
Dollar Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser
U.S. Dollar Invested Amount) allocable to the Series 2000-1 Floating
Tranche on such day divided by 365
and (ii) the ABR plus the Series 2000-1

 

94

 

Applicable Margin in effect on such day plus the accrued and unpaid Series 2000-1 Unused Fee in
respect of such day;

 

(b)                                 the product of (i) the portion of the Series 2000-1 U.S.
Dollar Invested Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser
U.S. Dollar Invested Amount) allocable to Series 2000-1 Eurodollar
Tranches on such day divided by 360
and (ii) the Eurodollar Rate plus the Series 2000-1
Applicable Margin on such day in effect with respect thereto plus the accrued and unpaid Series 2000-1 Unused Fee in
respect of such day; and

 

(c)                                  the product of (i) the Series 2000-1 U.S. Dollar Invested
Amount (calculated without regard to clauses (c)(iv) and (v) of the definition of Series 2000-1 Purchaser
U.S. Dollar Invested Amount) allocable to Series 2000-1 CP Tranches on
such day divided by 360 and (ii) the Series 2000-1
CP Rate plus the accrued and unpaid Series 2000-1
Unused Fee in respect of such day plus the
accrued and unpaid Series 2000-1 Utilization Fee in respect of such day;

 

provided, however, that for the purposes of
calculating Series 2000-1 U.S. Dollar Monthly Interest, the “Series 2000-1
Daily U.S. Dollar Interest Expense” for any day following the date of
determination shall be based on the allocable portions of the Series 2000-1
U.S. Dollar Invested Amount, the ABR, Eurodollar Rate, the Series 2000-1
CP Rate and the applicable Series 2000-1 Margin and the Series 2000-1
Utilization Fee Rate, as of or in effect on such date of determination; provided, further, that
for any such day during the continuation of a Series 2000-1 Early
Amortization Period, the “Series 2000-1 Daily U.S. Dollar Interest Expense”
for such day shall be equal to the greater of (i) the sum of the amounts
calculated pursuant to clauses (a), (b) and (c) above
and (ii) the product of (x) the Series 2000-1 U.S. Dollar Invested
Amount on such day divided by 365
and (y) (A) the ABR in effect on such day plus
2.00% per annum or (B) the CP Rate plus 2.00% per
annum.

 

“Series 2000-1 Decrease” shall have the meaning assigned
to such term in Section 2.07(a) of the Series 2000-1
Supplement.

 

“Series 2000-1 Defaulting APA Bank” shall have the
meaning assigned to such term in Section 2.06(c) of
the Series 2000-1 Supplement or to the term “Defaulting APA Bank” or “Defaulting
Investor” in the applicable Series 2000-1 Asset Purchase Agreement.

 

“Series 2000-1 Dilution Reserve Ratio” shall mean, as of
any Settlement Report Date, and continuing until (but not including) the next
Settlement Report Date, an amount (expressed as a percentage) that is
calculated for the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1
Euro VFC Certificate, as the case may be, as follows:

 

DRR = [(c * d)
+ [(e  d) * (e / d)]] * f

 

where:

 

DRR = Series 2000-1
Dilution Reserve Ratio;

 

c =                                (i)                                     with respect to each of the Series 2000-1 U.S. Dollar VFC
Certificate and the Series 2000-1 Euro VFC Certificate, 2.0 if the
Servicer Guarantor’s corporate credit rating by S&P is equal 

 

95

 

to or
greater than “BBB-” or the corporate family rating by Moody’s is equal to or
greater than “Baa3”;

 

(ii)                                  with respect to each of the Series 2000-1 U.S. Dollar VFC
Certificate and the Series 2000-1 Euro VFC Certificate, 2.25 if the
Servicer Guarantor’s corporate credit rating by S&P is equal to or greater
than “B+” but less than “BBB-” or the corporate family rating by Moody’s is
equal to or greater than “B1” but less than “Baa3”; or

 

(iii)                               with respect to each of the Series 2000-1 U.S. Dollar VFC
Certificates and the Series 2000-1 Euro VFC Certificates, 2.5 if the
Servicer Guarantor’s corporate credit rating by S&P is “B” or below and the
corporate family rating by Moody’s is “B2” or below;

 

in each case, provided that if the Company has different ratings from
S&P and Moody’s at any time, the higher of the S&P or Moody’s rating
shall apply; provided, further, that if the
difference in ratings is (1) two notches, the rating between the two
ratings shall apply and (2) more than two notches, the rating one notch
above the lower of the two ratings shall apply;

 

d  =                            the twelve
month rolling average of the Dilution Ratio that occurred during the period of
twelve consecutive Settlement Periods ending immediately prior to such earlier
Settlement Report Date;

 

e  =                             the
highest Dilution Ratio that occurred during the period of twelve consecutive
Settlement Periods ending prior to such earlier Settlement Report Date; and

 

f  =                               the
Dilution Period.

 

“Series 2000-1 Early Amortization Date Balance” shall
have the meaning assigned to the term “Termination Date Balance” in the
applicable Series 2000-1 Asset Purchase Agreement.

 

“Series 2000-1 Early Amortization Event” shall have the
meanings assigned to such term in Section 5.01
of the Series 2000-1 Supplement.

 

“Series 2000-1 Early Amortization Period” shall have the
meanings assigned to such term in Section 5.01
of the Series 2000-1 Supplement.

 

“Series 2000-1 Euro Accrued Interest Subaccount” shall
have the meaning assigned to such term in Section 3A.02(a)(iv) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Euro Additional Interest” shall have the
meaning assigned to such term in Section 3A.04(b)(ii) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Euro Certificate Rate” shall mean, on any
date of determination, the average (weighted based on the respective
outstanding amounts of each Series 2000-1 Floating Tranche, each Series 2000-1
CP Tranche and each Series 2000-1 Eurodollar Tranche) of the ABR, the Series 2000-1
CP Rate and Eurodollar Rate in effect on such day plus,
in the case

 

96

 

of the ABR and
the Eurodollar Rate, the applicable Series 2000-1 Applicable Margin and in
the case of the Series 2000-1 CP Rate, the Series 2000-1 Utilization
Fee Rate in respect of the Series 2000-1 Euro VFC Certificate.

 

“Series 2000-1 Euro Concentration Account” shall have
the meaning assigned to such term in Section 3A.02(a)(i) of
the Series 2000-1 Supplement.

 

“Series 2006-1 Euro Interest Shortfall” shall have the
meaning assigned to such term in Section 3.04(b)(ii) of
this Supplement.

 

“Series 2000-1 Euro Invested Amount” shall mean, on any
date of determination, the aggregate sum of the Series 2000-1 Purchaser
Euro Invested Amount for each Series 2000-1 Purchaser on such date.

 

“Series 2000-1 Euro Monthly Interest” shall mean, with
respect to any Accrual Period, the sum of the Series 2000-1 Daily Euro
Interest Expense for each day in such Accrual Period.

 

“Series 2000-1 Euro Monthly Interest Distribution” shall
have the meaning assigned to such term in Section 3A.04(a)(i)(2) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Euro Monthly Interest Payment” shall have
the meaning assigned to such term in Section 3A.06(a)(x)
of the Series 2000-1 Supplement.

 

“Series 2000-1 Euro Monthly Principal Payment” shall
have the meaning assigned to such term in Section 3A.05(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Euro Non-Principal Concentration Subaccount”
shall mean the account established by the Trustee pursuant to Section 3A.02(a)(iii) of the Supplement.

 

“Series 2000-1 Euro Principal Concentration Subaccount”
shall have the meaning assigned to such term in Section 3A.02(a)(ii) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Euro VFC Certificate” shall mean the Series 2000-1
Euro VFC Certificate executed and authenticated by the Trustee, substantially
in the form of Exhibit A-2 attached to the Series 2000-1
Supplement.

 

“Series 2000-1 Euro VFC Certificateholder” shall mean
the registered holder of a Series 2000-1 Euro VFC Certificate.

 

“Series 2000-1 Eurodollar Period” shall mean, with
respect to the applicable VFC Purchaser Group and any Series 2000-1
Eurodollar Tranche:

 

(a)                                  initially, following a Conduit Purchaser Termination Event with
respect to the related Series 2000-1 Conduit Purchaser or any other Series 2000-1
Purchase with respect to the related Series 2000-1 Conduit Purchaser, the
period commencing on such Conduit Purchaser Termination Event with respect to
the related Series 2000-1 Conduit Purchaser or any other Series 2000-1
Purchase with respect to the related Series 2000-1 Conduit Purchaser and
ending one month thereafter; and

 

(b)                                 thereafter, each period commencing on the last day of the
immediately preceding Series 2000-1 Eurodollar Period applicable to such Series 2000-1
Eurodollar Tranche and ending one month thereafter;

 

97

 

provided that, all of the foregoing provisions relating to Series 2000-1
Eurodollar Periods are subject to the following:

 

(1)                                  if any Series 2000-1 Eurodollar Period would otherwise end on a
day that is not a Business Day, such Series 2000-1 Eurodollar Period shall
be extended to the next succeeding Business Day unless the result of such
extension would be to carry such Series 2000-1 Eurodollar Period into
another calendar month in which event such Series 2000-1 Eurodollar Period
shall end on the immediately preceding Business Day;

 

(2)                                  any Series 2000-1 Eurodollar Period that would otherwise extend
beyond the Series 2000-1 Revolving Period shall end on the last day of the
Series 2000-1 Revolving Period; and

 

(3)                                  any Series 2000-1 Eurodollar Period that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Series 2000-1
Eurodollar Period) shall end on the last Business Day of a calendar month.

 

“Series 2000-1 Eurodollar Tranche” shall mean, with
respect to an applicable VFC Purchaser Group, a portion of the Series 2000-1
Invested Amount with respect to an applicable VFC Purchaser Group, for which
the Series 2000-1 Monthly Interest is calculated by reference to the
Eurodollar Rate determined by reference to a particular Series 2000-1
Eurodollar Period.

 

“Series 2000-1 Excluded Taxes” shall have the meaning
assigned to such term in Section 7.03(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Floating Tranche” shall mean, with
respect to an applicable VFC Purchaser Group, on or after a Conduit Purchaser
Termination Event with respect to the related Series 2000-1 Conduit
Purchaser or any other Series 2000-1 Purchase with respect to the related Series 2000-1
Conduit Purchaser, that portion of the Series 2000-1 Invested Amount with
respect to such VFC Purchaser Group not allocated to a Series 2000-1
Eurodollar Tranche for which the Series 2000-1 Monthly Interest is
calculated by reference to the ABR.

 

“Series 2000-1 FX Forward Agreement” shall mean a
contract pursuant to a Series 2000-1 FX Hedging Agreement between the
Trustee and a FX Counterparty whereby the Trustee agrees to sell at a certain
date, a certain amount of any U.S. Dollars, Pounds Sterling or Euros at the
Forward Rate and the FX Counterparty agrees to deliver U.S. Dollars or Euros on
such date, and whereby the maturity date of each Series 2000-1 FX Forward
Agreement will be equal to the corresponding maturity date of the relevant Series 2000-1
Eurodollar Tranche, Series 2000-1 Floating Tranche or Series 2000-1
CP Tranche (or the weighted average of the maturity dates of such tranches); provided further that if, the Series 2000-1 Invested
Amount has not been reduced to zero at the Series 2000-1 Scheduled
Maturity Date, the Trustee will enter into the last set of Series 2000-1
FX Forward Agreements which will mature on the Business Day immediately
preceding the Series 2000-1 Final Maturity Date. For purposes of the FX Hedging
Policy maturity dates with respect to FX Forward Agreements will be determined
on the basis of this definition.

 

“Series 2000-1 FX Hedging Agreement” shall mean a
currency hedge agreement (including any Series 2000-1 FX Forward
Agreements thereunder) pursuant to a 1992 International

 

98

 

Swaps and
Derivatives Association Master Agreement between the Trustee and a FX
Counterparty.

 

“Series 2000-1 Increase” shall have the meaning assigned
to such term in Section 2.05(a) of the Series 2000-1
Supplement.

 

“Series 2000-1 Increase Amount” shall have the meaning
assigned to such term in Section 2.05(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Increase Date” shall have the meaning
assigned to such term in Section 2.05(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Indemnified Amounts” shall have the
meaning assigned to such term in Section 2.10(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Indemnified Parties” shall have the
meaning assigned to such term in Section 2.10(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Initial Euro Invested Amount” shall mean
€212,500,000.00.

 

“Series 2000-1 Initial Invested Amount” shall mean the
sum of the Series 2000-1 Initial U.S. Dollar Invested Amount and the Series 2000-1
Initial Euro Invested Amount.

 

“Series 2000-1 Initial U.S. Dollar Invested Amount”
shall mean $217,600,000.00.

 

“Series 2000-1 Initial Subordinated Interest Amount”
shall mean the Series 2000-1 Subordinated Interest Amount on the Series 2000-1
Issuance Date.

 

“Series 2000-1 Invested Amount” shall mean, on any date
of determination, together the Series 2000-1 U.S. Dollar Invested Amount
and the Series 2000-1 Euro Invested Amount.

 

“Series 2000-1 Invested Percentage” shall mean, with
respect to any Business Day:

 

(a)                                  during the Series 2000-1 Revolving Period, the percentage
equivalent of a fraction, the numerator of which is the Series 2000-1
Allocated Receivables Amount as of the end of the immediately preceding
Business Day and the denominator of which is the greater of (A) the
Aggregate Receivables Amount as of the end of the immediately preceding
Business Day and (B) the sum of the numerators used to calculate the
Invested Percentage for all Outstanding Series on the Business Day for
which such percentage is determined; and

 

(b)                                 during the Series 2000-1 Amortization Period, the percentage
equivalent of a fraction, the numerator of which is the Series 2000-1
Allocated Receivables Amount as of the end of the last Business Day of the Series 2000-1
Revolving Period (provided that
if during the Series 2000-1 Amortization Period, the amortization periods
of all other Outstanding Series which were outstanding prior to the
commencement of the Series 2000-1 Amortization Period commence, then, from
and after the date the last of such series commences its Amortization Period,
the numerator shall be the Series 2000-1 Allocated Receivables Amount as
of the end of the Business Day preceding such date) and the denominator of
which is the greater of (A) the Aggregate Receivables Amount as of the end
of the immediately preceding Business Day and (B) the sum of

 

99

 

the
numerators used to calculate the Invested Percentage for all Outstanding Series on
the Business Day for which such percentage is determined.

 

“Series 2000-1 Issuance Date” shall mean April 18,
2006.

 

“Series 2000-1 Loss Amount”, with respect to any VFC
Purchaser Group, shall have the meaning assigned to the term “Loss Amount” in the applicable Series 2000-1 Asset
Purchase Agreement.

 

“Series 2000-1 Loss Reserve Ratio” shall mean, on any
Settlement Report Date, and continuing until (but not including) the next
Settlement Report Date, an amount (expressed as a percentage) that is
calculated for the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1
Euro VFC Certificate, as the case may be, as follows:

 

LRR = [(a *
b)/c] * d * e

 

where:

 

LRR = Series 2000-1
Loss Reserve Ratio;

 

a  =                             the
aggregate Principal Amount of Receivables contributed by Huntsman International
to the Company (and in which a Participation and a security interest has been
granted by the Company to the Trust) during the three Settlement Periods
immediately preceding such earlier Settlement Report Date;

 

b  =                            the
highest three month rolling average of the Aged Receivables Ratio that occurred
during the period of twelve consecutive Settlement Periods ending prior to such
earlier Settlement Report Date;

 

c  =                             the
Aggregate Receivables Amount as of the last day of the Settlement Period
immediately preceding such earlier Settlement Report Date;

 

d =                               (i)                         with respect to each of the Series 2000-1 U.S. Dollar VFC
Certificate and the Series 2000-1 Euro VFC Certificate, 2.0 if the
Servicer Guarantor’s corporate credit rating by S&P is equal to or greater
than “BBB-” or the corporate family rating by Moody’s is greater than or equal
to “Baa3”;

 

                                                (ii)                      with respect to each of the Series 2000-1 U.S. Dollar VFC
Certificate and the Series 2000-1 Euro VFC Certificate, 2.25 if the
Servicer Guarantor’s corporate credit rating by S&P is equal to or greater
than “B+” but less than “BBB-” or the corporate family rating by Moody’s is
equal to or greater than “B1” but less than “Baa3”; or

 

                                                (iii)                   with respect to each of the Series 2000-1 U.S. Dollar VFC
Certificate and the Series 2000-1 Euro VFC Certificate, 2.5 if the
Servicer Guarantor’s corporate credit rating by S&P is “B” or below and the
corporate family rating by Moody’s is “B2” or below;

 

100

 

in each case, provided that
if the Company has different ratings from S&P and Moody’s at any time, the
higher of the S&P or Moody’s rating shall apply; provided,
further, that if the difference in ratings is (1) two notches,
the rating between the two ratings shall apply and (2) more than two
notches, the rating one notch above the lower of the two ratings shall apply;
and

 

e =                                Payment Terms Factor.

 

“Series 2000-1 Majority Purchasers” shall mean (i) on
any day prior to the occurrence of a Conduit Purchaser Termination Event, the Series 2000-1
Conduit Purchasers and the Series 2000-1 APA Banks having, in the aggregate,
more than 50% of the Series 2000-1 Aggregate Commitment Amount and (ii) on
or after the occurrence of a Conduit Purchaser Termination Event, the Series 2000-1
APA Banks having, in the aggregate, more than 50% of the Series 2000-1
Aggregate Commitment Amount.

 

“Series 2000-1 Maximum Commitment Amount” shall mean
initially $510,000,000, as such amount may be reduced from time to time in
accordance with the Transaction Documents.

 

“Series 2000-1 Maximum Invested Amount” shall mean, on
any day, the lesser of (a) the Series 2000-1 Maximum Commitment
Amount as of such day divided by 1.02
and (b) the Aggregate Receivables Amount as of such day minus the Series 2000-1 Required Subordinated Amount as
of such day.

 

“Series 2000-1 Minimum Ratio” shall mean, as of any
Settlement Report Date and continuing until (but not including) the next
Settlement Report Date, an amount (expressed as a percentage) that is
calculated for the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1
Euro VFC Certificate, as the case may be, as follows:

 

MR = (a * b) +
c

 

where:

 

MR = Series 2000-1
Minimum Ratio;

 

a  =                             the
average of the Dilution Ratio during the period of the twelve consecutive
Settlement Periods ending prior to such earlier Settlement Report Date;

 

b  =                            the Dilution
Period; and

 

c  =                             with
respect to each of the Series 2000-1 U.S. Dollar VFC Certificate and the Series 2000-1
Euro VFC Certificate, 12.5%.

 

“Series 2000-1 Monthly Interest” shall mean, together,
the Series 2000-1 U.S. Dollar Monthly Interest and the Series 2000-1
Euro Monthly Interest.

 

“Series 2000-1 Monthly Servicing Fee” shall have the
meaning assigned to such term in Section 6.01
of the Series 2000-1 Supplement.

 

101

 

“Series 2000-1 Non-Defaulting APA Bank” shall have the
meaning assigned to such term in Section 2.06(c) of
the Series 2000-1 Supplement or to the term “Non-Defaulting APA Bank” or “Non-Defaulting
Investor” in the applicable Series 2000-1 Asset Purchase Agreement.

 

“Series 2000-1 Non-Excluded Taxes” shall have the
meaning assigned to such term in Section 7.03(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Non-Principal Concentration Subaccounts”
shall mean each of the accounts designated as such and established by the
Trustee pursuant to Section 3A.02(a)(ii) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Optional Termination Date” shall have the
meaning assigned to such term in Section 2.14
of the Series 2000-1 Supplement.

 

“Series 2000-1 Other Taxes” shall have the meaning
assigned to such term in Section 7.03(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Participants” shall have the meaning
assigned in Section 11.10(f) of the Series 2000-1
Supplement.

 

“Series 2000-1 Percentage Factor” shall mean the
fraction, expressed as a percentage, computed on any date of determination as
follows:  (i) the Series 2000-1
Target Receivables Amount on such date, divided by (ii) the
Series 2000-1 Allocated Receivables Amount plus
any funds on deposit in the subaccount for the General Reserve Account relating
to Series 2000-1.  The Series 2000-1
Percentage Factor shall be calculated by the Master Servicer on the Series 2000-1
Issuance Date.  Thereafter, until the Series 2000-1
Termination Date, the Master Servicer shall recompute the Series 2000-1
Percentage Factor as of the close of business on each Business Day and report
such recomputations to the Administrative Agent and the Funding Agents in the
Daily Report, Monthly Settlement Report and as otherwise requested by the
Administrative Agent or either Funding Agent. 
The Series 2000-1 Percentage Factor shall remain constant from the
time as of which any such computation or recomputation is made until the time
as of which the next such recomputation shall be made, notwithstanding any
additional Receivables arising or any Series 2000-1 Increase or Series 2000-1
Decrease during any period between computations of the Series 2000-1
Percentage Factor.  The Series 2000-1
Percentage Factor shall remain constant at 100% at all times on and after the
date upon which the Series 2000-1 Amortization Period commences until such
time as the respective Funding Agents, on behalf of the Series 2000-1
Conduit Purchasers and the Series 2000-1 APA Banks in its VFC Purchaser
Group, shall have received the Series 2000-1 Aggregate Unpaids in cash.

 

“Series 2000-1 Pound Sterling Accrued Interest Subaccount”
shall have the meaning assigned to such term in Section 3A.02(a)(iv) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Pound Sterling Concentration Account”
shall mean the account established by the Trustee pursuant to Section 3A.02(a)(i) of the Supplement.

 

“Series 2000-1 Pound Sterling Non-Principal Concentration
Subaccount” shall mean the account established by the Trustee
pursuant to Section 3A.02(a)(iii) of
the Supplement.

 

“Series 2000-1 Pound Sterling Principal Concentration Subaccount”
shall mean the account established by the Trustee pursuant to Section 3A.02(a)(ii) of the Supplement.

 

102

 

“Series 2000-1 Principal Concentration Subaccounts”
shall mean each of the accounts designated as such and established by the
Trustee pursuant to Section 3A.02(a)(ii) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Program Costs” shall mean, for any
Business Day, the sum of:

 

(a)                                  all expenses, indemnities and other amounts due and payable to the Series 2000-1
Purchasers and the Funding Agent under the Pooling Agreement or the Series 2000-1
Supplement (including any Series 2000-1 Article VII Costs);

 

(b)                                 the product of (i) all unpaid fees and expenses due and payable
to counsel to, and independent auditors of, the Company (other than fees and
expenses payable on or in connection with the closing of the issuance of the Series 2000-1
VFC Certificate) and (ii) a fraction, the numerator of which is the Series 2000-1
Aggregate Commitment Amount on such Business Day, and the denominator of which
is the sum of (x) the Invested Amount on such Business Day for all Series then
Outstanding (excluding Series 2000-1), and (y) the Series 2000-1 Aggregate
Commitment Amount on such Business Day; and

 

(c)                                  all unpaid fees and expenses due and payable to the Series 2000-1
Rating Agencies.

 

“Series 2000-1 Purchase” shall mean any assignment by
any Series 2000-1 Conduit Purchaser to the Series 2000-1 APA Banks in
its VFC Purchaser Group of all or a portion of such Series 2000-1 Conduit
Purchaser’s right, title and interest in and to its Series 2000-1
Purchaser Invested Amount pursuant to Section 2.01
of the applicable Series 2000-1 Asset Purchase Agreement and Section 2.06 of the Series 2000-1 Supplement.

 

“Series 2000-1 Purchase Amount” shall have the meaning
assigned to such term in the applicable Series 2000-1 Asset Purchase
Agreement.

 

“Series 2000-1 Purchase Date” shall have the meaning
assigned to such term in the applicable Series 2000-1 Asset Purchase
Agreement.

 

“Series 2000-1 Purchase Percentage” shall have the
meaning assigned to such term in the applicable Series 2000-1 Asset
Purchase Agreement.

 

“Series 2000-1 Purchase Price” shall have the meaning
assigned to such term in the applicable Series 2000-1 Asset Purchase
Agreement.

 

“Series 2000-1 Purchaser” shall mean, prior to a Conduit
Purchaser Termination Event with respect to a Series 2000-1 Conduit
Purchaser, such Series 2000-1 Conduit Purchaser and each Series 2000-1
Acquiring Purchaser, and on and after a Conduit Purchaser Termination Event
with respect to a Series 2000-1 Conduit Purchaser or a Series 2000-1
Purchase with respect to a Series 2000-1 Conduit Purchaser, the Series 2000-1
APA Banks in its VFC Purchaser Group and each Series 2000-1 Acquiring
Purchaser with respect to such VFC Purchaser Group.

 

“Series 2000-1 Purchaser Euro Invested Amount” shall
mean:

 

(a)                                  with respect to a Series 2000-1 Conduit Purchaser on the Series 2000-1
Issuance Date, an amount equal to the relevant VFC Purchaser Group’s VFC Pro
Rata Share of the Series 2000-1 Initial Euro Invested Amount;

 

103

 

(b)                                 if a Series 2000-1 Conduit Purchaser does not fund any or all of
the Series 2000-1 Initial Euro Invested Amount on such Series 2000-1
Issuance Date (x) with respect to such Series 2000-1 Conduit Purchaser,
the Series 2000-1 Initial Euro Invested Amount so funded by such Series 2000-1
Conduit Purchaser and (y) with respect to the related Series 2000-1 APA
Banks an amount equal to such Series 2000-1 APA Bank’s Series 2000-1
Commitment Percentage of the Series 2000-1 Initial Euro Invested Amount so
funded by such Series 2000-1 APA Bank;

 

(c)                                  with respect to any date of determination after the Series 2000-1
Issuance Date, an amount equal to:

 

(i)                                     the Series 2000-1 Initial Euro Invested Amount allocable to the
Series 2000-1 VFC Certificate Interest of such Series 2000-1
Purchaser on the immediately preceding Business Day, (or, with respect to the
day as of which such Series 2000-1 Purchaser becomes a Series 2000-1
Purchaser, whether pursuant to Section 2.06
of the Series 2000-1 Supplement, by executing a counterpart of the Series 2000-1
Supplement, a Series 2000-1 Commitment Transfer Supplement or otherwise,
the portion of the transferor’s Series 2000-1 Purchaser Euro Invested
Amount being purchased), plus

 

(ii)                                  the amount of its VFC Pro Rata Share of any Series 2000-1
Increase Amount pursuant to Section 2.05
of the Series 2000-1 Supplement made on such day, minus

 

(iii)                               the amount of any distributions received and applied to such Series 2000-1
Purchaser pursuant to Section 2.07
or Section 3A.06(c)(ii) of the Series 2000-1
Supplement on such day, minus

 

(iv)                              the aggregate Series 2000-1 Allocable Charged-Off Amount
allocable to the Series 2000-1 VFC Certificate Interest of such Series 2000-1
Purchaser on or prior to such date pursuant to Section 3A.05(b)(ii) of
the Series 2000-1 Supplement, plus

 

(v)                                 the aggregate Series 2000-1 Allocable Recoveries Amount
allocate to the Series 2000-1 VFC Certificate Interest of such Series 2000-1
Purchaser on or prior to such date pursuant to Section 3A.05(c)(i) of
the Series 2000-1 Supplement.

 

(d)                                 For purposes of determining the Dollar equivalent of the Series 2000-1
Purchaser Euro Invested Amount, the Series 2000-1 Purchaser Euro Invested
Amount shall be converted to U.S. Dollars at the Spot Rate.

 

“Series 2000-1 Purchaser Invested Amount” shall mean,
the Series 2000-1 Purchaser U.S. Dollar Invested Amount and the Series 2000-1
Purchaser Euro Invested Amount.

 

“Series 2000-1 Purchaser U.S. Dollar Invested Amount”
shall mean:

 

(a)                                  with respect to a Series 2000-1 Conduit Purchaser on the Series 2000-1
Issuance Date, an amount equal to the relevant VFC Purchaser Group’s VFC Pro
Rata Share of the Series 2000-1 Initial U.S. Dollar Invested Amount;

 

104

 

(b)                                 if a Series 2000-1 Conduit Purchaser does not fund any or all
of the Series 2000-1 Initial U.S. Dollar Invested Amount on such Series 2000-1
Issuance Date (x) with respect to such Series 2000-1 Conduit Purchaser,
the Series 2000-1 Initial U.S. Dollar Invested Amount so funded by such Series 2000-1
Conduit Purchaser and (y) with respect to the related Series 2000-1 APA
Banks an amount equal to such Series 2000-1 APA Bank’s Series 2000-1
Commitment Percentage of the Series 2000-1 Initial U.S. Dollar Invested
Amount so funded by such Series 2000-1 APA Bank;

 

(c)                                  with respect to any date of determination after the Series 2000-1
Issuance Date, an amount equal to:

 

(i)                                     the Series 2000-1 Initial U.S. Dollar Invested Amount allocable
to the Series 2000-1 VFC Certificate Interest of such Series 2000-1
Purchaser on the immediately preceding Business Day, (or, with respect to the
day as of which such Series 2000-1 Purchaser becomes a Series 2000-1
Purchaser, whether pursuant to Section 2.06
of the Series 2000-1 Supplement, by executing a counterpart of the Series 2000-1
Supplement, a Series 2000-1 Commitment Transfer Supplement or otherwise,
the portion of the transferor’s Series 2000-1 Purchaser U.S. Dollar
Invested Amount being purchased), plus

 

(ii)                                  the amount of its VFC Pro Rata Share of any Series 2000-1
Increase Amount pursuant to Section 2.05
of the Series 2000-1 Supplement made on such day, minus

 

(iii)                               the amount of any distributions received and applied to such Series 2000-1
Purchaser pursuant to Section 2.07
or Section 3A.06(c)(ii) of the Series 2000-1
Supplement on such day, minus

 

(iv)                              the aggregate Series 2000-1 Allocable Charged-Off Amount
allocable to the Series 2000-1 VFC Certificate Interest of such Series 2000-1
Purchaser on or prior to such date pursuant to Section 3A.05(b)(ii) of
the Series 2000-1 Supplement, plus

 

(v)                                 the aggregate Series 2000-1 Allocable Recoveries Amount
allocate to the Series 2000-1 VFC Certificate Interest of such Series 2000-1
Purchaser on or prior to such date pursuant to Section 3A.05(c)(i) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Purchase Price Deficit” shall have the
meaning assigned to such term in Section 2.06(c) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Rating Agencies” shall mean the
collective reference to S&P and Moody’s.

 

“Series 2000-1 Ratio” shall mean the greater of (i) the
sum of the Series 2000-1 Dilution Reserve Ratio and the Series 2000-1
Loss Reserve Ratio and (ii) the Series 2000-1 Minimum Ratio.

 

“Series 2000-1 Reduction Percentage” shall mean, with
respect to any Series 2000-1 Purchase for which there is a Series 2000-1
Loss Amount, the percentage equivalent of a fraction, the numerator of which is
the applicable Series 2000-1 Loss Amount for such Series

 

105

 

2000-1
Purchase and the denominator of which is the sum of (i) the Series 2000-1
Early Amortization Date Balance and (ii) such Series 2000-1 Loss
Amount.

 

“Series 2000-1 Register” shall have the meaning assigned
to such term in Section 11.10(d) of the Series 2000-1
Supplement.

 

“Series 2000-1 Required APA Banks” shall mean, on any
day, the Series 2000-1 APA Banks having, in the aggregate, more than 51%
of the Series 2000-1 Aggregate Commitment Amount.

 

“Series 2000-1 Required Subordinated Amount” shall mean:

 

(a)                                  on any date of determination during the Series 2000-1 Revolving
Period, an amount equal to the sum of:

 

(i)                                     an amount equal to the product of (A) the Series 2000-1
Invested Amount on such day (after giving effect to any increase or decrease
thereof on such day) and (B) a fraction the numerator of which is the Series 2000-1
Ratio and the denominator of which is one minus the Series 2000-1
Ratio;

 

(ii)                                  the product of (A) the Series 2000-1 Invested Amount
(after giving effect to any increase or decrease thereof on such day) and (B) a
fraction the numerator of which is the Series 2000-1 Carrying Cost Reserve
Ratio in effect for the Accrual Period in which such day falls and the
denominator of which is one minus the Series 2000-1
Ratio; and

 

(iii)                               the product of (A) the aggregate Principal Amount of
Receivables in the Trust on such day, (B) a fraction the numerator of
which is the Series 2000-1 Invested Amount on such day, and the
denominator of which is the sum of (1) the Series 2000-1 Aggregate
Commitment Amount on such day (after giving effect to any increase or decrease
thereof on such day) and (2) the Invested Amount on such day for all other
Series then outstanding and (C) a fraction the numerator of which is
the Servicing Reserve Ratio and the denominator of which is one minus the Series 2000-1 Ratio;  and

 

(b)                                 on any date of determination during the Series 2000-1
Amortization Period, an amount equal to the Series 2000-1 Required
Subordinated Amount on the last Business Day of the Series 2000-1
Revolving Period; provided that
such amount shall be adjusted on each Special Allocation Settlement Report
Date, if any, as set forth in Section 3A.05(b)(i) and
Section 3A.05(c)(ii) of the Series 2000-1
Supplement.

 

“Series 2000-1 Revolving Period” shall mean the period
commencing on the Existing Series 2000-1 Issuance Date and terminating on
the earlier to occur of the close of business on (i) the date on which a Series 2000-1
Early Amortization Period is declared to commence or automatically commences
and (ii) the Series 2000-1 Commitment Termination Date.

 

“Series 2000-1 Scheduled Commitment Termination Date”
shall mean (i) April 17, 2009, as may be extended for an additional
364 days from time to time in writing by the Series 2000-1 Conduit
Purchasers, the Funding Agents and the Series 2000-1 APA Banks or (ii) the
Series 2000-1 Optional Termination Date.

 

106

 

“Series 2000-1 Signing Date” shall mean the date of the
Amended and Restated Series 2000-1 Supplement.

 

“Series 2000-1 Subordinated Interest Amount” shall mean,
for any date of determination, an amount equal to (i) the Series 2000-1
Allocated Receivables Amount minus (ii) the
Series 2000-1 Adjusted Invested Amount.

 

“Series 2000-1 Subordinated Interest Increase Amount”
shall have the meaning assigned to such term in Section 2.05(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Subordinated Interest Reduction Amount”
shall have the meaning assigned in Section 2.07(b) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Subordinated Interests” shall have the
meaning assigned to such term in Section 2.02(b) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Supplement” shall mean the First Amended
and Restated Supplement to the Pooling Agreement relating to the Series 2000-1
Investor Certificates.

 

“Series 2000-1 Target Receivables Amount” shall mean, on
any date of determination, the sum of (i) the Series 2000-1 Invested
Amount on such day and (ii) the Series 2000-1 Required Subordinated
Amount for such day.

 

“Series 2000-1 Transfer Effective Date” shall have the
meaning specified in the Form of Transfer Supplement or Assignment and
Acceptance attached to the applicable Series 2000-1 Asset Purchase
Agreement.

 

“Series 2000-1 Transfer Issuance Date” shall mean the
date on which a Series 2000-1 Commitment Transfer Supplement becomes
effective pursuant to the terms of such Series 2000-1 Commitment Transfer
Supplement.

 

“Series 2000-1 Unallocated Balance” shall mean, on any
Business Day with respect to the APA Banks and the Series 2000-1 APA Banks’
Series 2000-1 Purchaser Invested Amount, the sum of (A) the portion
of the Series 2000-1 Invested Amount for which interest is then being
calculated by reference to the ABR and (B) the portion of the Series 2000-1
Invested Amount allocated to any Series 2000-1 Eurodollar Tranche that
expires on such Business Day.

 

“Series 2000-1 Unused Fee” shall have the meaning
assigned to such term in Section 2.09(b) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Unused Fee Rate” shall have the meaning
assigned to such term in the Fee Letter.

 

“Series 2000-1 U.S. Dollar Accrued Interest Subaccount”
shall have the meaning assigned to such term in Section 3A.02(a)(iv) of
the Series 2000-1 Supplement.

 

“Series 2000-1 U.S. Dollar Additional Interest” shall
have the meaning assigned to such term in Section 3A.04(b)(i) of
the Series 2000-1 Supplement.

 

“Series 2000-1 U.S. Dollar Certificate Rate” shall mean,
on any date of determination, the average (weighted based on the respective
outstanding amounts of each Series 2000-1

 

107

 

Floating Tranche,
each Series 2000-1 CP Tranche and each Series 2000-1 Eurodollar
Tranche) of the ABR, the Series 2000-1 CP Rate and Eurodollar Rate in
effect on such day plus, in the
case of the ABR and the Eurodollar Rate, the applicable Series 2000-1
Applicable Margin and in the case of the Series 2000-1 CP Rate, the Series 2000-1
Utilization Fee Rate in respect of the Series 2000-1 U.S. Dollar VFC
Certificate.

 

“Series 2000-1 U.S. Dollar Concentration Account” shall
mean the account designated as such and established by the Trustee pursuant to Section 3A.02(a)(i) of the Series 2000-1
Supplement.

 

“Series 2000-1 U.S. Dollar Interest Shortfall” shall
have the meaning assigned to such term in Section 3A.04(b)(i) of
the Series 2000-1 Supplement.

 

“Series 2000-1 U.S. Dollar Invested Amount” shall mean,
on any date of determination, the aggregate sum of the Series 2000-1
Purchaser U.S. Dollar Invested Amount for each Series 2000-1 Purchaser on
such date.

 

“Series 2000-1 U.S. Dollar Monthly Interest” shall mean,
with respect to any Accrual Period, the sum of the Series 2000-1 Daily
U.S. Dollar Interest Expense for each day in such Accrual Period.

 

“Series 2000-1 U.S. Dollar Monthly Interest Distribution”
shall have the meaning assigned to such term in Section 3A.04(a)(i)(1) of
the Series 2000-1 Supplement.

 

“Series 2000-1 U.S. Dollar Monthly Interest Payment”
shall have the meaning assigned to such term in Section 3A.06(a)(x)
of the Series 2000-1 Supplement.

 

“Series 2000-1 U.S. Dollar Monthly Principal Payment”
shall have the meaning assigned to such term in Section 3A.05(a) of
the Series 2000-1 Supplement.

 

“Series 2000-1 U.S. Dollar Non-Principal Concentration Subaccount”
shall mean the account established by the Trustee pursuant to Section 3A.02(a)(iii) of the Supplement.

 

“Series 2000-1 U.S. Dollar Principal Concentration Subaccount”
shall mean the account established by the Trustee pursuant to Section 3A.02(a)(ii) of the Supplement.

 

“Series 2000-1 U.S. Dollar VFC Certificateholder” shall
mean the registered holder of a Series 2000-1 U.S. Dollar VFC Certificate.

 

“Series 2000-1 U.S. Dollar VFC Certificate” shall mean
the Series 2000-1 U.S. Dollar VFC Certificate executed and authenticated
by the Trustee, substantially in the form of Exhibit A-1
attached to the Series 2000-1 Supplement.

 

“Series 2000-1 Utilization Fee” shall have the meaning
assigned to such term in Section 2.09(c) of
the Series 2000-1 Supplement.

 

“Series 2000-1 Utilization Fee Rate” shall have the
meaning assigned to such term in the Fee Letter.

 

“Series 2000-1 VFC Certificate Interest” shall mean,
with respect to any Series 2000-1 VFC Certificate, each undivided
percentage interest in such Series 2000-1 VFC Certificate acquired by (i) the
Series 2000-1 Conduit Purchaser in connection with the initial purchase of

 

108

 

such Series 2000-1
VFC Certificate or any Series 2000-1 Increase or (ii) any related Series 2000-1
APA Bank becoming a Series 2000-1 Purchaser hereunder pursuant to a
transfer in accordance with Section 2.03(a) of
the Supplement of such Series 2000-1 VFC Certificate Interest or any Series 2000-1
Increase in the Series 2000-1 Invested Amount.

 

“Series 2000-1 VFC Certificateholders” shall mean,
collectively, the Series 2000-1 U.S. Dollar VFC Certificateholders and the
Series 2000-1 Euro VFC Certificateholders.

 

“Series 2000-1 VFC
Certificates” shall mean, those Investor
Certificates designated as the Series 2000-1 U.S. Dollar VFC Certificate
and the Series 2000-1 Euro VFC Certificates.

 

“Series 2000-1 VFC Certificateholder’s Interest” shall
have the meaning assigned to such term in Section 2.02(a) of
the Series 2000-1 Supplement.

 

“Series 2001-1 Indenture Supplement” shall mean the Series 2001-1
Supplement dated as of June 26, 2001 to Base Indenture among Huntsman
International Asset-Backed Securities Ltd, The Chase Manhattan Bank, London
Branch and Chase Manhattan Bank (Ireland) plc.

 

“Series 2001-1 Redemption Date” shall mean the date upon
which the Series 2001-1 Term Certificates (as defined in the Series 2001-1
Supplement) and the Series 2001-1 Notes (as defined in the Series 2001-1
Indenture Supplement) have been paid in full.

 

“Series 2001-1 Supplement” shall mean the Series 2001-1
Supplement dated as June 26, 2001 to Amended and Restated Pooling
Agreement among the Company, the Master Servicer and the Trustee.

 

“Tax Credit” shall have the meaning assigned to such term in Section 7.03(e) of the Series 2000-1
Supplement.

 

“Tax Payment” shall have the meaning assigned to such term in
Section 7.03(e) of the Series 2000-1
Supplement.

 

“Transaction Parties” shall have the meaning assigned to such
term in Section 2.06(d) of the Series 2000-1
Supplement or Section 3.01 (or
corresponding section) of the applicable Series 2000-1 Asset Purchase
Agreement.

 

“VFCC” shall means Variable Funding Capital Company, LLC, a Delaware
limited liability company.

 

“VFC Pro Rata Share” means, with respect to a VFC Purchaser
Group, the aggregate of the Series 2000-1 Commitment Percentage of all Series 2000-1
APA Banks in such VFC Purchaser Group.

 

“VFC Purchaser Group” means a group consisting of a Series 2000-1
Conduit Purchaser, Series 2000-1 APA Banks and a Funding Agent for such Series 2000-1
Conduit Purchaser and Series 2000-1 APA Banks, as specified in Schedule I or a Series 2000-1 Commitment Transfer
Supplement.

 

“Wachovia conduit” shall mean, as applicable, (a) VFCC
and any successor thereto, or (b) any Series 2000-1 Acquiring
Purchaser who becomes party to the Supplement at any time by entering into a Series 2000-1
Commitment Transfer Supplement with VFCC, provided that
at the time such Series 2000-1 Commitment Transfer Supplement becomes
effective all

 

109

 

references to
VFCC in any of the Transaction Documents as amended and supplemented from time
to time, including all defined terms therein, shall be references to such Series 2000-1
Acquiring Purchaser.

 

“Wachovia VFC Purchaser Group” shall mean the VFC Purchaser
Group consisting of Wachovia Capital Markets LLC, as a Funding Agent, VFCC, as
a Series 2000-1 Conduit Purchaser and Wachovia Capital Markets LLC, as a Series 2000-1
APA Bank.

 

110

 

SCHEDULE IV

 

Notices

 

	
  JPMORGAN VFC PURCHASER GROUP

  
	
   

  	
   

  
	
  If to
  Jupiter:

  
	
   

  	
   

  
	
  Jupiter Securitization Corporation

  
	
  c/o JPMorgan Chase Bank, N.A.

  
	
  10 South Dearborn

  
	
  Mail Code IL1-0079

  
	
  Chicago, IL
  60670

  
	
  Attention:

  	
  Asset Backed Securities – Conduits/D’Andrea
  Anderson

  
	
  Telephone:

  	
  +1 312 732 7206

  
	
  Telecopier:

  	
  +1 312 732 1844

  
	
   

  	
   

  
	
  If to the Funding Agent:

  
	
   

  	
   

  
	
  J.P.
  Morgan Chase Bank, N.A.

  
	
  125 London
  Wall

  
	
  London EC2Y 5AJ

  
	
  Attention:

  	
  Transaction Management Asset Back
  Securities-Conduits

  
	
  Telephone:

  	
  +44 20 7777 0843

  
	
  Telecopy:

  	
  + 44 20 7777 4732

  
	
   

  	
   

  
	
  with a copy to:

  
	
   

  	
   

  
	
  J.P.
  Morgan Chase Bank, N.A.

  
	
  10 South
  Dearborn

  
	
  Mailcode: IL9-0079

  
	
  Chicago, IL 60670

  
	
  Attention:

  	
  Asset Backed Securities – Conduits/D’Andrea
  Anderson

  
	
  Telephone:

  	
  +1 312 732 7206

  
	
  Telecopier:

  	
  +1 312 732 1844

  
	
   

  	
   

  
	
  with a copy to:

  
	
   

  	
   

  
	
  If to the Series 2000-1
  APA Bank:

  
	
   

  	
   

  
	
  J.P.
  Morgan Chase Bank, N.A.

  
	
  125 London
  Wall

  
	
  London EC2Y 5AJ

  
	
  Attention:

  	
  Transaction Management Asset Back
  Securities-Conduits

  
	
  Telephone:

  	
  +44 20 7777 0843

  
	
  Telecopy:

  	
  + 44 20 7777 4732

  
	
   

  	
   

  
	
  with a copy to:

  
	
   

  	
   

  
	
  J.P.
  Morgan Chase Bank, N.A.

  
	
  10 South
  Dearborn

  
	
  Mailcode: IL9-0079

  

 

111

 

	
  Chicago, IL 60670

  
	
  Attention:

  	
  Asset Backed Securities – Conduits D’Andrea
  Anderson

  
	
  Telephone:

  	
  +1 312 732 7206

  
	
  Telecopier:

  	
  +1 312 732 1844

  
	
   

  	
   

  
	
  WACHOVIA VFC PURCHASER GROUP

  
	
   

  	
   

  
	
  If to VFCC:

  
	
   

  	
   

  
	
  Variable
  Funding Capital Company LLC

  
	
  c/o
  Wachovia Capital Markets, LLC

  
	
  One
  Wachovia Center, TW-16

  
	
  Charlotte,
  North Carolina 28288

  
	
  Attention:  Conduit Administration

  
	
  Facsimile
  No: +1 (704) 383-6036

  
	
   

  	
   

  
	
  If to the Funding Agent:

  
	
   

  	
   

  
	
  Wachovia
  Capital Markets, LLC

  
	
  One
  Wachovia Center, TW-16

  
	
  Charlotte,
  North Carolina 28288

  
	
  Attention:  Conduit Administration

  
	
  Facsimile
  No: +1 (704) 383-6036

  
	
   

  	
   

  
	
  If to the Series 2000-1 APA Bank:

  
	
   

  	
   

  
	
  Wachovia
  Bank, National Association

  
	
  One
  Wachovia Center, TW-16

  
	
  Charlotte,
  North Carolina 28288

  
	
  Attention:  Conduit Administration

  
	
  Facsimile
  No: +1 (704) 383-6036

  
	
   

  	
   

  
	
  ADMINISTRATIVE
  AGENT

  
	
   

  	
   

  
	
  J.P.
  Morgan Chase Bank, N.A.

  
	
  125 London
  Wall

  
	
  London EC2Y 5AJ

  
	
  Attention:

  	
  Transaction Management Asset Back
  Securities-Conduits

  
	
  Telephone:

  	
  +44 20 7777 0843

  
	
  Telecopy:

  	
  + 44 20 7777 4732

  
	
   

  	
   

  
	
  with a copy to:

  
	
   

  	
   

  
	
  J.P.
  Morgan Chase Bank, N.A.

  
	
  10 South
  Dearborn

  
	
  Mailcode: IL9-0079

  
	
  Chicago, IL 60670

  
	
  Attention:

  	
  Asset Backed Securities – Conduits/D’Andrea
  Anderson

  
	
  Telephone:

  	
  +1 312 732 7206

  
	
  Telecopier:

  	
  +1 312 732 1844

  

 

112

 

EXHIBIT A-1

 

Form of Series 2000-1 U.S. Dollar
VFC Certificate

 

	
  REGISTERED

  NO. VFC [ ]

  	
  UP TO $      .00 SERIES

  2000-1 PURCHASER U.S. DOLLAR INVESTED AMOUNT*

  (OF UP TO $[ ] SERIES

  2000-1 INVESTED AMOUNT ISSUED)

  

 

*THE SERIES
2000-1 PURCHASER U.S. DOLLAR INVESTED AMOUNT OF THIS SERIES 2000-1 U.S. DOLLAR
VFC CERTIFICATE IS SUBJECT TO CHANGE AS DESCRIBED HEREIN.

 

ATHIS SERIES 2000-1 U.S. DOLLAR VFC CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”).  NEITHER THIS SERIES
2000-1 U.S. DOLLAR VFC CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED
OR SOLD EXCEPT IN COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS.

 

THIS SERIES
2000-1 U.S. DOLLAR VFC CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED,
ASSIGNED, EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH
THE TERMS OF THE POOLING AGREEMENT AND SUPPLEMENT REFERRED TO HEREIN.

 

This Series 2000-1
U.S. Dollar VFC Certificate evidences a fractional undivided interest in the
assets of the

 

HUNTSMAN
MASTER TRUST

 

the corpus of
which consists of receivables representing amounts payable for goods or
services, which receivables have been purchased by Huntsman International LLC,
a limited liability company organized under the laws of the State of Delaware,
which contributed such receivables to Huntsman Receivables Finance LLC, a
limited liability company organized under the laws of the state of Delaware,
which in turn granted a participation and a security interest in such
receivables to the HUNTSMAN MASTER TRUST.

 

(Not an
interest in or recourse obligation of

Huntsman (Europe) BVBA, Huntsman Receivables Finance LLC

or any of their respective Affiliates)

 

The U.S.
Master Trust is categorized as an unregulated collective investment scheme in
the United Kingdom and accordingly no selling documents or placement memorandum
in relation to the VFC Certificate may be lawfully issued or passed on to
persons in the United Kingdom other than persons who fall within one or more of
the categories of persons in Article 11(3) of The Financial Services
(Investment Advertisements) (Exemptions) Order 1996 (as amended) of the United
Kingdom.

 

113

 

This certifies
that

 

[NAME OF
CERTIFICATEHOLDER]

 

(the “Series 2000-1 U.S. Dollar VFC Certificateholder”) is
the registered owner of a fractional undivided interest in the assets (insofar
as such assets consist of the “Participation”
as hereinafter defined) of Huntsman Master Trust (the “Trust”)
originally created pursuant to the Pooling Agreement, dated as of December 21,
2000 (as amended and restated as of June 26, 2001 and April 18, 2006
and as the same may from time to time be further amended, restated,
supplemented or otherwise modified thereafter, the “Pooling Agreement”), by and
among Huntsman Receivables Finance LLC, a limited liability company organized
under the laws of the State of Delaware (the “Company”),
Huntsman (Europe) BVBA, a corporation organized under the laws of Belgium, as
Master Servicer (the “Master Servicer”),
and J.P. Morgan Bank (Ireland) plc, a banking authority organized under the
laws of Ireland, not in its individual capacity but solely as trustee (in such
capacity, the “Trustee”) for the Trust, as
supplemented by the Amended and Restated Series 2000-1 Supplement, dated
as of April 18, 2006 (as amended, supplemented or otherwise modified from
time to time, the “Supplement”,
collectively, with the Pooling Agreement, the “Agreement”),
by and among the Company, the Master Servicer, the Trustee, the several
financial institutions party thereof as funding agents (the “Funding Agents”), the Series 2000-1 Conduit Purchasers,
the Series 2000-1 APA Banks named therein and from time to time parties
thereto and JPMorgan Chase Bank, N.A. as Administrative Agent.  The corpus of the Trust consists of a
Participation and security interest granted by the Company to the Trustee in
relation to the Receivables and all other Participation Assets referred to in
the Agreement, all on the terms set out in the Agreement and including all of
the rights thereby conferred on the Series 2000-1 U.S. Dollar VFC
Certificateholders (and on the Trustee for their benefit) (the “Participation”). 
Although a summary of certain provisions of the Agreement is set forth
below, this Series 2000-1 U.S. Dollar VFC Certificate does not purport to
summarize the Agreement, is qualified in its entirety by the terms and
provisions of the Agreement and reference is made to the Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and obligations of
the Trustee.  A copy of the Agreement may
be requested by a holder hereof by writing to the Trustee at J.P. Morgan Bank
(Ireland) plc, JPMorgan House, Institutional Trust Services, International
Finance Center, Dublin 1, Ireland, Attention: 
Michael Drew.  To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to
them in Annex X (as amended, supplemented,
restated or otherwise modified from time to time) attached to the Agreement.

 

This Series 2000-1
U.S. Dollar VFC Certificate is issued under and is subject to the terms,
provisions and conditions of the Agreement, to which Agreement the Series 2000-1
U.S. Dollar VFC Certificateholder, by virtue of the acceptance hereof, assents
and is bound.

 

The Master
Servicer, the Company, the Series 2000-1 U.S. Dollar VFC Certificateholder
and the Trustee intend, for federal, state and local income and franchise tax
purposes only (but for no other purpose), that this Series 2000-1 U.S.
Dollar VFC Certificate be evidence of indebtedness of the Company by way of
participation (and not by way of a loan) secured by the Participation Assets
and that the Trust not be characterized as an association or publicly traded
partnership taxable as a corporation. The Series 2000-1 U.S. Dollar VFC
Certificateholder, by the acceptance hereof, agrees to treat this Series 2000-1
U.S. Dollar VFC Certificate for federal, state and local income and franchise
tax purposes (but for no other purpose) as indebtedness of the Company by way
of participation (and not by way of a

 

114

 

loan); provided, however, that
nothing in this Series 2000-1 U.S. Dollar VFC Certificate or in the
Transaction Documents shall impose on the Company any personal liability in
respect of this Series 2000-1 U.S. Dollar VFC Certificate.

 

This Series 2000-1
U.S. Dollar VFC Certificate is one of the Investor Certificates entitled “Huntsman Master Trust, Series 2000-1 U.S. Dollar VFC Certificate”
(the “Series 2000-1 U.S. Dollar VFC Certificate”)
representing a fractional undivided interest in the Participation, such
interest consisting of the right to receive the distributions specified in the
Supplement out of (i) the Series 2000-1 Invested Percentage
(expressed as a decimal) of amounts received with respect to the Receivables
and all other funds on deposit in the Company Concentration Accounts and (ii) to
the extent such interests appear in the Supplement, all other funds on deposit
in the Series 2000-1 Accounts and any subaccounts thereof (collectively,
the “Series 2000-1 VFC Certificateholder’s
Interest”). Concurrent with the issuance of the Series 2000-1
U.S. Dollar VFC Certificate, the Trust shall also issue a Subordinated Company
Interests to the Company representing the right to receive the payments
specified in the Supplement from funds on deposit in the Series 2000-1
Accounts and any subaccounts thereof, in each case to the extent not required
to be distributed to or for the benefit of the Series 2000-1 U.S. Dollar
VFC Certificateholder (the “Series 2000-1
Subordinated Interests”). The Participation Assets are allocated in
part to the Series 2000-1 U.S. Dollar VFC Certificateholders and the
holder of the Series 2000-1 Subordinated Interests with the remainder
allocated to the Investor Certificateholders and the holder of the Subordinated
Company Interests of other Series, if any, and to the Exchangeable Company
Interests representing the Company’s interest in the Trust which was issued to
the Company pursuant to the Pooling Agreement on December 21, 2000.  The Exchangeable Company Interests represents
the Company’s exclusive beneficial ownership interest in the Participation
Assets subject to the security interest granted by the Company under this
Supplement.  The Exchangeable Company
Interests may be subjected by the Company or pursuant to the Pooling Agreement
to further (or increased) participation rights and security interests
represented by an increase in the Invested Amount of a Class of Investor
Certificates of an Outstanding Series and an increase in the related
Series’ Subordinated Company Interests, or one or more newly issued Series of
Investor Certificates and the related newly issued Series’ Subordinated Company
Interests, upon the conditions set forth in the Agreement.

 

Distributions
with respect to this Series 2000-1 U.S. Dollar VFC Certificate shall be
paid by the Funding Agent for the Series 2000-1 U.S. Dollar VFC
Certificateholder’s VFC Purchaser Group in immediately available funds to the Series 2000-1
U.S. Dollar VFC Certificateholder at the office of such Funding Agent set forth
in the Agreement. Final payment of this Series 2000-1 U.S. Dollar VFC
Certificate shall be made only upon presentation and surrender of this Series 2000-1
U.S. Dollar VFC Certificate at the office or agency specified in the notice of
final distribution delivered by the Trustee to the Series 2000-1 U.S.
Dollar VFC Certificateholder’s in accordance with the Agreement.

 

This Series 2000-1
U.S. Dollar VFC Certificate does not represent an obligation of, or an interest
in, the Company, the Master Servicer or any Affiliate of any of them.

 

The transfer
of this Series 2000-1 U.S. Dollar VFC Certificate shall be registered in
the Certificate Register upon surrender of this Series 2000-1 U.S. Dollar
VFC Certificate for registration of transfer at any office or agency maintained
by the Transfer Agent and Registrar accompanied by a written instrument of
transfer, in a form satisfactory to the Trustee, the Transfer Agent and
Registrar, the Company and the Master Servicer, duly executed by the Series 2000-1
U.S. Dollar VFC Certificateholder or the Series 2000-1 U.S.

 

115

 

Dollar VFC
Certificateholder’s attorney, and duly authorized in writing with such
signature guaranteed, and thereupon a new Series 2000-1 U.S. Dollar VFC
Certificate of authorized denomination and of like Fractional Undivided
Interest will be issued to the designated transferee.  In addition, the Funding Agent for the Series 2000-1
U.S. Dollar VFC Certificateholders VFC Purchaser Group shall maintain at one of
its offices in the City of New York the Series 2000-1 Register for the
recordation of the names and addresses of the Series 2000-1 Purchasers,
and the Series 2000-1 Commitment of, and the principal amount of the Series 2000-1
U.S. Dollar VFC Certificate issued to, the Series 2000-1 Purchasers
related to such VFC Purchaser Group.

 

The Company,
the Trustee, the Master Servicer, the Transfer Agent and Registrar, the Funding
Agents and any agent of any of them, may treat the person whose name is
recorded in the Series 2000-1 Register as a Series 2000-1 Purchaser
for all purposes of the Supplement, notwithstanding notice to the contrary
(other than notice in connection with an assignment effected or to be effected
in accordance with Section 11.10
of the Supplement).

 

It is
expressly understood and agreed by the Company and the Series 2000-1 U.S.
Dollar VFC Certificateholder that (i) the Agreement is executed and
delivered by the Trustee, not individually or personally but solely as Trustee
of the Trust, in the exercise of the powers and authority conferred and vested
in it, (ii) the representations, undertakings and agreements made on the
part of the Trust in the Agreement are made and intended not as personal
representations, undertakings and agreements by the Trustee, but are made and
intended for the purpose of binding only the Trust, (iii) nothing herein contained
shall be construed as creating any liability of the Trustee, individually or
personally, to perform any covenant either expressed or implied made on the
part of the Trust in the Agreement, all such liability, if any, being expressly
waived by the parties who are signatories to the Agreement and by any Person
claiming by, through or under such parties; provided,
however, the Trustee shall be liable in
its individual capacity for its own wilful misconduct or negligence and for any
tax assessed against the Trustee based on or measured by any fees, commission
or compensation received by it for acting as Trustee and (iv) under no
circumstances shall the Trustee be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under the Agreement.

 

The holder of
this Series 2000-1 U.S. Dollar VFC Certificate is authorized to record the
date and amount of each increase and decrease in the Series 2000-1
Purchaser U.S. Dollar Invested Amount with respect to such holder on the
schedules annexed hereto and made a part hereof and any such recordation shall
constitute prima facie evidence of the accuracy of
the information so recorded, absent manifest error, provided
that the failure of the holder of this Series 2000-1 U.S. Dollar VFC
Certificate to make such recordation (or any error in such recordation) shall
not affect the obligations of the Company, the holder of the Series 2000-1
Subordinated Interests, the Master Servicer or the Trustee under the Agreement.

 

This Series 2000-1
U.S. Dollar VFC Certificate shall be construed in accordance with and governed
by the laws of the State of New York without reference to any conflict of law
principles.

 

By acceptance
of this Series 2000-1 U.S. Dollar VFC Certificate, the Series 2000-1
U.S. Dollar VFC Certificateholder hereby agrees that it will not institute
against, or join any other Person in instituting against, the Company any
bankruptcy, reorganization, arrangement,

 

116

 

insolvency or
liquidation proceedings, or other proceedings under any Applicable Insolvency
Laws.

 

Unless the
certificate of authentication hereon has been executed by or on behalf of the
Trustee, by manual signature, this Series 2000-1 U.S. Dollar VFC
Certificate shall not be entitled to any benefit under the Agreement, or be
valid for any purpose.

 

117

 

IN WITNESS WHEREOF, the Company, as agent of the Trustee, has caused this Series 2000-1
U.S. Dollar VFC Certificate to be duly executed.

 

Dated:  April 18, 2006

 

	
  HUNTSMAN RECEIVABLES FINANCE LLC,

  
	
  as agent of the Trustee as authorized
  pursuant to Section 5.01 of the Pooling
  Agreement

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

118

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is the Series 2000-1
U.S. Dollar VFC Certificate described in the within mentioned Agreement.

 

J.P. MORGAN BANK (IRELAND)
PLC,

not in its individual capacity but solely as Trustee

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  OR

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Authorized
  Agent

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

119

 

SCHEDULE I

 

to

 

SERIES 2000-1
U.S. DOLLAR VFC CERTIFICATE

 

SERIES 2000-1
VFC CERTIFICATE INTERESTS

 

 

	
  Name of holder Series 2000-1 Dollar

  VFC Certificate Interest

  	
   

  	
  Amount of Series 2000-1 Dollar

  VFC Certificate Interest

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

120

 

EXHIBIT A-2

 

Form of Series 2000-1 Euro VFC
Certificate

 

	
  REGISTERED

  NO. VFC [ ]

  	
  UP TO EURO
  EQUIVALENT OF $       .00 SERIES

  2000-1 PURCHASER EURO INVESTED AMOUNT*

  (OF UP TO $[   ] SERIES

  2000-1 INVESTED AMOUNT ISSUED)

  

 

*THE SERIES
2000-1 PURCHASER EURO INVESTED AMOUNT OF THIS SERIES 2000-1 EURO VFC
CERTIFICATE IS SUBJECT TO CHANGE AS DESCRIBED HEREIN.  THE SERIES 2000-1 PURCHASER INVESTED AMOUNT
SHALL NOT EXCEED AN AMOUNT IN EUROS EQUAL TO $[            ] AS DETERMINED IN ACCORDANCE WITH
CLAUSE (d) OF THE DEFINITION OF SERIES 2000-1 PURCHASER EURO INVESTED
AMOUNT.

 

THIS SERIES
2000-1 EURO VFC CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933 (THE “SECURITIES ACT”).  NEITHER THIS SERIES 2000-1 EURO VFC
CERTIFICATE NOR ANY PORTION HEREOF MAY BE OFFERED OR SOLD EXCEPT IN
COMPLIANCE WITH THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION PROVISIONS.

 

THIS SERIES
2000-1 EURO VFC CERTIFICATE IS NOT PERMITTED TO BE TRANSFERRED, ASSIGNED,
EXCHANGED OR OTHERWISE PLEDGED OR CONVEYED EXCEPT IN COMPLIANCE WITH THE TERMS
OF THE POOLING AGREEMENT AND SUPPLEMENT REFERRED TO HEREIN.

 

This Series 2000-1
Euro VFC Certificate evidences a fractional undivided interest in the assets of
the

 

HUNTSMAN
MASTER TRUST

 

the corpus of
which consists of receivables representing amounts payable for goods or
services, which receivables have been purchased by Huntsman International LLC,
a limited liability company organized under the laws of the State of Delaware,
which contributed such receivables to Huntsman Receivables Finance LLC, a
limited liability company organized under the laws of the state of Delaware,
which in turn granted a participation and a security interest in such
receivables to the HUNTSMAN MASTER TRUST.

 

(Not an
interest in or recourse obligation of

Huntsman (Europe) BVBA, Huntsman Receivables Finance LLC

or any of their respective Affiliates)

 

The U.S.
Master Trust is categorized as an unregulated collective investment scheme in
the United Kingdom and accordingly no selling documents or placement memorandum
in relation to the VFC Certificate may be lawfully issued or passed on to
persons in the United Kingdom other than persons who fall within one or more of
the categories of persons in

 

121

 

Article 11(3) of
The Financial Services (Investment Advertisements) (Exemptions) Order 1996 (as
amended) of the United Kingdom.

 

This certifies
that

 

[NAME OF CERTIFICATEHOLDER]

 

(the “Series 2000-1 Euro VFC Certificateholder”) is the
registered owner of a fractional undivided interest in the assets (insofar as
such assets consist of the “Participation”
as hereinafter defined) of Huntsman Master Trust (the “Trust”)
originally created pursuant to the Pooling Agreement, dated as of December 21,
2000 (as amended and restated as of June 26, 2001 and April 18, 2006
and as the same may from time to time be amended, restated, supplemented or
otherwise modified thereafter, the “Pooling Agreement”), by and among Huntsman
Receivables Finance LLC, a limited liability company organized under the laws
of the State of Delaware (the “Company”),
Huntsman (Europe) BVBA, a corporation organized under the laws of Belgium, as
Master Servicer (the “Master Servicer”),
and J.P. Morgan Bank (Ireland) plc, a banking authority organized under the
laws of Ireland, not in its individual capacity but solely as trustee (in such
capacity, the “Trustee”) for the Trust, as
supplemented by the Amended and Restated Series 2000-1 Supplement, dated
as of April 18, 2006 (as amended, supplemented or otherwise modified from
time to time, the “Supplement”,
collectively, with the Pooling Agreement, the “Agreement”),
by and among the Company, the Master Servicer, the Trustee, the several
financial institutions party thereof as funding agents (the “Funding Agents”), the Series 2000-1 Conduit Purchasers,
the Series 2000-1 APA Banks named therein and from time to time parties
thereto and JPMorgan Chase Bank, N.A. as Administrative Agent.  The corpus of the Trust consists of a
Participation and security interest granted by the Company to the Trustee in
relation to the Receivables and all other Participation Assets referred to in
the Agreement, all on the terms set out in the Agreement and including all of
the rights thereby conferred on the Series 2000-1 Euro VFC
Certificateholders (and on the Trustee for their benefit) (the “Participation”). 
Although a summary of certain provisions of the Agreement is set forth
below, this Series 2000-1 Euro VFC Certificate does not purport to
summarize the Agreement, is qualified in its entirety by the terms and
provisions of the Agreement and reference is made to the Agreement for
information with respect to the interests, rights, benefits, obligations,
proceeds and duties evidenced hereby and the rights, duties and obligations of
the Trustee.  A copy of the Agreement may
be requested by a holder hereof by writing to the Trustee at J.P. Morgan Bank
(Ireland) plc, JPMorgan House, Institutional Trust Services, International
Finance Center, Dublin 1, Ireland, Attention: 
Michael Drew.  To the extent not
defined herein, the capitalized terms used herein have the meanings ascribed to
them in Annex X (as amended, supplemented,
restated or otherwise modified from time to time) attached to the Agreement.

 

This Series 2000-1
Euro VFC Certificate is issued under and is subject to the terms, provisions
and conditions of the Agreement, to which Agreement the Series 2000-1 Euro
VFC Certificateholder, by virtue of the acceptance hereof, assents and is
bound.

 

The Master
Servicer, the Company, the Series 2000-1 Euro VFC Certificateholder and
the Trustee intend, for federal, state and local income and franchise tax
purposes only (but for no other purpose), that this Series 2000-1 Euro VFC
Certificate be evidence of indebtedness of the Company by way of participation
(and not by way of a loan) secured by the Participation Assets and that the
Trust not be characterized as an association or publicly traded partnership
taxable as a corporation. The Series 2000-1 Euro VFC Certificateholder, by
the acceptance hereof, agrees to treat this Series 2000-1 Euro VFC
Certificate for federal, state and local

 

122

 

income and
franchise tax purposes (but for no other purpose) as indebtedness of the
Company by way of participation (and not by way of a loan); provided, however, that
nothing in this Series 2000-1 Euro VFC Certificate or in the Transaction
Documents shall impose on the Company any personal liability in respect of this
Series 2000-1 Euro VFC Certificate.

 

This Series 2000-1
Euro VFC Certificate is one of the Investor Certificates entitled “Huntsman Master Trust, Series 2000-1 Euro VFC Certificate”
(the “Series 2000-1 Euro VFC Certificate”)
representing a fractional undivided interest in the Participation, such
interest consisting of the right to receive the distributions specified in the
Supplement out of (i) the Series 2000-1 Invested Percentage
(expressed as a decimal) of amounts received with respect to the Receivables
and all other funds on deposit in the Company Concentration Accounts and (ii) to
the extent such interests appear in the Supplement, all other funds on deposit
in the Series 2000-1 Accounts and any subaccounts thereof (collectively,
the “Series 2000-1 VFC Certificateholder’s
Interest”). Concurrent with the issuance of the Series 2000-1
Euro VFC Certificate, the Trust shall also issue a Subordinated Company
Interests to the Company representing the right to receive the payments
specified in the Supplement from funds on deposit in the Series 2000-1
Accounts and any subaccounts thereof, in each case to the extent not required
to be distributed to or for the benefit of the Series 2000-1 Euro VFC
Certificateholder (the “Series 2000-1
Subordinated Interests”). The Participation Assets are allocated in
part to the Series 2000-1 Euro VFC Certificateholders and the holder of
the Series 2000-1 Subordinated Interests with the remainder allocated to
the Investor Certificateholders and the holder of the Subordinated Company
Interests of other Series, if any, and to the Exchangeable Company Interests
representing the Company’s interest in the Trust which was issued to the
Company pursuant to the Pooling Agreement on December 21, 2000.  The Exchangeable Company Interests represents
the Company’s exclusive beneficial ownership interest in the Participation
Assets subject to the security interest granted by the Company under this
Supplement.  The Exchangeable Company Interests
may be subjected by the Company or pursuant to the Pooling Agreement to further
(or increased) participation rights and security interests represented by an
increase in the Invested Amount of a Class of Investor Certificates of an
Outstanding Series and an increase in the related Series’ Subordinated
Company Interests, or one or more newly issued Series of Investor
Certificates and the related newly issued Series’ Subordinated Company
Interests, upon the conditions set forth in the Agreement.

 

Distributions
with respect to this Series 2000-1 Euro VFC Certificate shall be paid by
the Funding Agent for the Series 2000-1 Euro VFC Certificateholder’s VFC
Purchaser Group in immediately available funds to the Series 2000-1 Euro
VFC Certificateholder at the office of such Funding Agent set forth in the
Agreement. Final payment of this Series 2000-1 Euro VFC Certificate shall
be made only upon presentation and surrender of this Series 2000-1 Euro
VFC Certificate at the office or agency specified in the notice of final
distribution delivered by the Trustee to the Series 2000-1 Euro VFC
Certificateholder’s in accordance with the Agreement.

 

This Series 2000-1
Euro VFC Certificate does not represent an obligation of, or an interest in,
the Company, the Master Servicer or any Affiliate of any of them.

 

The transfer
of this Series 2000-1 Euro VFC Certificate shall be registered in the
Certificate Register upon surrender of this Series 2000-1 Euro VFC
Certificate for registration of transfer at any office or agency maintained by
the Transfer Agent and Registrar accompanied by a written instrument of
transfer, in a form satisfactory to the Trustee, the Transfer Agent and
Registrar, the Company and the Master Servicer, duly executed by the Series 2000-1

 

123

 

Euro VFC
Certificateholder or the Series 2000-1 Euro VFC Certificateholder’s
attorney, and duly authorized in writing with such signature guaranteed, and
thereupon a new Series 2000-1 Euro VFC Certificate of authorized
denomination and of like Fractional Undivided Interest will be issued to the
designated transferee.  In addition, the
Funding Agent for the Series 2000-1 Euro VFC Certificateholders VFC
Purchaser Group shall maintain at one of its offices in the City of New York
the Series 2000-1 Register for the recordation of the names and addresses
of the Series 2000-1 Purchasers, and the Series 2000-1 Commitment of,
and the principal amount of the Series 2000-1 Euro VFC Certificate issued
to, the Series 2000-1 Purchasers related to such VFC Purchaser Group.

 

The Company,
the Trustee, the Master Servicer, the Transfer Agent and Registrar, the Funding
Agents and any agent of any of them, may treat the person whose name is
recorded in the Series 2000-1 Register as a Series 2000-1 Purchaser
for all purposes of the Supplement, notwithstanding notice to the contrary
(other than notice in connection with an assignment effected or to be effected
in accordance with Section 11.10
of the Supplement).

 

It is
expressly understood and agreed by the Company and the Series 2000-1 Euro
VFC Certificateholder that (i) the Agreement is executed and delivered by
the Trustee, not individually or personally but solely as Trustee of the Trust,
in the exercise of the powers and authority conferred and vested in it, (ii) the
representations, undertakings and agreements made on the part of the Trust in
the Agreement are made and intended not as personal representations,
undertakings and agreements by the Trustee, but are made and intended for the purpose
of binding only the Trust, (iii) nothing herein contained shall be
construed as creating any liability of the Trustee, individually or personally,
to perform any covenant either expressed or implied made on the part of the
Trust in the Agreement, all such liability, if any, being expressly waived by
the parties who are signatories to the Agreement and by any Person claiming by,
through or under such parties; provided, however, the Trustee shall be liable in its individual
capacity for its own wilful misconduct or negligence and for any tax assessed
against the Trustee based on or measured by any fees, commission or
compensation received by it for acting as Trustee and (iv) under no
circumstances shall the Trustee be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach or failure of
any obligation, representation, warranty or covenant made or undertaken by the
Trust under the Agreement.

 

The holder of
this Series 2000-1 Euro VFC Certificate is authorized to record the date
and amount of each increase and decrease in the Series 2000-1 Purchaser
Euro Invested Amount with respect to such holder on the schedules annexed
hereto and made a part hereof and any such recordation shall constitute prima facie evidence of the accuracy of the information so
recorded, absent manifest error, provided that
the failure of the holder of this Series 2000-1 Euro VFC Certificate to
make such recordation (or any error in such recordation) shall not affect the
obligations of the Company, the holder of the Series 2000-1 Subordinated
Interests, the Master Servicer or the Trustee under the Agreement.

 

This Series 2000-1
Euro VFC Certificate shall be construed in accordance with and governed by the
laws of the State of New York without reference to any conflict of law
principles.

 

By acceptance
of this Series 2000-1 Euro VFC Certificate, the Series 2000-1 Euro
VFC Certificateholder hereby agrees that it will not institute against, or join
any other Person in instituting against, the Company any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any Applicable Insolvency Laws.

 

124

 

Unless the
certificate of authentication hereon has been executed by or on behalf of the
Trustee, by manual signature, this Series 2000-1 Euro VFC Certificate
shall not be entitled to any benefit under the Agreement, or be valid for any
purpose.

 

125

 

IN WITNESS WHEREOF, the Company, as agent of the Trustee, has caused this Series 2000-1
Euro VFC Certificate to be duly executed.

 

Dated:  April 18, 2006

 

	
  HUNTSMAN RECEIVABLES FINANCE LLC,

  
	
  as agent of the Trustee as authorized
  pursuant to Section 5.01 of the Pooling
  Agreement

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

126

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is the Series 2000-1
Euro VFC Certificate described in the within mentioned Agreement.

 

J.P. MORGAN BANK (IRELAND)
PLC,

not in its individual capacity but solely as Trustee

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  OR

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Authorized
  Agent

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

127

 

SCHEDULE I

 

to

 

SERIES 2000-1
EURO VFC CERTIFICATE

 

SERIES 2000-1
VFC CERTIFICATE INTERESTS

 

 

	
  Name
  of holder Series 2000-1

  VFC Certificate Interest

  	
   

  	
  Amount of Series 2000-1

  VFC Certificate Interest

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

128

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