Document:

EX-10.2

 Exhibit 10.2 
 Execution version 
 THIS MASTER RECEIVABLES PURCHASE AGREEMENT is made on 4 May 2010
and amended and restated on 23 April 2013. 
 BETWEEN: 

 

	(1)	BASELL SALES & MARKETING COMPANY B.V., a company incorporated in The Netherlands, being a wholly-owned indirect subsidiary of the Parent and whose
principal place of business is at Stationsplein 45, 3013 AK Rotterdam, The Netherlands, registered with the trade registry of the Chamber of Commerce of Amsterdam with registration number 34245062 (BSM in its capacity as a Seller
hereunder and in its capacity as a Servicer under the Servicing Agreement); 

  

	(2)	LYONDELL CHEMIE NEDERLAND B.V., a company incorporated in The Netherlands being a wholly-owned indirect subsidiary of the Parent and whose principal place of
business is at Stationsplein 45, 3013 AK Rotterdam, The Netherlands, registered with the trade registry of the Chamber of Commerce of Amsterdam with registration number 24314683 (LCN in its capacity as a Seller hereunder and in its
capacity as a Servicer under the Servicing Agreement); 

  

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

  

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

  

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

 BACKGROUND: 

(A) The Sellers wish to sell and the Master Purchaser wishes to purchase all the Receivables originated by the Sellers from time to time by virtue of the
Sale of Products to Obligors located in Eligible Countries on the terms and subject to the conditions set out in this Agreement. 
  

	(B)	The terms and conditions under which such Receivables are sold are set out herein. 

 IT IS AGREED as follows: 
 1.
DEFINITIONS AND INTERPRETATION 
 1.1 Capitalised terms in this Agreement (including the
Recitals) shall, except where the context otherwise requires and save where otherwise defined in this 

  
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Agreement, have the meanings given to them in the Master Definitions and Framework Deed executed by, among others, each of the Parties on 28 April 2010 as amended and restated on the date of
this Deed (as the same may be amended, varied or supplemented from time to time with the consent of the parties to it) (the Framework Deed) and this Agreement shall be construed in accordance with the principles of construction set out
in the Framework Deed. 
 1.2 In addition, the provisions set out in Clauses 3 (Agreement) to 23 (Trustee Act) of the Framework
Deed (the Framework Provisions) shall be expressly and specifically incorporated into this Agreement, as though they were set out in full in this Agreement. In the event of any conflict between the provisions of this Agreement and the
Framework Provisions, the provisions of this Agreement shall prevail. 
 1.3 This Agreement is the Master Receivables Purchase Agreement
referred to in the Framework Deed. 
 2. SALE OF RECEIVABLES 

Sale and Purchase 
 2.1 Subject to Clauses
2.3 and 2.4 below and to the satisfaction of the conditions precedent set out in Schedule 1 (Conditions Precedent) to the Framework Deed and pursuant to Clause 17 (Conditions Precedent) of the Framework Deed, each Seller and the Master
Purchaser agree that each Seller hereby sells and assigns and the Master Purchaser hereby agrees to purchase on each Purchase Date during the Securitisation Availability Period, on the terms and conditions set out in this Agreement: 

 

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

  

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

 

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

  

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

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

  
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 Transfer of German law governed Receivables 

2.3 BSM represents and warrants that as of the 2013 Closing Date the BSM German Transfer Agreement has not been terminated and remains in full force
and effect, as amended on or about the date hereof. 
 2.4 LCN represents and warrants that as of the 2013 Closing Date the LCN German Transfer
Agreement has not been terminated and remains in full force and effect, as amended on or about the date hereof. 
 2.5 The parties hereto
acknowledge and agree that the legal transfer of title in respect of the Receivables governed by German law and any Related Contract Rights and Related Security (either governed by German law in relation to rights or located in Germany in relation
to movable objects (bewegliche Sachen)) agreed to be sold and assigned by each of BSM and LCN to the Master Purchaser pursuant to Clause 2.1, shall be effected pursuant to the BSM German Transfer Agreement and the LCN German Transfer
Agreement, respectively. 
 True sale 
 2.6 For the avoidance of doubt, the parties confirm their intention that the assignment of Receivables pursuant to this Agreement shall constitute a true sale of such Receivables, and not a loan or a
security arrangement for any obligations of the Sellers. Notwithstanding any other provision of the Transaction Documents, the Master Purchaser shall have full title and interest in and to the Receivables and the Master Purchaser shall be free to
further dispose of such Receivables subject to the Encumbrances created and any restrictions it has accepted under the terms of the Master Purchaser Deed of Charge or any other Master Purchaser Security Document. 

2.7 Subject to Clause 6.1 and Clause 6.3, in respect of notification to the Obligors, the Sellers and the Master Purchaser agree and acknowledge that the
transfer and assignment of all right, title, benefit and interest to the Receivables, the Related Contract Rights and the Related Security pursuant to Clause 2.1 shall be valid and effective against all third parties as from the transfer and
assignment of the Receivables in accordance with Clauses 2.1 and 2.2. 
 3. DETERMINATION, PAYMENT
OF THE PURCHASE PRICE AND OTHER PAYMENTS 
 3.1 The Purchase Price in respect of each Purchased Receivable consists of the Initial Purchase Price and the Deferred Purchase Price for such Purchased Receivable, as determined in accordance with this
Clause 3. 
 3.2 The Master Purchaser and the Sellers agree that the Purchase Price shall be calculated in respect of each Purchased Receivable
by the Servicers. In respect of the Purchased Receivables purchased during any Determination Period, each Seller shall procure that on the Reporting Date immediately preceding the Settlement Date which relates to such Determination Period, the
aggregate Outstanding Balances of all the Purchased Receivables purchased from that Seller during that period shall be identified in the relevant Servicer’s Determination Report together with the aggregate Initial Purchase Price for those
Purchased Receivables and any Deferred Purchase Price payable on the immediately succeeding Settlement Date. 

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

  

	(a)	prior to a Cash Control Event (or following the cure of a Cash Control Event), no payment of Initial Purchase Price or Advance Purchase Price shall be made by the
Master Purchaser on any day to the extent that it would result in the aggregate amount then standing to the credit of the Daily Sweep Receivables Purchaser Transaction Accounts being less than the aggregate of the amounts that are estimated by the
Funding Agent to be payable by the Master Purchaser on the following Settlement Date at items (a) to (b) of the EUR Pre-Enforcement Priority of Payments and at items (a) to (b) of the US$ Pre-Enforcement Priority of Payments (the
EUR PoP Reserve Amounts and the US$ PoP Reserve Amounts, respectively); and 

  

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

  

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

  

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

  

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

 

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

  

	 	(B)	under the Variable Funding Facilities, 

 in each case subject to and in accordance with the terms and conditions of the relevant facilities. 
 Initial Purchase Price 
 3.4 The Initial Purchase Price in respect of a Purchased Receivable
purchased pursuant to Clause 2.1 shall be due and payable by the Master Purchaser to the Relevant Seller: 
  

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

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

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

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

  

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

  

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

  

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

  

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

 Payment of Daily Shortfall Amounts and Daily Excess Amounts whilst Downgrade Event outstanding 
 3.6 For so long as a Downgrade Event is outstanding, if on any day (other than a Settlement Date): 
  

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

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

3.7 In respect of any payment of Initial Purchase Price to be made pursuant to Clause 3.5 and 3.6, the Master Purchaser shall procure that the Servicers
debit the relevant Master Purchaser Accounts and credit in favour of the Sellers the relevant Seller Account, subject to and in accordance with Clauses 4.4 and 4.5 (Transfers between Master Purchaser Accounts – prior to a Cash Control
Event) of the Servicing Agreement. 
 Advance Purchase Price 
 3.8 Subject to the provisions of Clause 3.3 and 3.6 above, the Sellers and the Master Purchaser agree that, prior to the Programme Termination Date and so long as a Cash Control Event has not occurred, or
if it has occurred, is not continuing, to the extent that the aggregate Collections on any date exceed the aggregate amount of the Initial Purchase Price of Receivables purchased on such date or in the circumstances described in Clause 3.6(b)(ii),
an amount equal to such excess Collections, or as applicable, the amount specified in Clause 3.6(b)(ii) shall be paid to each Seller by way of advance payment made by the Master Purchaser to each Seller on account of the Initial Purchase Price that
will or may become payable by the Master Purchaser to each Seller for purchases of Receivables on subsequent Purchase Dates (the Advance Purchase Price). Any Advance Purchase Price paid to a Seller shall, to the extent that such
Advance Purchase Price has not been repaid by the Seller to the Master Purchaser, be applied towards the Initial Purchase Price payable to such Seller in respect of Purchased Receivables which arise on subsequent Purchase Dates. 

Return of Advance Purchase Price 
 3.9
Each Seller shall, in respect of any Advance Purchase Price received by it to the extent it has not been applied towards the payment of Initial Purchase Price in accordance with Clauses 3.5, 3.6 and 3.8, repay that Advance Purchase Price to the
Master Purchaser by transfer to the Daily Sweep Receivables Purchaser Transaction Account: 
  

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

  

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

  
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 Payment of Deferred Purchase Price 

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

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

  

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

  

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

  

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

 No Other Payment for Purchased Receivables 
 3.11 The Master Purchaser shall not be obliged
to pay any sum to a Seller in respect of the Purchase Price of a Purchased Receivable except as provided for in this Clause 3. 
 Set-offs
for Stamp Duty 
 3.12 The Master Purchaser shall be entitled, (to the extent applicable and if it so elects and in or towards satisfaction
of the Relevant Seller’s obligations) to off-set against the Purchase Price or any part of it payable by it any stamp duty or any similar tax or duty on documents or the transfer of title to property arising in the context of this Agreement
which has not been paid by the Relevant Seller. 
 Liens and rescission 
 3.13 Each Seller agrees that for any unpaid amounts of Purchase Price due on any date, it shall not have and (to the extent it has, it waives) any liens including any unpaid seller’s lien. Each
Seller irrevocably waives the right to seek the rescission of this Agreement. 

  
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 4. REPURCHASE OF CREDIT
INSURED RECEIVABLES 
 4.1 The Master Purchaser shall, if so requested in writing by a Seller at the time of
delivery of a Servicer’s Determination Report, on the Settlement Date following delivery of such Servicer’s Determination Report, sell and assign any Purchased Receivable, the Related Contract Rights and the Related Security to the
Relevant Seller if that Seller has certified in writing that a Credit Insurer has required the assignment to it of any claims or rights under the Contract to which such Purchased Receivable relates or otherwise relating to such Purchased Receivable
in connection with any payment to that Seller by such Credit Insurer in respect of its Credit Insurance Policy provided in relation to such Contract or Purchased Receivable. 
 4.2 As consideration for the sale and assignment of any Purchased Receivable pursuant to Clause 4.1, the Relevant Seller shall pay to the Master Purchaser on such Settlement Date by transfer to a Master
Purchaser Account an amount equal to the Outstanding Balance of the relevant Purchased Receivable on such Settlement Date and the amount paid by the Relevant Seller pursuant to this Clause 4.2 shall be treated as a Deemed Collection in respect of
the relevant Purchased Receivable. 
 5. REPRESENTATIONS, WARRANTIES AND
UNDERTAKINGS 
 Representations and Warranties by each Seller on the 2013 Closing Date 

5.1 On the 2013 Closing Date, each Seller represents and warrants to the Master Purchaser, the Security Trustee and the Funding Agent in the terms set out
in paragraphs (a) to (e) and (h) of Part A of Schedule 1 hereto with reference to the facts and circumstances then subsisting. 
 Representations and Warranties by each Seller on the Funding Date 
 5.2 On the Funding Date,
each Seller represents and warrants to the Master Purchaser, the Security Trustee and the Funding Agent in the terms set out in Part A of Schedule 1 hereto with reference to the facts and circumstances then subsisting. 

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

  
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	(a)	Compliance with Laws, Etc.: 

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

 

	(b)	Compliance with Transaction Documents and Solvency Certificate: 

  

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

  

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

  

	 	(B)	after the occurrence of a Cash Control Event which is continuing, on the third Business Day prior to each Settlement Date a solvency certificate in the form contained
in Schedule 2; and 

  

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

 

	 	(ii)	It shall notify the Master Purchaser promptly upon (but in no event later than five Business Days after) being notified of or becoming aware of the occurrence of any
Termination Event, Potential Default Situation or Cash Control Event. 

  
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	(c)	Offices, Records, Name and Organisation: 

 It will keep its principal place of business and chief executive office at the applicable address set out in 0 hereto or such other address in the Netherlands as may, upon not less than 30 days’
prior written notice, be notified to the Funding Agent, the Security Trustee and the Master Purchaser. It shall procure that records concerning the Purchased Receivables sold or purported to be sold by it are kept at either (i) its principal
place of business or (ii) the principal place of business of any sub-agent appointed under Clause 15 (Sub Contracts) of the Servicing Agreement. It will not change its name or its status as a private company with limited liability,
unless (i) it shall have provided the Funding Agent and the Master Purchaser with at least 30 days’ prior written notice thereof, and (ii) no later than the effective date of such change, all actions, documents and agreements
reasonably requested by the Master Purchaser or the Funding Agent to protect and perfect the Master Purchaser’s interest in the Receivables, the Related Security and the other assets of the Seller in which a security interest is granted under
the Transaction Documents have been taken and completed. It will also maintain and implement administrative and operating procedures (including, without limitation, an ability to recreate records evidencing Purchased Receivables and Related Contract
Rights in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other information reasonably necessary for the collection of all Purchased Receivables sold or purported to be sold by it
(including, without limitation, records adequate to permit the daily identification of each Purchased Receivable and all Collections of and adjustments to each existing Purchased Receivable). 

 

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

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

	(e)	Extension or Amendment of Receivables:  

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

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

 It will not make any material change either (i) in the character of its business, or (ii) in the relevant Seller Credit and Collection Procedures without the prior written consent of the Funding
Agent (acting on a Unanimous Purchaser Instruction). 
  

	(g)	Change in Payment Instructions to Obligors:  

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

	(h)	Deposit to Master Purchaser Accounts: 

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

	(i)	Marking of Records:  

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

 

	(j)	Further Assurances:  

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

  
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	(k)	Transaction Documents: 

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

	(l)	Nature of Business: 

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

	(m)	Mergers, Etc.: 

 It will
not merge with or into or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired) to,
or acquire all or substantially all of the assets or capital stock or other ownership interest of, or enter into any joint venture or partnership agreement with, any person, other than a wholly owned direct or indirect subsidiary of the Parent
provided that the surviving entity assumes or retains all of its rights and obligations under the Transaction Documents and that there would not be a Material Adverse Effect as a result, without the prior written consent of the Funding Agent, such
consent not to be unreasonably withheld or delayed. 
  

	(n)	Place of Business 

 Each
Seller undertakes that: 
  

	 	(i)	it will: 

  

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

 

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

  

	 	(ii)	LCN will not maintain an “establishment” (as that expression is used in the Insolvency Regulation) in any jurisdiction other than the Netherlands; and

  

	 	(iii)	BSM will not maintain an “establishment” (as that expression is used in the Insolvency Regulation) in any jurisdiction other than the Netherlands and Russia.

  
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 Financial Information: 

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

	(a)	as soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year, the consolidated accounts of the Parent and
the management accounts of each Seller as of the end of such quarter certified by the Authorised Representatives of the Parent and each Seller respectively; 

 

	(b)	as soon as available and in any event within 90 days after the end of each fiscal year of the LyondellBasell Group, a copy of the consolidated annual report for such
year for the LyondellBasell Group, containing financial statements for such year audited by independent public accountants of recognised national standing; 

 

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

  

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

  

	(e)	promptly (but in any event within ten days) after the filing or delivery thereof, copies of all financial information, proxy materials and reports, if any, which the
Parent or any of its consolidated Subsidiaries shall publicly file with the SEC. 

 5.6 All such documents delivered in accordance
with Clause 5.5 above may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (A) on which the Parent posts such documents, or provides a link thereto on the Parent’s website on the internet
at www.lyondellbasell.com/index.htm, or, in the case of the information and documents referred to in Clause 5.5(e) above, such documents are posted to the SEC’s website at www.sec.gov, or (B) on which such documents are posted on the
Parent’s behalf on IntraLinks/IntraAgency or another relevant website, if any, to which the Funding Agent has access. 
 Access and
Audit 
 5.7 Until the latest of the Programme Termination Date or the date on which no Receivable shall be outstanding or the date all other
amounts owed by the Sellers hereunder to the Master Purchaser or the Funding Agent are paid in full: 
  

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

  
 13 

 Execution version 

 
  

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

 

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

 provided that in the event a Termination Event has occurred and is continuing, reasonable costs and expenses
incurred by the Funding Agent in connection with paragraphs (i) and (ii) above will be borne by the Sellers; and 
  

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

 Excluded Obligors 
 5.8 The Sellers may, with at least 10 Business Days’ notice, make a request by delivery of written notice to the Master Purchaser and the Funding Agent that an Obligor be designated as an
“Excluded Obligor” with effect from a date specified in that notice, which shall be not be earlier than the day falling 10 Business Days after the date of the notice (a Designation Notice), provided that on the date of the
Designation Notice, the Outstanding Balance of Receivables owed by such Obligor and all other Excluded Obligors does not exceed the equivalent of EUR 100,000,000. 
 5.9 The Master Purchaser shall, within 5 Business Days of receiving a Designation Notice, either accept the Designation Notice by delivery of a written notice of acceptance to the relevant Seller or
decline the Designation Notice, provided that the Master Purchaser shall not unreasonably withhold acceptance. 

  
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 Execution version 

 
 5.10 Following acceptance of a Designation Notice, on and with effect from
the date specified in the Designation Notice in accordance with Clause 5.8, the relevant Obligor shall constitute an Excluded Obligor. For the avoidance of doubt, all Receivables assigned to the Master Purchaser owing by that Obligor and which have
arisen prior to such designation becoming effective shall continue to vest in the Master Purchaser. 
 5.11 The Sellers may, following the
designation of an Obligor as an Excluded Obligor, with at least 10 Business Days’ notice, make a request that an Obligor who at that time is an “Excluded Obligor” be redesignated as not being an Excluded Obligor with effect from a
date specified in that notice, which shall be not be earlier than the day falling 10 Business Days after the date of the notice (a Redesignation Notice). The Master Purchaser shall, within 5 Business Days of receiving a
Redesignation Notice, either accept the Redesignation Notice by delivery of a written notice of acceptance to the relevant Seller or decline the Redesignation Notice, provided that the Master Purchaser shall not unreasonably withhold acceptance.

 5.12 Following acceptance of a Redesignation Notice, on and with effect from the date specified in the Redesignation Notice in accordance
with Clause 5.11, the relevant Obligor shall no longer be an Excluded Obligor and the Transaction Documents (including, in particular, Clause 2.1 of this Agreement) shall be read and construed for all purposes as if the Obligor specified in
that Redesignation Notice is not an Excluded Obligor. 
 5.13 The Master Purchaser may not accept or decline a Designation Notice or a
Redesignation Notice without the prior written consent of the Funding Agent, such consent not to be unreasonably withheld. 
 5.14 Each Seller
shall provide the Funding Agent with all information, documents, records and other evidence that the Funding Agent may request in order to satisfy itself that: (a) in relation to any Designation Notice, the Outstanding Balance of Receivables
owed by the relevant Obligor and all other Excluded Obligors does not exceed the equivalent of EUR 100,000,000; (b) any Obligors proposed to be designated as an Excluded Obligors or redesignated as no longer being Excluded Obligor are capable
of being, and will be, appropriately and readily identifiable in the Seller’s systems as Excluded Obligors or not, as the case may be; and/or (c), in relation to any Redesignation Notice, the relevant Seller will be able to comply immediately
with its obligations pursuant to Clause 6 in relation to the relevant Obligor. For the avoidance of doubt, the consent of the Funding Agent to any acceptance of any Designation Notice or Redesignation Notice shall be deemed not to have been
unreasonably withheld if withheld due to the Funding Agent not being satisfied in relation to any of the matters referred to in this Clause 5.14. 

  
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 Representations and Warranties by the Master Purchaser on the 2013 Closing
Date and on the Funding Date 
 5.15 The Master Purchaser hereby represents and warrants to each of the Sellers and the Funding Agent on the
2013 Closing Date and on the Funding Date as follows: 
  

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

 

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

  

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

 

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

  

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

  

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

  

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

 

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

  
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 Execution version 

 
  

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

  

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

  

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

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

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

 “Notice is hereby given
that the receivable owed by you in respect of the amounts set out in this invoice has been sold and assigned by Basell Sales & Marketing Company B.V. to Basell Polyolefins Collections Limited (a company incorporated in Ireland with
registered number 405558 whose registered office is at 53 Merrion Square, Dublin 2, Ireland) in accordance with, and subject to, the terms of a master receivables purchase agreement dated 4 May 2010 (as amended and restated on 23 April
2013 and as it may subsequently be amended from time to time); and 
  

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

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

  
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	(a)	from the 2013 Closing Date, it shall include on all Invoices the wording from the beginning of the first line up to but excluding the words ‘4 May 2010 (as amended
and restated on 23 April 2013 and as it may subsequently be amended from time to time)’ on the seventh line of the paragraph and in its place the Invoice shall include instead the words ‘4 May 2010 (as amended)’ ; and

  

	(b)	as soon as reasonably practicable after the 2013 Closing Date and in any event within 30 days of the 2013 Closing Date, it shall include on all Invoices, in its
entirety, the paragraph provided for in Clause 6.1(a) 

 6.3 LCN undertakes that it shall: 

 

	(a)	subject to Clause 6.4, include in all Invoices issued by it thereafter in respect of Purchased Receivables the following wording (or a translation of such wording,
approved by the Funding Agent, in a language appropriate to the relevant Obligor): 

“Notice is hereby given that the receivable owed by you in respect of the amounts set out in this invoice has
been sold and assigned by Lyondell Chemie Nederland B.V. to Basell Polyolefins Collections Limited (a company incorporated in Ireland with registered number 405558 whose registered office is at 53 Merrion Square, Dublin 2, Ireland) in accordance
with, and subject to, the terms of a master receivables purchase agreement dated 4 May 2010 (as amended and restated on 23 April 2013 and as it may subsequently be amended from time to time) and that Basell Polyolefins Collections Limited
has assigned such receivable by way of security to Citicorp Trustee Company Limited (a company incorporated in England and Wales with registered number 00235914 whose registered office is at
14th Floor, Citigroup Centre, 33 Canada Square, Canary
Wharf, London E14 5LB) in accordance with and subject to the terms of a deed of charge dated 4 May 2010 (as amended, restated and supplemented from time to time) or a German assignment agreement dated 28 April 2010 (as amended, restated
and supplemented from time to time in the case of a receivable governed by German law)”; and 
  

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

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

	(a)	from the 2013 Closing Date, it shall include on all Invoices the wording in Clause 6.3(a) except: 

 

	 	(i)	for the words ‘23 April 2013’ wherever such words appear and in its place the Invoice shall include instead the words ‘28 April 2010’; and

  

	 	(ii)	for the words ‘4 May 2010 (as amended and restated on 23 April 2013 and as it may subsequently be amended from time to time)’ wherever such words appear
and in its place the Invoice shall include instead the words ’4 May 2010 (as amended)’; 

  
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	(b)	as soon as reasonably practicable after the 2013 Closing Date and in any event within 30 days of the 2013 Closing Date, it shall include on all Invoices, in its
entirety, the paragraph provided for in Clause 6.3(a). 

 6.5 BSM will on or before the 2013 Closing Date execute a power of
attorney substantially in the form set out in Part A of Schedule 4 (the BSM Master Purchaser Receivables Power of Attorney) and deliver the same to the order of the Master Purchaser on such date. 

6.6 LCN will on or before the 2013 Closing Date execute a power of attorney substantially in the form set out in Part B of Schedule 4 (the
LCN Master Purchaser Receivables Power of Attorney), and together with the BSM Master Purchaser Receivables Power of Attorney, the Master Purchaser Receivables Powers of Attorney and each a Master Purchaser
Receivables Power of Attorney) and deliver the same to the order of the Master Purchaser on such date. 
 6.7 Each Seller hereby agrees
and acknowledges that, if after the occurrence of a Cash Control Event the Funding Agent determines, in its discretion, that such actions would be necessary or desirable for the protection of the interests of the Master Purchaser, the Note
Purchasers and/or the Noteholders, or is so directed by the Note Purchasers under the Intercreditor and Indemnity Deed, the Funding Agent and the Master Purchaser shall each be entitled to, and the Master Purchaser (if so instructed by the Funding
Agent) shall take such action as it reasonably considers to be necessary in order to, recover any amount outstanding in respect of Purchased Receivables or to improve, protect, preserve or enforce the Master Purchaser’s rights against the
Obligors in respect of Purchased Receivables. 
 6.8 Each Seller undertakes that if, following the notification to an Obligor of the sale and
assignment of Purchased Receivables owed by such Obligor, such Obligor contacts the Seller, the Seller shall confirm to the Obligor the sale and assignment of the relevant Purchased Receivable, that the Master Purchaser is entitled to all amounts
owed in respect of the Purchased Receivable and that the Obligor should comply with any payment instructions received from the Master Purchaser, the Funding Agent or any Alternate Collection Agent. 

7. TERMINATION 

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

  
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 Execution version 

 
 Termination Event – Set off 

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

Termination by a Seller – merger 

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

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

 

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

 Continuing Effect 
 7.4 The termination by a Seller of its agreement to sell Receivables to the Master Purchaser pursuant to Clause 7.3 above shall not affect any rights or obligations of the parties in relation to any
Receivables purchased prior to such termination and the provisions of this Agreement shall continue to bind the parties to the extent and for so far and so long as may be necessary to give effect to such rights and obligations. The covenants,
obligations and undertakings contained in this Agreement and the rights and remedies in this Agreement in respect of any representation, warranty or statement made under or in connection with this Agreement and the indemnification and other payment
obligations in this Agreement shall continue and remain in full force and effect notwithstanding the termination of this Agreement. 
 8.
REMEDIES FOR BREACH OF WARRANTY 
 Non-Conforming Receivables

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

  
 20 

 Execution version 

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

Dilutions 
 8.2 If a Dilution occurs in
respect of any Purchased Receivable, the Relevant Seller shall be deemed to have received a collection in an amount equal to each such Dilution and: 
  

	(a)	if no Potential Default Situation or Termination Event is continuing, on the next Settlement Date; or 

 

	(b)	if a Potential Default Situation or Termination Event is continuing, on the Business Day following the day on which the Seller receives notice or becomes aware of the
relevant Dilution, 

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

Means of remedying breach 
 8.3 For the
avoidance of doubt, the payment by a Seller in full of the amount due in respect of any Purchased Receivable under Clause 8.1 or Clause 8.2 on the date on which it is due will remedy any breach or default by such Seller in respect of that Receivable
or the relevant part thereof and the Master Purchaser and the Funding Agent shall not have any other right or remedy in respect of such breach or default. 
 Recoupment of Value Added Tax 
 8.4 For the purpose of ensuring recoupment of any value
added tax forming part of a Purchased Receivable: 
  

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

  
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 Execution version 

 
  

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

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

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

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

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

  
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 Execution version 

 
 Currency Indemnity 

9.4 If any payment under this Agreement by the Seller is made or fails to be satisfied in a currency (the payment currency) other than the
currency in which such payment is expressed to be due (the contractual currency) then the Seller making such payment as a separate and independent obligation shall indemnify and hold harmless (on an after-Tax basis) the Master
Purchaser to the extent that the amount of the payment actually received by the Master Purchaser when converted into the contractual currency by the Master Purchaser purchasing the contractual currency (with the sum received) falls short of the
amount expressed to be due. 
 Payment to the Seller Accounts 
 9.5 Whenever any amount is due, owing or payable to a Seller under or in connection with this Agreement, payment of such sum in cleared funds into the relevant Seller Account, or as otherwise directed in
writing by the Relevant Seller at least two Business Days before any such payment is due to be made, shall constitute a complete discharge of the Master Purchaser’s obligation to pay such amounts. For the purposes of this Clause 9.5, where
an amount is payable in EUR, the reference to the Seller Account shall be construed as a reference to the relevant Seller EUR Account. Where an amount is payable in US$, the reference to the Seller Account shall be construed as a reference to the
relevant Seller US$ Account and where an amount is payable in GBP, the reference to the Seller Account shall be construed as a reference to the relevant Seller GBP Account. 
 Appropriation of Payments 
 9.6 If a person owing a payment obligation in respect of a
Purchased Receivable makes a general payment to the Relevant Seller on account both of a Purchased Receivable which the Master Purchaser has purchased or agreed to purchase and of any other moneys due for any reason whatsoever to the Relevant Seller
and makes no apportionment between them then such payment shall be treated as though the person had appropriated it first to the Purchased Receivable which the Master Purchaser has purchased or agreed to purchase and the proceeds of or comprised in
such payment up to the full amount due or to become due in respect of the Purchased Receivable shall accordingly be the property of the Master Purchaser and the Relevant Seller shall immediately and without deduction transfer that amount in
accordance with Clause 4 (Collection of Receivables) of the Servicing Agreement and shall in the meantime hold such moneys as fiduciary agent for the Master Purchaser. 
 10. SECURITY TRUSTEE 
 The Security Trustee (for itself and in
its capacity as trustee under the Master Purchaser Deed of Charge) has agreed to become a party to this Agreement in order to receive the benefit of the warranties, covenants, undertakings and indemnities expressed in its favour, for agreeing
amendments to this Agreement and for the better preservation and enforcement of the Security Trustee’s rights under the Master Purchaser Deed of Charge. However, the Security Trustee shall not assume or incur any obligation or liability
whatsoever to the other parties hereto by virtue of the provisions contained in this Agreement. 

  
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 11. GOVERNING LAW 

This Agreement and any non-contractual obligations arising out of or in relation to this Agreement are governed by, and shall be construed in accordance
with, English law. 
 12. JURISDICTION 
 The provisions of Clause 4 of the Framework Deed shall apply to this Agreement on the basis set out therein. 

  
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 Execution version 

 
 SCHEDULE 1 

Part A 

Representations and Warranties relating to each Seller 

 

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

  

	(b)	Place of business:  

  

	 	(i)	it will: 

  

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

 

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

  

	 	(ii)	LCN will not maintain an “establishment” (as that expression is used in the Insolvency Regulation) in any jurisdiction other than the Netherlands; and

  

	 	(iii)	BSM will not maintain an “establishment” (as that expression is used in the Insolvency Regulation) in any jurisdiction other than the Netherlands and Russia;

  

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

  

	 	(i)	are within its corporate powers; 

  

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

  

	 	(iii)	do not contravene: 

  

	 	(A)	its articles of association; 

  

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

  

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

 

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

  
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 Execution version 

 
  

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

  

	(d)	Consents: no authorisation or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body is required for the due
execution, delivery and performance by it of this Agreement or any other Transaction Document to which it is a party or any other document to be delivered by it hereunder unless the absence of such authorisation, approval, notice or filing could not
reasonably be expected to have a Material Adverse Effect; 

  

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

  

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

  

	(g)	No Default: no event has occurred which constitutes a contravention of, or default under, any such law, statute, decree, rule, regulation, order, judgment,
injunction, decree, resolution, determination or award or any agreement, document or instrument by which it or any of its assets is bound or affected, being a contravention or default which could reasonably be expected to have a Material Adverse
Effect; 

  

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

  

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

  
 26 

 Execution version 

 
  

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

  

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

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

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

  

	(j)	No Material Adverse Change: since the 2013 Closing Date there has been no change in its business or operations so as to have a material adverse effect on its
ability to perform its obligations under this Agreement or any of the other Transaction Documents; 

  

	(k)	No Termination Event: no Termination Event has occurred; 

  

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

  

	(m)	Suspect period: 

  

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

  

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

  

	(n)	Information: none of the written information and reports furnished by it in connection with the negotiation and entry into of the transactions envisaged by the
Transaction Documents is inaccurate in any material respect, or contains any material misstatement of fact; 

  
 27 

 Execution version 

 
  

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

  

	(p)	Licences: it has all necessary licences for carrying on the enforcement and collection of the Receivables and the performance of its obligations under the
Transaction Documents other than licences the absence of which could not reasonably be expected to have a Material Adverse Effect; 

  

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

  

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

  

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

  
 28 

 Execution version 

 
 Part B 

Representations and Warranties relating to the Purchased Receivables 

 

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

 

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

  

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

  

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

  

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

  
 29 

 Execution version 

 

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

 

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

 

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

  

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

 

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

 

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

  

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

  
 30 

 Execution version 

 
  

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

 

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

  

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

  

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

 

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

  

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

  

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

 

	(q)	Eligible Receivables: in the Servicer Report, all Receivables are properly characterised as Eligible Receivables or Receivables which are not Eligible
Receivables and are properly included as such in calculating the Net Receivables Pool Balance; 

  

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

  

	(s)	No Taxes: 

  

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

  
 31 

 Execution version 

 
  

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

  
 32 

 Execution version 

 
 SCHEDULE 2 

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

 

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

  

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

  

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

  

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

  

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

 

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

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

  
 33 

 Execution version 

 
  

			
	Authorised Signatory
		
	Name:	 	
		
	Signature:	 	
		
	Date:	 	

  
 34 

 Execution version 

 
 SCHEDULE 3 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	[The Master Purchaser] 

  

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

 Citigroup Centre 
 33 Canada Square 

Canary Wharf 

London E14 5LB 
 This
certificate is delivered to you in accordance with [Clause 5.4(b)] of the Master Receivables Purchase Agreement dated 4 May 2010 (as amended from time to time) (the Agreement). The definitions contained in the Master Definitions
and Framework Deed dated 28 April 2010 as amended and restated from time to time shall apply to this certificate. The date of this certificate is [•]. 
 We certify that: 
  

	(a)	as at [•] no Termination Event or Cash Control Event existed and no Termination Event or Cash Control Event existed at any time during the period since [the 2013
Closing Date] [the date of the last certificate delivered under Clause 5.4(b) [other than [•]]; and 

  

	(b)	during the period since [the 2013 Closing Date] [the date of the last certificate delivered under Clause 5.4(b)] the Seller has observed and performed all of its
undertakings and satisfied every condition contained in the Agreement to be observed performed or satisfied by it on or prior to the date of this certificate other than [•]. 

  
 35 

 Execution version 

 
  

	
	 [BASELL SALES & MARKETING COMPANY B.V.]
 [LYONDELL CHEMIE NEDERLAND B.V.]

	
	  
	Director
	
	  
	Director

  
 36 

 Execution version 

 
 SCHEDULE 4 

MASTER PURCHASER RECEIVABLES POWERS OF ATTORNEY 
 Part A 
 BSM Perfection Power of Attorney 

THIS POWER OF ATTORNEY is given on 23 April 2013 by BASELL SALES & MARKETING COMPANY B.V. whose principal place of business
is at Stationsplein 45, 3013 AK Rotterdam, The Netherlands (the Principal) in favour of BASELL POLYOLEFINS COLLECTIONS LIMITED (the Attorney) whose registered office is at 53 Merrion Square, Dublin 2, Ireland.

 WHEREAS: 
 (A) Pursuant to an agreement dated 4 May 2010 (as amended and amended and restated from time to time, including on or about the date hereof) between the Principal (as Seller) and the Attorney (as
Purchaser) (the Master Receivables Purchase Agreement), the Principal is to transfer to the Attorney the Receivables in respect of certain Contracts regarding the sale of polyolefin, petrochemical, chemical and fuel products and any
Related Security derived from and including the benefit of the Contracts. 
 (B) The Principal has agreed to appoint the Attorney as its
attorney in the manner hereinafter appearing irrevocably for the performance of the Principal’s obligations under and pursuant to the Master Receivables Purchase Agreement. 
 Terms defined in the Master Receivables Purchase Agreement have the same meaning where used herein. 
 NOW THIS DEED WITNESSETH THAT the Principal HEREBY APPOINTS the Attorney to be its
true and lawful attorney for it and in its name or otherwise to do any of the following acts, deeds and things or any of them as may be within the power of the Principal: 
 1. to perfect the title of the Attorney in and to any or all of the BSM Purchased Receivables, the Related Security and the related Contracts insofar as they relate to BSM Purchased Receivables;

 2. to give notice of the assignment of the right, title, benefit and interest of the Principal in the BSM Purchased Receivables, the
Contracts and/or the Related Security to the Attorney to the relevant Obligors or any of them; 
 3. to deliver invoices in respect of, demand,
sue for and receive all moneys due or payable under or in respect of the BSM Purchased Receivables; 
 4. from time to time to substitute and
appoint severally one or more persons as attorney or attorneys (the Substitute Attorneys) for all or any of the purposes aforesaid; and 

  
 37 

 Execution version 

 
  

	5.	to do every other act or thing and to execute all such deeds, documents and certificates which the Attorney may deem to be necessary, proper or expedient for all or any
of the foregoing purposes. 

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

AND the laws of England shall apply to this Power of Attorney and the interpretation thereof and to all acts of the Attorney and/or
Substitute Attorney carried out or purported to be carried out under or pursuant hereto. 
 IN WITNESS
whereof the Principal has caused this Power of Attorney to be executed and delivered as its deed this day and year first before written. 
  

			
	
EXECUTED as a DEED by                
                      ) BASELL SALES & MARKETING COMPANY  )
B.V. a company incorporated in The Netherlands,    )

acting by SCOTT NETTLES                   
                  )

being a person who, in accordance with the laws of  )

that territory, is acting under the authority of            
)

the company                       
                                        
)

		
	Witness:	 	
		
	Name:	 	NOVIEANA TENRISAU
		
	Address:	 	 STATIONSPLEIN 45
 3013 AK
ROTTERDAM
 THE NETHERLANDS

  
 38 

 Execution version 

 
 Part B 

LCN Perfection Power of Attorney 
 THIS POWER OF ATTORNEY is given on 23 April 2013 by LYONDELL CHEMIE NEDERLAND B.V. whose principal place of business is at Stationsplein 45, 3013 AK Rotterdam, the Netherlands (the
Principal) in favour of BASELL POLYOLEFINS COLLECTIONS LIMITED (the Attorney) whose registered office is at 53 Merrion Square, Dublin 2, Ireland. 
 WHEREAS: 
 (A) Pursuant to an agreement entered into on
4 May 2010 (as amended and amended and restated from time to time, including on or about the date hereof) between, amongst others, the Principal (as Seller) and the Attorney (as Purchaser) (the Master Receivables Purchaser
Agreement), the Principal is to transfer to the Attorney the Receivables in respect of certain Contracts regarding the sale of polyolefin, petrochemical, chemical and fuel products and any Related Security derived from and including the
benefit of the Contracts. 
 (B) The Principal has agreed to appoint the Attorney as its attorney in the manner hereinafter appearing
irrevocably for the performance of the Principal’s obligations under and pursuant to the Master Receivables Purchase Agreement. 
 Terms
defined in the Master Receivables Purchase Agreement have the same meaning where used herein. 
 NOW THIS
DEED WITNESSETH THAT the Principal HEREBY APPOINTS the Attorney to be its true and lawful attorney for it and in its name or
otherwise to do any of the following acts, deeds and things or any of them as may be within the power of the Principal: 
 1. to perfect the
title of the Attorney in and to any or all of the LCN Purchased Receivables, the Related Security and the related Contracts insofar as they relate to LCN Purchased Receivables; 
 2. to give notice of the assignment of the right, title, benefit and interest of the Principal in the LCN Purchased Receivables, the Contracts and/or the Related Security to the Attorney to the relevant
Obligors or any of them; 
 3. to deliver invoices in respect of, demand, sue for and receive all moneys due or payable under or in respect of
the LCN Purchased Receivables; 
 4. from time to time to substitute and appoint severally one or more persons as attorney or attorneys (the
Substitute Attorneys) for all or any of the purposes aforesaid; and 
 5. to do every other act or thing and to execute all such
deeds, documents and certificates which the Attorney may deem to be necessary, proper or expedient for all or any of the foregoing purposes. 

  
 39 

 Execution version 

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

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

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

					
	 EXECUTED as a DEED by 
 LYONDELL CHEMIE NEDERLAND B.V. 
 a company incorporated in The Netherlands,

acting by STEPHANE VAYRON

being a person who, in accordance with the laws of 

that territory, is acting under the authority of

the company
	 	 )
 )

)
 )

)
 )

)

			
	Witness:	 		 	
		
	Name:	 	NOVIEANA TENRISAU
		
	Address:	 	 STATIONSPLEIN 45

3013 AK ROTTERDAM
 THE
NETHERLANDS

  
 40 

 Execution version 

 
 SCHEDULE 5 

ADDRESSES OF THE SELLERS 
  

			
	 SELLER
	  	 ADDRESS OF PRINCIPAL PLACE
OF BUSINESS AND CHIEF EXECUTIVE OFFICE

	BSM	  	 Groot Handelsgebouw, Stationsplein 45,
 3013 AK,
 Rotterdam,
 The Netherlands

		
	LCN	  	 Groot Handelsgebouw, Stationsplein 45,
 3013 AK,
 Rotterdam,
 The Netherlands

  
 41 

 Execution version 

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

			
	 SIGNED by
  

for and on behalf of 
 BASELL
SALES & MARKETING 
 COMPANY B.V. 
	 	 )
 )

)
 )

)

		
	 SIGNED by
  

for and on behalf of 
 LYONDELL CHEMIE

 NEDERLAND B.V. 
	 	 )
 )
 )
 )
 )

		
	 SIGNED by
  

for and on behalf of
 BASELL
POLYOLEFINS
 COLLECTIONS LIMITED
	 	 )
 )
 )
 )
 )

		
	 SIGNED by
  

for and on behalf of 
 CITICORP TRUSTEE

 COMPANY LIMITED 
	 	 )
 )

)
 )

)

		
	 SIGNED by
  

for and on behalf of 
 CITIBANK, N.A.,
LONDON BRANCH 
	 	 )
 )

)
 )

  
 42 

 Execution version 
 4 MAY 2010 
 as amended and restated on 

23 APRIL 2013 
 BASELL SALES & MARKETING COMPANY B.V. 
 (as Seller
and Servicer) 
 LYONDELL CHEMIE NEDERLAND B.V. 

(as Seller and Servicer) 

BASELL POLYOLEFINS COLLECTIONS LIMITED 
 (as Master Purchaser) 
 CITICORP TRUSTEE COMPANY
LIMITED 
 (as Security Trustee) 

CITIBANK, N.A., LONDON BRANCH 
 (as Funding Agent) 
  

 
 MASTER
RECEIVABLES 
 PURCHASE AGREEMENT 

 
  

 
 

 

 Execution version 
 CONTENTS 
  

							
	CLAUSE	  	PAGE	 
	 1.
	 	DEFINITIONS AND INTERPRETATION	  	 	1	  
			
	 2.
	 	SALE OF RECEIVABLES	  	 	2	  
			
	 3.
	 	DETERMINATION, PAYMENT OF THE PURCHASE PRICE AND OTHER PAYMENTS	  	 	3	  
			
	 4.
	 	REPURCHASE OF CREDIT INSURED RECEIVABLES	  	 	8	  
			
	 5.
	 	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS	  	 	8	  
			
	 6.
	 	PROTECTION OF INTERESTS AND NOTIFICATIONS TO OBLIGORS	  	 	17	  
			
	 7.
	 	TERMINATION	  	 	19	  
			
	 8.
	 	REMEDIES FOR BREACH OF WARRANTY	  	 	20	  
			
	 9.
	 	PROTECTION OF MASTER PURCHASER, FURTHER ASSURANCE	  	 	22	  
			
	 10.
	 	SECURITY TRUSTEE	  	 	23	  
			
	 11.
	 	GOVERNING LAW	  	 	24	  
			
	 12.
	 	JURISDICTION	  	 	24	  
		
	 SCHEDULE 1
	  	 	25	  
		
	PART A REPRESENTATIONS AND WARRANTIES RELATING TO EACH
SELLER	  	 	25	  
		
	PART B REPRESENTATIONS AND WARRANTIES RELATING TO THE
PURCHASED RECEIVABLES	  	 	29	  
		
	 SCHEDULE 2 FORM OF SOLVENCY CERTIFICATE
	  	 	33	  
		
	 SCHEDULE 3 FORM OF COMPLIANCE CERTIFICATE
	  	 	35	  
		
	 SCHEDULE 4 MASTER PURCHASER RECEIVABLES POWERS OF ATTORNEY
	  	 	37	  
		
	PART A BSM PERFECTION POWER OF ATTORNEY	  	 	37	  
		
	PART B LCN PERFECTION POWER OF ATTORNEY	  	 	39	  
		
	SCHEDULE 5 ADDRESSES OF THE SELLERS	  	 	41	  

  

  
 1EX-10.3

 Exhibit 10.3 
 Execution version 
 THIS AGREEMENT is made on 28 April 2010 and amended and restated
on 23 April 2013 
 BETWEEN 
  

	(1)	BASELL POLYOLEFINS COLLECTIONS LIMITED, a company incorporated in Ireland, registered in Ireland with the Companies Registration Office with number 405558, whose
registered office is at 53 Merrion Square, Dublin 2, Ireland (the Master Purchaser and in its capacity as issuer of the Notes, the Issuer); 

 

	(2)	BASELL SALES & MARKETING COMPANY B.V., a company incorporated in The Netherlands, being a wholly-owned indirect subsidiary of the Parent and whose
principal place of business is at Stationsplein 45, 3013 AK Rotterdam, The Netherlands, registered with the trade registry of the Chamber of Commerce of Amsterdam with registration number 34245062 (BSM and in its capacities as a
Seller, the Master Servicer and a Servicer); 

  

	(3)	LYONDELL CHEMIE NEDERLAND B.V., a company incorporated in The Netherlands being a wholly-owned indirect subsidiary of the Parent and whose principal place of
business is at Stationsplein 45, 3013 AK Rotterdam, The Netherlands, registered with the trade registry of the Chamber of Commerce of Amsterdam with registration number 24314683 (LCN and in its capacities as a Seller and a Servicer);

  

	(4)	THE PERSONS identified in Part A of Schedule 1 each as a Note Purchaser and Committed Purchaser; 

 

	(5)	THE PERSONS identified in Part B of Schedule 1 each as a Note Purchaser and a Uncommitted Purchaser; 

 

	(6)	CITICORP TRUSTEE COMPANY LIMITED, a private company incorporated in England and Wales with limited liability and whose principal office is at 14th Floor,
Citigroup Centre, 33 Canada Square, Canary Wharf, London E14 5LB (the Security Trustee); and 

  

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

 (together the Parties). 

NOW IT IS HEREBY AGREED as follows: 

1. INTERPRETATION 
 1.1
Capitalised terms in this Agreement shall, except where the context otherwise requires and save where otherwise defined herein, bear the meanings ascribed to them in the Master Definitions and Framework Deed dated 28 April 2010 as amended and
restated on the date of this Deed (the Framework Deed) (as the same may be amended, varied or supplemented from time to time with the consent of the parties) between, amongst others, each of the Parties and this Agreement shall be
construed in accordance with the principles of construction set out therein. 

  
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 1.2 In addition, the provisions set out in Clauses 3 to 7, Clauses 9 to 11
and Clauses 15 to 23 of the Framework Deed (the Framework Provisions) shall be expressly and specifically incorporated into this Agreement, as though they were set out in full in this Agreement. In the event of any conflict between the
provisions of this Agreement and the Framework Provisions, the provisions of this Agreement shall prevail. 
 1.3 This Agreement is the Variable
Funding Agreement referred to in the Framework Deed. 
 1.4 The Security Trustee has agreed to become a party to this Agreement solely for the
better enforcement and preservation of its rights, to receive benefit of the representations, warranties, covenants, undertakings, indemnities and other obligations expressed to be in its favour hereunder and to agree amendments to this Agreement.
The Parties hereto acknowledge and agree that the Security Trustee shall not assume any obligation or incur any liability whatsoever to any Party by virtue of the provisions contained in this Agreement. 

2. THE VARIABLE FUNDING FACILITIES 

Variable Funding Facilities 
  

	2.1	On the terms and subject to the conditions of this Agreement: 

  

	(a)	each Uncommitted Purchaser makes available to the Issuer a variable funding uncommitted note issuance facility from (and including) the date hereof or the date on which
it becomes a party hereto, to (but excluding) the Programme Termination Date; and 

  

	(b)	each Committed Purchaser makes available to the Issuer a variable funding committed note issuance facility from (and including) the date hereof or the date on which it
becomes a party hereto, to (but excluding) (subject to Clause 9), the Committed Purchaser Facility Termination Date, then applicable to such Committed Purchaser. 

 3. SECURITY 
 3.1 It is hereby acknowledged and agreed that when a Note
Purchaser is a Noteholder in respect of a Note in accordance with this Agreement, it: 
  

	(a)	becomes a beneficiary of the security created by or pursuant to the Master Purchaser Deed of Charge in respect of all sums payable to it under this Agreement and in its
capacity as a Noteholder; and 

  

	(b)	agrees to be bound by the terms of the Master Purchaser Deed of Charge. 

  
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 4. PURPOSE 

Purpose 
 4.1 The Variable Funding
Facility is intended to provide the Issuer with financing to fund: 
  

	(a)	the repayment of notes outstanding under the European receivables securitisation programme scheduled to terminate on the first Funding Date; 

 

	(b)	in part, the payment of the Initial Purchase Price in respect of Purchased Receivables to the Sellers under the Master Receivables Purchase Agreement;

  

	(c)	to enable the Issuer to refinance certain amounts under the Subordinated VLN Facilities; and 

 

	(d)	to enable the Issuer to repay advances made hereunder from time to time for the purpose specified in paragraphs (b) and (c) above, 

and accordingly, the Issuer shall apply all amounts raised by it under the Variable Funding Facilities only for such purposes and always in accordance
with this Agreement, the Master Receivables Purchase Agreement, the Intercreditor and Indemnity Deed and the Master Purchaser Deed of Charge. 

No obligation to monitor use of proceeds 

4.2 Without in any way affecting the obligations of the Issuer, no other Party is bound to monitor or verify the application of amounts raised by the
Issuer under this Agreement. 
 5. CONDITIONS PRECEDENT 

Initial conditions precedent 
 5.1 A Note
Purchaser shall have no obligation to participate in any Utilisation and the Issuer shall have no right to deliver a Funding Request under this Agreement unless the conditions specified in clause 17 of the Framework Deed have been satisfied.

 Further conditions precedent 

5.2 A Note Purchaser shall have no obligation to participate in any Utilisation under this Agreement unless in each case: (x) on both the Initial
Funding Request Date and the date on which the payment of the relevant Initial Subscription Price is to be made; or (y) on both any Further Funding Request Date and the date on which the payment of the relevant Further Subscription Price is to
be made: 
  

	(a)	the representations and warranties made by the Issuer under Clause 12.1 on the date of the relevant Funding Request and relevant Funding Date are true and correct;

  
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	(b)	no Termination Event or Potential Termination Event shall have occurred and be continuing or would result from the proposed Utilisation (unless such Termination Event
or Potential Termination Event has been waived in accordance with the provisions of the Transaction Documents); 

  

	(c)	in relation to a Note Purchaser that is an Uncommitted Purchaser: 

  

	 	(i)	the aggregate EUR Equivalent of the Principal Amount Outstanding of all Notes in issue and held by: 

 

	 	(A)	such Uncommitted Purchaser; plus  

  

	 	(B)	its Related Committed Purchaser; 

on the Funding Date after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) will
not exceed the Variable Funding Facility Limit of that Note Purchaser; 
  

	 	(ii)	the aggregate EUR Equivalent of the Principal Amount Outstanding of all Notes in issue and held by: 

 

	 	(A)	such Uncommitted Purchaser; plus 

  

	 	(B)	its Related Committed Purchaser; 

on the Funding Date, after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) will
not exceed that Uncommitted Purchaser’s Relevant Proportion of the aggregate EUR Equivalent of the Principal Amount Outstanding of all Notes in issue; 
  

	 	(iii)	after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) by the Uncommitted Purchaser: 

 

	 	(A)	the aggregate Principal Amount Outstanding of all EUR Notes held by: 

  

	 	(I)	such Uncommitted Purchaser; plus 

  

	 	(II)	its Related Committed Purchaser; 

on the Funding Date, will not exceed the EUR Facility Limit applicable to that Uncommitted Purchaser; and 

 

	 	(B)	the aggregate Principal Amount Outstanding of all US$ Notes held by: 

  

	 	(I)	such Uncommitted Purchaser; plus 

  

	 	(II)	its Related Committed Purchaser; 

on the Funding Date, will not exceed the US$ Facility Limit applicable to that Uncommitted Purchaser; 

  
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	 	(iv)	after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) by the Uncommitted Purchaser: 

 

	 	(A)	the aggregate Principal Amount Outstanding of all US$ Notes in issue and held by: 

 

	 	(I)	such Uncommitted Purchaser; plus 

  

	 	(II)	its Related Committed Purchaser; 

on the Funding Date, will not exceed that Uncommitted Purchaser’s Relevant Proportion of the aggregate Principal Amount
Outstanding of all US$ Notes in issue; and 
  

	 	(B)	the aggregate Principal Amount Outstanding of all EUR Notes in issue and held by: 

 

	 	(I)	such Uncommitted Purchaser; plus 

  

	 	(II)	its Related Committed Purchaser; 

on the Funding Date, will not exceed that Uncommitted Purchaser’s Relevant Proportion of the aggregate Principal Amount
Outstanding of all EUR Notes in issue; 
  

	(d)	in relation to a Note Purchaser that is a Committed Purchaser: 

  

	 	(i)	the aggregate EUR Equivalent of the Principal Amount Outstanding of all Notes in issue and held by: 

 

	 	(A)	such Committed Purchaser; plus  

  

	 	(B)	its Related Uncommitted Purchaser; 

 on the Funding Date, after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) will not exceed the Variable Funding Facility Limit of that Committed
Purchaser; 
  

	 	(ii)	the aggregate EUR Equivalent of the Principal Amount Outstanding of all Notes in issue and held by: 

 

	 	(A)	such Committed Purchaser; plus 

  

	 	(B)	its Related Uncommitted Purchaser; 

 on the Funding Date, after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) will not exceed that Committed Purchaser’s Relevant Proportion of
the aggregate EUR Equivalent of the Principal Amount Outstanding of all Notes in issue; 

  
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	 	(iii)	after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) by the Committed Purchaser: 

 

	 	(A)	the aggregate Principal Amount Outstanding of all EUR Notes held by: 

  

	 	(I)	such Committed Purchaser; plus 

  

	 	(II)	its Related Uncommitted Purchaser; 

 on the Funding Date, will not exceed the EUR Facility Limit applicable to that Committed Purchaser; and 
  

	 	(B)	the aggregate Principal Amount Outstanding of all US$ Notes held by: 

  

	 	(I)	such Committed Purchaser; plus 

  

	 	(II)	its Related Uncommitted Purchaser; 

 on the Funding Date, will not exceed the US$ Facility Limit applicable to that Committed Purchaser; 
  

	 	(iv)	after payment of the Initial Subscription Price or the Further Subscription Price (as the case may be) by the Committed Purchaser: 

 

	 	(A)	the aggregate Principal Amount Outstanding of all US$ Notes in issue and held by: 

 

	 	(I)	such Committed Purchaser; plus 

  

	 	(II)	its Related Uncommitted Purchaser; 

 on the Funding Date, will not exceed that Committed Purchaser’s Relevant Proportion of the aggregate Principal Amount Outstanding of all US$ Notes in issue; and 

 

	 	(B)	the aggregate Principal Amount Outstanding of all EUR Notes in issue and held by: 

 

	 	(I)	such Committed Purchaser; plus 

  

	 	(II)	its Related Uncommitted Purchaser; 

 on the Funding Date, will not exceed that Committed Purchaser’s Relevant Proportion of the aggregate Principal Amount Outstanding of all EUR Notes in issue; and 

  
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	(e)	the Percentage Factor is not more than the Maximum Percentage Factor; 

  

	(f)	the date on which the Initial Subscription Price or Further Subscription Price is required to be paid falls on a Business Day during the period from (and including) the
Funding Date to (and including) the Committed Purchaser Facility Termination Date applicable to that Note Purchaser; and 

  

	(g)	the Programme Termination Date has not occurred. 

6. UTILISATION 

Uncommitted Purchaser – no obligation to participate in a Utilisation 
 6.1 An Uncommitted Purchaser shall be under no obligation to participate in any Utilisation. 

Committed Purchaser – conditional obligation to participate in a Utilisation 
 6.2 If and to the extent that an Uncommitted Purchaser does not participate in any Utilisation, then on the terms and subject to the conditions of this Agreement, its Related Committed Purchaser shall,
subject to Clause 5.2, participate in such Utilisation. 
 Master Purchaser Event of Default – no obligation to participate

 6.3 If there is a Master Purchaser Event of Default, each Note Purchaser shall be released and discharged from any obligation to make any
initial subscription or any further subscription for any Notes which it may have assumed as a consequence of the acceptance of any Funding Request prior to the occurrence of such Master Purchaser Event of Default. 

Funding Requests – general conditions 
 6.4 The Funding Agent shall notify each Purchaser of the receipt of any Funding Request within a reasonable time on the same Business Day that the Funding Request was received. 

6.5 Any Funding Request made pursuant to this Clause 6 shall not be withdrawn or revoked once given and the Issuer shall: 

(a) 
  

	 	(i)	accept the payment of the Initial Subscription Price or the Further Subscription Price stated in the relevant Funding Request on the date stated in such Funding
Request; and 

  

	 	(ii)	in the case of a Further Funding Request, shall accept an increase in the Principal Amount Outstanding of the relevant Note in accordance with Clause 6.11; and

  
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	(b)	be deemed to represent and warrant to each Note Purchaser, the Funding Agent and the Security Trustee that each of the conditions precedent described in Clause 5 are
satisfied. 

 Delivery of an Initial Funding Request 
 6.6 To utilise the Variable Funding Facility, the Issuer shall deliver a duly completed Initial Funding Request to the Funding Agent by no later than the close of business on a Funding Request Date,
specifying: 
  

	(a)	the Funding Date, which shall be a Business Day: 

  

	 	(i)	on or before the Programme Termination Date; or 

  

	 	(ii)	on or before the Committed Purchaser Facility Termination Date, in relation to a proposed Utilisation by a Committed Purchaser or its Related Uncommitted Purchaser.

  

	(b)	the currency in relation to the Note (which shall either be the Base Currency or the Optional Currency); 

 

	(c)	the initial par value of the Note; 

  

	(d)	the first Settlement Date immediately after the relevant Funding Date; 

  

	(e)	the Initial Subscription Price; and 

  

	(f)	the Final Maturity Date of the Note. 

Initial Funding Request – acceptance 

6.7 Subject to the terms of this Agreement, each Uncommitted Purchaser may accept or each Committed Purchaser shall (if its related Uncommitted Purchaser
does not do so) accept any Initial Funding Request properly made in accordance with Clauses 5.2, 6.4, 6.5 and 6.6 by way of payment to the Funding Agent of the Initial Subscription Price in the Relevant Currency specified in the Initial Funding
Request on the Funding Date. 
 Initial Funding Request – funding 

 

	6.8	Subject to Clause 10.5 below, the Funding Agent (on behalf of the Note Purchasers) shall: 

 

	(a)	in the case of the first Initial Funding Request made pursuant to this Agreement, on the first Funding Date; and 

 

	(b)	in the case of any subsequent Initial Funding Request, by no later than 12.00 noon London time on the relevant Funding Date immediately following the Funding Request
Date on which such Initial Funding Request was made, pay the Initial Subscription Price received from the Note Purchasers, to or to the order of the Issuer. 

  
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 Issuance of Notes by the Issuer 

6.9 Following payment of the Initial Subscription Price by a Note Purchaser on the Funding Date in respect of an Initial Funding Request, on the terms and
subject to the conditions of this Agreement, the Issuer shall immediately execute and deliver a duly completed Note to each applicable Noteholder in respect of such Initial Funding Request and Initial Subscription Price. 

Delivery of a Further Funding Request 

6.10 To further utilise the Variable Funding Facility by increasing the par value of a Note, the Issuer shall deliver a duly completed Further Funding
Request to the Funding Agent by no later than the close of business on a Funding Request Date, specifying: 
  

	(a)	the Funding Date, which shall be: 

  

	 	(i)	on or before the Programme Termination Date; or 

  

	 	(ii)	on or before the Committed Purchaser Facility Termination Date in relation to a proposed Utilisation by a Committed Purchaser or its Related Uncommitted Purchaser.

  

	(b)	the amount in the Base Currency or the Optional Currency (as the case may be in relation to the existing Note), by which the par value of that Note on the relevant
Funding Request Date shall be increased on the next Settlement Date; 

  

	(c)	the Final Maturity Date of the Note; and 

  

	(d)	the Further Subscription Price. 

 Further
Funding Request – acceptance 
 6.11 Subject to the terms of this Agreement, each Uncommitted Purchaser that is a Noteholder may accept
or each Committed Purchaser that is a Noteholder shall (if its related Uncommitted Purchaser does not do so) accept, any Further Funding Request properly made in accordance with Clauses 5.2, 6.4, 6.5 and 6.10 by way of payment to the Funding Agent
of the respective Further Subscription Price on the relevant Funding Date. 
 Further Funding Request – funding 

6.12 Subject to Clause 10.5 below, the Funding Agent (on behalf the Noteholders) shall by no later than 12.00 noon London time on the Funding Date
immediately following the Funding Request Date on which such Further Funding Request was made, pay the Further Subscription Price received from the relevant Noteholders, to or to the order of the Issuer. 

  
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 Further Funding Request – not accepted by an Uncommitted Purchaser

 6.13 If the Noteholder is an Uncommitted Purchaser, it shall notify the Issuer, the Conduit Manager of such Uncommitted Purchaser, the
Sellers and the Security Trustee immediately if that Uncommitted Purchaser does not accept a Further Funding Request. 
 Further Subscription
Price and automatic increase 
 6.14 If a Noteholder makes a payment of the Further Subscription Price to the Issuer in accordance with
Clause 6.11, the Principal Amount Outstanding of the Note held by that Noteholder, subject to Clause 8.5, shall be increased automatically and without the need for any further action by the Noteholder or the Issuer by the amount of that payment.

 Return of Further Subscription Price by Issuer 
 6.15 If a Funding Agent (on behalf of the Noteholders) makes a payment of Further Subscription Price to the Issuer in accordance with Clause 6.11, but the Receivables Purchaser Transaction Account
denominated in the Relevant Currency of the Note, is not credited for value as of 2.00 p.m. London time on that day with the amount which is required to be advanced on that day by the Subordinated VLN Facility Provider (and which is not available to
be set-off against Initial Purchase Price payable by the Master Purchaser to the Sellers on such date by the Subordinated VLN Facility Provider) in order that the Relevant Subordinated VLN Principal Amount Outstanding of the Relevant Subordinated
VLN is increased by the Relevant Subordinated VLN Required Amount, then there will be no increase in the Principal Amount Outstanding of the Note on account of such payment of Further Subscription Price made by the Funding Agent and the Issuer will
return that payment to the Funding Agent (for the account of the relevant Noteholders) on the same day, if reasonably practicable, and otherwise on the next Business Day, and the Funding Agent shall transfer to each Noteholder its share of such
funds to the relevant account of the Noteholder (as previously notified in writing by the relevant Noteholder to the Funding Agent). 

Delivery of a Funding Reduction Notice 

6.16 The Issuer may redeem on any Settlement Date in whole or in part all the Notes then outstanding on the terms and subject to Condition 4.1.

 6.17 To redeem the Notes in accordance with Condition 4.1, the Issuer shall deliver to the Funding Agent a written notice (such notice, a
Funding Reduction Notice) at least 3 Business Days prior to the Settlement Date on which the Notes are intended to be redeemed by the Issuer. The Funding Agent shall within a reasonable time on the same Business Day after the receipt
of such Funding Reduction Notice notify each Noteholder of the receipt of the Funding Reduction Notice. Each Funding Reduction Notice shall specify: 
  

	(a)	the Settlement Date of the proposed redemption; and 

  
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	(b)	the aggregate principal amount of the proposed redemption in the applicable currency in relation to the Notes. 

7. CURRENCY 
 If the
Issuer so requests in an Initial Funding Request or a Further Funding Request, a Note may be denominated in the Base Currency or an Optional Currency. 
 8. CONSTITUTION OF EACH NOTE 

Constitution 
 8.1 The Issuer hereby
constitutes each Note and covenants in favour of each Note Purchaser and each Noteholder that it will duly perform and comply with the obligations expressed to be undertaken by it in each Note and in the Conditions (and for this purpose any
reference in the Conditions to any obligation or payment under or in respect of a Note shall be construed to include a reference to any obligation or payment under or pursuant to this provision). 

8.2 Each Note issued by the Issuer pursuant to this Agreement shall be: 
  

	(a)	in definitive registered form in the form set out in Schedule 2 or in such other form as may from time to time be agreed between the Issuer, the Funding Agent, the
Security Trustee and the relevant Noteholder and executed by, or on behalf of, the Issuer; 

  

	(b)	denominated in EUR in respect of a EUR Note, or denominated in US$ in respect of a US$ Note (as the case may be); and 

 

	(c)	transferable, subject to Condition 2. 

 Final
Maturity Date 
 8.3 The Final Maturity Date of each Note shall be the earlier of: 

 

	(a)	the date that is the third anniversary of the 2013 Closing Date or, if later, the then current Committed Purchaser Facility Termination Date in respect of the Committed
Purchaser holding, or whose related Conduit Purchaser holds, such Note; and 

  

	(b)	the fifth anniversary of the 2013 Closing Date. 

8.4 The Issuer hereby undertakes that it will not issue any Notes with a maturity of less than one year, unless such Notes are issued in accordance with
one of the exemptions from the requirement to hold a banking licence provided by Notice BSD C 01/02 issued by the Central Bank and Financial Services Authority of Ireland pursuant to section 8(2) of the Central Bank Act 1971 of Ireland, inserted by
section 31 of the Central Bank Act 1989 of Ireland, as amended by section 70(d) of the Central Bank Act 1997 of Ireland. 

  
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 Noteholder authorised to record 

8.5 Each Note shall evidence the outstanding indebtedness owed by the Issuer to the relevant Noteholder in respect of that Note from time to time. The
Issuer authorises each Noteholder to record on the Grid attached to each Note held by it (or, at its option, in its internal books and records): 
  

	(a)	the date and amount of the funding of: 

  

	 	(i)	the initial Principal Amount Outstanding of the Note; and 

  

	 	(ii)	each increase in the Principal Amount Outstanding of the Note; and 

  

	(b)	the date and amount of each repayment of all or part of the principal amount represented by the Note and corresponding reduction in its Principal Amount Outstanding,

 provided that the failure to record, or any error in recording, any of these matters on the Grid or in the internal books or
records referred to above shall not adversely affect the right of the Noteholder to receive principal and interest in respect of its Note to the extent there is sufficient evidence otherwise available to prove the obligations. 

Registration 
 8.6 The Issuer covenants
with each Note Purchaser that it will register that Note Purchaser in the Register as the holder of each Note subscribed by it immediately upon issue thereof and as the sole person with right to payment of principal of, and interest on, such Note
and covenants with each Noteholder that it will register each person who has duly executed a Note transfer in substantially the form contained in Schedule 4 and a Noteholder Accession Letter in substantially the form contained in
Schedule 5 in the Register as the holder of each Note transferred to it promptly upon delivery to the Issuer of such Note transfer and Noteholder Accession Letter and as the sole person with the right to payment of principal of, and interest
on, the relevant Note. The Register shall be held and maintained by, or on behalf of, the Issuer in Ireland. 
 Exchange 

8.7 Subject to Condition 2, the registered holder of a Note may request an exchange of such Note for two or more substitute Notes having an aggregate
principal amount outstanding equal to the Principal Amount Outstanding of the initial Note and provided that the Principal Amount Outstanding of such substitute Note shall be not less than: 

 

	(a)	EUR 5,000,000 in respect of a EUR Note; and 

  

	(b)	US$ 5,000,000 in respect of a US$ Note, 

  
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 by delivering the initial Note to the Registrar with its written request
therefor which shall specify the name, address, payment details and the respective principal amounts of the Notes applicable to each person to be registered as a registered holder of each such substitute Note. If the initial Note is to be exchanged
for substitute Notes, the Issuer shall cause the delivery of such substitute Notes to the registered holders thereof within thirty days after the registered holder of the initial Note shall have delivered its request therefor. 

9. OPTIONAL EXTENSION OF THE COMMITTED PURCHASER
FACILITY TERMINATION DATE 
 Extension request 

9.1 Subject to Clause 9.6 below, and provided that no Termination Event exists and is continuing, the Issuer shall if so directed in writing by BSM
(acting on behalf of the Sellers) make a request to each Committed Purchaser prior to its relevant Committed Purchaser Facility Termination Date (the current Committed Purchaser Facility Termination Date) (which offer shall be copied
to the Funding Agent and made not more than ninety days (90) nor less than thirty (30) days prior to the current Committed Purchaser Facility Termination Date) that the current Committed Purchaser Facility Termination Date be extended for
a period expiring no later than the date falling one Business Day before the anniversary of its current Committed Purchaser Facility Termination Date (such date being the extended Committed Purchaser Facility Termination Date) provided
that such extended Committed Purchaser Facility Termination Date shall in no circumstances be later than the Programme Termination Date. 
 9.2
Upon receipt by each Committed Purchaser of a request made by the Issuer pursuant to Clause 9.1, that Committed Purchaser shall communicate its acceptance or rejection of such request in writing to the Funding Agent within thirty days of
receipt of such request. Any request made by the Issuer pursuant to Clause 9.1 may be accepted or rejected by each Committed Purchaser at its sole discretion and on such terms as it may elect. 

9.3 If a Committed Purchaser communicates in accordance with Clause 9.2 its acceptance or rejection of a request made by the Issuer pursuant to
Clause 9.1 the Funding Agent shall promptly notify in writing BSM, the Issuer and the Security Trustee of such acceptance or rejection, as the case may be. 
 9.4 If the Funding Agent does not notify in writing BSM of the acceptance by a Committed Purchaser of a request made by the Issuer pursuant to Clause 9.1 within 30 days following receipt of such
request then this shall be deemed to be a rejection of the request by such Committed Purchaser. 
 Acceptance and effectiveness of extension

 9.5 Subject to Clause 9.6 below, if any Committed Purchaser accepts a request made by the Issuer pursuant to Clause 9.1 above, then:

  

	(a)	the extended Committed Purchaser Facility Termination Date shall be effective with respect to that Committed Purchaser with effect from the expiration of the current
Committed Purchaser Facility Termination Date applicable to that Committed Purchaser; and 

  
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	(b)	the Sellers, the Servicers, the Committed Purchasers, the Conduit Purchasers and the Funding Agent shall enter into such documents as the Committed Purchasers may
reasonably deem necessary or appropriate to reflect such extension of the Committed Purchaser Facility Termination Date. 

Extension request, acceptance and Final Maturity Date 
 9.6 Any request made by the Issuer to extend any Committed Purchaser Facility Termination Date applicable to that Committed Purchaser, and any acceptance of any such request by any Committed Purchaser,
shall not extend or otherwise affect the Final Maturity Date of any Note issued to that Committed Purchaser. 
 9.7 If a Committed Purchaser
declines or fails to respond to a request made by the Issuer pursuant to Clause 9.1, this Agreement shall remain in full force and effect in accordance with its terms. 
 10. PAYMENTS 
 Currency of account 

10.1 The currency of account in respect of the EUR Notes is EUR, and the currency of account in respect of the US$ Notes is US$, and payment for each and
every sum at any time payable by the Issuer in respect of the Notes or under this Agreement shall be made in the Relevant Currency. 
 10.2 On
each date on which this Agreement requires an amount denominated in the Relevant Currency to be paid by a Note Purchaser hereunder, such Note Purchaser shall make the same available to the Issuer by payment in the Relevant Currency and in
immediately available cleared funds to such account as the Issuer specifies for this purpose. 
 Time for payment 

10.3 Unless otherwise stated in this Agreement, all payments to be made hereunder or in respect of the Notes, whether on account of principal, interest,
fees or otherwise, shall be made without set-off or counterclaim and shall be made prior to 12.00 noon London time, on the due date thereof to an account previously notified in writing by the relevant Noteholder to the Funding Agent in the Relevant
Currency and in immediately available funds. Payments received after 12.00 noon London time, shall be deemed to have been made on the next Business Day, unless otherwise agreed to by the relevant Noteholder. Notwithstanding anything herein to the
contrary, if any payment due hereunder becomes due and payable on a day other than a Business Day, the payment date thereof shall be extended to the next succeeding Business Day and interest shall accrue thereon at the applicable rate during such
extension. To the extent that: 
  

	(a)	the Issuer makes a payment to any Noteholder; or 

  
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	(b)	any Noteholder receives or is deemed to have received any payment or proceeds for application to an obligation under this Agreement or in respect of the Notes, which
payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, liquidator, examiner, receiver or any other party under any bankruptcy or insolvency
law, state or federal law, common law, or for equitable cause, 

 then, to the extent such payment or proceeds are set aside, the
obligation or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received or deemed received by that Noteholder. 

Payments by Note Purchasers and Funding Agent 
 10.4 Subject to Clause 10.5 below, each Note Purchaser shall use all reasonable efforts to ensure that its participation in any Utilisation is paid to the Funding Agent on or before 12.00 noon London time
on the Funding Date. 
 10.5 Subject always to the Intercreditor and Indemnity Deed, including without limitation, clause 2.30, 2.32 and 2.35,
therein, the Funding Agent is authorised by each Note Purchaser to fund (on behalf of that Noteholder) the obligation of that Note Purchaser to participate in any Utilisation, if the Funding Agent does not receive the required funds from that
Noteholder (in relation to the participation of that Note Purchaser in a Utilisation) on the relevant Funding Date in time for the Funding Agent to pay to or to the order of the Issuer, on the terms and subject to the conditions in this Agreement,
the Initial Further Subscription Price or relevant Further Subscription Price. 
 11. FEES 

Underwriting fee 
 11.1 BSM (acting on
behalf of the Sellers) shall, on the 2013 Closing Date, pay to Citibank N.A., London Branch in its capacity as the Funding Agent, an Underwriting Fee (as defined in the Ancillary Agreement), for the account of each Committed Purchaser on a pro
rata basis relative to their Relevant Proportions. 
 Funding Agent fee 
 11.2 From the 2013 Closing Date, BSM (acting on behalf of the Sellers) will pay to the Funding Agent the Funding Agent Fee (as defined in the Ancillary Agreement), and such fee shall be payable in
accordance with the following terms: 
  

	(a)	such fee shall be payable in advance either annually or in equal monthly instalments, as selected by BSM at or prior to the first Funding Date;

  

	(b)	if BSM selects annual payments, such fee shall be paid on the first Funding Date and on each anniversary of the first Funding Date; and 

  
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	(c)	if BSM selects monthly payments, such fee shall be paid on the first Settlement Date after the first Funding Date (pro rated from such date to the next Settlement Date)
and thereafter on each Settlement Date. 

 Unutilised Commitment Fee 

11.3 The Issuer shall pay each Committed Purchaser from (and including) the 2013 Closing Date, on each Settlement Date, in respect of the immediately
preceding Interest Period, an amount equal to the Commitment Fee Rate applied to the Unutilised Commitment Amount. 
 12.
REPRESENTATIONS AND WARRANTIES 
 By the Issuer 

12.1 The Issuer represents and warrants to and agrees with each Note Purchaser and each Noteholder on the date of this Agreement, on the date of each
Funding Request, on each Funding Date and on each Purchase Date, that each of the statements set out in Schedule 6 to this Agreement is true and accurate and the Issuer undertakes to notify each Note Purchaser and each Noteholder as soon as it
becomes aware of any breach of the representations and warranties set out in Schedule 6. 
 12.2 The Issuer hereby covenants in favour of
each Note Purchaser and each Noteholder that it will duly perform and comply with the obligations expressed to be undertaken by it in the Transaction Documents. 
 12.3 The Issuer hereby covenants in favour of each Note Purchaser and each Noteholder that it shall: 
  

	(a)	obtain, comply with the terms of and do all that is necessary to maintain in full force and effect all authorisations, approvals, licences and consents required in or
by the laws and regulations of Ireland and any other applicable law to enable it lawfully to enter into and perform its obligations under each of the Transaction Documents or to ensure the legality, validity, enforceability or, subject to the
compliance with applicable procedural rules, admissibility in evidence in Ireland in all material respects of each; and 

  

	(b)	promptly inform each Note Purchaser and each Noteholder of the occurrence of any event which is or may become (with the passage of time, the giving of notice, the
making of any determination or any combination thereof) a Master Purchaser Event of Default and, upon receipt of a written request to that effect from a Note Purchaser or a Noteholder, confirm to such Note Purchaser or Noteholder (as the case may
be) that, save as previously notified to such Note Purchaser or Noteholder (as the case may be) or as notified in such confirmation, no such event has occurred. 

 12.4 The Issuer hereby covenants with each Note Purchaser and each Noteholder, not, save to the extent as permitted or contemplated by the Transaction Documents, to: 

  
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	(a)	have any employees or premises; or 

  

	(b)	pay any dividends or make any distributions in respect of its share capital or issue any additional shares; or 

 

	(c)	consolidate or merge with any other person or convey or transfer its properties or assets substantially in their entirety to any person except as permitted or
contemplated by the Transaction Documents; or 

  

	(d)	incur, create, assume or suffer to exist or otherwise become or be liable in respect of any indebtedness whether present or future other than indebtedness in respect of
taxes, assessments or governmental charges not yet overdue or administration, corporate or secretarial expenses, or indebtedness incurred, created or assumed with the prior consent of each Note Purchaser and each Noteholder it being understood that
the Issuer will incur present and future indebtedness under the Variable Funding Facilities and under the Subordinated VLN Facilities to which each Note Purchaser and each Noteholder hereby consents; or 

 

	(e)	make, incur, assume or suffer to exist any loan, advance or guarantee (including any indemnity) to any person other than as contemplated by the Transaction Documents;
or 

  

	(f)	sell, transfer, release or otherwise dispose of any of, or grant options, warrants or other rights in respect to, any of its assets to any person without the prior
consent of each Note Purchaser and each Noteholder (other than payments of amounts of a type permitted under paragraph (d) above; or 

  

	(g)	have an interest in any bank account, other than the Receivables Purchaser Transaction Accounts and those specified or contemplated in the Transaction Documents; or

  

	(h)	have any subsidiaries; or 

  

	(i)	carry on any business other than that which is contemplated or necessitated by the operation of the Transaction Documents. 

By each Note Purchaser 
 12.5 Each Note
Purchaser and each Noteholder represents and warrants in favour of the Issuer that it will promptly inform the Issuer of any change in the identity of its Noteholder EUR Account or Noteholder US$ Account. 

12.6 Each Note Purchaser and each Noteholder covenants that it shall not make an offer of a Note: 

 

	(a)	to the public within the meaning of the Companies Acts 1963 to 2012 of Ireland or, in any circumstances, to more than 99 persons; and 

  
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	(b)	other than in compliance with the Central Bank Acts 1942 to 2001 (as amended and supplemented) of Ireland. 

12.7 Each Noteholder represents and warrants in favour of the Master Purchaser on each Interest Payment Date that it is the beneficial owner of the Note
and it is a Qualifying Noteholder and undertakes to notify the Master Purchaser in writing if it ceases to be a Qualifying Noteholder. 
 13.
TAXES 
 Payment without withholding 
 13.1 All sums payable to a Qualifying Noteholder shall be paid free and clear of, and without withholding or deduction for, or on account of any Irish tax. 

13.2 All sums payable to a Noteholder in respect of any Note and all other sums payable by the Issuer to any person party to this Agreement in any
capacity (each such Noteholder and each such person a Tax Affected Person) shall be paid free and clear of, and without withholding or deduction for, or on account of, any Tax unless the Issuer is required by law to make such a payment
subject to the withholding or deduction of Tax, in which case, the sum payable by the Issuer in respect of which such withholding or deduction is required to be made shall, subject to Clause 13.6 (unless the relevant Noteholder shall have been
indemnified by the relevant Seller in respect of such deduction or withholding pursuant to clause 8.10 of the Framework Deed), be increased to the extent necessary to ensure that, after the making of such withholding or deduction, the relevant Tax
Affected Person (subject to, in the case of payment by the Issuer, the relevant Master Purchaser Priorities of Payments), receives and retains (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which
it would have received and so retained had no such withholding or deduction been made or required to be made. No sum payable by the Issuer shall be increased under this Clause 14.2 where the sum is payable in respect of interest on a Note and on the
relevant Interest Payment Date the Tax Affected Person is a Noteholder that is not a Qualifying Noteholder. 
 Notice of obligation to
withhold 
 13.3 If, at any time, the Issuer is required by law to make any withholding or deduction from any sum payable by it in respect of
any Note or under this Agreement, (or if thereafter there is any change in the rate at which or the manner in which such withholding or deduction is calculated), the Issuer shall promptly notify the Noteholder. 

Payment of withholding 
 13.4 If the
Issuer makes any payment hereunder in respect of which it is required to make any withholding or deduction of Tax, it shall pay the full amount required to be withheld or deducted to the relevant taxation or other authority within the time allowed
for payment to the applicable authority. An original receipt (or a certified copy thereof) issued by such authority or other evidence reasonably satisfactory to the Tax Affected Person shall be evidence of the payment to such authority of all
amounts so required to be withheld or deducted in respect of such payment and the Issuer shall deliver such receipt to such Tax Affected Person within thirty days after it has made such payment or when such receipt is available (whichever is later).

  
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 Reimbursement of Tax Credit 

13.5 If and to the extent that the Issuer pays any additional amount under Clause 13.1 in respect of any Tax and the relevant Tax Affected Person
receives and retains the benefit of a refund of Tax or credit or other relief against Tax otherwise payable by it which is attributable to such Tax (a Tax Credit), that Tax Affected Person shall, to the extent it can do so without
prejudice to the retention of the amount of the credit, reimburse to the Issuer such amount as it shall at its own absolute discretion, acting reasonably, determine will leave that Tax Affected Person after that reimbursement, in no better or worse
position than it would have been if payment of the relevant additional amount had not been required (taking account of any interest paid or credited in respect of the Tax). The relevant Tax Affected Person shall make reasonable efforts to identify
any available Tax Credits, but shall not be under any obligation to make such claim and, if it does so claim, it shall have absolute discretion as to the extent, order and manner in which it does so and in which refunds, reliefs and credits are to
be regarded as used for these purposes. The relevant Tax Affected Person shall not be obliged to disclose any information regarding its tax affairs or computations to the Issuer and its certificate as to the amount to be reimbursed shall, in the
absence of manifest error, be conclusive. 
 After Tax amount 
 13.6 In the event that any taxing authority seeks to charge to Tax any sum paid to a Tax Affected Person (other than any Tax assessed on the Noteholder under the law of the jurisdiction of incorporation
of the relevant Tax Affected Person or of the jurisdiction of the office through which the relevant Tax Affected Person is acting in connection with this Agreement if that Tax is imposed on or calculated by reference to the net income received or
receivable (but not any sum deemed to be received or receivable) by the relevant Tax Affected Person) as a result of the indemnities or other obligations contained in this Agreement or the relevant Note then the amount so payable shall be grossed up
by such amount as will ensure that after payment of the Tax so charged there shall be left a sum equal to the amount that would otherwise be payable under such indemnity or obligation. 
 Duties and taxes 
 13.7 Without prejudice to the provisions of any other Transaction
Document other than as set out in Condition 2.6 the Issuer agrees with each Note Purchaser, each Noteholder and each other Affected Person that it shall pay any stamp, documentary, transfer, excise, registration, filing and other similar duties,
levies, fees or other similar taxes to which: 
  

	(a)	this Agreement, a Note or any transaction contemplated under this Agreement or a Note; or 

  
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	(b)	the enforcement of the rights of each Note Purchaser, each Noteholder and each other Affected Person under this Agreement or Note, 

may be subject or give rise and the Issuer, subject to the applicable Master Purchaser Priority of Payments, shall fully indemnify each Note Purchaser,
each Noteholder and each other Affected Person, on a joint and several and after Tax basis, from and against any losses or liabilities which any of them may properly incur or otherwise suffer as a result of any delay in paying or omission to pay
such duties, levies, fees or taxes. 
 Value added tax and sales tax 
 13.8 Any amounts stated in this Agreement or a Note to be payable, or payable in connection with this Agreement or a Note, by the Issuer (the Payment Amounts) are exclusive of value added
tax, sales tax, purchase tax or other similar taxes or duties arising under the laws of any Relevant Jurisdiction and accordingly, to the extent that any such taxes arise in respect of any such payments under the laws of such jurisdictions, the
Issuer, subject to the applicable Master Purchaser Priorities of Payments, shall, in addition, pay any amount properly charged in respect of any such taxes or duties. For the avoidance of doubt, Payment Amounts are inclusive of value added tax,
sales tax, purchase tax or any similar taxes or duties arising under the laws of any jurisdiction other than a Relevant Jurisdiction, the Issuer shall have no obligation to pay additional amounts in respect of such taxes and duties under the laws of
such other jurisdictions. 
 14. DEFAULT INTEREST 
 If the Issuer fails to pay any sum payable by it to any Affected Person under this Agreement or a Note when due, the Issuer shall pay interest on such sum to the relevant party from the date when it
became due and payable to the date of payment at the Default Rate as from time to time applicable (both before and after any judgment obtained under the relevant Transaction Document). 
 15. COSTS AND EXPENSES 
 15.1 Without prejudice
to the provisions of any other Transaction Document, to the extent that the same have not been satisfied in full by the relevant Seller pursuant to clause 8.1 of the Framework Deed, the Issuer hereby agrees (without double counting and duplication)
from time to time to indemnify each Indemnified Party on a full after Tax basis all costs, claims, fees, liabilities, losses and damages and expenses (including, without limitation, all properly documented out of pocket fees or disbursements of one
law firm for each applicable jurisdiction for all the Indemnified Parties taken as a whole, including VAT) suffered or otherwise incurred (provided that, in the case of paragraphs (a), (c) and (d) below such costs, fees and expenses are
reasonably incurred) by any Indemnified Party in connection with: 
  

	(a)	any variation, consent or approval, or any steps taken with a view to any variation, consent or approval, in each case relating to or in connection with any of the
Transaction Documents or any related document which was requested by or required by a Seller, a Servicer, the Master Servicer, the Parent or a Subordinated VLN Facility Provider; 

  
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	(b)	the preservation or enforcement of, or any action taken to preserve or enforce, any of their rights under any of the Transaction Documents or any related documents;

  

	(c)	the exercise by any Indemnified Party of its rights to monitor compliance by the Sellers, the Servicers, the Master Servicer, the Parent or the Subordinated VLN
Facility Provider with its obligations under the Transaction Documents; 

  

	(d)	any costs incurred in relation to any audit referred to in the Master Receivables Purchase Agreement, by any such party and / or any relevant auditors in relation to
transaction cash flows, the performance of the Purchased Receivables, Collections and procedures relating to Collections; and 

  

	(e)	any currency redenomination solely as a result of a country ceasing to use euro as its currency, 

 and (for the avoidance of doubt) the Issuer shall pay each Indemnified Party, as appropriate, such amount as shall represent any value added tax, sales tax, purchase tax or other similar taxes or duties
associated with such costs, fees and expenses (if any) howsoever charged to, or suffered by such Indemnified Party. 
 16.
INDEMNITY FOR OTHER AMOUNTS 
 Break Costs indemnity 

16.1 Without prejudice to the provisions of any other Transaction Document, to the extent that the same have not been satisfied in full by the relevant
Seller pursuant to clause 5.1 of the Intercreditor and Indemnity Deed, the Issuer hereby agrees from time to time to indemnify (without double counting and duplication) each Affected Person for, and to pay to it on demand, an amount equal to:

  

	(a)	any costs, increased costs, broken funding costs or reduced rates of return incurred or suffered directly or indirectly by such Affected Person as a result of any
amount being paid in respect of a Note other than on a Settlement Date; and 

  

	(b)	any additional or termination cost payable to the provider of any swap, cap, collar, floor or other hedging arrangement entered into by such Affected Person in
connection with the Variable Funding Agreement or any advance or payment made thereunder (together, Break Costs) provided that such Break Costs have not arisen as a direct result of the negligence, default or recklessness of such
Affected Person. 

 If such Affected Person is obliged to make any payment of Break Costs then it shall in good faith use
reasonable endeavours to take such reasonable steps as may reasonably be open to it to mitigate or avoid the effects of such payment of Break Costs. 

  
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 Increased costs indemnity 

16.2 Without prejudice to the provisions of any other Transaction Document, to the extent that the same have not been satisfied in full by the relevant
Seller pursuant to clause 5.2 of the Intercreditor and Indemnity Deed, if an Affected Person reasonably determines that a Regulatory Change or Accounting Change occurring after the 2013 Closing Date has or would have the effect of: 

 

	(a)	increasing the cost to such Affected Person with respect to this Agreement, any other Transaction Document or any related credit or liquidity support agreement,
including, without limitation, the ownership, maintenance or financing of any interest in a Note or the Receivables Pool or payments of amounts due hereunder or thereunder, any funding hereunder or under any related credit or liquidity support
agreement, the obligation to advance funds hereunder or any related credit or liquidity support agreement, or the fees or interest charged to it hereunder or thereunder; or 

 

	(b)	reducing the rate of return on such Affected Person’s capital or assets (or on the capital or assets of such Affected Person’s holding company) as a
consequence of such Affected Person’s obligations hereunder or under any other Transaction Document or any related credit or liquidity support agreement, to a level below that which such party could have achieved but for such Regulatory Change
or Accounting Change (taking into consideration the policies of such party with respect to capital adequacy and liquidity coverage), 

 the Issuer hereby agrees from time to time to indemnify (without double counting and duplication) each Affected Person, as the case may be, on an after tax basis in full in respect of such increased cost
or reduction in return. 
 16.3 Upon demand by the Funding Agent, the Issuer shall pay to the Funding Agent, for the benefit of the relevant
Affected Person, such amounts as such Affected Person reasonably determines will compensate or reimburse (without double counting or duplication) such Affected Person for: 

 

	(a)	any fee, expense or increased cost charged to, incurred or otherwise suffered by such Affected Person; 

 

	(b)	reduction in the rate of return on such Affected Person’s capital or reduction in the amount of any sum received or receivable by such Affected Person; or

  

	(c)	internal capital charge or other imputed cost determined by such Affected Person to be allocable to Issuer or the transactions contemplated in this Agreement,

 in each case resulting from or in connection with the consolidation, for financial and/or regulatory accounting purposes, of all
or any portion of the assets and liabilities of a Conduit Purchaser that are subject to this Agreement or any other Transaction Document with all or any portion of the assets and liabilities of an Affected Person, whether such consolidation occurs
prior to or after the 2013 Closing Date. 

  
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 16.4 Clause 16.2 does not apply to the extent any increased cost or reduction
in rate of return and Clause 16.3 does not apply to the extent any fee, expense, increased, cost, reduction in rate of return, internal capital charge or other imputed cost is: 

 

	(a)	attributable to any withholding or deduction in respect of Tax required to be made by the Issuer pursuant to Clause 13.2; 

 

	(b)	compensated for by Clause 18.10 (After Tax amount) of the MDFD or Clause 13.6 (After Tax amount) of the Variable Funding Agreement; 

 

	(c)	attributable to a wilful breach by the Affected Person of any law or regulation. 

 16.5 An Affected Person may not recover an increased cost or reduction in rate of return in respect of Basel III under Clauses 16.2 and 16.3 from the Issuer unless that Affected Person provides a
certificate to the Issuer confirming that its policy is to seek to recover such increased costs or reductions in rate of return to a similar extent from other similar persons in relation to similar transactions, in such form and manner as it may
deem appropriate from case to case. For these purposes, a written and duly signed statement by an Affected Person giving the required confirmations will be sufficient evidence and an Affected Person will not be required to provide any further
evidence or otherwise to substantiate its policy concerning such increased costs or reductions in rate of return. 
 16.6 Subject to the
applicable Master Purchaser Priorities of Payments, the Issuer shall pay each Affected Person within 30 Business Days of demand by the Affected Person, such amount payable under Clause 16.1, 16.2 and Clause 16.3, as stated in a certificate of the
Affected Person accompanying its demand, setting out the amount of such increased cost or reduction in return (which certificate, absent manifest error, shall be conclusive and binding for all purposes). 

Currency indemnity 
 16.7 If any sum due
from the Issuer in respect of a Note or under this Agreement or any order or judgment given or made in relation to any such sum has to be converted from the currency (the first currency) in which the same is payable hereunder or under
such order or judgment into another currency (the second currency) for the purpose of: 
  

	(a)	making or filing a claim or proof against the Issuer; 

  

	(b)	obtaining an order or judgment in any court or other tribunal; or 

  

	(c)	enforcing any order or judgment given or made in relation to any such sum, 

 the Issuer, subject to the applicable Master Purchaser Priorities of Payments, shall indemnify, on an after Tax basis, and hold harmless each Note Purchaser, each Noteholder and any other Affected Person
from and against any loss suffered as a result of any discrepancy between (i) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (ii) the rate or rates of exchange
at which the Note Purchaser or the Noteholder or such other Affected Person may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any
such order, judgment, claim or proof. 

  
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 Indemnity against breach 

16.8 The Issuer shall indemnify and keep indemnified each Note Purchaser, each Noteholder and any other party to this Agreement on an after Tax basis, in
an amount equal to any cost, claim, loss, expense, liability or damages (including, without limitation, reasonably and properly documented legal costs and out of pocket expenses of one law firm for each applicable jurisdiction for all the Affected
Persons taken as a whole including VAT) properly incurred or otherwise suffered by it in connection with any breach by the Issuer of this Agreement, any Note and any other Transaction Document and the Issuer subject to the applicable Master
Purchaser Priorities of Payments shall on demand pay to each Note Purchaser, each Noteholder and any other party to this Agreement, without any set off, deduction or withholding whatsoever, the amount of any such cost, claim, loss, expense,
liability or damages so suffered or incurred. 
 Transfers and changes in the Noteholder 

16.9 The Issuer shall not have any obligation to make any payment pursuant to Clauses 16.2 to 16.8 to any transferee of any Note except to the extent that
the transferee executes the Noteholder Accession Letter in or substantially in the form set out in Schedule 5 to this Agreement. 

Indemnities and mitigation 
 16.10 Any
person making (or entitled to make) a claim pursuant to Clauses 16.2 to 16.8 shall in consultation with the Issuer, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or
pursuant to, Clause 16.2 to Clause 16.8, and shall exercise whatever rights it has to require an Affected Person to so mitigate, provided that this sentence does not in any way limit the obligations of the Issuer under Clause 16.2 to Clause 16.8.

 17. ILLEGALITY AND MITIGATION 
 17.1 If at any time it becomes unlawful in any relevant jurisdiction for a Note Purchaser or a Noteholder to give effect to any of its obligations as contemplated by this Agreement or to maintain, make,
or fund a Note or to allow a Note to remain outstanding, it shall, as soon as reasonably practicable after becoming aware of that fact, deliver to the Issuer, the Security Trustee and the Sellers notice to that effect and the relevant Note Purchaser
as Noteholder shall, as soon as reasonably practicable upon becoming aware of that fact, take such steps as may reasonably be open to it to mitigate the effects of such circumstances, including the transfer of its rights and obligations hereunder
and under any Note (provided that such transfer or the assumption of such rights and obligations by such transferee would not be unlawful) and subject always to Clause 22.2 below, to: 

  
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	(a)	any company in the same group of companies as itself without the prior written consent of any party; 

 

	(b)	in respect of an Uncommitted Purchaser, its related Committed Purchaser without the prior written consent of any party; 

 

	(c)	in respect of an Uncommitted Purchaser its related Conduit Manager without the prior written consent of any party; 

 

	(d)	in respect of a Uncommitted Purchaser and its related Conduit Manager, any another asset-backed commercial paper issuing conduit managed by such related Conduit Manager
without the prior written consent of any party; 

  

	(e)	one or more of the remaining Note Purchasers and/or Noteholders on the basis set out in clauses 12.3(a) and 12.3(b) of the Intercreditor and Indemnity Deed (as
applicable and as the context may require); or 

  

	(f)	to any person that is an Institutional Investor on the terms and subject to the conditions set out in clause 13.3(c) of the Intercreditor and Indemnity Deed.

 17.2 If such illegality cannot be avoided in accordance with Clause 17.1 within such time period as the relevant Note Purchaser
or Noteholder shall in its absolute discretion determine to be permissible, the Variable Funding Facility Limit and the Facility Limit in respect of the Relevant Currency, shall each be reduced by an amount equal to the whole of the proportion of
the Variable Funding Facility Limit and the Facility Limit in respect of the Relevant Currency (as applicable) to such Note Purchaser or Noteholder. 
 18. NO LIABILITY 
 Issuer and Affected Person

 18.1 No recourse under any obligation, covenant, or agreement of any party (acting in any capacity whatsoever) contained in this Agreement
or any other Transaction Document shall be had against any shareholder, officer, agent, employee or director of the Master Purchaser or any Affected Person as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute
or otherwise, it being expressly agreed and understood that each Transaction Document is a corporate obligation of the relevant party and no personal liability shall attach to or be incurred by the shareholders, officers, agents, employees or
directors of any party as such, or any of them, under or by reason of any of the obligations, covenants or agreements contained in any Transaction Document, or implied therefor, and that any and all personal liability for breaches by such party of
any such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent, employee or director is hereby expressly waived by the other parties as a condition of and consideration for the
execution of this Agreement. 

  
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 Conduit Purchaser 

18.2 No recourse under any obligation, covenant, or agreement of a Conduit Purchaser (whether in its capacity as a Noteholder or otherwise) contained in
this Agreement or any Transaction Document shall be had against any shareholder, officer, trustee or director of such Conduit Purchaser by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise, it being
expressly agreed and understood that each obligation, covenant and agreement of a Conduit Purchaser under any Transaction Document is a corporate obligation and no personal liability shall attach to or be incurred by the shareholders, officers,
trustees, agents, employees or directors of such Conduit Purchaser as such, or any of them, or implied therefor, and that any and all personal liability for breaches by such party of any such obligations, covenants or agreements, either at law or by
statute or constitution, of every such shareholder, officer, trustee, agent, employee or director is hereby expressly waived by the other parties as a condition of and consideration for the execution of this Agreement. 

18.3 This Clause 18 shall survive the termination of this Agreement. 
 19. NO PETITION 
 Against the Issuer 

19.1 Each party hereto (other than the Security Trustee) hereby undertakes to the Issuer that it shall not, nor shall any party on its behalf, at any time
institute against, or join any person in instituting against the Issuer or any or all of the revenues and assets of the Issuer any bankruptcy, winding up, re-organisation, examination, arrangement, insolvency or liquidation proceeding or other
proceeding under any similar law nor petition for the appointment of a receiver, administrator, examiner, administrative receiver, trustee, liquidator, sequestrator or similar officer of it nor participate in any ex parte proceedings.

 Against any Conduit Purchaser 

19.2 Each party (other than the relevant Conduit Purchaser) hereby undertakes to each Conduit Purchaser that it shall not, nor shall any party on its
behalf, at any time take any corporate action or other steps or institute against, or join any person instituting against, a Conduit Purchaser or any or all of the revenues or assets of such party any bankruptcy, winding-up, reorganisation,
arrangement, dissolution, examinership, insolvency or liquidation proceeding or other proceeding under any similar law nor petition for the appointment of a receiver, administrator, administrative receiver, trustee, liquidator, sequestrator or
similar officer of it under any bankruptcy, insolvency, receivership or similar law nor participate in any ex parte proceedings. 
 19.3
This Clause 19 shall survive the termination of this Agreement 

  
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 20. LIMITED RECOURSE 

Against the Issuer 
 20.1 Notwithstanding
any other provision of this Agreement or any provisions in any other Transaction Document, each party hereto agrees and acknowledges with the Issuer that, save as otherwise provided for in any Transaction Document: 

 

	(a)	it will only have recourse in respect of any amount, claim or obligation due or owing to it by the Issuer (the Claims) only to the extent of available
funds pursuant to the applicable Master Purchaser Priorities of Payments and subject to the provisos therein, which shall be applied by the Security Trustee, subject to and in accordance with the terms thereof and after all other prior ranking
claims in respect thereof have been satisfied and discharged in full; 

  

	(b)	following the application of funds following enforcement of the security interests created under the Master Purchaser Deed of Charge, subject to and in accordance with
the Master Purchaser Post-Enforcement Priorities of Payments, the Issuer will have no assets available for payment of its obligations under this Agreement, any Note, the Master Purchaser Deed of Charge and the other Transaction Documents other than
as provided for pursuant to the Master Purchaser Deed of Charge, and that any Claims will accordingly be extinguished to the extent of any shortfall; and 

  

	(c)	the obligations of the Issuer under this Agreement, each Note, the Master Purchaser Deed of Charge and the other Transaction Documents will not be obligations or
responsibilities of, or guaranteed by, any other person or entity. 

 Against any Conduit Purchaser 

20.2 Notwithstanding any other provision of this Agreement or any provisions in any other Transaction Document, each party hereto agrees that the
obligations of any Conduit Purchaser under this Agreement and any other Transaction Document shall be without recourse to any officer, director, employee, stockholder, member, agent, manager or incorporator of such Conduit Purchaser and shall be
solely the corporate obligations of such Conduit Purchaser and shall be payable solely to the extent of funds received from the Issuer or from any party to any Transaction Document in accordance with the terms of the Transaction Documents and only
in excess of funds necessary to pay the matured and maturing notes of such Conduit Purchaser (or such Conduit Purchaser’s related issuing entity). 
 20.3 Any amounts which such Conduit Purchaser does not pay pursuant to the operation of the preceding Clause 20.2 shall not constitute a claim (including, without limitation, as defined in § 101 of
the Bankruptcy Code) against or corporate obligation of such Conduit Purchaser for any such insufficiency. 
 20.4 This Clause 20 shall survive
the termination of this Agreement. 
 21. BENEFIT OF AGREEMENT 

21.1 This Agreement shall be binding upon and endure to the benefit of each Party and its or any subsequent successors and permitted assigns. 

  
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 22. ASSIGNMENTS AND TRANSFERS

 Issuer restriction on assignment and transfer 
 22.1 The Issuer shall not be entitled to assign or transfer all or part of its rights and benefits or obligations hereunder other than to the Security Trustee pursuant to the Master Purchaser Deed of
Charge. 
 Transfer of Notes—general conditions 
 22.2 Any assignment or transfer of any Note shall always be on the terms and subject to the conditions specified in Condition 2.3 and Conditions 2.9 to 2.13 (inclusive). 

Note Purchaser or Noteholder 
 22.3
Subject to Clause 22.2 above, each Noteholder or Note Purchaser shall be entitled to (x) assign or transfer a Note, and/or (y) assign its rights and/or transfer its obligations under the Transaction Documents, in whole or in part, to:

  

	(a)	any company in the same group of companies as itself without the prior written consent of any party; 

 

	(b)	in respect of an Uncommitted Purchaser, its related Committed Purchaser without the prior written consent of any party; 

 

	(c)	in respect of an Uncommitted Purchaser its related Conduit Manager without the prior written consent of any party; and 

 

	(d)	in respect of a Uncommitted Purchaser and its related Conduit Manager, any other asset-backed commercial paper issuing conduit managed by such related Conduit Manager
without the prior written consent of any party. 

 Conduit Manager 
 22.4 Subject to Clause 22.2 above, any Conduit Manager shall be entitled to arrange for the relevant Conduit Purchaser to (x) assign or transfer a Note, and/or (y) assign its rights and/or
transfer its obligations under the Transaction Documents, in whole or in part, to another asset-backed commercial paper issuing conduit managed by such related Conduit Manager without the prior written consent of any party. 

Other Note Purchaser or Noteholder 
 22.5
Subject to Clause 22.2 above, each Noteholder or Note Purchaser shall be entitled to (x) assign or transfer a Note, and/or (y) assign its rights and/or transfer its obligations under the Transaction Documents, in whole or in part, to one
or more of the remaining Noteholders or Note Purchasers on the terms and subject to the conditions set out in clauses 12.3 (a) and 12.3(b) of the Intercreditor and Indemnity Deed. 

  
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 Other person that is an Institutional Investor 

22.6 Subject to Clause 22.2 above, each Noteholder or Note Purchaser shall be entitled to (x) assign or transfer a Note, and/or (y) assign its
rights and/or transfer its obligations under the Transaction Documents, in whole or in part, to any person that is an Institutional Investor on the terms and subject to the conditions set out in clause 12.3(c) of the Intercreditor and Indemnity
Deed. 
 Assignments and transfers following a Termination Event 
 22.7 Subject to Clause 22.2 above, following the occurrence of a Programme Termination Date, each Noteholder or Note Purchaser shall be entitled to (x) assign or transfer a Note, and/or
(y) assign its rights and/or transfer its obligations under the Transaction Documents, in whole or in part, to any person, without the prior written consent of the Sellers and the Funding Agent. 

Notification of transfers 
 22.8 Upon any
transfer or syndication of its obligations hereunder, the transferring Note Purchaser shall on or before the date of such transfer or syndication give notice in writing, or procure that notice in writing is given, to each of the Master Purchaser,
BSM (acting on behalf of the Sellers), the Security Trustee, the Funding Agent and each of the other Note Purchasers of: 
  

	(a)	the Relevant Proportion and/or Third Party Note Purchaser Proportion (as applicable) that will be applicable to both the transferring Note Purchaser and the person to
whom such transfer is made with effect from such transfer or syndication provided that, such proportions so notified, when aggregated (without double counting) with the then applicable Relevant Proportion and all other then applicable Third Party
Note Purchaser Proportions shall equal 100 per cent; and 

  

	(b)	the relevant Note Purchaser Programme Limit and/or Third Party Note Purchaser European Programme Limit (as applicable) that will be applicable to both the transferring
Note Purchaser and the person to whom such transfer is made with effect from such transfer or syndication, provided that such amounts so notified, when aggregated (without double counting) with the then applicable relevant Note Purchaser Programme
Limit and all other then applicable Third Party Note Purchaser European Programme Limits shall equal the then applicable European Programme Limit. 

 Further assurance 
 22.9 Subject to Clause 22.2 above, each of the parties hereby agrees
from time to time, at its expense, promptly to execute (if necessary) and deliver all further instruments and documents and to take all further actions that the Funding Agent may reasonably request to implement and/or give effect to each Transaction
Document and the trasactions contemplated thereby. 

  
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 23. EVIDENCE OF DEBT

 Each Note Purchaser shall maintain, in accordance with usual accounting practice, accounts evidencing the amounts from time to time owing
to it hereunder and in its capacity as a Noteholder (including in respect of the Principal Amount Outstanding and any other sums due in respect of a Note at any time it is the Noteholder). In any legal action or proceeding arising out of or in
connection with this Agreement or a Note, the entries made in such accounts shall, in the absence of manifest error, be prima facie evidence of the existence and amounts of the obligations of the Issuer therein recorded. 

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

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

  
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 SCHEDULE 1 

THE ORIGINAL NOTE PURCHASERS 
 Part A – Committed Purchasers and Related Uncommitted Purchasers 
  

			
	Name of Committed Purchaser	  	Name of Related Uncommitted Purchaser
		
	BANK OF AMERICA, N.A., LONDON BRANCH	  	BANK OF AMERICA, N.A., LONDON BRANCH
		
	CITIBANK, N.A., LONDON BRANCH	  	CHARTA, LLC
		
	REGENCY ASSETS LIMITED	  	REGENCY ASSETS LIMITED

  
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 Part B - Uncommitted Purchasers and Related Committed
Purchasers 
  

			
	Name of Uncommitted Purchaser	  	Name of Related Committed Purchaser
		
	CHARTA, LLC	  	CITIBANK, N.A., LONDON BRANCH
		
	REGENCY ASSETS LIMITED	  	REGENCY ASSETS LIMITED
		
	BANK OF AMERICA, N.A., LONDON BRANCH	  	BANK OF AMERICA, N.A., LONDON BRANCH

  
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 SCHEDULE 2 

FORM OF NOTE 
 THIS NOTE
HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND ACCORDINGLY MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR
OTHERWISE TRANSFERRED IN THE UNITED STATES OF AMERICA, OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION IN A TRANSACTION EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 ANY UNITED STATES PERSON (AS DEFINED IN THE UNITED STATES
INTERNAL REVENUE CODE OF 1986, AS AMENDED) WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE. 

BASELL POLYOLEFINS COLLECTIONS LIMITED 
 (incorporated in Ireland with limited liability; registered number 405558) 

(the Issuer) 
 [EUR]/[US$] [•] Note Due [•] 
 issued to [•] 

(the Note) 
 This Note has been constituted by the Issuer pursuant to a Variable Funding Agreement (the Variable Funding Agreement) dated 28 April 2010 between, amongst others, the Issuer, Citibank,
N.A., as Funding Agent, Citicorp Trustee Company Limited (as Security Trustee), Basell Sales & Marketing Company B.V. and Lyondell Chemie Nederland B.V. and is subject to, and with the benefit of, the attached terms and
conditions (the Conditions) and the Variable Funding Agreement. 
 Capitalised terms used and not otherwise defined in this Note
have the respective meanings specified in the Variable Funding Agreement. 
 The Issuer, for value received, promises, in accordance with the
Conditions to pay to the registered holder of this Note on the Final Maturity Date the Principal Amount Outstanding on that date as shown on the Grid attached to this Note or otherwise recorded in the books and records of the Noteholder, together
with accrued interest in accordance with the Conditions and any additional amounts payable thereunder. 

  
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 Upon any redemption or increase of the Principal Amount Outstanding of the
Note in accordance with the Conditions, the Issuer shall procure that the amount so redeemed be recorded on the Grid. 
 This Note is in
registered form and is transferable in part. 
 AS WITNESS the signature of a duly authorised officer on behalf of the Issuer 

 

			
	 SIGNED and DELIVERED as a DEED by

 
	 	 )
 )
 )

	 as attorney for 

BASELL POLYOLEFINS

COLLECTIONS LIMITED
 in the presence
of:
	 	 )
 )
 )

)

		
	 	 	 
	Signature of Witness:	 	 
		
	 	 	 
	Name of Witness:	 	 
		
	 	 	 
	Address of Witness:	 	 
		
	ISSUED in Ireland as of [•]	 	 

  
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 THE SCHEDULE 

GRID 

For recording increases and reductions in 
 the Principal Amount Outstanding of the Note 
  

																			
	 Date of change
	  	Principal Amount
Outstanding	 	Amount of increase	 	  	Date of increase	 	  	Amount of reduction	 	  	Date of reduction	 
	 On issue
	  	[EUR]/[US$][•]	 	 	—  	  	  	 	—  	  	  	 	—  	  	  	 	—  	  

  
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 SCHEDULE 3 

TERMS AND CONDITIONS 

The following is the text of the terms and conditions of the Notes which (subject to completion and amendment) will be attached to each Note. 

The [EUR]/[US$][•] (initial par value) Note (the Note) due [•] of BASELL POLYOLEFINS COLLECTIONS LIMITED (the
Issuer) is constituted by the Variable Funding Agreement dated 28 April 2010 as amended and restated on 23 April 2013 between, amongst others, the Issuer, Citibank, N.A. (as Funding Agent), Citicorp Trustee
Company Limited (as Security Trustee) Basell Sales & Marketing Company B.V. and Lyondell Chemie Nederland B.V. as the same may from time to time be amended by the parties thereto (the Variable Funding Agreement).
Certain provisions of these Conditions are summaries of the Variable Funding Agreement and are subject to its detailed provisions hereof. The Noteholder (as defined below) is bound by, and is deemed to have notice of, all the provisions of the
Variable Funding Agreement applicable to it. Terms defined in the Variable Funding Agreement (including by cross reference or incorporation) shall, unless otherwise defined herein or the context requires otherwise bear the same meanings in these
terms and conditions. 
 1. FORM, DENOMINATION AND STATUS 

Form and denomination 
 1.1 The Note is in
definitive registered form with the initial par value of [EUR]/[US$][•] and thereafter in such other amount as may from time to time be recorded in the Grid attached to the Note or in the books and records of the Noteholder. 

Status 
 1.2 Each Note constitutes a
direct, secured and unconditional obligation of the Issuer. 
 2. TITLE AND TRANSFERS

 Title 
 2.1 The Issuer or
the Corporate Administrator on its behalf (in such capacity, the Registrar) will cause to be kept, at the specified office of the Registrar in Ireland, a register (the Register) on which shall be entered the names and
addresses of the holders of the Notes from time to time. 
 2.2 Title to the Note will pass by and upon registration of transfers in the
Register. In these Conditions the holder of the Note or the Noteholder means the person in whose name such Note is for the time being registered in the Register. Registration of ownership of the Note shall be conclusive
evidence (in the absence of manifest error) of absolute ownership of the Note. 

  
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 Transfers 
 2.3 Subject to Condition 2.6 and 2.7 below, the Note may be transferred in whole or in part upon surrender of the Note at the specified office of the Registrar, with the form of transfer set out in
Schedule 4 to the Variable Funding Agreement duly completed and signed by or on behalf of the transferor and the Issuer and together with such evidence as the Registrar may reasonably require to prove: 

 

	(a)	the title of the transferor; 

  

	(b)	the authority of the individuals who have executed the form of transfer; 

  

	(c)	the payment of any stamp duty payable on such transfer; and 

  

	(d)	that: 

  

	 	(i)	the transferee is not a U.S. person (as detailed in Regulation S (Regulation S) under the U.S. Securities Act of 1933, as amended (the Securities
Act)) and is acquiring such Note for its own account or for the account or benefit exclusively of non-U.S. persons outside the United States in an offshore transaction (as defined in Regulation S) in compliance with Regulation S; or

  

	 	(ii)	that such Note is being transferred pursuant to another exemption from the registration requirements of the Securities Act and any applicable State securities laws,

 provided that no Note may be transferred to any person until the transferee executes: 

 

	1.	if the transferee is not a party to the Variable Funding Agreement, the Noteholder Accession Letter in or substantially in the form set out in Schedule 5 to the
Variable Funding Agreement; and 

  

	2.	if the transferee is not a party to either the Intercreditor and Indemnity Deed or the Master Purchaser Deed of Charge, a deed of accession to the Intercreditor and
Indemnity Deed and a deed of accession to the Master Purchaser Deed of Charge substantially in the respective form contained therein. 

 Registration and delivery of the Note 
 2.4 Within three Business Days of the surrender of
the Note in accordance with Condition 2.3 above (or such longer period as may be required to comply with any applicable fiscal or other laws or regulations), the Registrar will register the transfer in question and deliver at the Registrar’s
specified office a new Note or (at the request, cost and risk of the transferee) send by uninsured first class mail to such address as the transferee may specify for the purpose. 

  
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 2.5 The registered holder of a Note may request an exchange of the Note for
two or more substitute Notes having an aggregate principal amount outstanding equal to the Principal Amount Outstanding of the initial Note provided that the aggregate principal amount outstanding of any such substitute Notes shall be not less than
EUR 5 million or US$ 5 million, as applicable, by delivering the initial Note to the Registrar with its written request therefor which shall specify the name, address, payment details and the respective principal amounts of the Notes
applicable to each person to be registered as a registered holder of each such substitute Note. If the initial Note is to be exchanged for substitute Notes, the Issuer shall cause the delivery of such substitute Notes to the registered holders
thereof within 30 days after the registered holder of the initial Note shall have delivered its request therefor. 
 No Charge

 2.6 Noteholders will not be required to bear the costs and expenses of effecting any registration of transfer as provided above, except
for any costs or expenses of delivery other than by regular mail and except that the Issuer will require the payment by a transferee Noteholder of a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in
relation to the registration. 
 Closed Periods 
 2.7 No Noteholder may require a transfer to be registered during the period of two Business Days ending on the due date for any payment in respect of the Note. 

Registrar 
 2.8 The Issuer reserves the
right at any time with the consent of the Security Trustee to vary or terminate the appointment of, or resign as, the Registrar and to appoint another Registrar. Notice of any resignation, termination or appointment and of any changes in specified
offices will be given to the Noteholders promptly by the Issuer in accordance with the Framework Deed. 
 Restrictions on Transferees

 2.9 The Note may not be transferred to any person other than an Institutional Investor. 

2.10 The Note may not be offered or sold to any person in the United Kingdom in circumstances which require a prospectus to be made available to the
public pursuant to Part VI of the Financial Services and Markets Act 2000. 
 2.11 The Note (or any interest therein) may not be offered to the
public within the meaning of the Companies Acts 1963 to 2012 of Ireland, nor, in any circumstances, to more than 99 persons. 
 2.12 Any
transfer to a person other than as permitted in this Condition 2 shall be null and void. 
 2.13 All Notes will bear a legend substantially to
the following effect: 

  
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 “THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND ACCORDINGLY MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN
THE UNITED STATES OF AMERICA, OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS.” 
 3. INTEREST 
 Interest Payment Dates and Interest Periods 
 3.1 The Note bears interest on its Principal
Amount Outstanding from (and including) the Settlement Date immediately following the Funding Request Date on which the Initial Funding Request was made or, in the case of the Initial Funding Request, the first Funding Date, to (but excluding) the
date on which the Principal Amount Outstanding of such Note is paid in full. 
 3.2 Interest on the Note is payable in arrears on each Interest
Payment Date in respect of the Interest Period ending on that Interest Payment Date. Interest with respect to each Interest Period shall accrue from (and including) the first day of such Interest Period to (but excluding) the last day of such
Interest Period. 
 3.3 Interest shall cease to accrue on the Note as from (and including) the Final Maturity Date or the date on which the
Principal Amount Outstanding of such Note is declared immediately due and payable in accordance with Condition 6 unless, upon due presentation payment of principal due is improperly withheld or refused, in which case it will continue to bear
interest in accordance with this Condition 3 (after as well as before judgement) at the rate from time to time applicable to the Note until the moneys in respect thereof have been received by the Noteholder and notice to that effect is given in
accordance with the Framework Deed. 
 Rate of Interest 
 3.4 The Note will bear interest at the Reference Rate calculated in accordance with Schedule 8 to the Variable Funding Agreement for the respective Interest Period (the Note Interest
Rate). 
 Calculation of Interest Amount 
 3.5 The amount of interest due in respect of the Note in respect of an Interest Period (the Interest Amount) shall be calculated by the Funding Agent by applying the Note Interest Rate for
such Interest Period to the Principal Amount Outstanding of the Note on the Determination Date falling in such Interest Period, multiplying the product by the actual number of days in such Interest Period divided by 360. 

  
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 Payment of Interest 

3.6 The applicable Interest Amount will be payable in respect of the Note for each Interest Period. 

4. REDEMPTION 

Optional Redemption 
 4.1 Each Note may be
redeemed in whole (or in part) at its Principal Amount Outstanding, pari passu and pro rata according to the respective Principal Amount Outstanding of all Notes then outstanding at the option of the Issuer (each such payment a Note
Principal Payment) on any Settlement Date by the Issuer giving at least three Business Days’ written notice to the Funding Agent prior to the relevant Settlement Date. 
 Mandatory Redemption in part on Settlement Date 
 4.2 The Issuer shall redeem in part,
pari passu and pro rata according to the respective Principal Amount Outstanding of each Note, the Notes on each Settlement Date in an aggregate amount equal to the pro rata amount (calculated by reference to the Principal Amount
Outstanding of such Notes) of the amount by which: 
  

	(a)	the aggregate Principal Amount Outstanding of all Notes (taking into account the EUR Equivalent of all Notes denominated in US$) as at the Determination Date
immediately preceding the relevant Settlement Date exceeds the European Programme Limit; or 

  

	(b)	the aggregate Principal Amount Outstanding of all Notes denominated in EUR as at the Determination Date immediately preceding the relevant Settlement Date exceeds the
EUR Facility Limit (in the case of any such Notes denominated in EUR), applicable to the holder of the Note calculated as at such Determination Date; or 

  

	(c)	the aggregate Principal Amount Outstanding of all Notes denominated in US$ as at the Determination Date immediately preceding the relevant Settlement Date exceeds the
US$ Facility Limit (in the case of any such Notes denominated in US$), applicable to the holder of the Note calculated as at such Determination Date. 

 Mandatory Redemption following Programme Termination Date 
 4.3 Following the Programme
Termination Date, the Notes will on each Business Day on or after the Programme Termination Date, be subject to pro rata mandatory redemption in an aggregate amount equal to the lower of (a) the aggregate Principal Amount Outstanding of
all Notes and (b) the Master Purchaser Available Funds remaining after satisfaction in full of all amounts ranking in priority to payment of principal in respect of the Notes in the applicable Master Purchaser Priorities of Payments (each such
payment, together with any payment pursuant to Conditions 5.1, 4.2 and 4.3 being a Note Principal Payment). 

  
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 Determinations and Calculations 

4.4 Following a Note Principal Payment, the Funding Agent (acting for and on behalf of the Issuer) shall determine the new Principal Amount Outstanding of
the Note on the basis of the Grid, or the books and records of the Noteholder as certified by the Noteholder to the Funding Agent, as applicable. Each determination by the Funding Agent (acting for and behalf of the Issuer) of the amount of the
Principal Amount Outstanding of the Note shall (in the absence of wilful default, bad faith or manifest error) be final and binding on all persons. The Issuer will cause each determination of the new Principal Amount Outstanding of the Note to be
reflected in the Grid. 
 Redemption due to tax 
 4.5 If the Issuer is required by law to make any withholding or deduction from any amounts payable to the Noteholder in respect of the Note and the Issuer informs the Noteholder that it is unwilling or
unable to increase any payments in respect of the Note in accordance with Clause 13 of the Variable Funding Agreement, the Noteholder may, by giving not less than 20 Business Days’ notice to the Issuer or such shorter period agreed with the
Issuer (which notice shall be irrevocable), require the Issuer to redeem the Note, subject to available funds, in whole at its Principal Amount Outstanding. 
 Redemption on maturity 
 4.6 If not otherwise redeemed and cancelled, the Note will be
redeemed (subject to available funds) at its Principal Amount Outstanding on the Final Maturity Date, provided, for the avoidance of doubt, that if the Final Maturity Date has not occurred in respect of all outstanding Notes, the Note will be
subject to pro rata mandatory redemption in an aggregate amount equal to the lower of (a) the aggregate Principal Amount Outstanding of all Notes having reached their Final Maturity Date and (b) the Master Purchaser Available Funds
remaining after satisfaction in full of all amounts ranking in priority to payment of principal in respect of the Notes in the applicable Master Purchaser Priorities of Payments. 
 Purchase 
 4.7 The Issuer shall not be entitled to purchase the Note at any time.

 Cancellation 
 4.8 If the
Note is redeemed in full pursuant to the foregoing provisions it will be cancelled forthwith and may not be resold or reissued. 
 Final
Maturity Date and extension 
 4.9 The Final Maturity Date of each Note is the earlier of: 

 

	(a)	the date that is the third anniversary of the 2013 Closing Date or, if later, the then current Committed Purchaser Facility Termination Date in respect of the Committed
Purchaser holding, or whose related Conduit Purchaser holds, such Note; and 

  
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	(b)	the fifth anniversary of the 2013 Closing Date. 

5. MASTER PURCHASER EVENT OF DEFAULT 

Master Purchaser Event of Default 
 5.1
Each of the following events is a Master Purchaser Event of Default: 
  

	(a)	the Issuer fails to make any payment when due in respect of a Note, the Variable Funding Agreement or any other Transaction Document unless the non-payment is caused by
technical or administrative error in the transmission of funds and such payment is made within two Business Days of its due date; or 

  

	(b)	any representation or warranty by the Issuer in the Transaction Documents was materially incorrect on the date it was made; or 

 

	(c)	the Issuer fails to perform or comply with any one or more of its obligations under the Note, the Variable Funding Agreement or any other Transaction Document (other
than an obligation for payment to which paragraph (a) above applies), or any condition attached to any waiver or consent given under a Note, the Variable Funding Agreement or any other Transaction Document and such default has a material
adverse affect on the Noteholder and continues for five Business Days after the earlier of the Issuer becoming aware and written notice being given by the Funding Agent (which the Funding Agent may, and shall (acting upon the Unanimous Purchaser
Instruction) deliver requiring the Issuer to remedy the same (unless pursuant to a Unanimous Purchaser Instruction the Funding Agent is directed by the relevant Note Purchasers or Noteholders that such failure is not capable of remedy, where no such
notice shall be required); or 

  

	(d)	a distress, execution or other legal process is levied, enforced or sued out upon or against any of the property and assets of the Issuer; or 

 

	(e)	the Issuer asserts in writing that any Note, the Variable Funding Agreement or any other Transaction Document is not valid and binding on it; or

  

	(f)	any court governmental authority or agency having jurisdiction over the Issuer or any of its property or assets finds or rules that any material provision of a Note,
the Variable Funding Agreement or any other Transaction Document is not valid and binding on the Issuer; or 

  

	(g)	all or a substantial part of the undertakings, assets and revenues of the Issuer is condemned, seized or otherwise appropriated by any person acting under the authority
of any national, regional or local government or the Issuer is prevented by any such person from exercising normal control over all or any substantial part of its undertaking, assets and revenues; 

  
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	(h)	the occurrence of a Related Debt Termination Event; or 

  

	(i)	the Issuer is or becomes or is declared to be insolvent (including bankruptcy and suspension of payments) or is or becomes unable to pay its debts as they fall due or
suspends or threatens to suspend making payments (whether of principal or interest) with respect to all or any class of its debts. 

 Covenant of the Issuer 
 5.2 So long as any amount remains outstanding under a Note, the
Issuer or the Funding Agent will promptly forthwith upon becoming aware of any Master Purchaser Event of Default give notice in writing thereof to each Noteholder together with details of the steps (if any) which the Issuer is taking or proposing to
take to remedy such Master Purchaser Event of Default. 
 6. EFFECT OF ENFORCEMENT
EVENT 
 6.1 At any time after: 
  

	(a)	the occurrence of a Master Purchaser Event of Default; or 

  

	(b)	the failure on the Final Maturity Date, in respect of all Notes, of the Issuer to repay and pay all the Principal Amount Outstanding of all the Notes in full and any
amount of interest and other amounts calculated in respect thereof, 

 (each an Enforcement Event) and without
prejudice to its rights of enforcement in relation to the Master Purchaser Deed of Charge, the Funding Agent may, or shall acting upon a Majority Purchaser Instruction declare that the Principal Amount Outstanding of all the Notes to be immediately
due and payable together with accrued interest thereon and any other sums then owed by the Issuer hereunder. If any such written declaration is served upon the Issuer (copied to the Security Trustee) by the Funding Agent, the Security Trustee may
subject always to the provisions of the Master Purchaser Deed of Charge at any time after the occurrence of the relevant Enforcement Event, enforce the Master Purchaser Deed of Charge, or take proceedings against the Issuer to enforce payment of the
Note together with accrued interest. 
 6.2 The Funding Agent may and shall (following a Unanimous Purchaser Instruction) by notice in writing
to the Issuer (copied to the Security Trustee) withdraw any notice previously given under Condition 6.1 whereupon such notice shall cease to have effect. 
 6.3 After realisation of the Master Purchaser Secured Property in respect of the Note and distribution of the net proceeds thereof, a Noteholder may not take any further steps against the Issuer or any of
its assets to recover any sums unpaid in respect of the Note and all claims against the Issuer in respect of any such unpaid sum shall be extinguished. 

  
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 7. DEFAULT INTEREST 

If the Issuer fails to pay any amount payable under the Note or the Variable Funding Agreement by the Issuer to the Noteholder when due, the Issuer shall
pay interest on such sum from the date when it became due and payable to the date of payment at the Default Rate (both before and after any judgement obtained under this Note or the Variable Funding Agreement). 

8. REPLACEMENT OF NOTE 
 If a Note issued and outstanding at any time is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the specified office of the Issuer, subject to all applicable laws, upon payment by the
claimant of the expenses incurred in connection with such replacement and on such terms as to evidence, security, indemnity and otherwise as the Issuer may reasonably require. Mutilated or defaced Notes must be surrendered before replacements will
be issued. 
 9. REMEDIES AND WAIVERS 

No failure by any Noteholder to exercise, nor any delay by the Noteholder in exercising any right or remedy in respect of the Note shall operate as a
waiver thereof, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies herein provided are cumulative and not exclusive of
any other rights or remedies (whether provided by law or otherwise). 
 10. PARTIAL INVALIDITY 

If, at any time, any provision hereof is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction neither the
legality, validity or enforceability of the remaining provisions hereof nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby. 

11. GOVERNING LAW 
 These Conditions and the Note and any non-contractual obligations arising out of or in relation to these Conditions or the Note shall be governed by, and shall be construed in accordance with English law.
The provisions of Clause 4 of the Framework Deed shall apply to this Note. 
 12. MODIFICATION 

Any modification to these Conditions must be agreed in writing between the Issuer and the Noteholder and will be binding on all further Noteholders.

  
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 SCHEDULE 4 

FORM OF NOTE TRANSFER 
  

							
	For value received 	 	 	 	(the Transferor) hereby transfer(s) to
				
	 	 	 	 	 	 	 
				
	 	 	 	 	 	 	 
				
	 	 	 	 	 	 	(the Transferee)

 (Please print or type name and address of Transferee) 
 the attached Note (which has a Principal Amount Outstanding of [EUR]/[US$][•] at the date of this transfer) and all rights hereunder, hereby irrevocably constituting and appointing [•] as
attorney to transfer such Note in the relevant Register maintained by or on behalf of the Issuer with full power of substitution. 
 By its
transfer hereof, the Transferor represents that it is transferring the attached Note, and has offered this Note for transfer only: 
 (A)(i) to
a non-U.S. person acquiring this Note for its own account or for the account or benefit exclusively of non-U.S. persons; and (ii) outside the United States in an offshore transaction in compliance with Regulation S
(Regulation S) under the U.S. Securities Act of 1933, as amended (the Securities Act); or (B)(i) pursuant to another exemption from the registration requirements of the Securities Act and any applicable State
securities laws; and (C)(i) in circumstances that do not constitute an offer to the public within the meaning of the Companies Acts 1963 to 2012 of Ireland, (ii) to fewer than 99 persons; and (iii) in compliance with the Central Bank Acts
1942 to 2001 (as amended and supplemented) of Ireland. 
  

			
	Signature of Transferor	 	 
		
		 	 

 We hereby accept the attached Note (which has a Principal Amount Outstanding at the date of this transfer) and
agree to be bound by the Conditions of this Note. By its acquisition hereof, the Transferee represents that: 
  

	(a) 	(i) it is a non-U.S. person acquiring this Note for its own account or for the account or benefit exclusively of non-U.S. persons outside the United States in an
offshore transaction in compliance with Regulation S or (ii) pursuant to another exemption from the registration requirements of the Securities Act and any applicable State securities laws; 

it will be the beneficial owner of the Note and is a Qualifying Noteholder; 

 

	(b)	it is a person to whom this Note may be transferred in accordance with Condition 2.9 to 2.11; 

  
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	(c)	if it is not a party to the Variable Funding Agreement, it has executed a Noteholder Accession Letter in or substantially in the form set out in Schedule 5 to the
Variable Funding Agreement; and 

  

	(d)	if it is not a party to the Framework Deed or the Intercreditor and Indemnity Deed, it has executed a deed of accession thereto in or substantially in the form
contained therein. 

  

			
	Signature(s) of transferee 	 	 
		
		 	 

BASELL POLYOLEFINS COLLECTIONS LIMITED hereby approves the transfer. 

			
		
		 	 

Signature of BASELL POLYOLEFINS COLLECTIONS LIMITED  

			
		
	Date: 	 	 

 The Registrar hereby approves the transfer. 

 

			
	Signature of Registrar 	 	 
		
	Date: 	 	 

  
 N.B.: 

 

	1.	This form of transfer must be accompanied by such documents, evidence and information as may be required pursuant to the Conditions. 

 

	2.	This form of transfer must be executed under the hand of the transferor and the transferee or, if the transferee is a corporation, under the hand of two of its officers
duly authorised in writing and, the document so authorising such officers must be delivered with the form of transfer. 

  

	3.	This transfer will be subject to the payment by the transferor of any stamp duty, tax or other governmental charge as is referred to in Condition 2.6.

  
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 SCHEDULE 5 

FORM OF NOTEHOLDER ACCESSION LETTER 
 [Date] 
  

	To:	BASELL POLYOLEFINS COLLECTIONS LIMITED 

	    	(the Issuer) 

 [and other
parties] 
 We refer to the variable funding agreement (the Variable Funding Agreement) dated 28 April 2010 between,
amongst others, the Issuer, the Note Purchasers identified therein, Citibank, N.A., as Funding Agent, Citicorp Trustee Company Limited (as Security Trustee), Basell Sales & Marketing Company B.V. and Lyondell Chemie Nederland B.V. (as
amended and restated from time to time). 
 Terms defined in, or incorporated by reference into, the Variable Funding Agreement shall have the
same meanings herein as therein. 
 We confirm that we are in receipt of the following documents and have found them to our satisfaction:

  

	(a)	a copy of the Variable Funding Agreement; 

  

	(b)	a copy of the Intercreditor and Indemnity Deed; 

  

	(c)	a copy of the Framework Deed; 

  

	(d)	a copy of the Master Purchaser Deed of Charge; and 

  

	(e)	a copy of current versions of all other Transaction Documents as we have requested. 

 

	For	the purposes of Clause 6 of the Framework Deed our notice details are as follows: 

 

	 	(i)	[insert name, address, telephone, facsimile and attention]. 

  

	 	(ii)	[•], being the current registered holder, is proposing to transfer to us in accordance with Condition 2.3 of the Notes. 

In consideration of our accession to the Variable Funding Agreement pursuant to this letter, we hereby undertake, for the benefit of the Issuer and each
of the other parties to the Variable Funding Agreement, that, in relation our holding of the Note, we will perform and comply with all the duties and obligations expressed to be assumed by a Noteholder under the Variable Funding Agreement, the
Master Purchaser Deed of Charge and the Intercreditor and Indemnity Deed will have the benefit of all the provisions of the Variable Funding Agreement and the Master Purchaser Deed of Charge as if we were named in it, and in our capacity as, a Note
Purchaser, a Noteholder, [a Committed Purchaser] / [an Uncommitted Purchaser] / [a Conduit 

  
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Purchaser] and our [Related Committed Purchaser] / [Related Uncommitted Purchaser] / [related Conduit Manager] is [specify all capacities and insert name, address, telephone, facsimile and
attention of applicable party]. 
 THIS LETTER, and any non-contractual obligations
arising out of or in relation to this letter, is governed by, and shall be construed in accordance with, English law. 
  

					
	Signed by	 		  	
			
	The Acceding Noteholder	 		  	
			
	 SIGNED by
 for and on
behalf of
 [ACCEDING NOTEHOLDER]
	 	 )
 )

)
	  	
			
	 SIGNED by
 for and on
behalf of 
 BASELL POLYOLEFINS 
 COLLECTIONS LIMITED 
	 	 )
 )

)
 )
	  	
			
	The Note Purchasers and Noteholders	 		  	
			
	 SIGNED by
 for and on
behalf of
 [REMAINING NOTEHOLDER]
	 	 )
 )

)
	  	
			
	The Security Trustee	 		  	
			
	 SIGNED by
 for and on
behalf of
 CITICORP TRUSTEE 

COMPANY LIMITED 
	 	 )
 )

)
 )
	  	
			
	The Funding Agent	 		  	
			
	 SIGNED by
  

for and on behalf of
 CITIBANK, N.A.,
LONDON BRANCH 
	 	 )
 )

)
 )
	  	

  
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 BSM 

 

			
	 SIGNED by
 for and on
behalf of 
 BASELL SALES & MARKETING 
 COMPANY B.V. 
	 	 )
 )

)
 )

 LCN 
  

			
	 SIGNED by 
 for and on
behalf of 
 LYONDELL CHEMIE 
 NEDERLAND B.V. 
	 	 )
 )

)
 )

  
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 SCHEDULE 6 

REPRESENTATIONS AND WARRANTIES 
  

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

 

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

  

	(c)	Overseas Company: the Issuer has not registered particulars of a place of business pursuant to Part 2 (Initial Registration of Particulars) of the
Overseas Companies Regulations 2009 in respect of one or more UK establishments; 

  

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

  

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

  

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

  

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

 

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

  

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

  
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 except, in each case, in relation to participation of the
Issuer in under the European receivables securitisation programme scheduled to terminate on the first Funding Date. 
  

	(f)	Consents: save in respect of: 

  

	 	(i)	the delivery of the particulars of the security created pursuant to the Master Purchaser Security Documents in the prescribed form to the Registrar of Companies in
Ireland within 21 days of the creation of such security in accordance with section 99 of the Companies Act, 1963 (as amended) of Ireland; and 

  

	 	(ii)	the delivery of the particulars of such security to the Revenue Commissioners in Ireland in accordance with section 1001 of the Taxes Consolidation Act, 1997 (as
amended) of Ireland, 

 no authorisation, approval, consent, licence, exemption, registration, recording, filing or
notarisation and no payment of any duty or tax and no other action whatsoever which has not been duly and unconditionally obtained, made or taken is required to ensure: 
  

	 	(A)	the creation, validity, legality, enforceability or priority of its rights, liabilities and obligations under the Transaction Documents; or 

 

	 	(B)	the effective sale and transfer of Receivables to it pursuant to the Master Receivables Purchase Agreement; or 

 

	 	(C)	to perform its obligations under the Transaction Documents. 

  

	(g)	Solvency: it is solvent and able to pay its debts as they fall due and has not suspended or threatened to suspend making payments (whether of principal or
interest) with respect to all or any class of its debts and will not become insolvent or unable to pay its debts in consequence of any contract concluded by it for the purchase of any Receivables under the Transaction Documents or any other
obligation or transaction contemplated in the Transaction Documents; 

  

	(h)	Insolvency Procedures: no corporate action has been taken or is pending, no other steps have been taken (whether out of court or otherwise) and no legal
proceedings have been commenced or are threatened or are pending for (i) its bankruptcy, liquidation, suspension of payments, controlled management, winding-up, liquidation, dissolution, administration, examinership or reorganisation; or
(ii) it to enter into any composition or arrangement with its creditors; or (iii) the appointment of a receiver, administrative receiver, trustee or similar officer in respect of it or any of its property, undertaking or assets. No event
equivalent to any of the foregoing has occurred in or under the laws of any relevant jurisdiction; 

  
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	(i)	No Litigation: no litigation to which it is a party or which any third party has brought against it in any court, arbitral tribunal or public or administrative
body or otherwise and which, if adversely determined, could reasonably be expected to have a Material Adverse Effect its ability to perform its obligations under the terms of the relevant Transaction Document exists or is threatened to exist at the
present time; and 

  

	(j)	Financial Statements: its audited financial statements for its most recently-ended financial year have been prepared in accordance with generally accepted
accounting principles, consistently applied, and present a true and fair view of its financial condition on such date and the results of its operations for the financial year ended on such date; 

 

	(k)	Security: the Master Purchaser Security Documents create the Encumbrances they purport to create and are not liable to be avoided or otherwise set aside on the
occurrence of an event of insolvency in respect of the Issuer or otherwise; 

  

	(l)	No Adverse Claim over the Master Purchaser Secured Property: no Encumbrance exists over any Master Purchaser Secured Property other than the security created
under the Master Purchaser Security Documents; 

  

	(m)	Activities: the Issuer has not engaged in any activities since the date of its incorporation other than those incidental to its incorporation and its entry into
and exercise of its rights and performance of its obligations under the Transaction Documents to which it is a party; 

  

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

 

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

  

	(p)	ERISA: it has not established or contributed to any ERISA Plan. 

  
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 SCHEDULE 7 

FORMS OF FUNDING REQUEST 
 Part A 
 Form of Initial Funding Request 

To: [Funding Agent/ relevant Note Purchaser] 
 From: BASELL POLYOLEFINS COLLECTIONS LIMITED 
 Date: [Funding Request date]

 Dear Sirs 
 Initial Funding
Request 
 1. We refer to the Variable Funding Agreement (as from time to time amended, supplemented or novated) dated 28 April 2010 as
amended and restated on or prior to the date hereof (the Variable Funding Agreement) and made between, inter alios, ourselves and yourselves. 
 2. Terms defined in (or incorporated by reference into) the Variable Funding Agreement bear the same meaning herein. 
 3. We hereby specify the initial par value of the Note to be [EUR]/[US$] [•]. 
 4. We
hereby offer you the Note on [•] 20[•] (the first Settlement Date) at an Initial Subscription Price equal to the initial par value of the Note. 
 5. The Final Maturity Date of the Note will be [•]. 
 6. We warrant that each of the
representations referred to in Schedule 6 of the Variable Funding Agreement is true on and as of the date of this Initial Funding Request. 

This Initial Funding Request may be accepted only by payment of the Initial Subscription Price in accordance with Clause 6.6 and Clause 9 of
the Variable Funding Agreement on the first Settlement Date. No other means or manner of acceptance or purported acceptance will be effective to conclude any agreement hereunder or to convey any interest whatsoever in or to the subject matter of
this Initial Funding Request. By accepting his Initial Funding Request you agree to be bound by the Conditions. 
 Yours faithfully 

	
	  
	 for and on behalf of 

Basell Polyolefins Collections Limited

  
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 Part B 

Form of Further Funding Request 
 To: [relevant Note Purchaser] 
 From: BASELL POLYOLEFINS COLLECTIONS LIMITED 

Date: [Funding Request date] 
 Dear Sirs 
 Further Funding Request 
 1. We refer to the variable funding agreement (as from time to the amended, supplemented or novated) dated 28 April 2010 (as amended and restated from time to time) (the Variable Funding
Agreement) and made between, inter alios, ourselves and yourselves, and to the [EUR]/[US$] (initial par value) Note due [•] of which you are the Noteholder. 
 2. Terms defined in (or incorporated by reference into) the Variable Funding Agreement bear the same meaning herein. 
 3. We wish to increase the par value of the Note to [EUR]/[US$] [•] on [•] (the next Settlement Date). 
 4. We hereby offer you such increase at the Further Subscription Price of [EUR]/[US$] [•] (equal to the increase in the par value of the Note). 

5. The Final Maturity Date of the Note is [•]. 
 6. We warrant that each of the representations referred to in Schedule 6 to the Variable Funding Agreement is true on and as of the date of this Further Funding Request. 

This Further Funding Request may be accepted only by payment of the Further Subscription Price in accordance with Clause 6.7 and Clause 6.11 of the
Variable Funding Agreement on the next Settlement Date. No other means or manner of acceptance or purported acceptance will be effective to conclude any agreement hereunder or to convey any interest whatsoever in or to the subject matter of this
Further Funding Request. 
  

	
	Yours faithfully
	  
	 for and on behalf of 

Basell Polyolefins Collections Limited

  
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 SCHEDULE 8 

CALCULATION OF REFERENCE RATE 
 1. General 
  

	(a)	The calculation of the Reference Rate in respect of each Interest Period will be undertaken by the Funding Agent and where applicable in consultation with the
respective Conduit Manager, and in accordance with the requirements of this Schedule. 

  

	(b)	In respect of a Noteholder that is a Conduit Purchaser, its related Conduit Manager agrees to notify the Funding Agent the applicable Reference Rate by not later than
12.00 noon London time on the day falling two Business Days prior to each Interest Payment Date. 

  

	(c)	Terms defined in the Variable Funding Agreement shall unless otherwise defined herein, have the same meaning when used in this Schedule. 

1.2 If a Conduit Purchaser is funded by its back-up credit or liquidity support agreement or any credit or liquidity support agreement available to that
Conduit Purchaser, it shall promptly notify the Issuer and BSM (acting on behalf of the Sellers). 
 1.3 Each determination by a Noteholder (or
its related Conduit Manager) of the applicable Reference Rate and interest payable shall be conclusive and binding on the Issuer and the other parties to this Agreement in the absence of manifest error. 

1.4 Following receipt of a Reference Rate determination from a Noteholder (or its related Conduit Manager), the Funding Agent shall promptly provide BSM
(acting on behalf of the Sellers) the details of such determination. 
 1.5 Reference Rate 

The Reference Rate shall mean in respect of each applicable Interest Period, the rate specified below, as applicable and as the context may
so require: 
  

	(a)	if the Noteholder is a Conduit Purchaser (to the extent such Conduit Purchaser’s participation in any Note that it holds is not funded under its backup liquidity
facility or any other backup financing arrangement available to that Conduit Purchaser), the Conduit Reference Rate denominated in EUR if the applicable Note is denominated in EUR, or US$ if the applicable Note is denominated in US$; and

  

	(b)	if the Noteholder is a Committed Purchaser (or a Conduit Purchaser to the extent such Conduit Purchaser’s participation in any Note that it holds is funded by its
backup liquidity facility or any other backup financing arrangement available to that Conduit Purchaser), the applicable On-Books Reference Rate, provided that Regency shall be deemed to be solely a Conduit Purchaser and not a Committed Purchaser
for the purposes of this paragraph (b); and 

  
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	(c)	if the Noteholder is Bank of America N.A., London Branch, the BANA Base Reference Rate, unless the Reference Rate of any other Noteholder in respect of the relevant
Interest Period is an On-Books Reference Rate, in which case the Reference Rate for Bank of America N.A., London Branch shall be the applicable On-Books Reference Rate. 

 In the above definition of Reference Rate: 
 BANA Base Reference Rate means the
Euribor Rate for the period corresponding to such Interest Period or, if the Euribor Rate is not available, the Alternate Rate for the relevant period plus the Programme Rate; 
 Conduit Reference Rate means, with respect to any Interest Period for any Utilisation: 
  

	(a)	CP Cost of Funds; plus 

  

	(b)	Programme Rate; 

 CP Cost of Funds
means for any Conduit Purchaser, the per annum rate equivalent to the weighted average cost (as determined by the related Conduit Manager) and which shall include (without double counting or duplication): 

 

	(a)	the fees and commissions of placement agents and dealers; 

  

	(b)	incremental carrying costs incurred with respect to commercial paper maturing on dates other than those on which corresponding funds are received by such Conduit
Purchaser; 

  

	(c)	costs associated with funding and maintaining Currency Hedge Agreements and Utilisations denominated in a currency other than the currency of such commercial paper;

  

	(d)	other borrowings incurred in relation to such Conduit Purchaser’s issuance of commercial paper of similar debt instruments by such Conduit Purchaser; and

  

	(e)	any other costs associated with the issuance of commercial paper of or related to the issuance of commercial paper that are allocated, in whole or in part, by such
Conduit Purchaser or its related Conduit Manager to fund or maintain such Utilisation (the proceeds of which may also be allocated in part to the funding of other assets of such Conduit Purchaser (and, if such proceeds are allocated in part to the
funding of other assets of such Conduit Purchaser the costs associated with such funding will also be allocated in the appropriate portion to the funding of such other asset)), 

 provided, however, that if any component of any such rate is a discount rate, in calculating the “Conduit Reference Rate” for such Interest Period, the related Conduit Manager shall for such
component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum; 

  
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 EUR On-Books Reference Rate means in respect of a EUR Note, and
in respect of each applicable Interest Period, the rate specified below, as applicable and as the context may so require: 
  

	(a)	the Euribor Rate for the period corresponding to such Interest Period; plus 

 

	(b)	the Applicable Margin; or 

  

	 	(i)	if the Euribor Rate is not available: 

  

	 	(A)	the Libor Rate for the period corresponding to such Interest Period; plus 

 

	 	(B)	the cost of implementing a hedge to hedge the applicable Purchaser’s exposure to LIBOR/EURIBOR in respect of the Interest Period; plus

  

	 	(C)	the Applicable Margin; or 

  

	 	(ii)	if the Libor Rate is not available: 

  

	 	(A)	the Alternate Rate for the period corresponding to such Interest Period; plus  

 

	 	(B)	0.50% p.a.; plus 

  

	 	(C)	the Applicable Margin; 

 On-Books
Reference Rate means the EUR On-Books Reference Rate or the US$ On-Books Reference Rate, as applicable and as the context may so require; and 
 US$ On-Books Reference Rate means in respect of a US$ Note, and in respect of each applicable Interest Period, the rate specified below, as applicable and as the context may so require:

  

	(a)	the US$ Libor Rate for the period corresponding to such Interest Period; plus  

 

	(b)	the Applicable Margin; or 

  

	 	(i)	if the US$ Libor Rate is not available: 

  

	 	(A)	the Libor Rate for the period corresponding to such Interest Period; plus 

 

	 	(B)	the cost of implementing a hedge to hedge the applicable Purchaser’s exposure to LIBOR/US LIBOR in respect of the Interest Period; plus

  
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	 	(C)	the Applicable Margin; or 

  

	 	(ii)	if the Libor Rate is not available: 

  

	 	(A)	the Alternate Rate for the period corresponding to such Interest Period; plus  

 

	 	(B)	0.50% p.a.; plus  

  

	 	(C)	the Applicable Margin. 

  
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 THIS AGREEMENT has been
entered into on the date stated at the beginning of this Agreement. 
  

			
	The Master Purchaser and the Issuer
		
	SIGNED by	 	)
	 for and on behalf of

BASELL POLYOLEFINS

COLLECTIONS LIMITED
	 	 )
 )
 )
 )

  
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	BSM, a Seller, Master Servicer and a Servicer
		
	SIGNED by	 	)
	 SCOTT NETTLES
 for and on
behalf of
 BASELL SALES & MARKETING
 COMPANY B.V. 
	 	 )
 )
 )
 )

  
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	LCN, a Seller and a Servicer
		
	 	 	 
	 SIGNED by

STEPHANE VAYRON
 for and on behalf
of
 LYONDELL CHEMIE

NEDERLAND B.V. 
	 	 )
 )
 )
 )
 )

  
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	Note Purchaser, Committed Purchaser and Uncommitted Purchaser
		
	 	 	 
	 SIGNED for and on behalf of
 BANK OF AMERICA, N.A.,
 LONDON BRANCH 
	 	 )
 )
 )

 By: 

Authorised Signatory 
 Name: 

Title: 

  
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 Note Purchaser and Uncommitted Purchaser 

 

					
	 SIGNED by CITIBANK N.A. 
 LONDON BRANCH as Attorney-in-fact 
  
  

for CHARTA, LLC 
	 	 )
 )

)
 )

)

			
	By:	 		 	
	
	Duly authorised for the purpose
	of this                         
Agreement

  
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 Note Purchaser, Committed Purchaser and Uncommitted Purchaser

  

					
	 SIGNED by
  

for and on behalf of 
 REGENCY ASSETS
LIMITED 
	 	 )
 )

)
 )

  
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 The Security Trustee 

 

					
	 SIGNED by

and as attorney for
 CITICORP TRUSTEE COMPANY

 LIMITED
	 	 )
 )

)
 )

  
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 The Funding Agent, Note Purchaser and Committed Purchaser 

 

					
	 SIGNED by
  

for and on behalf of 
 CITIBANK, N.A.,
LONDON BRANCH 
	 	 )
 )

)
 )

  
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 Execution version 
 28 April 2010 
 as amended and restated on 

23 APRIL 2013 
 BASELL POLYOLEFINS COLLECTIONS LIMITED 
 (as Master Purchaser
and as Issuer) 
 BASELL SALES & MARKETING COMPANY B.V. 

(as BSM, a Seller, the Master Servicer and a Servicer) 

LYONDELL CHEMIE NEDERLAND B.V. 
 (as LCN, a Seller and a Servicer) 
 THE PERSONS
IDENTIFIED IN PART A OF SCHEDULE 1 
 (each as a Note Purchaser and as a Committed Purchaser)

 THE PERSONS IDENTIFIED IN PART B OF SCHEDULE 1 

(each as a Note Purchaser and as an Uncommitted Purchaser) 

CITICORP TRUSTEE COMPANY LIMITED 
 (as Security Trustee) 
 CITIBANK, N.A., LONDON
BRANCH 
 (as Funding Agent) 

 
  

VARIABLE FUNDING AGREEMENT 
  

 
  

 

 Execution version 

 
 CONTENTS 

 

							
	CLAUSE	  	PAGE	 
	 1.
	 	INTERPRETATION	  	 	1	  
			
	 2.
	 	THE VARIABLE FUNDING FACILITIES	  	 	2	  
			
	 3.
	 	SECURITY	  	 	2	  
			
	 4.
	 	PURPOSE	  	 	3	  
			
	 5.
	 	CONDITIONS PRECEDENT	  	 	3	  
			
	 6.
	 	UTILISATION	  	 	7	  
			
	 7.
	 	CURRENCY	  	 	11	  
			
	 8.
	 	CONSTITUTION OF EACH NOTE	  	 	11	  
			
	 9.
	 	OPTIONAL EXTENSION OF THE COMMITTED PURCHASER FACILITY TERMINATION DATE	  	 	13	  
			
	 10.
	 	PAYMENTS	  	 	14	  
			
	 11.
	 	FEES	  	 	15	  
			
	 12.
	 	REPRESENTATIONS AND WARRANTIES	  	 	16	  
			
	 13.
	 	TAXES	  	 	18	  
			
	 14.
	 	DEFAULT INTEREST	  	 	20	  
			
	 15.
	 	COSTS AND EXPENSES	  	 	20	  
			
	 16.
	 	INDEMNITY FOR OTHER AMOUNTS	  	 	21	  
			
	 17.
	 	ILLEGALITY AND MITIGATION	  	 	24	  
			
	 18.
	 	NO LIABILITY	  	 	25	  
			
	 19.
	 	NO PETITION	  	 	26	  
			
	 20.
	 	LIMITED RECOURSE	  	 	26	  
			
	 21.
	 	BENEFIT OF AGREEMENT	  	 	27	  
			
	 22.
	 	ASSIGNMENTS AND TRANSFERS	  	 	28	  
			
	 23.
	 	EVIDENCE OF DEBT	  	 	30	  
			
	 24.
	 	GOVERNING LAW	  	 	30	  
			
	 25.
	 	JURISDICTION	  	 	30	  
		
	 SCHEDULE 1 THE ORIGINAL NOTE PURCHASERS
	  	 	31	  
		
	 PART A – COMMITTED PURCHASERS AND
RELATED UNCOMMITTED PURCHASERS
	  	 	31	  
		
	 PART B—UNCOMMITTED PURCHASERS AND
RELATED COMMITTED PURCHASERS
	  	 	32	  

  
 Page I

 Execution version 

 

							
	 SCHEDULE 2 FORM OF NOTE
	  	 	33	  
		
	 SCHEDULE 3 TERMS AND CONDITIONS
	  	 	36	  
		
	 SCHEDULE 4 FORM OF NOTE TRANSFER
	  	 	45	  
		
	 SCHEDULE 5 FORM OF NOTEHOLDER ACCESSION LETTER
	  	 	47	  
		
	 SCHEDULE 6 REPRESENTATIONS AND WARRANTIES
	  	 	50	  
		
	 SCHEDULE 7 FORMS OF FUNDING REQUEST
	  	 	53	  
		
	 PART A FORM OF INITIAL FUNDING
REQUEST
	  	 	53	  
		
	 PART B FORM OF FURTHER FUNDING
REQUEST
	  	 	54	  
		
	 SCHEDULE 8 CALCULATION OF REFERENCE RATE
	  	 	55	  

  
 Page II

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