Document:

<PAGE>

                                                                   EXHIBIT 10.21

<PAGE>

                      U.S. RECEIVABLES PURCHASE AGREEMENT

                          HUNTSMAN INTERNATIONAL LLC,
                                 as Purchaser

                                      and

                            TIOXIDE AMERICAS INC.,
                         HUNTSMAN PROPYLENE OXIDE LTD.
                                      and
                      HUNTSMAN INTERNATIONAL FUELS L.P.,
                      each as a Seller and an Originator

                         Dated as of December 21, 2000
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                               TABLE OF CONTENTS

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1.   DEFINITIONS...........................................................   1

     1.01  Defined Terms...................................................   1

     1.02  Other Definitional Provisions...................................   2

2.   PURCHASE AND SALE OF RECEIVABLES......................................   2

     2.01  Purchase and Sale of Receivables................................   2

     2.02  Purchase Price..................................................   5

     2.03  Payment of Purchase Price.......................................   5

     2.04  No Repurchase...................................................   5

     2.05  Rebates, Adjustments, Returns, Reductions and Modifications.....   5

     2.06  Payments in Respect of Ineligible Receivables and Originator
           Indemnification Payments........................................   6

     2.07  Certain Charges.................................................   7

     2.08  Certain Allocations.............................................   7

3.   CONDITIONS TO SALES...................................................   8

     3.01  Conditions Precedent to the Purchaser's Purchase of Receivables
           on the Effective Date...........................................   8

     3.02  Conditions Precedent to Purchase of Receivables.................   9

     3.03  Conditions Precedent to the Originators' Obligations on the
           Effective Date..................................................  10

4.   REPRESENTATIONS AND WARRANTIES........................................  11

     4.01  Representations and Warranties of the Originators...............  11

     4.02  Representations and Warranties of the Originator Relating to the
           Receivables.....................................................  15

     4.03  Representations and Warranties of the Purchaser.................  17

5.   AFFIRMATIVE COVENANTS.................................................  18

     5.01  Financial Statements, Reports, etc..............................  18

     5.02  Compliance with Law and Policies................................  19

     5.03  Preservation of Corporate Existence.............................  19

     5.04  Inspection of Property; Books and Records; Discussions..........  19

     5.05  Location of Records.............................................  19

     5.06  Computer Files and other Documents..............................  19
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                               TABLE OF CONTENTS
                                  (continued)

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     5.07  Obligations.....................................................  20

     5.08  Collections.....................................................  20

     5.09  Furnishing Copies, Etc..........................................  20

     5.10  Responsibilities of the Originator as Local Servicer............  20

     5.11  Assessments.....................................................  21

     5.12  Purchase of Receivables.........................................  21

     5.13  Notices.........................................................  21

     5.14  Bankruptcy......................................................  21

     5.15  Further Action..................................................  21

     5.16  Marking of Records..............................................  22

     5.17  Stamp Duty......................................................  22

6.   NEGATIVE COVENANTS....................................................  22

     6.01  Limitations on Transfers of Receivables, Etc....................  23

     6.02  Extension or Amendment of Receivables...........................  23

     6.03  Change in Payment Instructions to Obligors......................  23

     6.04  Change in Name..................................................  23

     6.05  Policies........................................................  23

     6.06  Modification of Legend..........................................  24

     6.07  Accounting for Sales............................................  24

     6.08  Instruments.....................................................  24

     6.09  Ineligible Receivables..........................................  24

     6.10  Business of the Originator......................................  24

     6.11  Limitation on Fundamental Changes...............................  24

     6.12  Offices.........................................................  25

     6.13  Constitutive Documents..........................................  25

     6.14  Amendment of Transaction Documents or Other Material
           Documents.......................................................  25

7.   TERMINATION EVENTS....................................................  25

     7.01  Originator Termination Events...................................  25

     7.02  Program Termination Events......................................  27
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                               TABLE OF CONTENTS
                                  (continued)

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     7.03  Remedies........................................................  27

8.   MISCELLANEOUS.........................................................  29

     8.01  Payments........................................................  29

     8.02  Costs and Expenses..............................................  29

     8.03  Successors and Assigns..........................................  30

     8.04  Additional Originators..........................................  30

     8.05  Intentionally Omitted...........................................  32

     8.06  Intentionally Omitted...........................................  32

     8.07  Governing Law...................................................  32

     8.08  No Waiver; Cumulative Remedies..................................  32

     8.09  Amendments and Waivers..........................................  32

     8.10  Severability....................................................  32

     8.11  Notices.........................................................  32

     8.12  Counterparts....................................................  34

     8.13  Submission to Jurisdiction; Service of Process..................  34

     8.14  No Bankruptcy Petition..........................................  35

     8.15  Termination.....................................................  35

     8.16  Responsible Officer Certificates; No Recourse...................  35
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                                   SCHEDULES

Schedule 1     Form of Originator Daily Report
Schedule 2     Form of Solvency Certificate
Schedule 3     Location of Books and Records
Schedule 4     Chief Executive Office
Schedule 5     Legal and Other Business Names
Schedule 6     Identification of (A) Company Concentration Accounts,
               (B) Series Concentration Accounts, (C) Collection Accounts
               and Master Collection Accounts, and (D) Company Receipts
               Accounts
Schedule 7     Form of Admission of Additional Originator

                                      iii
<PAGE>

          RECEIVABLES PURCHASE AGREEMENT dated as of December 21, 2000 (this
"Agreement"), among Huntsman International LLC, a limited liability company
 ---------
organized under the laws of the State of Delaware, as purchaser (the
"Purchaser"), Tioxide Americas Inc., a company incorporated under the laws of
 ---------
the Cayman Islands, Huntsman Propylene Oxide Ltd., a limited partnership
organized under the laws of Texas, Huntsman International Fuels L.P., a limited
partnership organized under the laws of Texas each as a seller and an originator
(collectively, the "Originators").
                    -----------

                             W I T N E S S E T H:

          WHEREAS, the parties are entering into this Agreement under which each
of the Originators desires to sell, transfer, convey and assign from time to
time, all of its right, title and interest in, to and under Receivables
originated by such Originator, now existing and hereafter arising from time to
time and all other Receivable Assets related to such Receivables to the
Purchaser;

          WHEREAS, Huntsman ICI (Europe) BVBA, as the Master Servicer (the
"Master Servicer"), Huntsman Receivables Finance LLC (the "Company") and Chase
 ---------------
Manhattan Bank (Ireland) plc, not in its individual capacity but solely as
trustee, as Trustee (the "Trustee"), have entered into a Pooling Agreement dated
                          -------
as of the date hereof (such agreement, as it may be amended, modified or
otherwise supplemented from time to time hereafter, being the "Pooling
                                                               -------
Agreement") in order to create a master trust into which the Company desires to
---------
grant to the Trustee on behalf of the Trust (as defined therein) a Participation
in and to all proceeds of, or payments in respect of, the Receivables and a
security interest in relation to all of its right, title and interest in, to and
under the Receivables and certain other assets now or hereafter owned by the
Company in consideration for which the Trustee will make certain payments to the
Company as specified therein; and

          WHEREAS, the Master Servicer, the Company, the Servicer Guarantor, the
Purchaser, the Liquidation Servicer, the Local Servicers and the Trustee have
entered into a Servicing Agreement dated as of the date hereof (such agreement,
as it may be amended, modified or otherwise supplemented from time to time
hereafter, being the "Servicing Agreement") pursuant to which the Master
                      -------------------
Servicer will agree to service and administer the Receivables on behalf of the
Company.

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

1.   DEFINITIONS
     -----------

     1.01  Defined Terms. Capitalized terms used herein shall, unless otherwise
           -------------
defined or referenced herein, have the meanings assigned to such terms in Annex
X attached to the Pooling Agreement which Annex X is incorporated by reference
herein.
<PAGE>

     1.02  Other Definitional Provisions.
           -----------------------------

                    (a)   The words "hereof", "herein", "hereunder" and words of
                                     ------    ------    --------
similar import when used in this Agreement shall refer to this Agreement as a
whole and not to any particular provision of this Agreement, and article,
section, subsection, schedule and exhibit references are to this Agreement
unless otherwise specified.

                    (b)   As used herein and in any certificate or other
document made or delivered pursuant hereto, accounting terms relating to the
Originator and the Purchaser, unless otherwise defined or incorporated by
reference herein, shall have the respective meanings given to them under GAAP.

                    (c)   The meanings given to terms defined or incorporated by
reference herein shall be equally applicable to both the singular and plural
forms of such terms.

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

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

                    (f)   The words "include", "includes" or "including" shall
                                     -------    --------      ---------
be interpreted as if followed, in each case, by the phrase "without limitation".
                                                            ------------------

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

2.   PURCHASE AND SALE OF RECEIVABLES
     ---------------------------------

     2.01 Purchase and Sale of Receivables.
          --------------------------------

                    (a)   Subject to the terms and conditions of this Agreement
(including Article III), each of the Originators shall sell, transfer, assign,
and convey, without recourse (except as expressly provided herein), to the
Purchaser, all of its present and future right, title and interest in, to and
under:

                                       2
<PAGE>

                         (i)    Receivables originated by such Originator from
                       time to time prior to but not including the date on which
                       an Early Originator Termination occurs pursuant to and as
                       indicated in the respective Originator Daily Report and
                       delivered or transmitted electronically or by telecopier
                       to the Purchaser on the applicable date of sale;

                         (ii)   the Related Property;

                         (iii)   all Collections in respect of the Receivables;

                         (iv)    all rights (including rescission, replevin or
                       reclamation) of such Originator relating to any
                       Receivable or arising therefrom; and

                         (v)     all proceeds of or payments in respect of any
                       and all of the foregoing clauses (i) through (iv)
                       (including Collections).

          Such property described in the foregoing clauses (i) through (v) shall
be referred to collectively herein as the "Receivable Assets" and shall be
                                           -----------------
considered to be assets that have been sold, transferred, assigned, set over and
otherwise conveyed by the applicable Originator to the Purchaser upon the
delivery to the Purchaser and acceptance by the Purchaser of the applicable
Originator Daily Report (which Originator Daily Report shall not be signed by or
on behalf of the Purchaser or any of the Originators provided that such
Originator Daily Report shall be deemed accepted unless expressly rejected by
the Purchaser in writing on the date of the delivery of the applicable
Originator Daily Report to the Purchaser) (such date of acceptance hereinafter
referred to as the "Sale Date").
                    ---------

               (b)  Each of the Originators and the Purchaser hereby acknowledge
and agree that it is their mutual intent that (a) every transfer of Receivable
Assets to the Purchaser hereunder shall be an absolute, unconditional, "true"
                                                                        ----
conveyance and not a mere granting of a security interest to secure a loan to or
from the Purchaser, (b) the Originators shall not retain any interest in the
Receivable Assets after the sale thereof hereunder, and (c) the Receivables
originated by each Originator shall not be part of such Originator's insolvency
or bankruptcy estate in the event an insolvency or delinquency proceeding or a
bankruptcy or other action shall be commenced or filed by or against such
Originator under any insolvency or bankruptcy law. In the event, however, that
notwithstanding such intent and agreement, such transfers are deemed by any
relevant Governmental Authority for any reason whatsoever, whether for limited
purposes or otherwise, to be a security interest granted to secure indebtedness
of such Originator, such Originator shall be deemed to have granted to the
Purchaser a first priority perfected security interest under Article 9 of the
UCC in the applicable jurisdiction in all of its right, title and interest in,
to and under, in each case, whether now owned or existing, or hereafter acquired
or arising, and wherever located, the Receivables originated or purchased by
such Originator and the other Receivable Assets related to

                                       3
<PAGE>

such Receivables and this Agreement shall constitute a security agreement under
applicable law, securing the repayment of the amounts paid hereunder, subject to
the other terms and conditions of this Agreement, together with such other
obligations or interests as may arise hereunder in favor of the parties hereto.

               (c)   In connection with any transfer, assignment, conveyance and
sale pursuant to subsection 2.01(a), each Originator hereby agrees to record and
                 ------------------
file, or cause to be recorded and filed, at its own expense, financing
statements or other similar filings (and continuation statements with respect to
such financing statements or other similar filings when applicable), (i) with
respect to the Receivables and (ii) with respect to any other Receivable Assets
for which an assignment or the creation of a security interest (as defined in
the applicable UCC or other similar applicable laws, legislation or statute) may
be perfected under the applicable UCC or other applicable laws, legislation or
statute by such filing, in each case meeting the requirements of applicable law
in such manner and in such jurisdictions as are necessary to perfect and
maintain the perfection of the transfer, assignment, conveyance and sale of such
Receivables and any other Receivable Assets related to such Receivables to the
Purchaser, and to deliver to the Purchaser (a) on or prior to the Effective Date
a photocopy, certified by a Responsible Officer of such Originator to be a true
and correct copy, of each such financing statement or other filing to be made on
or prior to the Effective Date and (b) within ten (10) days after the Effective
Date a file-stamped copy or certified statement of such financing statement (or
the similar filing) or other evidence of such filing.

               (d)   In connection with the transfer, assignment, conveyance and
sale pursuant to subsection 2.01(a), each Originator agrees at its own expense,
                 ------------------
with respect to the Receivables, that it will, as agent of the Purchaser, (A)
(i) on the Effective Date and thereafter, identify on its extraction records
relating to Receivables from its master database of receivables, that the
Receivables and all other Receivable Assets related thereto have been
transferred, assigned, conveyed and sold to the Purchaser in accordance with
this Agreement and (ii) acknowledge, deliver or transmit or cause to be
delivered or transmitted to the Company and Master Servicer an Originator Daily
Report containing at least the information specified in Schedule 1 hereto as to
                                                        ----------
all such Receivables, as of the applicable date of sale and (B) to (i) on the
Effective Date and thereafter, to identify on it extraction records relating to
Receivables from its master database of receivables, that all such Receivables
and all other Receivable Assets related thereto have been transferred, assigned,
conveyed and sold to the Purchaser in accordance with this Agreement and (ii)
acknowledge, deliver or transmit or cause to be delivered or transmitted to the
Purchaser and the Master Servicer an Originator Daily Report containing at least
the information specified in Schedule 1 hereto as to all such Receivables, as of
                             ----------
the applicable date of sale.

               (e)   All Receivables purchased by the Purchaser hereunder shall
be without recourse to, or any representation or warranty of any kind (express
or implied) by, the Originators except as otherwise specifically provided
herein. The foregoing sale, assignment, transfer and conveyance does not
constitute and is not intended to result in

                                       4
<PAGE>

the creation or assumption by the Originators of any obligation of the
Originators or any other person in connection with the Receivables or any
agreement or instrument relating thereto, including any obligation any Obligor.

     2.02  Purchase Price. The aggregate purchase price payable by the Purchaser
           --------------
to an Originator (the "Originator Purchase Price") for Receivables and other
                       -------------------------
Receivable Assets on any Seller Payment Date under this Agreement shall be equal
to the product of (i) the aggregate outstanding Principal Amount of Eligible
Receivables as set forth in the applicable Originator Daily Report and (ii) one
(1) minus the Discounted Percentage.

     2.03  Payment of Purchase Price. Purchaser shall pay the Originator
           -------------------------
Purchase Price for each Receivable and other Receivable Assets (net of the
deductions referred to in Section 2.03(b)) on each date of sale related to such
purchased Receivable (each such day, an "Originator Payment Date").

                    (a)  The Originator Purchase Price (net of the deductions
referred to in Section 2.03(b)) shall be paid by Purchaser to the applicable
Originator or to such accounts or such Persons as the applicable Originator may
direct in writing (which direction may consist of standing instructions provided
by the applicable Originator that shall remain in effect until changed by the
applicable Originator in writing), on each Originator Payment Date.

                    (b)  The Purchaser shall deduct from the Originator Purchase
Price otherwise payable to the Originator on any Originator Payment Date, any
Originator Dilution Adjustment Payments, Originator Adjustment Payments or
Originator Indemnification Payments pursuant to Section 2.05, 2.06(a) or
2.06(b), respectively.

                    (c)  All cash payments under this Agreement shall be made
not later than 3:30 p.m. London time on the date specified therefor in same day
funds.

                    (d)  Whenever any payment to be made under this Agreement
shall be stated to be due on a day other than a Business Day, such payment shall
be made on the next succeeding Business Day.

     2.04  No Repurchase. Subject to Section 2.06, the Originators shall not
           -------------             ------------
have any right or obligation under this Agreement, by implication or otherwise,
to repurchase from the Purchaser any Receivables or other Receivable Assets
related to such Receivables or to rescind or otherwise retroactively effect any
purchase of any such Receivables or other Receivable Assets related to such
Receivables after the date of sale relating thereto; provided that the foregoing
                                                     --------
shall not be interpreted to limit the right of the Purchaser to receive an
Originator Dilution Adjustment Payment, an Originator Adjustment Payment or an
Originator Indemnification Payment.

     2.05  Rebates, Adjustments, Returns, Reductions and Modifications.
           -----------------------------------------------------------
From time to time the Originators may make a Dilution Adjustment to a Receivable
in accordance

                                       5
<PAGE>

with this Section 2.05 and Section 6.02; provided that if an Originator cancels
          ------------     ------------  --------
an invoice related to such Receivable, either (i) such invoice must be replaced,
or caused to be replaced, by such Originator with an invoice relating to the
same transaction of equal or greater Principal Amount on the same Business Day
that such cancellation was made, (ii) such invoice must be replaced, or caused
to be replaced, by such Originator with an invoice relating to the same
transaction of a lesser Principal Amount on the same Business Day that such
cancellation was made and such Originator must make an Originator Dilution
Adjustment Payment, to the Purchaser, in an amount equal to the difference
between such cancelled and replacement invoices or (iii) such Originator must
make an Originator Dilution Adjustment Payment, to the Purchaser in an amount
equal to the full value of such cancelled invoice pursuant to this Section 2.05.
                                                                   ------------
The Originators agree to pay to the Purchaser, on the Sale Date immediately
succeeding the date any Dilution Adjustment is granted or made pursuant hereto,
the amount of any such Dilution Adjustment (an "Originator Dilution Adjustment
                                                ------------------------------
Payment"). The amount of any Dilution Adjustment shall be set forth in the first
-------
Originator Daily Report prepared after the date on which such Dilution
Adjustment was granted or made.

     2.06  Payments in Respect of Ineligible Receivables and Originator
           ------------------------------------------------------------
Indemnification Payments.
------------------------

               (a)   Adjustment Payment Obligation. In the event of a breach of
                     -----------------------------
any of the representations and warranties contained in Sections 4.02(a),
                                                       ----------------
4.02(b), 4.02(c), 4.02(d) or 4.02(f) in respect of any Receivable sold hereunder
-------  ------   -------    -------
or if the Purchaser's interest in any Receivable is not a full legal and
beneficial ownership, the respective Originator shall, within 30 days of the
earlier of its knowledge or receipt of written notice of such breach or defect
from the Purchaser, remedy the matter giving rise to such breach of
representation or warranty if such matter is capable of being remedied. If such
matter is not capable of being remedied or is not so remedied within said period
of 30 days, such Originator upon request of the Purchaser shall repurchase the
relevant Receivable from the Purchaser at a repurchase price (without
duplication of any Originator Dilution Adjustment Payments made pursuant to
Section 2.05 hereof), equal to the original Principal Amount of such Receivable
------------
less Collections received by the Purchaser in respect of such Receivable (the
"Originator Adjustment Payment"), which payment shall be in the same currency as
 -----------------------------
such Receivable. Upon the payment of an Originator Adjustment Payment hereunder,
the Purchaser shall automatically agree to pay to such Originator all
Collections received subsequent to such repurchase with respect to such
repurchased Receivable. The parties agree that if there is a breach of any of
the representations and warranties of any Originator contained in Section
                                                                  -------
4.02(a), 4.02(b) or 4.02(c) in respect of or concerning any Receivable, the
-------  -------    -------
respective Originator's obligation to pay the Originator Adjustment Payment
under this Section 2.06 is a reasonable pre-estimate of loss and not a penalty
           ------------
(and neither the Purchaser nor any other person or entity having an interest in
this Agreement through the Purchaser shall be entitled to any other remedies as
a consequence of any such breach).

               (b)   Special Indemnification. In addition to its obligations
                     -----------------------
under Section 8.02 hereunder, each Originator agrees to pay, indemnify and hold
      ------------
harmless

                                       6
<PAGE>

(without duplication of any Originator Dilution Adjustment Payments made
pursuant to Section 2.05 hereof) the Purchaser from any loss, liability,
            ------------
expense, damage or injury which may at any time be imposed on, incurred by or
asserted against the Purchaser in any way relating to or arising out of (i) any
Receivable becoming subject to any defense, dispute, offset or counterclaim of
any kind (other than as expressly permitted by this Agreement or the Pooling
Agreement or any Supplement) or (ii) such Originator breaching any covenant
contained herein with respect to any Receivable (each of the foregoing events or
circumstances being an "Originator Indemnification Event", and such Receivable
                        --------------------------------
(or a portion thereof) ceasing to be an Eligible Receivable on the date on which
such Originator Indemnification Event occurs. The amount of such indemnification
shall be equal to the original Principal Amount of such Receivable less
Collections received by the Purchaser in respect of such Receivable (the
"Originator Indemnification Payment"). Such payment shall be made on or prior to
 ----------------------------------
the 10th Business Day after the day the Purchaser requests such payment or such
Originator obtains knowledge thereof unless such Originator Indemnification
Event shall have been cured on or before such 10th Business Day; provided,
                                                                 --------
however, that in the event that (x) an Originator Termination Event with respect
-------
to an Originator has occurred and is continuing or (y) the Purchaser shall be
required to make a payment with respect to such Receivable pursuant to Section
                                                                       -------
2.05 of the Pooling Agreement and the Purchaser has insufficient funds to make
----
such a payment, such Originator shall make such payment immediately. The
Purchaser shall have no further remedy against such Originator in respect of
such an Originator Indemnification Event unless such Originator fails to make an
Originator Indemnification Payment on or prior to such 10th Business Day or on
such earlier day in accordance with the proviso set forth in this subsection
                                                                  ----------
2.06(b). Upon an Originator Indemnification Payment, the Purchaser shall
-------
automatically agree to pay to such Originator all Collections received
subsequent to such payment with respect to the Receivable in respect of which an
Originator Indemnification Payment is made.

                    (c)   The Originators shall from time to time on demand pay
to the Purchaser an amount equal to the amount (if any) of funds required to be
paid or deposited by the Purchaser in respect of Stamp Duty pursuant to Sections
2.07(q) through 2.07(t) of the Pooling Agreement.

     2.07  Certain Charges. Each Originator and the Purchaser hereby agree that
           ---------------
late charge revenue, reversals of discounts, other fees and charges and other
similar items, whenever created, accrued in respect of Receivables shall be the
property of the Purchaser notwithstanding the occurrence of an Early Originator
Termination and all Collections with respect thereto shall continue to be
allocated and treated as Collections in respect of the Receivables transferred,
conveyed, assigned and sold to the Purchaser pursuant to subsection 2.01(a)
                                                         ------------------
hereof.

     2.08  Certain Allocations. Each Originator, as Local Servicer, hereby
           -------------------
agrees that if such Originator can attribute a Collection to a specific Obligor
and a specific Receivable, then such Collection shall be applied to pay such
Receivable of such Obligor; provided, however, that if such Originator cannot
                            --------  -------
attribute a Collection to a specific Receivable, then such Collection shall be
applied to pay the Receivables of such Obligor

                                       7
<PAGE>

in the order of maturity of such Receivables, beginning with the Receivable that
has been outstanding the longest and ending with the Receivable that has been
outstanding the shortest.

3.   CONDITIONS TO SALES
     -------------------

     3.01 Conditions Precedent to the Purchaser's Purchase of Receivables on the
          ----------------------------------------------------------------------
Effective Date. The obligation of the Purchaser to purchase Receivables and the
--------------
other Receivable Assets related to such Receivables on the Effective Date is
subject to the satisfaction of the following conditions precedent which shall
have been satisfied, on or prior to the Effective Date:

               (a)   the Purchaser shall have received copies of duly adopted
resolutions (or, if applicable, a unanimous consent) of the Board of Directors
or the members, as the case may be of the Originators, as in effect on such
Effective Date, authorizing the execution of this Agreement and the consummation
of the Transactions pursuant to the Transaction Documents;

               (b)   the Purchaser shall have received copies of a Certificate
of Good Standing for each Originator issued by the Secretary of State of such
Originator's state of incorporation or formation;

               (c)   the Purchaser shall have received copies of a certificate
of a Responsible Officer of each Originator certifying (i) the names and
signatures of the officers authorized on its behalf to execute this Agreement
and the other Transaction Documents to which it is a party and any other
documents to be delivered by it hereunder or thereunder, (ii) that attached
thereto is a true, correct, and complete copy of such Originator's certificate
of incorporation or formation, as the case may be and by-laws, and (iii) that
attached thereto is a true correct and complete copy of the document referred to
in clause (a) above and (iv) that attached thereto is a true, correct and
complete copy of the document referred to in clause (b) above;

               (d)   the Purchaser shall have received copies of fully executed
counterparts of this Agreement and each other Transaction Document;

               (e)   the Purchaser shall have received copies of legal opinions,
in each case, dated the Effective Date and addressed to:

                     (i)  the Rating Agencies, the Funding Agent, the Purchaser
               and the Trustee from Counsel to each Originator in form and
               substance satisfactory to the Trustee and the Funding Agent;

                     (ii) the Rating Agencies, the Funding Agent, the Purchaser
               and the Trustee from Clifford Chance Rogers & Wells LLP, special
               New York counsel for the Originators and the

                                       8
<PAGE>

               Purchaser, in form and substance satisfactory to the Trustee and
               the Funding Agent; and

               (f)   the Purchaser shall have received a legal opinion, dated
the Effective Date and addressed to the Trustee, the Funding Agent, the Rating
Agencies, and the Purchaser from Clifford Chance Rogers & Wells LLP, special New
York counsel for Originators, in form and substance satisfactory to the Trustee
and the Funding Agent, opining that, as a result of the transactions
contemplated by this Agreement, a bankruptcy court would not hold that the
Receivables and/or Receivable Assets would be the property of the Originators or
the Originators' bankruptcy estate under Section 541 of the Bankruptcy Code;

               (g)   the Purchaser shall have received, to the extent in
writing, the Policies of the Originators;

               (h)   the Purchaser shall have received copies of proper
financing statements (Form UCC-1), which will be filed on or prior to the
Effective Date naming each Originator as the debtor in favor of, in each case,
the Purchaser as the secured party or other similar instruments or documents as
may be necessary or in the reasonable opinion of the Purchaser desirable under
the UCC of all appropriate jurisdictions to perfect the Purchaser's ownership
interest in all Receivables and other Receivable Assets sold hereunder;

               (i)   the Purchaser shall have received certified copies of
requests for information or copies (or a similar search report certified by
parties acceptable to the Trustee and the Funding Agent) dated a date reasonably
near the Effective Date listing all effective financing statements or charges
which name any Originator (under its present name and any previous name) as
debtor and which are filed in jurisdictions in which the filings were made
pursuant to clause (h) above, together with copies of such financing statements
(none of which shall cover any Receivables or Receivable Assets);

               (j)   the Purchaser shall have received a solvency certificate
delivered by each Originator with respect to such Originator's solvency in the
form of Schedule 2 hereto;
        ----------

               (k)   the Purchaser shall be satisfied that the Originators'
systems, procedures and record keeping relating to the Receivables are
sufficient and satisfactory in order to permit the sale, assignment, transfer
and conveyance of such Receivables and the administration of such Receivables in
accordance with the terms and intent of this Agreement; and

               (l)   the Purchaser shall have received such other approvals,
opinions or documents as the Purchaser may reasonably request.

                                       9
<PAGE>

     3.02 Conditions Precedent to Purchase of Receivables. The obligation of the
          -----------------------------------------------
Purchaser to purchase Receivables and other Receivable Assets on each Sale Date
(including the Effective Date) is subject to the satisfaction of the following
conditions precedent, that, on and as of the related Originator Date, the
following statements shall be true with respect to the Receivables originated by
such Originator (and the delivery by such Originator of the Originator Daily
Report for such Receivable on such Sale Date shall constitute a representation
and warranty by such Originator that on such Sale Date the statements in clauses
(a) and (b) below are true with respect to the Receivables originated by such
Originator):

               (a)  the representations and warranties of such Originator
contained in Sections 4.01 shall be true and correct on and as of such Sale Date
             -------------
as though made on and as of such date, except insofar as such representations
and warranties are expressly made only as of another date (in which case they
shall be true and correct as of such other date);

               (b)  after giving effect to such sale, no Originator Termination
Event or Potential Originator Termination Event with respect to such Originator
shall have occurred and be continuing;

               (c)  such Originator shall have delivered or transmitted via
telecopy to the Purchaser, with respect to the Receivables, an Originator Daily
Report with respect to Receivables sold by it to the Purchaser and originated by
it, reasonably acceptable to the Purchaser and the Funding Agent showing, as of
such Sale Date, at least the information specified in Schedule 1 as to the
                                                      ----------
Receivables to be sold, assigned, transferred and conveyed on such Sale Date;

               (d)  since the Effective Date, no material adverse change has
occurred in the overall rate of collection of the Receivables; and

               (e)  the Purchaser shall have received such other approvals,
opinions or documents as the Purchaser may reasonably request;

provided, however, that the failure of such Originator to satisfy any of the
--------  -------
foregoing conditions shall not prevent such Originator from subsequently
contributing Receivables originated by it, or purchased by it pursuant to a
Receivables Purchase Agreement, upon satisfaction of all such conditions.

     3.03 Conditions Precedent to the Originators' Obligations on the Effective
          ---------------------------------------------------------------------
Date. The obligations of the Originators on the Effective Date shall be subject
----
to the conditions precedent, which may be waived by the Originators, that the
Originators shall have received on or before the Effective Date the following,
each dated the Effective Date and in form and substance satisfactory to the
Originators:

               (a)  a Certificate of Good Standing for the Purchaser issued by
the Secretary of State of Delaware, and certificates of qualification as a
foreign limited

                                      10
<PAGE>

liability company issued by the Secretaries of State or other similar officials
of each jurisdiction where such qualification is material to the transactions
contemplated by this Agreement and the other Transaction Documents; and

               (b)  a certificate of a Responsible Officer of the Purchaser
certifying (i) the names and signatures of the managers authorized on its behalf
to execute this Agreement and the other Transaction Documents to which it is a
party and any other documents to be delivered by it hereunder or thereunder,
(ii) that attached thereto is a true, correct and complete copy of the
Purchaser's Certificate of Formation and Limited Liability Company Agreement,
and (iii) that attached thereto is a true correct and complete copy of duly
adopted resolutions of the managers of the Purchaser, authorizing the execution
of this Agreement and the consummation of the Transactions pursuant to the
Transaction Documents.

4.   REPRESENTATIONS AND WARRANTIES
     ------------------------------

     4.01 Representations and Warranties of the Originators. Each Originator
          -------------------------------------------------
represents and warrants to the Purchaser as of the Effective Date that:

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

          (b)  Authorization.  The execution, delivery and performance by each
               -------------
Originator of each of the Transaction Documents to which it is a party and the
performance of the Transactions (i) have been duly authorized by all requisite
company and, if applicable and required, member action and (ii) will not (A)
violate (1) any Requirement of Law applicable to it or (2) any provision of any
Transaction Document or other material Contractual Obligation to which it is a
party or by which it or any of its property is or may be bound, (B) be in
conflict with, result in a breach of or constitute (alone or with notice or
lapse of time or both) a default under, or give rise to any right to accelerate
or to require the prepayment, repurchase or redemption of any obligation under
any Transaction Document or any other material Contractual Obligation to which
it is a party or by which it or any of its property is or may be bound except
where any such conflict, violation, breach or default referred to in clause (A)
or (B), individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect with respect to it or (C) result in the creation
or imposition of any Lien upon the Receivables

                                      11
<PAGE>

(other than Permitted Liens and any Lien created under the Transaction Documents
or contemplated or permitted thereby).

               (c)  Enforceability.  This Agreement and each of the other
                    --------------
Transaction Documents to which it is a party have been duly executed and
delivered by each Originator and constitutes a legal, valid and binding
obligation of each Originator enforceable against each Originator in accordance
with its respective terms, subject (a) to applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting the enforcement of
creditors' rights generally, from time to time in effect and (b) to general
principles of equity.

               (d)  Governmental Approvals.  No action, consent or approval of,
                    ----------------------
registration or filing with or any other action by any Governmental Authority is
or will be required in connection with the execution and delivery of this
Agreement or the consummation of the Transactions contemplated hereby, except
for (i) the filing of UCC financing statements (or other similar filings) in any
applicable jurisdictions necessary to perfect the Purchaser's ownership interest
in the Receivables pursuant to subsection 3.01(h), (ii) such as have been made
                               ------------------
or obtained and are in full force and effect and (iii) such actions, consents,
approvals and filings the failure of which to obtain or make could not
reasonably be expected to result in a Material Adverse Effect with respect to
it.

               (e)  Litigation; Compliance with Laws.
                    --------------------------------

                    (i)  There are no actions, suits or proceedings at law or in
               equity or by or before any Governmental Authority now pending or,
               to the knowledge of such Originator, threatened against such
               Originator in respect of which there exists a reasonable
               possibility of an outcome that would result in a Material Adverse
               Effect with respect to it; and

                    (ii) Neither it nor any Originator is in default with
               respect to any judgment, writ, injunction, decree or order of any
               Governmental Authority, where such violation or default could
               reasonably be expected to result in a Material Adverse Effect
               with respect to it.

          (f)  Agreements.
               ----------

                    (i)  It is not a party to any agreement or instrument or
               subject to any corporate restriction that has resulted or could
               reasonably be expected to result in a Material Adverse Effect
               with respect to it; and

                    (ii) It is not in default in any manner under any provision
               of any Contractual Obligation to which it is a party or by which
               it or any of its properties or assets are bound, where such

                                      12
<PAGE>

          default could reasonably be expected to result in a Material Adverse
          Effect with respect to it.

          (g)  Federal Reserve Regulations.  It is not engaged principally, or
               ---------------------------
as one of its important activities, in the business of extending credit for the
purpose of buying or carrying Margin Stock.

          (h)  Investment Company Act.  It is not an "investment company" as
               ----------------------                 ------------------
defined in, or subject to regulation under, the 1940 Act or any successor
statute thereto.

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

          (j)  ERISA Matters.
               -------------

               (i)   it and each of its ERISA Affiliates is in compliance in all
          material respects with the applicable provisions of ERISA and the
          regulations and published interpretations thereunder with respect to
          any Plan of such Originator or any of its ERISA Affiliates, except for
          such noncompliance which could not reasonably be expected to result in
          a Material Adverse Effect with respect to it;

               (ii)  No Reportable Event has occurred as to which such
          Originator or any of its ERISA Affiliates was required to file a
          report with the PBGC, other than reports for which the 30-day notice
          requirement is waived, reports that have been filed and reports the
          failure of which to file would not reasonably be expected to result in
          a Material Adverse Effect with respect to it;

               (iii) as of the Effective Date, the present value of all benefit
          liabilities under each Plan of such Originator or any of its ERISA
          Affiliates (on an ongoing basis and based on those assumptions used to
          fund such Plan) did not, as of the last valuation report applicable
          thereto, exceed the value of the assets of such Plan;

               (iv)  Neither it nor any of its ERISA Affiliates has incurred any
          Withdrawal Liability that could reasonably be expected to result in a
          Material Adverse Effect with respect to it; and

                                      13
<PAGE>

               (v)   Neither it nor any of its ERISA Affiliates has received any
          notification that any Multiemployer Plan is in reorganization or has
          been terminated within the meaning of Title IV of ERISA, or that a
          reorganization or termination has resulted or could reasonably be
          expected to result, through increases in the contributions required to
          be made to such Plan or otherwise, in a Material Adverse Effect with
          respect to it.

          (k)  Accounting Treatment. Except to the extent otherwise required by
               --------------------
law, no Originator will prepare any financial statements that shall account for
the transactions contemplated hereby, nor will it in any other respect account
for the transactions contemplated hereby, in a manner that is inconsistent with
the Purchaser's ownership interest in the Receivables and the other Receivable
Assets related thereto. Each Originator intends to treat the sale and conveyance
of the Receivables sold hereunder to the Purchaser as a sale of such Receivables
for all tax, accounting and regulatory purposes.

          (l)  Stamp Duty Group.  Each member of the Stamp Duty Group is
               ----------------
associated within the meaning of Section 42 United Kingdom Finance Act 1930 (as
amended) with each other member of the Stamp Duty Group.

          (m)  Chief Executive Office.  The offices at which each Originator
               ----------------------
keeps its records concerning the Receivables either (x) are located as set forth
on Schedule 3 hereto or (y) are in locations as to which each Originator has
   ----------
notified the Purchaser of the location thereof in accordance with Section 5.06.
                                                                  ------------
The chief executive office of each Originator is set forth on Schedule 4 and is
                                                              ----------
the place where the Originator is "located" for the purposes of Section 9-
                                   -------
103(3)(d) of the applicable UCC that governs the perfection of the ownership
interest of the Purchaser in the Receivables sold hereunder, and there have been
no other such locations during the four months preceding the date of this
Agreement.

          (n)  Bulk Sales Act.  No transaction contemplated hereby with respect
               --------------
to any Originator requires compliance with, or will be subject to avoidance
under, any bulk sales act or similar law in the United States.

          (o)  Names. The legal name of each Originator is as set forth in this
               -----
Agreement. No Originator has trade names, fictitious names, assumed names or
"doing business as" names except as set forth on Schedule 5.
 -----------------                               ----------

          (p)  Solvency. No Insolvency Event with respect to any Originator has
               --------
occurred and the sale, assignment, conveyance and transfer of the Receivables by
each Originator to the Purchaser has not been made in contemplation of the
occurrence thereof. Both prior to and after giving effect to the transactions
occurring on the Effective Date and after giving effect to each subsequent
transaction contemplated hereunder, (i) the fair value of the assets of each
Originator, taken individually at a fair valuation, will exceed the debts and
liabilities, subordinated, contingent or otherwise, of each Originator, as
applicable; (ii) the present fair saleable value of the property of each
Originator, taken individually and not on a consolidated basis, will be greater
than the amount that will be required to pay the probable liability of

                                      14
<PAGE>

each Originator, as applicable, on its debts and other liabilities,
subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and matured; (iii) each Originator will be able to pay its debts
and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured; and (iv) each Originator will not have
unreasonably small capital with which to conduct the business in which it is
engaged as such business is now conducted and is proposed to be conducted. For
all purposes of clauses (i) through (iv) above, the amount of contingent
liabilities at any time shall be computed as the amount that, in the light of
all the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability. No
Originator intends to, nor does it believe that it will incur debts beyond its
ability to pay such debts as they mature, taking into account the timing of and
amounts of cash to be received by each Originator and the timing of the amounts
of cash to be payable on or in respect of its Indebtedness.

          (q)   No Originator Termination Event.  As of the Effective Date, no
                -------------------------------
Potential Originator Termination Event or Originator Termination Event with
respect to any Originator has occurred and is continuing.

          (r)   No Program Termination Event.  As of the Effective Date, no
                ----------------------------
Potential Program Termination Event or Program Termination Event shall have
occurred and be continuing.

          (s)   No Fraudulent Transfer.  It is not entering into this Agreement
                ----------------------
with the actual or constructive intent to hinder, delay, or defraud its present
or future creditors and is receiving reasonably equivalent value and fair
consideration for the Receivables being sold hereunder.

          (t)   Collection Procedures.  It has in place the Policies and has not
                ---------------------
acted in contravention of any such Policies with respect to the Receivables.

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

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

          The representations and warranties as of the date made set forth in
this Section 4.01 shall survive the transfer, assignment, conveyance and sale of
     ------------
the Receivables and the other Receivable Assets to the Purchaser.  Upon
discovery by a Responsible Officer of the Purchaser or the Master Servicer or by
a Responsible Officer of an Originator of a breach of any of the foregoing
representations and warranties, the party discovering such breach shall give
prompt written notice to the other parties.

                                      15
<PAGE>

     4.02 Representations and Warranties of the Originator Relating to the
          ----------------------------------------------------------------
Receivables. Each Originator hereby represents and warrants to the Purchaser on
-----------
each Sale Date with respect to the Receivables originated by it, being sold,
transferred, assigned and conveyed to the Purchaser as of such date:

               (a)  Receivables Description. The Originator Daily Report
                    -----------------------
delivered or transmitted pursuant to subsection 2.01(a) sets forth in all
                                     -----------------
material respects an accurate and complete listing of all Receivables related
thereto aggregated by Obligor, to be sold, transferred, assigned and conveyed to
the Purchaser on such Sale Date and the information contained therein in
accordance with Schedule 1 with respect to each such Receivable is true and
                ----------
correct as of such date.

               (b)  No Liens. Each Receivable existing on the Effective Date or,
                    --------
in the case of Receivables sold, transferred, assigned and conveyed to the
Purchaser after the Effective Date, on the date that each such Receivable shall
have been sold, transferred, assigned and conveyed to the Purchaser, has been
sold, transferred, assigned and conveyed to the Purchaser free and clear of any
Liens, except for Permitted Liens and Trustee Liens.

               (c)  Eligible Receivable.  On the Effective Date, each Receivable
                    -------------------
that is represented to be an Eligible Receivable on such date on the Originator
Daily Reports is an Eligible Receivable on the Effective Date and, in the case
of  Receivables sold, transferred, assigned and conveyed to the Purchaser after
the Effective Date, each such Receivable that is represented to be an Eligible
Receivable sold, transferred, assigned and conveyed to the Purchaser on such
Sale Date is an Eligible Receivable on such Sale Date.

               (d)  Filings. All filings and other acts (including but not
                    -------
limited to notifying related Obligors of the assignment of a Receivable)
necessary or advisable under the UCC or under other applicable laws of
jurisdictions outside the United States (to the extent applicable) shall have
been made or performed in order to grant the Purchaser on the applicable Sale
Date a full legal and beneficial ownership interest in respect of such
Receivables then existing or thereafter arising free and clear of any Liens
(except for Permitted Liens and Trustee Liens).

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

               (f)  True Sale. Title to each Receivable sold, assigned, conveyed
                    ---------
and transferred hereunder will be vested in the Purchaser as described in
clauses (b) and (d) above, and such Receivables will not form part of the estate
of any Originator upon a bankruptcy of such Originator.

          The representations and warranties as of the date made set forth in
this Section 4.02 shall survive the sale, transfer, assignment and conveyance of
     ------------
the Receivables and other Receivable Assets to the Purchaser.  Upon discovery by
a

                                      16
<PAGE>

Responsible Officer of the Purchaser or the Master Servicer or a Responsible
Officer of an Originator of a breach of any of the representations and
warranties (or of any Receivable encompassed by the representation and warranty
in subsection 4.02(c) not being an Eligible Receivable as of the relevant Sale
   ------------------
Date), the party discovering such breach shall give prompt written notice to the
other parties.

     4.03      Representations and Warranties of the Purchaser.  The Purchaser
               -----------------------------------------------
represents and warrants as to itself as follows:

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

                    (b)  Authorization. The execution, delivery and performance
                         -------------
by the Purchaser of each of the Transaction Documents to which it is a party and
the performance of the Transactions (i) have been duly authorized by all
requisite company and, if applicable and required, member action and (ii) will
not (A) violate (1) any Requirement of Law or (2) any provision of any
Transaction Document or any other material Contractual Obligation to which the
Purchaser is a party or by which it or any of its property is or may be bound,
(B) be in conflict with, result in a breach of or constitute (alone or with
notice or lapse of time or both) a default under, or give rise to any right to
accelerate or to require the prepayment, repurchase or redemption of any
obligation under any Transaction Document or any other material Contractual
Obligation to which it is a party or by which it or any of its properties is or
may be bound, except where any such conflict, violation, breach or default
referred to in clauses (A) or (B), individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect with respect to it or
(C) result in the creation or imposition of any Lien upon the Receivables (other
than Permitted Liens or Trustee Liens).

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

                    (d)  Accounting Treatment. Except to the extent otherwise
                         --------------------
required by law, the Purchaser will not prepare any financial statements that
shall account

                                      17
<PAGE>

for the transactions contemplated hereby, nor will it in any other respect
account for the transactions contemplated hereby, in a manner that is
inconsistent with the Purchaser's ownership interest in the Receivables.

5.   AFFIRMATIVE COVENANTS
     ---------------------

               Each Originator hereby agrees that, so long as there are any
amounts outstanding with respect to Receivables or until an Early Originator
Termination, whichever is later, such Originator shall:

     5.01      Financial Statements, Reports, etc.:
               -----------------------------------

                    (a)  Furnish to the Purchaser, within 150 days after the end
of each fiscal year, the balance sheet and related statements of income,
members' equity and cash flows showing the financial condition of such
Originator as of the close of such fiscal year and the results of its operations
during such year, all audited by such Originator's Independent Public
Accountants and accompanied by an opinion of such accountants (which shall not
be qualified in any material respect) to the effect that such financial
statements fairly present in all material respects the financial condition and
results of operations of such Originator in accordance with GAAP consistently
applied;

                    (b)  Furnish to the Purchaser, within 60 days after the end
of each of the first three fiscal quarters of each fiscal year, such
Originator's unaudited balance sheet and related statements of income, members'
equity and cash flows for the period from the beginning of such fiscal year to
the end of such quarter, all certified by a Responsible Officer of such
Originator;

                    (c)  Furnish to the Purchaser, together with the financial
statements required pursuant to clauses (i) and (ii) above, a compliance
certificate signed by a Responsible Officer of such Originator stating that (x)
the attached financial statements have been prepared in accordance with GAAP and
accurately reflect the financial condition of such Originator and (y) to the
best of such Responsible Officer's knowledge, no Early Amortization Event or
Potential Early Amortization Event exists, or if any Early Amortization Event or
Potential Early Amortization Event exists, stating the nature and status
thereof;

                    (d)  Furnish to the Purchaser copies of all financial
statements, financial reports and proxy statements so furnished;

                    (e)  Furnish to the Purchaser, promptly, all information,
documents, records, reports, certificates, opinions and notices requested in
connection with the execution and delivery of any Receivables Purchase
Agreement; and

                    (f)  Furnish to the Purchaser, promptly, from time to time,
such historical information, including aging and liquidation schedules, in form
and substance

                                      18
<PAGE>

satisfactory to the Funding Agent and the Rating Agencies, as the Purchaser may
reasonably request; and

               (g)  Furnish to the Purchaser, promptly, from time to time, such
other information regarding the operations, business affairs and financial
condition of such Originator, or compliance with the terms of any Transaction
Document, in each case as the Purchaser may reasonably request.

     5.02      Compliance with Law and Policies.
               --------------------------------

                    (a)  Comply with all Requirements of Law and material
Contractual Obligations to which it is subject and which are applicable to it
except to the extent that non-compliance would not reasonably be likely to
result in a Material Adverse Effect with respect to it.

                    (b)  Perform its obligations in accordance with the
Policies, as amended from time to time in accordance with the Transaction
Documents, in regard to the Receivables and the other Receivable Assets.

     5.03      Preservation of Corporate Existence.  (i) Preserve and maintain
               -----------------------------------
its business existence, rights and privileges, if any, in the jurisdiction of
its organization and (ii) qualify and remain qualified in good standing as a
foreign company in each jurisdiction where the nature of its business so
requires, except where the failure so to qualify would not, individually or in
the aggregate with other such failures, have a Material Adverse Effect with
respect to it.

     5.04      Inspection of Property; Books and Records; Discussions.  Keep
               ------------------------------------------------------
proper books of records and account in which entries in conformity with GAAP
shall be made of all dealings and transactions in relation to its business and
activities; and permit representatives of the Purchaser upon reasonable advance
notice to visit and inspect any of its properties and examine and make abstracts
from any of its books and records during normal business hours on any Local
Business Day and as often as may reasonably be requested, subject to such
Originator's security and confidentiality requirements and to discuss the
business, operations, properties and financial condition of such Originator with
officers and employees of such Originator and with its Independent Public
Accountants.

     5.05      Location of Records.  Keep its chief executive office, and the
               -------------------
offices where it keeps the records concerning the Receivables and the other
Receivable Assets relating thereto (and all original documents relating
thereto), at the locations referred to for it on Schedule 3 and Schedule 4
                                                 ----------     ----------
hereto or upon 60 days' prior written notice to the Purchaser, at such other
locations in a jurisdiction where all action required by Section 5.16 shall have
                                                         ------------
been taken and completed and be in full force and effect.

     5.06      Computer Files and other Documents.  At its own cost and expense,
               ----------------------------------
retain the ledger used by it as a master record of the Obligors and retain
copies of all documents

                                      19
<PAGE>

relating to each Obligor as custodian and agent for the Purchaser and other
Persons with interests in the Receivables originated by it, as well as retain
all Originator Documents.

     5.07      Obligations.  Pay, discharge or otherwise satisfy at or before
               -----------
maturity or before they become delinquent, as the case may be, all its
obligations of whatever nature (including, without limitation, all taxes,
assessments, levies and other governmental charges imposed on it), except where
the amount or validity thereof is currently being contested in good faith by
appropriate proceedings and reserves in conformity with GAAP with respect
thereto have been provided on the books of such Originator.  Defend the right,
title and interest of the Purchaser in, to and under the Receivables and the
other Receivable Assets related thereto, whether now existing or hereafter
created, against all claims of third parties claiming through such Originator.
Each Originator will duly fulfill all obligations on its part to be fulfilled
under or in connection with each Receivable and will do nothing to materially
impair the rights of the Purchaser in such Receivable.

     5.08      Collections.  Instruct each Obligor to make payments in respect
               -----------
of its Receivables to the Collection Account and to comply in all material
respects with procedures with respect to Collections reasonably specified from
time to time by the Purchaser. In the event that any payments in respect of any
such Receivables are made directly to an Originator (including, without
limitation, any employees thereof or independent contractors employed thereby),
such Originator shall within one (1) Local Business Day of receipt thereof,
deliver or deposit such amounts to the Collection Account and, prior to
forwarding such amounts, such Originator shall hold such payments in trust for
the account and benefit of the Purchaser.

     5.09      Furnishing Copies, Etc.  Furnish to the Purchaser (subject to
               -----------------------
Section 8.15 hereof):
------------

                    (a)  within five (5) Local Business Days of the Purchaser's
request, a certificate of a Responsible Officer of such Originator, certifying,
as of the date thereof, to the knowledge of such officer, that no Originator
Termination Event has occurred and is continuing or if one has so occurred,
specifying the nature and extent thereof and any corrective action taken or
proposed to be taken with respect thereto;

                    (b)  promptly after a Responsible Officer of such Originator
obtains knowledge of the occurrence of any Originator Termination Event or
Potential Originator Termination Event, written notice thereof;

                    (c)  promptly following request therefor, such other
information, documents, records or reports regarding or with respect to the
Receivables of such Originator, as the Purchaser may from time to time
reasonably request; and

                    (d)  promptly upon determining that any Receivable
originated by it designated as an Eligible Receivable on the Originator Daily
Report or Monthly Settlement Report was not an Eligible Receivable as of the
date provided therefor, written notice of such determination.

                                      20
<PAGE>

     5.10      Responsibilities of the Originator as Local Servicer.
               ----------------------------------------------------
Notwithstanding anything herein to the contrary, (i) each Originator, while
acting as Local Servicer, shall perform or cause to be performed all of its
obligations under the Policies related to the Receivables to the same extent as
if such Receivables had not been sold, assigned, transferred and conveyed to the
Purchaser hereunder, (ii) the exercise by the Purchaser of any of its rights
hereunder shall not relieve any Originator of its obligations with respect to
such Receivables and (iii) except as provided by law, the Purchaser shall not
have any obligation or liability with respect to any Receivables, nor shall the
Purchaser be obligated to perform any of the obligations or duties of any
Originator.

     5.11      Assessments.  Pay before the same become delinquent and discharge
               -----------
all taxes, assessments, levies and other governmental charges imposed on it
except such taxes, assessments, levies and governmental charges which are being
contested in good faith and for which such Originator has set aside on its books
adequate reserves.

     5.12      Purchase of Receivables.  Purchase Receivables solely in
               -----------------------
accordance with the Receivables Purchase Agreements or this Agreement.

     5.13      Notices.  Promptly give written notice to the Trustee, each
               -------
Rating Agency, the Purchaser and each Funding Agent for any Outstanding Series
of the occurrence of any Liens on Receivables (other than Permitted Liens),
Early Amortization Event or Potential Early Amortization Event, including the
statement of a Responsible Officer of such Originator setting forth the details
of such Early Amortization Event or Potential Early Amortization Event and the
action taken, or which such Originator proposes to take, with respect thereto;

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

     5.15      Further Action.  In addition to the foregoing:
               --------------

                    (a)  Each Originator agrees that from time to time, at its
expense, it will promptly execute and deliver all further instruments and
documents, and take all further action (including but not limited to notifying
the related Obligors to the extent necessary to perfect the ownership interest
of the Purchaser in the Receivables) that may be necessary in such Originator's
reasonable judgment or that the Purchaser may reasonably request, in order to
protect the Purchaser's right, title and interest in the Receivables, or to
enable the Purchaser to exercise or enforce any of its rights in respect

                                      21
<PAGE>

thereof. Without limiting the generality of the foregoing, each Originator will,
upon the request of the Purchaser (i) execute and file such financing or
continuation statements, or amendments thereto, and such other instruments or
notices, as may be necessary or, in the opinion of the Purchaser, advisable to
protect the Purchaser's ownership interest in the Receivables and (ii) obtain
the agreement of any Person having a Lien on any Receivables owned by such
Originator (other than any Lien created or imposed under the Pooling Agreement
or any Permitted Lien) to release such Lien upon the sale, assignment, transfer
and conveyance of any such Receivables to the Purchaser.

                    (b)  Until the termination of this Agreement, each
Originator hereby irrevocably authorizes the Purchaser to file one or more
financing or continuation statements (and other similar instruments), and
amendments thereto, relative to all or any part of the Receivables and the other
Receivable Assets related thereto, sold, assigned, conveyed or transferred or to
be sold, assigned, conveyed or transferred by such Originator without the
signature of such Originator to the extent permitted by applicable law.

                    (c)  If any Originator fails to perform any of its
agreements or obligations under this Agreement, following notice to such
Originator detailing such delinquency, the Purchaser may (but shall not be
required to) perform, or cause performance of, such agreements or obligations,
and the expenses of the Purchaser incurred in connection therewith shall be
payable by such Originator as provided in Section 9.02. The Purchaser agrees
promptly to notify such Originator after any such performance; provided,
however, that the failure to give such notice shall not affect the validity of
any such performance.

     5.16      Marking of Records.  Each Originator will maintain a system that
               ------------------
will identify on its extraction records relating to the Receivables from its
master database of receivables that the Receivables have been sold, assigned,
conveyed or transferred to the Purchaser.  Each Originator agrees that from time
to time it will promptly execute and deliver all instruments and documents, and
take all further action, that Purchaser may reasonably request in order to
perfect, protect or more fully evidence the Trustee's first priority perfected
security interest in such Receivables and the related Collections.

     5.17      Stamp Duty.
               ----------

               It will procure that each member of the Stamp Duty Group shall
remain associated within the meaning of Section 42 United Kingdom Finance Act
1930 (as amended) with each other member of the Stamp Duty Group.

6.   NEGATIVE COVENANTS
     ------------------

               Except as otherwise provided in Section 6.11, each Originator
                                               ------------
hereby agrees that, so long as there are any amounts outstanding with respect to
Receivables originated by such Originator, previously sold, assigned, conveyed
or transferred by such

                                      22
<PAGE>

Originator to the Purchaser or until an Early Originator Termination, whichever
is the later, such Originator shall not:

     6.01      Limitations on Transfers of Receivables, Etc.  At any time sell,
               ---------------------------------------------
convey, assign, transfer or otherwise dispose of any of the Receivables or other
Receivable Assets relating thereto, except as contemplated by the Transaction
Documents.

     6.02      Extension or Amendment of Receivables.  Whether acting as Local
               -------------------------------------
Servicer or otherwise, extend, make any Dilution Adjustment to, rescind, cancel,
amend or otherwise modify, or attempt or purport to extend, amend or otherwise
modify, the terms of any Receivables, unless (a) (i) such cancellation,
termination, amendment, modification, or waiver is made in accordance with the
Policies (and would have been made in the ordinary course of business), (ii) if
such cancellation, termination, amendment, modification or waiver arose as a
result of a request from an Obligor, (iii) if any such amendment, modification
or waiver does not cause such Receivable to cease to be an Eligible Receivable
and (iv) such cancellation, termination, amendment, modification or waiver would
not have a material and prejudicial effect on the collectibility of the relevant
Receivable or (b) such Dilution Adjustment is the result of a pre-existing
contractual obligation between such Originator and the related Obligor with
respect to such Receivable provided, that in the event such Originator cancels
                           --------
an invoice related to a Receivable, such Originator must make an Originator
Dilution Adjustment Payment in accordance with Section 2.05; provided, further
                                               ------------  --------  -------
that in the event such Originator cancels an invoice related to a Receivable,
either (i) such invoice must be replaced with an invoice relating to the same
transaction as the cancelled invoice of equal or greater Principal Amount on the
same day, (ii) such invoice must be replaced with an invoice relating to the
same transaction as the cancelled invoice of a lesser Principal Amount on the
same Business Day and such Originator must make an Originator Dilution
Adjustment Payment, to the Purchaser, in an amount equal to the difference
between such cancelled and replacement invoices or (iii) the Originator must
make an Originator Dilution Adjustment Payment, to the Purchaser, in an amount
equal to the full value of such cancelled invoice pursuant to Section 2.05.
                                                              ------------

     6.03      Change in Payment Instructions to Obligors.  Instruct any Obligor
               ------------------------------------------
of any Receivables to make any payments with respect to any Receivables other
than, in accordance with Section 5.09, by check or wire transfer to the
                         ------------
Collection Account.

     6.04      Change in Name.  Change its name, use an additional name, change
               --------------
its identity or business structure or change its chief executive officer unless
at least 60 days' prior to the effective date of any such change it delivers to
the Purchaser such documents, instruments or agreements as are necessary to
reflect such change and to continue the perfection of the Purchaser's ownership
interest in the Receivables.

     6.05      Policies.  Make any change or modification (or permit any change
               --------
or modification to be made) in any material respect to the Policies, except (i)
if such changes or modifications are necessary under any Requirement of Law, or
(ii) if the Rating Agency Condition is satisfied with respect thereto; provided,
                                                                       --------
however, that if any
-------

                                      23
<PAGE>

change or modification, other than a change or modification permitted pursuant
to clause (i) above, would reasonably be expected to have a Material Adverse
Effect with respect to a Series which is not rated by a Rating Agency, the
consent of Investor Certificateholders representing Fractional Undivided
Interests aggregating not less than 51% of the Adjusted Invested amount of such
Series (or, as otherwise specified in the related Supplement) shall be required
to effect such change or modification.

     6.06      Modification of Legend.  Delete or otherwise modify the
               ----------------------
identification on the extraction records referred to in subsection 2.01(d).
                                                        ------------------

     6.07      Accounting for Sales.  Except as otherwise required by law,
               --------------------
prepare any financial statements which shall account for the transactions
contemplated hereby in any manner other than as a sale of the Receivables to the
Purchaser or in any other respect account for or treat the transactions
contemplated hereby (including for financial accounting purposes, except as
required by law) in any manner other than as a sale of the Receivables to the
Purchaser.

     6.08      Instruments.  Unless delivered to the Trustee pursuant to
               -----------
Section 2.01(b) of the Pooling Agreement, take any action to cause any
Receivable not evidenced by an "instrument" (as defined in Section 9-105(1)(i)
                                ----------
of the applicable UCC) upon origination to become evidenced by an instrument,
except in connection with the enforcement or collection of a Defaulted
Receivable.

     6.09      Ineligible Receivables.  Without the prior written approval of
               ----------------------
the Purchaser, take any action which to its knowledge would cause, or would
permit, a Receivable that was designated as an Eligible Receivable on the Sale
Date relating to such Receivable to cease to be an Eligible Receivable, except
as otherwise expressly provided by this Agreement.

     6.10      Business of the Originator.  Fail to maintain and operate the
               --------------------------
business currently conducted by such Originator and business activities
reasonably incidental or related thereto in substantially the manner in which it
is presently conducted and operated if such failure would reasonably be expected
to result in a Material Adverse Effect with respect to it.

     6.11      Limitation on Fundamental Changes.  Enter into any merger or
               ---------------------------------
consolidate with another Person or sell, lease, transfer or otherwise dispose of
assets constituting all or substantially all of the assets of such Originator
and its consolidated Subsidiaries (taken as a whole) to another Person or
liquidate or dissolve unless:

                    (a)  either (i) such Originator is the surviving entity or
(ii) the surviving Person (A) assumes, without execution or filing of any paper
or any further act on the part of any of the parties hereto other than such
Originator, the performance of each covenant and obligation of such Originator
hereunder and (B) no Material Adverse Effect with respect to it shall result
from such merger, consolidation, sale, lease, transfer or disposal of assets;

                                      24
<PAGE>

                    (b)  subject to Section 8.15 hereof, it has delivered to the
Trustee a certificate executed by a Responsible Officer of such Originator
addressed to the Trustee (i) stating that such consolidation, merger, conveyance
or transfer complies with this Section 6.11 and (ii) further stating in the
Responsible Officer's certificate that all conditions precedent herein provided
for relating to such transaction have been complied with;

                    (c)  it has delivered to the Trustee an Opinion of Counsel
from a nationally recognized legal counsel to the effect that the sale of
Receivables to the Purchaser by such Surviving Person, after the date of such
merger, consolidation, sale, lease, transfer or disposal of assets, shall be
treated as a "true sale" of any such Receivables;

                    (d)  it has delivered to the Trustee a General Opinion; and

                    (e)  the Rating Agency Condition has been satisfied.

     6.12      Offices.  Move the location of such Originator's chief executive
               -------
office or of any of the offices where it keeps its records with respect to the
U.S. Receivables, or its legal head office to a new location within or outside
the jurisdiction where such office is now located, without (i) providing thirty
(30) days' prior written notice to the Purchaser, the Trustee, each Funding
Agent and each Rating Agency and (ii) taking all actions reasonably requested by
the Trustee (including but not limited to all filings and other acts necessary
or advisable under the applicable UCC or other applicable laws or similar
statute of each relevant jurisdiction) in order to continue the Trust's first
priority perfected security interest in all Receivables now owned by the
Purchaser or hereafter created.

     6.13      Constitutive Documents.  Amend or make any change or modification
               ----------------------
to its constitutive documents without first satisfying the Rating Agency
Condition and obtaining the consent of each Funding Agent (provided that,
notwithstanding anything to the contrary in this Section 6.13, such Originator
                                                 ------------
may make amendments, changes or modifications pursuant to changes in law of the
jurisdiction of its organization or amendments to change such Originator's name
(subject to compliance with Section 6.04 above), registered agent or address of
registered office).

     6.14      Amendment of Transaction Documents or Other Material Documents.
               --------------------------------------------------------------
Other than as set forth in the Transaction Documents, amend any Transaction
Document or other material document related to any transactions contemplated
hereby or thereby including, but not limited to, any of the Receivables Purchase
Agreements.

7.   TERMINATION EVENTS
     ------------------

     7.01      Originator Termination Events.  If any of the following events
               -----------------------------
(herein called "Originator Termination Events") shall have occurred and be
                -----------------------------
continuing with respect to any Originator:

                                      25
<PAGE>

          (a)   an Originator shall fail to pay any amount due hereunder in
accordance with the provisions hereof and such failure shall continue unremedied
for a period of two (2) Business Days from the earlier to occur of (i) the date
upon which a Responsible Officer of such Originator obtains actual knowledge of
such failure or (ii) the date on which written notice of such failure, requiring
the same to be remedied, shall have been given (A) to such Originator by the
Company, the Purchaser or the Trustee or (B) to the Purchaser, to the Company,
to the Trustee and to such Originator by holders of Investor Certificates
evidencing 25% or more of the Aggregate Invested Amount; or

          (b)   an Originator shall fail to observe or perform any other
covenant or agreement applicable to it contained herein (other than as specified
in paragraph (a) of this Section 7.01) that has a Material Adverse Effect with
                         ------------
respect to it and that continues unremedied until ten (10) Local Business Days
after the date on which written notice of such failure, requiring the same to be
remedied shall have been given (A) to such Originator by the Purchaser, the
Company or the Trustee or (B) to the Purchaser, to the Company, to the Trustee
and to such Originator by holders of Investor Certificates evidencing 25% or
more of the Aggregate Invested Amount, provided that if such failure may be
                                       --------
cured and such Originator is diligently pursing such cure, such event shall not
constitute an Originator Termination Event for an additional thirty (30) days;
or

          (c)   any representation or warranty made by such Originator in this
Agreement or in any certificate delivered pursuant to this Agreement shall prove
to have been incorrect in any material respect when made or deemed made, and
which continues unremedied until ten (10) Local Business Days after the date on
which written notice thereof, requiring the same to be remedied, shall have been
given (A) to such Originator by the Purchaser, the Company or the Trustee or (B)
to the Purchaser, to the Company, to the Trustee and to such Originator by
holders of Investor Certificates evidencing 25% or more of the Aggregate
Invested Amount, provided that if such incorrectness may be cured and such
                 --------
Originator is diligently pursuing such cure, such event shall not constitute an
Originator Termination Event for an additional thirty (30) days and provided
                                                                    --------
further that an Originator Termination Event shall not be deemed to have
-------
occurred under this paragraph (c) based upon a breach of any representation or
warranty set forth in Section 4.02 if such Originator shall have complied with
                      ------------
the provisions of Section 2.06 in respect thereof; or
                  ------------

          (d)   an Originator has been terminated as Local Servicer with respect
to the Receivables originated by it, and not replaced as a Local Servicer by an
affiliate of Huntsman International, following a Master Servicer Default under
the Servicing Agreement,

then, in the case of any Originator Termination Event, so long as such
Originator Termination Event shall be continuing, the Purchaser shall terminate
its obligation to accept a sale of Receivables from such Originator and such
Originator shall be terminated as an Originator upon 10 days written notice (the
date on which such notice becomes effective, the "Originator Termination Date")
                                                  ---------------------------
to such Originator (any such termination,

                                      26
<PAGE>

an "Early Originator Termination"); provided that such removal or termination
    ----------------------------    --------
shall be in accordance with Section 2.10 of the Pooling Agreement.

     7.02      Program Termination Events.  If any of the following events
               --------------------------
(herein called "Program Termination Events") shall have occurred and be
                --------------------------
continuing with respect to an Originator:

               (a)  an Insolvency Event shall have occurred with respect to an
Originator; or

               (b)  there shall have occurred and be continuing (i) an Early
Amortization Event set forth in Section 7.01 of the Pooling Agreement or (ii)
                                ------------
the Amortization Period with respect to all Outstanding Series; or

               (c)  a notice of Lien shall have been filed by the PBGC against
an Originator under Section 412(n) of the Code or Section 302(f) of ERISA for a
failure to make a required installment or other payment to a plan to which
Section 412(n) of the Code or Section 302(f) of ERISA applies unless there shall
have been delivered to the Trustee and the Rating Agencies proof of release of
such Lien; or

               (d)  a Federal (or equivalent) tax notice of Lien, in an amount
equal to or greater than $500,000, shall have been filed against an Originator
unless there shall have been delivered to the Trustee and the Rating Agencies
proof of release of such Lien; or

               (e)  any Originator Termination Event shall have occurred and be
continuing with respect to an Originator that, as of the last Monthly Settlement
Report, had originated more than 10% of the Aggregate Receivables Amount
reflected on such report; or

               (f)  an Originator Termination Event shall have occurred but such
Originator has not been terminated within 10 calendar days in accordance with
Section 2.10 of the Pooling Agreement.

then, after the expiration  of any applicable cure period, the obligation of the
Purchaser to accept sales shall terminate without notice (such date of
termination, the "Program Termination Date"), and there shall be an Early
                  ------------------------
Amortization Event pursuant to Section 7.01 of the Pooling Agreement.

     7.03      Remedies.
               --------

               (a)  If an Originator Termination Event or Program Termination
Event has occurred and is continuing, the Purchaser (and its assignees) shall
have all of the rights and remedies provided to an owner of accounts under
applicable law in respect thereto.

                                      27
<PAGE>

               (b)  Each Originator agrees that, upon the occurrence and during
the continuation of Program Termination Event as described in subsection 7.02(a)
                                                              ------------------
or (b)(i):
---------
                         (i)   the Purchaser (and its assignees) shall have the
               right at any time to notify, or require that such Originator, at
               its expense, notify, the respective Obligors of the Company's
               ownership of the Receivables and other Receivable Assets and may
               direct that payment of all amounts due or to become due under the
               Receivables be made directly to the relevant current
               Concentration Accounts;

                         (ii)  the Purchaser (and its assignees) shall have the
               right to (A) sue for collection on any Receivables or (B) sell
               any Receivables to any Person for a price that is acceptable to
               the Purchaser. If required by the applicable UCC (or analogous
               provisions of any other similar law, statute or legislation
               applicable to the Receivables), the Purchaser (and its assignees)
               may offer to sell any Receivable to any Person, together, at its
               option, with all other Receivables created by the same Obligor.
               Any Receivable sold hereunder (other than pursuant to the Pooling
               Agreement) shall cease to be a Receivable for all purposes under
               this Agreement as of the effective date of such sale;

                         (iii) such Originator in such capacity or in its
               capacity as Local Servicer, shall, upon the Purchaser's (or its
               assignees') written request and at such Originator's expense, (A)
               assemble all of its documents, instruments and other records
               (including credit files and computer tapes or disks) that (1)
               evidence or will evidence or record Receivables and (2) are
               otherwise necessary or desirable to effect Collections of such
               Receivables including (i) Receivable specific information
               including, when applicable, invoice number, invoice due date,
               invoice value, purchase order reference, shipping date, shipping
               address, shipping terms, copies of delivery notes, bills of
               lading, insurance documents, copies of letters of credit, bills
               of exchange or promissory notes, other security documents, and
               (ii) Obligor specific information, including copy of the
               Contract, correspondence file and details of any security held
               (collectively, the "Originator Documents") and (B) deliver such
               Originator Documents to the Purchaser or its designee at a place
               designated by the Purchaser. In recognition of each Originator's
               need to have access to any Originator Documents which may be
               transferred to the Purchaser hereunder, whether as a result of
               its continuing business relationship with any Obligor for
               Receivables or as a result of its responsibilities as Local
               Servicer, the Purchaser hereby grants to each Originator a
               license to access the Originator Documents transferred by such

                                      29
<PAGE>

               Originator to the Purchaser and to access any such transferred
               computer software in connection with any activity arising in the
               ordinary course of such Originator's business or in performance
               of such Originator's duties as Local Servicer; provided that such
               Originator shall not disrupt or otherwise interfere with the
               Purchaser's use of and access to such Originator Documents and
               its computer software during such license period; and

                         (iv) upon written request of the Purchaser, each
               Originator will (A) deliver to the Purchaser all licenses,
               rights, computer programs, related material, computer tapes,
               disks, cassettes and data necessary for the immediate collection
               of the Receivables by the Purchaser, with or without the
               participation of such Originator (excluding software licenses
               which by their terms are not permitted to be so delivered;
               provided that each Originator shall use reasonable efforts to
               obtain the consent of the relevant licensor to such delivery but
               shall not be required, to the extent it has an ownership interest
               in any electronic records, computer software or licenses, to
               transfer, assign, set-over or otherwise convey such ownership
               interests to the Purchaser) and (B) make such arrangements with
               respect to the collection of the Receivables as may be reasonably
               required by the Purchaser.

8.   MISCELLANEOUS
     -------------

     8.01      Payments.  All payments to be made by a party ("payor") hereunder
               --------                                        -----
shall be made in Dollars on the applicable due date and in immediately available
funds to the recipient's ("payee") account set forth in Schedule 6 of this
                           -----                        ----------
Agreement or to such other account as may be specified by such payee from time
to time in a notice to such payor.  Wherever any payment to be made under this
Agreement shall be stated to be due on a day other than a Business Day, such
payment shall be made on the next succeeding Business Day.

     8.02      Costs and Expenses.  Each Originator agrees (a) to pay or
               ------------------
reimburse the Purchaser for all of its out-of-pocket costs and expenses incurred
in connection with the preparation and execution of, and any amendment,
supplement or modification to, this Agreement, the other Transaction Documents
and any other documents prepared in connection herewith and therewith, the
consummation and administration of the transactions contemplated hereby and
thereby, including, without limitation, all reasonable fees and disbursements of
counsel, (b) to pay or reimburse the Purchaser for all its costs and expenses
incurred in connection with the enforcement or preservation of any rights under
this Agreement and any of the other Transaction Documents, including, without
limitation, the reasonable fees and disbursements of counsel to the Purchaser,
(c) to pay, indemnify, and hold the Purchaser harmless from, any and all
recording and filing fees and any and all liabilities with respect to, or
resulting from any delay caused by such Originator in paying, stamp, excise and
other similar taxes, if any, which may be payable

                                      29
<PAGE>

or determined to be payable in connection with the execution and delivery of, or
consummation or administration of, any of the transactions contemplated by, or
any amendment, supplement or modification of, or any waiver or consent under or
in respect of, this Agreement and any such other documents, and (d) to pay,
indemnify, and hold the Purchaser harmless from and against any and all other
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements of any kind or nature whatsoever (i) which may
at any time be imposed on, incurred by or asserted against the Purchaser in any
way relating to or arising out of this Agreement or the other Transaction
Documents or the transactions contemplated hereby and thereby or in connection
herewith or any action taken or omitted by the Purchaser under or in connection
with any of the foregoing (all such other liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses and disbursements
being herein called "Originator Indemnified Liabilities") or (ii) which would
                     ----------------------------------
not have been imposed on, incurred by or asserted against the Purchaser but for
its having acquired the Receivables hereunder; provided, however, that such
                                               --------  -------
indemnity shall not be available to the extent that such Originator Indemnified
Liabilities are finally judicially determined to have resulted from the gross
negligence or willful misconduct of the Purchaser. The agreements of each
Originator in this Section 8.02 shall survive the collection of all Receivables,
                   ------------
the termination of this Agreement and the payment of all amounts payable
hereunder.

     8.03      Successors and Assigns.  This Agreement shall be binding upon and
               ----------------------
inure to the benefit of the Originators and the Purchaser and their respective
successors (whether by merger, consolidation or otherwise) and permitted
assigns.  Each Originator agrees that it will not assign or transfer all or any
portion of its rights or obligations hereunder without the prior written consent
of the Purchaser.  Each Originator acknowledges that the Purchaser shall grant a
Participation and a security interest in all of its rights hereunder to the
Trustee pursuant to the Pooling Agreement.  Each Originator further agrees that,
in respect of its obligations hereunder, it will act at the direction of and in
accordance with all requests and instructions from the Trustee until all amounts
due to the Investor Certificateholders are paid in full.

     8.04      Additional Originators.  Huntsman International may admit as an
               ----------------------
Originator under this Agreement any member of the Huntsman Group, provided such
member is formed or organized in a State of the United States of America (such
party or parties shall be referred to as an "Additional Originator") and such
                                             ---------------------
member is a wholly-owned Subsidiary (directly or indirectly) of Huntsman
International.  The admission of such Additional Originator shall be subject to
the following conditions:

                    (a)  the Company shall receive the documents and information
specified in Section 3.01 (other than the documents and information referred to
             ------------
in clauses (e)(ii), (f) and (k)) in respect of the Additional Originator, each
in form and substance satisfactory to the Company where reference to the
"Effective Date" shall be the date of admission as an Additional Originator;

                                      30
<PAGE>

               (b)  the Additional Contributor shall execute and deliver to the
Company a duly completed agreement as set out in Schedule 7 (the "Admission of
                                                 ----------       ------------
Additional Originator");
---------------------

               (c)  the consent of the Funding Agents shall have been obtained;

               (d)  the Rating Agency Condition shall have been satisfied;

               (e)  receipt by the Trustee and the Funding Agent and any agent
for the Certificateholders of a certificate from the Master Servicer certifying
that after giving effect to the addition of such Additional Originator, the
Aggregate Allocated Receivables Amount shall equal the Aggregate Target
Receivables Amount on the date of such admission; and

               (f)  the Trustee shall have established on or more Collection
Accounts and executed a Collection Account Agreement with respect to the
Collections received on the Receivables to be sold by such Additional Originator
and contributed by the Company to the Trust;

provided, that satisfaction of the Rating Agency Condition shall not be a
condition precedent to admission as an Additional Originator if:

                         (i)  Huntsman International provides the Trustee with
                       an Officer's certificate certifying that such Additional
                       Originator is in the same line of business as the
                       existing Originators; and

                         (ii) immediately prior to giving effect to such
                       addition, the ratio (expressed as a percentage) of (I)
                       the aggregate Principal Amount of what would constitute
                       all Eligible Receivables of such requesting Additional
                       Originator at the end of the immediately preceding
                       Business Day if it were an Additional Originator plus the
                       aggregate Principal Amount of Eligible Receivables of all
                       Additional Originators admitted during the then current
                       calendar year, minus the amount that would constitute the
                       Overconcentration Amount applicable to all such
                       Receivables on such date if such requesting Additional
                       Originator were an Additional Originator to (II) the
                       Aggregate Receivables Amount on such date (before giving
                       effect to such addition), is less than 10%.

          Upon satisfaction of the above conditions, the Additional Originator
shall be deemed to be a party to this Agreement, and for all purposes of the
Transaction Documents shall be deemed to be a "U.S. Originator" and
"Originator".  The Additional Originator shall be under the same obligations
towards each of the other parties to this Agreement as if it had been an
original party hereto as an "Originator".
                             ----------

                                      31
<PAGE>

     8.05      Intentionally Omitted

     8.06      Intentionally Omitted

     8.07      Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
               -------------
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK AND WITHOUT
REFERENCE TO ANY CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTION 5-1401 OF THE
NEW YORK GENERAL OBLIGATIONS LAW), SUBJECT TO THE RESERVATION OF THE LAWS OF
ANOTHER JURISDICTION THAT MAY BE APPLICABLE TO ANY ISSUES RELATED TO PERFECTION
OF ANY SALE HEREUNDER.

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

     8.09      Amendments and Waivers.  Neither this Agreement nor any terms
               ----------------------
hereof may be amended, supplemented or modified except in a writing signed by
the Purchaser and the Originators and that otherwise complies with any
applicable provision in the other Transaction Documents.  Any amendment,
supplement or modification shall not be effective until the Rating Agency
Condition has been satisfied.

     8.10      Severability.  Any provision of this Agreement which is
               ------------
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     8.11      Notices.  All notices, requests and demands to or upon the
               -------
respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered by hand, or three (3) days after
being deposited in the mail, postage prepaid, or, in the case of telecopy
notice, when received, addressed as follows in the case of the Purchaser and the
Originator, or to such other address as may be hereafter notified by the
respective parties hereto:

                                      32
<PAGE>

With respect to the Purchaser:     Huntsman International LLC
                                   500 Huntsman Way
                                   Salt Lake City
                                   Utah 84108
                                   USA

                                   Attention: Office of the General Counsel
                                   Telecopy:  1(801) 584-5782

Copy to:                           Huntsman (Europe) BVBA
                                   Everslaan 45
                                   B-3078 Everberg
                                   Belgium

                                   Attention: Treasury Department
                                   Telecopy:  32 2759 5501

With respect to the Originators:   Tioxide Americas Inc.
                                   500 Huntsman Way
                                   Salt Lake City, Utah 84108
                                   USA

                                   Attention: Office of the General Counsel
                                   Telecopy:  1(801) 584-5782

Copy to:                           Huntsman Propylene Oxide Ltd.
                                   500 Huntsman Way
                                   Salt Lake City, Utah 84108
                                   USA

                                   Attention: Office of General Counsel
                                   Telecopy:  1(801) 584-5782

                                   Huntsman International Fuels L.P.
                                   500 Huntsman Way
                                   Salt Lake City, Utah 84108
                                   USA

                                   Attention: Office of the General Counsel
                                   Telecopy:  1(801) 584-5782

                                      33
<PAGE>

                                   Huntsman (Europe) BVBA
                                   Everslaan 45
                                   B-3078 Everberg
                                   Belgium

                                   Attention: Treasury Department
                                   Telecopy:  32 2759 5501

With Respect to the Trustee:       Chase Manhattan Bank (Ireland) plc
                                   Chase Manhattan House
                                   International Financial Services
                                   Dublin 1, Ireland Centre

                                   Attention: Padraic Doherty
                                   Telecopy:  00 353 1 612 5777

     8.12      Counterparts.  This Agreement may be executed by one or more of
               ------------
the parties to this Agreement on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.  A set of the copies of this Agreement
signed by all the parties shall be lodged with the Purchaser.

     8.13      Submission to Jurisdiction; Service of Process.
               ----------------------------------------------

               (a)  Each of the parties hereto hereby submits to the
nonexclusive jurisdiction of the United States District Court for the Southern
District of New York and of any New York State court sitting in the Borough of
Manhattan, City of New York for purposes of all legal proceedings arising out of
or relating to this Agreement or the transactions contemplated hereby. Each of
the parties hereto hereby irrevocably waives, to the fullest extent it may
effectively do so, any objection which it may now or hereafter have to the
laying of the venue of any such proceeding brought in such a court, any claim
that any such proceeding brought in such a court has been brought in an
inconvenient forum and any claim based on its immunity from suit.  Nothing in
this Section 8.12(a) shall affect the right of any party hereto to bring any
action or proceeding against another or its property in the courts of other
jurisdictions.

               (b)  EACH PARTY WAIVES ITS RIGHTS TO A TRIAL BY JURY OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT, OR
THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER
LITIGATION OF ANY TYPE BROUGHT BY EITHER PARTY AGAINST THE OTHER PARTY, WHETHER
WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH PARTY HERETO
AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL
WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES HERETO FURTHER AGREE
THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY

                                      34
<PAGE>

JURY IS WAIVED BY OPERATION OF THIS SECTION 8.12(b) AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE
THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISIONS HEREOF. THIS
WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT.

     8.14      No Bankruptcy Petition.
               ----------------------

               (a)  Each Originator, by entering into this Agreement, covenants
and agrees, to the extent permissible under applicable law, that it will not
institute against, or join any other Person in instituting against, the
Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings (including, but not limited to, petitioning
for the declaration of the Purchaser's assets en desastre) under any Applicable
Insolvency Laws.

               (b)  Notwithstanding anything elsewhere herein contained, the
sole remedy of the Originators or any other Person in respect of any obligation,
covenant, representation, warranty or agreement of the Purchaser under or
related to this Agreement shall be against the assets of the Purchaser. None of
the Originators nor any other Person shall have any claim against the Purchaser
to the extent that such assets are insufficient to meet such obligation,
covenant, representation, warranty or agreement (the difference being referred
to herein as a "shortfall") and all claims in respect of the shortfall shall be
extinguished.

     8.15      Termination.  This Agreement will terminate at such time as (a)
               -----------
the commitment of the Purchaser to accept a sale of Receivables from the
Originators hereunder shall have terminated and (b) all Receivables have been
collected, and the proceeds thereof turned over to the Purchaser and all other
amounts owing to the Purchaser hereunder shall have been paid in full or, if
Receivables have not been collected, such Receivables have become Defaulted
Receivables and the Purchaser shall have completed its collection efforts in
respect thereto; provided, however, that the indemnities of the Originators to
                 --------  -------
the Purchaser set forth in this Agreement shall survive such termination and
provided further that, to the extent any amounts remain due and owing to the
-------- -------
Purchaser hereunder, the Purchaser shall remain entitled to receive any
Collections on Receivables which have become Defaulted Receivables after it
shall have completed its collection efforts in respect thereof.  Notwithstanding
anything to the contrary contained herein, if at any time, any payment made by
any Originator is rescinded or must be restored or returned by the Purchaser as
a result of any Insolvency Event with respect to such Originator then such
Originator's obligations with respect to such payment shall be reinstated as
though such payment had never been made.

     8.16      Responsible Officer Certificates; No Recourse.  Any certificate
               ---------------------------------------------
executed and delivered by a Responsible Officer of the Originators or the
Purchaser pursuant to the terms of the Transaction Documents shall be executed
by such Responsible Officer not in an individual capacity but solely in his or
her capacity as an officer of the Originators or

                                      35
<PAGE>

the Purchaser, as applicable, and such Responsible Officer will not be subject
to personal liability as to the matters contained in the certificate. A
director, officer, manager, employee, or member, as such, of the Originators or
Purchaser shall not have liability for any obligation of the Originators or the
Purchaser hereunder or under any Transaction Document or for any claim based on,
in respect of, or by reason of, any Transaction Document, unless such claim
results from the gross negligence, fraudulent acts or willful misconduct of such
director, officer, employee, manager or member.

                                      36
<PAGE>

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

                                    Huntsman International LLC,
                                    as Purchaser

                                    By: /s/ J. Kimo Esplin
                                    Name:  J. Kimo Esplin
                                    Title: Executive VP and CFO

                                    Tioxide Americas Inc.,
                                    as Seller and Originator

                                    By: /s/ J. Kimo Esplin
                                    Name:  J. Kimo Esplin
                                    Title: Director

                                    Huntsman Propylene Oxide Ltd.,
                                    as Seller and Originator

                                    By: /s/ Patrick W. Thomas
                                    Name:  Patrick W. Thomas
                                    Title: President

                                    Huntsman International Fuels L.P.,
                                    as Seller and Originator

                                    By: /s/ Patrick W. Thomas
                                    Name:  Patrick W. Thomas
                                    Title: President<PAGE>

                                                                   EXHIBIT 10.22

<PAGE>

                               21 December 2000

                     DUTCH RECEIVABLES PURCHASE AGREEMENT

                                    between

                          HUNTSMAN INTERNATIONAL LLC
                                 as Purchaser

                           HUNTSMAN ICI HOLLAND B.V.
                                 as Originator

                        HUNTSMAN ICI (EUROPE) B.V.B.A.
                              as Master Servicer
<PAGE>

<TABLE>
<CAPTION>
TABLE OF CONTENTS                                                       PAGE NO.
<S>                                                                     <C>
1.   Definitions                                                            4

2.   Offer Of Receivables                                                   6

3.   Representations And Warranties                                        12

4.   Affirmative Covenants                                                 15

5.   Negative Covenants                                                    17

6.   Termination Events                                                    20

7.   Miscellaneous                                                         23
</TABLE>

Schedule 1 TO RECEIVABLES PURCHASE AGREEMENT FORM OF OFFER LETTERERROR!
               BOOKMARK NOT DEFINED.

Schedule 2 TO RECEIVABLES PURCHASE AGREEMENT FORM OF ORIGINATOR DAILY REPORT
                                                    ERROR! BOOKMARK NOT DEFINED.

Schedule 3 FORM OF SECURITY POWER OF ATTORNEY       ERROR! BOOKMARK NOT DEFINED.

Schedule 4 TO RECEIVABLES PURCHASE AGREEMENT FORM OF SOLVENCY CERTIFICATEERROR!
               BOOKMARK NOT DEFINED.

Schedule 5 TO RECEIVABLES PURCHASE AGREEMENT LOCATION OF BOOKS AND RECORDSERROR!
               BOOKMARK NOT DEFINED.

Schedule 6 TO RECEIVABLES PURCHASE AGREEMENT LEGAL AND OTHER BUSINESS NAMES
                                                    ERROR! BOOKMARK NOT DEFINED.

Schedule 7 TO RECEIVABLES PURCHASE AGREEMENT ACCOUNTERROR! BOOKMARK NOT
               DEFINED.

Schedule 8 FORM OF ACCESSION AND UNDERTAKING        ERROR! BOOKMARK NOT DEFINED.

Schedule 9 ACCESSION LEGAL OPINION                  ERROR! BOOKMARK NOT DEFINED.

Schedule 10 CLOSING DOCUMENTS LIST                  ERROR! BOOKMARK NOT DEFINED.

Schedule 11 FORM OF OFFER NOTIFICATION                                        45
<PAGE>

THIS AGREEMENT is made on 21 December 2000

BETWEEN

(1)  HUNTSMAN INTERNATIONAL LLC, a limited liability company organised under the
     laws of the State of Delaware, as purchaser (the "Purchaser");

(2)  HUNTSMAN ICI HOLLAND B.V., a company with limited liability (besloten
     vennootschap) incorporated under the laws of the Netherlands (the
     "Originator") and

(3)  HUNTSMAN ICI (EUROPE) B.V.B.A., a corporation organised under the laws of
     Belgium, (in its capacity as "Master Servicer").

WHEREAS

(A)  The Originator has at present and expects to have in the future Receivables
     owed to it which arise in the course of its business.

(B)  The Originator and the Purchaser have agreed, upon the terms and subject to
     the conditions of this Agreement, that the Originator may from time to time
     deliver an Offer Letter to the Purchaser, in relation to an Offer by the
     Originator, offering to assign to the Purchaser Receivables arising from
     time to time to the Originator, and in the event the Purchaser decides to
     accept such an Offer it will do so in the manner provided herein.

(C)  Huntsman ICI (Europe) B.V.B.A., as the Master Servicer (the "Master
     Servicer"), the Purchaser, the Company and The Chase Manhattan Bank, not in
     its individual capacity but solely as trustee, (the "Trustee"), have
     entered into a Pooling Agreement dated as of the date hereof (such
     agreement, as it may be amended, modified or otherwise supplemented from
     time to time hereafter, being the "Pooling Agreement") in order to create a
     master trust into which the Company desires to grant a participation and a
     security interest in relation to all of its right, title and interest in,
     to and under the Receivables and certain other assets now or hereafter
     owned by the Company, in consideration for which the Trustee shall, subject
     to the terms and conditions of the Pooling Agreement and any related
     Supplement make certain payments to the Company. The Company may from time
     to time make distributions to the Purchaser. The Purchaser may use funds so
     received by it to enable it to accept Offers in the manner provided herein.

(D)  The Master Servicer, the Company, the Purchaser, the Originator, the
     Liquidation Servicer and the Trustee have entered into a Servicing
     Agreement dated as of the date hereof (such agreement, as it may be
     amended, modified or otherwise supplemented from time to time hereafter,
     being the "Servicing Agreement") pursuant to which the Master Servicer will
     agree to service and administer the Receivables on behalf of the Company.
<PAGE>

NOW IT IS HEREBY AGREED as follows:

1.   DEFINITIONS

1.1  Defined Terms

     Capitalised terms used herein shall, unless otherwise defined or referenced
     herein, have the meanings assigned to such terms in Annex-X attached to the
     Pooling Agreement which Annex-X is incorporated by reference herein. The
     following definitions shall have the following meanings:

     "Closing Documents List" shall mean the document entitled "Signing and
     Closing List of Documents" specifying certain documents, notifications and
     other matters required as a condition precedent to this Agreement as set
     out in the Tenth Schedule to this Agreement.

     "Dutch Originator Daily Report" shall mean the report (which shall in each
     case be appended to the related Offer Letter) prepared by the Dutch
     Originator in accordance with the terms of this Agreement substantially in
     the form set out in the Second Schedule to this Agreement, and which shall
     in no event be signed by any party.

     "Excluded Receivables" shall include (without prejudice to the definition
     in Annex -X) any Receivable originated by any person other than a Dutch
     Originator.

     "Notice of Assignment" means a notice given to the related Obligor or
     Obligors (or guarantor or guarantors) to the effect that one or more
     Receivables (and if applicable the related benefit of any related guarantee
     or guarantees) have been assigned to the Purchaser;

     "Notification" shall mean a notification in the form of Schedule 11
     delivered by the Master Servicer to the Purchaser that it has received and
     printed off in full as agent for the Purchaser an Offer and setting out the
     Purchase Price in relation to such Offer together with details of the
     relevant account into which such Purchase Price should be paid should the
     Purchaser decide to accept such an Offer.

     "Offer" shall mean any offer made by the Originator to the Purchaser to
     sell Receivables as set out in the Offer Letter and attached Dutch
     Originator Daily Report.

     "Offer Letter" shall mean any letter in relation to an Offer delivered by
     the Originator to the Master Service as agent for the Purchaser in
     accordance with the provisions of Clause 2.1 of this Agreement.

     "Originator Termination Notice" means a notice served by the Purchaser
     pursuant to clause 6.5.

     "Outstanding Face Amount" shall mean in relation to a Receivable on any
     date the amount in an Approved Currency which is the outstanding balance
     due in respect thereof at the opening of business in London on such date
     (including VAT).
<PAGE>

     "Purchase Date" shall mean any date on which an Offer is accepted by
     payment pursuant to the arrangements contemplated by this Agreement.

     "Purchase Price" shall mean, at any Purchase Date, an amount calculated in
     accordance with Clause 2.4 of this Agreement.

     "Purchased Receivables" shall mean all Receivables originated by the
     Originator which have been the subject of an Offer accepted by the
     Purchaser other than any such Receivables which have been repurchased
     pursuant to this Agreement or which have been paid in full or repaid in
     full by the Obligor.

     "Security Power of Attorney" shall mean the power of attorney granted by
     the Originator in favour of the Purchaser substantially in the form set out
     in the Third Schedule to this Agreement

     "Stamp Duty" shall be construed as a reference to any stamp, registration
     or other transaction or documentary tax (including, without limitation, any
     penalty or interest payable in connection with any failure to pay or any
     delay in paying any of the same).

1.2  Other Definitional Provisions

     (a)  The words "hereof", "herein", "hereunder" and words of similar import
          when used in this Agreement shall refer to this Agreement as a whole
          and not to any particular provision of this Agreement, and article,
          section, subsection, schedule and exhibit references are to this
          Agreement unless otherwise specified.

     (b)  As used herein and in any certificate or other document made or
          delivered pursuant hereto, accounting terms relating to the
          Originators and the Purchaser, unless otherwise defined or
          incorporated by reference herein, shall have the respective meanings
          given to them under GAAP.

     (c)  The meanings given to terms defined or incorporated by reference
          herein shall be equally applicable to both the singular and plural
          forms of such terms.

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

     (e)  Any reference in this Agreement to any representation, warranty or
          covenant "deemed" to have been made is intended to encompass only
          representations, warranties or covenants that are expressly stated to
          be repeated on or as of dates following the execution and delivery of
          this Agreement, and no such
<PAGE>

          reference shall be interpreted as a reference to any implicit,
          inferred, tacit or otherwise unexpressed representation, warranty or
          covenant.

     (f)  The words "include", "includes" or "including" shall be interpreted as
          if followed, in each case, by the phrase "without limitation".

     (g)  Save where the contrary is indicated, any reference in this Agreement
          to costs, charges, expenses and remuneration shall be deemed to
          include references to any value added tax or similar tax charged or
          chargeable in respect thereof.

2.   OFFER OF RECEIVABLES

2.1  Offer of Receivables

     (a)  The Originator may make an Offer for the sale of Receivables (other
          than Excluded Receivables) to the Purchaser on any Business Day
          falling on or after the date on which the Purchaser has confirmed that
          it has received in form and substance satisfactory to it each of the
          documents specified in the Closing Documents List by delivering to the
          Master Servicer as agent authorised by the Purchaser to receive such
          an Offer on its behalf, by letter, fax or electronic mail an Offer
          Letter substantially in the form set out in Schedule 1 to this
          Agreement.

     (b)  Each Offer Letter delivered by the Originator pursuant to Clause
          2.1(a) shall:

          (i)   specify the total of the Outstanding Face Amounts and the
                Outstanding Face Amounts in each Approved Currency of the
                Receivables offered pursuant thereto and have the applicable
                Dutch Originator Daily Report substantially in the form set out
                in Schedule 2 to this Agreement and a list of such Receivables
                appended to it;

          (ii)  specify any amount of set-off exercised with regard to such
                Receivables;

          (iii) be delivered no later than [12.00 pm (London time)] on any
                Business Day and, if it is delivered after this time, it shall
                be deemed to be delivered on the next Business Day; and

          (iv)  constitute an offer by the Originator to sell (by way of an
                equitable assignment) to the Purchaser absolutely with full
                title guarantee (other than to the extent such full title
                guarantee would be inconsistent with the representations made by
                the Originator when making an Offer) all of the Originator's
                beneficial right, title and interest in and to the Receivables
                (and the related benefit of any guarantees referable thereto) to
                which such Offer relates at the related Purchase Price
                calculated in accordance with Clause 2.4 and on the terms and
                conditions of this Agreement.

     (c)  Each Receivable comprised in an Offer shall for the purposes of
          calculating the related Purchase Price in accordance with Clause 2.4
          be deemed to be an Eligible Receivable, unless otherwise specified in
          such Offer Letter.
<PAGE>

2.2  Acceptance of Offers

     (a)  Immediately upon receipt of the Offer Letter and Dutch Originator
          Daily Report, the Master Servicer shall print off such Offer Letter
          and Dutch Originator Daily Report in full. Immediately upon completion
          of such printing out the Master Servicer shall send a Notification to
          the Purchaser. Only after receiving such Notification from the Master
          Servicer and only after the Purchaser has printed out such
          Notification in full may the Purchaser accept the Offer. Such
          acceptance shall be made (if at all) no earlier than 3.00 pm London
          time on the day on which such Notification is printed off and no later
          than five Business Days following that upon which such Notification is
          received. Notwithstanding any of the other provisions of this
          Agreement and the Transaction Documents, the Purchaser shall not be
          obliged to accept any Offers.

     (b)  Each Offer may be accepted by the Purchaser only with respect to the
          Receivables specified in the relevant Offer Letter and any purported
          form of acceptance of an Offer otherwise than in the manner specified
          in this Clause 2 shall be null and void and of no effect (and for the
          avoidance of doubt nothing in this Agreement or in any Offer Letter or
          in any other document shall of itself operate so as to convey or
          transfer to any person any beneficial interest in any Receivables).

     (c)  Each Offer shall, immediately upon sending, be irrevocable and binding
          on the Originator until (if not accepted before such time) close of
          business (New York time) five (5) Business Days following the date
          when such Offer is sent (or such longer period of time for acceptance
          as may be agreed upon by the Originator and the Master Servicer on
          behalf of the Purchaser) when such Offer shall lapse.

     (d)  Except as provided below, an Offer may only be accepted by payment of
          the Purchase Price in the relevant Approved Currency in respect of the
          relevant Receivables denominated in such Approved Currency being made
          by or on behalf of the Purchaser to the Originator or on its behalf.
          The Purchase Price of Receivables in an Approved Currency shall be
          determined in accordance with Clause 2.4 by reference to the
          Outstanding Face Amounts of all the Receivables denominated in such
          Approved Currency which are the subject of such Offer.

     (e)  The Purchaser shall ensure that each payment made by it or on its
          behalf in order to accept an Offer is made by payment directly into
          the relevant account specified by the Originator in the Offer Letter
          and notified to the Purchaser by the Master Servicer in the applicable
          Notification.

     (f)  Save as otherwise provided herein, the Purchaser shall make funds
          available in relation to each Offer which it decides to accept by
          payment of the related Purchase Price (determined in accordance with
          the provisions of Clause 2.4).
<PAGE>

          The Purchaser (or any other person on its behalf) shall only give
          instructions or directions for the making of any payment as mentioned
          in Clause 2.2(d) after the Offer to which such payment relates has
          been printed off in full by the Master Servicer and the Purchaser has
          received from the Master Servicer and printed off in full the
          Notification in accordance with Clause 2.4(b). Such instructions or
          direction shall be copied to the Master Servicer provided that, for
          the avoidance of doubt, the copying of such instructions or directions
          to the Master Servicer shall not be a condition precedent to the
          formation of any agreement for the sale of any assets which are the
          subject of any Offer.

2.3  Assignment of Receivables and Perfection

     (a)  Upon acceptance of any Offer in accordance with Clauses 2.2(a) to
          2.2(f) inclusive, the Originator's beneficial rights, title and
          interest in and to (i) the Receivables to which such Offer relates,
          (ii) the Related Property and (iii) all Collections (and the related
          benefit of any guarantees referable to (i), (ii) and (iii)) shall
          thereupon pass to the Purchaser. Such property shall be referred to
          collectively herein as the "Receivable Assets".

     (b)  Subject to Clause 2.3(d), the Originator and the Purchaser will take
          all such steps and comply with all such formalities as are specified
          in Clause 6.3(c) as may be reasonably required to perfect or more
          fully to evidence or secure the title of the Purchaser to the
          Receivables assigned (or purported to be assigned) pursuant to Clause
          2.3(a), provided that the right to require the steps and formalities
          specified in Clause 6.3(b) to be taken shall only exist on and after
          the Originator Termination Date.

     (c)  Subject to Clause 2.3(d), the Originator and the Purchaser in order to
          secure the Company's interest in the Receivables and the performance
          of its obligations in respect thereof pursuant to this Agreement, the
          Pooling Agreement and any related Supplement and any accepted Offer
          hereby agree to enter into the Security Power of Attorney referred to
          in the Closing Documents List in a form appended to Schedule 3 of this
          Agreement.

     (d)  Notwithstanding the provisions of Clause 6.3(b), all parties hereto
          (including the Purchaser as the donee of the Security Power of
          Attorney) hereby agree that none of the powers conferred pursuant to
          such Security Power of Attorney may at any time be exercised unless at
          such time the Originator Termination Date has been declared.

2.4  Purchase Price

     (a)  The Purchase Price of the Eligible Receivables which are the subject
          of an Offer shall be equal to the product of (a) the aggregate
          Outstanding Face Amounts of Eligible Receivables as set forth in the
          applicable Dutch Originator Daily Report delivered in accordance with
          Clause 2.1 of this
<PAGE>

          Agreement and (b) one hundred per cent (100%) minus the Discounted
          Percentage.

     (b)  The Master Servicer shall, immediately on receipt of an Offer pursuant
          to Clauses 2.1(b) print out in full the Offer Letter and Dutch
          Originator Daily Report and immediately upon completion of such
          printing out deliver a Notification to the Purchaser.

     (c)  Each calculation made by the Master Servicer pursuant to this Clause
          2.4 shall, in the absence of manifest error, be conclusive. For the
          avoidance of doubt, the ginving of the Notification as referred to in
          Clause 2.4(b) shall not be required in order to effect acceptance of
          an Offer.

2.5  Trust

     (a)  If for any reason any Receivable which is the subject of an accepted
          Offer cannot be duly assigned to the Purchaser as contemplated hereby
          then with effect from the date of the purported assignment thereof the
          Originator shall hold the same and all Collections related thereto on
          trust absolutely to the extent possible under the applicable law.

     (b)  The provisions of (a) above shall be without prejudice to any
          obligations or representations of the Originator hereunder in respect
          of any such Receivables.

2.6  No Repurchase

     Subject to Clause 2.8, the Originator shall not have any right or
     obligation under this Agreement, by implication or otherwise, to repurchase
     from the Purchaser any Receivables or other Receivable Assets related to
     such Receivables or to rescind or otherwise retroactively effect any
     purchase of any such Receivables or other Receivable Assets related to such
     Receivables after the Purchase Date relating thereto, provided that the
     foregoing shall not be interpreted to limit the right of the Company to
     receive the Originator Dilution Adjustment Payment, the Originator
     Adjustment Payment or the Originator Indemnification Payment.

2.7  Rebates, Adjustments, Returns, Reductions and Modifications

     From time to time the Originator may make a Dilution Adjustment to a
     Receivable in accordance with this Clause 2.7 and Clause 5.2, provided that
     if the Originator cancels an invoice related to such Receivable, either (i)
     such invoice must be replaced, or be caused to be replaced, by the
     Originator with an invoice relating to the same transaction of equal or
     greater Principal Amount on the same Business Day that such cancellation
     was made, (ii) such invoice must be replaced, or be caused to be replaced,
     by the Originator with an invoice relating to the same transaction of a
     lesser Principal Amount on the [same Business Day] that such cancellation
     was made and the Originator must make the Originator Dilution Adjustment
     Payment, to the Purchaser, in an amount equal to the difference between
     such cancelled and replacement invoices
<PAGE>

     or (iii) the Originator must make the Originator Dilution Adjustment
     Payment, to the Purchaser in an amount equal to the full value of such
     cancelled invoice pursuant to this Clause 2.7. The Originator agrees to pay
     to the Purchaser, on the Purchase Date immediately succeeding the date any
     Dilution Adjustment is granted or made pursuant hereto by the Originator,
     the amount of any such Dilution Adjustment (an "Originator Dilution
     Adjustment Payment"). The amount of any Dilution Adjustment shall be set
     forth on the first Daily Report prepared after the date on which such
     Dilution Adjustment was granted or made. [Weil Gotshal - please clarify the
     difference in timing between this Clause and Clause 2.8(b)]

2.8  Payments in Respect of Ineligible Receivables and Originator
     Indemnification Payments

     (a)  In the event of a breach of any of the representations and warranties
          contained in Clauses 3.3(a), 3.3(b), 3.3(c), 3.3(d) or 3.3(f) in
          respect of any Receivable sold hereunder or if the Purchaser's
          interest in any Receivable is not a full and beneficial ownership, the
          Originator shall, within 30 days after receipt of written notice of
          such breach or defect from the Purchaser, remedy the matter giving
          rise to such breach of representation or warranty if such matter is
          capable of being remedied. If such matter is not capable of being
          remedied or is not so remedied within said period of 30 days, the
          Originator upon request of the Purchaser shall repurchase the relevant
          Receivable from the Purchaser at a repurchase price (without
          duplication of any Originator Dilution Adjustment Payments made
          pursuant to Clause 2.7 hereof), equal to the original Principal Amount
          of such Receivable less Collections received by the Purchaser in
          respect of such Receivable (the "Originator Adjustment Payment"). Upon
          the payment of the Originator Adjustment Payment hereunder, the
          Purchaser shall automatically agree to pay to the Originator all
          Collections received subsequent to such repurchase with respect to
          such repurchased Receivable. The parties agree that if there is a
          breach of any of the representations and warranties of the Originator
          contained in Clause 3.3(a), 3.3(b) or 3.3(c) in respect of or
          concerning any Receivable, the Originator's obligation to pay the
          Originator Adjustment Payment under this Clause 2.8 is a reasonable
          pre-estimate of loss and not a penalty (and neither the Purchaser nor
          any other person or entity having an interest in this Agreement
          through the Purchaser shall be entitled to any other remedies as a
          consequence of any such breach).

     (b)  Special Indemnification In addition to its obligations under Clause
          7.2, the Originator agrees to pay, indemnify and hold harmless
          (without duplication of any Originator Dilution Adjustment Payments
          made pursuant to Clause 2.7 hereof) the Purchaser from and against any
          loss, liability, expense, damage or injury which may at any time be
          imposed on, incurred by or asserted against the Purchaser in any way
          relating to or arising out of (i) any Receivable attributable to the
          Originator becoming subject to any defence, dispute, offset or
          counterclaim of any kind (other than as expressly permitted by this
<PAGE>

          Agreement or the Pooling Agreement or any Supplement) or (ii) the
          Originator breaching any covenant contained herein with respect to any
          Receivable (each of the foregoing events or circumstances being an
          "Originator Indemnification Event"), and such Receivable (or a portion
          thereof) ceasing to be an Eligible Receivable on the date on which the
          Originator Indemnification Event occurs. The amount of such
          indemnification shall be equal to the original Principal Amount of
          such Receivable less Collections received by the Purchaser in respect
          of such Receivable (the "Originator Indemnification Payment"). Such
          payment shall be made on or prior to the [tenth Business Day] after
          the day the Purchaser requests such payment or the Originator obtains
          knowledge thereof unless such Originator Indemnification Event shall
          have been cured on or before such tenth Business Day, provided,
          however, that in the event that (x) the Originator Termination Event
          with respect to the Originator has occurred and is continuing or (y)
          the Purchaser shall be required to make a payment with respect to such
          Receivable pursuant to Clause 2.7 of the Contribution Agreement and
          the Purchaser has insufficient funds to make such a payment, the
          Originator shall make such payment immediately. The Purchaser shall
          have no further remedy against the Originator in respect of such an
          Originator Indemnification Event unless the Originator fails to make
          the Originator Indemnification Payment on or prior to such tenth
          Business Day or on such earlier day in accordance with the provisions
          set forth in this Clause 2.8(b). Upon the making of an Originator
          Indemnification Payment, the Purchaser shall automatically agree to
          pay to the Originator all Collections received subsequent to such
          payment with respect to the Receivable in respect of which the
          Originator Indemnification Payment is made.

2.9  Certain Charges

     The Originator and the Purchaser hereby agree that late charge revenue,
     reversals of discounts, other fees and charges and other similar items,
     whenever created, accrued in respect of Receivables shall be, to the extent
     possible under the applicable law, the property of the Purchaser
     notwithstanding the occurrence of an Early Termination and all Collections
     with respect thereto shall continue to be allocated and treated as
     Collections in respect of the Receivables transferred, conveyed, assigned
     and sold to the Purchaser pursuant to Clause 2 hereof.

2.10 Certain Allocations

     The Originator, as Local Servicer, hereby agrees that if it can attribute a
     Collection to a specific Obligor and a specific Receivable, then such
     Collection shall be applied to pay such Receivable of such Obligor,
     provided, however, that if it cannot attribute a Collection to a specific
     Receivable, then such Collection shall be applied to pay the Receivables of
     such Obligor in the order of maturity of such Receivables, beginning with
     the Receivable that has been outstanding the shortest and ending with the
     Receivable that has been outstanding the longest.
<PAGE>

3.   REPRESENTATIONS AND WARRANTIES

3.1  Representations and Warranties of the Originator

     The Originator represents and warrants to the Purchaser that each of the
     following statements is true at the time of each offer as of the Effective
     Date that:

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

     (b)  Authorisation  The execution, delivery and performance by it of each
          of the Transaction Documents to which it is a party and the
          performance of the Transactions (i) have been duly authorised by all
          requisite company and, if applicable and required, shareholder action
          and (ii) will not (A) violate (1) any Requirement of Law applicable to
          it or (2) any provision of any Transaction Document or other material
          Contractual Obligation to which it is a party or by which it or any of
          its property is or may be bound, (B) be in conflict with, result in a
          breach of or constitute (alone or with notice or lapse of time or
          both) a default under, or give rise to any right to accelerate or to
          require the prepayment, repurchase or redemption of any obligation
          under any Transaction Document or any other material Contractual
          Obligation to which it is a party or by which it or any of its
          property is or may be bound except where any such conflict, violation,
          breach or default referred to in sub-clause (A) or (B), individually
          or in the aggregate, could not reasonably be expected to have a
          Material Adverse Effect with respect to it or (C) result in the
          creation or imposition of any Lien upon the Receivables (other than
          Permitted Liens and any Lien created under the Transaction Documents
          or contemplated or permitted thereby).

     (c)  Enforceability  This Agreement and each of the other Transaction
          Documents to which it is a party have been duly executed and delivered
          by it and constitutes its legal, valid and binding obligation
          enforceable against it in accordance with its respective terms,
          subject (a) to applicable bankruptcy, insolvency, reorganisation,
          moratorium and other similar laws affecting the enforcement of
          creditors' rights generally, from time to time in effect and (b) to
          general principles of reasonableness and fairness (redelijkheid en
          billijkheid).

                                      12
<PAGE>

     (d)  Litigation; Compliance with Laws

          (i)  There are no actions, suits or proceedings at law or in equity or
               by or before any Governmental Authority now pending or, to its
               knowledge, threatened against it in respect of which there exists
               a reasonable possibility of an outcome that would result in a
               Material Adverse Effect with respect to it.

          (ii) The Originator is not in default with respect to any judgment,
               writ, injunction, decree or order of any Governmental Authority,
               where such violation or default could reasonably be expected to
               result in a Material Adverse Effect with respect to it.

     (e)  Agreements

          (i)  It is not a party to any agreement or instrument or subject to
               any corporate restriction that has resulted or could reasonably
               be expected to result in a Material Adverse Effect with respect
               to it.

          (ii) It is not in default in any manner under any provision of any
               Contractual Obligation to which it is a party or by which it or
               any of its properties or assets are bound, where such default
               could reasonably be expected to result in a Material Adverse
               Effect with respect to it.

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

     (g)  Solvency    No Insolvency Event with respect to it has occurred and
          the sale, assignment, conveyance and transfer of the Receivables by it
          to the Purchaser has not been made in contemplation of the occurrence
          thereof.

     (h)  No Originator Termination Event  As of the Effective Date, no
          Potential Originator Termination Event or Originator Termination Event
          with respect to it has occurred and is continuing.

     (i)  Any Claim to rank pari passu  It shall ensure that at all times the
          claims of the Purchaser against it under this Agreement rank at least
          pari passu with the claims of all its other unsecured creditors save
          those whose claims are preferred by any bankruptcy, insolvency or
          other similar laws of general application;

     The representations and warranties as of the date made set forth in this
     Clause 3.1 shall survive the transfer, assignment, conveyance and sale of
     the Receivables and the other Receivable Assets to the Purchaser. Upon
     discovery by a Responsible Officer of the Purchaser or the Master Servicer
     or by a Responsible Officer of the Originator of a

                                      13
<PAGE>

     breach of any of the foregoing representations and warranties, the party
     discovering such breach shall give prompt written notice to the other
     parties.

3.2  Representations and Warranties of the Originator Relating to the
     Receivables

     The Originator hereby represents and warrants to the Purchaser on each
     Purchase Date with respect to the Receivables originated by it, being sold,
     transferred, assigned and conveyed to the Purchaser as of such date:

     (a)  Receivables Description  The Dutch Originator Daily Report delivered
          or transmitted pursuant to Clause 2.1(b) sets forth in all material
          respects an accurate and complete listing of all Receivables related
          thereto, to be offered for sale, transfer, assignment and conveyance
          to the Purchaser on the date of such Offer and any purchase made upon
          acceptance thereof and the information contained therein in accordance
          with Schedule 2 with respect to each such Receivable is true and
          correct as of such date.

     (b)  No Liens  Each Receivable existing on the Effective Date or, in the
          case of Receivables sold, transferred, assigned and conveyed to the
          Purchaser after the Effective Date, on the date that each such
          Receivable shall have been sold, transferred, assigned and conveyed to
          the Purchaser, has been sold, transferred, assigned and conveyed to
          the Purchaser free and clear of any Liens, except for Permitted Liens
          and Trustee Liens.

     (c)  Eligible Receivable  On the Effective Date, each Receivable that is
          represented to be an Eligible Receivable on such date in the Dutch
          Originator Daily Reports or Daily Reports is an Eligible Receivable on
          the Effective Date and, in the case of Receivables sold, transferred,
          assigned and conveyed to the Purchaser after the Effective Date, each
          such Receivable that is represented to be an Eligible Receivable sold,
          transferred, assigned and conveyed to the Purchaser on such Purchase
          Date is an Eligible Receivable on such Purchase Date.

     (d)  Governing Law  (intentionally deleted)

     (e)  Assignment  The assignment of each Receivable the subject of such
          offer as herein contemplated will not violate any law or any agreement
          by which the Originator may be bound.

     (f)  Performance of Obligations  In all material respects it has performed
          and is in compliance with the terms of the contract relating to each
          Receivable the subject of an offer.

The representations and warranties as of the date made set forth in this Clause
3.2 shall survive the sale, transfer, assignment and conveyance of the
Receivables and other Receivable Assets to the Purchaser. Upon discovery by a
Responsible Officer of the Purchaser or the Master Servicer or a Responsible
Officer of the Originator of a breach of any of the representations and
warranties (or of any Receivable encompassed by the representation and

                                      14
<PAGE>

warranty in subsection 3.2(c) not being an Eligible Receivable as of the
relevant Purchase Date), the party discovering such breach shall give prompt
written notice to the other parties.

4.   AFFIRMATIVE COVENANTS

The Originator hereby agrees that, so long as there are any amounts outstanding
with respect to Receivables or until an Early Termination, whichever is later,
it shall:

4.1  Financial Statements, Reports, etc

     (a)  Furnish to the Purchaser, within 150 days after the end of each fiscal
          year, its balance sheet and related statements of income,
          shareholders' equity and cash flows showing its financial condition as
          of the close of such fiscal year and the results of its operations
          during such year, as audited by its Independent Public Accountants and
          accompanied by an opinion of such accountants (which shall not be
          qualified in any material respect) to the effect that such financial
          statements fairly present in all material respects the financial
          condition and results of operations of the Originator. Such accounts
          to be prepared in accordance with accounting principles generally
          accepted in the Netherlands and consistently applied giving a true and
          fair view of the financial condition of the Originator;

     (b)  Furnish to the Purchaser, together with the financial statements
          required pursuant to sub-clauses (i) and (ii) above, a compliance
          certificate signed by a Responsible Officer of the Originator stating
          that (aa) the attached financial statements have been prepared in
          accordance with GAAP and accurately reflect the financial condition of
          the Originator and (bb) to the best of such Responsible Officer's
          knowledge, no Originator Termination Event or Potential Originator
          Termination Event exists, or if any Originator Termination Event or
          Potential Originator Termination Event exists, stating the nature and
          status thereof;

     (c)  Furnish to the Purchaser copies of all financial statements, financial
          reports and proxy statements so furnished;

     (d)  Furnish to the Purchaser, promptly, from time to time, such historical
          information, including ageing and liquidation schedules, in form and
          substance satisfactory to the Funding Agent and the Rating Agencies,
          as the Purchaser may reasonably request; and

     (e)  Furnish to the Purchaser, promptly, from time to time, such other
          information regarding its operations, business affairs and financial
          condition, or compliance with the terms of any Transaction Document,
          in each case as the Purchaser may reasonably request.

                                      15
<PAGE>

4.2  Compliance with Law and Policies

     (a)  Comply with all Requirements of Law and material Contractual
          Obligations to which it is subject and which are applicable to it
          except to the extent that non-compliance would not reasonably be
          likely to result in a Material Adverse Effect with respect to it.

     (b)  Perform its obligations in accordance with the Policies, as amended
          from time to time in accordance with the Transaction Documents, in
          regard to the Receivables and the other Receivable Assets.

4.3  Inspection of Property; Books and Records; Discussions

     Keep proper books of records and account in which entries in conformity
     with GAAP shall be made of all dealings and transactions in relation to its
     business and activities; and permit representatives of the Purchaser upon
     reasonable advance notice to visit and inspect any of its properties and
     examine and make abstracts from any of its books and records during normal
     business hours on any Local Business Day and as often as may reasonably be
     requested, subject to the Originator's security and confidentiality
     requirements and to discuss the business, operations, properties and
     financial condition of the Originator with officers and employees of the
     Originator and with its Independent Public Accountants.

4.4  Collections

     Instruct each Obligor to make payments in respect of its Receivables to
     [a/the] Collection Account(s) and to comply in all material respects with
     procedures with respect to Collections reasonably specified from time to
     time by the Purchaser. In the event that any payments in respect of any
     such Receivables are made directly to the Originator (including, without
     limitation, any employees thereof or independent contractors employed
     thereby), the Originator shall within one (1) Local Business Day of receipt
     thereof, deliver or deposit such amounts to [a/the] Collection Account(s)
     and, prior to forwarding such amounts, the Originator shall hold such
     payments in trust to the extent possible under applicable law for the
     account and benefit of the Purchaser.

4.5  Furnishing Copies, etc

     Furnish to the Purchaser (subject to Clause 7.13 hereof):

     (a)  within five (5) Local Business Days of the Purchaser's request, a
          certificate of a Responsible Officer of the Originator, certifying, as
          of the date thereof, to the knowledge of such officer, that no
          Originator Termination Event has occurred and is continuing or if one
          has so occurred, specifying the nature and extent thereof and any
          corrective action taken or proposed to be taken with respect thereto;

                                      16
<PAGE>

     (b)  promptly after a Responsible Officer of the Originator obtains
          knowledge of the occurrence of any Originator Termination Event or
          Potential Originator Termination Event, written notice thereof;

     (c)  promptly following request therefor, such other information,
          documents, records or reports regarding or with respect to the
          Receivables of the Originator, as the Purchaser may from time to time
          reasonably request; and

     (d)  promptly upon determining that any Receivable originated by it
          designated as an Eligible Receivable on the Daily Report or Monthly
          Settlement Report was not an Eligible Receivable as of the date
          provided therefor, written notice of such determination.

4.6  Responsibilities of the Originator as Local Servicer

     Notwithstanding anything herein to the contrary, (i) the Originator, while
     acting as Local Servicer, shall perform or cause to be performed all of its
     obligations under the Policies related to the Receivables to the same
     extent as if such Receivables had not been sold, assigned, transferred and
     conveyed to the Purchaser hereunder, (ii) the exercise by the Purchaser of
     any of its rights hereunder shall not relieve the Originator of its
     obligations with respect to such Receivables and (iii) except as provided
     by law, the Purchaser shall not have any obligation or liability with
     respect to any Receivables, nor shall the Purchaser be obligated to perform
     any of the obligations or duties of the Originator.

4.7  Assessments

     Pay before the same become delinquent and discharge all taxes, assessments,
     levies and other governmental charges imposed on it except such taxes,
     assessments, levies and governmental charges which are being contested in
     good faith and for which the Originator has set aside on its books adequate
     reserves in accordance with GAAP.

4.8  Marking of Records

     The Originator will maintain a system that will clearly and unambiguously
     indicate that the Receivables have been sold, assigned, conveyed or
     transferred to the Purchaser, contributed by the Purchaser to the Company
     and thereupon a Participation and security interest granted by the Company
     to the Trustee. The Originator agrees that from time to time it will
     promptly execute and deliver all instruments and documents, and take all
     further action, that Purchaser, the Company or the Trustee may reasonably
     request in order to perfect, protect or more fully evidence the Trustee's
     first priority perfected security interest in such Receivables and the
     related Collections.

5.   NEGATIVE COVENANTS

     The Originator hereby agrees that, so long as there are any amounts
     outstanding with respect to Eligible Receivables originated by it,
     previously sold, assigned, conveyed or

                                      17
<PAGE>

     transferred by it to the Purchaser or until an Early Termination, whichever
     is the later, it shall not:

5.1  Limitations on Transfers of Receivables, etc

     At any time sell, convey, assign, transfer or otherwise dispose of any of
     the Receivables or other Receivable Assets relating thereto, except as
     contemplated by the Transaction Documents.

5.2  Extension or Amendment of Receivables

     Whether acting as Local Servicer or otherwise, extend, make any Dilution
     Adjustment to, rescind, cancel, amend or otherwise modify, or attempt or
     purport to extend, amend or otherwise modify, the terms of any Receivables,
     unless (a) (i) such cancellation, termination, amendment, modification, or
     waiver is made in accordance with the servicing standards set forth in
     Clause 4.12 of the Servicing Agreement (and would have been made in the
     ordinary course of business), (ii) if such cancellation, termination,
     amendment, modification or waiver arose as a result of a request from an
     Obligor, (iii) if any such amendment, modification or waiver does not cause
     such Receivable to cease to be an Eligible Receivable and (iv) such
     cancellation, termination, amendment, modification or waiver would not have
     a material and prejudicial effect on the collectibility of the relevant
     Receivable or (b) such Dilution Adjustment is the result of a pre-existing
     contractual obligation between it and the related Obligor with respect to
     such Receivable provided, that in the event the Originator cancels an
     invoice related to a Receivable, the Originator must make the Originator
     Dilution Adjustment Payment in accordance with Clause 2.7, provided,
     further that in the event the Originator cancels an invoice related to a
     Receivable, either (i) such invoice must be replaced with an invoice
     relating to the same transaction as the cancelled invoice of equal or
     greater Principal Amount on the same day, (ii) such invoice must be
     replaced with an invoice relating to the same transaction as the cancelled
     invoice of a lesser Principal Amount on the same Business Day and the
     Originator must make the Originator Dilution Adjustment Payment, to the
     Purchaser, in an amount equal to the difference between such cancelled and
     replacement invoices or (iii) the Originator must make the Originator
     Dilution Adjustment Payment, to the Purchaser, in an amount equal to the
     full value of such cancelled invoice pursuant to Clause 2.7.

5.3  Change in Payment Instructions to Obligors

     Instruct any Obligor of any Receivables to make any payments with respect
     to any Receivables other than by cheque or wire transfer to [a/the]
     Collection Account.

5.4  Policies

     Make any change or modification (or permit any change or modification to be
     made) in any material respect to the Policies, except (i) if such changes
     or modifications are necessary under any Requirement of Law, or (ii) if the
     Rating Agency Condition is satisfied with respect thereto, provided,
     however, that if any change or modification,

                                      18
<PAGE>

     other than a change or modification permitted pursuant to sub-clause (i)
     above, would reasonably be expected to have a Material Adverse Effect with
     respect to a Series which is not rated by a Rating Agency, the consent of
     Investor Certificateholders representing Fractional Undivided Interests
     aggregating not less than 51% of the Adjusted Invested amount of such
     Series (or, as otherwise specified in the related Supplement) shall be
     required to effect such change or modification.

5.5  Ineligible Receivables

     Without the prior written approval of the Purchaser, take any action which
     to its knowledge would cause, or would permit, a Receivable that was
     designated as an Eligible Receivable on the Purchase Date relating to such
     Receivable to cease to be an Eligible Receivable, except as otherwise
     expressly provided by this Agreement.

5.6  Business of the Originator

     Fail to maintain and operate the business currently conducted by the
     Originator, and business activities reasonably incidental or related
     thereto in substantially the manner in which it is presently conducted and
     operated if such failure would reasonably be expected to result in a
     Material Adverse Effect with respect to it.

5.7  Limitation on Fundamental Changes

     Enter into any merger or consolidate with another Person or sell, lease,
     transfer or otherwise dispose of assets constituting all or substantially
     all of its assets and its consolidated Subsidiaries (taken as a whole) to
     another Person or liquidate or dissolve unless:

     (a)  either (i) the Originator is the surviving entity;

     (b)  subject to Clause 7.13 hereof, it has delivered to the Trustee a
          certificate executed by a Responsible Officer of the Originator
          addressed to the Trustee (i) stating that such consolidation, merger,
          conveyance or transfer complies with this Clause 5.7 and (ii) further
          stating in the Responsible Officer's certificate that all conditions
          precedent herein provided for relating to such transaction have been
          complied with;

     (c)  it has delivered to the Trustee an Opinion of Counsel from a
          nationally recognised legal counsel to the effect that the assignment
          of Receivables to the Purchaser by such Surviving Person, after the
          date of such merger, consolidation, sale, lease, transfer or disposal
          of assets, shall be treated as a "true sale" of any such Receivables;

     (d)  it has delivered to the Trustee a General Opinion; and

     (e)  the Rating Agency Condition has been satisfied.

                                      19
<PAGE>

5.8  Administration and Winding Up

     The Originator hereby undertakes to the Purchaser that, until one year and
     one day has elapsed since the last day on which Commercial Paper was
     outstanding, it will not petition or commence proceedings for the
     administration or winding up (nor join any person in the petition or
     commencement of proceedings for the administration or winding up) of the
     Purchaser.

6.   TERMINATION EVENTS

6.1  Originator Termination Events

     The following events shall be construed as "Originator Termination Events"

     (a)  the Originator shall fail to pay any amount due hereunder in
          accordance with the provisions hereof and such failure shall continue
          unremedied for a period of five Business Days from the earlier to
          occur of (i) the date upon which a Responsible Officer of the
          Originator obtains actual knowledge of such failure or (ii) the date
          on which written notice of such failure, requiring the same to be
          remedied, shall have been given (A) to the Originator by the Purchaser
          or the Trustee or (B) to the Purchaser, to the Trustee and to the
          Originator by holders of Investor Certificates evidencing 25% or more
          of the Aggregate Invested Amount; or

     (b)  the Originator shall fail to observe or perform any other covenant or
          agreement applicable to it contained herein (other than as specified
          in sub-clause (a) of this Clause 6.1) that has a Material Adverse
          Effect with respect to it and that continues unremedied until ten (10)
          Local Business Days after the date on which written notice of such
          failure, requiring the same to be remedied shall have been given (A)
          to the Originator by the Purchaser or the Trustee or (B) to the
          Purchaser, to the Trustee and to the Originator by holders of Investor
          Certificates evidencing 25% or more of the Aggregate Invested Amount,
          provided that if such failure may be cured and the Originator is
          diligently pursing such cure, such event shall not constitute the
          Originator Termination Event for an additional thirty (30) days; or

     (c)  any representation or warranty made by the Originator in this
          Agreement or in any certificate delivered pursuant to this Agreement
          shall prove to have been incorrect in any material respect when made
          or deemed made, and which continues unremedied until ten (10) Local
          Business Days after the date on which written notice thereof,
          requiring the same to be remedied, shall have been given (A) to the
          Originator by the Purchaser or the Trustee or (B) to the Purchaser, to
          the Trustee and to the Originator by holders of Investor Certificates
          evidencing 25% or more of the Aggregate Invested Amount, provided that
          if such incorrectness may be cured and the Originator is diligently
          pursuing such cure, such event shall not constitute the Originator
          Termination Event for an additional thirty (30) days and provided
          further that the Originator Termination Event shall not be deemed to
          have occurred under

                                      20
<PAGE>

          this sub-clause (c) based upon a breach of any representation or
          warranty set forth in Clause 3.3 if the Originator shall have complied
          with the provisions of Clause 2.8 in respect thereof; or

     (d)  the Originator has been terminated as Local Servicer with respect to
          the Receivables originated by it, and not replaced as a Local Servicer
          by an affiliate of Huntsman ICI, following a Master Servicer Default
          under the Servicing Agreement.

6.2  Program Termination Events

     The following events shall be construed as "Program Termination Events":

     (a)  an Insolvency Event shall have occurred with respect to the
          Originator; or

     (b)  there shall have occurred and be continuing (i) an Early Amortisation
          Event set forth in Clause 7.01 of the Pooling Agreement or (ii) the
          Amortisation Period with respect to all Outstanding Series; or

     (c)  a Federal (or equivalent) tax notice of Lien, in an amount equal to or
          greater than $500,000, shall have been filed against the Originator
          unless there shall have been delivered to the Trustee and the Rating
          Agencies proof of release of such Lien; or

     (d)  any Originator Termination Event shall have occurred and be continuing
          with respect to the Originator that, as of the last Monthly Settlement
          Report, had originated more than 10% of the Aggregate Receivables
          Amount reflected on such report; or

     (e)  an Originator Termination Event shall have occurred but the Originator
          has not been terminated within 10 calendar days in accordance with
          Clause 2.10 of the Pooling Agreemen.

6.3  Remedies

     (a)  Upon the occurrence and continuance of any Originator Termination
          Event as described in clause 6.1, the Purchaser shall (i) cease to
          accept any Offer for Sale of Receivables from such Originator
          Termination Event and (ii) the originator shall be terminated as an
          Originator upon 10 days written notice (the date on which such notice
          becomes effect, the "Originator Termination Date"), provided that such
          removal or termination shall be in accordance with clause 2.10 or the
          Pooling Agreement.

     (b)  Upon the occurrence and continuance of any Program termination Event
          and after the expiration of any applicable cure period as described in
          clause 6.3, the Pruchaser shall cease without further notice, which
          the Originator hereby waives, to accept any Offer hereunder (such date
          of termination, the "Program Termination Date"), and there shall be an
          Early Amortisation Event pursuant to clause 7.01 of the Pooling
          Agreement.

                                      21
<PAGE>

          (c)  Each Originator agrees that, upon the occurrence and during the
               continuation of Program Termination Event as described in Clauses
               6.2(a) or (b)(i):

               (i)    the Purchaser (and its assignees) shall have the right at
                      any time, or require that the Originator, at its expense,
                      give Notice of Assignment to the Obligors in respect of
                      the Receivables and other Receivables Assets of the
                      assignment thereof to the Purchaser and may direct that
                      payment of all amounts due or to become due under the
                      Receivables be made directly to the relevant currency
                      Company Concentration Account;

               (ii)   each Originator in such capacity or in its capacity as
                      Local Servicer, shall, upon the Purchaser's (or its
                      assignees') written request and at the Originator's
                      expense, (A) assemble all of its documents, instruments
                      and other records (including credit files and computer
                      tapes or disks) that (1) evidence or will evidence or
                      record Receivables and (2) are otherwise necessary or
                      desirable to effect Collections of such Receivables
                      including (i) Receivable specific information including,
                      when applicable, invoice number, invoice due date, invoice
                      value, purchase order reference, shipping date, shipping
                      address, shipping terms, copies of delivery notes, bills
                      of lading, insurance documents, copies of letters of
                      credit, bills of exchange or promissory notes, other
                      security documents, and (ii) Obligor specific information,
                      including copy of the Contract, correspondence file and
                      details of any security held (collectively, the
                      "Originator Documents") and (B) deliver such Originator
                      Documents to the Purchaser or its designee at a place
                      designated by the Purchaser. In recognition of the
                      Originator's need to have access to any Originator
                      Documents which may be transferred to the Purchaser
                      hereunder, whether as a result of its continuing business
                      relationship with any Obligor for Receivables or as a
                      result of its responsibilities as Local Servicer, the
                      Purchaser hereby grants to the Originator a license to
                      access the Originator Documents transferred by the
                      Originator to the Purchaser and to access any such
                      transferred computer software in connection with any
                      activity arising in the ordinary course of the
                      Originator's business or in performance of the
                      Originator's duties as Local Servicer, provided that the
                      Originator shall not disrupt or otherwise interfere with
                      the Purchaser's use of and access to the Originator
                      Documents and its computer software during such license
                      period;

               (iii)  upon written request of the Purchaser, the Originator will
                      (A) deliver to the Purchaser all licenses, rights,
                      computer programs, related material, computer tapes,
                      disks, cassettes and data necessary for the immediate

                                       22
<PAGE>

                      collection of the Receivables by the Purchaser, with or
                      without the participation of the Originator (excluding
                      software licenses which by their terms are not permitted
                      to be so delivered, provided that the Originator shall use
                      reasonable efforts to obtain the consent of the relevant
                      licensor to such delivery but shall not be required, to
                      the extent it has an ownership interest in any electronic
                      records, computer software or licenses, to transfer,
                      assign, set-over or otherwise convey such ownership
                      interests to the Purchaser) and (B) make such arrangements
                      with respect to the collection of the Receivables as may
                      be reasonably required by the Purchaser.

     6.4  the rights referred to or contained in clause 6.3 and the powers
          conferred thereby may be exercised only at the times and in the
          circumstances mentioned therein and, accordingly, the Purchaser hereby
          undertakes to the Originator that it will not exercise or purport to
          exercise such rights other than at such times and in such
          circumstances.

     6.5  the Originator hereby agrees that if an Originator Termination Date
          [and/or Program termination Event?] occurs, the Purchaser may notify
          in writing the other parties hereto of such fact and thereafter
          exercise its rights referred to or contained in clause 6.3 as if a
          Originator Termination Notice had been given on the date of such
          notice and the other provisions of clause 6.3 shall thereupon also
          apply.

     7.   MISCELLANEOUS

     7.1  Payments

               (a)  All payments to be made by a party ("payor") hereunder shall
                    be made in the currency of such liability and, if no
                    currency is specified, in [Sterling] on the applicable due
                    date and in immediately available funds to the recipient's
                    ("payee") account set forth in Schedule 8.1 of this
                    Agreement or to such other account as may be specified by
                    such payee from time to time in a notice to such payor.
                    Wherever any payment to be made under this Agreement shall
                    be stated to be due on a day other than a Business Day, such
                    payment shall be made on the next succeeding  Business Day.

               (b)  any payments made by any person by way of acceptance of an
                    Offer (as mentioned in clause 2.2(d)) shall be made in the
                    relevant Approved Currency for the purposes of the Offer (or
                    in any other currency agreed by the parties for those
                    purposes) and in immediately available funds to the relevant
                    Originator's account.

     7.2  Costs and Expenses

          The Originator agrees (a) to pay or reimburse the Purchaser for all of
          its out-of-pocket costs and expenses incurred in connection with the
          preparation and execution of, and any amendment, supplement or
          modification to, this Agreement, the other Transaction Documents and
          any other documents prepared in connection herewith and therewith,

                                       23
<PAGE>

          the consummation and administration of the transactions contemplated
          hereby and thereby, including, without limitation, all reasonable fees
          and disbursements of counsel, (b) to pay or reimburse the Purchaser
          for all its costs and expenses incurred in connection with the
          enforcement or preservation of any rights under this Agreement and any
          of the other Transaction Documents, including, without limitation, the
          reasonable fees and disbursements of counsel to the Purchaser, (c)
          (except as provided in Clause 7.16) to pay, indemnify, and hold the
          Purchaser harmless from, any and all recording and filing fees and any
          and all liabilities with respect to, or resulting from any delay
          caused by the Originator in paying, stamp, excise and other similar
          taxes, if any, which may be payable or determined to be payable in
          connection with the execution and delivery of, or consummation or
          administration of, any of the transactions contemplated by, or any
          amendment, supplement or modification of, or any waiver or consent
          under or in respect of, this Agreement and any such other documents,
          and (d) to pay, indemnify, and hold the Purchaser harmless from and
          against any and all other liabilities, obligations, losses, damages,
          penalties, actions, judgments, suits, costs, expenses or disbursements
          of any kind or nature whatsoever (i) which may at any time be imposed
          on, incurred by or asserted against the Purchaser in any way relating
          to or arising out of this Agreement or the other Transaction Documents
          or the transactions contemplated hereby and thereby or in connection
          herewith or any action taken or omitted by the Purchaser under or in
          connection with any of the foregoing (all such other liabilities,
          obligations, losses, damages, penalties, actions, judgments, suits,
          costs, expenses and disbursements being herein called "Originator
          Indemnified Liabilities") or (ii) which would not have been imposed
          on, incurred by or asserted against the Purchaser but for its having
          acquired the Receivables hereunder, provided, however, that such
          indemnity shall not be available to the extent that such Originator
          Indemnified Liabilities are finally judicially determined to have
          resulted from the gross negligence or wilful misconduct of the
          Purchaser. The agreements of the Originator in this Clause 7.2 shall
          survive the collection of all Receivables, the termination of this
          Agreement and the payment of all amounts payable hereunder.

     7.3  Successors and Assigns

          This Agreement shall be binding upon and inure to the benefit of the
          Originator and the Purchaser and their respective successors (whether
          by merger, consolidation or otherwise) and permitted assigns. The
          Originator agrees that it will not assign or transfer all or any
          portion of its rights or obligations hereunder without the prior
          written consent of the Purchaser. The Originator acknowledges that the
          Purchaser shall contribute the Receivables Assets to the Company and
          that the Company shall grant a Participation and a security interest
          in all of its rights thereunder to the Trustee pursuant to the Pooling
          Agreement

     7.4  Governing Law

          This Agreement shall be governed by, and construed in accordance with,
          English law.

                                       24
<PAGE>

     7.5  No Waiver; Cumulative Remedies

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

     7.6  Amendments and Waivers

          Neither this Agreement nor any terms hereof may be amended,
          supplemented or modified except in a writing signed by the Purchaser
          and the Originator and that otherwise complies with any applicable
          provision in the other Transaction Documents. Any amendment,
          supplement or modification shall not be effective until the Rating
          Agency Condition has been satisfied.

     7.7  Severability

          Any provision of this Agreement which is prohibited or unenforceable
          in any jurisdiction shall, as to such jurisdiction, be ineffective to
          the extent of such prohibition or unenforceability without
          invalidating the remaining provisions hereof, and any such prohibition
          or unenforceability in any jurisdiction shall not invalidate or render
          unenforceable such provision in any other jurisdiction.

     7.8  Accession

          If any Netherlands Affiliate of the Originator acceptable to the
          Purchaser and the Administrative Agent executes and delivers to the
          Purchaser and the Administrative Agent a duly completed Accession
          Undertaking in substantially the form set out in the Eighth Schedule
          and the Accession Legal Opinion from legal counsel acceptable to the
          Purchaser and the Administrative Agent and the Rating Agencies in
          substantially the form set out in the Ninth Schedule and the
          provisions of Section 2.9 of the Pooling Agreement are satisfied, such
          Affiliate of the Originator shall become a party to this Agreement as
          the Originator on the delivery of such Accession Undertaking and such
          Accession Legal Opinion to the Purchaser and the Administrative Agents
          and the satisfaction of such provisions.

     7.9  Notices

          All notices, requests and demands to or upon the respective parties
          hereto to be effective shall be in writing (including by telecopy),
          and, unless otherwise expressly provided herein, shall be deemed to
          have been duly given or made when delivered by hand, or three (3) days
          after being deposited in the mail, postage prepaid, or, in the case of
          telecopy notice, when received, addressed as follows in the case of
          the Purchaser and the Originator, or to such other address as may be
          hereafter notified by the respective parties hereto:

                                       25
<PAGE>

          With respect to the Purchaser:

                Huntsman ICI Chemicals LLC
                500 Huntsman Way
                Salt Lake City
                Utah 84108

                Attention: Office of the General Counsel
                Telecopy:  (801) [      ]

          Copy to:

                Huntsman ICI (Europe) B.V.B.A.
                Everslaan 45
                B-3078 Everberg
                Belgium

                Attention: [        ]
                Telecopy:  32 2759 5501

          With respect to the Originator:

                Huntsman ICI Holland BV
                Merseyweg 10
                3197 KG Botlek Rotterdam
                The Netherlands

                Attention: [        ]
                Telecopy:  [        ]

          Copy to:

                Huntsman ICI (Europe) B.V.B.A.
                Everslaan 45
                B-3078 Everberg
                Belgium

                Attention: [        ]
                Telecopy:  32 2759 5501

                The Chase Manhattan Bank, as Trustee
                [Address]

                Attention: [        ]
                Telecopy:  [        ]

                                       26
<PAGE>

     7.10 Counterparts

          This Agreement may be executed by one or more of the parties to this
          Agreement on any number of separate counterparts (including by
          telecopy), and all of said counterparts taken together shall be deemed
          to constitute one and the same instrument. A set of the copies of this
          Agreement signed by all the parties shall be lodged with the
          Purchaser.

     7.11 Jurisdiction

          (a)  Each of the parties hereto irrevocably agrees for the benefit of
               each other party that the courts of England shall have
               jurisdiction to hear and determine any suit, action or
               proceeding, and to settle any disputes, which may arise out of or
               in connection with the Transaction Documents and, for such
               purposes, irrevocably submits to the jurisdiction of such courts.

          (b)  Each party hereto irrevocably waives any objection which it might
               now or hereafter have to the courts referred to in Clause 7.11(a)
               being nominated as the forum to hear and determine any suit,
               action or proceeding, and to settle any disputes, which may arise
               out of or in connection with any Transaction Document and agrees
               not to claim that any such court is not a convenient or
               appropriate forum.

          (c)  The submission to the jurisdiction of the courts referred to in
               Clause 7.11(a) shall not (and shall not be construed so as to)
               limit the right of any person to take proceedings against any
               other party hereto in any other court of competent jurisdiction
               nor shall the taking of proceedings in any one or more
               jurisdictions preclude the taking of proceedings in any other
               jurisdiction, whether concurrently or not if and to the extent
               permitted by applicable law.

          (d)  The Purchaser hereby irrevocably appoints [ ] of [ ] and the
               Originator hereby irrevocably appoints [.] of [.] to accept
               service of any process on its behalf and further undertakes to
               the other parties hereto that it will at all times during the
               continuance of this Agreement maintain the appointment of some
               person in England as its agent for the service of process and
               irrevocably agrees that service of any writ, notice or other
               document for the purposes of any suit, action or proceeding in
               the courts of England shall be duly served upon it if delivered
               or sent by registered post to the address of such appointee (or
               to other such address in England as that party may notify to the
               other parties hereto).

     7.12 No Bankruptcy Petition

          (a)  The Originator, by entering into this Agreement, covenants and
               agrees, to the extent permissible under applicable law, that it
               will not institute against, or join any other Person in
               instituting against, the Purchaser any bankruptcy,
               reorganisation, arrangement, insolvency or liquidation
               proceedings, or other

                                       27
<PAGE>

               proceedings (including, but not limited to, petitioning for the
               declaration of the Purchaser's assets en desastre) under any
               Applicable Insolvency Laws.

          (b)  Notwithstanding anything elsewhere herein contained, the sole
               remedy of the Originator or any other Person in respect of any
               obligation, covenant, representation, warranty or agreement of
               the Purchaser under or related to this Agreement shall be against
               the assets of the Purchaser. Neither the Originator nor any other
               Person shall have any claim against the Purchaser to the extent
               that such assets are insufficient to meet such obligation,
               covenant, representation, warranty or agreement (the difference
               being referred to herein as a "shortfall") and all claims in
               respect of the shortfall shall be extinguished.

     7.13 Termination

          This Agreement will terminate at such time as (a) the Purchaser is
          required to cease accepting any offer hereunder pursuant to clause 6.2
          and (b) all Receivables have been collected, and the proceeds thereof
          turned over to the Purchaser and all other amounts owing to the
          Purchaser hereunder shall have been paid in full or, if Receivables
          have not been collected, such Receivables have become Defaulted
          Receivables and the Purchaser shall have completed its collection
          efforts in respect thereto, provided, however, that the indemnities of
          the Originator to the Purchaser set forth in this Agreement shall
          survive such termination and provided further that, to the extent any
          amounts remain due and owing to the Purchaser hereunder, the Purchaser
          shall remain entitled to receive any Collections on Receivables which
          have become Defaulted Receivables after it shall have completed its
          collection efforts in respect thereof. Notwithstanding anything to the
          contrary contained herein, if at any time, any payment made by the
          Originator is rescinded or must be restored or returned by the
          Purchaser as a result of any Insolvency Event with respect to the
          Originator then the Originator's obligations with respect to such
          payment shall be reinstated as though such payment had never been
          made.

     7.14 Responsible Officer Certificates; No Recourse

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

     7.15 Confidential Information

                                       28
<PAGE>

          (a)  Unless otherwise required by applicable law, and subject to
               Clause 7.15(b), each of the parties hereto undertakes to maintain
               the confidentiality of this Agreement in its communications with
               third parties and otherwise. None of the parties shall disclose
               to any person any information of a confidential nature of or
               relating to either the Originator, the Trustee or Purchaser,
               which such party may have obtained as a result of the Transaction
               (the "Confidential Information"). For the avoidance of doubt, the
               Purchaser shall restrict disclosure of Confidential Information
               to its officers, employees, agents and advisers who need to
               receive such information to ensure the proper functioning of the
               Transaction. The Trustee shall procure that such officers,
               employees, agents and advisers shall keep confidential all of the
               Confidential Information received.

          (b)  The provisions of this Clause 7.15(b) shall not apply:

               (i)    To the disclosure of any information which is or becomes
                      public knowledge otherwise than as a result of the conduct
                      of the recipient;

               (ii)   To the disclosure of Confidential Information to the
                      Trustee's assigns or the Rating Agencies (provided that
                      such information is disclosed subject to the condition
                      that such party will hold it confidential on the same
                      basis);

               (iii)  To the disclosure of any information with the written
                      consent of the parties hereto;

               (iv)   To the disclosure of any information in response to any
                      order of any court or Governmental Authority; or

               (v)    To the disclosure of any information reasonably required
                      for the completion and filing of any financing statements
                      pursuant to Clauses 2.3(c), and 4.5.

     7.16 Stamp Duty

          The Originator will pay and hold itself responsible for and will seek
          no indemnity from the Purchaser or the Company in respect of Stamp
          Duty which is required to be paid in order to secure the stamping of
          any Relevant Document for any of the following purposes:

          (a)  Allowing the Relevant Document in question to be produced in
               evidence in proceedings in the United Kingdom where this is
               required in order to enable the Purchaser or the Company to
               enforce its rights in respect of any Purchased Receivables
               against the Obligors and either:

               (i)    the judge, arbitrator or other person responsible for the
                      determination of such proceedings has ruled that an
                      executed original or counterpart of the Relevant Document
                      must be produced in evidence as aforesaid

                                       29
<PAGE>

                      (provided that if an appeal against the ruling is
                      permissible and the Originator so requests, and on the
                      condition that the Originator indemnifies the Purchaser or
                      the Company, as the case may be, to its respective
                      satisfaction on an after-tax basis for all costs involved
                      in such an appeal, the Purchaser or the Company, as the
                      case may be, will pursue such an appeal pending which
                      neither the Purchaser nor the Company, as the case may be,
                      will cause an executed original or counterpart of the
                      Relevant Document to be produced in evidence as
                      aforesaid); or

               (ii)   the rules governing the conduct of such proceedings
                      provide that a certified unstamped copy of the Relevant
                      Document in question or any other form of evidence of the
                      matters which are the subject of such proceedings cannot
                      be produced as adequate evidence for the purposes of such
                      proceedings; or

          (b)  Complying with a requirement imposed by any judicial or
               governmental authority for the Relevant Document in question to
               be stamped before it will be taken into account for the purpose
               of determining any liability of the Purchaser or the Company to
               taxation (subject to the Purchaser or (as the case may be) the
               Company taking reasonable steps to resist or avoid such
               requirement (insofar as it is able to do so whilst fully
               complying with its obligations under applicable law and practice
               and without causing any material prejudice (actual or potential)
               to its interests)).

                                       30
<PAGE>

IN WITNESS WHEREOF this Agreement has been entered into by the parties hereto
acting by their authorised signatories on the date first above written.

                                                        /s/ Authorized Signatory

                                                      HUNTSMAN INTERNATIONAL LLC

                                                                    as Purchaser

                                                        /s/ Authorized Signatory

                                                         HUNTSMAN ICI HOLLAND BV

                                                                   as Originator

                                                        /s/ Authorized Signatory

                                                          HUNTSMAN (EUROPE) BVBA

                                                              as Master Servicer

                                       31

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]