Document:

Unassociated Document

    
      
        

      

    

    Exhibit
4.3

    EXECUTION
VERSION

     

     

    
      

    

    

      
         

      

      BRIDGE
LOAN AGREEMENT

       

      Dated as
of December 20, 2007

       

      and
amended and restated April 30, 2008

       

      among

       

      LYONDELLBASELL
FINANCE COMPANY, as Borrower,

       

      LYONDELLBASELL
INDUSTRIES AF S.C.A.

      (f/k/a
BASELL AF S.C.A.), as the Company,

       

      The
GUARANTORS party hereto,

       

      The
LENDERS party hereto,

       

      MERRILL
LYNCH CAPITAL CORPORATION,

      as
Administrative Agent,

       

       

      CITIBANK,
N.A.,

      as
Collateral Agent,

       

       

      __________________________________________

       

      MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

      GOLDMAN
SACHS CREDIT PARTNERS L.P.

      CITIGROUP
GLOBAL MARKETS INC.,

      ABN AMRO
INCORPORATED

       

      and

       

      UBS
SECURITIES LLC,

      as Joint
Lead Arrangers and Bookrunners

       

      MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

      as
Transaction Coordinator

       

       

      __________________________________________

       

      Cahill
Gordon & Reindel llp

      80 Pine
Street

      New York,
NY  10005

      
         

        
          

        

        

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

         

      

      TABLE
OF CONTENTS

      

      
        	 
      	 
      	
                Page

              
	 
      	 
      	 
      
	
                ARTICLE
      1

              
	 
      	 
      	 
      
	
                DEFINITIONS

              
	 
      	 
      	 
      
	
                SECTION
      1.01.

              	
                DEFINED
      TERMS

              	
                2

              
	
                SECTION
      1.02.

              	
                TERMS
      GENERALLY

              	
                53

              
	
                SECTION
      1.03.

              	
                EFFECTUATION
      OF TRANSACTION

              	
                53

              
	
                SECTION
      1.04.

              	
                ACCOUNTING
      TERMS

              	
                53

              
	
                SECTION
      1.05.

              	
                ROUNDING

              	
                54

              
	
                SECTION
      1.06.

              	
                REFERENCES
      TO AGREEMENTS, LAWS, ETC.

              	
                54

              
	
                SECTION
      1.07.

              	
                TIMES
      OF DAY

              	
                54

              
	
                SECTION
      1.08.

              	
                TIMING
      OF PAYMENT OR PERFORMANCE

              	
                54

              
	
                SECTION
      1.09.

              	
                RESOLUTION
      OF DRAFTING AMBIGUITIES.

              	
                54

              
	 
      	 
      	 
      
	
                ARTICLE
      2

              
	 
      	 
      	 
      
	
                THE
      CREDITS

              
	 
      	 
      	 
      
	
                SECTION
      2.01.

              	
                COMMITMENT

              	
                54

              
	
                SECTION
      2.02.

              	
                LOANS
      AND BORROWINGS

              	
                55

              
	
                SECTION
      2.03.

              	
                REQUEST
      FOR BORROWING

              	
                55

              
	
                SECTION
      2.04.

              	
                FUNDING
      OF BORROWINGS

              	
                56

              
	
                SECTION
      2.05.

              	
                TERMINATION
      OF COMMITMENTS

              	
                56

              
	
                SECTION
      2.06.

              	
                REPAYMENT
      OF LOANS; EVIDENCE OF DEBT

              	
                56

              
	
                SECTION
      2.07.

              	
                PREPAYMENT
      OF LOANS

              	
                57

              
	
                SECTION
      2.08.

              	
                FEES

              	
                58

              
	
                SECTION
      2.09.

              	
                INTEREST

              	
                58

              
	
                SECTION
      2.10.

              	
                ALTERNATE
      RATE OF INTEREST

              	
                59

              
	
                SECTION
      2.11.

              	
                INCREASED
      COSTS

              	
                60

              
	
                SECTION
      2.12.

              	
                BREAK
      FUNDING

              	
                61

              
	
                SECTION
      2.13.

              	
                TAXES

              	
                61

              
	
                SECTION
      2.14.

              	
                MATTERS
      APPLICABLE TO ALL REQUESTS FOR COMPENSATION

              	
                64

              
	
                SECTION
      2.15.

              	
                REPLACEMENT
      OF LENDERS

              	
                64

              
	
                SECTION
      2.16.

              	
                ILLEGALITY

              	
                65

              
	
                SECTION
      2.17.

              	
                PAYMENTS
      GENERALLY.

              	
                65

              
	 
      	 
      	 
      
	
                ARTICLE
      3

              
	 
      	 
      	 
      
	
                REPRESENTATIONS
      AND WARRANTIES

              
	 
      	 
      	 
      
	
                SECTION
      3.01.

              	
                EXISTENCE,
      QUALIFICATION AND POWER; COMPLIANCE WITH LAWS.

              	
                66

              
	
                SECTION
      3.02.

              	
                AUTHORIZATION;
      NO CONTRAVENTION.

              	
                67

              
	
                SECTION
      3.03.

              	
                GOVERNMENTAL
      AUTHORIZATION; OTHER CONSENTS

              	
                67

              
	
                SECTION
      3.04.

              	
                BINDING
      EFFECT.

              	
                67

              
	
                SECTION
      3.05.

              	
                FINANCIAL
      STATEMENTS; NO MATERIAL ADVERSE EFFECT.

              	
                68

              

      

      
        
           

        

        
          -i-

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
      3.06.

              	
                LITIGATION.

              	
                68

              
	
                SECTION
      3.07.

              	
                OWNERSHIP
      OF PROPERTY; LIENS.

              	
                69

              
	
                SECTION
      3.08.

              	
                ENVIRONMENTAL
      MATTERS.

              	
                69

              
	
                SECTION
      3.09.

              	
                TAXES.

              	
                70

              
	
                SECTION
      3.10.

              	
                ERISA
      COMPLIANCE.

              	
                70

              
	
                SECTION
      3.11.

              	
                SUBSIDIARIES;
      EQUITY INTERESTS.

              	
                70

              
	
                SECTION
      3.12.

              	
                MARGIN
      REGULATIONS; INVESTMENT COMPANY ACT.

              	
                71

              
	
                SECTION
      3.13.

              	
                DISCLOSURE.

              	
                71

              
	
                SECTION
      3.14.

              	
                [RESERVED].

              	
                71

              
	
                SECTION
      3.15.

              	
                ANTI-TERRORISM
      LAWS.

              	
                71

              
	
                SECTION
      3.16.

              	
                INTELLECTUAL
      PROPERTY; LICENSES, ETC.

              	
                71

              
	
                SECTION
      3.17.

              	
                SOLVENCY.

              	
                72

              
	
                SECTION
      3.18.

              	
                USE
      OF PROCEEDS.

              	
                72

              
	
                SECTION
      3.19.

              	
                [RESERVED].

              	
                72

              
	
                SECTION
      3.20.

              	
                SECURITY
      DOCUMENTS.

              	
                72

              
	
                SECTION
      3.21.

              	
                WORKS
      COUNCIL.

              	
                73

              
	 
      	 
      	 
      
	
                ARTICLE
      4

              
	 
      	 
      	 
      
	
                CONDITIONS
      OF LENDING

              
	 
      	 
      	 
      
	
                SECTION
      4.01.

              	
                CONDITIONS
      OF LENDING.

              	
                74

              
	
                SECTION
      4.02.

              	
                CONDITIONS
      OF EFFECTIVENESS OF AMENDMENT AND RESTATEMENT.

              	
                76

              
	 
      	 
      	 
      
	
                ARTICLE
      5

              
	 
      	 
      	 
      
	
                GENERAL
      COVENANTS

              
	 
      	 
      	 
      
	
                SECTION
      5.01.

              	
                LIMITATION
      ON RESTRICTED PAYMENTS

              	
                77

              
	
                SECTION
      5.02.

              	
                CORPORATE
      EXISTENCE

              	
                80

              
	
                SECTION
      5.03.

              	
                PAYMENTS
      OF TAXES AND OTHER CLAIMS

              	
                80

              
	
                SECTION
      5.04.

              	
                MAINTENANCE
      OF PROPERTIES AND INSURANCE

              	
                80

              
	
                SECTION
      5.05.

              	
                COMPLIANCE
      WITH LAWS

              	
                81

              
	
                SECTION
      5.06.

              	
                ANTI-MONEY
      LAUNDERING

              	
                81

              
	
                SECTION
      5.07.

              	
                LIMITATIONS
      ON TRANSACTIONS WITH AFFILIATES

              	
                81

              
	
                SECTION
      5.08.

              	
                LIMITATION
      ON INCURRENCE OF ADDITIONAL INDEBTEDNESS

              	
                83

              
	
                SECTION
      5.09.

              	
                LIMITATION
      ON DIVIDEND AND OTHER PAYMENT RESTRICTIONS AFFECTING
      SUBSIDIARIES

              	
                87

              
	
                SECTION
      5.10.

              	
                CHANGE
      OF CONTROL

              	
                89

              
	
                SECTION
      5.11.

              	
                LIMITATION
      ON ASSET SALES

              	
                90

              
	
                SECTION
      5.12.

              	
                COMPLIANCE
      WITH ENVIRONMENTAL LAWS.

              	
                92

              
	
                SECTION
      5.13.

              	
                BOOKS
      AND RECORDS

              	
                92

              
	
                SECTION
      5.14.

              	
                LIMITATION
      ON LIENS

              	
                92

              
	
                SECTION
      5.15.

              	
                ADDITIONAL
      SUBSIDIARY GUARANTEES

              	
                93

              
	
                SECTION
      5.16.

              	
                CONDUCT
      OF BUSINESS

              	
                93

              
	
                SECTION
      5.17.

              	
                ADDITIONAL
      COLLATERAL

              	
                93

              
	
                SECTION
      5.18.

              	
                LIMITATION
      ON ADDITIONAL LIENS ON THE COLLATERAL

              	
                94

              
	
                SECTION
      5.19.

              	
                MERGER,
      CONSOLIDATION, AND SALE OF ASSETS

              	
                94

              
	
                SECTION
      5.20.

              	
                [RESERVED].

              	
                96

              

      

      
        
           

        

        
          -ii-

          
            

          

        

        
           

        

      

       

      
        	
                SECTION
      5.21.

              	
                ERISA

              	
                96

              
	
                SECTION
      5.22.

              	
                HOLDING
      COMPANY

              	
                96

              
	
                SECTION
      5.23.

              	
                USE
      OF PROCEEDS OF THE PERMANENT SECURITIES

              	
                97

              
	
                SECTION
      5.24.

              	
                EXCHANGE
      NOTES

              	
                97

              
	 
      	 
      	 
      
	
                ARTICLE
      6

              
	 
      	 
      	 
      
	
                INFORMATION
      COVENANTS

              
	 
      	 
      	 
      
	
                SECTION
      6.01.

              	
                ANNUAL
      FINANCIAL STATEMENTS

              	
                98

              
	
                SECTION
      6.02.

              	
                QUARTERLY
      FINANCIAL STATEMENTS

              	
                99

              
	
                SECTION
      6.03.

              	
                PARENT
      GUARANTOR

              	
                99

              
	
                SECTION
      6.04.

              	
                COMPLIANCE
      CERTIFICATE

              	
                99

              
	
                SECTION
      6.05.

              	
                PROJECTIONS

              	
                100

              
	
                SECTION
      6.06.

              	
                [RESERVED]

              	
                100

              
	
                SECTION
      6.07.

              	
                INFORMATION;
      MISCELLANEOUS

              	
                100

              
	
                SECTION
      6.08.

              	
                NOTIFICATION
      OF DEFAULT

              	
                101

              
	
                SECTION
      6.09.

              	
                INSPECTION
      OF BOOKS AND RECORDS

              	
                101

              
	
                SECTION
      6.10.

              	
                INSPECTION
      RIGHTS

              	
                101

              
	
                SECTION
      6.11.

              	
                [RESERVED]

              	
                102

              
	
                SECTION
      6.12.

              	
                “KNOW
      YOUR CUSTOMER” CHECKS

              	
                102

              
	
                SECTION
      6.13.

              	
                NO
      PERSONAL LIABILITY

              	
                102

              
	
                SECTION
      6.14.

              	
                PERMANENT
      SECURITIES.

              	
                103

              
	 
      	 
      	 
      
	
                ARTICLE
      7

              
	 
      	 
      	 
      
	
                EVENTS
      OF DEFAULT

              
	 
      	 
      	 
      
	
                SECTION
      7.01.

              	
                EVENTS
      OF DEFAULT

              	
                103

              
	
                SECTION
      7.02.

              	
                REMEDIES.

              	
                106

              
	
                SECTION
      7.03.

              	
                APPLICATION
      OF FUNDS ON ENFORCEMENT

              	
                106

              
	 
      	 
      	 
      
	
                ARTICLE
      8

              
	 
      	 
      	 
      
	
                [RESERVED]

              
	 
      	 
      	 
      
	
                ARTICLE
      9

              
	 
      	 
      	 
      
	
                GUARANTEE

              
	 
      	 
      	 
      
	
                SECTION
      9.01.

              	
                THE
      GUARANTEE

              	
                107

              
	
                SECTION
      9.02.

              	
                OBLIGATIONS
      UNCONDITIONAL

              	
                107

              
	
                SECTION
      9.03.

              	
                REINSTATEMENT

              	
                109

              
	
                SECTION
      9.04.

              	
                SUBROGATION;
      SUBORDINATION

              	
                109

              
	
                SECTION
      9.05.

              	
                REMEDIES

              	
                109

              
	
                SECTION
      9.06.

              	
                INSTRUMENT
      FOR THE PAYMENT OF MONEY

              	
                109

              
	
                SECTION
      9.07.

              	
                CONTINUING
      GUARANTEE

              	
                109

              
	
                SECTION
      9.08.

              	
                GENERAL
      LIMITATION ON GUARANTEE OBLIGATIONS

              	
                109

              
	
                SECTION
      9.09.

              	
                RELEASE
      OF GUARANTORS

              	
                110

              
	
                SECTION
      9.10.

              	
                RIGHT
      OF CONTRIBUTION

              	
                110

              

      

      
        
           

        

        
          -iii-

          
            

          

        

        
           

        

      

      

      
        	
                SECTION
      9.11.

              	
                CERTAIN
      DUTCH MATTERS

              	
                110

              
	
                SECTION
      9.12.

              	
                GUARANTEE
      LIMITATIONS

              	
                111

              
	
                SECTION
      9.13.

              	
                GUARANTEE
      LIMITATIONS IN RESPECT OF MILLENNIUM CHEMICALS INC

              	
                114

              
	
                SECTION
      9.14.

              	
                NON-U.S.
      GUARANTEE LIMITATIONS

              	
                114

              
	
                SECTION
      9.15.

              	
                LIMITATION
      ON GUARANTEE BY ADDITIONAL GUARANTORS

              	
                114

              
	 
      	 
      	 
      
	
                ARTICLE
      10

              
	 
      	 
      	 
      
	
                THE
      AGENTS

              
	 
      	 
      	 
      
	
                SECTION
      10.01.

              	
                APPOINTMENT

              	
                115

              
	
                SECTION
      10.02.

              	
                NATURE
      OF DUTIES

              	
                117

              
	
                SECTION
      10.03.

              	
                RESIGNATION
      BY THE AGENTS

              	
                117

              
	
                SECTION
      10.04.

              	
                THE
      ADMINISTRATIVE AGENT IN ITS INDIVIDUAL CAPACITY

              	
                117

              
	
                SECTION
      10.05.

              	
                INDEMNIFICATION

              	
                118

              
	
                SECTION
      10.06.

              	
                LACK
      OF RELIANCE ON AGENTS

              	
                118

              
	
                SECTION
      10.07.

              	
                COLLATERAL
      AGENT UNDER ITALIAN LAW

              	
                118

              
	
                SECTION
      10.08.

              	
                RELEASE
      FROM RESTRICTIONS OF SELF DEALING

              	
                119

              
	
                SECTION
      10.09.

              	
                PERPETUITY
      PERIOD

              	
                119

              
	 
      	 
      	 
      
	
                ARTICLE
      11

              
	 
      	 
      	 
      
	
                MISCELLANEOUS

              
	 
      	 
      	 
      
	
                SECTION
      11.01.

              	
                NOTICES

              	
                119

              
	
                SECTION
      11.02.

              	
                SURVIVAL
      OF AGREEMENT

              	
                120

              
	
                SECTION
      11.03.

              	
                BINDING
      EFFECT

              	
                120

              
	
                SECTION
      11.04.

              	
                SUCCESSORS
      AND ASSIGNS

              	
                120

              
	
                SECTION
      11.05.

              	
                EXPENSES;
      INDEMNITY

              	
                123

              
	
                SECTION
      11.06.

              	
                RIGHT
      OF SET-OFF

              	
                124

              
	
                SECTION
      11.07.

              	
                APPLICABLE
      LAW

              	
                125

              
	
                SECTION
      11.08.

              	
                WAIVERS;
      AMENDMENTS

              	
                125

              
	
                SECTION
      11.09.

              	
                INTEREST
      RATE LIMITATION

              	
                126

              
	
                SECTION
      11.10.

              	
                ENTIRE
      AGREEMENT

              	
                127

              
	
                SECTION
      11.11.

              	
                WAIVER
      OF JURY TRIAL

              	
                127

              
	
                SECTION
      11.12.

              	
                SEVERABILITY

              	
                127

              
	
                SECTION
      11.13.

              	
                COUNTERPARTS

              	
                127

              
	
                SECTION
      11.14.

              	
                HEADINGS

              	
                127

              
	
                SECTION
      11.15.

              	
                JURISDICTION;
      CONSENT TO SERVICE OF PROCESS

              	
                127

              
	
                SECTION
      11.16.

              	
                CONFIDENTIALITY

              	
                128

              
	
                SECTION
      11.17.

              	
                CONVERSION
      OF CURRENCIES

              	
                129

              
	
                SECTION
      11.18.

              	
                NO
      ADVISORY OR FIDUCIARY RESPONSIBILITY

              	
                129

              
	
                SECTION
      11.19.

              	
                PATRIOT
      ACT NOTICE

              	
                130

              
	
                SECTION
      11.20.

              	
                JOINT
      LEAD ARRANGERS BOOKRUNNERS AND GLOBAL COORDINATORS

              	
                130

              
	
                SECTION
      11.21.

              	
                COLLATERAL
      AND GUARANTEE MATTERS

              	
                130

              
	
                SECTION
      11.22.

              	
                ACKNOWLEDGMENTS
      RELATING TO THE AMENDMENT AND RESTATEMENT EFFECTIVE DATE

              	
                133

              

      

      
        
           

        

        
          -iv-

          
            

          

        

        
           

        

      

       

      
        	
                SCHEDULES

              	 
      
	 	 
	
                Schedule
      1.01(a)

              	
                Security
      Documents

              
	
                Schedule
      1.01(b)

              	
                Security
      Principles

              
	
                Schedule
      1.01(c)

              	
                Guarantors

              
	
                Schedule
      1.01(f)

              	
                Mortgaged
      Properties

              
	
                Schedule
      1.01(g)

              	
                Easement
      Instruments

              
	
                Schedule
      1.01(k)

              	
                Excluded
      Collateral

              
	
                Schedule
      2.01

              	
                Commitments
      of Lenders

              
	
                Schedule
      3.08

              	
                Environmental
      Matters

              
	
                Schedule
      3.11

              	
                Subsidiaries
      and Other Equity Investments

              
	
                Schedule
      4.01(a)(iii)

              	
                Certain
      Security Interests and Guarantees

              
	
                Schedule
      4.01(a)(v)(B)

              	
                Local
      Counsel Jurisdictions

              
	
                Schedule
      6.07

              	
                Website
      for Notices

              

      

      
        
           

        

        
          -v-

          
            

          

        

        
           

        

      

       

      
        	
                EXHIBITS

              	 
      
	 	 
	
                Exhibit
      A

              	
                Assignment
      and Acceptance

              
	
                Exhibit
      B

              	
                Form
      of Borrowing Request

              
	
                Exhibit
      C-1

              	
                Form
      of Initial Note

              
	
                Exhibit
      C-2

              	
                Form
      of Extended Note

              
	
                Exhibit
      D

              	
                Form
      of Description of Exchange Notes

              
	
                Exhibit
      E

              	
                Form
      of Exchange and Registration Rights Agreement

              
	
                Exhibit
      F

              	
                Mandatory
      Cost Formula

              
	
                Exhibit
      G

              	
                Form
      of Intercreditor Agreement

              
	
                Exhibit
      H

              	
                Form
      of Intercompany Note

              
	
                Exhibit
      I

              	
                Accession
      Letter

              
	
                Exhibit
      J

              	
                Form
      of Foreign Lender Tax Certificate

              
	
                Exhibit
      K

              	
                Form
      of U.S. Legal Opinion of Skadden, Arps, Slate, Meagher & Flom
      LLP

              
	
                Exhibit
      L

              	
                Funds
      Flow Memorandum

              
	
                Exhibit
      M

              	
                Compliance
      Certificate

              

      

      
        
           

        

        
          -vi-

          
            

          

        

        
           

        

      

      BRIDGE
LOAN AGREEMENT dated as of December 20, 2007 (this “Agreement”) and amended and
restated April 30, 2008, among LYONDELLBASELL FINANCE COMPANY (“Borrower”), LYONDELLBASELL
INDUSTRIES AF S.C.A. (f/k/a BASELL AF S.C.A.) (the “Company”), the GUARANTORS
party hereto from time to time, the LENDERS party hereto from time to time,
MERRILL LYNCH CAPITAL CORPORATION, as administrative agent (in such capacity,
the “Administrative
Agent”) and CITIBANK, N.A., as collateral agent (in such capacity, the
“Collateral Agent”) for
the Lenders and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, GOLDMAN
SACHS CREDIT PARTNERS L.P., CITIGROUP GLOBAL MARKETS INC., ABN AMRO INCORPORATED
and UBS SECURITIES LLC, as joint lead arrangers and bookrunners (in such
capacity, the “Joint Lead
Arrangers”) and MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,
as transaction coordinator (in such capacity, the “Transaction
Coordinator”).

       

      R E C I T A L S
:

       

      WHEREAS,
pursuant to an Agreement and Plan of Merger dated as of July 16, 2007 (the
“Merger Agreement”)
among the Company, BIL Acquisition Holdings Limited (“MergerCo”) and Lyondell
Chemical Company (“Lyondell”), MergerCo merged
with and into Lyondell on December 20, 2007 (the “Merger”) with the effect that
Lyondell and its subsidiaries became subsidiaries of the Company (the “Acquisition”);

       

      WHEREAS,
to partially pay the consideration for the Acquisition and the refinancing of
certain debt of the Company and its subsidiaries and Lyondell and its
subsidiaries (the “Refinancing”), certain
affiliates of Borrower drew down loans under the Senior Secured Credit
Facilities on the Closing Date (as hereinafter defined);

       

      WHEREAS,
to refinance certain debt of Lyondell, certain affiliates of Borrower entered
into a securitization facility and the Asset Backed Credit Facilities on the
Closing Date;

       

      WHEREAS,
it is currently intended that Borrower will issue the Permanent Securities and
the proceeds thereof will subsequently be used to repay the Loans;

       

      WHEREAS,
the parties hereto have agreed to make certain modifications to this Agreement
as entered into as of December 20, 2007 and to amend and restate this Agreement
in its entirety on the date hereof (this “Amendment and Restatement”),
and it has been agreed by them that the Loans outstanding as of the Amendment
and Restatement Effective Date and other “Obligations” under this Agreement
(including indemnities) shall be governed by and deemed to be outstanding under
this Amendment and Restatement with the intent that the terms of this Amendment
and Restatement shall supersede the terms of the Agreement as in effect on
December 20, 2007 (which shall hereafter have no further effect upon the parties
thereto other than with respect to any action, event, representation, warranty
or covenant occurring, made or applying prior to the Amendment and Restatement
Effective Date), and all references to the Agreement herein or in any Loan
Document or other document or instrument delivered in connection herewith or
therewith shall be deemed to refer to this Amendment and Restatement and the
provisions hereof; provided that (1) the grants
of security interests, Mortgages and Liens under and pursuant to the Loan
Documents shall continue unaltered to secure, guarantee, support and otherwise
benefit the Obligations under this Amendment and Restatement of Borrower and the
other Loan Parties under this Amendment and Restatement and each other Loan
Document shall continue in full force and effect in accordance with its terms
except as expressly amended thereby or hereby, and the parties hereto hereby
ratify and confirm the terms thereof as being in full force and effect and
unaltered by this Amendment and Restatement, (2) it is agreed and understood
that this Amendment and Restatement does not constitute a novation,
satisfaction, payment or reborrowing of any Loan Party Obligation under the
original Agreement (as such term is defined therein) or any other Loan Document
except as expressly modified by this Amendment and Restatement, nor does it
operate as a waiver of any right, power or remedy of any Lender or Agent under
any Loan Document and (3) Section 11.21(b) of the original Agreement continues
in full force and effect and shall extend to all obligations of the Loan Parties
under the original Agreement as amended by this Amendment and
Restatement.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      NOW,
THEREFORE, the Lenders are willing to extend credit to Borrower on the terms and
subject to the conditions set forth herein.  Accordingly, the parties
hereto agree as follows:

       

      ARTICLE
1

       

      DEFINITIONS

       

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

       

      
        	
                 
      

              	
                Section
      1.01.

              	
                Defined
      Terms

              

      

       

      “2010 Debentures” shall mean
the $100,000,000 aggregate principal amount of 101⁄4% Debentures due 2010 of
Lyondell.

       

      “2015 Notes” shall mean,
collectively, the $615,000,000 aggregate principal amount of 83⁄8% Senior Notes
due 2015 of the Company and the €500,000,000 aggregate principal amount of 83⁄8%
Senior Notes due 2015 of the Company.

       

      “2027 Notes” shall mean the
U.S.$300,000,000 aggregate principal amount of 8.10% guaranteed notes due March
15, 2027 issued by Montell Finance Company B.V. (now known as Basell Finance
Company B.V.).

       

      “Accession Letter” shall mean a
document substantially in the form set out in Exhibit I, or such
other form (if any) as may be agreed between the Administrative Agent and the
Loan Parties’ agent.

       

      “Acquired Indebtedness” shall
mean Indebtedness of a Person or any of its subsidiaries existing at the time
such Person becomes a Restricted Subsidiary of the Company or at the time it
merges or consolidates with the Company or any of its Restricted Subsidiaries or
assumed in connection with the acquisition of assets from such Person and in
each case not incurred by such Person in connection with, or in anticipation or
contemplation of, such Person becoming a Restricted Subsidiary of the Company or
such acquisition, merger or consolidation, except for Indebtedness of a Person
or any of its subsidiaries that is repaid at the time such Person becomes a
Restricted Subsidiary of the Company or at the time it merges or consolidates
with the Company or any of its Restricted Subsidiaries.

       

      “Acquisition” shall having the
meaning assigned to such term in the recital hereto.

       

      “Additional Guarantor” shall
mean a company which becomes a Guarantor in accordance with Section
5.15.

       

      “Administrative Agent” shall
have the meaning assigned to such term in the preamble to this
Agreement.

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

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

       

      “Agents” shall mean the
Administrative Agent and the Collateral Agent.

       

      “Agreement” shall have the
meaning assigned to such term in the introductory paragraph of this
Agreement.

       

      “Agreement Currency” shall have
the meaning assigned to such term in Section 11.17(b).

       

      “Amendment and Restatement”
shall have the meaning assigned to such term in the introductory paragraph of
this Agreement.

       

      “Amendment and Restatement Effective
Date” shall mean the date on which the conditions precedent to the
effectiveness of this Amendment and Restatement described in Section 4.02 hereof
have been satisfied.

       

      “Anti-Terrorism Laws” shall
mean:

       

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

       

      (b)           the
Patriot Act;

       

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

       

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

       

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

       

      “Applicable Creditor” shall
have the meaning assigned to such term in Section 11.17(b).

       

      “Applicable Margin” shall
mean:

       

      (a)           during
the period beginning on the Closing Date through and including the day that is
180 days after the Closing Date, 4.625%,

       

      (b)           during
the period beginning on the 181st day after the Closing Date through and
including the day that is 270 days after the Closing Date, 5.125%,
and

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

       

      (c)           during
the period beginning on the 271st day after the Closing Date and thereafter
5.625%;

       

      provided, however, that in
the event that a Rate Increasing Event has occurred on or prior to any date that
is the first day of any period referred to in (a), (b) or (c) above and is
continuing on any such date, the margins specified in clauses (a), (b) and (c)
above with respect to any Loans to which such Rate Increasing Event relates
shall be increased by 0.5% for the period relating to such date.

       

      “Approved Fund” shall mean any
Person (other than a natural person) that is engaged in making, purchasing,
holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business and that is administered or managed by a Lender,
an Affiliate of a Lender or an entity or an Affiliate of an entity that
administers or manages a Lender.

       

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

       

      “Arco Notes” shall mean the
$100,000,000 in aggregate principal amount of 101⁄4% Debentures due 2010 and
$225,000,000 in aggregate principal amount of 9.8% Debentures due 2020, in each
case issued by ARCO Chemical Company.

       

      “Asset Acquisition” shall
mean:

       

      (a)           an
Investment by the Company or any Restricted Subsidiary of the Company in any
other Person pursuant to which such Person shall become a Restricted Subsidiary
of the Company or of any Restricted Subsidiary of the Company, or shall be
merged with or into the Company or any Restricted Subsidiary of the Company,
or

       

      (b)           the
acquisition by the Company or any Restricted Subsidiary of the Company of the
assets of any Person (other than a Restricted Subsidiary of the Company) which
constitute all or substantially all of the assets of such Person or comprises
any division or line of business of such Person or any other properties or
assets of such Person other than in the ordinary course of
business.

       

      “Asset Backed Credit
Facilities” shall mean:

       

      (1)           the
asset based revolving credit agreement dated as of the Closing Date among
Lyondell Chemical Company, Equistar Chemicals, LP, Houston Refining LP, Basell
USA Inc. and certain subsidiaries of the Company party thereto as co-borrowers
from time to time thereunder, the lenders and agents party thereto and Citibank,
N.A., as administrative agent and collateral agent;

       

      (2)           any
credit facility provided on the basis of the value of inventory, accounts
receivable or other current assets (and related documents) or similar
instrument, including any similar credit support agreements or guarantees
incurred from time to time; and

       

      (3)           any
such agreements, instruments or guarantees governing Indebtedness incurred to
Refinance any Indebtedness or commitment referred to in (1) and (2) whether by
the same or any other lender or group of lenders.

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

      “Asset Sale” shall mean any
direct or indirect sale, issuance, conveyance, transfer, lease (other than
operating leases entered into in the ordinary course of business), assignment or
other transfer for value by the Company or any of its Restricted Subsidiaries
(including any Sale and Leaseback Transaction) to any Person other than the
Company or a Restricted Subsidiary of the Company of (a) any Qualified Capital
Stock of any Restricted Subsidiary of the Company (other than to qualifying
directors or nominal shareholders if required by applicable law or other similar
legal requirements); or (b) any other property or assets of the Company or any
Restricted Subsidiary of the Company other than in the ordinary course of
business; provided,
however, that Asset
Sales shall not include

       

      (i)           
a transaction or series of related transactions for which the Company or its
Restricted Subsidiaries receive fair market value as determined in good faith by
the Company for the property or assets and the aggregate consideration is less
than $75 million,

       

      (ii)           the
transfer of accounts receivable and related assets (including contract rights)
of the type specified in the definition of “Qualified Securitization
Transaction” to a Securitization Entity for the fair market value
thereof,

       

      (iii)          sales
or grants of licenses to use the patents, trade secrets, know-how and other
intellectual property of the Company or any of its Restricted Subsidiaries to
the extent that such license does not prohibit the Company or any of its
Restricted Subsidiaries from using the technologies licensed (other than
pursuant to exclusivity or non-competition arrangements negotiated on an
arm’s-length basis) or require the Company or any of its Restricted Subsidiaries
to pay any fees for any such use,

       

      (iv)           the
sale, lease, conveyance, disposition or other transfer

       

      (A)          of
all or substantially all of the assets of the Company as permitted under Section
5.19,

       

      (B)          of
any Capital Stock or other ownership interest in or assets or property,
including Indebtedness, of an Unrestricted Subsidiary or a Person which is not a
subsidiary,

       

      (C)          pursuant
to the creation of any Lien or any foreclosure of assets or other remedy
provided by applicable law to a creditor of the Company or any subsidiary of the
Company with a Lien on such assets, which Lien is permitted under the Loan
Documents; provided
that such foreclosure or other remedy is conducted in a commercially reasonable
manner or in accordance with any bankruptcy law,

       

      (D)          involving
only cash or Cash Equivalents or inventory in the ordinary course of business or
obsolete or worn out property or property that is no longer useful in the
conduct of the business of the Company or its Restricted Subsidiaries (in the
reasonable and good faith judgment of the board of directors of the Company) in
the ordinary course of business consistent with past practices of the Company or
such Restricted Subsidiaries or

       

      (E)           including
only the lease or sublease of any real or personal property in the ordinary
course of business,

       

      (v)           the
consummation of any transaction in accordance with the terms of Section 5.01 or
Section 5.19, and

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

       

      (vi)           Permitted
Investments.

       

      “Assignment and Acceptance”
shall mean an assignment and acceptance entered into by a Lender and an
assignee, and accepted by the Administrative Agent and Borrower (if required by
such assignment and acceptance), substantially in the form of Exhibit A or such
other form as shall be approved by the Administrative Agent.

       

      “Attributable Indebtedness”
shall mean, on any date, in respect of any Capitalized Lease of any Person, the
capitalized amount thereof of any liability that would be required to appear on
a balance sheet of such Person prepared as of such date in accordance with
GAAP.

       

      “Attorney Costs” shall mean and
includes all reasonable fees, reasonable out-of-pocket expenses and
disbursements of Cahill Gordon & Reindel llp, Allen & Overy LLP and
(without duplication) a single external local counsel to the Joint Lead
Arrangers in each jurisdiction reasonably determined by the Administrative
Agent.

       

      “Auditor’s Determination” shall
have the meaning given to it in Section 9.12(a)(vi).

       

      “Audited Financial Statements”
shall mean the audited consolidated financial statements of (i) the Company’s
predecessor, Basell N.V. (now Basell Holdings B.V.), for the fiscal year ended
December 31, 2004 and the seven-month period ended July 31, 2005 and (ii) the
Company and its subsidiaries, for the period beginning April 20, 2005 and ended
December 31, 2005 and the fiscal year ended December 31, 2006.

       

      “Basel II” shall have the
meaning given to it in Section 2.11(a).

       

      “Basell Parent Company” shall
mean any entity of which the Company is a direct or indirect wholly-owned
subsidiary (other than shares held by qualifying directors or nominal
shareholders if required by applicable law or otherwise due to similar legal
requirements).

       

      “Blavatnik Group” shall mean,
collectively:

       

      (a)           Mr.
Leonard Blavatnik, his spouse, direct descendents, siblings, parents, children
of siblings, or grandchildren, grand nieces and grand nephews, and any other
members of the immediate Blavatnik family; or 

       

      (b)           any
trust or any other entity directly or indirectly controlled by, or for the
benefit of, one or more members of the Blavatnik family described above; or

       

      (c)           any
trust (a “Blavatnik Charitable
Trust”):

       

      (i)        
   for the benefit of a charity created by any member of the
Blavatnik family described above; or 

       

      (ii)           to
which any such member of the Blavatnik family is a substantial donor or grantor;
or

       

      (d)           the
estate, executor, administrator, committee of beneficiaries of any member of the
Blavatnik Group listed in paragraphs (a) and (b) of this
definition;

       

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

       

      provided that, in the case of
paragraphs (c)(i) and (c)(ii) of this definition, a member of the Blavatnik
Group described in paragraphs (a) or (b) of this definition maintains control
thereof.

       

      For
purposes of this definition only, “control” of a Blavatnik Charitable Trust
means the possession of the power to direct or cause the direction of management
and policies of such Blavatnik Charitable Trust in respect of the issued share
capital of the Company owned by such Blavatnik Charitable Trust.

       

      “Board” shall mean the Board of
Governors of the Federal Reserve System of the United States of America (or any
successor).

       

      “Board of Directors” shall
mean, as to any Person, the board of directors (or similar governing body) of
such Person (or, if such Person is a partnership and does not have a board of
directors (or similar governing body), the board of directors (or similar
governing body) of such Person’s general partner) or any duly authorized
committee thereof.

       

      “Borrower” shall have the
meaning assigned to such term in the preamble to this Agreement.

       

      “Borrowing” shall mean a group
of Loans as to which a single Interest Period is in effect.

       

      “Borrowing Request” shall mean
a request by Borrower in accordance with the terms of Section 2.03 and
substantially in the form of Exhibit
B.

       

      “Business Day” shall mean any
day other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, are in fact closed in, the state of New
York and:

       

      (a)           if
such day relates to any interest rate settings as to a Dollar Loan, any
fundings, disbursements, settlements and payments in Dollars in respect of any
such Dollar Loan, or any other dealings in Dollars to be carried out pursuant to
this Agreement in respect of any such Dollar Loan, means any such day on which
dealings in deposits in Dollars are conducted by and between banks in the London
interbank eurodollar market; and

       

      (b)           if
such day relates to any interest rate settings as to a Euro Loan, any fundings,
disbursements, settlements and payments in Euros in respect of any such Euro
Loan, or any other dealings in Euros to be carried out pursuant to this
Agreement in respect of any such Euro Loan, means a TARGET Day.

       

      “Capital Stock” shall
mean:

       

      (a)           with
respect to any Person that is a corporation, any and all shares or other
equivalents (however designated and whether or not voting) of corporate stock,
including each class of Common Stock and Preferred Stock of such Person
and

       

      (b)           with
respect to any Person that is not a corporation, any and all partnership
interests, participations or other equivalents (however designated and whether
or not voting) of corporate stock, membership or other equity interests of such
Person.

       

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

      “Capitalized Lease Obligation”
shall mean, as to any Person, the obligations of such Person under a lease that
are required to be classified and accounted for as capital lease obligations
under GAAP and, for purposes of this definition, the amount of such obligations
at any date shall be the capitalized amount of such obligations at such date,
determined in accordance with GAAP.

       

      “Capitalized Leases” shall mean
all leases which, in accordance with GAAP, are recorded as capitalized leases;
provided that for all
purposes hereunder the amount of principal obligations under any Capitalized
Lease shall be the Attributable Indebtedness related thereto.

       

      “Cash Collateral Account” shall
mean a blocked account at Citibank, N.A. (or another commercial bank selected in
compliance with the Senior Secured Credit Facilities in the name of the
Collateral Agent) and otherwise established in a manner reasonably satisfactory
to the Collateral Agent.

       

      “Cash Equivalents” shall
mean:

       

      (a)           time
deposits or demand deposits in local currencies held by it from time to time in
the ordinary course of business,

       

      (b)           an
obligation, maturing within two years after the date of its acquisition, issued
or guaranteed by the United States of America, Australia, Switzerland, Japan,
Canada or any state which was a member state of the European Union on December
31, 2003, or an instrumentality or agency thereof,

       

      (c)           a
certificate of deposit or banker’s acceptance, maturing within one year after
the date of its acquisition, issued by any lender under the Credit Facilities,
or a U.S. national or state bank or trust company or a European, Canadian,
Australian, Swiss or Japanese bank, in each case having capital, surplus and
undivided profits of at least $100,000,000 and whose long-term unsecured debt
has a rating of “A” or better by S&P or A2 or better by Moody’s or the
equivalent rating by any other nationally recognized rating agency,

       

      (d)           commercial
paper, maturing within 365 days after the date of its acquisition, which has a
rating of A1 or better by S&P or P1 or better by Moody’s, or the equivalent
rating by any other nationally recognized rating agency,

       

      (e)           repurchase
agreements and reverse repurchase agreements with an outstanding term not in
excess of one year after the date of its acquisition with any financial
institution which has been elected as a primary government securities dealer by
the Federal Reserve Board or in respect of instruments set forth in clauses (c)
or (d) above of the credit quality set forth in such applicable
clause,

       

      (f)           “Money
Market” preferred stock maturing within six months after the date of its
acquisition or municipal bonds issued by a corporation organized under the laws
of any state of the United States, Australia, Switzerland, Japan, Canada or any
state which was a member state of the European Union on December 31, 2003 or an
instrumentality or agency thereof, which has a rating of “A” or better by
S&P or Moody’s or the equivalent rating by any other nationally recognized
rating agency,

       

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

      (g)           tax
exempt floating rate option tender bonds backed by letters of credit issued by a
national or state bank whose long-term unsecured debt has a rating of AA or
better by S&P or Aa2 or better by Moody’s or the equivalent rating by any
other nationally recognized rating agency, and

       

      (h)           shares
of any fund holding assets consisting (except for de minimis amounts) of the
type specified in clauses (a) through (g) above.

       

      “Casualty Event” shall mean any
event that gives rise to the receipt by the Company or any Restricted Subsidiary
of any insurance proceeds or condemnation awards in respect of any equipment,
fixed assets or Real Property (including any improvements thereon) to replace or
repair such equipment, fixed assets or Real Property.

       

      “Casualty Prepayment Event”
shall mean any event that gives rise to the receipt by the Company or any
Restricted Subsidiary of any insurance proceeds or condemnation awards in
respect of any equipment, fixed assets or Real Property (including any
improvements thereon) to replace or repair such equipment, fixed assets or Real
Property.

       

      “Change in Law” shall mean the
introduction of, or any change in or in the interpretation of, any law, treaty
or governmental rule, regulation or order or the compliance with any guideline,
request or directive from any Governmental Authority (whether or not having the
force of law).

       

      “Change of Control” shall mean
the occurrence of any of the following:

       

      (a)           Sponsor
ceases to hold legally and beneficially:

       

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

       

      (ii)           before
a Listing, the right to determine the composition of the majority of the Board
of Directors or equivalent body of the Company;

       

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

       

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

       

      (d)           the
adoption by the stockholders of the Company of a plan or proposal for the
liquidation or dissolution of the Company, or the adoption by the Company of a
plan for the liquidation or dissolution of Borrower, other than, in each case, a
transaction complying with Section 5.19.

       

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

      “Change of Control Notice”
shall have the meaning given to it in Section 5.10(b).

       

      “Change of Control Price” shall
have the meaning given to it in Section 5.10(b).

       

      “Change of Control Purchase
Date” shall have the meaning given to it in Section 5.10(b).

       

      “Charges” shall have the
meaning assigned to such term in Section 11.09.

       

      “Clean-Up Period” shall have
the meaning given to it in Section 7.02(b).

       

      “Closing Date” shall mean
December 20, 2007, being the first date on which all of the conditions precedent
in Section 4.01 were satisfied or waived and the Loans were drawn.

       

      “Code” shall mean the U.S.
Internal Revenue Code of 1986, as amended from time to time, and rules and
regulations related thereto.

       

      “Collateral” shall mean,
collectively, all assets and property of the Company and its subsidiaries that
are from time to time subject to, or required to be subject to, a Lien pursuant
to the Security Documents.

       

      “Collateral Agent” shall have
the meaning assigned to such term in the preamble to this
Agreement.

       

      “Collateral and Guarantee
Requirement” shall mean, at any time, the requirement that, subject to
the Security Principles:

       

      (a)           the
Administrative Agent shall have received each Collateral Document required to be
delivered on the Closing Date pursuant to Section 4.01(a)(iii) or subsequent to
the Closing Date pursuant to Sections 5.15 or 5.17 at such time, duly executed
by each Loan Party party thereto;

       

      (b)           all
Obligations shall have been unconditionally guaranteed (together, the “Guaranties”) by (x) on the
Closing Date, the Company, each Borrower and each Restricted Subsidiary set
forth on Schedule
1.01(c) and (y) after the Closing Date, by each Material Subsidiary
(each, a “Guarantor”),
in each case to the extent permitted by applicable law, regulation and
contractual provision and to the extent such guarantee would not result in
material adverse tax consequences and would not result in a material
qualification (including any “going concern” or like qualification) in such
Guarantor’s audit report, in each case, as reasonably determined by the
Company;

       

      (c)           the
Guarantees shall have been secured by, subject to the Intercreditor Agreement,
the Legal Reservations and the Perfection Requirements, a second-priority
security interest to the extent legally possible and to the extent required by
the Security Documents in all Equity Interests of (i) each Wholly Owned Domestic
Subsidiary of a Guarantor domiciled in the U.S. and (ii) each material Wholly
Owned Foreign Subsidiary of any Guarantor (other than the Parent Guarantor), in
each instance, (other than, in each case, the Equity Interests of Basell Capital
Corporation, LyondellBasell Receivables I, LLC or any other Securitization
Entity) only to the extent directly owned by the relevant
Guarantor;

       

      
        
           

        

        
          -10-

          
            

          

        

        
           

        

      

      (d)           except
as set forth on Schedule 1.01(k), to
the extent otherwise permitted hereunder or under any Security Document and to
the extent legally possible and to the extent required by the Security
Documents, the Guarantees shall have been secured by a second-priority security
interest in, and mortgages on, substantially all tangible and intangible assets
of the Company and each other Guarantor (including accounts (other than the
Equity Interests not referred to in (c) above) but excluding accounts receivable
subject to Receivables Financing or any Securitization Transactions), inventory
(other than inventory subject to any Asset Backed Credit Facility or Receivables
Financing not prohibited by this Agreement), equipment, investment property,
contract rights, intellectual property, other general intangibles, material
owned or ground leased Real Property, intercompany notes and proceeds of the
foregoing), in each case, subject to the Legal Reservations and the Perfection
Requirements, with the priority required by the Security Documents; provided that security
interests in Real Property shall be limited to the Mortgaged
Properties;

       

      (e)           none
of the Collateral shall be subject to any Liens other than Liens permitted by
Section 5.14; and

       

      (f)           the
Collateral Agent shall have received (i) counterparts of a Mortgage or other
appropriate security interest with respect to each owned or ground leased Real
Property or Easement Instrument described on Schedule 1.01(f) or
required to be delivered pursuant to Sections 4.01, 5.15 or 5.17 at such time
(the “Mortgaged
Properties”) duly executed and delivered by the record owner of such Real
Property or, in the case of Real Property subject to a ground lease, the tenant
holding the leasehold interest in such Real Property; provided, however, that with respect to
any Mortgaged Property subject to a ground lease, the Loan Party holding the
tenant’s interest therein shall not be required to deliver a Mortgage with
regard to any ground lease for which a consent must be obtained, (ii) in respect
of any Real Property located in the United States other than any Excluded
Easements, a Title Policy or Title Policies issued by the Title Company (each as
defined in the Senior Secured Credit Facilities) insuring the Lien of each such
Mortgage as a valid Lien on the property described therein, free of any other
Liens except as expressly permitted by Section 5.14, (iii) in respect of any
Mortgaged Property located outside the United States, evidence that the
Administrative Agent may reasonably request that the Mortgage or other
appropriate security interest constitutes subject to the Intercreditor
Agreement, the Legal Reservations and the Perfection Requirements a
second-priority security interest in respect of the relevant Real Property and
that the record owner of such Mortgaged Property holds good title to it and (iv)
such Surveys, abstracts, certificates, title documents, existing appraisals,
legal opinions and other documents as the Administrative Agent may reasonably
request with respect to any such Mortgaged Property, in each case in form and
substance reasonably satisfactory to the Administrative Agent and Collateral
Agent.  “Excluded
Easements” shall mean those pipeline easements and other similar Real
Property owned by Equistar Chemicals, LP that are not situated within a plant or
other facility that is (1) described on Schedule 1.01(f) and
(2) with respect to which the Collateral Agent is obtaining a Title Policy as
contemplated in this clause (f).  “Easement Instrument” means any
instrument, agreement or understanding pursuant to which an interest in land is
created, including without limitation, each of the instruments and agreements
described or referenced on Schedule 1.01(g).

       

      The
foregoing definition shall not require the creation or perfection of pledges of
or security interests in, or the obtaining of title insurance or surveys with
respect to, (i) assets for which creation or perfection of security interests is
not required pursuant to the Security Documents and (ii) assets as to which the
Administrative Agent under the Senior Secured Credit Facilities and the
Borrowers’ Agent under the Senior Secured Credit Facilities reasonably determine
that the cost of creating or perfecting such pledges or security interests in
such assets or obtaining title insurance or surveys in respect of such assets
shall be excessive in relation to the benefits to be obtained by the Lenders
therefrom.  The Administrative Agent shall grant extensions of time
for the perfection of security interests in or the obtaining of title insurance
or other items required by the Collateral and Guarantee Requirement with respect
to particular assets (including extensions beyond the Closing Date for the
perfection of security interests in the assets of the Loan Parties on such date)
where the Administrative Agent under the Senior Secured Credit Facilities
determines, in consultation with the Company, that perfection cannot be
accomplished using commercially reasonable efforts by the time or times at which
it would otherwise be required by the Senior Secured Credit Facilities or the
Security Documents.

       

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

      Notwithstanding
the foregoing provisions of this definition or anything in this Agreement or any
other Loan Document to the contrary, Liens required to be granted from time to
time pursuant to the Collateral and Guarantee Requirement shall be subject to
exceptions and limitations set forth in the Security Documents and, to the
extent appropriate in the applicable jurisdiction, as agreed between the
Administrative Agent under the Senior Secured Credit Facilities and the Company
in relation to the Senior Secured Credit Facilities and as may be further agreed
by the Administrative Agent and the Company hereunder.

       

      “Commitment Papers” shall mean
(a) the amended and restated Project Hugo Commitment Letter dated as of October
29, 2007, between the Company and the Joint Lead Arrangers other than UBS
Securities LLC, (b) the Joinder Agreement dated as of October 29, 2007, between
the Company and the Joint Lead Arrangers pursuant to which UBS Securities LLC
was joined and became a party to the Commitment Letter referred to in clause (a)
of this definition and (c) the Fee Letter.

       

      “Commitments” shall mean as to
any Lender, its obligation to make one or more Initial Loans in Dollars Borrower
pursuant to Section 2.01(a) on the Closing Date, in an aggregate amount not to
exceed the amount set forth under such Lender’s name on Schedule 2.01
opposite the caption “Commitment Amount” or in the Assignment and Acceptance
pursuant to which a Lender acquires its Commitment, as the same may be adjusted
pursuant to Sections 2.05 and 11.04.

       

      “Common Stock” of any Person
shall mean any and all shares, interests or other participations in, and other
equivalents (however designated and whether voting or non-voting) of such
Person’s common stock or other equivalents of corporate stock, whether
outstanding on the Closing Date or issued after the Closing Date, and includes,
without limitation, all series and classes of such common stock.

       

      “Company” shall have the
meaning assigned to such term in the preamble to this Agreement.

       

      “Company Materials” shall have
the meaning given to it in Section 6.07.

       

      “Compliance Certificate” shall
mean a certificate substantially in the form of Exhibit M.

       

      “Consolidated EBITDA” shall
mean, with respect to any person, for any period, the sum (without duplication)
of

       

      (1)           Consolidated
Net Income,

       

      (2)           to
the extent Consolidated Net Income has been reduced thereby,

       

      
        	
                 
      

              	
                (a)

              	
                after-tax
      items classified as extraordinary
losses,

              

      

       

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                (b)

              	
                all
      income taxes of such person and its Restricted Subsidiaries paid or
      accrued in accordance with GAAP for such period (other than income taxes
      attributable to extraordinary gains or
losses),

              

      

       

      
        
          	
                  
                  

                	
                  (c)

                	
                  Consolidated
      Interest Expense,

                

        

      

       

      
        	
                 
      

              	
                (d)

              	
                Consolidated
      Non-cash Charges,

              

      

       

      
        
          	
                  
                  

                	
                  (e)

                	
                  the
      amount of net loss resulting from the payment of any premiums or similar
      amounts that are required to be paid under the terms of the instrument(s)
      governing any Indebtedness upon the repayment or other extinguishment of
      such Indebtedness in accordance with the terms of such
      Indebtedness,

                

        

      

       

      
        
          	
                  
                  

                	
                  (f)

                	
                  costs
      and expenses paid in such period that are related to any expense or cost
      reductions that have occurred or are associated with the good faith
      projected cost savings described in clause (3)
  below,

                

        

      

       

      
        	
                 
      

              	
                (g)

              	
                management
      fees and mergers and acquisitions advisory fees paid to the Sponsor during
      such period, and

              

      

       

      
        	
                 
      

              	
                (h)

              	
                any
      inventory write-up in connection with purchase accounting in respect of
      acquisitions (including, without limitation, the
    Acquisition),

              

      

       

      (3)           the
amount of net cost savings projected by the Company in good faith to be realized
by specified actions taken or to be taken prior to or during such period;
provided that (x) such cost savings are reasonably identifiable and factually
supportable, (y) such actions have been taken or are to be taken within twelve
months of the date or determination to take such action and the benefit is
expected to be realized within twelve months of taking such action, and (z) the
aggregate amount of such cost savings added pursuant to this clause (3) shall
not exceed $150 million,

       

      all as
determined on a consolidated basis for such person and its Restricted
Subsidiaries in accordance with GAAP.

       

      Notwithstanding
anything herein to the contrary, Consolidated EBITDA for the fiscal quarter
ending (i) June 30, 2007 shall be deemed to be $1,521,000,000, (ii) September
30, 2007 shall be deemed to be $1,632,000,000 and (iii) December 31, 2007 shall
be deemed to be $1,067,000,000.

       

      “Consolidated First Lien Senior
Secured Leverage Ratio” shall mean the Consolidated Senior Secured
Leverage Ratio, but calculated substituting Consolidated First Lien Senior
Secured Debt for Indebtedness.

       

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

      “Consolidated First Lien Senior
Secured Debt” shall mean (a) Consolidated Total Debt secured by a Lien on
any assets of the Company or any of its Restricted Subsidiaries (other than (i)
any Indebtedness under Asset Backed Credit Facilities, Receivables Financings or
Qualified Securitization Transactions not prohibited by this Agreement, (ii) any
Loans subject to prepayment out of funds in the Cash Collateral Account and
(iii) any Indebtedness secured by a Lien ranking junior to the Lien securing the
obligations under the Senior Secured Credit Facilities on a basis at least as
substantially favorable to the lenders thereunder as the basis on which the Lien
securing the Loans ranks junior to the Lien securing the obligations under the
Senior Secured Credit Facilities) minus (b)
Unrestricted Cash.

       

      “Consolidated Fixed Charge Coverage
Ratio” shall mean, with respect to any Person, the ratio of Consolidated
EBITDA of such Person during the four full fiscal quarters ended either on the
last day of the quarter immediately prior to the Closing Date or, if later, the
last quarter of which shall be the most recent quarter for which financial
statements have been provided to Lenders pursuant to Article 6 (the “Four Quarter Period”) ending
on or prior to the date of the transaction giving rise to the need to calculate
the Consolidated Fixed Charge Coverage Ratio (the “Transaction Date”) to
Consolidated Fixed Charges of such Person for the Four Quarter
Period.

       

      (a)           In
addition to the foregoing, for purposes of this definition, “Consolidated
EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect
on a pro forma basis for the period of such calculation to:

       

      (i)        
    the incurrence or repayment or other reduction or
discharge of any Indebtedness of such Person or any of its Restricted
Subsidiaries (and the application of the proceeds thereof) giving rise to the
need to make such calculation and any incurrence or repayment of other
Indebtedness (and the application of the proceeds thereof), other than the
incurrence or repayment of Indebtedness in the ordinary course of business for
working capital purposes pursuant to working capital facilities, occurring
during the Four Quarter Period or at any time subsequent to the last day of the
Four Quarter Period and prior to the Transaction Date, as if such incurrence or
repayment, as the case may be (and the application of the proceeds thereof),
occurred on the first day of the Four Quarter Period;

       

      (ii)            if
since the beginning of the four-quarter reference period any Person was
designated as an Unrestricted Subsidiary or redesignated as or otherwise became
an Unrestricted Subsidiary, such event shall be deemed to have occurred on the
first day of the four-quarter reference period; and

       

      (iii)           any
Asset Sales or Asset Acquisitions (including any Asset Acquisition giving rise
to the need to make such calculation) occurring during the Four Quarter Period
or at any time subsequent to the last day of the Four Quarter Period and on or
prior to the Transaction Date, as if such Asset Sale or Asset Acquisition
(including the incurrence, assumption or liability for any such Acquired
Indebtedness) occurred on the first day of the Four Quarter Period.

       

      (b)           If
such Person or any of its Restricted Subsidiaries directly or indirectly
guarantees Indebtedness of a Person other than the Company or a Restricted
Subsidiary of the Company, the preceding paragraph (a) will give effect to the
incurrence of such guaranteed Indebtedness as if such Person or any Restricted
Subsidiary of such Person had directly incurred or otherwise assumed such
guaranteed Indebtedness.  Furthermore, in calculating “Consolidated
Fixed Charges” for purposes of determining the denominator (but not the
numerator) of this “Consolidated Fixed Charge Coverage Ratio:”

       

      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

      (i)            
interest on outstanding Indebtedness determined on a fluctuating basis as of the
Transaction Date and which will continue to be so determined thereafter shall be
deemed to have accrued at a fixed rate per annum equal to the rate of interest
on such Indebtedness in effect on the Transaction Date;

       

      (ii)        
   if interest on any Indebtedness actually incurred on the
Transaction Date may optionally be determined at an interest rate based upon a
factor of a prime or similar rate, a eurocurrency interbank offered rate, or
other rates, then the interest rate in effect on the Transaction Date will be
deemed to have been in effect during the Four Quarter Period; and

       

      (iii)           notwithstanding
clause (b)(i) above, interest on Indebtedness determined on a fluctuating basis,
to the extent such interest is covered by agreements relating to Interest Swap
Obligations, shall be deemed to accrue at the rate per annum resulting after
giving effect to the operation of such agreements.

       

      “Consolidated Fixed Charges”
shall mean, with respect to any Person for any period, without
duplication:

       

      (a)           Consolidated
Interest Expense, plus

       

      (b)           the
sum of

       

      (i)             the
amount of all dividend payments on any series of Preferred Stock of such Person
and its Restricted Subsidiaries (other than dividends paid in Qualified Capital
Stock and other than dividends paid to such Person or to a Restricted Subsidiary
of such Person) paid or accrued during such period and

       

      (ii)            tax
actually paid in cash and attributable to the item referred to in clause (i)
above.

       

      “Consolidated Interest Expense”
shall mean, with respect to any Person for any period, without
duplication:

       

      (a)           the
aggregate of the interest expense of such Person and its Restricted Subsidiaries
for such period determined on a consolidated basis in accordance with GAAP,
including without limitation,

       

      (i)           
 any amortization of debt discount,

       

      (ii)            the
net amount paid (or deducting the net amount received) by the Company and its
Restricted Subsidiaries in respect of the relevant period under Interest Swap
Obligations or Currency Agreements (to the extent, and only to the extent, in
respect of interest rate protection),

       

      (iii)        
  all capitalized interest, and

      
        
           

        

        
          -15-

          
            

          

        

        
           

        

      

      (iv)           the
interest portion of any deferred payment obligation,

       

      but
excluding, in each case, any amortization or write-off of deferred financing
costs or fees incurred in connection with the incurrence of any Indebtedness or
any Qualified Securitization Transaction; and

       

      (b)           the
interest component of Capitalized Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its Restricted Subsidiaries
during such period as determined on a consolidated basis in accordance with
GAAP.

       

      “Consolidated Leverage Ratio”
shall mean, with respect to any Person as of any date of determination, the
ratio of (1) consolidated Indebtedness of such Person as of the end of the most
recent fiscal quarter for which financial statements are available under
Sections 6.01 or 6.02 hereof to (2) the aggregate amount of the Consolidated
EBITDA of such Person for the period of the most recent four consecutive
quarters for which financial statements are available under Sections 6.01 or
6.02 hereof, in each case with such pro forma adjustments to
consolidated Indebtedness and Consolidated EBITDA as are appropriate and
consistent with the pro
forma provisions set forth in the definition of Consolidated Fixed Charge
Coverage Ratio.

       

      “Consolidated Net Income” shall
mean, with respect to any Person, for any period:

       

      (a)           aggregate
net income (or loss) of such Person and its Restricted Subsidiaries for such
period on a consolidated basis, determined in accordance with GAAP;
plus

       

      (b)           cash
dividends or distributions paid to such Person or a Restricted Subsidiary of
such Person by any other Person (the “Payor”) other than a
Restricted Subsidiary of the referent Person, to the extent not otherwise
included in Consolidated Net Income, which have been derived from cash flow of
the Payor;

       

      (c)           provided that there shall be
excluded therefrom (but only to the extent included in the calculation of the
foregoing)

       

      (i)           after-tax
gains or losses from Asset Sales or abandonments or reserves relating
thereto,

       

      (ii)           after-tax
items classified as extraordinary or non-recurring gains or losses (including,
for the avoidance of doubt and irrespective of its classification, the effect of
any impairment of goodwill arising as a result of the Acquisition) and any gains
or losses on the disposal or reversal of impairment losses on
assets,

       

      (iii)           the
net income of any Person acquired in a “pooling of interests” transaction
accrued prior to the date it becomes a Restricted Subsidiary of the Person or is
merged or consolidated with the Person or any Restricted Subsidiary of the
Person,

       

      (iv)           the
net income (but not loss) of any Restricted Subsidiary of the Person that is not
a guarantor to the extent that the declaration of dividends or similar
distributions by that Restricted Subsidiary of that income is restricted; provided, however, that the net income
of Restricted Subsidiaries shall only be excluded in any calculation of
Consolidated Net Income of the Company as a result of application of this clause
(iv) if the restriction on dividends or similar distributions results from
consensual restrictions other than any restriction contained in clauses (ii),
(iv), (v), (xi), (xvi) and (xvii) of Section 5.09 hereof,

      
        
           

        

        
          -16-

          
            

          

        

        
           

        

      

      (v)           the
net income or loss of any Person, other than a Restricted Subsidiary of the
Person, except to the extent of cash dividends or distributions paid to the
Person or to a Restricted Subsidiary of the Person by such Person (net of
associated tax),

       

      (vi)           any
restoration to income of any contingency reserve, except to the extent that
provision for such reserve was made out of Consolidated Net Income accrued at
any time following the Closing Date,

       

      (vii)           income
or loss attributable to discontinued operations (including, without limitation,
operations disposed of during such period whether or not such operations were
classified as discontinued),

       

      (viii)           in
the case of a successor to the Person by consolidation or merger or as a
transferee of the referent Person’s assets, any earnings or losses of the
successor corporation prior to such consolidation, merger or transfer of
assets,

       

      (ix)           all
dividends received by the Company as described in clause (iv) of the second
paragraph of the definition of “Indebtedness” to the extent the Company is
obligated to apply such dividends in the repayment of such Indebtedness,
and

       

      (x)         any
increase in amortization or depreciation as a result of the receipt of any
insurance proceeds from damage to property.

       

      “Consolidated Net Tangible
Assets” shall mean, as of any date, the total amount of assets (less
applicable reserves and other properly deductible items) of the Company and its
Restricted Subsidiaries on a consolidated basis, as of the last day of the most
recently ended period for which financial statements were delivered pursuant to
Sections 6.01 and 6.02, determined in accordance with GAAP, after deducting
therefrom (1) all current liabilities (excluding any thereof which are by their
terms extendible or renewable at the option of the obligor thereon to a time
more than 12 months after the time as of which the amount thereof is being
computed and excluding current maturities of long term debt), and (2) all
goodwill, trade names, trademarks, patents, purchased technology, unamortized
debt discount and other like intangible assets.

       

      “Consolidated Non-cash Charges”
shall mean, with respect to any Person, for any period, the aggregate
depreciation, amortization and other non-cash expenses of such Person and its
Restricted Subsidiaries reducing Consolidated Net Income of such Person and its
Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP (excluding any such charges constituting an extraordinary
item or loss or any such charge which requires an accrual of or a reserve for
cash charges for any future period).

       

      “Consolidated Senior Secured Leverage
Ratio” shall mean the Consolidated Leverage Ratio, but calculated by
excluding all Indebtedness other than Senior Secured Indebtedness.

       

      “Consolidated Total Debt” shall
mean, as of any date, the principal amount of Indebtedness of the Company and
its Restricted Subsidiaries that is outstanding on such date and consists of
Indebtedness (other than Indebtedness under the Structured Financing
Transaction) for borrowed money (adjusted to take into account any liability or
receivable arising under any Swap Contract entered into in connection with
hedging any currency exposure to such Indebtedness) and Attributable
Indebtedness.

       

      
        
           

        

        
          -17-

          
            

          

        

        
           

        

      

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

       

      “Contribution Indebtedness”
shall mean Indebtedness of the Company or the Indebtedness of any Restricted
Subsidiary of the Company in an aggregate principal amount not greater than
twice the aggregate amount of cash contributions made to the capital of the
Company or such Restricted Subsidiary after the Closing Date; provided that:

       

      (1)           if
the aggregate principal amount of such Contribution Indebtedness is greater than
one times such cash contributions to the capital of the Company or such
Restricted Subsidiary, as applicable, the amount in excess shall be Indebtedness
with a Stated Maturity later than the Final Maturity Date; and

       

      (2)           such
Contribution Indebtedness (a) is incurred within 180 days after the making of
such cash contributions and (b) is so designated as Contribution Indebtedness
pursuant to an Officers’ Certificate on the Incurrence date
thereof.

       

      “Control” shall have the
meaning given to it in the definition of “Affiliate.”

       

      “Controlled Foreign
Corporation” shall mean an entity that is a controlled foreign
corporation for purposes of Section 957(a) of the Internal Revenue
Code.

       

      “Credit Facilities” shall
mean:

       

      (a)           the
Senior Secured Credit Facilities,

       

      (b)           the
Asset Backed Credit Facilities,

       

      (c)           any
credit agreement (and related document) or similar instrument, including any
similar credit support agreements or guarantees, governing other revolving
credit, working capital or term Indebtedness incurred from time to time,
and

       

      (d)           any
such agreements, instruments or guarantees governing Indebtedness incurred to
Refinance any Indebtedness or commitments referred to in (a), (b)  and
(c) whether by the same or any other lender or group of lenders.

       

      “Currency Agreement” shall mean
any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement entered into by the Company or any of its Restricted
Subsidiaries.

       

      “Debt Issuance” shall mean the
incurrence or issuance of any Indebtedness not permitted hereunder.

       

      “Debt Issuance Prepayment
Event” shall mean the occurrence of a Debt Issuance.

      
        
           

        

        
          -18-

          
            

          

        

        
           

        

      

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

       

      “Default” shall mean an event
or condition the occurrence of which is, or with the lapse of time or the giving
of notice or both would be, an Event of Default.

       

      “Defaulting Lender” shall mean
any Lender with respect to which a Lender Default is in effect.

       

      “Description of Exchange Notes”
shall mean the description of the terms and conditions of the proposed Senior
Second Lien Notes due 2015 of Borrower, substantially in the form of Exhibit D, which
notes are intended to refinance the Loans.

       

      “Disposition” shall mean the
sale, transfer, license, lease or other disposition (including any sale and
leaseback transaction and any sale or issuance of Equity Interests) of any
property by any Person, including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith.

       

      “Disqualified Capital Stock”
shall mean that portion of any Capital Stock which, by its terms (or by the
terms of any security into which it is convertible or for which it is
exchangeable), or upon the happening of any event, matures or is mandatorily
redeemable (other than redeemable only for Capital Stock of such Person that is
not itself Disqualified Capital Stock), pursuant to a sinking fund obligation or
otherwise, or is redeemable at the sole option of the holder thereof on or prior
to the final maturity date of the notes; provided, however, that any Capital
Stock that would not constitute Disqualified Capital Stock but for provisions
thereof giving holders thereof the right to require such Person to purchase or
redeem such Capital Stock upon the occurrence of a “change of control” occurring
prior to the Final Maturity Date shall not constitute Disqualified Capital Stock
if:

       

      (a)           the
“change of control” provisions applicable to such Capital Stock are not more
favorable to the holders of such Capital Stock than the terms set forth in
Section 5.10; and

       

      (b)           any
such requirement only becomes operative after compliance with such terms
applicable to the notes, including the purchase of any notes tendered pursuant
thereto.

       

      Notwithstanding
the preceding sentence, only the portion of such Capital Stock which so matures
or is mandatorily redeemable or is so convertible or exchangeable prior to the
Final Maturity Date shall be so deemed Disqualified Capital
Stock.  The amount of any Disqualified Capital Stock that does not
have a fixed redemption, repayment or repurchase price will be calculated in
accordance with the terms of such Disqualified Capital Stock as if such
Disqualified Capital Stock were redeemed, repaid or repurchased on any date on
which the amount of such Disqualified Capital Stock is to be determined pursuant
hereto; provided, however, that if such
Disqualified Stock could not be required to be redeemed, repaid or repurchased
at the time of such determination, the redemption, repayment or repurchase price
will be the book value of such Disqualified Capital Stock as reflected in the
most recent financial statements of such Person.

      
        
           

        

        
          -19-

          
            

          

        

        
           

        

      

      “Dollar” or “$” shall mean lawful money of
the United States.

       

      “Dollar Borrowing” shall mean
any Borrowing denominated in Dollars.

       

      “Dollar Equivalent” shall mean,
at the time of determination thereof, (a) if such amount is expressed in
Dollars, such amount, (b) if such amount is expressed in Euro, the equivalent of
such amount in Dollars determined by using the rate of exchange quoted by the
Administrative Agent in New York, New York at 11:00 a.m. (New York time) on the
date of determination (or, if such date is not a Business Day, the last Business
Day prior thereto) to prime banks in New York for the spot purchase in the New
York foreign exchange market of Dollars with such amount of Euro and (c) if such
amount is denominated in any other currency, the equivalent of such amount in
Dollars as determined by the Administrative Agent using any method of
determination it reasonably deems appropriate.

       

      “Dollar Loan” shall mean any
Loan denominated in Dollars.

       

      “Domestic Subsidiary” shall
mean any subsidiary that is organized under the Laws of the United States, any
state thereof or the District of Columbia.

       

      “Dutch Civil Code” shall mean
the Dutch Civil Code (Burgerlijk
Wetboek).

       

      “Dutch Loan Party” means a Loan
Party incorporated under the laws of or established in The
Netherlands.

       

      “EMU Legislation” shall mean
the legislative measures of the European Union Economic and Monetary
Union.

       

      “Engagement Letter” shall mean
the amended and restated Project Hugo Engagement Letter dated as of October 29,
2007, between the Company and the Joint Lead Arrangers (including the joinder
agreement dated as of October 29, 2007 among the Company and the Joint Lead
Arrangers pursuant to which UBS Securities LLC was joined and became a party
thereto).

       

      “Environment” shall mean indoor
air, ambient air, surface water, groundwater, drinking water, land surface,
subsurface strata, and natural resources such as wetlands, flora and
fauna.

       

      “Environmental Laws” shall mean
the common law and any and all federal, state, local, and foreign statutes,
Laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
licenses, agreements or governmental restrictions relating to pollution, the
protection of the Environment, the generation, treatment, storage, transport,
distribution, handling or recycling of Hazardous Materials or the presence,
Release or threat of Release of Hazardous Materials and, to the extent relating
to exposure to Hazardous Materials, human health and to workplace health and
safety.

       

      “Environmental Liability” shall
mean any liability, contingent or otherwise (including any liability for
damages, costs of investigation and remediation, fines, penalties or
indemnities), of the Loan Parties or any Restricted Subsidiary resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or recycling of any Hazardous
Materials, (c) exposure to any Hazardous Materials, (d) the Release or
threatened Release of any Hazardous Materials or (e) any contract, agreement or
other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

      
        
           

        

        
          -20-

          
            

          

        

        
           

        

      

      “Environmental Permit” shall
mean any permit, approval, identification number, license or other authorization
required under any Environmental Law.

       

      “Equistar Notes” shall mean the
$150,000,000 in aggregate principal amount of 7.55% Debentures due 2026 (assumed
by Equistar Chemicals, LP) pursuant to the indenture governing the Equistar
Notes dated as of January 29, 1996 as supplemented by Supplemental Indentures
dated February 15, 1996, December 1, 1997, November 3, 2000 and November 17,
2000, together with any other series of notes created thereunder.

       

      “Equity Interests” shall mean,
with respect to any Person, all of the Capital Stock of such Person and all
warrants, options or other rights to acquire Capital Stock of such Person
(including any contribution from Shareholders without any issuance of shares but
excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

       

      “Equity Issuance Prepayment
Event” shall mean any issuance of Equity Interests in the Company to any
Person other than a Loan Party, excluding any issuances to the
Sponsor.

       

      “Equity Offering” shall mean
any sale of Qualified Capital Stock of the Company or any capital contribution
to the equity of the Company.

       

      “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended from time to
time.

       

      “ERISA Affiliate” shall mean
any trade or business (whether or not incorporated) that is under common control
with a Loan Party or any Restricted Subsidiary within the meaning of Section 414
of the Code or Section 4001 of ERISA.

       

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

      
        
           

        

        
          -21-

          
            

          

        

        
           

        

      

      “EURIBOR” shall mean, in
relation to any Euro Loan, (a) the percentage rate per annum determined by the
Banking Federation of the European Union for the relevant period, in each case
displayed on the appropriate page of the Reuters screen, and (b) if the rate
referenced in the preceding clause (a) does not appear on such page or service
or such page or service shall not be available for the relevant period of that
Loan, the arithmetic mean of the rates (rounded upwards to four decimal places)
as supplied to the Administrative Agent at its request quoted by three major
banks selected by the Administrative Agent to leading banks in the European
interbank market, at or about 11 a.m. Brussels time on the second full Business
Day next preceding the first day of the relevant period in relation to which
such rate is calculated.

       

      “Euro” and “€” shall mean the lawful
currency of the Participating Member States introduced in accordance with EMU
Legislation.

       

      “Euro Borrowing” shall mean any
Borrowing denominated in Euro.

       

      “Euro Equivalent” shall mean at
the time of determination thereof, (a) if such amount is expressed in Euro, such
amount, (b) if such amount is expressed in Dollars, the equivalent of such
amount in Euro determined by using the rate of exchange quoted by the
Administrative Agent in New York, New York at 11:00 a.m. (New York time) on the
date of determination (or, if such date is not a Business Day, the last Business
Day prior thereto) to prime banks in New York for the spot purchase in the New
York foreign exchange market of Euro with such amount of Dollars and (c) if such
amount is denominated in any other currency, the equivalent of such amount in
Euro as determined by the Administrative Agent using any method of determination
it reasonably deems appropriate.

       

      “Euro Loan” shall mean any Loan
denominated in Euro.

       

      “Event of Default” shall have
the meaning assigned to such term in Article 7.

       

      “Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended, or any successor statute or
statutes thereto.

       

      “Exchange and Registration Rights
Agreement” shall mean the exchange and registration rights agreement,
substantially in the form of Exhibit
E.

       

      “Exchange Documents” shall mean
the Exchange Note Indenture and the Exchange Notes.

       

      “Exchange Note Amount” shall
mean, with respect to any Net Sale Proceeds with respect to an Asset Sale at any
time, an amount equal to the product of (a) such Net Sale Proceeds times (b) a
fraction, the numerator of which is the aggregate principal amount of Exchange
Notes outstanding at such time and the denominator of which is the sum of (i)
the aggregate principal amount of Exchange Notes outstanding at such time and
(ii) the aggregate principal amount of Loans outstanding at such
time.

       

      “Exchange Note Holders” shall
mean registered holders of the Exchange Notes.

       

      “Exchange Note Indenture” shall
mean the indenture to be entered into relating to the Exchange Notes, having
terms and conditions substantially as set forth in the Description of Exchange
Notes (with such changes to cure any ambiguity, omission, defect or
inconsistency as the Joint Lead Arrangers and the Company shall approve), as the
same may be amended, modified or supplemented.

      
        
           

        

        
          -22-

          
            

          

        

        
           

        

      

      “Exchange Note Trustee” shall
mean the trustee under the Exchange Note Indenture.

       

      “Exchange Notes” shall mean the
securities issued under the Exchange Note Indenture.

       

      “Exchange Request” shall have
the meaning assigned to such term in Section 5.24(b).

       

      “Excluded Subsidiary” shall
mean (a) any subsidiary that is not a Wholly Owned Subsidiary (for so long as
such subsidiary remains a non-Wholly Owned Subsidiary), (b) each subsidiary of a
Guarantor listed on Schedule 1.01(c) and any successor entity and each
subsidiary that is not a Material Subsidiary, in each case, for so long as such
subsidiary is not a Material Subsidiary, (c) any subsidiary that is prohibited
by applicable Law, or contractual restrictions or any of the other matters
referred to in the Security Principles, from guaranteeing the Obligations and
(d) any other subsidiary with respect to which, in the reasonable judgment of
the Administrative Agent and the Company, the cost or other consequences
(including any adverse tax consequences) of providing a guarantee shall be
excessive in view of the benefits to be obtained by the Lenders therefrom or
which would otherwise contravene the Security Principles.

       

      “Excluded Taxes” shall mean, in
the case of each Lender and Agent,

       

      (a)           taxes
imposed on or measured by its net income (or branch profits), and franchise or
capital taxes imposed on it in lieu of net income taxes, in each case (i) by the
jurisdiction (or any political subdivision thereof) under the laws of which such
recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable Lending Office is located, (ii) by
reason of any other connection between the jurisdiction imposing such tax and
such Agent or Lender (or its applicable Lending Office) other than any
connections arising solely from such Agent or Lender (or its applicable Lending
Office) having executed, delivered, been a party to, received or perfected a
security interest under or performed its obligations under, received payment
under or enforced, this Agreement or any other Loan Document, or (iii) under §
49 para. 1 Nr. 5 lit. c (aa) of the German Income Tax Act solely by virtue of
the Lender having security over German-situs real estate (inländischen Grundbesitz) or
over rights subject to the civil law provisions applicable to real estate (inländische Rechte, die den
Vorschriften des bürgerlichen Rechts über Grundstücke
unterliegen),

       

      (b)           in
the case of a Foreign Lender or Foreign Agent other than an assignee pursuant to
a request by Borrower under Section 2.15,

       

        
(i)         with respect to any
Loan to Borrower, any U.S. federal withholding tax that is imposed on amounts
payable to or for the account of a Foreign Lender pursuant to a law in effect at
the time such Foreign Lender becomes a party hereto (or designates a new Lending
Office), except to the extent that such Foreign Lender (or its assignor, if any)
was entitled, immediately prior to the time of designation of a new Lending
Office (or assignment), to receive additional amounts from Borrower with respect
to such withholding tax pursuant to Section 2.13,

       

       
(ii)         any withholding tax
that is attributable to such Foreign Lender’s failure to comply with Section
2.13(d),

       

      (c)          any
withholding tax imposed on payments to a Lender by the German tax authorities
under § 50a para. 7 German Income Tax Act as in effect at the time such Lender
becomes a party hereto by virtue of the Lender having security over German-situs
real estate (inländischen
Grundbesitz) or over rights subject to the civil law provisions
applicable to real estate (inländische Rechte, die den
Vorschriften des bürgerlichen Rechts über Grundstücke unterliegen),
except to the extent that such Lender (or its assignor, if any) was entitled,
immediately prior to the time of an assignment, to receive additional amounts
from Borrower with respect to such withholding tax pursuant to Section 2.13;
or

      
        
           

        

        
          -23-

          
            

          

        

        
           

        

      

      (d)           any
U.S. federal backup withholding imposed under Section 3406 of the
Code.

       

      “Existing Notes” shall mean,
collectively, the 2015 Notes, the 2027 Notes, the 101⁄2% Senior Secured Notes due
2013 of Lyondell, the 8% Senior Unsecured Notes due 2014 of Lyondell, the 81⁄4%
Senior Unsecured Notes due 2016 of Lyondell, the 6.875% Senior Unsecured Notes
due 2017 of Lyondell, the 2010 Debentures, the 9.8% Debentures due 2020 of
Lyondell, the 101⁄8% Senior Unsecured Notes due 2008 of Equistar Chemicals, LP,
the 101⁄8% Senior Unsecured Notes due 2011 of Equistar Chemicals, LP, the Equistar
Notes, the Millennium Notes and the 83⁄4% Unsecured Notes due 2009 of Equistar
Chemicals, LP, in each case to the extent outstanding on the Closing Date and
the 4% Convertible Debentures due 2023 of Millennium Chemicals Inc. (to the
extent not converted on the Closing Date).

       

      “Extended Loans” shall have the
meaning assigned to such term in Section 2.01(b).

       

      “Extended Notes” shall have the
meaning assigned to such term in Section 2.06(f).

       

      “Extension Date” shall mean the
date the Initial Loans are converted into Extended Loans pursuant to Section
2.01(b).

       

      “Extension Margin” shall
mean:

       

      (a)            during
the period beginning on the Extension Date through and including the day which
is 90 days after the Extension Date, 6.125%, and

       

      (b)            during
each three-month period thereafter, the Extension Margin for the prior
three-month period plus 0.5%;

       

      provided, however, that in
the event that a Rate Increasing Event has occurred on or prior to any date that
is the first day of any period referred to in (a) or (b) above and is continuing
on any such date, the margins specified in clauses (a) and (b) above with
respect to any Loans to which such Rate Increasing Event relates shall be
increased by 0.5% for the period relating to such date.

       

      “Fee Letter” shall mean the
third amended and restated Project Hugo Fee Letter dated as of the date hereof,
between the Company and the Joint Lead Arrangers.

       

      “Fees” shall mean all amounts
payable pursuant to, or referred to in, Section 2.08.

       

      “Final Maturity Date” shall
mean June 20, 2015 or, if such date is not a Business Day, the Business Day
immediately preceding such date.

       

      “Finance Party” shall mean the
Agents, Lenders and Joint Lead Arrangers.

       

      “Financial Indebtedness” shall
mean (without duplication), at any time, the principal amount of Indebtedness of
the Company and its Restricted Subsidiaries outstanding at such time, referred
to in paragraphs (a), (b), (f), (h) and (i) of the definition of Indebtedness
(but, as to such clause (i), only in respect of paragraphs (a), (b), (f) and (h)
of such definition).

      
        
           

        

        
          -24-

          
            

          

        

        
           

        

      

      “Foreign Lender” shall mean any
Lender that is organized under the laws of a jurisdiction other than the United
States of America.  For purposes of this definition, the United States
of America, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction.

       

      “Foreign Plan” shall mean any
employee benefit plan, program, policy, arrangement or agreement maintained or
contributed to by, or entered into with, a Loan Party or any subsidiary with
respect to employees employed outside the United States.

       

      “Foreign Subsidiary” shall mean
any direct or indirect Restricted Subsidiary of the Company which is not a
Domestic Subsidiary.

       

      “Funds Flow Memorandum” shall
mean the funds flow memorandum substantially in the form attached hereto as
Exhibit L containing details of the flow of funds on the Closing
Date.

       

      “GAAP” shall mean generally
accepted accounting principles in the United States of America as in effect on
the Closing Date as adopted by the Company, except as otherwise set forth in
Article 6; provided
that the Company may make a one-time election to switch to International
Financial Reporting Standards, if permitted to do so by the SEC in its filings
with the SEC.  All ratios and calculations based on GAAP contained in
this Agreement shall be computed in conformity with GAAP unless this Agreement
otherwise provides.

       

      “German Guarantor” shall have
the meaning given to it in Section 9.12(a).

       

      “GmbH-Act” shall have the
meaning assigned to it in Section 9.12(a)(iii)(B).

       

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

       

      “Group” shall mean the Company
and its subsidiaries from time to time, including, on and from the Closing Date,
Lyondell and its subsidiaries.

       

      “Guaranteed Obligations” shall
have the meaning given to it in Section 9.01

       

      “Guarantor” shall mean each
Parent Guarantor, each Person listed on Schedule 1.01(c) and
each Additional Guarantor; provided that upon the
release and discharge of such Person from such guarantee in accordance with this
Agreement, such Person shall cease to be a Guarantor.

       

      “Hazardous Materials” shall
mean all materials, chemicals, substances, wastes, pollutants, contaminants,
constituents and compounds of any nature or in any form, including petroleum or
petroleum distillates, asbestos or asbestos-containing materials,
polychlorinated biphenyls, radon gas or mold that are regulated pursuant to, or
can give rise to liability under, any applicable Environmental Law.

       

      “Hedging Obligations” shall
mean, with respect to any Person, the obligations of such Person under (i)
interest rate swap agreements, interest rate cap agreements and interest rate
collar agreements, (ii) forward foreign exchange contracts or currency swap
agreements, (iii) other agreements or arrangements designed to protect such
Person against fluctuations in interest rates or currency values, (iv) commodity
price protection agreements or commodity price hedging agreements designed to
manage fluctuations in prices or costs of raw materials, manufactured products
or related commodities and (v) emissions rights trading
agreements.

      
        
           

        

        
          -25-

          
            

          

        

        
           

        

      

      “Holders” shall mean the
Lenders and the Exchange Note Holders.

       

      “Holding Company” shall mean,
in relation to a company, corporation or other legal entity, any other company,
corporation or other legal entity in respect of which the former company,
corporation or other legal entity is a Subsidiary.

       

      “Indebtedness” shall mean with
respect to any Person, without duplication,

       

      (a)           all
obligations of such Person for borrowed money,

       

      (b)           all
obligations of such Person evidenced by bonds, debentures, notes or other
similar instruments,

       

      (c)           all
Capitalized Lease Obligations of such Person,

       

      (d)           all
obligations of such Person issued or assumed as the deferred purchase price of
property that is due more than six months after taking delivery of such
property, all conditional sale obligations and all obligations under any title
retention agreement (but excluding trade accounts payable and other accrued
liabilities arising in the ordinary course of business that are not overdue by
90 days or more or are being contested in good faith by appropriate proceedings
promptly instituted and diligently conducted),

       

      (e)           all
obligations for the reimbursement of any obligor on any letter of credit,
banker’s acceptance or similar credit transaction,

       

      (f)           guarantees
in respect of Indebtedness referred to in clauses (a) through (e) above and
clause (h) below,

       

      (g)           all
obligations of any other Person of the type referred to in clauses (a) through
(f) which are secured by any lien on any property or asset of such Person, the
amount of such obligation being deemed to be the lesser of the fair market value
of such property or asset or the amount of the obligation so
secured,

       

      (h)           all
net obligations under Currency Agreements and Interest Swap Obligations of such
Person,

       

      (i)           all
Receivables Financings and obligations under Asset Backed Credit Facilities,
and

       

      (j)           all
Disqualified Capital Stock issued by such Person and Preferred Stock issued by
Restricted Subsidiaries of such Person with the amount of Indebtedness
represented by such Disqualified Capital Stock or Preferred Stock being equal to
the greater of its voluntary or involuntary liquidation preference and its
maximum fixed repurchase price, but excluding accrued dividends, if
any,

       

      which, in
the case of (d) above, would appear as a liability on the balance sheet of such
Person in accordance with GAAP.

      
        
           

        

        
          -26-

          
            

          

        

        
           

        

      

      For
purposes hereof, the “maximum fixed repurchase price” of any Disqualified
Capital Stock or Preferred Stock which does not have a fixed repurchase price
shall be calculated in accordance with the terms of such Disqualified Capital
Stock or Preferred Stock as if such Disqualified Capital Stock or Preferred
Stock were purchased on any date on which Indebtedness shall be required to be
determined pursuant to this Agreement, and if such price is based upon, or
measured by, the fair market value of such Disqualified Capital Stock or
Preferred Stock, such fair market value shall be determined reasonably and in
good faith by the Board of Directors of the issuer of such Disqualified Capital
Stock or Preferred Stock.

       

      Notwithstanding
the foregoing, “Indebtedness” shall not include:

       

      (i)           advances
paid by customers in the ordinary course of business for services or products to
be provided or delivered in the future,

       

      (ii)           deferred
taxes,

       

      (iii)           unsecured
indebtedness of the Company and/or its Restricted Subsidiaries incurred to
finance insurance premiums in a principal amount not in excess of the insurance
premiums to be paid by the Company and/or its Restricted Subsidiaries for a
three year period beginning on the date of any incurrence of such
indebtedness,

       

      (iv)           Indebtedness
owed or incurred by any Restricted Subsidiary whose activities are limited to
holding shares in Qualified Joint Ventures (but only to the extent that (A) the
creditors under the relevant agreement have no recourse to the Company other
than such Restricted Subsidiary; and (B) the recourse those creditors have to
such Restricted Subsidiary is limited to the proceeds (if any) of dividends
received by such Restricted Subsidiary in respect of such Restricted
Subsidiary’s investment in such Qualified Joint Ventures),

       

      (v)           Limited
Recourse Stock Pledge or any non-recourse guarantee given solely to support such
pledge,

       

      (vi)           any
Indebtedness which has been defeased in accordance with GAAP or defeased
pursuant to the deposit of cash or government obligations (in an amount
sufficient to satisfy all such Indebtedness at the Stated Maturity thereof or
redemption, as applicable, and all payments of interest and premium, if any) in
a trust or account created or pledged for the sole benefit of the holders of
such Indebtedness, and subject to no other Liens, and other applicable terms of
the instrument governing such Indebtedness or

       

      (vii)           Indebtedness
for which irrevocable notice of redemption has been duly given and for which
redemption money in the necessary amount has been irrevocably deposited with the
applicable trustee or paying agent in trust for the holders of such
Indebtedness.

       

      
        “Indemnified Taxes” shall mean
all Taxes other than Excluded Taxes.

      

       

      “Indemnitee” shall have the
meaning assigned to such term in Section 11.05(b).

      
        
           

        

        
          -27-

          
            

          

        

        
           

        

      

      “Independent Financial Advisor”
shall mean a firm which, in the judgment of the Board of Directors of the
Company, is independent and qualified to perform the task for which it is to be
engaged.

       

      “Initial Loans” shall have the
meaning assigned to such term in Section 2.01(a).

       

      “Initial Maturity Date” shall
mean the first anniversary of the Closing Date or, if such date is not a
Business Day, the Business Day immediately preceding such first
anniversary.

       

      “Initial Notes” shall have the
meaning assigned to such term in Section 2.06(f).

       

      “Initial Public Equity
Offering” shall mean a firm commitment underwritten offering of shares of
Capital Stock of the applicable Person (a) registered on an appropriate form
under the Securities Act or any similar offering in other jurisdictions or (b)
listed on an internationally recognized exchange or traded on an internationally
recognized market.

       

      “Intercreditor Agreement” shall
mean the intercreditor agreement, substantially in the form of Exhibit G, dated as
of the Closing Date entered into between, among others, the Agents, after the
issue of the Permanent Securities, the trustee of the Permanent Securities (or
in the case of any other refinancing of this agreement, the equivalent under
that other refinancing), certain parties to the Senior Secured Credit
Facilities, Borrower and the Company.

       

      “Interest Payment Date” shall
have the meaning assigned to such term in Section 2.09(d).

       

      “Interest Period” shall mean,
as to any Borrowing, the period commencing on the date such Borrowing is
disbursed and ending on the numerically corresponding day in the calendar month
that is one, two, three or six months thereafter, as Borrower may elect; provided that

       

      (i)         any
Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day
falls in another calendar month, in which case such Interest Period shall end on
the next preceding Business Day;

       

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

       

      (iii)         the
last Interest Period applicable to Initial Loans shall end on the Initial
Maturity Date (or, if later, the Extension Date); and

       

      (iv)         no
Interest Period shall extend beyond the Final Maturity Date.

       

      “Interest Swap Obligations”
shall mean the obligations of any Person pursuant to any arrangement with any
other Person, whereby, directly or indirectly, such Person is entitled to
receive from time to time periodic payments calculated by applying either a
floating or a fixed rate of interest on a stated notional amount in exchange for
payments made by such other Person calculated by applying a fixed or a floating
rate of interest on the same notional amount and shall include, without
limitation, interest rate swaps, caps, floors, collars and similar
agreements.

      
        
           

        

        
          -28-

          
            

          

        

        
           

        

      

      “Investment” shall mean, with
respect to any Person, any direct or indirect loan or other extension of credit
(including, without limitation, a guarantee) or capital contribution to (by
means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or
acquisition by such Person of any Capital Stock, bonds, notes, debentures or
other securities or evidences of Indebtedness issued by, any other
Person.  “Investment” excludes (i) extensions of trade credit, (ii)
commissions, loans, advances, fees and compensation paid in the ordinary course
of business to officers, directors and employees, and (iii) reimbursement
obligations in respect of letters of credit and tender, bid, performance,
government contract, surety and appeal bonds, in each case solely with respect
to obligations of the Company or any of its Restricted Subsidiaries in
accordance with normal trade practices of the Company or such Restricted
Subsidiary, as the case may be.  For the purposes of Section
5.01,

       

      (a)           “Investment”
shall include and be valued at the fair market value of the net assets of any
Restricted Subsidiary of the Company at the time that such Restricted Subsidiary
is designated an Unrestricted Subsidiary and shall exclude the fair market value
of the net assets of any Unrestricted Subsidiary at the time that such
Unrestricted Subsidiary is designated a Restricted Subsidiary of the Company
and

       

      (b)           the
amount of any Investment in any Person is the original cost of such Investment
plus the cost of all additional Investments therein by the Company or any of its
Restricted Subsidiaries, without any adjustments for increases or decreases in
value, or write-ups, write-downs or write-offs with respect to such Investment,
reduced by the payment of dividends or distributions in connection with such
Investment or any other amounts received in respect of such
Investment;

       

      provided that no such payment
of dividends or distributions or receipt of any such other amounts shall reduce
the amount of any Investment if such payment of dividends or distributions or
receipt of any such amounts would be included in Consolidated Net
Income.

       

      If the
Company or any Restricted Subsidiary of the Company sells or otherwise disposes
of any Common Stock of any direct or indirect Restricted Subsidiary of the
Company such that, after giving effect to any such sale or disposition, the
Company no longer owns, directly or indirectly, greater than 50% of the
outstanding Common Stock of such Restricted Subsidiary, the Company will be
deemed to have made an Investment on the date of any such sale or disposition
equal to the fair market value of the Common Stock of such Restricted Subsidiary
not sold or disposed of.

       

      “Investment Grade Rating” shall
mean a rating of BBB- or higher by S&P and Baa3 or higher by Moody’s and, in
each case, has a stable or positive outlook.  In the event that the
Company selects any other Rating Agency pursuant to the provisions of the
definition thereof, the equivalent of such ratings by such Rating Agency shall
be used.

       

      “IRS” shall mean the Internal
Revenue Service of the United States.

       

      “Joint Lead Arrangers” shall
have the meaning assigned to such term in the preamble to this
Agreement.

       

      “Judgment Currency” shall have
the meaning assigned to such term in Section 11.17.

       

      “Laws” shall mean, as to any
Person, collectively, all international, foreign, federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and
administrative or judicial precedents or authorities, including the
interpretation or administration thereof by any Governmental Authority charged
with the enforcement, interpretation or administration thereof, and all
applicable administrative orders, directed duties, requests, licenses,
authorizations and permits of, and agreements with, any Governmental Authority,
in each case binding on such Person or to which such Person or any of its
property or assets is subject.

      
        
           

        

        
          -29-

          
            

          

        

        
           

        

      

      “Legal Reservations” shall
mean:

       

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

       

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

       

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

       

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

       

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

       

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

       

      “Lender Default” shall mean (i)
the refusal (which has not been retracted) of a Lender to make available any
portion of any Borrowing, or (ii) a Lender having notified in writing Borrower
and/or the Administrative Agent that it does not intend to comply with its
obligations under Section 2.04.

       

      “Lenders” shall mean (a) the
financial institutions listed on the signature pages of this Agreement (other
than any such financial institution that has ceased to be a party hereto
pursuant to an Assignment and Acceptance) together their respective successors
and assigns as permitted hereunder and any Affiliate of any such financial
institution, and (b) any financial institution that has become a party hereto
pursuant to an Assignment and Acceptance.

       

      “Lending Office” shall mean, as
to any Lender, such office or offices as a Lender may from time to time notify
Borrower and the Administrative Agent.

       

      “LIBOR” shall mean, in relation
to any Loan:

       

      (a)           the
rate per annum equal to the rate determined by the Administrative Agent to be
the offered rate that appears on the page of the Dow Jones Market screen (or any
successor thereto) that displays an average British Bankers Association Interest
Settlement Rate for deposits in Dollars or Euros (for delivery on the first day
of such Interest Period), with a term equivalent to such Interest Period,
determined as of approximately 11:00 a.m. (London time) two (2) Business Days
prior to the first day of such Interest Period, or, if different, the date on
which quotations would customarily be provided by leading banks in the London
Interbank Market for deposits of amounts in Dollars or Euros for delivery on the
first day of such Interest Period, or

      
        
           

        

        
          -30-

          
            

          

        

        
           

        

      

       

      (b)           if
the rate referenced in the preceding clause (a) does not appear on such page or
service or such page or service shall not be available, the rate per annum equal
to the rate determined by the Administrative Agent (acting reasonably) to be the
offered rate on such other page or other service that displays an average
British Bankers Association Interest Settlement Rate for deposits in Dollars or
Euros (for delivery on the first day of such Interest Period), with a term
equivalent to such Interest Period, determined as of approximately 11:00 a.m.
(London time) two (2) Business Days prior to the first day of such Interest
Period, or, if different, the date on which quotations would customarily be
provided by leading banks in the London Interbank Market for deposits of amounts
in Dollars or Euros for delivery on the first day of such Interest Period,
or

       

      (c)           if
the rates referenced in the preceding clauses (a) and (b) are not available, the
rate per annum determined by the Administrative Agent as the rate of interest at
which deposits in Dollars or Euros for delivery on the first day of such
Interest Period in Same Day Funds in the approximate amount of the Eurocurrency
Rate Loan being made, continued or converted by Merrill Lynch Capital
Corporation, London Branch and with a term equivalent to such Interest Period
would be offered by Merrill Lynch Capital Corporation, London Branch to major
banks in the London interbank eurodollar market at their request at
approximately 11:00 a.m. (London time) two (2) Business Days prior to the first
day of such Interest Period or, if different, the date on which quotations would
customarily be provided by leading banks in the London Interbank Market for
deposits of amounts in the relevant currency for delivery on the first day of
such Interest Period.

       

      “Lien” shall mean any lien,
mortgage, deed of trust, pledge, security interest, charge or encumbrance of any
kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof and any agreement to give any security interest),
but not including any interests in accounts receivable and related assets
conveyed by the Company or any of its subsidiaries in connection with any
Qualified Securitization Transaction.

       

      “Limited Recourse Stock Pledge”
shall mean the pledge of the Equity Interests in any joint venture (that is not
a Restricted Subsidiary) or any Unrestricted Subsidiary to secure non-recourse
debt of such joint venture or Unrestricted Subsidiary, which pledge is made by a
Restricted Subsidiary of the Company, the activities of which are solely limited
to making and managing Investments, and owning Equity Interests, in such joint
venture or Unrestricted Subsidiary, but only for so long as its activities are
so limited.

       

      “Listing” shall mean a listing
of all or any part of the share capital of the Company or any of its
subsidiaries or any Holding Company of the Company or any of its subsidiaries
(excluding Access Industries, Inc., the Sponsor (to the extent not a subsidiary
of the Company) and any such Holding Company of the Company or any of its
subsidiaries, but in each case only if a majority of the investments of such
company are not constituted by the Company or any of its subsidiaries) on any
investment exchange or any other sale or issue by way of flotation or public
offering or any equivalent circumstances in relation to the Company or any of
its subsidiaries or any Holding Company of the Company or any of its
subsidiaries (excluding Access Industries, Inc., the Sponsor (to the extent not
a subsidiary of the Company) and any such Holding Company of the Company or any
of its subsidiaries, but in each case only if a majority of the investments of
such company are not constituted by the Company or any of its subsidiaries) in
any jurisdiction or country.

       

      “Loan Documents” shall mean
this Agreement, the Security Documents, the Loan Notes (if any), the Exchange
Documents, the Exchange and Registration Rights Agreement, the Intercreditor
Agreement and the Commitment Papers.

      
        
           

        

        
          -31-

          
            

          

        

        
           

        

      

      “Loan Notes” shall mean the
Initial Notes and the Extended Notes.

       

      “Loan Parties” shall mean
Borrower, the Company and each other Guarantor.

       

      “Loans” shall mean the Initial
Loans and the Extended Loans.

       

      “Lyondell” shall have the
meaning given to it in the introductory paragraph to this
Agreement.

       

      “Management Agreement” shall
mean the Management Agreement dated as of December 11, 2007, between, among
others, the Company and certain of its subsidiaries and Nell Limited as in
effect on the Closing Date.

       

      “Management Determination”
shall have the meaning given to it in Section 9.12(a)(v).

       

      “Mandatory Cost” shall mean the
percentage rate per annum calculated by the Administrative Agent in accordance
with Exhibit
F.

       

      “Margin Loans” shall mean the
loan originally entered into between, among others, AI Chemical Investments LLC,
Merrill Lynch International and Merrill Lynch, Pierce, Fenner & Smith
Incorporated on or about August 20, 2007 in order to finance the acquisition of
certain shares in the capital of Lyondell (as amended, transferred or novated
from time to time (including to certain subsidiaries of the
Company)).

       

      “Margin Stock” shall have the
meaning assigned to such term in Regulation U.

       

      “Material Adverse Effect” shall
mean (a) a material adverse effect on the business, operations, assets,
liabilities (actual or contingent) or financial condition of the Company and its
Restricted Subsidiaries (taken as a whole), (b) a material adverse effect on the
ability of Borrower or the Loan Parties (taken as a whole) to perform their
respective payment obligations under any Loan Document to which Borrower or any
of the Loan Parties is a party or (c) a deficiency in the rights and remedies of
the Lenders under the Loan Documents (taken as a whole) which is materially
adverse to the Lenders.

       

      “Material Subsidiary” shall
mean at any date of determination, each of the Company’s subsidiaries (a) whose
total assets at the last day of the relevant fiscal year were equal to or
greater than 2.5% of the Total Assets of the Company and the Restricted
Subsidiaries at such date or (b) whose EBITDA for the most recently ended fiscal
year for which financial statements have been delivered pursuant to Section
6.01(a) is equal to or greater than 2.5% of the Consolidated EBITDA for such
fiscal year.

       

      “Maximum Rate” shall have the
meaning given to it in Section 11.09.

       

      “Merger Agreement” shall have
the meaning assigned to such term in the recital hereto.

       

      “Millennium Indenture” shall
mean the indenture dated November 27, 1996 in respect of the Millennium Notes as
supplemented by a Supplemental Indenture dated November 21, 1997, as in effect
on the Closing Date.

       

      “Millennium Notes” shall mean the
Millennium America Inc. 75⁄8% Senior Notes due 2026.

      
        
           

        

        
          -32-

          
            

          

        

        
           

        

      

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

       

      “Mortgaged Properties” shall
have the meaning set forth in paragraph (f) of the definition of Collateral and
Guarantee Requirement.

       

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

       

      “Net Assets” shall have the
meaning given to it in Section 9.12.

       

      “Net Cash Proceeds” shall mean,
with respect to any Debt Issuance or any Equity Issuance Prepayment Event, the
cash proceeds thereof, net of customary fees, commissions, costs, taxes and
other expenses incurred in connection therewith.

       

      “Net Casualty Proceeds” shall
mean “Net Proceeds” (with respect to a Casualty Event) as defined in the Senior
Secured Credit Facilities.

       

      “Net Proceeds” shall mean (a)
Net Sale Proceeds, Net Casualty Proceeds, Net Recovery Proceeds, or Net Cash
Proceeds, as applicable or (b) in the case of a Permanent Securities Prepayment
Event, the proceeds thereof, net of all out-of-pocket expenses and fees relating
to such issuance of such Permanent Securities (including, without limitation,
legal, accounting and underwriter fees or initial purchaser discounts and sales
commissions) incurred in connection with the issuance of such Permanent
Securities.

       

      “Net Proceeds Offer” shall have
the meaning assigned to such term in Section 5.11.

       

      “Net Recovery Proceeds” shall
mean 100% of the cash proceeds actually received by the Company or any of its
Restricted Subsidiaries from a Recovery Event, net of related fees, taxes and
transaction costs properly incurred in achieving any such recovery.

       

      “Net Sale Proceeds” shall mean,
with respect to any Asset Sale, the proceeds (including cash received from the
sale of non-cash consideration) in the form of cash or Cash Equivalents
including payments in respect of deferred payment obligations when received in
the form of cash or Cash Equivalents (other than the portion of any such
deferred payment constituting interest) received by the Company or any of its
Restricted Subsidiaries from such Asset Sale net of

       

      (a)           all
out-of-pocket expenses and fees relating to such Asset Sale (including, without
limitation, legal, accounting and investment banking fees and sales
commissions),

       

      (b)           taxes
paid or payable after taking into account any reduction in consolidated tax
liability due to available tax credits or deductions and any tax sharing
arrangements,

       

      (c)           repayment
of Indebtedness that is required to be repaid in connection with such Asset
Sale,

       

      (d)           all
distributions and other payments required to be made to minority interest
holders in subsidiaries or joint ventures as a result of such Asset Sale or to
any other Person (other than the Company or a Restricted Subsidiary of the
Company) owning a beneficial interest in the assets disposed of in such Asset
Sale;

      
        
           

        

        
          -33-

          
            

          

        

        
           

        

      

      (e)           the
decrease in proceeds from Qualified Securitization Transactions which results
from such Asset Sale; and

       

      (f)           appropriate
amounts to be provided by the Company or any Restricted Subsidiary of the
Company, as a reserve, in accordance with GAAP, against any liabilities
associated with such Asset Sale and retained by, the Company or any Restricted
Subsidiary of the Company, after such Asset Sale, including pension and other
post-employment benefit liabilities, liabilities related to environmental
matters and liabilities under any indemnification obligations associated with
such Asset Sale.

       

      “Non-Consenting Lender” shall
have the meaning assigned to such term in Section 2.15(c).

       

      “Non-Responsive Lender” shall
mean, with respect to any amendment, waiver or modification, any Lender who does
not respond affirmatively or negatively within 20 Business Days to a request for
such amendment, waiver or modification.

       

      “Notes” shall mean the Loan
Notes and the Exchange Notes as originally executed or as they may from time to
time be amended pursuant to the applicable provisions hereof.

       

      “Notice Deadline” shall have
the meaning given to it in Section 5.10(b).

       

      “Obligations” shall mean all
advances to, and debts, liabilities, obligations, covenants and duties of, any
Loan Party and its subsidiaries arising under any Loan Document or otherwise
with respect to any Loan, whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or
hereafter arising and including interest and fees that accrue after the
commencement by or against any Loan Party or subsidiary of any proceeding under
any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such
proceeding.  Without limiting the generality of the foregoing, the
obligations of the Loan Parties under the Loan Documents (and of their
subsidiaries to the extent they have obligations under the Loan Documents)
include (a) the obligation (including guarantee obligations) to pay principal,
interest, reimbursement obligations, charges, expenses, fees, Attorney Costs,
indemnities and other amounts payable by any Loan Party or subsidiary under any
Loan Document and (b) the obligation of any Loan Party or subsidiary to
reimburse any amount in respect of any of the foregoing that any Lender, in its
sole discretion, may elect to pay or advance on behalf of such Loan Party or
such subsidiary to the extent originally payable by that Loan Party or
subsidiary.

       

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

      
        
           

        

        
          -34-

          
            

          

        

        
           

        

      

      “Other Taxes” shall mean any
and all present or future stamp or documentary taxes or any other excise,
property, intangible, mortgage recording or similar taxes or charges or similar
levies which arise from any payment made under any Loan Document or from the
execution, delivery, registration or enforcement of, or otherwise with respect
to any Loan Documents.

       

      “Overnight Rate” shall mean,
for any day, (a) with respect to any amount denominated in Dollars, the Federal
Funds Rate, and (b) with respect to any amount denominated in Euro, the rate of
interest per annum at which overnight deposits in Euro, in an amount
approximately equal to the amount with respect to which such rate is being
determined, would be offered for such day by a branch or Affiliate of Merrill
Lynch Capital Corporation in the applicable offshore interbank market for such
currency to major banks in such interbank market.

       

      “Parent” shall mean BI S.à
r.l., a société à
responsabilité limitée whose registered office is 15-17 Avenue Gaston
Diderich, L-1420 Luxembourg.

       

      “Parent Guarantors” shall mean
the Company and Basell Funding S.à.r.l.

       

      “Pari Passu Indebtedness” shall
mean, in the case of the Loans, any Indebtedness of the Company that ranks
equally in right of payment with the Loans and, in the case of the guarantees
thereof, any Indebtedness of the applicable Guarantor that ranks equally in
right of payment to the guarantee of the Loans of such Guarantor.

       

      “Participant” shall have the
meaning assigned to such term in Section 11.04(c).

       

      “Participating Member State”
shall mean each state so described in any EMU legislation.

       

      “Party” shall mean a party to
this Agreement.

       

      “Patriot Act” shall mean the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001.

       

      “Paying Agent” shall mean the
Person acting as paying agent in respect of the Exchange Notes, as described in
the Description of Exchange Notes.

       

      “PBGC Settlement” shall mean
the settlement agreement between Lyondell and the Pension Benefit Guaranty
Corporation (or any successor entity) (the “PBGC”) as amended, modified,
restated or replaced from time to time.

       

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

      
        
           

        

        
          -35-

          
            

          

        

        
           

        

      

      “Perfection Certificate” shall
mean a certificate in the form of Exhibit G-1 to the
Senior Secured Credit Facilities, as the same shall be supplemented from time to
time by a Perfection Certificate Supplement or otherwise.

       

      “Perfection Requirements” means
the making or the procuring of the appropriate registrations, filings,
endorsements, notarizations, stamping and/or notifications of the Security
Documents and/or the Lien created thereunder, to the extent to be made other
than by the Company or its subsidiaries.

       

      “Permanent Securities” shall
mean any debt securities issued by Borrower or one of its Affiliates to
refinance the Loans or Exchange Notes in whole or in part.

       

      “Permanent Securities Prepayment
Event” shall mean the issuance of any Permanent Securities on or before
the first anniversary of the Closing Date.

       

      “Permitted Business” shall mean
any business which is the same, similar, related or complementary to the
businesses in which the Company and its Restricted Subsidiaries were engaged on
the Closing Date (including, for the avoidance of doubt, following the
consummation of the Acquisition), except to the extent that after engaging in
any new business, the Company and its Restricted Subsidiaries, taken as a whole,
remain substantially engaged in similar lines of business as were conducted by
them on the Closing Date.

       

      “Permitted Collateral Liens”
shall mean the following types of Liens:

       

      (a)           Liens
on the Collateral (i) to secure the Loans, the Exchange Notes and the Permanent
Securities or (ii) to secure other Indebtedness permitted to be incurred
pursuant to this Agreement, provided that the assets and
properties securing such Indebtedness referred to in this subclause (ii) will
also secure the Loans on at least a second ranking basis; provided further that, after
giving effect to the incurrence of such Indebtedness referred to in this
subclause (ii), prior to the Extension Date, the Consolidated Senior Secured
Leverage Ratio is less than 4.0:1 on the date of incurrence and, thereafter, the
Consolidated Senior Secured Leverage Ratio is less than 4.25:1 on the date of
incurrence;

       

      (b)           Liens
on the Collateral securing Indebtedness under the Senior Secured Credit
Facilities permitted to be incurred pursuant to Section 5.08(c)(ii) or
incremental facilities under the Senior Secured Credit Facilities in an amount
not to exceed $1.0 billion prior to the Extension Date and thereafter $2.0
billion, provided that
the assets and properties securing such Indebtedness will also secure the
Loans;

       

      (c)           Liens
on any property or assets of a Restricted Subsidiary of the Company granted in
favor of the Company or any of its subsidiaries which are Guarantors; provided that any Liens of
the type described in this clause (c) will be subject to the Liens granted and
evidenced by the Security Documents;

       

      (d)           Liens
securing obligations of the Company or any Restricted Subsidiary of the Company
under Hedging Obligations permitted under Section 5.08, provided that each of the
parties thereto will have entered into the Intercreditor Agreement and that such
Liens may not extend to or cover any assets or property other than the assets
and properties that secure the Loans;

       

      (e)           Liens
as in effect on the Closing Date securing the 2015 Notes and Liens on Collateral
permitted under clause (b) above which also secure the Arco Notes or the
Equistar Notes;

      
        
           

        

        
          -36-

          
            

          

        

        
           

        

      

      (f)           any
extension, renewal or replacement, in whole or in part, of any Lien described in
the foregoing clauses (a) through (e) and clause (g) below; provided that any such
extension, renewal or replacement will be no more restrictive in any material
respect than the Lien so extended, renewed or replaced and will not extend in
any material respect to any additional property or assets; and

       

      (g)           Liens
described in clauses (a), (c), (d), (f), (g), (h), (i), (j), (l), (m), (n), (p)
(but only in respect of Liens described in clauses (a) and (l)), (q), (s)
through (v) and (bb) of the definition of Permitted Liens.

       

      “Permitted Indebtedness” shall
have the meaning assigned to such term in Section 5.08(c).

       

      “Permitted Investments” shall
mean:

       

      (a)           Investments
by the Company or any Restricted Subsidiary of the Company in any Person that is
or will become immediately after such Investment a Restricted Subsidiary of the
Company or that will merge or consolidate into the Company or a Restricted
Subsidiary of the Company;

       

      (b)           Investments
in the Company by any Restricted Subsidiary of the Company; provided that any
Indebtedness evidencing such Investment is unsecured and subordinated (other
than pursuant to intercompany notes pledged under the Credit Facilities),
pursuant to a written agreement, to the Company’s obligations under the Loans
and this Agreement;

       

      (c)           Investments
in cash and Cash Equivalents;

       

      (d)           loans
and advances to employees and officers of the Company and its subsidiaries in
the ordinary course of business or as required by applicable law or for travel,
relocation and related expenses;

       

      (e)           Investments
in Unrestricted Subsidiaries of the Company or joint ventures not to exceed (A)
on or prior to the Extension Date, $250 million and, thereafter, the greater of
(i) $500 million and (ii) 2% of Consolidated Net Tangible Assets, plus
(B)

       

      (i)           the
aggregate amount net of tax withheld at source returned in cash on or with
respect to any Investments made in Unrestricted Subsidiaries and joint ventures
whether through interest payments, principal payments, dividends or other
distributions or payments on account of such Investment,

       

      (ii)           the
cash proceeds net of tax withheld at source received by the Company or any
Restricted Subsidiary of the Company from the disposition of all or any portion
of such Investments (other than to a Restricted Subsidiary of the
Company),

       

      (iii)          upon
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary of the
Company, the fair market value of such subsidiary, and

       

      (iv)     
    Investments in Specified Joint Ventures in an amount not to
exceed $20 million;

      
        
           

        

        
          -37-

          
            

          

        

        
           

        

      

      provided, however, that the net
after-tax amount has not been included in Consolidated Net Income for the
purpose of calculating clause (iii)(A) of Section 5.01(c);

       

      (f)           Investments
in securities received pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any debtors of the Company or
its Restricted Subsidiaries or received in settlement of debts created in the
ordinary course of business and owing to the Company or a Restricted Subsidiary
of the Company or in satisfaction of judgments or in settlement of any
litigation or arbitration;

       

      (g)           Investments
made by the Company or its Restricted Subsidiaries as a result of consideration
received in connection with an Asset Sale made in compliance with Section
5.11;

       

      (h)           Investments
existing on the Closing Date;

       

      (i)          
  any Investment by the Company or a wholly owned subsidiary of the Company
in a Securitization Entity or any Investment by a Securitization Entity in any
other Person in connection with a Qualified Securitization Transaction; provided that any Investment
in a Securitization Entity is in the form of a purchase money note or an equity
interest;

       

      (j)           
 payments to any Basell Parent Company for the purposes described in clause
(b)(v) of Section 5.01 which, when aggregated with the payment made under such
clause, will not exceed €1.5 million in any fiscal year;

       

      (k)          
 any Indebtedness of the Company to any of its subsidiaries incurred in
connection with the purchase of accounts receivable and related assets by the
Company from any such subsidiary which assets are subsequently conveyed by the
Company to a Securitization Entity in a Qualified Securitization
Transaction;

       

      (l)           
 Investments through the licensing of technology in a Person that is or
will be as a result of such Investment a Qualified Joint Venture;

       

      (m)           purchase
of shares of Royal Dutch Shell plc and BASF AG required to satisfy Basell B.V.’s
obligations under its stock option plans or stock appreciation rights as such
plans and rights were in effect on the Closing Date;

       

      (n)           Investments
held by any Person (other than an Affiliate of the Company) that becomes a
Restricted Subsidiary of the Company; provided that such
Investments were not acquired in contemplation of the acquisition of such
Person;

       

      (o)           Hedging
Obligations entered into in the ordinary course of business and otherwise
permitted under this Agreement;

       

      (p)           Limited
Recourse Stock Pledges; and

       

      (q)           any
Investment in a Permitted Business having an aggregate fair market value, taken
together with all other Investments made pursuant to this clause (q) that are at
that time outstanding, not to exceed, on or prior to the Extension Date, $125
million, and thereafter, $250 million (with the fair market value of each such
Investment being measured at the time made and without giving effect to
subsequent changes in value).

      
        
           

        

        
          -38-

          
            

          

        

        
           

        

      

      “Permitted Liens” shall mean
the following types of Liens:

       

      (a)           Liens
existing on the Closing Date (including the extension, re-issuance or renewal of
such Liens);

       

      (b)           Liens
securing Indebtedness under Credit Facilities permitted to be incurred pursuant
to, and in an amount no greater than that specified in, Section
5.08(c)(ii);

       

      (c)           Liens
securing Indebtedness under Asset Backed Credit Facilities permitted by clause
(xiv)(i) of Section 5.08(c);

       

      (d)           Liens
on any property or assets of a Restricted Subsidiary of the Company that is not
a guarantor granted in favor of the Company, a Restricted Subsidiary of the
Company that is a guarantor or any wholly-owned Restricted Subsidiary of the
Company;

       

      (e)           Liens
securing any Capitalized Lease Obligation and Liens to secure Indebtedness
(including Capitalized Lease Obligations) permitted by clause (xiii)(B) of
Section 5.08(c) covering only the property or assets acquired with such
Indebtedness;

       

      (f)           
Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by the Company or any Restricted
Subsidiary of the Company in the ordinary course of business;

       

      (g)           statutory
Liens of landlords and carriers, warehousemen, mechanics, suppliers,
materialmen, repairmen, employees, pension plan administrators or other like
Liens arising in the ordinary course of business of the Company or any
Restricted Subsidiary of the Company and with respect to amounts not yet subject
to penalties for non-payment or being contested in good faith by appropriate
proceedings or Liens arising solely by virtue of any statutory or common law
provisions relating to attorney’s liens or bankers’ liens, rights of set-off or
similar rights and remedies as to deposit accounts or other funds maintained
with a creditor depositary institution;

       

      (h)           Liens
for taxes, assessments, government charges or claims that are extinguished
within 60 days of notice of their existence, are not yet subject to penalties
for non-payment or that are being contested in good faith by appropriate
proceedings;

       

      (i)          
  Liens incurred or deposits made to secure the performance of tenders,
bids or trade or government contracts, or to secure leases, statutory or
regulatory obligations, surety, judgment or appeal bonds, completion guarantee,
surety, letters of credit, performance bonds, guarantees or other obligations of
a like nature incurred in the ordinary course of business (other than
obligations for the payment of borrowed money);

       

      (j)           
zoning restrictions, minor survey exceptions, minor encumbrances, easements,
licenses, reservations of, or rights of others for, licenses reservations, title
defects, rights of others for rights-of-way, utilities, sewers, electrical
lines, telephone lines, telegraph wires, restrictions, encroachments and other
similar charges, encumbrances or title defects or zoning or other restrictions
as to the use of real property or Liens incurred in the ordinary course of
business that do not in the aggregate materially interfere with in any material
respect the ordinary conduct of the business of the Company and its Restricted
Subsidiaries on the properties subject thereto, taken as a
whole;

      
        
           

        

        
          -39-

          
            

          

        

        
           

        

      

      (k)          
 Liens arising by reason of any judgment, decree or order of any court so
long as any appropriate legal proceedings that may have been duly initiated for
the review of such judgment, decree or order shall not have been finally
terminated or the period within which such proceedings may be initiated shall
not have expired;

       

      (l)            
Liens on property of, or on shares of Capital Stock or Indebtedness of, any
Person existing at the time such property or Person is acquired by, merged with
or into or consolidated with, the Company or any Restricted Subsidiary of the
Company; provided that
such Liens (i) do not extend to or cover any property or assets of the Company
or any Restricted Subsidiary of the Company other than the property or assets
acquired (other than assets and property affixed or appurtenant thereto) or than
those of the Person merged into or consolidated with the Company or Restricted
Subsidiary of the Company and (ii) were created prior to, and not in connection
with or in contemplation of, such acquisition, merger or
consolidation;

       

      (m)           Liens
securing the Hedging Obligations of the Company or any Restricted Subsidiary of
the Company permitted under clause (iv) of Section 5.08(c) or any collateral for
the Indebtedness to which such Hedging Obligations relate;

       

      (n)           
Liens incurred or deposits made in the ordinary course of business in connection
with workers’ compensation, unemployment insurance and other types of social
security or other insurance (including unemployment insurance);

       

      (o)          
 Liens made to secure obligations arising from statutory, regulatory,
contractual, or warranty requirements of the Company or any Restricted
Subsidiary of the Company in the ordinary course of business, including rights
of offset and set-off;

       

      (p)           any
extension, amendment, renewal or replacement, in whole or in part, of any Lien
described in the foregoing clauses (a) through (o); provided that any such
extension, renewal or replacement shall be no more restrictive in any material
respect than the Lien so extended, amended, renewed or replaced and shall not
extend to any additional property or assets;

       

      (q)         
  Liens securing Indebtedness incurred to refinance, refund, extend,
renew or replace Indebtedness that has been secured by a Lien permitted by this
Agreement; provided
that (i) such new Lien shall be limited to all or part of the same property and
assets that secured or, under the written agreements pursuant to which the
original Lien arose, could secure the original Lien plus improvements and
accessions to, such property or proceeds or distributions thereof); and (ii) the
Indebtedness secured by such Lien at such time is not increased to any amount
greater than the sum of (A) the outstanding principal amount or, if greater,
committed amount of the Indebtedness at the time the original Lien became a
Permitted Lien and (B) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, refunding, extension, renewal
or replacement;

       

      (r)           
Liens in favor of the Company or any Restricted Subsidiary of the
Company;

       

      (s)           
Liens securing Indebtedness incurred to finance the construction, purchase or
lease of, or repairs, improvements or additions to, property, plant or equipment
of such Person;

       

      (t)           
Liens in favor of customs and revenue authorities arising as a matter of law to
secure payment of customs duties in connection with the importation of
goods;

      
        
           

        

        
          -40-

          
            

          

        

        
           

        

      

      (u)           any
interest or title of a lessor in the property subject to any lease other than a
Capitalized Lease Obligations;

       

      (v)         
  Liens upon specific items of inventory or other goods and proceeds
of any Person securing such Person’s obligations in respect of banker’s
acceptances issues or credit for the account of such Person to facilitate the
purchase, shipment or storage of such inventory or other goods;

       

      (w)           Liens
granted to the Administrative Agent for its compensation and indemnities
pursuant to this Agreement;

       

      (x)          
 lease or subleases or licenses or sublicenses of real property granted in
the ordinary course of business to others that do not materially interfere with
the ordinary course of business of the Company and the Restricted Subsidiaries
of the Company;

       

      (y)           Liens
incurred in the ordinary course of business of the Company or any Restricted
Subsidiary of the Company with respect to obligations that do not exceed, on or
prior to the Extension Date, $125 million and, thereafter, $250 million at any
one time outstanding;

       

      (z)           
Liens on receivables and assets related thereto incurred in connection with a
Qualified Securitization Transaction;

       

      (aa)          Liens
over shares in joint-ventures or in any Restricted Subsidiary of the Company
acting as a special purpose vehicle with the sole purpose to hold shares in a
joint-venture to secure Indebtedness or other obligations of such joint-venture
or Restricted Subsidiary of the Company;

       

      (bb)         any
netting or set-off arrangements entered into by the Company or any Restricted
Subsidiary of the Company in the ordinary course of its banking arrangements
(including, for the avoidance of doubt, cash pooling arrangements) for the
purposes of netting debit and credit balances of the Company or any Restricted
Subsidiary of the Company (including pursuant to any Treasury Services
Agreement);

       

      (cc)          Liens
resulting from any Limited Recourse Stock Pledge;

       

      (dd)         any
Lien arising as a result of a sale, transfer or other disposal which is an Asset
Sale in compliance with Section 5.11;

       

      (ee)          Liens
securing Acquired Indebtedness permitted to be incurred under this Agreement;
provided that such
Liens were in existence prior to the contemplation of the incurrence of such
Indebtedness under this Agreement; and provided further such Liens
do not extend to or over any property or assets not subject to such Lien at the
time of such incurrence other than any assets acquired thereafter which are
required to be pledged pursuant to the terms of such Indebtedness;

       

      (ff)           from
and after the first date when the Loans have an Investment Grade Rating, any
Liens other than on any manufacturing facility in the United States and any
Member State of the European Union (as it existed on December 31,
2003);

      
        
           

        

        
          -41-

          
            

          

        

        
           

        

      

      (gg)         Liens
arising by reason of deposits necessary to qualify the Issuer or any other
Restricted Subsidiary of the Company to conduct business, maintain self
insurance or comply with any law and Liens securing the PBGC Settlement;
and

       

      (hh)         Permitted
Collateral Liens.

       

      “Person” shall mean any natural
person, corporation, business trust, joint venture, association, company,
partnership, limited liability company or government, individual or family
trusts, or any agency or political subdivision thereof.

       

      “Plan” shall mean any “employee
benefit plan” (as such term is defined in Section 3(3) of ERISA) established by
any Loan Party or subsidiary or, with respect to any such plan that is subject
to Section 412 of the Code or Title IV of ERISA, any ERISA
Affiliate.

       

      “Preferred Stock” of any Person
shall mean any Capital Stock of such Person that has preferential rights to any
other Capital Stock of such Person with respect to dividends or redemptions or
upon liquidation.

       

      “Prepayment Event” shall mean
(a) prior to the Initial Maturity Date, any Debt Issuance Prepayment Event, any
Equity Issuance Prepayment Event, any Permanent Securities Prepayment Event, any
Casualty Prepayment Event, any Recovery Prepayment Event or any Asset Sale
Prepayment Event and (b) thereafter, any Permanent Securities Prepayment Event
or any event which would require a Net Proceeds Offer.

       

      “Pro Forma Financial
Statements” shall have the meaning given to it in Section
3.05(a)(i).

       

      “Pro Rata Share” shall mean,
for any Lender at any time, the Euro Equivalent of such Lender’s Commitment
divided by the Euro Equivalent of the Commitments of all Lenders (or, if the
Commitments have been terminated, the Euro Equivalent of the aggregate
outstanding principal amount of such Lender’s Initial Loans divided by the Euro
Equivalent of the aggregate outstanding principal amount of all Initial Loans),
all determined at such time.

       

      “Process Agent” shall have the
meaning assigned to such term in Section 11.15(c).

       

      “Public Indebtedness” shall
mean any indebtedness consisting of bonds, debentures, notes or other similar
debt securities issued in (a) a public offering registered under the Securities
Act, (b) listed on a recognized securities exchange or (c) a private placement
to institutional investors that is underwritten for resale in accordance with
Rule 144A or Regulation S, whether or not it includes registration rights
entitling the holders of such debt securities to registration thereof with the
U.S. Securities Exchange Commission for public resale.

       

      “Purchased Loans” shall have
the meaning given to it in Section 5.10(b).

       

      “Qualified Capital Stock” shall
mean any Capital Stock that is not Disqualified Capital Stock.

       

      “Qualified Development Agency
Debt” shall mean Indebtedness which (a) has a Weighted Average Life to
Maturity at least six months after the Final Maturity Date, (b) bears interest
at a rate lower than the lowest rate on the Senior Secured Credit Facilities at
the date such Indebtedness is incurred, and (c) is issued by, or guaranteed by,
a state development bank or like governmental agency or
organization.

      
        
           

        

        
          -42-

          
            

          

        

        
           

        

      

      “Qualified Joint Venture” shall
mean (a) any Person that is not a subsidiary of the Company or any of its
Restricted Subsidiaries that the Company or any of its Restricted Subsidiaries
has a direct or indirect ownership interest in that is engaged in a Permitted
Business or (b) any entity through which the Company has an ownership interest
as described in clause (a), in the case of (a) and (b), for which the Sponsor
does not hold an ownership interest (other than through its ownership interest
in the Company).

       

      “Qualified Securitization
Transaction” shall mean any transaction or series of transactions that
may be entered into by the Company or any of its Restricted Subsidiaries
pursuant to which the Company or any of its Restricted Subsidiaries may sell,
convey or otherwise transfer pursuant to customary terms to

       

      (a)           a
Securitization Entity or to the Company which subsequently transfers to a
Securitization Entity (in the case of a transfer by the Company or any of its
subsidiaries) and

       

      (b)           any
other Person (in the case of transfer by a Securitization Entity), or may grant
a security interest in any accounts receivable (whether now existing or arising
or acquired in the future) of the Company or any of its Restricted Subsidiaries,
and any assets related thereto including, without limitation, all collateral
securing such accounts receivable, all contracts and contract rights and all
guarantees or other obligations in respect of such accounts receivable, proceeds
of such accounts receivable and other assets (including contract rights) which
are customarily transferred or in respect of which security interests are
customarily granted in connection with asset securitization transactions
involving accounts receivable.

       

      Following
the Initial Public Equity Offering of a Basell Parent Company, references in the
foregoing definition to “the Company” shall be deemed also to refer to such
Basell Parent Company.

       

      “Quotation Day” shall mean, in
relation to any period for which an interest rate is to be
determined:

       

      (a)           (if
the currency is euro) two days in which the Trans-European Automated Real-time
Gross Settlement Express Transfer payment system is open for the settlement of
payments in Euro before the first day of that period; or

       

      (b)           (for
any other currency) two Business Days before the first day of that
period,

       

      unless
market practice differs in the Relevant Interbank Market for a currency, in
which case the Quotation Day for that currency will be determined by the Agent
in accordance with market practice in the Relevant Interbank Market (and if
quotations for that currency and period would normally be given by leading banks
in the Relevant Interbank Market on more than one day, the Quotation Day will be
the last of those days).

       

      “Rate Increasing Event” shall
mean with respect to any tranche of the Loans or the Exchange Notes, such Loans
or Exchange Notes being rated Caa1 or lower by Moody’s or CCC+ or lower by
S&P.

      
        
           

        

        
          -43-

          
            

          

        

        
           

        

      

      “Rating Agency” shall mean (1)
S&P or (2) Moody’s or (3) if neither S&P nor Moody’s shall exist, a
nationally recognized securities rating agency or agencies, as the case may be,
selected by the Company, which shall be substituted for S&P or Moody’s or
both, as the case may be.

       

      “Real Property” shall mean,
collectively, all right, title and interest (including any leasehold, easement,
mineral or other estate) in and to any and all parcels of or interests in real
property owned, leased or operated by any Person, whether by lease, license or
other means, together with, in each case, all easements, hereditaments and
appurtenances relating thereto, all improvements and appurtenant fixtures and
equipment, all general intangibles and contract rights and other property and
rights incidental to the ownership, lease or operation thereof.

       

      “Receivables Financings” shall
mean factoring, securitizations of receivables or any other receivables
financing (including, without limitation, through the sale of receivables in a
factoring arrangement or through the sale of receivables to lenders or to
special purpose entities formed to borrow from such lenders against such
receivables), whether or not recourse to the Company or any of its Restricted
Subsidiaries, including the Asset Backed Credit Facilities secured by
receivables described in paragraph (2) of the definition thereof and any other
Qualified Securitization Transaction.

       

      “Recovery Event” shall mean any
event that gives rise to the receipt by the Company or any of its Restricted
Subsidiaries of proceeds pursuant to or in respect of the Acquisition Agreement
or any due diligence report delivered to the Joint Lead Arrangers in connection
with the Transactions or any related breach of contract, warranty claim,
reliance letter or legal action or proceedings (whether by way of judgment on or
settlement of any such claim).

       

      “Recovery Prepayment Event”
shall mean any event or occurrence generating Net Recovery Proceeds for any Loan
Party or any Subsidiary thereof.

       

      “Refinance” shall mean, in
respect of any security or Indebtedness, to refinance, extend, renew, refund,
replace, repay, prepay, redeem, defease or retire, or to issue a security or
Indebtedness in exchange or replacement for, such security or Indebtedness in
whole or in part.  “Refinanced” and “Refinancing” shall have
correlative meanings.

       

      “Refinancing Indebtedness”
shall mean any Refinancing by the Company or any Restricted Subsidiary of the
Company of Indebtedness incurred in accordance with the Fixed Charge Coverage
Ratio test set forth in Section 5.08 or Indebtedness described in subclauses
(i), (ii)(B), (iii), (x), (xvii), (xviii) or (xix) of Section 5.08(c) in each
case that does not

       

      (a)           result
in an increase in the aggregate principal amount of Indebtedness of such Person
as of the date of such proposed Refinancing (plus the amount of any premium
required to be paid under the terms of the instrument governing such
Indebtedness and plus the amount of reasonable expenses and fees incurred by the
Company in connection with such Refinancing) or

       

      (b)           create
Indebtedness with

       

      (i)           a
Weighted Average Life to Maturity that is less than the Weighted Average Life to
Maturity of the Indebtedness being Refinanced or

       

      (ii)          a
final maturity earlier than the final maturity of the Indebtedness being
Refinanced;

      
        
           

        

        
          -44-

          
            

          

        

        
           

        

      

      (c)           comprise
Indebtedness, Disqualified Stock or Preferred Stock of a subsidiary of the
Company (other than Borrower) that is not a Guarantor that refinances
Indebtedness, Disqualified Stock or Preferred Stock of the Company, Borrower or
any Guarantor;

       

      provided that if such
Indebtedness being Refinanced is subordinated or junior to the Loans, then such
Refinancing Indebtedness shall be subordinated on terms at least as favorable to
Lenders as those contained in the documentation governing the Indebtedness being
Refinanced.

       

      “Register” shall have the
meaning assigned to such term in Section 11.04(b)(iii).

       

      “Registrar” shall mean the
Person acting as Registrar in respect of the Exchange Notes, as described in the
Description of Exchange Notes.

       

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

       

      “Related Parties” shall mean,
with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents and advisors of such Person
and such Person’s Affiliates.

       

      “Release” shall mean any
spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, dumping, disposing, depositing, dispersing or
migrating in, into, onto or through the Environment.

       

      “Relevant Default” shall have
the meaning given to it in Section 7.02.

       

      “Relevant Interbank Market”
shall mean, in relation to Euro, the European interbank market and, in relation
to any other currency, the London interbank market.

       

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

       

      “Required Lenders” shall mean,
at any date, Holders having or holding Loans or Exchange Notes representing more
than 50% of the Dollar Equivalent of all Loans and Exchange Notes outstanding at
such date; provided
that Loans and Exchange Notes held or deemed held by any Defaulting Lender or
Non-Responsive Lender shall be excluded for purposes of making a determination
of Required Lenders.

       

      “Responsible Officer” shall
mean the chief executive officer, president, vice president, chief financial
officer, treasurer or assistant treasurer or other similar officer of a Loan
Party (or, if such Loan Party is a partnership, the similar governing body)
(including, in the case of each Loan Party other than any Loan Party organized,
formed or incorporated in the United States, the authorized number of managing
directors or a general attorney or an attorney under a power of attorney of such
Loan Party) and, as to any document delivered on the Closing Date, any secretary
of such Loan Party.  Any document delivered hereunder that is signed
by a Responsible Officer of a Loan Party shall be conclusively presumed to have
been authorized by all necessary corporate, partnership and/or other action on
the part of such Loan Party and such Responsible Officer shall be conclusively
presumed to have acted on behalf of such Loan Party.

      
        
           

        

        
          -45-

          
            

          

        

        
           

        

      

      “Restricted Investment” shall
mean an Investment other than a Permitted Investment.

       

      “Restricted Payment” shall mean
to

       

      (a)           declare
or pay any dividend or make any distribution, other than dividends or
distributions payable in Qualified Capital Stock of the Company and dividends or
distributions payable solely to the Company or a Restricted Subsidiary of the
Company, and other than pro rata dividends or other distributions made by a
Subsidiary that is not a wholly-owned Subsidiary to minority shareholders (or
owners of an equivalent interest in the case of a Subsidiary that is an entity
other than a corporation), on or in respect of shares of the Company’s Capital
Stock to holders of such Capital Stock,

       

      (b)           purchase,
redeem or otherwise acquire or retire for value any Capital Stock of the Company
or any warrants, rights or options to purchase or acquire shares of any class of
such Capital Stock,

       

      (c)           make
any principal payment on, purchase, defease, redeem, prepay, decrease or
otherwise acquire or retire for value, prior to any scheduled final maturity,
scheduled repayment or scheduled sinking fund payment, any Indebtedness of the
Company that is subordinate or junior in right of payment to the Loans (other
than the purchase, repurchase or other acquisition of Indebtedness of the
Company that is subordinate or junior in right of payment to the notes purchased
in anticipation of satisfying a sinking fund obligation, principal installment
or final maturity, in each case, due within one year of the date of such
purchase, repurchase or other acquisition or which is owed to a Restricted
Subsidiary of the Company); or

       

      (d)           make
any Investment other than Permitted Investments.

       

      “Restricted Subsidiary” of any
Person shall mean any subsidiary of such Person which at the time of
determination is not an Unrestricted Subsidiary.

       

      “S&P” shall mean Standard
& Poor’s Ratings Services or any successor to the rating agency business
thereof.

       

      “Sale and Leaseback
Transaction” shall mean any direct or indirect arrangement with any
Person or to which any such Person is a party, providing for the leasing to the
Company or a Restricted Subsidiary of the Company of any property, whether owned
by the Company or any Restricted Subsidiary of the Company on the Issue Date or
later acquired, which has been or is to be sold or transferred by the Company or
such Restricted Subsidiary to such Person or to any other Person from whom funds
have been or are to be advanced by such Person on the security of such
property.

       

      “Same Day Funds” shall mean (a)
with respect to disbursements and payments in Dollars, immediately available
funds, and (b) with respect to disbursements and payments in Euro, same day or
other funds as may be determined by the Administrative Agent to be customary in
the place of disbursement or payment for the settlement of international banking
transactions in Euro.

       

      “SEC” shall mean the U.S.
Securities and Exchange Commission or any successor thereto.

       

      “Secured Documents” shall mean
the Loan Documents and the Finance Documents (as defined in the Senior Secured
Credit Facilities).

      
        
           

        

        
          -46-

          
            

          

        

        
           

        

      

      “Secured Party” shall mean a
Finance Party or a Secured Party (as defined in the Senior Secured Credit
Facilities), as the case may be.

       

      “Securities Act” shall mean the
U.S. Securities Act of 1933, as amended from time to time.

       

      “Securitization Entity” shall
mean Basell Capital Corporation, Basell Polyolefins Company, BUBA,
LyondellBasell Receivables I LLC and each other entity to which the Company or
any subsidiary of the Company transfers accounts receivable or equipment and
related assets which engages in no activities other than in connection with the
financing of accounts receivable or equipment and which is designated by the
Board of Directors of the Company (as provided below) as a Securitization
Entity

       

      (a)           no
portion of the Indebtedness or any other obligations (contingent or otherwise)
of which

       

      (i)           is
guaranteed by the Company or any subsidiary of the Company (other than the
Securitization Entity), excluding guarantees of obligations (other than the
principal of, and interest on, Indebtedness) pursuant to Standard Securitization
Undertakings,

       

      (ii)           is
recourse to or obligates the Company or any subsidiary of the Company (other
than the Securitization Entity) in any way other than pursuant to Standard
Securitization Undertakings or

       

      (iii)           subjects
any property or asset of the Company or any subsidiary of the Company (other
than the Securitization Entity), directly or indirectly, contingently or
otherwise, to the satisfaction thereof, other than pursuant to Standard
Securitization Undertakings and other than any interest in the accounts
receivable or equipment and related assets being financed (whether in the form
of an equity interest in such assets or subordinated indebtedness payable
primarily from such financed assets) retained or acquired by the Company or any
subsidiary of the Company,

       

      (b)           with
which neither the Company nor any subsidiary of the Company has any material
contract, agreement, arrangement or understanding other than on terms no less
favorable to the Company or such subsidiary than those that might be obtained at
the time from persons that are not Affiliates of the Company, other than fees
payable in the ordinary course of business in connection with servicing
receivables of such entity (other than Standard Securitization Undertakings),
and

       

      (c)           to
which neither the Company nor any subsidiary of the Company has any obligation
to maintain or preserve such entity’s financial condition or cause such entity
to achieve certain levels of operating results (other than Standard
Securitization Undertakings).

       

      Any such
designation by the Board of Directors of the Company shall be evidenced to the
Lenders by filing with the Administrative Agent a certified copy of the
resolution of the Board of Directors of the Company giving effect to such
designation and an officers’ certificate certifying that such designation
complied with the foregoing conditions.  Following the Initial Public
Equity Offering of a Basell Parent Company, references in the foregoing
definition to “the Company” shall be deemed also to refer to such Basell Parent
Company.

      
        
           

        

        
          -47-

          
            

          

        

        
           

        

      

      “Security Documents” shall mean
the mortgages, pledges, security agreements or similar agreements or related
documents pursuant to which Liens securing Obligations hereunder are granted on
property or assets in favor of the Collateral Agent (on its own behalf and on
behalf of the Secured Parties).

       

      “Security Principles” shall
mean the principles set forth on Schedule
1.01(b).

       

      “Senior Secured Credit
Facilities” shall mean the Credit Agreement dated December 20, 2007 by
and between, among others, the company, Citigroup Global Markets Inc., Goldman
Sachs Credit Partners, L.P., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, ABN AMRO Incorporated and UBS Securities LLC, as Joint Lead
Arrangers and Joint Bookrunners, and Citicorp North America Inc., as
Administrative Agent, Collateral Agent and Swingline Lender, together with the
documents related thereto (including any term loans and revolving loans
thereunder or which may be split out or refinanced by any separate facility
agreement, and any guarantees and security documents), as amended, extended,
renewed, replaced, restated, supplemented or otherwise modified (in whole or in
part, and without limitation as to amount, terms, conditions, covenants and
other provisions) from time to time including any incremental facility
thereunder.

       

      “Senior Secured Indebtedness”
shall mean any Indebtedness secured by a Lien on any assets of the Company or
any of its Restricted Subsidiaries and the Lien securing such Indebtedness ranks
equally with or prior to the Lien securing the Loans (excluding Indebtedness
under Qualified Securitization Transactions, the Asset Backed Credit Facilities
and the 2015 Notes).

       

      “Significant Subsidiary” shall
mean any Restricted Subsidiary of the Company which, at the date of
determination, is a “Significant Subsidiary” as such term is defined in
Regulation S-X under the Exchange Act, as such regulation is in effect on the
Closing Date; provided
that in no event shall “Significant Subsidiary” include any subsidiary that
would otherwise be a Significant Subsidiary solely by virtue of the size of a
loss it has incurred.

       

      “Specified Joint Ventures”
shall mean Al-Waha Petrochemical Company and Saudi Ethylene and Polyethylene
Company.

       

      “Sponsor” shall
mean:

       

      (a)           the
Blavatnik Group; and/or

       

      (b)           other
funds, limited partnerships or companies managed or controlled by Mr. Leonard
Blavatnik including, without limitation, AI Petrochemicals for so long as so
managed or controlled.

       

      “Standard Securitization
Undertakings” shall mean representations, warranties, undertakings,
covenants and indemnities entered into by the Company or any subsidiary of the
Company which are reasonably customary in an accounts receivable securitization
transaction.  Following the Initial Public Equity Offering of a Basell
Parent Company, references in the foregoing definition to “the Company” shall be
deemed also to refer to such Basell Parent Company.

       

      “Stated Maturity” shall mean,
(i) with respect to any Loan, the Final Maturity Date (unless the Loans are not
converted pursuant to Section 2.01(b), in which case all references shall mean
the Initial Maturity Date) and (ii) with respect to any security, the date
specified in such security as the fixed date on which the final payment of
principal of such security is due and payable, including pursuant to any
mandatory redemption provision (but excluding any provision providing for the
repurchase of such security at the option of the holder thereof upon the
happening of any contingency beyond our control unless such contingency has
occurred).

      
        
           

        

        
          -48-

          
            

          

        

        
           

        

      

      “Statutory Reserves Adjustment”
shall mean, with respect to any currency, a fraction (expressed as a decimal),
the numerator of which is one and the denominator of which is one minus any
reserve, liquid asset or similar requirement established by any Governmental
Authority of the United States of America or of the jurisdiction of such
currency or any jurisdiction in which Loans in such currency are made to which
banks in such jurisdiction are subject for any category of deposits or
liabilities customarily used to fund loans in such currency or by reference to
which interest rates applicable to Loans in such currency are
determined.

       

      “Structured Financing
Transaction” shall mean the structured financing transaction, as in
effect the Closing Date, entered into in July 2007 by the Company and certain of
its Restricted Subsidiaries and a European bank pursuant to which Basell Funding
issued Dutch “certification van aandelen” (“Certificates”) to a special
purpose vehicle (“BAFB”)
with respect to 50 fixed-return preferred shares issued by Basell Holdings to
Basell Funding for a consideration of €1,000,000,000; the Certificates give BAFB
the right to receive from the Company dividends and other distributions that
Basell Funding receives from Basell Holdings in relation to the preferred
shares; together with a put and call option agreement entered into between the
Company and the European bank with respect to the shares of BAFB and pursuant to
which, at any time at their respective sole discretion either the Company can
call or the European bank can put the shares of BAFB for a purchase price of
€1,000,000,000; and the related Swap Contracts in respect of the
aforementioned.

       

      “Subordinated Indebtedness”
shall mean (a) with respect to Borrower, any Indebtedness of Borrower that is by
its terms subordinated in right of payment to the Loans and the Exchange Notes,
and (b) with respect to any Guarantor, any Indebtedness of such Guarantor that
is by its terms subordinated in right of payment to its Guarantee of the Loans
and the Exchange Notes.

       

      “subsidiary” shall mean with
respect to any Person, (a) a corporation a majority of whose Voting Stock is at
the time, directly or indirectly, owned by such Person, by one or more
subsidiaries of such Person or by such Person and one or more subsidiaries
thereof; (b) any other Person (other than a corporation), including, without
limitation, a partnership, limited liability company, business trust or joint
venture, in which such Person, one or more subsidiaries thereof or such Person
and one or more subsidiaries thereof, directly or indirectly, at the date of
determination thereof, has at least a majority ownership interest entitled to
vote in the election of directors, managers or trustees thereof (or other Person
performing similar functions), (3) any partnership (a) the sole general partner
of the managing partner of which is such Person or a subsidiary of such Person
or (b) the only general partners of which are such Person or one or more
subsidiaries of such Person (or any combination thereof) or (4) with respect to
the Company, for so long as the Company or any of its Restricted Subsidiaries
has a 50% ownership interest in Lyondell Bayer Manufacturing Maasvladle VOF,
Lyondell Bayer Manufacturing Maasvlakle VOF.  For the purposes of this
Agreement, references to subsidiaries of the Company under this Agreement shall
be deemed to include Lyondell and its subsidiaries after giving effect to the
Acquisition.

       

      “Swap Contract” shall mean (a)
any and all rate swap transactions, basis swaps, credit derivative transactions,
forward rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond
index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions,
currency swap transactions, cross-currency rate swap transactions, currency
options, emission rights, spot contracts, or any other similar transactions or
any combination of any of the foregoing (including any options to enter into any
of the foregoing), whether or not any such transaction is governed by or subject
to any master agreement, and (b) any and all transactions of any kind, and the
related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps
and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement (any such master agreement, together
with any related schedules, a “Master Agreement”), including
any such obligations or liabilities under any Master Agreement.

      
        
           

        

        
          -49-

          
            

          

        

        
           

        

      

      “TARGET Day” shall mean any day
on which the Trans-European Automated Real-time Gross Settlement Express
Transfer (TARGET) payment system (or, if such payment system ceases to be
operative, such other payment system (if any) determined by the Administrative
Agent in consultation with the Company to be a suitable replacement) is open for
the settlement of payments in Euros.

       

      “Tax” shall mean all present or
future tax, duty, levy, impost, deduction, withholding, assessment, fee or other
charge imposed by any Governmental Authority, including any interest, additions
to tax or penalties applicable thereto, whether disputed or not.

       

      “Tax Sharing Agreement” shall
mean the Tax Sharing Agreement dated on or about December 18, 2007 as in effect
on the Closing Date under which the Company and its subsidiaries agree to make
payments (the “Tax
Payments”) to Nell Limited; providing for (i) payments of up to 17.5% of
the amount of those Dutch or French net operating losses of entities of the
Company and its Restricted Subsidiaries that arose in taxable years ending prior
to 2007 and that are scheduled thereto (the “Qualifying Net Operating Loss
Carryovers”), (ii) maximum aggregate Tax Payments of not more than
$175,000,000 and (iii) any Tax Payment thereunder is to be accompanied by a
certificate from independent counsel to the Company or its parent company that
(x) such Tax Payment will be used by an indirect U.S.-taxpayer shareholder to
pay taxes associated with taxable income of the Company and/or its subsidiaries
taxable to such shareholder by reason of such shareholder’s indirect ownership
of the Company and its subsidiaries and (y) as a result of the utilization of
Qualifying Net Operating Loss Carryovers by the subsidiaries of the Company, the
U.S.-taxpayer shareholder’s U.S. federal income tax liabilities for such taxable
year was increased by an amount equal to such Tax Payment.  Payments
under the Tax Sharing Agreement are to be made promptly after the certificate is
provided and in any event within 90 days after the end of the fiscal year in
which the Qualifying Net Operating Loss Carryovers are used.

       

      “Threshold Amount” shall mean
an amount equal to the lesser of (i) $100,000,000 or (ii) only so long as any of
the 2015 Notes are outstanding, €20,000,000 in respect of the Threshold Amount
referred to in Section 7.01(e) and €30,000,000 in respect of the Threshold
Amount referred to in Section 7.01(h).

       

      “Total Assets” shall mean, with
respect to any Person, total assets of such Persons on a consolidated basis,
shown on the most recent balance sheet of such Persons as may be expressly
stated without giving effect to amortization of the amount of intangible assets
since the Closing Date.

       

      “Transaction Documents” shall
mean the Secured Documents and the Acquisition Agreement.

       

      “Transactions” shall mean,
collectively, the transactions contemplated by this Agreement, any Asset Backed
Credit Facilities, any Receivables Financing entered into on the Closing Date,
the Senior Secured Credit Facilities, the repayment of certain existing
Indebtedness of the Company and its subsidiaries (including the Margin Loans)
and Lyondell and its subsidiaries, the Acquisition (including the conversion of
the Millennium 4% Convertible Debentures due 2026) and the intercompany
transfers of the proceeds of any Asset Backed Credit Facilities or Receivables
Financings funded on the Closing Date, the Senior Secured Credit Facilities and
the Loans to be made on the Closing Date, and the payment of any fees and
expenses in connection therewith.

      
        
           

        

        
          -50-

          
            

          

        

        
           

        

      

      “Treasury Services Agreement”
means any agreement between any Loan Party or Restricted Subsidiary of the
Company and any Hedge Bank (as defined in the Senior Secured Credit Facilities)
relating to treasury, depository, and cash management services, employee credit
card arrangements or automated clearinghouse transfer of funds.

       

      “Unfunded Current Liability”
shall mean, with respect to any Plan, the amount, if any, by which the
Accumulated Benefit Obligation (as defined under Statement of Financial
Accounting Standards No. 87 (“SFAS 87”)) under the Plan as
of the close of its most recent plan year, determined in accordance with SFAS 87
as in effect on the Closing Date, exceeds the fair market value of the assets
allocable thereto.

       

      “Uniform Commercial Code” or
“UCC” shall mean the
Uniform Commercial Code as the same may from time to time be in effect in the
State of New York or the Uniform Commercial Code (or similar code or statute) of
another jurisdiction, to the extent it may be required to apply to any item or
items of Collateral.

       

      “Unpaid Sum” shall mean any sum
due and payable but unpaid by a Loan Party under the Loan
Documents.

       

      “Unrestricted Cash” shall mean
cash and Cash Equivalents, other than as disclosed on the consolidated financial
statements of Company as a line item on the balance sheet as “restricted cash”
or similar caption but including cash and Cash Equivalents so disclosed as
“restricted cash” to the extent that such cash and Cash Equivalents are
restricted solely on account of being set aside for repayment, defeasing or cash
collateralizing Indebtedness included in clause (a) of the definition of
“Consolidated First Lien Senior Secured Debt” (other than cash and Cash
Equivalents under the Structured Financing Transaction).

       

      “Unrestricted Subsidiary” of
any Person shall mean:

       

      (a)           any
subsidiary of such Person that at the time of determination has been designated
an Unrestricted Subsidiary and

       

      (b)           any
subsidiary of an Unrestricted Subsidiary.

       

      The Board
of Directors of the Company may designate any of its subsidiaries (including any
newly acquired or newly formed subsidiary) to be an Unrestricted Subsidiary of
the Company if:

       

      (i)           such
subsidiary does not own any Capital Stock of, or does not own or hold any Lien
on any property of, the Company or any other subsidiary of the Company that is
not a subsidiary of the subsidiary to be so designated;

       

      (ii)          such
designation complies with Section 5.01;

       

      (iii)         each
subsidiary to be designated as an Unrestricted Subsidiary and each of its
subsidiaries has not at the time of designation, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable with respect to any
Indebtedness under which the lender has recourse to any of the assets of the
Company or any of its Restricted Subsidiaries unless otherwise permitted under
this Agreement; and

      
        
           

        

        
          -51-

          
            

          

        

        
           

        

      

      (iv)           if
such designation occurs prior to the Extension Date, if such subsidiary is an
existing subsidiary, it is not a Material Subsidiary.

       

      The Board
of Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary only if:

       

      (A)           immediately
after giving effect to such designation, the Company is able to incur at least
$1.00 of additional Indebtedness (other than Permitted Indebtedness) in
compliance with Section 5.08(b) (assuming for this purpose that the Extension
Date has occurred);

       

      (B)           immediately
before and immediately after giving effect to such designation, no default or
Event of Default will have occurred and be continuing;

       

      (C)           any
Guarantee by the Company or any Restricted Subsidiary of the Company of any
Indebtedness of the subsidiary being so designated shall be deemed an
“Incurrence” of such Indebtedness and an “Investment” by the Company or such
Restricted Subsidiary (or both, if applicable) at the time of such designation;
and

       

      (D)           if
applicable, the Investment and incurrence of Indebtedness referred to in (B)
above would be permitted under the covenants described above under Section 5.01
and Section 5.08.

       

      Any such
designation by the Board of Directors of the Company will be evidenced to the
Lenders by promptly filing with the Administration Agent a copy of the board
resolution approving the designation and an officers’ certificate certifying
that the designation complied with this Agreement.

       

      “U.S.” or “United States” shall mean the
United States of America.

       

      “U.S. Guarantor” shall mean a
Guarantor incorporated or otherwise organized under the laws of, or of any State
(including the District of Columbia) of, the United States.

       

      “U.S. Loan Party” shall mean an
Loan Party incorporated or otherwise organized under the laws of, or of any
state (including the District of Columbia) of, the United States.

       

      “Voting Stock” shall mean any
class or classes of Capital Stock pursuant to which the holders thereof have the
general voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees (or Persons performing similar
functions) of any Person (irrespective of whether or not, at the time, stock of
any other class or classes shall have, or might have, voting power by reason of
the happening of any contingency).

       

      “Website Lender” shall have the
meaning given to it in Section 6.11.

       

      “Weighted Average Life to
Maturity” shall mean, when applied to any Indebtedness at any date, the
number of years obtained by dividing:

       

      
        (a)               
the then
outstanding aggregate principal amount of such Indebtedness
by

      

      
        
           

        

        
          -52-

          
            

          

        

        
           

        

      

      
        (b)               
the
sum of the total of the products obtained by multiplying

      

       

      
        	
                 
      

              	
                (i)

              	
                the
      amount of each then remaining installment, sinking fund, serial maturity
      or other required payment of principal, including payment at final
      maturity, in respect thereof, by

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                the
      number of years (calculated to the nearest one-twelfth) that will elapse
      between such date and the making of such
  payment.

              

      

       

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

       

      Section 1.02    Terms Generally.  The
definitions of terms herein shall apply equally to the singular and plural forms
of the terms defined.  Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter
forms.  With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document:  (a)
the meanings of defined terms are equally applicable to the singular and plural
forms of the defined terms; (b) the words “herein,” “hereto,” “hereof” and
“hereunder” and words of similar import when used in any Loan Document shall
refer to such Loan Document as a whole and not to any particular provision
thereof: (c) Article, Section, Exhibit and Schedule references are to the Loan
Document in which such reference appears; (d) the term “including” is by way of
example and not limitation; (e) the term “documents” includes any and all
instruments, documents, agreements, certificates, notices, reports, financial
statements and other writings, however evidenced, whether in physical or
electronic form; (f) in the computation of periods of time from a specified date
to a later specified date, the word “from” means “from and including”; the words
“to” and “until” each mean “to but excluding”; and the word “through” means “to
and including;” and (g) Section headings herein and in the other Loan Documents
are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document.

       

      Section
1.03.           Effectuation of Transaction. 
Each of
the representations and warranties of Borrower and the Company contained in this
Agreement (and all corresponding definitions) are made after giving effect to
the Transaction, unless the context otherwise requires.

       

      Section
1.04.           Accounting
Terms.

       

      (a)               
All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios
and other financial calculations) required to be submitted pursuant to this
Agreement shall be prepared in accordance with, GAAP, except as otherwise
specifically prescribed herein. Unless otherwise stated herein and except with
respect to Article 5 and Section 9.12, references to a person with respect to
accounting terms or items that appear in such persons financial statements shall
be deemed a reference to that person and its subsidiaries on a consolidated
basis, except for references to the Company and its Restricted Subsidiaries,
which will be deemed references to the Company and Restricted Subsidiaries on a
consolidated basis.

       

       

      (b)              
 Notwithstanding anything to the contrary herein, for purposes of this
Agreement (including in determining compliance with any test or covenant
contained herein) with respect to any period during which any specified
transaction occurs, the First Lien Senior Secured Leverage Ratio and the
Consolidated Fixed Charge Coverage Ratio shall be calculated with respect to
such period and such transaction on a pro forma basis.

      
        
           

        

        
          -53-

          
            

          

        

        
           

        

      

      Section
1.05.           Rounding.  Any
financial ratios required to be calculated by the Company pursuant to this
Agreement (or required to be satisfied in order for a specific action to be
permitted under this Agreement) shall be calculated by dividing the appropriate
component by the other component, carrying the result to one place more than the
number of places by which such ratio is expressed herein and rounding the result
up or down to the nearest number (with a rounding up if there is no nearest
number).

       

      Section
1.06.           References to Agreements, Laws,
Etc..  Unless
otherwise expressly provided herein, (a) references to Organization Documents,
agreements (including the Loan Documents) and other contractual instruments
shall be deemed to include all subsequent amendments, restatements, extensions,
supplements and other modifications thereto, but only to the extent that such
amendments, restatements, extensions, supplements and other modifications are
permitted by the Loan Documents; and (b) references to any Law shall include all
statutory and regulatory provisions consolidating, amending, replacing,
supplementing or interpreting such Law.

       

      Section
1.07.           Times of Day.  Unless
otherwise specified, all references herein to times of day shall be references
to Eastern time (daylight or standard, as applicable).

       

      Section
1.08.           Timing of Payment or
Performance.  Unless
otherwise specified, when the payment of any obligation or the performance of
any covenant, duty or obligation is stated to be due or performance required on
a day which is not a Business Day, the date of such payment (other than as
described in the definition of Interest Period) or performance shall extend to
the immediately succeeding Business Day.

       

      Section
1.09.           Resolution of Drafting
Ambiguities.   Each
Loan Party acknowledges and agrees that it was represented by counsel in
connection with the execution and delivery of the Loan Documents to which it is
a party, that it and its counsel reviewed and participated in the preparation
and negotiation hereof and thereof and that any rule of construction to the
effect that ambiguities are to be resolved against the drafting party shall not
be employed in the interpretation hereof or thereof.

       

      ARTICLE
2

       

      THE
CREDITS

       

      Section
2.01.          Commitment.

       

      (a)               
Subject to the terms and conditions set forth herein, each Lender with a
Commitment in Dollars agrees to make a loan denominated in Dollars, in each case
to Borrower (each, an “Initial
Loan” and collectively, the “Initial Loans”) on the Closing
Date in a principal amount not to exceed its Commitment.  Amounts
repaid in respect of Initial Loans may not be reborrowed.

       

      (b)             
  Each Lender agrees, if the Initial Loans have not been repaid prior
to the Initial Maturity Date, that the then outstanding principal amount of each
of its Initial Loans shall automatically be converted, at the option of each
such Lender, into either (i) a loan (individually, an “Extended Loan” and
collectively, the “Extended
Loans”) to Borrower on the Initial Maturity Date in an aggregate
principal amount equal to the then outstanding principal amount of such Initial
Loan or Initial Loans or (ii) Exchange Notes that shall be issued by Borrower
upon such election under the Exchange Note Indenture; provided that the initial
issuance of Exchange Notes must aggregate not less than $100,000,000 or the Euro
Equivalent.  Any Initial Loans with respect to which the applicable
Lender has not elected to have converted into Exchange Notes shall be converted
into Extended Loans.  Other than as set forth in paragraph (c) below,
Extended Loans and Exchange Notes shall be in the same currency as the Initial
Loans from which they are converted.

      
        
           

        

        
          -54-

          
            

          

        

        
           

        

      

       

      (c)            
   At the time of the automatic conversion of Initial Loans into
Extended Loans or Exchange Notes, as described in Section 2.01(b), Lenders who
are affiliates of the Joint Lead Arrangers may, on five (5) days’ notice to
Borrower, elect that all or a portion of the Extended Loans or Exchange Notes
held by them, in an amount in the aggregate for all such affiliates up to 50% of
the Euro Equivalent of the aggregate principal amount of Extended Loans and
Exchange Notes (the “Redenomination Limit”) be
denominated in Euro.  If such election is made, any conversion of
Initial Loans denominated in Dollars into Extended Loans or Exchange Notes
denominated in Euro shall be made into the Euro Equivalent of such
Dollar-denominated Initial Loans.  If an aggregate principal amount of
Initial Loans in excess of the Redenomination Limit requests Extended Loans or
Exchange Notes be redenominated in Euro, such redenomination shall be made pro rata among all Lenders
requesting such redenomination based on the amount of Initial Loans requested to
be redenominated.  Such redenomination shall be conditioned upon the
Administrative Agent arranging a Dollar to Euro hedge up to the full amount
converted under this Section 2.01(c) for Borrower lasting until the Final
Maturity Date provided by any Finance Party at such counterparty's commercial
rate then offered to companies of the credit quality of Borrower.

       

      Section
2.02.          Loans and
Borrowings.

       

      (a)             
 The Initial Loans shall be made by the Lenders ratably in accordance with
their respective Commitments.  The failure of any Lender to make any
Loan required to be made by it shall not relieve any other Lender of its
obligations hereunder; provided that the Commitments
of the Lenders are several and no Lender shall be responsible for any other
Lender’s failure to make Loans as required.

       

      (b)           
   Each Lender at its option may make any Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of
such option shall not affect the obligation of Borrower to repay such Loan in
accordance with the terms of this Agreement.

       

      Section 2.03.         
 Request for
Borrowing.  To
request the Borrowing of the Initial Loans, Borrower shall notify the
Administrative Agent of such request in writing by a Borrowing Request signed by
Borrower not later than 12:00 noon, New York time, one (1) Business Day before
the date of the proposed Borrowing.  Such Borrowing Request shall be
irrevocable.  Each such Borrowing Request shall be consistent with the
Funds Flow Memorandum and shall specify the following information:

       

      (a)              
the aggregate amount of the requested Borrowing;

       

      (b)              
the date of such Borrowing, which shall be a Business Day;

       

      (c)              
the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and

       

      (d)              
the location and number of Borrower’s account to which funds are to be
disbursed.

      
        
           

        

        
          -55-

          
            

          

        

        
           

        

      

      Promptly
following receipt of the Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the
amount of such Lender’s Loan to be made as part of the requested
Borrowing.

       

      Section
2.04.          Funding of
Borrowings.

       

      (a)              
 Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds in Dollars
or in Euro, in accordance with its Commitments, by noon New York time, to the
account of the Administrative Agent most recently designated by it for such
purpose by notice to the Lenders.  The Administrative Agent will make
such Loans available to Borrower in accordance with the Borrowing
Request.

       

      (b)             
 Unless the Administrative Agent shall have received notice from a Lender
prior to the Closing Date that such Lender will not make available to the
Administrative Agent such Lender’s share of the Initial Loans, the
Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section 2.04(a) and may, in reliance upon such
assumption, make available to Borrower a corresponding amount.  In
such event, if a Lender has not in fact made its share of the Initial Loans
available to the Administrative Agent, then the applicable Lender and Borrower
agree to pay to the Administrative Agent forthwith on demand (without
duplication) such corresponding amount with interest thereon, for each day from
and including the date such amount is made available to Borrower to but
excluding the date of payment to the Administrative Agent, at (i) in the case of
such Lender, a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation or (ii) in the case of
Borrower, the interest rate applicable to the Loans calculated in accordance
with Section 2.09.  If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such Lender’s Loan
included in such Borrowing.

       

      Section
2.05.          Termination of Commitments. 
The
Commitments will terminate at 5:00 p.m., New York time, on the Closing Date or,
if earlier, on February 15, 2008.

       

      Section
2.06.          Repayment of Loans; Evidence
of Debt.

       

      (a)              
Each Initial Loan then outstanding will mature on the Initial Maturity Date and,
to the extent then unpaid, will automatically be converted into, at the option
of each Lender, either Extended Loans or Exchange Notes.

       

      (b)              
The Extended Loans will mature on the Final Maturity Date.  Each
Extended Loan shall bear interest as described in Section 2.09 from the
Extension Date until such Loan shall be paid in full or exchanged for an
Exchange Note.

       

      (c)              
Each Lender shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of Borrower to such Lender resulting from
each Loan made by such Lender, including the amounts of principal and interest
payable and paid to such Lender from time to time hereunder.

       

      (d)              
The Administrative Agent shall maintain accounts in which it shall record (i)
the amount of each Loan made hereunder, (ii) the amount and currency of any
principal or interest due and payable or to become due and payable from Borrower
to each Lender hereunder and (iii) any amount received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share
thereof.

      
        
           

        

        
          -56-

          
            

          

        

        
           

        

      

       

      (e)             
  The entries made in the accounts maintained pursuant to Sections
2.06(c) and 2.06(d) shall be prima facie evidence of the existence and amounts
of the obligations recorded therein absent manifest error in the reasonable
judgment of the Administrative Agent; provided that the failure of
any Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligation of Borrower to repay the
Loans in accordance with the terms of this Agreement.

       

      (f)          
      To the extent requested by any Lender, Borrower
shall execute and deliver to such Lender an Initial Note dated the Closing Date,
substantially in the form of Exhibit C-1 hereto to
evidence the portion of the Initial Loan made by such Lender to Borrower and
with appropriate insertions (the “Initial
Notes”).  Unless converted to an Exchange Note and to the
extent requested by any Lender, Borrower shall execute and deliver to such
Lender an Extended Note dated the Initial Maturity Date substantially in the
form of Exhibit
C-2 hereto to evidence the Extended Loan made on such date, in the
principal amount of the Initial Notes of Borrower held by such Lender on such
date and with other appropriate insertions (collectively, the “Extended Notes”).

       

      (g)             
  Each Lender will have the option at any time or from time to time after
the Initial Maturity Date to receive Exchange Notes in exchange for the Extended
Loans of such Lender then outstanding pursuant to Section 2.01(b) of this
Agreement; provided
that no Exchange Notes shall be issued until Borrower has received requests to
issue at least $100.0 million (or the Euro Equivalent) in aggregate principal
amount of Exchange Notes.  The principal amount of the Exchange Notes
will equal 100% of the aggregate principal amount of the Extended Loans for
which they are exchanged.  If a Default shall have occurred and be
continuing on the date of such exchange, any notices given or cure periods
commenced while the Initial Loans or Extended Loans were outstanding shall be
deemed given or commenced (as of the actual dates thereof) for all purposes with
respect to the Exchange Notes (with the same effect as if the Exchange Notes had
been outstanding as of the actual dates thereof).

       

      Section
2.07.       Prepayment of
Loans.

       

      (a)            
   Voluntary
Prepayments.  Subject to Section 2.12 and 2.07(c), Borrower
shall have the right at any time and from time to time to prepay any Loan in
whole or in part, in an aggregate principal amount that is an integral multiple
of the Euro Equivalent of €1.0 million and not less than the Euro Equivalent of
€1.0 million or, if less, the amount outstanding at a prepayment price equal to
100% of principal amount of the Loan or portion thereof being so prepaid, plus
accrued and unpaid interest thereon.

       

      (b)            
   Mandatory
Prepayments.  On each occasion that a Prepayment Event occurs
(but subject to Sections 2.07(e) and 2.07(f)), Borrower shall, within, one (1)
Business Day after the occurrence of a Permanent Securities Prepayment Event, or
within five (5) Business Days after the occurrence of any other Prepayment
Event, prepay the Loans in an aggregate amount equal to (i) in the case of a
Permanent Securities Prepayment Event, 100% of the Net Proceeds therefrom, (ii)
in the case of a Debt Issuance Prepayment Event, 100% of the Net Cash Proceeds
therefrom, (iii) in the case of an Equity Issuance Prepayment Event, 100% of the
Net Cash Proceeds therefrom, (iv) in the case of an Casualty Prepayment Event,
100% of the Net Casualty Proceeds therefrom, and (v) in the case of Recovery
Prepayment Event, 100% of the Net Recovery Proceeds therefrom.

       

      (c)           
    Notice of
Prepayments.  Borrower shall notify the Administrative Agent by
telephone (confirmed by telecopy) of any prepayment of any Borrowing hereunder,
three (3) Business Days before the date of prepayment.  Each such
notice shall be irrevocable and shall specify the prepayment date and the
principal amount of each Borrowing or portion thereof to be
prepaid.  Promptly after it receives any such notice, the
Administrative Agent shall advise the Lenders of the contents
thereof.

      
        
           

        

        
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      (d)             
  Application to
Loans.  (1)  Upon receipt of any amount payable to
the Lenders pursuant to Section 2.07(a) or 2.07(b), the Administrative Agent
shall distribute such amount in the following order:  first, to the payment of all
expenses due and payable to the Agents under Section 11.05; second, to the payment of all
expenses due and payable to the Lenders under Section 11.05, ratably among the
Lenders in accordance with the aggregate amount of the Euro Equivalents of such
payments owed to each such Lender; third, to the payment of
interest then due and payable on the Loans, ratably among the Lenders in
accordance with the aggregate amount of the Euro Equivalent of interest owed to
each such Lender; and fourth, to the payment of the
principal amount of the Loans that is then due and payable, ratably among such
Lenders in accordance with the Euro Equivalent of the aggregate principal amount
owed to each such Lender.

       

      (ii)           Repayments
of Borrowings shall be accompanied by accrued interest on the amount
repaid.

       

      (e)              
 Application to
Other Indebtedness or Equity.  Notwithstanding anything to the
contrary in this Agreement, Borrower shall not be obligated to apply Net
Proceeds to the prepayment of the Loans (and Borrower shall not be required to
apply Net Proceeds to the purchase of Exchange Notes), other than the Net
Proceeds of the issuance of the Permanent Securities and the Net Cash Proceeds
of any Equity Offering or capital contributions received by the Company, to the
extent that such Net Proceeds are required to be and are applied pursuant to the
Senior Secured Credit Facilities in satisfaction of obligations under the Senior
Secured Credit Facilities.

       

      (f)                
Temporary
Investment.  Pending the final application of any Net Proceeds
pursuant to this Section 2.07 (other than proceeds of Permanent Securities),
Borrower or the applicable Restricted Subsidiary may apply such Net Proceeds
temporarily to reduce Indebtedness outstanding under a revolving credit facility
or otherwise invest such Net Proceeds in Cash Equivalents.

       

      Section 2.08.        
  Fees.  The
Company agrees to pay to the Administrative Agent, for the account of the
Persons specified therein, the fees set forth in the Fee Letter, as amended,
restated, supplemented or otherwise modified from time to time, at the times
specified therein (the “Fees”).  All Fees
shall be paid on the dates due in immediately available funds and, once paid,
shall not be refundable under any circumstances.

       

      Section
2.09.           Interest.

       

      (a)              
 The unpaid principal amount of each Initial Loan shall bear interest from
time to time from the date of the Borrowing thereof until maturity (whether by
acceleration or otherwise) at a rate per annum equal to (i) in the
case of Euro Loans, the Applicable Margin plus EURIBOR for the Interest Period
in effect at such time, and (ii) in the case of Dollar Loans, the Applicable
Margin plus LIBOR for the Interest Period in effect at such time.

       

      (b)           
   The unpaid principal amount of each Extended Loan shall bear
interest for the period from and including the Extension Date to, but excluding,
the earlier of the maturity thereof (whether by acceleration or otherwise) and
the date of exchange for an Exchange Note, at a rate per annum equal to (i) in
the case of Euro Loans, the Extension Margin plus EURIBOR for the Interest
Period in effect at such time plus, and (ii) (i) in the case of Dollar Loans,
the Extension Margin plus LIBOR for the Interest Period in effect at such
time.

      
        
           

        

        
          -58-

          
            

          

        

        
           

        

      

       

      (c)         
      Notwithstanding the foregoing, if any
principal of or interest on any Loan or any Fees or other amount payable by
Borrower hereunder is not paid when due, whether at stated maturity, upon
acceleration or otherwise, such overdue amount shall bear interest, after as
well as before judgment, at a rate per annum equal to (A) in the
case of overdue principal of any Loan, 2.0% plus the rate otherwise applicable
to such Loan as provided in the preceding paragraphs of this Section or (B) in
the case of any other amount, to the extent permitted by applicable law, the
rate set forth in clause (A) of this Section 2.09(c)(i); provided that this Section
2.09(c)(i) shall not apply to any payment default that has been waived by the
Lenders pursuant to Section 11.08;

       

      (d)              
Accrued interest on each Loan shall be payable (i) in respect of each Initial
Loan, quarterly in arrears on the last Business Day of each March, June,
September and December or, if earlier, on the date that is the last day of each
Interest Period, and on the Initial Maturity Date (and, if later, the Extension
Date), (ii) in respect of each Extended Loan, in arrears on the last Business
Day of each March, June, September and December, following the Initial Maturity
Date, on the date on which such Extended Loan is exchanged for an Exchange Note
as contemplated hereby and on the Final Maturity Date, (iii) on the date of any
prepayment (on the amount prepaid), (iv) at maturity (whether by acceleration or
otherwise), and (v) after maturity, on demand (each such date referred to in
clauses (i), (ii), (iii), (iv) and (v) being an “Interest Payment Date”); provided that interest
accrued pursuant to Section 2.09(c) shall be payable on demand.

       

      (e)             
  Notwithstanding the foregoing clauses but without giving effect to
any increase in the interest rates (i) pursuant to Section 2.09(c) or (ii) as a
result of the occurrence of a Rate Increasing Event as described in the provisos
contained in the definitions of “Applicable Margin” and “Extension Margin”, the
interest rate borne by the Loans shall not exceed 12.0% per annum.

       

      (f)               
All interest hereunder shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day
but excluding the last day).  EURIBOR and LIBOR shall be determined by
the Administrative Agent, and such determinations shall be prima facie evidence
thereof absent manifest error.

       

      Section 2.10. 
         Alternate Rate of Interest. 
If
prior to the commencement of any Interest Period:

       

      (a)        the
Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining
EURIBOR or LIBOR for such Interest Period; or

       

      (b)        the
Administrative Agent is advised by any Lender that EURIBOR or LIBOR, as the case
may be, for such Interest Period will not adequately and fairly reflect the cost
to such Lender of making or maintaining its Loans for such Interest
Period;

       

      then the
Administrative Agent shall give notice thereof to Borrower by telephone or
telecopy as promptly as practicable thereafter and, until the Administrative
Agent notifies Borrower that the circumstances giving rise to such notice no
longer exist, the affected Borrowing shall bear interest at such rate per annum specified by each
affected Lender to represent its cost of funds therefor plus the Applicable
Margin on the Extension Margin, as applicable (plus any amount due under Section
2.09(c)).

      
        
           

        

        
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      Section
2.11.           Increased
Costs.

       

      (a)           If
any Lender determines that as a result of a Change in Law after the Closing
Date, or such Lender’s compliance therewith, there shall be any increase in the
cost to such Lender of agreeing to maintaining any Loans (or, in the case of any
Taxes not excluded below, any Loans), or a reduction in the amount received or
receivable by such Lender in connection with any of the foregoing (excluding for
purposes of this Section 2.11(a) any such increased costs or reduction in amount
resulting from (i) Indemnified Taxes or Excluded Taxes, (ii) reserve
requirements contemplated by Section 2.11(c), (iii) the requirements of the
European Central Bank reflected in the Mandatory Cost (other than as set forth
below) or the Mandatory Cost, as calculated hereunder, does not represent the
cost to such Lender of complying with the requirements of the Financial Services
Authority or the European Central Bank in relation to its making, funding or
maintaining of Loans and (iv) the implementation or application of or compliance
with the “International Convergence of Capital Measurement and Capital
Standards, a Revised Framework” published by the Basel Committee on Banking
Supervision in June 2004 in the form existing on the date of this Agreement
(“Basel II”) or any
other law or regulation which implements Basel II (whether such implementation,
application or compliance is by a government, regulator, the Lenders or any of
its Affiliates or the Agents or any of its Affiliates)), then from time to time
within fifteen (15) days after demand by such Lender setting forth in reasonable
detail such increased costs (with a copy of such demand to the Administrative
Agent given in accordance with Section 2.14), Borrower shall pay to such Lender
such additional amounts as will compensate such Lender for such increased cost
or reduction or, if applicable, the portion of such cost that is not represented
by the Mandatory Cost.

       

      (b)           If
any Lender determines that the introduction of any Law regarding capital
adequacy or any change therein or in the interpretation thereof, in each case
after the Closing Date, or compliance by such Lender (or its Lending Office)
therewith, has the effect of reducing the rate of return on the capital of such
Lender or any corporation controlling such Lender as a consequence of such
Lender’s obligations hereunder (taking into consideration its policies with
respect to capital adequacy and such Lender’s desired return on capital), then
from time to time upon demand of such Lender setting forth in reasonable detail
the charge and the calculation of such reduced rate of return (with a copy of
such demand to the Administrative Agent given in accordance with Section 2.14),
Borrower shall pay to such Lender such additional amounts as will compensate
such Lender for such reduction within fifteen (15) days after receipt of such
demand.

       

      (c)           Borrower
shall pay to each Lender, (i) as long as such Lender shall be required to
maintain reserves with respect to liabilities or assets consisting of or
including funds or deposits, additional interest on the unpaid principal amount
of each applicable Loan of Borrower equal to the actual costs of such reserves
allocated to such Loan by such Lender (as determined by such Lender in good
faith, which determination shall be conclusive in the absence of manifest
error), and (ii) as long as such Lender shall be required to comply with any
reserve ratio requirement or analogous requirement of any other central banking
or financial regulatory authority imposed in respect of the maintenance of the
Loans of Borrower, such additional costs (expressed as a percentage per annum
and rounded upwards, if necessary, to the nearest five decimal places) equal to
the actual costs allocated to such Loan by such Lender (as determined by such
Lender in good faith, which determination shall be conclusive absent manifest
error) which in each case shall be due and payable on each date on which
interest is payable on such Loan, provided Borrower shall have
received at least fifteen (15) days’ prior notice (with a copy to the
Administrative Agent) of such additional interest or cost from such
Lender.  If a Lender fails to give notice fifteen (15) days prior to
the relevant Interest Payment Date, such additional interest or cost shall be
due and payable fifteen (15) days from receipt of such notice.

       

      (d)           Failure
or delay on the part of any Lender to demand compensation pursuant to this
Section 2.11 shall not constitute a waiver of such Lender’s right to demand such
compensation.

      
        
           

        

        
          -60-

          
            

          

        

        
           

        

      

       

      (e)           If
any Lender requests compensation under this Section 2.11, then such Lender will,
if requested by Borrower, use commercially reasonable efforts to designate
another Lending Office for any Loan affected by such event; provided that such efforts
are made on terms that, in the reasonable judgment of such Lender, cause such
Lender and its Lending Office(s) to suffer no material economic, legal or
regulatory disadvantage, and provided further that nothing in this
Section 2.11(e) shall affect or postpone any of the Obligations of Borrower or
the rights of such Lender pursuant to Section 2.11(a), (b), (c) or
(d).

       

      Section
2.12.           Break Funding.  Upon
demand of any Lender (with a copy to the Administrative Agent) from time to
time, Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense actually incurred by it as a result
of:

       

      (a)           any
continuation, conversion, payment or prepayment of any Loan of Borrower on a day
other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise); or

       

      (b)           any
failure by Borrower (for a reason other than the failure of such Lender to make
a Loan) to prepay, borrow, continue or convert any Loan of Borrower on the date
or in the amount notified by Borrower;

       

      including
any loss or expense arising from the liquidation or reemployment of funds
obtained by it to maintain such Loan or from fees payable to terminate the
deposits from which such funds were obtained.

       

      For
purposes of calculating amounts payable by Borrower to the Lenders under this
Section 2.12, each Lender shall be deemed to have funded each Loan made by it at
the rate applicable to such Interest Period for such Loan by a matching deposit
or other borrowing in the London interbank eurodollar market for a comparable
amount and for a comparable period, whether or not such Loan was in fact so
funded.

       

      Section
2.13.           Taxes.

       

      (a)           Except
as required by law, any and all payments by the Loan Parties to or for the
account of any Agent or any Lender under any Loan Document shall be made free
and clear of and without deduction for any Taxes.  If any Loan Party
or other applicable withholding agent shall be required by any Laws to withhold
or deduct any Indemnified Taxes or Other Taxes from or in respect of any sum
payable under any Loan Document to or for the account of any Agent or any
Lender, (i) the sum payable by the applicable Loan Party shall be increased as
necessary so that after making all required withholdings or deductions of
Indemnified Taxes or Other Taxes (including withholdings or deductions
applicable to additional sums payable under this Section 2.13), each Lender
receives an amount equal to the sum it would have received had no such
withholdings or deductions of Indemnified Taxes or Other Taxes been made, (ii)
such Loan Party or other applicable withholding agent (as applicable) shall make
such withholdings or deductions, (iii) such Loan Party or other applicable
withholding agent (as applicable) shall pay the full amount withheld or deducted
to the relevant taxation authority or other authority in accordance with
applicable Law, and (iv) within thirty (30) days after the date of such payment
(or, if receipts or evidence are not available within thirty (30) days, as soon
as possible thereafter), if a Loan Party made the withholding or deduction, such
Loan Party shall furnish to the Administrative Agent or affected Lender (as the
case may be) the original or a copy of a receipt evidencing payment thereof or
other evidence reasonably acceptable to such Agent or Lender.

       

      (b)           The
Loan Parties agree to pay any and all Other Taxes except for any such tax
resulting from an assignment or participation by a Lender or Participant (“Assignment Tax”), but only if
such Assignment Taxes result from a connection between the jurisdiction imposing
such tax and such Lender or Participant other than any connection arising solely
from such Lender or Participant having executed, delivered, been a party to,
received or perfected a security interest under or performed its obligations
under,  received payment under or enforced, this Agreement or any
other Loan Document.

      
        
           

        

        
          -61-

          
            

          

        

        
           

        

      

       

      (c)           Each
Loan Party jointly and severally agrees to indemnify and hold harmless each
Agent and each Lender for (i) the full amount of Indemnified Taxes and Other
Taxes payable by such Agent or such Lender (including Indemnified Taxes or Other
Taxes imposed directly on the Agent or Lender) whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant taxing authority and (ii) any expenses (excluding any Excluded Taxes)
arising therefrom or with respect thereto.  A certificate as to the
amount of such payment or liability, along with a reasonably detailed
description of such payment or liability, delivered to the applicable Loan Party
shall be conclusive absent manifest error.

       

      (d)           Each
Foreign Lender shall, to the extent it is legally entitled to do so, (v) on or
prior to the Closing Date in the case of each Foreign Lender that is a signatory
hereto, (w) on or prior to the date of the Assignment and Acceptance pursuant to
which such Foreign Lender becomes a Lender, (x) on or prior to the date on which
any such form or certification expires or becomes obsolete or incorrect, (y)
after the occurrence of any event involving such Foreign Lender that requires a
change in the most recent form or certification previously delivered by it to
Borrower and the Administrative Agent, and (z) from time to time if reasonably
requested by Borrower or the Administrative Agent, provide the Administrative
Agent and Borrower with two completed originals of each of the following, as
applicable:

       

      (i)         IRS
Form W-8ECI (claiming exemption from U.S. federal withholding tax because the
income is effectively connected with a U.S. trade or business) or any successor
form;

       

      (ii)        IRS
Form W-8BEN (claiming exemption from, or a reduction of, U.S. federal
withholding tax under an income tax treaty) or any successor form;

       

      (iii)       in
the case of a Foreign Lender claiming exemption under Section 871(h) or 881(c)
of the Code, an IRS Form W-8BEN or any successor form and a certificate
substantially in the form of Exhibit J (to claim
exemption from U.S. federal withholding tax under the portfolio interest
exemption); or

       

      (iv)       any
other applicable form, certificate or document prescribed by the IRS certifying
as to such Foreign Lender’s entitlement to such exemption from U.S. federal
withholding tax or reduced rate with respect to specified payments to be made by
Borrower to such Foreign Lender under the Loan Documents.

       

      To the
extent it is legally entitled to do so, any Foreign Lender which does not act or
ceases to act for its own account with respect to any portion of any sums paid
or payable to such Foreign Lender under any of the Loan Documents shall deliver
to Administrative Agent and Borrower, on or prior to the date such Foreign
Lender becomes a Lender, or on or prior to such later date when such Foreign
Lender ceases to act for its own account with respect to any portion of any such
sums paid or payable (and on or prior to the date on which any such form or
certification expires or becomes obsolete or incorrect, after the occurrence of
any event involving such Foreign Lender that requires a change in the most
recent form or certification previously delivered by it to Borrower and the
Administrative Agent, and from time to time thereafter if reasonably requested
by Borrower or Administrative Agent), two completed originals of IRS Form W-8IMY
(or any successor forms) properly completed and duly executed by such Foreign
Lender, together with all information required to be transmitted with such form,
and any other certificate or statement of exemption required under the Code or
reasonably requested by Borrower or the Administrative Agent, to establish that
such Foreign Lender is not acting for its own account with respect to a portion
of any such sums payable to such Foreign Lender and to establish that such
portion may be received without deduction for, or at a reduced rate of, U.S.
federal withholding tax (including, if the Foreign Lender is claiming the
portfolio interest exemption with respect to one or more of its beneficial
owners, a certificate substantially in the form of Exhibit J with
respect to such beneficial owners).

      
        
           

        

        
          -62-

          
            

          

        

        
           

        

      

      In
addition to the foregoing, any Lender that is entitled to an exemption from or
reduction of withholding tax under the law of any jurisdiction in which Borrower
is doing business, or any treaty to which such jurisdiction is a party, with
respect to payments under this Agreement or any other Loan Document shall
deliver to Borrower and the Administrative Agent, at the time or times
prescribed by applicable law, such properly completed and executed documentation
prescribed by applicable law or reasonably requested by Borrower or the
Administrative Agent as will permit such payments to be made without withholding
or at a reduced rate, provided that such Lender has received written notice from
Borrower or the Administrative Agent advising it of the availability of such
exemption or reduction and supplying all applicable documentation.

       

      The
Administrative Agent shall, to the extent it is legally entitled to do so,
provide Borrower with, (i) with respect to any amount received on behalf of a
Lender, one completed original of IRS Form W-9 or W8-IMY, as applicable, (ii)
with respect to any fee received by the Administrative Agent hereunder, one
completed original of IRS Form W-9 or applicable W-8 and (iii) any other
documentation reasonably requested by Borrower as will permit any payment of
such fee to be made without withholding or at a reduced rate of
withholding.  Thereafter and from time to time, the Administrative
Agent shall, to the extent it is legally entitled to do so, provide Borrower
such additional duly completed and signed copies of one or more of such forms
(or such successor forms) or documentation on or prior to the date on which any
such form or documentation expires or becomes obsolete or
incorrect.

       

      (e)           Each
Lender that is a “United States Person” within the meaning of Section
7701(a)(30) of the Code shall, on the date such Lender becomes a party hereto,
provide Borrower and the Administrative Agent with two completed originals of
IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup
withholding and shall update such form from time to time if such form expires or
becomes obsolete or incorrect.

       

      (f)           
Any Lender or Agent claiming any additional amounts or indemnification payments
pursuant to this Section 2.13 shall use its reasonable efforts (if requested by
Borrower) to change the jurisdiction of its Lending Office or take other steps
(in each case, at Borrower’s expense) if such a change or other steps would
reduce any such additional amounts or indemnification payments (or any similar
amount that may thereafter accrue) and would not, in the sole determination of
such Lender or Agent, result in any unreimbursed cost or expense or be otherwise
disadvantageous to such Lender or Agent.

       

      (g)           If
any Lender or Agent determines, in its sole good faith discretion, that it has
received a refund in respect of any Indemnified Taxes or Other Taxes as to which
indemnification or additional amounts have been paid to it by Borrower pursuant
to this Section 2.13, it shall promptly remit the portion of such refund to the
applicable Loan Party that will leave it in no better or worse after-tax
position (taking into account all out-of-pocket expenses of the Lender or Agent,
as the case may be, than if the Indemnified Tax or Other Tax giving rise to such
refund had not been imposed in the first instance); provided that the Loan
Parties, upon the request of the Lender or Agent, as the case may be, agree
promptly to return such refund (plus any penalties, interest or other charges
imposed by the relevant taxing authority) to such party in the event such party
is required to repay such refund to the relevant taxing
authority.  This clause (g) shall not be construed to require any
Lender or Agent to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to any Loan Party or any other
Person.

      
        
           

        

        
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      Section
2.14.           Matters Applicable to All
Requests for Compensation.

       

      (a)           Any
Agent or any Lender claiming compensation under Sections 2.10 through 2.13 and
Section 2.16 shall deliver a certificate to Borrower setting forth the
additional amount or amounts to be paid to it hereunder which shall be
conclusive in the absence of manifest error.  In determining such
amount, such Agent or such Lender may use any reasonable averaging and
attribution methods.

       

      (b)           With
respect to any Lender’s claim for compensation under Section 2.10, 2.11, 2.13 or
2.16, Borrower shall not be required to compensate such Lender for any amount
incurred more than one hundred and twenty (120) days prior to the date that such
Lender notifies Borrower of the event that gives rise to such claim; provided that, if the
circumstance giving rise to such claim is retroactive, then such 120-day period
referred to above shall be extended to include the period of retroactive effect
thereof.  If any Lender requests compensation by Borrower under
Section 2.11, Borrower may, by notice to such Lender (with a copy to the
Administrative Agent), suspend the obligation of such Lender to continue Loans
from one Interest Period to another until the event or condition giving rise to
such request ceases to be in effect (in which case the provisions of Section
2.14(c) shall be applicable); provided that such suspension
shall not affect the right of such Lender to receive the compensation so
requested.

       

      (c)           If
the obligation of any Lender to maintain any Loan shall be suspended pursuant to
Section 2.14(b)) hereof, such Lender’s applicable Loans shall be repaid on the
last day(s) of the then current Interest Period(s) for such Loans.

       

      Section
2.15.           Replacement of
Lenders.

       

      (a)           If
at any time (i) Borrower becomes obligated to pay additional amounts or
indemnity payments described in Section 2.11 or 2.13 as a result of any
condition described in such Sections or any Lender ceases to maintain any Loans
as a result of any condition described in Section 2.11 or Section 2.16, (ii) any
Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting
Lender, then the Company may, on ten (10) Business Days’ prior written notice to
the Administrative Agent and such Lender, replace such Lender by causing such
Lender to (and such Lender shall be obligated to) assign pursuant to Section
11.04(b) (with the assignment fee to be paid by the Company in each such
instance) all of its rights and obligations under this Agreement to one or more
assignees; provided
that neither the Administrative Agent nor any Lender shall have any obligation
to Borrower to find a replacement Lender or other such Person; and provided further that (A) in the case
of any such assignment resulting from a Lender becoming a Non-Consenting Lender,
the applicable assignees shall have agreed to, and shall be sufficient (together
with all other consenting Lenders) to cause the adoption of, the applicable
departure, waiver or amendment of the Loan Documents and (B) in the case of any
such assignment resulting from a claim for compensation under Section 2.11 or
payments required to be made pursuant to Section 2.13, such assignment will
result in a reduction in such compensation or payments.

       

      (b)           Any
Lender being replaced pursuant to Section 2.15(a) above shall (i) execute and
deliver an Assignment and Acceptance with respect to such Lender’s outstanding
Loans and participations in respect thereof, and (ii) deliver any Notes
evidencing such Loans to Borrower or to the Administrative
Agent.  Pursuant to such Assignment and Acceptance, (A) the assignee
Lender shall acquire all or a portion, as the case may be, of the assigning
Lender’s outstanding Loans and participations in respect thereof, (B) all
obligations of Borrower owing to the assigning Lender relating to the Loans and
participations so assigned shall be paid in full by the assignee Lender to such
assigning Lender concurrently with such Assignment and Acceptance and (C) upon
such payment and, if so requested by the assignee Lender, delivery to the
assignee Lender of the appropriate Note or Notes executed by Borrower, the
assignee Lender shall become a Lender hereunder and the assigning Lender shall
cease to constitute a Lender hereunder with respect to such assigned Loans and
participations, except with respect to indemnification provisions under this
Agreement, which shall survive as to such assigning Lender.  In
connection with any such replacement, if any such Non-Consenting Lender or
Defaulting Lender does not execute and deliver to the Administrative Agent a
duly executed Assignment and Acceptance reflecting such replacement within five
(5) Business Days of the date on which the assignee Lender executes and delivers
such Assignment and Acceptance to such Non-Consenting Lender or Defaulting
Lender, then such Non-Consenting Lender or Defaulting Lender shall be deemed to
have executed and delivered such Assignment and Acceptance without any action on
the part of the Non-Consenting Lender or Defaulting Lender.

      
        
           

        

        
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      (c)           In
the event that (i) Borrower or the Administrative Agent has requested that the
Lenders consent to a departure or waiver of any provisions of the Loan Documents
or agree to any amendment thereto, (ii) the consent, waiver or amendment in
question requires the agreement of all affected Lenders in accordance with the
terms of Section 11.08 and (iii) the Required Lenders have agreed to such
consent, waiver or amendment, then any Lender who does not agree to such
consent, waiver or amendment shall be deemed a “Non-Consenting
Lender.”

       

      Section
2.16.           Illegality.  If any
Lender reasonably determines that any change in law has made it unlawful, or
that any Governmental Authority has asserted after the Closing Date that it is
unlawful, for any Lender or its applicable lending office to make or maintain
its Loans, then such Loans will bear interest at a rate per annum specified by
such Lender to represent its cost of funds therefor plus the Applicable Margin
plus any amounts due under Section 2.09(c).

       

      Section
2.17.           Payments
Generally.

       

      (a)           All
payments to be made by Borrower shall be made without condition or deduction for
any counterclaim, defense, recoupment or setoff.  Except as otherwise
expressly provided herein and except with respect to principal of and interest
on Euro Loans, all payments by Borrower hereunder shall be made to the
Administrative Agent, for the account of the respective Lenders to which such
payment is owed, at the applicable Administrative Agent’s office in Dollars and
in Same Day Funds not later than 2:00 p.m. (New York, New York time) on the date
specified herein.  Except as otherwise expressly provided herein, all
payments by Borrower hereunder with respect to principal and interest on Euro
Loans shall be made to the Administrative Agent, for the account of the
respective Lenders to which such payment is owed, at the Administrative Agent’s
office in Euro and in Same Day Funds not later than 2:00 p.m. (London time) on
the dates specified herein.  If, for any reason, Borrower is
prohibited by any Law from making any required payment hereunder in Euro,
Borrower shall make such payment in Dollars in the Dollar Amount of the Euro
payment amount.  The Administrative Agent will promptly distribute to
each Lender its pro rata share (or other applicable share as provided herein) of
such payment in like funds as received by wire transfer to such Lender’s
applicable Lending Office.  All payments received by the
Administrative Agent (i) after 2:00 p.m. (New York time), in the case of
payments in Dollars, or (ii) after 2:00 p.m. (London time) in the case of
payments in Euro, shall in each case be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to
accrue.

       

      (b)           If
any payment to be made by Borrower shall come due on a day other than a Business
Day, payment shall be made on the immediately succeeding Business Day, and such
extension of time shall be reflected in computing interest or fees, as the case
may be; provided that,
if such extension would cause payment of interest on or principal of Loans to be
made in the next succeeding calendar month, such payment shall be made on the
immediately preceding Business Day.

      
        
           

        

        
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      (c)           Unless
Borrower has notified the Administrative Agent, prior to the date any payment is
required to be made by it to the Administrative Agent hereunder, that Borrower
will not make such payment, the Administrative Agent may assume that Borrower
has timely made such payment and may (but shall not be so required to), in
reliance thereon, make available a corresponding amount to the Person entitled
thereto.  If and to the extent that such payment was not in fact made
to the Administrative Agent in Same Day Funds, then each Lender shall forthwith
on demand repay to the Administrative Agent the portion of such assumed payment
that was made available to such Lender in Same Day Funds, together with interest
thereon in respect of each day from and including the date such amount was made
available by the Administrative Agent to such Lender to the date such amount is
repaid to the Administrative Agent in Same Day Funds at the applicable Overnight
Rate from time to time in effect.

       

      (d)           If
any Lender makes available to the Administrative Agent funds for any Loan to be
made by such Lender as provided in the foregoing provisions of this Article 2,
and such funds are not made available to Borrower by the Administrative Agent
because the conditions set forth in Article 4 are not satisfied or waived in
accordance with the terms hereof, the Administrative Agent shall return such
funds (in like funds as received from such Lender) to such Lender, without
interest.

       

      (e)           Nothing
herein shall be deemed to obligate any Lender to obtain the funds for any Loan
in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any
particular place or manner.

       

      (f)           Whenever
any payment received by the Administrative Agent under this Agreement or any of
the other Loan Documents is insufficient to pay in full all amounts due and
payable to the Administrative Agent and the Lenders under or in respect of this
Agreement and the other Loan Documents on any date, such payment shall be
distributed by the Administrative Agent and applied by the Administrative Agent
and the Lenders in the order of priority set forth in Section
2.07(d).  If the Administrative Agent receives funds for application
to the Obligations under or in respect of the Loan Documents under circumstances
for which the Loan Documents do not specify the manner in which such funds are
to be applied, the Administrative Agent may (to the fullest extent permitted by
mandatory provisions of applicable Law), but shall not be obligated to, elect to
distribute such funds to each of the Lenders in accordance with such Lender’s
pro rata share of the principal amount of all Loans outstanding at such time
plus accrued interest thereon, in repayment or prepayment of such of the
outstanding Loans or other Obligations then owing to such Lender.

       

      ARTICLE
3

       

      REPRESENTATIONS
AND WARRANTIES

       

      Each Loan
Party represents and warrants to the Agents and the Lenders that:

       

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

      
        
           

        

        
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      Section
3.02.           Authorization; No
Contravention.   The
execution, delivery and performance by each Loan Party of each Loan Document to
which such Person is a party, and the consummation of the Transaction, are
within such Loan Party’s corporate or other powers, have been duly authorized by
all necessary corporate or other organizational action, and do not (a)
contravene the terms of any of such Person’s Organization Documents; (b) in any
material way, conflict with or result in any breach or contravention of or the
creation of any Lien under (other than as permitted by Section 5.14), or require
any payment to be made under, (i) except payments as set forth in the Funds Flow
Memorandum dated the Closing Date and delivered to the Administrative Agent, any
Contractual Obligation to which such Person is a party or affecting such Person
or the properties of such Person or any of its subsidiaries or (ii) any order in
any material way, injunction, writ or decree of any Governmental Authority or
any arbitral award to which such Person or its property is subject in any
material way; or (c) violate any material Law in any material way; except with
respect to any conflict, breach or contravention or payment (but not creation of
Liens) referred to in clause (b)(i), to the extent that such conflict, breach,
contravention, violation or payment could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

       

      Section
3.03.           Governmental Authorization; Other
Consents   Subject
to Legal Reservations, no material approval, consent, exemption, authorization,
or other action by, or notice to, or filing with, any Governmental Authority or
any other Person is necessary or required of a Loan Party in connection with (a)
the execution, delivery or performance by, or enforcement against, any Loan
Party of this Agreement or any other Loan Document, or for the consummation of
the Transaction, (b) the grant by any Loan Party of the Liens granted by it
pursuant to the Security Documents, (c) the perfection or maintenance of the
Liens created under the Security Documents (including the priority thereof) or
(d) the exercise by the Administrative Agent or any Lender of its rights under
the Loan Documents or the remedies in respect of the Collateral pursuant to the
Security Documents, except for (i) filings, notices and consents and
registrations necessary to perfect the Liens on the Security granted by the Loan
Parties in favor of the Secured Parties, (ii) the approvals, consents,
exemptions, authorizations, actions, notices and filings which have been duly
obtained, taken, given or made and are in full force and effect (or, with
respect to consummation of the Transaction, will be duly obtained, taken, given
or made and will be in full force and effect, in each case within the time
period required to be so obtained, taken, given or made); (iii) those approvals,
consents, exemptions, authorizations or other actions, notices or filings, the
failure of which to obtain or make could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect and (iv) those not
required in accordance with the Security Principles.

       

      Section
3.04.           Binding Effect.   This
Agreement and each other Loan Document dated on or prior to the date this
representation is made has been duly executed and delivered by each Loan Party
that is a party thereto.  This Agreement and each other Loan Document
dated on or prior to the date this representation is made constitutes, a legal,
valid and binding obligation of such Loan Party, enforceable against each Loan
Party that is a party thereto in accordance with its terms, except as such
enforceability may be limited by (i) Debtor Relief Laws and by general
principles of equity, (ii) the need for filings and registrations necessary to
perfect the Liens on the Collateral granted by the Loan Parties in favor of the
Secured Parties and (iii) the effect of foreign Laws, rules and regulations as
they relate to pledges of Equity Interests in Foreign Subsidiaries (other than
those pledges made under the Laws of the jurisdiction of formation of the
applicable Foreign Subsidiary).

      
        
           

        

        
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      Section
3.05.           Financial Statements; No
Material Adverse Effect.

       

      (a)           (i)  The
unaudited pro forma consolidated balance sheet of the Company and its
subsidiaries as of September 30, 2007 (including the notes thereto) (the “Pro Forma Balance Sheet”) and
the related pro forma consolidated statement of income of the Company and its
subsidiaries for the twelve months ended September 30, 2007 (together with the
Pro Forma Balance Sheet, the “Pro Forma Financial
Statements”), copies of which have heretofore been furnished to each
Lender, have been prepared giving effect (as if such events had occurred on
January 1, 2006 in the case of the pro forma consolidated statement of income
and September 30, 2007 in the case of the Pro Forma Balance Sheet) to the
Transactions.  The Pro Forma Financial Statements have been prepared
in good faith, based on assumptions believed by the Company to be reasonable as
of the date of delivery thereof, and so far as it was then aware, shall present
fairly in all material respects on a pro forma basis the estimated financial
position of the Company and its subsidiaries as of September 30, 2007 and their
estimated results of operations for the period covered thereby, assuming that
the events specified in the preceding sentence had actually occurred on January
1, 2006 or September 30, 2007, as applicable.

       

      (ii)           The
Audited Financial Statements fairly present in all material respects the
financial condition of the Company and its subsidiaries as of the dates thereof
and their results of operations for the period covered thereby in accordance
with GAAP consistently applied throughout the periods covered thereby, except as
otherwise expressly noted therein.  During the period from December
31, 2006 to and including the Closing Date, there has been (x) no sale, transfer
or other disposition by the Company or any of its subsidiaries of any material
part of the business or property of the Company or any of its subsidiaries,
taken as a whole, and (y) no purchase or other acquisition by the Company or any
of its subsidiaries of any business or property (including any Equity Interests
of any other Person) material in relation to the consolidated financial
condition of the Company and its subsidiaries, in each case, which is not
reflected in the foregoing financial statements or in the notes thereto or has
not otherwise been disclosed in writing to the Lenders prior to the Closing
Date.

       

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

       

      (c)           The
Company and its subsidiaries shall have outstanding no Financial Indebtedness or
Disqualified Equity Interests other than (i) the Loans and other Obligations,
(ii) the loans under the Senior Secured Credit Facilities, (iii) the Existing
Notes, (iv) Existing Indebtedness (including letters of credit issued and
outstanding on the Closing Date), (E) the Asset Backed Credit Facility,
Receivables Financing and Securitization Transactions and (F) liabilities
incurred in the ordinary course of business and (b) liabilities disclosed in the
Pro Forma Financial Statements, in each case to the extent permitted by Section
5.08.

       

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

      
        
           

        

        
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      Section
3.07.           Ownership of Property;
Liens.

       

      (a)           Each
Loan Party and each of its subsidiaries has good record fee simple title (or
otherwise holds full legal (and, if applicable, beneficial) ownership under
applicable Law) to, or valid leasehold interests in, or easements or other
limited property interests in, all Real Property necessary in the ordinary
conduct of its business, free and clear of all Liens except for (x) minor
defects in title that do not materially interfere with its ability to conduct
its business or to utilize such assets for their intended purposes and (y) Liens
permitted under Section 5.14 and except where the failure to have such title
could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

       

      (b)           As
of the Closing Date, Schedule 7 to the Perfection Certificate dated the Closing
Date contains a true and complete list of each interest in material Real
Property owned or ground leased by the Loan Parties and describes the type of
interest therein held by each such entity.

       

      Section
3.08.           Environmental
Matters.

       

      In each
case, except as set forth on Schedule 3.08,

       

      (a)           There
are no claims, actions, suits, proceedings, demands, notices or, to the
knowledge of any Loan Party and each of its subsidiaries, investigations
alleging actual or potential liability of any Loan Party or its subsidiaries
under or for violation of, or otherwise relating to, any Environmental Law that
could, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

       

      (b)           Except
for items that could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, (i) each Loan Party and each of their
respective subsidiaries and each of their Real Property, other assets and
operations are in compliance with all applicable Environmental Laws, including
all Environmental Permits; (ii) none of the properties currently or, to the
knowledge of any Loan Party or any of its subsidiaries, formerly, owned, leased
or operated by any Loan Party or any of its subsidiaries is listed or formally
proposed for listing on the National Priority List under CERCLA, or the German
register of contaminated sites (Altlaster register) or any
analogous list maintained pursuant to any Environmental Law; (iii) all asbestos
or asbestos-containing material on, at or in any property or facility currently
owned, leased or operated by any Loan Party or any of its subsidiaries is in
compliance with Environmental Laws; and (iv) there has been no Release of
Hazardous Materials by any Person on, at, under or from any property or facility
currently or formerly owned, leased or operated by any Loan Party or any of its
subsidiaries and there has been no Release of Hazardous Materials by any Loan
Party or any of its subsidiaries at any other location.

       

      (c)           The
properties and facilities owned, leased or operated by the Loan Parties and
their subsidiaries do not contain any Hazardous Materials in amounts or
concentrations which (i) constitute a violation of, (ii) require investigation
or other response or corrective action under, or (iii) could reasonably be
expected to give rise to liability under, Environmental Laws, which violations,
actions and/or liabilities, individually or in the aggregate, could, reasonably
be expected to result in a Material Adverse Effect.

       

      (d)           None
of the Loan Parties or their subsidiaries is undertaking or financing, in whole
or in part, either individually or together with other potentially responsible
parties, any investigation, response or other corrective action relating to any
actual or threatened Release of Hazardous Materials at any property, facility or
location pursuant to any Environmental Law except for such investigation,
response or other corrective action that, individually or in the aggregate,
could not, reasonably be expected to result in a Material Adverse
Effect.

      
        
           

        

        
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      (e)           All
Hazardous Materials generated, used, treated, handled or stored by any Loan
Party or any of their subsidiaries at, or transported by or on behalf of any
Loan Party or any of their subsidiaries to or from, any property or facility
currently or formerly owned, leased or operated by any Loan Party or any of its
subsidiaries have been disposed of in a manner which could not reasonably be
expected to result, individually or in the aggregate, in a Material Adverse
Effect.

       

      (f)           Except
as could not reasonably be expected to result, individually or in the aggregate,
in a Material Adverse Effect, none of the Loan Parties or any of their
subsidiaries has contractually assumed, and is not subject or a party to any
judgment, order, decree or agreement which imposes, any liability or obligation
under or relating to any Environmental Law.

       

      Section
3.09.           Taxes.  Except
as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, (a) each of the Loan Parties and each of their
respective subsidiaries has (i) timely filed all Tax returns required to be
filed and all such tax returns are true and correct, (ii) timely paid all Taxes
levied or imposed upon it or its properties (whether or not shown on a tax
return), and (iii) satisfied all of its Tax withholding obligations; (b) there
are no current, pending or threatened audits, examinations or claims with
respect to Taxes of any Loan Party or any of their respective subsidiaries and
(c) none of the Loan Parties has ever “participated” in a “listed transaction”
within the meaning of Treasury Regulation Section 1.6011-4.

       

      Section
3.10.           ERISA
Compliance.

       

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

       

      (b)           (i)
No ERISA Event has occurred or is reasonably expected to occur and (ii) neither
any Loan Party, any subsidiary nor any ERISA Affiliate has engaged in a
transaction that could be subject to Section 4069 or 4212(c) of ERISA, except,
with respect to each of the foregoing clauses of this Section 3.10(b), as could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

       

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

       

      Section
3.11.           Subsidiaries; Equity
Interests.

       

      As of the
Closing Date (after giving effect to any part of the Transaction that is
consummated on or prior to the Closing Date), no Loan Party has any subsidiaries
other than dormant or inactive entities and those specifically disclosed in
Schedule 3.11 hereto, and all of the outstanding Equity Interests owned by the
Loan Parties (or a subsidiary of any Loan Party) in such subsidiaries have been
validly issued and are fully paid and all Equity Interests owned by a Loan Party
(or a subsidiary of any Loan Party) in such subsidiaries are owned free and
clear of all Liens except (i) those created under the Security Documents and
(ii) any Lien that is permitted under Section 5.14.  As of the Closing
Date, Schedules 1(a) and 10(a) and (b) to the Perfection Certificate set forth
the name, jurisdiction and ownership interest of each Loan Party in each direct
Domestic Subsidiary or any material Foreign Subsidiary which is not dormant or
inactive, including the percentage of such ownership, and no such entities have
any direct or indirect Material Subsidiaries.

      
        
           

        

        
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      Section
3.12.           Margin Regulations;
Investment Company Act.

       

      (a)           Borrower
is not engaged nor will it engage, principally or as one of its important
activities, in the business of purchasing or carrying Margin Stock, or extending
credit for the purpose of purchasing or carrying Margin Stock, and no proceeds
of any Borrowings will be used for any purpose that violates Regulation
U.

       

      (b)           Neither
Borrower, nor any Person Controlling Borrower, or any of the subsidiaries of
Borrower is or is required to be registered as an “investment company” under the
Investment Company Act of 1940.

       

      Section
3.13.           Disclosure.

       

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

       

      Section
3.14.           [Reserved].

       

      Section
3.15.           Anti-Terrorism
Laws.

       

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

       

      (b)           Each
of the Loan Parties organized in the United States and, to the best of such Loan
Parties’ knowledge, each of its subsidiaries has taken reasonable measures to
ensure compliance with the Anti-Terrorism Laws.

       

      Section
3.16.           Intellectual Property;
Licenses, Etc.  
Each of the Loan Parties and their subsidiaries own, license or otherwise
possess the right to use, all of the trademarks, service marks, trade names,
domain names, copyrights, patents, trade secrets, know-how, database rights,
design rights and other intellectual property rights (collectively, “IP Rights”) that are material
to the operation of their respective businesses as currently conducted, and,
without conflict with the rights of any Person, except to the extent such
conflicts could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.  To the knowledge of the Loan Parties,
the operation of the businesses as currently conducted does not infringe upon
any IP Rights held by any Person except for such infringements, individually or
in the aggregate, which could not reasonably be expected to have a Material
Adverse Effect.  No claim or litigation brought against any Loan Party
alleging the infringement or misuse of any IP Rights is pending or, to the
knowledge of the Loan Parties, threatened against any Loan Party or any of its
subsidiaries, which could, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect.

      
        
           

        

        
          -71-

          
            

          

        

        
           

        

      

      Except
pursuant to licenses and other user agreements entered into by each Loan Party
in the ordinary course of business, on and as of the Closing Date (i) each Loan
Party owns and possesses the right to use the copyrights, patents and trademarks
identified with such Loan Party’s name on Schedule 12(a) or 12(b), as
applicable, to the Perfection Certificate, and (ii) the registrations listed on
Schedule 12(a) and 12(b) are valid and in full force and effect, except, in each
case, to the extent failure to own or possess such right to use or of such
registrations to be valid and in full force and effect could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse
Effect.

       

      Section
3.17.           Solvency.

       

      On the
Closing Date, the Loan Parties (taken as a whole) after giving effect to the
Transaction, are Solvent.

       

      Section
3.18.           Use of
Proceeds.

       

       Borrower
will use the proceeds of Loans made on the Closing Date solely to finance the
Transactions.

       

      Section
3.19.          [Reserved].

       

      Section
3.20.           Security
Documents.

       

      (a)           Subject
to Legal Reservations, the Security Documents are or in the case of each
Security Document delivered pursuant to the Senior Secured Credit Facilities
will, upon execution and deliver thereof, be effective to create in favor of the
Collateral Agent for the benefit of the Secured Parties (or in favor of the
relevant Secured Parties directly, as applicable), legal, valid and enforceable
Liens on, and security interests in, the Collateral described therein to the
extent intended to be created thereby and (i) when financing statements and
other filings in appropriate form are filed in the offices specified on Schedule
7 to the Perfection Certificate and registration achieved (if applicable), (ii)
when all appropriate filings, recordings, endorsements, notarizations, stamping,
registrations and/or notifications are made as required under applicable Law and
(iii) upon the taking of possession or control by the Collateral Agent of such
Collateral with respect to which a security interest may be perfected only by
possession or control (which possession or control shall be given to the
Collateral Agent to the extent possession or control by the Collateral Agent is
required by the Security Agreement), the Liens created by the Security Documents
shall constitute fully perfected Liens on, and security interests in (to the
extent intended to be created thereby), all right, title and interest of the
grantors in such Collateral, in each case subject to no Liens other than Liens
permitted hereunder.

      
        
           

        

        
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      (b)           When
the Security Agreement governed by U.S. Law or a short form thereof is properly
filed in the United States Patent and Trademark Office and the United States
Copyright Office, the Liens created by such Security Agreement shall constitute
fully perfected Liens on, and security interests in, all right, title and
interest of the grantors thereunder (to the extent intended to be created
thereby) in the IP Rights to the extent that a security interest can be created
under Article 9 of the UCC and can be perfected by the filing of a financing
statement in accordance therewith, except as the enforcement thereof may be
limited by applicable bankruptcy, insolvency or similar laws affecting the
enforcement of rights of creditors generally and except to the extent that
enforcement of rights and remedies set forth therein may be limited by equitable
principles (regardless of whether enforcement is considered in a court of law or
a proceeding in equity), in each case subject to no Liens other than Liens
permitted hereunder (it being understood that subsequent recordings in the
United States Patent and Trademark Office and the United States Copyright Office
may be necessary to perfect a Lien on registered patents and copyrights acquired
by the grantors thereof after the Closing Date).

       

      (c)           Notwithstanding
anything herein (including this Section 3.20) or in any other Loan Document to
the contrary, no Loan Party makes any representation or warranty as to the
effects of perfection or non-perfection, the priority or the enforceability of
any pledge of or security interest (other than with respect to those pledges and
security interests made under the Laws of the jurisdiction of formation of the
applicable Foreign Subsidiary) in any Equity Interests of any Foreign
Subsidiary, or as to the rights and remedies of the Agents or any Lender with
respect thereto, under foreign Law.

       

      Section
3.21.           Works
Council.

       

      None of
the Dutch Loan Parties other than Basell Benelux B.V. has, or is required to
have, a (central) works council ((centrale) ondernemingsraad) and there
is no (central) works council which under the Dutch Works Councils Act (Wet op de ondernemingsraden)
would have the right to give advice in connection with any Loan
Document.

      
        
           

        

        
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      ARTICLE
4

       

      CONDITIONS
OF LENDING

       

      Section
4.01.           Conditions of
Lending.  
The obligation of each Lender to fund the Loans on the Closing Date hereunder is
subject to satisfaction of the following conditions precedent:

       

      (a)           The
Administrative Agent’s receipt of the following, each of which shall be
originals or facsimiles (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer of the signing Loan
Party to the extent such Loan Party is a party thereto, each in form and
substance reasonably satisfactory to the Administrative Agent and its legal
counsel:

       

       (i)         executed
counterparts of this Agreement (including all of the Lenders party
hereto);

       

      (ii)         an
Initial Loan Note executed by Borrower in favor of each Lender that has
requested an Initial Loan Note more than three (3) Business Days prior to the
Closing Date;

       

      (iii)        except
where delivery after the Closing Date is contemplated therein, each Security
Document set forth on Schedule 4.01(a)(iii) hereto, duly executed by each Loan
Party thereto, together with:

       

      (A)        certificates,
if any, representing the Pledged Equity referred to therein accompanied, if
applicable, by undated stock powers executed in blank and instruments evidencing
the Pledged Debt indorsed in blank, and

       

      (B)         where
appropriate and customary in each relevant jurisdiction where the Guarantors are
organized, evidence that all other actions, recordings and filings that the
Administrative Agent may deem reasonably necessary to satisfy the Collateral and
Guarantee Requirement (and as have been notified to Borrower or its counsel no
later than three (3) Business Days prior to the Closing Date) shall have been
taken, completed or otherwise provided for in a manner reasonably satisfactory
to the Administrative Agent;

       

      (iv)        such
certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the
Administrative Agent may reasonably require (and as have been notified to
Borrower no later than three (3) Business Days before the Closing Date)
evidencing the identity, authority and capacity of each Responsible Officer
thereof authorized to act as a Responsible Officer in connection with this
Agreement and the other Loan Documents to which such Loan Party is a party or is
to be a party on the Closing Date;

       

      (v)       (A)             the
executed legal opinion of Skadden, Arps, Slate, Meagher & Flom LLP, special
U.S. counsel to the Company and certain other Loan Parties, substantially in the
form of Exhibit H; and

       

      (B)           the
executed legal opinion of local counsel to the Lenders or the Loan Parties, as
applicable, in the jurisdictions listed on Schedule 4.01(a)(v)(B), in form and
substance reasonably satisfactory to the Administrative Agent;

      
        
           

        

        
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      (C)           a
certificate signed by a Company Financial Officer certifying that since the date
of the Acquisition Agreement there has been no Material Adverse
Change;

       

      (vi)        a
certificate signed by a Company Financial Officer attesting to the Solvency of
the Loan Parties (taken as a whole) after giving effect to the Transactions,
from;

       

      (vii)       except
as contemplated by Section 6.14(a) of the Senior Secured Credit Facilities,
evidence that all insurance (including title insurance) required to be
maintained pursuant to the Loan Documents has been obtained and is in effect and
that the Collateral Agent has been named as loss payee, mortgagee and additional
insured under each insurance policy with respect to such insurance as to which
the Collateral Agent shall have requested to be so named;

       

      (viii)      a
Borrowing Request relating to the Borrowings made on the Closing Date;
and

       

      (ix)         the
Intercreditor Agreement, executed and delivered by a duly authorized officer of
the applicable Loan Parties and of the Collateral Agent and other agents party
thereto;

       

      (b)           prior
to or substantially simultaneously with the Loans made on the Closing Date,
arrangements reasonably satisfactory to the Joint Lead Arrangers shall have been
made to pay all fees and expenses (to the extent invoices for such expenses have
been provided at least five (5) Business Days prior to the Closing Date)
required to be paid hereunder by the Company or Borrower from the Borrowings
made on the Closing Date;

       

      (c)           prior
to or substantially simultaneously with the Initial Loans made on the Closing
Date, the Acquisition shall have been consummated in accordance with the terms
of the Acquisition Agreement except for the filing of the merger certificate
which shall occur substantially concurrently, without giving effect to any
amendments or waivers thereto (excluding any waiver by Lyondell of the
conditions set forth in Section 6.3(a)(i) of the Acquisition Agreement) that are
materially adverse to the Lenders made without reasonable consent of the Joint
Lead Arrangers (such consent not to be unreasonably withheld or delayed), and in
compliance with applicable material Laws and regulatory approvals;

       

      (d)           all
of the conditions precedent included in Article IV of the Senior Secured Credit
Facilities have been satisfied or waived and the Senior Secured Credit
Facilities remain in full force and effect;

       

      (e)           the
Company and its subsidiaries shall have outstanding no Financial Indebtedness or
Disqualified Equity Interests other than (A) the Initial Loan, (B) the loans
under the Senior Secured Credit Facilities, (C) the Existing Notes, (D) Existing
Indebtedness (including letters of credit issued and outstanding on the Closing
Date), and (E) the Asset Backed Credit Facility, Receivables Financing and
Securitization Transactions and (F) liabilities incurred in the ordinary course
of business and (G) liabilities disclosed in the Pro Forma Financial Statements,
in each case to the extent permitted by Section 5.08;

       

      (f)           the
Administrative Agent shall have received all documentation and other information
mutually agreed to be required by regulatory authorities under applicable “know
your customer” and anti-money laundering rules and regulations, including the
Patriot Act.

      
        
           

        

        
          -75-

          
            

          

        

        
           

        

      

       

      (g)           The
representations and warranties of Borrower and each other Loan Party contained
in Article 3 or any other Loan Document shall be true and correct in all
material respects on and as of the Closing Date.

       

      (h)           No
Default shall exist or would result from such proposed Borrowing or from the
application of the proceeds therefrom.

       

      (i)           
The Administrative Agent shall have received a Borrowing Request in accordance
with the requirements hereof.

       

      Section
4.02.           Conditions of Effectiveness
of Amendment and Restatement.   
The effectiveness of the Amendment and Restatement is subject to satisfaction of
the following conditions precedent:

       

      (a)           The
execution and delivery of this Amendment and Restatement by a Responsible
Officer of the Company, each other Loan Party, the Required Lenders (as defined
in the Agreement) and the Administrative Agent.

       

      (b)           Payment
of all fees and expenses and all other amounts owing required to be paid
hereunder by the Company, Borrower or any other Loan Party due and payable to
counsel to the Administrative Agent set forth in an invoice or invoices provided
to Borrower on April 28, 2008.

       

      (c)           An
officer’s certificate signed by a Responsible Officers of each Loan Party as the
Administrative Agent may reasonably require evidencing the identity, authority
and capacity of each Responsible Officer thereof authorized to act as a
Responsible Officer in connection with this Amendment and
Restatement.

       

      (d)           The
representations and warranties of Borrower and each other Loan Party contained
in Article 3 shall be true and correct in all material respects on and as of the
Amendment and Restatement Effective Date; provided that to the extent
that such representations and warranties specifically refer to an earlier date,
they shall be true and correct in all material respects as of such earlier date;
provided, further, that any
representation and warranty that is qualified as to “materiality,” “Material
Adverse Effect” or similar language shall be true and correct in all respects on
such respective dates.

       

      (e)           No
Default shall exist on the Amendment and Restatement Effective Date or would
result from the effectiveness of this Amendment and Restatement.

       

      (f)           The
concurrent execution, delivery and effectiveness of the amendments to the Senior
Secured Credit Facilities and the Fee Letter in form and substance satisfactory
to the Administrative Agent and Borrower (in each case, acting reasonably) and
the concurrent execution and delivery of an effective instrument pursuant to
which the Joint Lead Arrangers unconditionally and irrevocably provide
additional commitments as described in Section 4.03(g) of the Senior Secured
Credit Facilities as amended and restated on the date hereof.

      
        
           

        

        
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      ARTICLE
5

       

      GENERAL
COVENANTS

       

      Each of
Borrower, the Company and each other Loan Party covenants and agrees with each
Lender that, so long as this Agreement shall remain in effect and until the
Commitments have been terminated and the principal of and interest on each Loan,
all Fees and all other expenses or amounts payable under any Loan Document have
been paid in full, unless the Required Lenders shall otherwise consent in
writing, Borrower, the Company and each other Loan Party shall comply with the
covenants set forth in this Article 5.

       

      Section
5.01.           Limitation on Restricted
Payments. 
(a) The Company will not, and will not cause or permit any of its Restricted
Subsidiaries to, directly or indirectly, make any Restricted
Payment.

       

      (b) Notwithstanding
the foregoing, the provisions set forth in the immediately preceding paragraph
do not prohibit:

       

       (i)        the
payment of any dividend or consummation of any irrevocable redemption within 60
days after the date of declaration of such dividend or the giving of a
redemption notice if the dividend or redemption would have been permitted on the
date of declaration or giving of notice;

       

      (ii)        any
Restricted Payments, either (A) solely in exchange for shares of Qualified
Capital Stock of the Company or (B) if no Default or Event of Default shall have
occurred and be continuing or would be caused thereby, through the application
of net cash proceeds of a substantially concurrent Equity Offering (other than
to a subsidiary of the Company) or capital contribution received by the
Company;

       

        
(iii)        the acquisition or repayment of
any Indebtedness of the Company that is subordinate or junior in right of
payment to the Loans or Disqualified Capital Stock of the Company either (A)
solely in exchange for shares of Qualified Capital Stock of the Company, or (B)
if no Default or Event of Default shall have occurred and be continuing, through
the application of net cash proceeds of (1) a substantially concurrent Equity
Offering or (2) incurrence for cash of Refinancing Indebtedness (in the case of
(1) or (2), other than to a subsidiary of the Company);

       

        
(iv)        beginning on the fifth
anniversary of the date on which the 2015 Notes were issued, so long as no
Default or Event of Default shall have occurred and be continuing or would be
caused thereby, repurchases by the Company of, or dividends to Parent to permit
repurchases by Parent of, Common Stock of the Company or Parent from employees,
former employees, directors or former directors of the Company or any of its
subsidiaries (or permitted transferees of such persons) or their authorized
representatives upon the death, disability or termination of employment of such
employees or directors, in an aggregate amount for all periods not to exceed
2.0% of the Capital Stock of the Company from time to time at fair market value
at the date of such repurchase;

       

      (v)        payments
to Parent for legal, audit, tax and other expenses directly relating to the
administration of Parent, including customary compensation payable to the
Parent’s directors and employees, not to exceed €1.5 million in any fiscal
year;

      
        
           

        

        
          -77-

          
            

          

        

        
           

        

      

        
(vi)        so long as no Default or Event of
Default shall have occurred and be continuing or would be caused thereby,
ongoing service and management fees pursuant to the Management Agreement in an
aggregate annual amount not to exceed (x) in respect of any fiscal year in which
the Consolidated EBITDA (as defined in the Senior Secured Credit Facilities) of
the Company is less than $6.0 billion (the “EBITDA Threshold”), $25.0 million
and (y) in respect of any fiscal year in which the Consolidated EBITDA (as
defined in the Senior Secured Credit Facilities) of the Company is greater than
the EBITDA Threshold, $30.0 million;

       

       
(vii)        cash payments in lieu of
issuing fractional shares pursuant to the exercise or conversion of any
exercisable or convertible securities;

       

       (viii)        payments
or distributions to dissenting shareholders pursuant to applicable law in
connection with or in contemplation of the Acquisition or any merger,
consolidation or transfer of assets that complies with Section
5.19;

       

      (ix)        payments
of dividends on Disqualified Capital Stock issued in accordance with Section
5.08;

       

       (x)         directors’
fees (including non-executive directors of the Company) or, if the Company is a
partnership, directors’ fees of the general partner of the Company in an amount
not to exceed $1.5 million per year;

       

      (xi)        so
long as no Default or Event of Default shall have occurred and be continuing or
would be caused thereby, any purchase, repurchase, redemption, defeasance or
other acquisition or retirement for value of the 2015 Notes upon a Change of
Control or an Asset Sale to the extent required by the indenture relating to the
2015 Notes, but only if Borrower (A) in the case of a Change of Control prior to
the Initial Maturity Date, has first prepaid all Loans and Loan Notes in
accordance with Section 5.10(a) hereof, (B) in the case of a Change of Control
on or after the Initial Maturity Date, has first purchased each Loan of each
Lender that elects to have such Loan purchased in accordance with Section
5.10(b) hereof, or (C) or in the case of an Asset Sale, has first purchased all
Loans in accordance with Section 5.11(d) hereof;

       

        
(xii)       any Restricted Payment made to
consummate the Acquisition and the fees and expenses related thereto; provided, however, that such
Restricted Payments will be excluded in the calculation of the amount of
Restricted Payments;

       

       
(xiii)       after the Extension Date, so
long as no Default or Event of Default shall have occurred and be continuing or
would be caused thereby, (i) prior to Listing, Restricted Payments by the
Company in an amount not to exceed $50 million per annum and $200 million in the
aggregate, and (ii) following Listing, the payment of dividends on the listed
Common Stock at a rate not to exceed 6% per annum of the net cash proceeds
received by the Company in connection with such Listing or any subsequent
Listing; provided that
if such Listing was of the share capital of a Holding Company of the Company,
the net proceeds of any such dividend are used to fund a corresponding dividend
in equal or greater amount on the share capital of such Holding
Company;

       

        (xiv)       dividends
or other distributions on Disqualified Capital Stock issued by the Company to
the extent such Disqualified Capital Stock constitutes Indebtedness under the
indenture and was issued in compliance therewith; provided that prior to the
Extension Date, no Restricted Payments may be made pursuant to this Section
5.01(b)(xiv) unless no Default or Event of Default shall have occurred or be
continuing;

      
        
           

        

        
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(xv)        distributions by any Restricted
Subsidiary of the Company of chemicals to a holder of Capital Stock of such
Restricted Subsidiary if such distributions are made pursuant to a provision in
a joint venture agreement or other arrangement entered into in connection with
the establishment of such Restricted Subsidiary that requires such holder to pay
a price for such chemicals equal to that which would be paid in a comparable
transaction negotiated on an arms’-length basis (or pursuant to a provision that
imposes a substantially equivalent requirement); and

       

       (xvi)        after
the Extension Date, payments under the Tax Sharing Agreement.

       

      (c)            In
addition to the foregoing, the Company may make Restricted Investments and,
after the Extension Date, the Company may make Restricted Payments if at the
time of such Restricted Payment or immediately after giving effect
thereto:

       

       (i)        no
Default or an Event of Default shall have occurred and be continuing or would be
caused thereby;

       

      (ii)        the
Company is able to incur at least $1.00 of additional Indebtedness other than
Permitted Indebtedness in compliance with Section 5.08;

       

        
(iii)        the aggregate amount of
Restricted Payments made after the Closing Date, including the fair market value
as determined reasonably and in good faith by the Board of Directors of the
Company of non-cash amounts constituting Restricted Payments, shall not exceed
the sum of:

       

        
(A)        50% of the cumulative
Consolidated Net Income (or if cumulative Consolidated Net Income shall be a
loss, minus 100% of such loss) of the Company earned from the end of the quarter
immediately preceding the Closing Date through the last day of the last full
fiscal quarter for which financial statements are reported immediately preceding
the date the Restricted Payment occurs (the “Reference Date”) (treating
such period as a single accounting period); provided, however, that for purposes
of this sub-clause (iii)(A) only, to the extent any amounts that would
constitute net income but which have been used to make a Permitted Investment
described in clause (e) of the definition thereof, such amounts shall be
excluded from Consolidated Net Income; plus

       

         
(B)       100% of the aggregate net cash
proceeds or the fair market value, as determined in good faith by the
Company,  of property other than cash (including Capital Stock) of
Persons engaged in a Permitted Business or property used or useful in a
Permitted Business received by the Company or its Restricted Subsidiaries from
any Person (other than a subsidiary of the Company) from the issuance and sale
subsequent to the Closing Date and on or prior to the Reference Date of
Qualified Capital Stock of the Company (including Disqualified Capital Stock of
the Company that is converted into or exchanged for Qualified Capital Stock of
the Company subsequent to the Closing Date) or debt securities of the Company or
its Restricted Subsidiaries that are convertible into or exchangeable for
Qualified Capital Stock of the Company, but only when and to the extent such
debt securities are converted into or exchanged for Qualified Capital Stock of
the Company; plus

      
        
           

        

        
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      (C)           without
duplication of any amounts included in clause (B) above, 100% of the aggregate
net cash proceeds of any equity contribution received by the Company; plus

       

      (D)           without
duplication of any amounts included in clause (B) above, 100% of the aggregate
net cash proceeds of any sales or distributions of the type described in clause
(e)(i) or (ii) of the definition of “Permitted Investments” but only to the
extent such net cash proceeds are not utilized in accordance therewith
(including Disqualified Capital Stock of the Company that is converted into or
exchanged for Qualified Capital Stock of the Company subsequent to the Closing
Date).

       

      In
determining the aggregate amount of Restricted Payments made subsequent to the
Closing Date in accordance with clause (iii) of the immediately preceding
paragraph, cash amounts expended pursuant to clauses (i), (ii)(B), (iii)(B)(1),
(iv) and (xiii) of paragraph (b) above shall be included in such
calculation.

       

      (d)           Not
later than the date of making any Restricted Payment pursuant to paragraph (c)
or clause (b)(xi), the Company shall deliver to the Administrative Agent an
officers’ certificate stating that such Restricted Payment complies with this
Agreement and setting forth in reasonable detail the basis upon which the
required calculations were computed, which calculations may be based upon the
Company’s quarterly financial statements last provided to the Lenders pursuant
to Article 6.

       

      Section
5.02.           Corporate
Existence. 
The Company shall (a) preserve, renew and maintain in full force and effect its
legal existence under the Laws of the jurisdiction of its organization except
(x) in a transaction permitted by Section 5.11 or 5.19 and (y) subject to
Section 5.19(c)(II)(C), any Restricted Subsidiary may merge and amalgamate,
consolidate or amalgamate with any other Restricted Subsidiary and (b) take all
reasonable action to maintain all rights, privileges (including its good
standing, where such concept exists), permits, licenses and franchises necessary
or desirable in the normal conduct of its business, except (i) to the extent
that failure to do so could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect or (ii) pursuant to a transaction
permitted by Section 5.11 or 5.19 or clause (y) of this Section
5.02.

       

      Section
5.03.           Payments of Taxes and Other
Claims. 
The Company shall timely pay, discharge or otherwise satisfy as the same shall
become due and payable in the normal conduct of its business, all its
obligations and liabilities in respect of the taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits or
in respect of its property, except, in each case, to the extent the failure to
pay or discharge the same could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

       

      Section
5.04.           Maintenance of Properties
and Insurance. 
(a)           (a)  The
Company shall, except if the failure to do so could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect, maintain,
preserve and protect all of its material properties and equipment necessary in
the operation of its business in good working order, repair and condition,
ordinary wear and tear excepted and casualty or condemnation
excepted.

       

      (b)           The
Company shall maintain with reputable insurance companies, insurance with
respect to its assets, properties and business against loss or damage to the
extent available on commercially reasonable terms of the kinds customarily
insured against by Persons of similar size engaged in the same or similar
industry, of such types and in such amounts (after giving effect to any
self-insurance (including captive industry insurance) reasonable and customary
for similarly situated Persons of similar size engaged in the same or similar
businesses as the Company and the Restricted Subsidiaries) as are customarily
carried under similar circumstances by such other Persons.  With
respect to each Mortgaged Property located in the U.S., obtain flood insurance
in such total amount as required by applicable Law, if at any time the area in
which any improvements are located on any Mortgaged Property is designated a
“flood hazard area” in any Flood Insurance Rate Map published by the Federal
Emergency Management Agency (or any successor agency), and, if required by law,
comply with the National Flood Insurance Program as set forth in the Flood
Disaster Protection Act of 1973, as amended from time to time.

      
        
           

        

        
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      Section
5.05.           Compliance with
Laws. 
The Company shall comply in all material respects with the requirements of all
Laws and all orders, writs, injunctions and decrees applicable to it or to its
business or property, except to the extent the failure to comply therewith could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

       

      Section
5.06.           Anti-Money
Laundering. 
Each Loan Party will use commercially reasonable efforts to ensure that no funds
used to pay the obligations under the Loan Documents are derived from any
unlawful activity.

       

      Section
5.07.           Limitations on Transactions
with Affiliates. 
(a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, directly or indirectly, enter into any transaction or series of
related transactions with, or for the benefit of, any of its Affiliates (each,
an “Affiliate
Transaction”) involving aggregate payments or consideration in excess of
$10.0 million, other than:

       

       (i)       
Affiliate Transactions permitted under the provision described in clause (b) of
this Section 5.07; and

       

      (ii)        Affiliate
Transactions on terms that are no less favorable to the Company or the relevant
Restricted Subsidiary than those terms that might reasonably have been obtained
in a comparable transaction at such time on an arm’s length basis by the Company
or the relevant Restricted Subsidiary and an unrelated person or, if no such
comparable transaction with a person who is not an affiliate is available on
terms that are fair from a financial point of view to the Company or such
Restricted Subsidiary as certified by an Independent Financial
Advisor.

       

      The Board
of Directors of the Company and the Board of Directors of the relevant
Restricted Subsidiary must approve each Affiliate Transaction to which they are
a party that involves aggregate payments or other property with a fair market
value in excess of $25.0 million.  This approval must be evidenced by
a board resolution that states that the Board of Directors has determined that
the transaction complies with the foregoing provisions.  If the
Company or any Restricted Subsidiary of the Company enters into an Affiliate
Transaction that involves payments or other property with an aggregate fair
market value of more than $100 million, then prior to the consummation of the
Affiliate Transaction, the parties to such Affiliate Transaction must obtain a
favorable opinion as to the fairness of such transaction or series of related
transactions to the Company or the relevant Restricted Subsidiary, as the case
may be, from a financial point of view, from an Independent Financial Advisor
and mail the same to the Agents and the Lenders.

       

      (b)           The
restrictions described in the preceding paragraph (a) do not apply
to:

      
        
           

        

        
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       (i)        reasonable
fees and compensation paid to and employee benefit arrangements, customary
insurance and indemnity provided on behalf of, officers, directors, managers,
employees or consultants of the Company or any Restricted Subsidiary of the
Company as determined in good faith by the Company’s Board of Directors or
senior management;

       

      (ii)        transactions
exclusively between or among the Company and any of its Restricted Subsidiaries
or exclusively between or among such Restricted Subsidiaries, provided such transactions
are not otherwise prohibited by this Agreement;

       

        
(iii)        any agreement as in effect
as of the Closing Date or any amendment or renewal thereto or any transaction
contemplated thereby or in any replacement agreement thereto so long as any such
amendment or renewal or replacement agreement is not more disadvantageous to the
Lenders (as determined by the Board of Directors of the Company in their
reasonable and good faith judgment) in any material respect than the original
agreement;

       

        
(iv)        Investments of the type described
in clauses (d), (e), (j), (l) and (n) in the definition of Permitted Investments
and Restricted Payments made in compliance with Section 5.01;

       

      (v)        transactions
between any of the Company, any of its subsidiaries and any Securitization
Entity in connection with a Qualified Securitization Transaction, in each case
provided that such transactions are not otherwise prohibited by this
Agreement;

       

        
(vi)        transactions with customers,
clients, suppliers, distributors or other purchases or sales of goods or
services, in each case in the ordinary course of business and otherwise in
compliance with the terms of this Agreement which when taken together are fair
to the Company or the Restricted Subsidiaries of the Company as applicable, in
the reasonable determination of the board of directors of the Company or the
senior management thereof, or are on terms no less favorable as might reasonably
have been obtained at such time from an unaffiliated party;

       

       
(vii)        transactions with Qualified
Joint Ventures entered into in the ordinary course of business and in a manner
consistent with past practice;

       

       (viii)        the
issuance or sale of any of the Company’s Capital Stock (other than Disqualified
Capital Stock) or capital contributions received by the Company;

       

         
(ix)       transactions entered into between
or among the Company or any of its Restricted Subsidiaries and any joint
venture, or other Affiliate that would otherwise be subject to this covenant
solely because the Company or a Restricted Subsidiary of the Company owns any
Capital Stock of or otherwise controls such Person;

       

       (x)       transactions
entered into by a Person prior to the time such person becomes a Restricted
Subsidiary of the Company or is merged or consolidated into the Company or a
Restricted Subsidiary of the Company (provided such transaction is not entered
into in contemplation of such event);

      
        
           

        

        
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      (xi)       dividends
and distributions to the Company and its Restricted Subsidiaries by any
Unrestricted Subsidiary of the Company or joint venture; and

       

      (xii)       transactions
entered into between or among the Company or any of its Restricted Subsidiaries
and any Affiliate of the Company or any of its Restricted
Subsidiaries  that is engaged in a Permitted Business on terms that
are no less favorable as might reasonably been obtained as such time from an
unaffiliated third party or, if no such comparable transaction with a Person who
is not an Affiliate of the Company is available, on terms that are fair from a
financial point of view to the Company or such Restricted Subsidiary as
certified by an Independent Financial Advisor

       

      Section
5.08.           Limitation on Incurrence of
Additional Indebtedness   (a) The
Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create, incur, assume, guarantee, acquire, become
liable, contingently or otherwise, with respect to, or otherwise become
responsible for payment of (collectively, “incur”) any Indebtedness other
than Permitted Indebtedness;

       

      (b)           In
addition, on and after the Extension Date, if no Default or Event of Default
shall have occurred and be continuing at the time of or as a consequence of the
incurrence of any such Indebtedness, the Company and its Restricted Subsidiaries
may incur Indebtedness (including Acquired Indebtedness), if on the date of the
incurrence of such Indebtedness, after giving effect to the incurrence thereof,
the Consolidated Fixed Charge Coverage Ratio of the Company is greater than 2.0
to 1.0.

       

       (c)           Paragraph
(a) and (b) of this Section 5.08 shall not prohibit the incurrence of the
following Indebtedness (collectively “Permitted
Indebtedness”):

       

      (i)             Indebtedness
under the Loans and this Agreement in an amount not to exceed $8.0 billion in
aggregate principal amount, and the Permanent Securities, in one or more
tranches, the indenture relating to the Permanent Securities, if any, and the
guarantees thereof and hereof;

       

      (ii)             (A)  Indebtedness
incurred pursuant to the Credit Facilities in an aggregate principal amount not
to exceed $12.45 billion at any one time outstanding less the amount of any
payments actually made by or on behalf of the Company or its subsidiaries under
the Credit Facilities with the proceeds of any Asset Sale (excluding any
temporary reduction in revolving credit facilities pending final application of
the proceeds in accordance with this Agreement) and (B) if no Default or Event
of Default shall have occurred and be continuing at the time of or as a
consequence of the incurrence of any such Indebtedness, the Company and its
Restricted Subsidiaries may incur Indebtedness under incremental facilities
under the Senior Secured Credit Facilities in an amount not to exceed $1.0
billion, if on the date of the incurrence of such Indebtedness, after giving
effect to the incurrence thereof, the Consolidated First Lien Secured Leverage
Ratio of the Company is less than 2.5 to 1.0;

       

      (iii)            other
Indebtedness of the Company and its Restricted Subsidiaries outstanding on the
Closing Date (after giving effect to the Acquisition) reduced by the amount of
any prepayments with proceeds of any Asset Sale (excluding any temporary
reduction in revolving credit facilities pending final application of the
proceeds in accordance with this Agreement);

      
        
           

        

        
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       (iv)             the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging
Obligations that are incurred for the purpose of (A) fixing or hedging interest
rate or currency risk with respect to any fixed or floating rate Indebtedness
that is permitted by this Agreement to be outstanding or any receivable or
liability the payment of which is determined by reference to a foreign
currency; provided that
the notional principal amount of any such Hedging Obligation does not exceed the
principal amount of the Indebtedness to which such Hedging Obligation relates or
(B) managing fluctuations in the price or cost of raw materials, emissions,
manufactured products or related commodities; provided that such
obligations are entered into in the ordinary course of business to hedge or
mitigate risks to which the Company or any of its Restricted Subsidiaries are
exposed in the conduct of its business or the management of its liabilities (as
determined by the Company’s or such Restricted Subsidiary’s principal financial
officer in the exercise of his or her good faith business
judgment);

       

      (v)                Indebtedness
of a Restricted Subsidiary of the Company to the Company or to a Restricted
Subsidiary of the Company for so long as such Indebtedness is held by the
Company or a Restricted Subsidiary of the Company, in each case subject to no
Lien held by a person other than the Company or a Restricted Subsidiary of the
Company (other than the pledge of intercompany notes under the Credit
Facilities); provided
that if as of any date any Person other than the Company or a Restricted
Subsidiary of the Company owns or holds any such Indebtedness or holds a Lien in
respect of such Indebtedness (other than the pledge of intercompany notes under
the Credit Facilities), it shall be deemed the incurrence of Indebtedness not
constituting Permitted Indebtedness under this clause by the issuer of such
Indebtedness on such date;

       

      (vi)        
      Indebtedness of the Company to a Restricted
Subsidiary of the Company for so long as such Indebtedness is held by a
Restricted Subsidiary of the Company, in each case subject to no Lien (other
than Liens securing intercompany notes pledged under the Credit Facilities);
provided that (a) any
Indebtedness of the Company to any Restricted Subsidiary of the Company (other
than pursuant to intercompany notes pledged under the Credit Facilities) is
unsecured and subordinated, pursuant to a written agreement, to the Company’s
obligations under the Loan Documents and (b) if as of any date any Person other
than a Restricted Subsidiary of the Company owns or holds any such Indebtedness
or any Person holds a Lien in respect of such Indebtedness (other than pledges
of intercompany notes securing the Credit Facilities), it shall be deemed the
incurrence of Indebtedness under this clause not constituting Permitted
Indebtedness by the Company on such date;

       

      (vii)            
  Indebtedness arising under any Treasury Services Agreement or from the
honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds, overdrafts, pooling arrangements
and money market lines in the ordinary course of business;

       

      (viii)           
  Indebtedness of the Company or any of its Restricted Subsidiaries
represented by letters of credit for the account of the Company or such
Restricted Subsidiary, as the case may be, in order to provide security for
workers’ compensation or environmental claims, payment obligations in connection
with self-insurance or similar requirements in the ordinary course of
business;

       

      (ix)                Refinancing
Indebtedness;

      
        
           

        

        
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      (x)                 Indebtedness
arising from agreements of the Company or a subsidiary providing for
indemnification, adjustment of purchase price, earn out or similar obligations,
in each case, incurred in connection with the disposition of any business,
assets or subsidiary, other than guarantees of Indebtedness incurred by any
Person acquiring all or any portion of such business, assets or subsidiary for
the purpose of financing such acquisition; provided that the maximum
aggregate liability in respect of all such Indebtedness shall at no time exceed
the gross proceeds actually received by the Company and the subsidiary in
connection with such disposition;

       

      (xi)                obligations
in respect of bankers’ acceptances, tender, bid, judgment, appeal, performance
or governmental contract bonds and completion guarantees, surety, standby
letters of credit and warranty and contractual service obligations of a like
nature, trade letters of credit and documentary letters of credit and similar
bonds or guarantees provided by the Company or any subsidiary of the Company in
the ordinary course of business;

       

       (xii)              Guarantees
by the Company or a Restricted Subsidiary of the Company of Indebtedness
incurred by the Company or a Restricted Subsidiary of the Company so long as the
incurrence of such Indebtedness by the Company or any such Restricted Subsidiary
is otherwise permitted by the terms of this Agreement;

       

       (xiii)              Indebtedness
of the Company or any subsidiary of the Company incurred in the ordinary course
of business not to exceed, on or prior to the Extension Date, $100 million and,
thereafter, $200 million in the aggregate at the date of incurrence, in each
case, at any one time outstanding;

       

       
(A)         representing
Capitalized Lease Obligations or

       

       
(B)          constituting
Indebtedness incurred to finance the acquisition of, or cost of design,
construction, installation or improvement of, property or assets of the Company
or any Restricted Subsidiary of the Company used in the business of the Company
or any Restricted Subsidiary of the Company; provided, however, that such
Indebtedness shall not exceed the cost of such property or assets and shall not
be secured by any property or assets of the Company or any Restricted Subsidiary
of the Company other than the property and assets so acquired;

       

       (xiv)             (i)
the incurrence by the Company or a Restricted Subsidiary of the Company of
Indebtedness pursuant to Asset Backed Credit Facilities secured by inventory not
to exceed, in the aggregate for all such Indebtedness, $2.1 billion and (ii) the
incurrence by a Securitization Entity of Indebtedness in a Qualified
Securitization Transaction that is not recourse to the Company or any subsidiary
of the Company (except for Standard Securitization Undertakings);

       

       (xv)             Indebtedness
of the Company or a Restricted Subsidiary of the Company to any of its
subsidiaries incurred in connection with the purchase of accounts receivable and
related assets by the Company or such Restricted Subsidiary from any such
subsidiary which assets are subsequently conveyed by the Company or such
Restricted Subsidiary to a Securitization Entity in a Qualified Securitization
Transaction;

       

       (xvi)             Guarantees
by the Company or a Restricted Subsidiary of the Company of Indebtedness
incurred by Qualified Joint Ventures not to exceed, on or prior to the Extension
Date, $125 million and, thereafter, $250 million in the aggregate at any one
time outstanding;

      
        
           

        

        
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      (xvii)             Indebtedness
of a Person existing at the time that person becomes a Restricted Subsidiary of
the Company or assumed in connection with an Asset Acquisition by the Company or
a Restricted Subsidiary of the Company and not incurred in connection with or in
anticipation of, such Person becoming a Restricted Subsidiary; provided that the holders of
any such Indebtedness do not, at any time, have direct or indirect recourse to
any property or assets of the Company or any Restricted Subsidiary other than
the property or assets of such acquired Person; provided, further, that on
the date of such acquisition and after giving pro forma effect thereto,
either (a) the Company would have been able to incur at least $1.00 of
additional Indebtedness pursuant to clause (b) of this Section 5.08 (assuming
for this purpose that the Extension Date has occurred) or (b) the Consolidated
Fixed Charge Coverage Ratio would be greater than or equal to the Consolidated
Fixed Charge Coverage Ratio immediately prior to giving pro forma effect to such
acquisition; provided
further that
Indebtedness incurred pursuant to this clause (xvii) on or prior to the
Extension Date shall not exceed in the aggregate $125 million;

       

      (xviii)            Contribution
Indebtedness; and

       

      (xix)        
      additional Indebtedness of the Company and
its Restricted Subsidiaries in an aggregate principal amount not to exceed the
greater of (i) $1.0 billion and (ii) 4% of Consolidated Net Tangible Assets of
the Company at the date of incurrence, in each case, in the aggregate at any one
time outstanding.

       

      (d)           Notwithstanding
the foregoing, Indebtedness incurred by Restricted Subsidiaries of the Company
that are not Guarantors in accordance with Section 5.08(b) and clauses (ii), and
(xvii) of Section 5.08(c) may not exceed $500 million in the aggregate at any
one time outstanding.  For purposes of determining compliance with any
restriction on the incurrence of Indebtedness in dollars where Indebtedness is
denominated in a different currency, the amount of such Indebtedness will be the
dollar Equivalent determined on the date of such determination, provided that if any such
Indebtedness denominated in a different currency is subject to a Currency
Agreement (with respect to dollars) covering principal amounts payable on such
Indebtedness, the amount of such Indebtedness expressed in dollars will be
adjusted to take into account the effect of such agreement.  The
principal amount of any Refinancing Indebtedness incurred in the same currency
as the Indebtedness being Refinanced will be the dollar Equivalent of the
Indebtedness Refinanced determined on the date such Indebtedness being
Refinanced was initially incurred.  Notwithstanding any other
provision of this covenant, for purposes of determining compliance with this
Section 5.08, increases in Indebtedness solely due to fluctuations in the
exchange rates of currencies will not be deemed to exceed the maximum amount
that the Company or a Restricted Subsidiary of the Company may incur under this
Section 5.08.

       

      (e)             For
purposes of determining any particular amount of Indebtedness under this Section
5.08:

       

       (i)                obligations
with respect to letters of credit, guarantees or Liens, in each case supporting
Indebtedness otherwise included in the determination of such particular amount,
will not be included;

       

      (ii)                any
Liens granted pursuant to the equal and ratable provisions referred to in
Section 5.14 will not be treated as Indebtedness; and

       

      (iii)               accrual
of interest, accrual of dividends, the accretion of accreted value, the
obligation to pay commitment fees and the payment of interest in the form of
additional Indebtedness will not be treated as Indebtedness.

      
        
           

        

        
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      (f)             For
purposes of determining compliance with this Section 5.08, in the event that an
item of proposed Indebtedness meets the criteria of more than one of the
categories of Permitted Indebtedness described in clauses (i) through (xix) of
paragraph (c) above, or is entitled to be incurred pursuant to paragraph (b)
above, the Company will be permitted to classify such item of Indebtedness on
the date of its incurrence and, except with respect to Indebtedness incurred
under clauses (ii), (xiv) and (xvi) of paragraph (c) above, reclassify such item
of Indebtedness, in each case in any manner that complies with this Section
5.08.  Notwithstanding the foregoing, Indebtedness under the Senior
Secured Credit Facilities up to the maximum amounts permitted under clause (ii)
of paragraph (c) above (and any amounts incurred to Refinance such Indebtedness)
will be deemed to have been incurred pursuant to clause (ii) of paragraph (c)
above, Indebtedness pursuant to Asset Backed Credit Facilities up to the maximum
amounts permitted under clause (xiv) (i) above will be deemed to have been
incurred pursuant to clause (xiv) above and guarantees by the Company or any
Restricted Subsidiaries of Indebtedness incurred by Qualified Joint Ventures up
to the maximum amounts permitted under clause (xvi) of paragraph (c) above will
be deemed to have been incurred pursuant to clause (xvi) of paragraph (c)
above.  Indebtedness of the type described in clauses (ii), (xiv) or
(xvi) of paragraph (c) above may be not be reclassified; provided that such
Indebtedness may, in each case, be incurred in excess of such maximum amounts if
otherwise permitted by this Section 5.08.

       

      Section
5.09.           Limitation on Dividend and
Other Payment Restrictions Affecting Subsidiaries. 
The Company will not, and will not cause or permit any of its Restricted
Subsidiaries to, directly or indirectly make any Restricted Payment or
immediately after giving effect thereto, create or otherwise cause or permit to
exist or become effective any consensual encumbrance or restriction on the
ability of any Restricted Subsidiary of the Company to (a) pay dividends or make
any other distributions on or in respect of its Capital Stock; (b) make loans or
advances or to pay any Indebtedness or other obligation owed to the Company,
Borrower or any other Restricted Subsidiary of the Company; or (c) transfer any
of its property or assets to the Company, Borrower or any other Restricted
Subsidiary of the Company, except for such encumbrances or restrictions existing
under or by reason of:

       

      (i)     applicable
law, rules, regulations and/or orders;

       

      (ii)    the
Loan Documents (including, without limitation, any Liens permitted by such Loan
Documents), the indenture relating to the Permanent Securities permitted by
Section 5.08(c)(i) (including, without limitation, any Liens permitted by this
Agreement or the indenture relating to the Permanent Securities), provided that encumbrances or
restrictions contained in such other indenture are no less favorable to the
Company in any material respect as determined by the Board of Directors of the
Company in their reasonable and good faith judgment than those in this
Agreement;

       

      (iii)   customary
non-assignment provisions of any contract or any lease governing a leasehold
interest of the Company or any Restricted Subsidiary of the
Company;

       

      (iv)   any
agreements existing at the time of any merger or consolidation with any Person
or the acquisition of any Person or the properties or assets of such Person
(including agreements governing Acquired Indebtedness), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any
Person, other than the Person or the properties or assets of the Person merged
or consolidated with or so acquired or any subsidiary of such Person and as
amended or modified; provided, however, that any such
amendment or modification is no less favorable to the Company in any material
respect as determined by the Board of Directors of the Company in their
reasonable and good faith judgment than the provisions prior to such amendment
or modification;

      
        
           

        

        
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      (v)    agreements
existing on the Closing Date (after giving effect to the Acquisition) to the
extent and in the manner such agreements are in effect on such date and any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings thereof; provided that such
amendments, modifications, restatements, increases, supplements, refundings,
replacements or refinancings are no more restrictive (as determined by the Board
of Directors of the Company in their reasonable and good faith judgment) in any
material respect, taken as a whole, with respect to such dividend and other
payment restrictions than those contained in such agreements or instruments as
in effect on the Closing Date;

       

      (vi)   restrictions
imposed by any agreement to sell assets or Capital Stock permitted under this
Agreement to any Person pending the closing of such sale;

       

      (vii)  any
agreement or instrument governing Capital Stock of any Person that is acquired
and as amended or modified provided, however, that any such
amendment or modification is no less favorable to the Company in any material
respect as determined by the Board of Directors of the Company in their
reasonable and good faith judgment than the provisions prior to such amendment
or modification;

       

      (viii) Indebtedness
or other contractual requirements of a Securitization Entity in connection with
a Qualified Securitization Transaction; provided that such
restrictions apply only to such Securitization Entity;

       

      (ix)   Liens
incurred in accordance with Section 5.14;

       

      (x)    restrictions
on cash or other deposits or net worth imposed by customers under contracts
entered into in the ordinary course of business;

       

      (xi)   the
Senior Secured Credit Facilities and any Asset Backed Credit Facilities as in
effect on the Closing Date and as amended or modified, so long as such amendment
or modification is not materially more restrictive, taken as a whole, as at the
time of execution of such amendment or modification;

       

      (xii)  customary
restrictions in construction loans, purchase money obligations, Capitalized
Lease Obligations, security agreements or mortgages securing Indebtedness of the
Company or a Restricted Subsidiary of the Company to the extent such
restrictions restrict the transfer of the property subject to such Capitalized
Lease Obligations, security agreements or mortgages;

       

      (xiii) customary
provisions in joint venture agreements and other similar agreements (in each
case relating solely to the respective joint venture or similar entity or the
equity interests therein) entered into in the ordinary course of
business;

       

      (xiv) customary
provisions in Hedging Obligations permitted under this Agreement and entered
into in the ordinary course of business;

       

      (xv)  contracts
entered into in the ordinary course of business, not relating to Indebtedness,
and that do not, individually or in the aggregate, detract from the value of
property or assets of the Company or any Restricted Subsidiary of the Company in
any manner material to the Company or such Restricted
Subsidiary;

      
        
           

        

        
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      (xvi) encumbrances
or restrictions imposed by indentures or other similar instruments governing
other Indebtedness Incurred by the Company or any Restricted Subsidiary of the
Company (and if such Indebtedness is guaranteed, by the guarantors of such
Indebtedness) ranking equally with the Loans and the Exchange Notes (or any
guarantee), provided that the encumbrances or restrictions imposed by such other
indentures or instruments are not materially more restrictive taken as a whole
than the encumbrances or restrictions imposed by this Agreement;
and

       

      (xvii)
encumbrances or restrictions imposed by Credit Facilities (other than the Senior
Secured Credit Facilities); provided that the provisions
relating to such encumbrances or restrictions contained in such Credit
Facilities are no less favorable to the Company in any material respects (as
determined by the Board of Directors of the Company in their reasonable and good
faith judgment) than the provisions relating to such encumbrances or
restrictions contained in the Senior Secured Credit Facilities as in effect on
the Closing Date and as amended or modified, so long as such amendment or
modification is not materially more restrictive, taken as a whole, as at the
time of execution of such amendment or modification.

       

      Section
5.10.           Change of
Control.

       

      (a)             Upon
a Change of Control prior to the Initial Maturity Date, Borrower shall prepay
each Lender’s Loans and Loan Notes (including any Subsequent Initial Notes and
Subsequent Extended Notes), without any premium, plus accrued and unpaid
interest, if any, to the date of prepayment in accordance with the terms
contemplated in this Section 5.10.

       

      (b)             If
a Change of Control shall occur on or after the Initial Maturity Date, Borrower
shall notify the Administrative Agent thereof in writing (a “Change of Control Notice”)
within two (2) Business Days after the occurrence thereof, which Change of
Control Notice shall include (i) a brief description of such Change of Control
(which identifies the parties giving rise to such Change of Control) and (ii)
the designation of a Business Day not less than 15 days nor more than 30 days
after the date of such Change of Control Notice as the “Change of Control Purchase
Date” on which Borrower shall purchase each Loan of each Lender that
elects, on or prior to the Notice Deadline (as defined below), to have such Loan
purchased at a purchase price of 100% of principal amount of such Loan plus
accrued and unpaid interest thereon to but excluding the Change of Control
Purchase Date (the “Change of
Control Price”).  The Administrative Agent shall promptly
provide the Change of Control Notice to the Lenders.  Not less than
five (5) Business Days prior to the Change of Control Purchase Date (the “Notice Deadline”), each Lender
shall notify the Administrative Agent in writing whether or not such Lender
would like Borrower to purchase such Lender’s Loans, and any Lender that does
not so notify the Administrative Agent on or prior to the Notice Deadline shall
be deemed to have elected not to have its Loans so purchased.  On the
Business Day prior to the Change of Control Purchase Date, the Administrative
Agent shall notify Borrower of the aggregate principal amount of Loans that
Lenders have requested Borrower to purchase pursuant to the immediately
preceding sentence (the “Purchased
Loans”).  Not later than 10 a.m., London time on the Change of
Control Purchase Date, Borrower shall pay to the Administrative Agent the Change
of Control Price for each Purchased Loan in immediately available funds in the
currency in which such Purchased Loan was made, and the Administrative Agent
shall promptly distribute the Change of Control Price to each Lender holding a
Purchased Loan.

      
        
           

        

        
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      Section
5.11.           Limitation on Asset
Sales.

       

      (a)           The
Company will not, and will not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

       

      (i)     the
Company or the applicable Restricted Subsidiary of the Company receives
consideration at the time of such Asset Sale at least equal to the fair market
value of the assets that are sold or otherwise disposed of, as determined in
good faith by the Company’s Board of Directors;

       

      (ii)    at
least 75% of the consideration received by the Company or the applicable
Restricted Subsidiary from the Asset Sale is in the form of cash or Cash
Equivalents, and is received at the time of the Asset Sale (which shall be
deemed to include other consideration converted to cash or Cash Equivalents
within 90 days of such Asset Sale).  For the purposes of this
provision, each of the following will be deemed to be cash:  the
amount of any liabilities as shown in the Company’s or such Restricted
Subsidiary’s most recent balance sheet (other than contingent liabilities and
liabilities that are by their terms subordinated to the Loans or any guarantee
thereof), that are assumed by the transferee of any such assets pursuant to a
customary novation agreement that releases the Company or such Restricted
Subsidiary from further liability; and

       

      (iii)   upon
the consummation of an Asset Sale, the Company applies, or causes the applicable
Restricted Subsidiary to apply, the Net Sale Proceeds relating to the Asset Sale
within 365 days of having received the Net Sale Proceeds in accordance with
paragraph (b) below.

       

      (b)            The
Company must apply the Net Sale Proceeds either:

       

      (i)     to
prepay any Indebtedness under the Senior Secured Credit Facilities or of a
Restricted Subsidiary of the Company that is not a guarantor and, in the case of
any such Indebtedness under any revolving credit facility, effect a permanent
reduction in the availability under such revolving credit facility,
and/or

       

      (ii)    to
make an investment in or expenditures for properties and assets (including
Capital Stock of any entity) that will be used in a Permitted Business (“Replacement Assets”),
and/or

       

      (iii)   to
make an acquisition of (A) assets of any Person or division or (B) Capital Stock
of a Person that as a result of such acquisition becomes a Restricted Subsidiary
of the Company, in either case, conducting a Permitted Business (“Related
Businesses”).

       

      (c)            Pending
the final application of any such Net Sale Proceeds, the Company or any
Restricted Subsidiary of the Company may temporarily reduce revolving credit
borrowings or otherwise invest such Net Sale Proceeds in any manner that is not
prohibited by the terms of this Agreement.

      
        
           

        

        
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       (d)           On
the 366th day
after an Asset Sale or any earlier date, if any, on which the Board of Directors
of the Company or the Board of Directors of the applicable Restricted Subsidiary
determines not to apply the Net Sale Proceeds in accordance with the preceding
paragraph (b) (each, a “Net
Proceeds Offer Trigger Date”), such aggregate amount of Net Sale Proceeds
which have not been applied or contractually committed to be applied (and to the
extent not subsequently applied, the Net Proceeds Offer Trigger Date related
thereto shall be deemed to be the date of termination of such contractual
commitment or any earlier date, if any, on which the Board of Directors of the
Company or the Board of Directors of the applicable Restricted Subsidiary
determines not to apply the Net Sale Proceeds in accordance with such
contractual commitment) on or before such Net Proceeds Offer Trigger Date as
permitted by the preceding paragraph (the “Net Proceeds Amount”) shall be
applied by the Company or such Restricted Subsidiary to make an offer to repay
or prepay (the “Net Proceeds
Offer”) on a date that is not less than 30 nor more than 45 days
following the applicable Net Proceeds Offer Trigger Date, from: (i) each of the
Lenders and (ii) all holders of other Indebtedness that (x) is equal in right of
payment with the Loans and (y) contains provisions requiring that an offer to
purchase such other Indebtedness be made with the proceeds from the Asset Sale,
on a pro rata basis,
the maximum principal amount of Loans and other Indebtedness that may be
purchased with the Net Proceeds Offer Amount.  Notwithstanding the
foregoing, the obligation to apply the Net Proceeds Amount in accordance with
Section 2.07 hereof shall be suspended until such time as the aggregate amount
of the Net Proceeds Offer Amount is equal to or exceeds (i) until the later of
(A) the Extension Date and (B) the first date on which there are no 2015 Notes
outstanding, €20.0 million and (ii) thereafter, $100.0 million.  The
offer price in any Net Proceeds Offer will be equal to 100% of the principal
value of the Loans to be repaid or prepaid, plus any accrued and unpaid interest
to the date of repayment or prepayment.

       

       (e)           The
following events will be deemed to constitute an Asset Sale and the Net Sale
Proceeds for such Asset Sale must be applied in accordance with this Section
5.11:

       

       (i)           
in the event any non-cash consideration received by the Company or any
Restricted Subsidiary of the Company in connection with any Asset Sale is
converted into or sold or otherwise disposed of for cash (other than interest
received with respect to any such non-cash consideration), or

       

       (ii)          
in the event of the transfer of substantially all, but not all, of the property
and assets of the Company and its Restricted Subsidiaries as an entirety to a
person in a transaction permitted under Section 5.19 and as a result thereof
Borrower is no longer an obligor on the Loans, the successor corporation shall
be deemed to have sold the properties and assets of the Company and its
Restricted Subsidiaries not so transferred for purposes of this Section 5.11,
and shall comply with the provisions of this Section 5.11with respect to such
deemed sale as if it were an Asset Sale.  In addition, the fair market
value of such properties and assets of the Company or its Restricted
Subsidiaries deemed to be sold shall be deemed to be Net Sale Proceeds for
purposes of this covenant.

       

      (f)            
Notwithstanding the provisions described in the preceding paragraphs (a)-(e),
the Company and its Restricted Subsidiaries may consummate an Asset Sale without
complying with such provisions to the extent

       

      (i)                 the
consideration for such Asset Sale constitutes Replacement Assets or Related
Businesses; and

       

      (ii)                such
Asset Sale is for fair market value.

       

      (g)           Any
consideration that does not constitute Replacement Assets or Related Businesses
that is received by the Company or any of its Restricted Subsidiaries in
connection with any Asset Sale permitted under this paragraph will constitute
Net Sale Proceeds and will be subject to the provisions described in the
preceding paragraphs.

      
        
           

        

        
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      (h)        
   Each Net Proceeds Offer will be mailed to the Administrative
Agent within 30 days following the Net Proceeds Offer Trigger Date, and shall
comply with the procedures set forth in this Agreement.  Upon
receiving notice of the Net Proceeds Offer, Lenders may elect to tender their
Loans for repayment in whole or in part, in exchange for cash.  To the
extent Lenders properly tender Loans in an amount exceeding the Net Proceeds
Offer Amount, Loans of tendering Lenders will be repaid or prepaid on a pro rata
basis (based on amounts tendered).  A Net Proceeds Offer shall remain
open for a period of 20 Business Days or such longer period as may be required
by law.

       

      (i)        
    After consummation of any Net Proceeds Offer, any Net
Proceeds Offer Amount not applied to any such purchase may be used for any
purpose permitted by the other provisions of the indenture, and the Net Proceeds
Offer Amount shall be reset to zero.

       

      Section
5.12.           Compliance with
Environmental Laws.

       

      (a)           The
Company shall comply, and cause all lessees and other Persons occupying Real
Property to comply, with all Environmental Laws and Environmental Permits
applicable to its operations, facilities and Real Property, except where failure
to do so could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect; obtain and renew all material Environmental
Permits applicable to its operations, facilities and Real Property; and conduct
all responses required by, and in accordance with, Environmental Laws; provided that neither the
Company nor any of its subsidiaries shall be required to undertake any response
to the extent that its obligation to do so is being contested in good faith and
by proper proceedings and appropriate reserves are being maintained with respect
to such circumstances in accordance with GAAP.

       

      (b)           If
a Default caused by reason of a breach of Section 3.08 or Section 5.12(a) shall
have occurred and be continuing for more than 20 days without the Company
commencing activities reasonably likely to cure such Default in accordance with
Environmental Laws, at the written request of the Administrative Agent or the
Required Lenders through the Administrative Agent, the Company shall provide to
the Lenders within 45 days after such request, at the expense of the Company or
Borrower, an environmental assessment report regarding the matters which are
subject of such Default, including, where appropriate, soil and/or groundwater
sampling, prepared by environmental consulting firm and, in the form and
substance, reasonably acceptable to the Administrative Agent and indicating the
presence or absence of Hazardous Materials and the estimated cost of any
compliance or response to address them.

       

      Section
5.13.           Books and
Records. 
The Company shall maintain proper books of record and account, in which entries
that are full, true and correct in all material respects and which reflect all
material financial transactions and matters involving the assets and business of
the Loan Parties or a Restricted Subsidiary, as the case may be (it being
understood and agreed that certain Foreign Subsidiaries maintain individual
books and records in conformity with generally accepted accounting principles in
their respective countries of organization and that such maintenance shall not
constitute a breach of the representations, warranties or covenants
hereunder).

       

      Section
5.14.           Limitation on
Liens. 
The Company shall not, and shall not permit any of its Restricted Subsidiaries
to, create, incur or otherwise cause or suffer to exist or become effective any
Liens of any kind upon any property or assets of the Company or any Restricted
Subsidiary of the Company, now owned or hereafter acquired, which secures Pari
Passu Indebtedness or Subordinated Indebtedness, other than Permitted Liens,
unless such Indebtedness is incurred in accordance with this Agreement,
and

      
        
           

        

        
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      (1)           if
such Lien secures Pari Passu Indebtedness, the obligations or the Person
granting such Lien under the Loan documents are secured on an equal and ratable
basis with the obligations so secured until such time as such obligation is no
longer secured by a Lien, or

       

      (2)           if
such Lien secures Subordinated Indebtedness, any such Lien shall be subordinated
to a Lien granted to the Finance Parties in the same collateral as that securing
such Lien to the same extent as such Subordinated Indebtedness is subordinated
to the Loans and until such time as such obligation is no longer secured by a
Lien.

       

      Section
5.15.           Additional Subsidiary
Guarantees. 
(a) The Company will cause (i) each Restricted Subsidiary of the Company that,
after the Closing Date, guarantees the Senior Secured Credit Facilities (or any
facility refinancing or replacing such facilities) or (ii) each Restricted
Subsidiary of the Company that, after the Closing Date, guarantees any Public
Indebtedness of the Company or any other Restricted Subsidiary of the Company to
execute and deliver to the Administrative Agent an Accession Letter to which
such Restricted Subsidiary will accede to this Agreement as a
Guarantor.

       

      (b)            Notwithstanding
the foregoing, the Company shall not be obligated to cause any such Restricted
Subsidiary to sign an Accession Letter to the extent that such signature would
reasonably be expected to give rise to or result in:

       

      (1)           any
violation of applicable law, rule, regulation or order that cannot be avoided or
otherwise prevented through measures reasonably available to the Company or such
Restricted Subsidiary; or

       

      (2)           any
liability for the officers, directors or shareholders of such Restricted
Subsidiary.

       

      Section
5.16.           Conduct of
Business.   None
of the Company or any of its Restricted Subsidiaries (other than a
Securitization Entity) will engage in any businesses other than a Permitted
Business, except to such extent as would not be material to the Company and its
subsidiaries taken as a whole.

       

      Section
5.17.           Additional
Collateral. 
(a)  The Company will cause (i) each Restricted Subsidiary of the Company
that, after the Closing Date, provides security, directly or indirectly, under
the Senior Secured Credit Facilities (or any facility refinancing or replacing
such facilities) to pledge substantially all of its assets that secure the
obligations under the Senior Secured Credit Facilities (or any facility
refinancing or replacing such facilities) to secure the Obligations hereunder on
at least a second-ranking basis.

       

      (a)            Notwithstanding
the foregoing, the Company shall not be obligated to cause any such Restricted
Subsidiary to provide such security to the extent that such security would
reasonably be expected to give rise to or result in:

       

      (1)           any
violation of applicable law, rule, regulation or order that cannot be avoided or
otherwise prevented through measures reasonably available to the Company or such
Restricted Subsidiary; or

       

      (2)           any
liability for the officers, directors or shareholders of such Restricted
Subsidiary.

      
        
           

        

        
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      Section
5.18.           Limitation on Additional
Liens on the Collateral. 
The Company shall not, and shall not permit any Restricted Subsidiary of the
Company to incur any Liens with respect to the Collateral, and the Company shall
not, and shall not permit any Restricted Subsidiary of the Company to, grant to
any Person other than the Collateral Agent, for the benefit of the Secured
Parties and the holders and the other beneficiaries described in the Security
Documents, any Lien whatsoever in any of the Collateral, except that the Company
and its Restricted Subsidiaries may incur Permitted Collateral Liens and the
Collateral may be discharged and released in accordance with the Loan Documents;
provided, however, that, except with
respect to any discharge or release in accordance with the Loan Documents, the
incurrence of Permitted Collateral Liens or any action expressly permitted by
the Loan Documents, the security documents may not be amended, extended,
renewed, restated, supplemented or otherwise modified or replaced, unless
contemporaneously with any such action, the Company delivers to the
Administrative Agent with a copy to the Lenders (on a non-reliance basis),
either (a) a solvency opinion, in form and substance reasonably satisfactory to
the Administrative Agent from an Independent Financial Advisor confirming the
solvency of the Company and its Restricted Subsidiaries, taken as a whole, after
giving effect to any transactions related to such amendment, extension, renewal,
restatement, supplement, modification or replacement, or (b) an opinion of
counsel, in form and substance reasonably satisfactory to the Administrative
Agent, confirming that, after giving effect to any transactions related to such
amendment, extension, renewal, restatement, supplement, modification or
replacement, the Lien or Liens created under the Security Documents, so amended,
extended, renewed, restated, supplemented, modified or replaced are valid Liens
not otherwise subject to any limitation, imperfection or new hardening period,
in equity or at law, that such Lien or Liens were not otherwise subject to
immediately prior to such amendment, extension, renewal, restatement,
supplement, modification or replacement.  In the event that the
Company complies with the requirements of this Section 5.18, the Administrative
Agent or the Collateral Agent, as the case may be, shall (subject to customary
protections and indemnifications) consent to such amendments without the need
for instructions from the Lenders.

       

      Section
5.19.           Merger, Consolidation, and
Sale of Assets. 
(a) The Company will not, in a single transaction or series of related
transactions, consolidate or merge with or into any Person, or sell, transfer,
or otherwise dispose of (or permit any Restricted Subsidiary of the Company to
sell, assign, transfer, lease, convey or otherwise dispose of) all or
substantially all of the Company’s assets (determined on a consolidated basis
for the Company and the Company’s Restricted Subsidiaries) unless:

       

      (i)     either
(A) the Company shall be the surviving or continuing entity or (B) the Person
(if other than the Company) formed by such consolidation or merger is an entity
organized and validly existing under the laws of the United States, any State
thereof, the District of Columbia or any state which was a member state of the
European Union on December 31, 2003 or Canada or any province thereof (the
“Surviving Entity”);

       

      (ii)    the
Surviving Entity, if any, expressly assumes by a joinder or other agreement in
form and substance reasonably satisfactory to the Administrative Agent all
rights and obligations of the Company under the Loan Document to which it is a
party;

       

      (iii)   immediately
after giving effect to such transaction, including the assumption of the Loans,
(I) the Company or the Surviving Entity is able to incur at least $1.00 of
additional Indebtedness (other than Permitted Indebtedness) pursuant to Section
5.08(b) hereof (assuming for this purpose that the Extension Date has occurred)
or (II) the Fixed Charge Coverage Ratio at the time of such transaction and
after giving pro forma effect thereto as if such transaction had occurred at the
beginning of the applicable four-quarter period will be equal to or greater than
it was immediately before such transaction;

      
        
           

        

        
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      (iv)   immediately
before and after giving effect to such transaction, including the assumption of
the Loans, no Default or Event of Default occurred or exists; and

       

      (v)    the
Company or the Surviving Entity shall have delivered to the Lenders an officers’
certificate and an opinion of counsel, stating that all requirements under this
Agreement for such a transaction have been satisfied, it being understood that
such opinion of counsel may rely as to certain matters of fact on such officer’s
certificate.

       

      (b)           Each
Guarantor (other than any guarantor whose guarantee is to be released in
accordance with the terms of this Agreement in connection with any transaction
complying with the provisions of Section 5.11 will not, and the Company will not
cause or permit any other Guarantor to, consolidate with or merge with or into
any Person other than Borrower or any other Guarantor unless:

       

      (i)                 the
entity formed by or surviving any such consolidation or merger (if other than
the guarantor) or to which such sale, lease, conveyance or other disposition
shall have been made assumes by Accession Letter all of the obligations of the
Guarantor on the guarantee;

       

      (ii)                immediately
after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing; and

       

      (iii)               either
(I) at the time of such transaction and after giving pro forma effect thereto as
if such transaction had occurred at the beginning of the applicable four-quarter
period, the Company will be permitted to incur at least $1.00 of additional
Indebtedness pursuant to the Consolidated Fixed Charge Coverage Ratio test set
forth under Section 5.08(b) (assuming for this purpose that the Extension Date
has occurred)or (II) the Consolidated Fixed Charge Coverage Ratio at the time of
such transaction and after giving pro forma effect thereto as if such
transaction had occurred at the beginning of the applicable four-quarter period
will be equal to or greater than it was immediately before such
transaction.

       

      Any
merger or consolidation of a Guarantor with and into Borrower (with Borrower
being the surviving entity) or another Guarantor need not comply with paragraph
(a) of this Section 5.19.

       

      (c)           Notwithstanding
anything in this section to the contrary,

       

      (i)                 the
Company or Borrower may (A) merge with an Affiliate that has no material assets
or liabilities and that is incorporated or organized solely for the purpose of
reincorporating or reorganizing the Company or Borrower, as the case may be, in
any state of the United States, the District of Columbia or any state which was
a member state of the European Union on December 31, 2003 and (B) may otherwise
convert its legal form under the laws of its jurisdiction of organization, in
each case, without complying with clause (iii) of the first paragraph of this
covenant;

       

      (ii)                any
transaction characterized as a merger under applicable law where each of the
constituent entities survives, will not be treated as a merger for purposes of
this Section 5.19, but instead will be treated as

       

      (A)           
an Asset Sale, if the result of such transaction is the transfer of assets by
the Company, Borrower or another Restricted Subsidiary of the Company,
or

      
        
           

        

        
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      (B)           an
Investment, if the result of such transaction is the acquisition of assets by
the Company, Borrower or another Restricted Subsidiary of the
Company,

       

      (C)           neither
Millennium Chemicals Inc. nor Millennium Holdings LLC nor any of their
respective subsidiaries as of the Closing Date may be merged with or into the
Company or any other Restricted Subsidiary of the Company (other than with or
into Millennium Holdings LLC or any of its other subsidiaries as of the Closing
Date).

       

      Section
5.20.           [Reserved].

       

      Section
5.21.           ERISA.

       

      Promptly
after any Loan Party or any ERISA Affiliate knows or has reason to know of the
occurrence of any of the following events that, individually or in the aggregate
(including in the aggregate such events previously disclosed or exempt from
disclosure hereunder, to the extent the liability therefor remains outstanding),
would reasonably be expected to have a Material Adverse Effect, deliver to the
Administrative Agent and each of the Lenders a certificate of a Responsible
Officer setting forth details as to such occurrence and the action, if any, that
the Loan Party or such ERISA Affiliate is required or proposes to take, together
with any notices (required, proposed or otherwise) given to or filed with or by
the Loan Party, such ERISA Affiliate, the PBGC, a Plan participant (other than
notices relating to any individual participant’s benefits) or the Plan
administrator with respect thereto:  that a Reportable Event has
occurred; that an accumulated funding deficiency has been incurred or an
application is to be made to the Secretary of the Treasury for a waiver or
modification of the minimum funding standard (including any required installment
payments) or an extension of any amortization period under Section 412 of the
Code (or Section 430 of the Code as amended by the Pension Protection Act of
2006) with respect to a Plan; that a Plan having an Unfunded Current Liability
has been or is to be terminated, reorganized, partitioned or declared insolvent
under Title IV of ERISA (including the giving of written notice thereof); that a
Plan has an Unfunded Current Liability that has or will result in a lien under
ERISA or the Code; that proceedings will be or have been instituted to terminate
a Plan having an Unfunded Current Liability (including the giving of written
notice thereof); that a proceeding has been instituted against a Loan Party or
an ERISA Affiliate pursuant to Section 515 of ERISA to collect a delinquent
contribution to a Plan; that the PBGC has notified a Loan Party or any ERISA
Affiliate of its intention to appoint a trustee to administer any Plan; that a
Loan Party or any ERISA Affiliate has failed to make a required installment or
other payment pursuant to Section 412 of the Code with respect to a Plan; or
that a Loan Party or any ERISA Affiliate has incurred or will incur (or has been
notified in writing that it will incur) any liability (including any contingent
or secondary liability) to or on account of a Plan pursuant to Section 409,
502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201 or 4204 of ERISA or Section
4971 or 4975 of the Code.

       

      Section
5.22.           Holding
Company. 
The Company shall not conduct, transact or otherwise engage in any business or
operations other than (i) those incidental to its ownership of the Equity
Interests of its subsidiaries, (ii) those incidental to the maintenance of its
legal existence, (iii) the performance of the Loan Documents, the Senior Secured
Credit Facilities and obligations related thereto the Security Documents to
which it is a party the Existing Notes (only to the extent that the Company is a
party thereto on the Closing Date), the Management Agreement, the Tax Sharing
Agreement, the Acquisition Agreement, the Structured Financing and the other
agreements contemplated by the Acquisition Agreement, (iv) any public offering
of its common stock or any other issuance of its Equity Interests not prohibited
by Article 5, (v) any transaction that the Company has entered into on or prior
to the Closing Date, (iv) any public offering of its common stock or any other
issuance of its Equity Interests not prohibited by Article 5, (v) any
transaction that the Company and Basell Funding have entered into on or prior to
the Closing Date, (vi) obligations of the Company under European Securitization
Transactions (as defined in the Senior Secured Credit Facilities) in effect on
the Closing Date, (vii) performance guarantees made in the ordinary course of
business, (viii) non-speculative hedging obligations, (ix) the making of loans
or payments to its subsidiaries as permitted hereunder and under the Senior
Secured Credit Facilities, (x) the provisions of administrative and management
services to its subsidiaries of a type customarily provided by a holding company
to its subsidiaries and employing employees whose services are required for the
operation of the Company and its subsidiaries and other administrative and
management services to holding companies of the Company, and (xi) rights under
and liabilities incurred resulting from Taxes or loans being made to it, as the
same are permitted hereunder.

      
        
           

        

        
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      Section
5.23.           Use of Proceeds of the
Permanent Securities. 
The Company and Borrower shall apply the Net Proceeds from the sale of the
Permanent Securities to repay the Loans to the extent required by Section
2.07(b).

       

      Section
5.24.           Exchange
Notes.

       

      (a)           Borrower
shall, as promptly as practicable after being requested to do so by the Joint
Lead Arrangers at any time on or after the Initial Maturity Date, (i) select a
bank or trust company reasonably acceptable to the Lenders to act as Exchange
Note Trustee, (ii) enter into the Exchange Note Indenture and the Exchange and
Registration Rights Agreement substantially in the form of Exhibit E, and (iii)
cause counsel to Borrower to deliver to the Administrative Agent an executed
legal opinion in form and substance customary for a transaction of that type to
be mutually agreed upon by Borrower and the Administrative Agent (including,
without limitation, with respect to due authorization, execution and delivery;
validity; and enforceability of the Exchange Documents and the Exchange and
Registration Rights Agreement referred to in clause (ii) above).

       

      (b)           Subject
to the provisions of Section 2.01(b) and 2.06(g) Borrower shall, on the fifth
Business Day following the written request (the “Exchange Request”) of the
holder of any Loan (or beneficial owner of a portion thereof) at any time after
the day that is five Business Days before the Initial Maturity
Date:

       

      (i)     execute
and deliver, cause each other Loan Party to execute and deliver, and cause the
Exchange Note Trustee to execute and deliver, the Exchange Note Indenture if
such Exchange Note Indenture has not previously been executed and delivered;
and

       

      (ii)    execute
and deliver to such holder or beneficial owner in accordance with the Exchange
Note Indenture an Exchange Note bearing interest at a rate equal to the interest
rate applicable to such Loan pursuant to Section 2.09(b), provided that, at the election of such
holder or beneficial owner, such rate of interest may be fixed at the rate then
applicable to such Loan) in exchange for such Loan dated the date of the
issuance of such Exchange Note, payable to the order of such holder or owner, as
the case may be, in the same currency and principal amount as such Loan (or
portion thereof) being exchanged, subject to the succeeding
paragraph.

       

      The
Exchange Request shall specify the principal amount of the Loans to be exchanged
pursuant to this Section, which shall be (i) in integral multiples of €1,000,000
or the entire remaining aggregate principal amount of the Euro Loans of such
Lender and (ii) with respect to Dollar Loans being exchanged, an integral
multiple of $1,000,000 or the entire remaining aggregate principal amount of the
Euro Loans of such Lender (the “Exchange Note
Amount”).

      
        
           

        

        
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      Loans
delivered to Borrower under this Section in exchange for Exchange Notes shall be
canceled by Borrower, and the corresponding amount of the Loan deemed repaid and
the Exchange Notes shall be governed by and construed in accordance with the
terms of the Exchange Note Indenture.

       

      The
Exchange Note Trustee shall at all times be a corporation organized and doing
business under the laws of the United States or the State of New York, in good
standing and having its principal offices in the Borough of Manhattan, in The
City of New York, which is authorized under such laws to exercise corporate
trust powers and is subject to supervision or examination by federal or state
authority and which has a combined capital and surplus of not less than the
Dollar Equivalent of $500,000,000.

       

      (c)           The
holders of such Exchange Notes shall have the registration rights with respect
to such Exchange Notes described in Exhibit
E.

       

      ARTICLE
6

       

      INFORMATION
COVENANTS

       

      Each of
Borrower and the Company covenants and agrees with each Lender that, so long as
this Agreement shall remain in effect and until the Commitments have been
terminated and the principal of and interest on each Loan, all Fees and all
other expenses or amounts payable under any Loan Document have been paid in
full, unless the Required Lenders shall otherwise consent in writing, Borrower
and the Company shall:

       

      Section
6.01.           Annual Financial
Statements.  The
Company shall deliver to the Administrative Agent for prompt further
distribution to each Lender, as soon as available, but in any event within
ninety (90) days (one-hundred and twenty (120) days in the case of the fiscal
year ended December 31, 2007) (or such earlier date on which the Company is
required to make any public filing of such information) after the end of each
fiscal year of the Company beginning with the 2007 fiscal year, a consolidated
balance sheet of the Company and its subsidiaries as at the end of such fiscal
year, and the related consolidated statements of income and retained earnings
and of cash flows for such fiscal year, setting forth in each case in
comparative form the figures for the previous fiscal year, all reported on
without material qualification (including any “going concern” or like
qualification) by an independent registered public accounting firm of nationally
recognized standing.

       

      Notwithstanding
the foregoing, the obligations to deliver financial statements pursuant to this
Sections 6.01 will be satisfied with respect to financial information of the
Company by furnishing (A) the applicable financial statements of the Company or
(B) the Company’s, as applicable, Form 10-K, filed with the SEC or prior to or
in lieu of any such requirement to file with the SEC, such equivalent
information is made public by the Company in compliance with such corresponding
obligations under the Permanent Securities or the Exchange Notes; provided that, to the extent
such information is in lieu of information required to be provided hereunder,
such materials are accompanied by a report and opinion of an independent
registered public accounting firm of nationally recognized standing, which
report and opinion shall be prepared in accordance with generally accepted
auditing standards and shall not be subject to any “going concern” or like
qualification or material exception or any qualification or exception as to the
scope of such audit.

      
        
           

        

        
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      Section
6.02.           Quarterly Financial
Statements.   
The Company shall deliver to the Administrative Agent for prompt further
distribution to each Lender (as soon as available, but in any event within
forty-five (45) days (sixty (60) days in the case of the first three fiscal
quarters of 2008) (or such earlier date on which the Company is required to make
any public filing of such information), after the end of each of the first three
(3) fiscal quarters of each fiscal year of the Company, a consolidated balance
sheet of the Company and its subsidiaries as at the end of such fiscal quarter,
and the related consolidated statements of income and cash flows, each for such
fiscal quarter and the portion of the fiscal year then ended, setting forth in
each case in comparative form the figures for the corresponding fiscal quarter
of the previous fiscal year and the corresponding portion of the previous fiscal
year, all certified (subject to normal year-end adjustments) as to fairness of
presentation and consistency by a Responsible Officer of the Company as fairly
presenting in all material respects the financial condition, results of
operations and cash flows of the Company and its subsidiaries in accordance with
GAAP, subject only to normal year-end audit adjustments and the absence of
footnotes and (2) deliver to the Administrative Agent for each Lender, promptly,
any other information, documents and other reports which the Company or any
subsidiary is (when registered) required to file with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act.

       

      Notwithstanding
the foregoing, the obligations to deliver financial statements pursuant to this
Sections 6.02 will be satisfied with respect to financial information of the
Company by furnishing (A) the applicable financial statements of the Company or
(B) the Company’s, as applicable, Form 10-Q, filed with the SEC or prior to or
in lieu of any such requirement to file with the SEC, such equivalent
information is made public by the Company in compliance with such corresponding
obligations under the Permanent Securities or the Exchange Notes.

       

      Section
6.03.           Parent
Guarantor 
From and after the date on which an entity which (i) owns directly or indirectly
100% of the Equity Interests of the Company and (ii) does not hold any other
assets other than its investment in the Company or any intermediate holding
company and de minimis assets necessary to maintain its corporate existence (and
any such intermediate holding company shall not hold any asset other than its
investment in the Company and de minimis assets necessary to maintain its
corporate existence), guarantees on a senior unconditional basis all of the
obligations of the Company under this Agreement (the “Parent Guarantor”), all
references to the Company in Sections 6.01 and 6.02 above shall be references to
the Parent Guarantor.

       

      Section
6.04.           Compliance
Certificate.

       

      (a)           The
Company shall deliver to the Administrative Agent for prompt further
distribution to each Lender:

       

      (i)     no
later than five (5) days after the delivery of the financial statements required
by Sections 6.01 and 6.02, a duly completed Compliance Certificate substantially
in the Form of Exhibit M signed by a Responsible Officer;

       

      (ii)    together
with the delivery of each Compliance Certificate delivered in connection with
the delivery of financial statements required under Section 6.01 or 6.02
pursuant to clause (i) above, (A) a description of each event, condition or
circumstance during the last fiscal quarter covered by such Compliance
Certificate requiring a mandatory prepayment under Section 2.07(b) and (B) a
list of each Subsidiary of the Company that identifies each Subsidiary as a
Restricted or an Unrestricted Subsidiary as of the date of delivery of such
Compliance Certificate or confirming there has been no change since the date of
the last such certificate; and

       

      
        (iii)   promptly,
such additional information regarding the business, legal, financial or
corporate affairs of the Loan Parties or any of their respective subsidiaries,
or compliance with the terms of the Loan Documents, as the Administrative Agent
or any Lender through the Administrative Agent may from time to time reasonably
request.

      

      
        
           

        

        
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      (b)           Upon
request by the Administrative Agent, representatives of senior management of the
Company reasonably agreed by the Administrative Agent and the Company shall give
a presentation in each fiscal year of the Company to the Lenders within 30 days
after the Company has delivered its financial statements pursuant to Section
6.01 about the business, financial performance and prospects of the Company and
its subsidiaries, and such other matters as any Lender may (through the
Administrative Agent) reasonably request.

       

      Section
6.05.           Projections.  Deliver
to the Administrative Agent for each Lender, promptly, and in any event no later
than thirty (30) days after the end of each fiscal year of the Company, a
consolidated budget for the following fiscal year prepared by the Company for
approval by its Board of Directors, the following two fiscal years of the
Company (including (A) a projected consolidated cashflow statement and profit
and loss account of financial position of the Company and its subsidiaries as of
the end of each such fiscal year, (B) in respect of each principal operating
division of the Company and its subsidiaries, an income statement beginning with
EBITDA by business group, and projected levels of the First Lien Senior Secured
Leverage Ratio as of the end of each fiscal quarter in the first fiscal year of
the period presented and (C) a summary of the material underlying assumptions
applicable thereto) (collectively, the “Projections”).

       

      Section
6.06.           [Reserved].

       

      Section
6.07.           Information;
Miscellaneous.  Documents
required to be delivered pursuant to Sections 6.01 and 6.02 may be delivered
electronically and if so delivered, shall be deemed to have been delivered on
the date (i) on which the Company (or any direct or indirect parent of the
Company) posts such documents, or provides a link thereto on the website on the
Internet at the website address listed on Schedule 6.07; or (ii) on which such
documents are posted on the Company’s behalf on IntraLinks/IntraAgency or
another website identified in the notice provided pursuant to clause (z)
immediately below, if any, to which each Lender and the Administrative Agent
have access (whether a commercial, third-party website or whether sponsored by
the Administrative Agent); provided that: (y) upon written request by the
Administrative Agent or any Lender, the Company shall deliver paper copies of
the information referred to in Sections 6.01, 6.02 or 6.04 as requested by the
Administrative Agent or Lender (as applicable) and (z) the Company shall notify
(which may be by facsimile or electronic mail) the Administrative Agent of the
posting of any such documents.  Notwithstanding anything contained
herein, in every instance Borrower shall be required to provide paper copies of
the Compliance Certificates required by Section 6.04 to the Administrative
Agent; provided, however, that if such Compliance Certificate is first delivered
by electronic means, the date of such delivery by electronic means shall
constitute the date of delivery for purposes of compliance with Section
6.04.  Each Lender shall be solely responsible for timely accessing
posted documents or requesting delivery of paper copies of such documents from
the Administrative Agent and maintaining its copies of such
documents.

      
        
           

        

        
          -100-

          
            

          

        

        
           

        

      

      The
Company hereby acknowledges that (a) the Administrative Agent and/or the Joint
Lead Arrangers will make available to the Lenders materials and/or information
provided by or on behalf of the Company hereunder (collectively, “Company Materials”) by posting
the Company Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders may be “public-side” Lenders (i.e.,
Lenders that do not wish to receive material non-public information with respect
to the Company or its securities) (each, a “Public
Lender”).  The Company hereby agrees that it will identify that
portion of the Company Materials that may be distributed to the Public Lenders
and that (w) all such Company Materials shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall
appear prominently on the first page thereof; (x) by marking Company Materials
“PUBLIC,” the Company shall be deemed to have authorized the Administrative
Agent, the Joint Lead Arrangers and the Lenders to treat such Company Materials
as not containing any material non-public information (although it may be
sensitive and proprietary) with respect to the Company or its securities for
purposes of United States federal and state securities laws (provided, however,
that to the extent such Company Materials constitute Information, they shall be
treated as set forth in Section 11.16); (y) all Company Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform
designated “Public Investor”; and (z) the Administrative Agent and the Arrangers
shall be entitled to treat any Company Materials that are not marked “PUBLIC” as
being suitable only for posting on a portion of the Platform not designated
“Public Investor.”

       

      Section
6.08.           Notification of
Default. 
The Company shall promptly after a Responsible Officer of a Loan Party has
obtained knowledge thereof, notify the Administrative Agent (i) of the
occurrence of any Default; and (ii) of any matter that has resulted or could
reasonably be expected to result in a Material Adverse Effect.  Each
notice pursuant to this Section 6.08 shall be accompanied by a written statement
of a Responsible Officer of the Company (x) that such notice is being delivered
pursuant to Section 6.08(i) or (ii) (as applicable) and (y) setting forth
details of the occurrence referred to therein and stating what action the
Company has taken and proposes to take with respect thereto.

       

      Section
6.09.           Inspection of Books and
Records. 
The Company shall permit representatives and independent contractors of the
Administrative Agent or the Required Lender or, as provided in the second
proviso below, any Lender to visit and inspect any of its properties, to examine
its corporate, financial and operating records as is reasonably specified, and
make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants,
all at the reasonable expense of Borrower and at such reasonable times during
normal business hours, upon reasonable advance notice to the Company; provided that, excluding any
such visits and inspections during the continuation of an Event of Default, only
the Administrative Agent on behalf of the Lenders may exercise rights of the
Administrative Agent and the Lenders under this Section 6.09 and the
Administrative Agent shall not exercise such rights more often than two (2)
times during any calendar year at Borrower’s expense; provided further that when an
Event of Default exists, the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of Borrower at any time during normal business hours
and upon reasonable advance notice.  The Administrative Agent and the
Lenders shall give the Company the opportunity to participate in any discussions
with the Company’s independent public accountants.  Notwithstanding
anything to the contrary in this Section 6.09, at all times during such visits
and inspections to the Administrative Agent or any Lender (or their respective
representatives or contractors) must comply with all applicable site regulations
as the Company or its subsidiaries or any of their respective officers or
employees may require by reasonable notice of the same.

       

      
        Section
6.10.           Inspection
Rights. 
The Company shall permit representatives and independent contractors of the
Administrative Agent or the Required Lenders or, as provided in the second
proviso below, any Lender to visit and inspect any of its properties, to examine
its corporate, financial and operating records as is reasonably specified, and
make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants,
all at the reasonable expense of Borrower and at such reasonable times during
normal business hours, upon reasonable advance notice to the Company; provided that, excluding any
such visits and inspections during the continuation of an Event of Default, only
the Administrative Agent on behalf of the Lenders may exercise rights of the
Administrative Agent and the Lenders under this Section 6.10 and the
Administrative Agent shall not exercise such rights more often than two (2)
times during any calendar year at Borrower’s expense; provided further that when an Event of
Default exists, the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of Borrower at any time during normal business hours
and upon reasonable advance notice.  The Administrative Agent and the
Lenders shall give the Company the opportunity to participate in any discussions
with the Company’s independent public accountants.  Notwithstanding
anything to the contrary in this Section 6.10, at all times during such visits
and inspections, the Administrative Agent or any Lender (or their respective
representatives or contractors) must comply with all applicable site regulations
as the Company or its subsidiaries or any of their respective officers or
employees may require by reasonable notice of the same.

      

      
        
           

        

        
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      Section
6.11.           [Reserved]

       

      Section
6.12.           “Know Your Customer”
Checks

       

      (a)               
If:

       

      (i)     there
is a Change in Law after the Closing Date.

       

      (ii)    any
change in the status of an Loan Party or the composition of the shareholders of
Loan Party after the date of this Agreement; or

       

      (iii)   a
proposed assignment or transfer by a Lender of any of its rights and obligations
under this Agreement to a party that is not a Lender prior to such assignment or
transfer,

       

      obliges
the Administrative Agent or any Lender (or, in the case of clause (iii) of this
Section 6.12(a), any prospective new Lender) to comply with “know your customer”
or similar identification procedures in circumstances where the necessary
information is not already available to it, each Loan Party shall promptly upon
the request of the Administrative Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the
Administrative Agent (for itself or on behalf of any Lender, or on behalf of any
prospective new Lender) in order for the Administrative Agent, such Lender or,
in the case of the event described in clause (iii) of this Section 6.12(a), any
prospective new Lender to carry out and be reasonably satisfied it has complied
with all necessary “know your customer” or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in the
Loan Documents.

       

      (b)              
 Following the giving of any notice pursuant to clause (c) of this Section
6.12, if the accession of such Additional Guarantor obliges the Administrative
Agent or any Lender to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is
not already available to it, the Company shall promptly upon the request of the
Administrative Agent supply, or procure the supply of, such documentation and
other evidence as is reasonably requested by the Administrative Agent (for
itself or on behalf of any Lender or on behalf of any prospective new Lender) in
order for the Administrative Agent or such Lender or any prospective new Lender
to carry out and be reasonably satisfied it has complied with all necessary
“know your customer” or other similar checks under all applicable laws and
regulations pursuant to the accession of such Subsidiary to this Agreement as an
Additional Guarantor.

       

      Section
6.13.           No Personal
Liability.  No
director, officer or employee of the Company or any other member of the Group
shall be personally liable for any statement made by it in any certificate or
other document required to be delivered to any Finance Party pursuant to any
Loan Documents.

      
        
           

        

        
          -102-

          
            

          

        

        
           

        

      

      Section
6.14.           Permanent
Securities.

       

       (a)           At
any time and from time to time (but on not more than two occasions) during the
period beginning on the 180th day after the Closing Date and ending on the first
anniversary of the Closing Date, upon notice by the Joint Lead Arrangers to the
Company stating that, in their opinion, market conditions are such that the
conditions specified below can be satisfied (a “Securities Notice”), the Company
shall (i) provide to the Joint Lead Arrangers as soon as reasonably practicable
a complete printed preliminary offering memorandum usable in a customary
high-yield road show relating to the issuance by Borrower of debt securities
based upon the preliminary offering memorandum provided to the Joint Lead
Arrangers by the Company on November 28, 2007 with appropriate updates
(including, all financial statements and other data to be included therein
(including all audited financial statements, all unaudited financial statements
(each of which shall have undergone a SAS 100 review)) and all appropriate pro
forma financial statements prepared in accordance with, or reconciled to,
generally accepted accounting principles in the United States and prepared in
accordance with Regulation S-X under the Securities Act (with such deviations
therefrom as may be mutually agreed by Borrower and the Joint Lead Arranger),
and substantially all other data (including selected financial data) that the
SEC would require in a registered offering and (ii) execute an offering of
Securities in a Rule 144A/Regulation S offering or other private placement (a
“Securities Offering”) upon such terms and conditions (including currencies) as
may be specified in the Securities Notice, it being understood
that:

       

      (x)           the
Securities will have economic terms, including ranking, guarantees, interest
rate, yields and redemption prices, that are customary for recently issued Rule
144A high yield debt securities of issuers of a similar type and are no less
favorable to Borrower and/or Parent (as defined in the Commitment Papers) than
those generally available in the high yield debt capital markets to issuers of
securities having a creditworthiness comparable to Borrower and/or Parent (as
defined in the Commitment Papers), and all other arrangements with respect to
such Securities will be customary taking into account prevailing market
conditions; provided
that (i) the maturity date of the Securities shall not be less than 7 1⁄2 years
after the Closing Date, (ii) all or any portion of the Securities may be
denominated in U.S. dollars or Euros, at the election of the Joint Lead
Arrangers, (iii) the guarantee structure will be consistent with that provided
under this Agreement and (iv) the Securities may have such registration rights
as determined by the Joint Lead Arrangers in accordance with the terms of the
Fee Letter, and

       

      (y)           the
per annum yield (on a weighted average basis) shall not exceed 12.00%; provided that if any tranche
of the Securities is rated Caa1 or lower by Moody’s or CCC+ or lower by S&P,
then the maximum per annum yield on such tranche shall be increased by
0.50%.

       

      (b)           The
Company shall cause its senior management personnel to participate in a
customary road show for the sale of the Permanent Securities.

       

      ARTICLE
7

       

      EVENTS
OF DEFAULT

       

      Section
7.01.           Events of
Default.  An
“Event of Default”
occurs if:

       

       (a)           Non-Payment.  Any
Loan Party fails to pay (i) when and as required to be paid herein, any amount
of principal of any Loan, or (ii) within five (5) Business Days after the same
becomes due, any interest on any Loan or any other amount payable hereunder or
with respect to any other Loan Document; or

      
 

      
        
          
             

          

          
            -103-

            
              

            

          

          
             

          

        

      

       

      (b)           Specific
Covenants.  Borrower fails to perform or observe any term,
covenant or agreement contained in Sections 5.01, 5.02, (solely with respect to
the Company and Borrower), 5.06 - 5.09, 5.11, 5.14, 5.16, 5.19, 5.22 or Section
11.08; or

       

      (c)           Other
Defaults.  Any Loan Party fails to perform or observe any other
covenant or agreement (not specified in Section 7.01(a) or (b) above) contained
in any Loan Document on its part to be performed or observed and such failure
continues for thirty (30) days, or solely with respect to a failure to comply
with Section 6.01 or 6.02, ten (10) Business Days, after notice thereof by the
Administrative Agent to the Company or Borrower; or

       

      (d)           Representations and
Warranties.  Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of Borrower or any other
Loan Party herein, in any other Loan Document, or in any document that is an
exhibit to a Loan Document (or any certification by a Responsible Officer
expressly contemplated by this Agreement) shall be incorrect or misleading in
any material respect when made or deemed made; or

       

      (e)           Cross-Default.  Any
Loan Party or any Restricted Subsidiary (i) fails to make any payment beyond the
applicable grace period with respect thereto, if any (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect of
any Indebtedness (other than Indebtedness hereunder) having an aggregate
principal amount of not less than the Threshold Amount, or (ii) fails to observe
or perform any other agreement or condition relating to any such Indebtedness of
not less than the Threshold Amount (any such Indebtedness, “Threshold Indebtedness”), or
any other event occurs (other than, with respect to Indebtedness consisting of
Swap Contracts, termination events or equivalent events pursuant to the terms of
such Swap Contracts), the effect of which default or other event is to cause, or
to permit the holder or holders of such Indebtedness (or a trustee or agent on
behalf of such holder or holders or beneficiary or beneficiaries) to cause, with
the giving of notice if required, such Indebtedness to become due or to be
repurchased, pre-paid, defeased or redeemed (automatically or otherwise), or an
offer to repurchase, prepay, defease or redeem such Indebtedness to be made,
prior to its Stated Maturity; provided that this clause
(e)(ii) shall not apply to secured Indebtedness that becomes due as a result of
the voluntary sale or transfer of the property or assets securing such
Indebtedness, if such sale or transfer is permitted hereunder and under the
documents providing for such Indebtedness; provided further that such
failure is unremedied and is not waived by the holders of such Indebtedness
prior to any termination of the Commitments or acceleration of the Loans
pursuant to Section 7.02; or

       

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

       

      (g)           Inability to Pay Debts;
Attachment.  (i) Any of the Company, Borrower or any Material
Subsidiary becomes unable or admits in writing its inability or fails generally
to pay its debts in excess of the Threshold Amount as they become due, or (ii)
any writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of Borrower and the
Restricted Subsidiaries, taken as a whole, and is not released, vacated or fully
bonded within sixty (60) days after its issue or levy, in each case, for the
purposes of any subsidiary of the Company domiciled in the United Kingdom,
ignoring the deeming provisions of Section 123(1)(a) of the Insolvency Act 1986;
or

      
        
           

        

        
          -104-

          
            

          

        

        
           

        

      

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

       

      (i)           Invalidity of
Guarantees.  Any material portion of the Guarantees of the
Loans, at any time after its execution and delivery and for any reason other
than as expressly permitted hereunder or thereunder (including as a result of a
transaction permitted under Section 5.11 or 5.19) or as a result of acts or
omissions by the Administrative Agent or Collateral Agent or any Lender or the
satisfaction in full of all the Obligations, ceases to be in full force and
effect; or any Loan Party contests in writing the validity or enforceability of
any provision of any Loan Document or the validity or priority of a Lien as
required by the Security Documents on a material portion of the Collateral; or
any Loan Party denies in writing that it has any or further liability or
obligation under any Loan Document (other than as a result of repayment in full
of the payment Obligations and termination of the Aggregate Commitments), or
purports in writing to revoke or rescind any Loan Document; or it becomes
unlawful for any Loan Party to perform any of its payment Obligations under the
Loan Documents; or

       

      (j)           Security
Documents.  Any Security Document or the Intercreditor
Agreement after delivery thereof pursuant to Section 4.01 or 5.17 shall for any
reason (other than pursuant to the terms hereof or thereof or solely as a result
of acts or omissions of the Administrative Agent or any Lender) ceases to create
a valid and perfected Lien, with the priority required by the Security Documents
and the Intercreditor Agreement on and security interest in any material portion
of the Collateral, subject to Liens permitted under Section 5.14, except (i) to
the extent that any such loss of perfection or priority results from the failure
of the Administrative Agent or the Collateral Agent to (a) maintain possession
of certificates actually delivered to it representing securities pledged under
the Security Documents or (b) file Uniform Commercial Code continuation
statements, (ii) as to Collateral consisting of Real Property to the extent that
such losses are covered by a lender’s title insurance policy and such insurer
has not denied or failed to acknowledge coverage, or (iii) any of the Equity
Interests of Borrower ceasing to be pledged pursuant to any Security Agreement
free of Liens other than Liens created by such Security Agreement or any
nonconsensual Liens arising solely by operation of Law; or

       

      (k)           ERISA.  An ERISA
Event or any similar event with respect to a Foreign Plan occurs which, together
with all other ERISA Events (or similar events with respect to Foreign Plans)
that have occurred, has resulted or could reasonably be expected to result in a
Material Adverse Effect.

       

      Notwithstanding
the foregoing, Events of Default under Section 7.01(e) and (h) shall not apply
with respect to Millennium Holdings LLC or any Person that is a subsidiary of
Millennium Holdings LLC as of the Closing Date (collectively, the “Millennium Holdings Group”)
if, at the time of determination, (x) the event that would otherwise give rise
to such an Event of Default is excluded from the corresponding provision in all
other Threshold Indebtedness or would otherwise not give rise to an event of
default thereunder in accordance with the terms of such Threshold Indebtedness
and (y) the Millennium Holdings Group, taken as a whole, is not a Material
Subsidiary.

      
        
           

        

        
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      Section
7.02.          Remedies.

       

      (a)           If
any Event of Default occurs and is continuing, the Administrative Agent, at the
request of the Required Lenders, may declare the Loans to be terminated
forthwith and the principal, premium, if any, interest and any other monetary
obligations on all the then outstanding Loans to be due and payable
immediately.  Upon the effectiveness of such declaration, the Loans
will immediately terminate and such principal, premium, interest and other
obligations will be due and payable immediately, without presentment, demand,
protest or any other notice of any kind, all of which are expressly waived by
Borrower.

       

      (b)           Notwithstanding
the foregoing, during the period from the Closing Date until the date that is 90
days after the Closing Date (the “Clean-Up Period”), a breach of
any representation or warranty or a breach of any covenant or an Event of
Default which arises solely with respect to Lyondell or any of its subsidiaries
will be deemed not to be a breach of representation or warranty or a breach of
covenant or an Event of Default (as the case may be) if, it would have been (if
it were not for this provision) a breach of representation or warranty or a
breach of covenant or an Event of Default only by reason of circumstances not
known to the Company to exist on July 16, 2007 (or, if known, disclosed to the
Administrative Agent on or prior to July 16, 2007) and relating  to
Lyondell and its subsidiaries or any of them if and for so long as the
circumstances giving rise to the relevant breach of representation or warranty
or breach of covenant or Event of Default:

       

      (i)       are
not the result of any positive action taken by the Company or any of its
subsidiaries (other than Lyondell and its subsidiaries);

       

      (ii)      the
Company notifies the Administrative Agent promptly upon becoming aware of the
same; and

       

      (iii)      reasonable
efforts are being made to remedy the same;

       

      provided that if the relevant
circumstances are continuing at the end of the Clean-Up Period there shall be a
breach of representation or warranty, breach of covenant or Event of Default, as
the case may be.

       

      Section
7.03.           Application of Funds on
Enforcement. 
After the exercise of remedies provided for in Section 7.02 (or after the Loans
have automatically become immediately due and payable), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the
following order (to the fullest extent permitted by mandatory provisions of
applicable Law):

       

      First, to payment of
that portion of the payment Obligations constituting fees, indemnities, expenses
and other amounts (other than principal and interest, but including Attorney
Costs payable under Section 11.05(a) and amounts payable under Sections 2.10
through 2.16) payable to the Administrative Agent or the Collateral Agent in its
capacity as such;

       

      Second, to payment of
that portion of the payment Obligations constituting fees, indemnities and other
amounts (other than principal and interest) payable to the Lenders (including
Attorney Costs payable under Section 11.05(a) and amounts payable under Sections
2.10 through 2.16), ratably among them in proportion to the amounts described in
this clause Second payable to
them;

      
        
           

        

        
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      Third, to payment of
that portion of the payment Obligations constituting accrued and unpaid interest
on the Loans, ratably among the Lenders in proportion to the respective amounts
described in this clause Third payable to them;

       

      Fourth, to payment of
that portion of the payment Obligations constituting unpaid principal of the
Loans, ratably among the Lenders in proportion to the respective amounts
described in this clause Fourth held by them;

       

      Fifth, to the payment
of all other payment Obligations of Borrower that are due and payable to the
Administrative Agent and the other Secured Parties on such date, ratably based
upon the respective aggregate amounts of all such Obligations owing to the
Administrative Agent and the other Secured Parties on such date;
and

       

      Last, the balance, if
any, after all of the payment Obligations have been paid in full, to Borrower or
as otherwise required by Law.

       

      ARTICLE
8

       

      [RESERVED]

       

      ARTICLE
9

       

      GUARANTEE

       

      Section
9.01.           The
Guarantee.

       

      Each
Guarantor hereby jointly and severally with the other Guarantors guarantees, as
a primary obligor and not as a surety to each Secured Party and their respective
successors and assigns, the prompt payment in full when due (whether at Stated
Maturity, by required prepayment, declaration, demand, by acceleration or
otherwise) of the principal of and interest (including any interest, fees, costs
or charges that would accrue but for the provisions of (i) the Title 11 of the
United States Code after any bankruptcy or insolvency petition under Title 11 of
the United States Code and (ii) any other Debtor Relief Laws) on the Loans made
by the Lenders to, and the Notes held by each Lender of, Borrower (other than
such Guarantor), and all other Obligations from time to time owing to the
Secured Parties by any Loan Party under any Loan Document, in each case strictly
in accordance with the terms thereof (such obligations being herein collectively
called the “Guaranteed
Obligations”).  The Guarantors hereby jointly and severally
agree that if Borrower or other Guarantor(s) shall fail to pay in full when due
(whether at Stated Maturity, by acceleration or otherwise) any of the Guaranteed
Obligations, the Guarantors will promptly pay the same in cash, without any
demand or notice whatsoever, and that in the case of any extension of time of
payment or renewal of any of the Guaranteed Obligations, the same will be
promptly paid in full when due (whether at extended maturity, by acceleration or
otherwise) in accordance with the terms of such extension or
renewal.

       

      Section
9.02.          Obligations
Unconditional.

       

      The
obligations of the Guarantors under Section 9.01 shall constitute a guaranty of
payment and to the fullest extent permitted by applicable Law, are absolute,
irrevocable and unconditional, joint and several, irrespective of the value,
genuineness, validity, regularity or enforceability of the Guaranteed
Obligations of Borrower under this Agreement, the Notes, if any, or any other
agreement or instrument referred to herein or therein, or any substitution,
release or exchange of any other guarantee of or security for any of the
Guaranteed Obligations, and, irrespective of any other circumstance whatsoever
that might otherwise constitute a legal or equitable discharge or defense of a
surety or Guarantor (except for payment in full).  Without limiting
the generality of the foregoing, it is agreed that the occurrence of any one or
more of the following shall not alter or impair the liability of the Guarantors
hereunder which shall remain absolute, irrevocable and unconditional under any
and all circumstances as described above:

      
        
           

        

        
          -107-

          
            

          

        

        
           

        

      

      (i)      at
any time or from time to time, without notice to the Guarantors, the time for
any performance of or compliance with any of the Guaranteed Obligations shall be
extended, or such performance or compliance shall be waived;

       

      (ii)     any
of the acts mentioned in any of the provisions of this Agreement or the Notes,
if any, or any other agreement or instrument referred to herein or therein shall
be done or omitted;

       

      (iii)    the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of
the Guaranteed Obligations shall be amended in any respect, or any right under
the Loan Documents or any other agreement or instrument referred to herein or
therein shall be amended or waived in any respect or any other guarantee of any
of the Guaranteed Obligations or any security therefor shall be released or
exchanged in whole or in part or otherwise dealt with;

       

      (iv)    any
Lien or security interest granted to, or in favor of, any Lender or Agent as
security for any of the Guaranteed Obligations shall fail to be perfected;
or

       

      (v)     the
release of any other Guarantor pursuant to Section 9.09.

       

      The
Guarantors hereby expressly waive diligence, presentment, demand of payment,
protest and all notices whatsoever, and any requirement that any Secured Party
exhaust any right, power or remedy or proceed against Borrower under this
Agreement or the Notes, if any, or any other agreement or instrument referred to
herein or therein, or against any other Person under any other guarantee of, or
security for, any of the Guaranteed Obligations.  The Guarantors waive
any and all notice of the creation, renewal, extension, waiver, termination or
accrual of any of the Guaranteed Obligations and notice of or proof of reliance
by any Secured Party upon this Guarantee or acceptance of this Guarantee, and
the Guaranteed Obligations, and any of them, shall conclusively be deemed to
have been created, contracted or incurred in reliance upon this Guarantee, and
all dealings between Borrower and the Secured Parties shall likewise be
conclusively presumed to have been had or consummated in reliance upon this
Guarantee.  This Guarantee shall be construed as a continuing,
absolute, irrevocable and unconditional guarantee of payment without regard to
any right of offset with respect to the Guaranteed Obligations at any time or
from time to time held by Secured Parties, and the obligations and liabilities
of the Guarantors hereunder shall not be conditioned or contingent upon the
pursuit by the Secured Parties or any other Person at any time of any right or
remedy against Borrower or against any other Person which may be or become
liable in respect of all or any part of the Guaranteed Obligations or against
any collateral security or guarantee therefor or right of offset with respect
thereto.  This Guarantee shall remain in full force and effect and be
binding in accordance with and to the extent of its terms upon the Guarantors
and the successors and assigns thereof, and shall inure to the benefit of the
Lenders, and their respective successors and assigns, notwithstanding that from
time to time during the term of this Agreement there may be no Guaranteed
Obligations outstanding.

      
        
           

        

        
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      Section
9.03.           Reinstatement.

       

      The
obligations of the Guarantors under this Article 9 shall be automatically
reinstated if and to the extent that for any reason any payment by or on behalf
of Borrower or other Loan Party in respect of the Guaranteed Obligations is
rescinded or must be otherwise restored by any holder of any of the Guaranteed
Obligations, whether as a result of any proceedings in bankruptcy or
reorganization or otherwise.

       

      Section
9.04.           Subrogation;
Subordination.

       

      Each
Guarantor hereby agrees that until the payment and satisfaction in full in cash
of all Guaranteed Obligations and the expiration and termination of the
Commitments of the Lenders under this Agreement it shall waive any claim and
shall not exercise any right or remedy, direct or indirect, arising by reason of
any performance by it of its guarantee in Section 9.01, whether by subrogation
or otherwise, against Borrower or any other Guarantor of any of the Guaranteed
Obligations or any security for any of the Guaranteed Obligations.

       

      Section
9.05.           Remedies.

       

      The
Guarantors jointly and severally agree that, as between the Guarantors and the
Lenders, the obligations of Borrower under this Agreement and the Notes, if any,
may be declared to be forthwith due and payable as provided in Section 7.02 (and
shall be deemed to have become automatically due and payable in the
circumstances provided in Section 7.02) for purposes of Section 9.01,
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or such obligations from becoming automatically due and payable) as
against Borrower and that, in the event of such declaration (or such obligations
being deemed to have become automatically due and payable), such obligations
(whether or not due and payable by Borrower) shall forthwith become due and
payable by the Guarantors for purposes of Section 9.01.

       

      Section
9.06.          Instrument for the Payment
of Money.

       

      Each
Guarantor hereby acknowledges that the guarantee in this Article 9 constitutes
an instrument for the payment of money, and consents and agrees that any Lender
or Agent, at its sole option, in the event of a dispute by such Guarantor in the
payment of any moneys due hereunder, shall have the right to bring a
motion-action under New York CPLR Section 3213.

       

      Section
9.07.           Continuing
Guarantee.

       

      The
guarantee in this Article 9 is a continuing guarantee of payment, and shall
apply to all Guaranteed Obligations whenever arising.

       

      Section
9.08.           General Limitation on
Guarantee Obligations.

       

      In any
action or proceeding involving any state corporate limited partnership or
limited liability company law, or any applicable state, federal or foreign
bankruptcy, insolvency, reorganization or other Law affecting the rights of
creditors generally, if the obligations of any Guarantor under Section 9.01
would otherwise be held or determined to be void, voidable, invalid or
unenforceable, or subordinated to the claims of any other creditors, on account
of the amount of its liability under Section 9.01, then, notwithstanding any
other provision to the contrary, the amount of such liability shall, without any
further action by such Guarantor, any Loan Party or any other Person, be
automatically limited and reduced to the highest amount (after giving effect to
the right of contribution established in Section 9.10) that is valid and
enforceable and not subordinated to the claims of other creditors as determined
in such action or proceeding.

      
        
           

        

        
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      Section
9.09.          Release of
Guarantors.

       

      If, in
compliance with the terms and provisions of the Loan Documents, all or
substantially all of the Equity Interests or property of any Guarantor are sold
or otherwise transferred (a “Transferred Guarantor”) to a
Person or Persons, none of which is a Loan Party, such Transferred Guarantor
shall, upon the consummation of such sale or transfer, be automatically released
from its obligations under this Agreement (including under Section 10.05(b)) and
its obligations to pledge and grant any Collateral owned by it pursuant to any
Security Document and, in the case of a sale of all or substantially all of the
Equity Interests of the Transferred Guarantor, the pledge of such Equity
Interests to the Collateral Agent pursuant to the Security Documents shall be
automatically released, and, so long as Borrower shall have provided the Agents
such certifications or documents as any Agent shall reasonably request, the
Collateral Agent shall take such actions as are necessary to effect each release
described in this Section 9.09 in accordance with the relevant provisions of the
Security Documents.

       

      Section
9.10.          Right of
Contribution.

       

      Each
Guarantor hereby agrees that to the extent that a Subsidiary Guarantor shall
have paid more than its proportionate share of any payment made hereunder, such
Subsidiary Guarantor shall be entitled to seek and receive contribution from and
against any other Guarantor hereunder which has not paid its proportionate share
of such payment.  Each Subsidiary Guarantor’s right of contribution
shall be subject to the terms and conditions of Section 9.04.  The
provisions of this Section 9.10 shall in no respect limit the obligations and
liabilities of any Subsidiary Guarantor to the Administrative Agent and the
Lenders, and each Subsidiary Guarantor shall remain liable to the Administrative
Agent and the Lenders for the full amount guaranteed by such Subsidiary
Guarantor hereunder.

       

      Section
9.11.          Certain Dutch
Matters.

       

      (a)           Any
obligation, guarantee or undertaking granted or assumed by a Person incorporated
or organized under the laws of The Netherlands pursuant to this Agreement
(including but not limited to this Article9) or any other Loan Document shall be
deemed not to be undertaken or incurred by such Person to the extent that the
same would constitute unlawful financial assistance within the meaning of
Section 2:207c or 2:98c of the Dutch Civil Code or any other applicable
financial assistance rules under any relevant jurisdiction (the “Prohibition”) and the
provisions of this Agreement and the other Loan Documents shall be construed
accordingly.  For the avoidance of doubt it is expressly acknowledged
that the relevant Persons incorporated under the laws of The Netherlands will
continue to guarantee and secure all such obligations which, if included, do not
constitute a violation of the Prohibition.

       

      (b)           Any
amount which may be guaranteed by Basell Benelux B.V., Lyondell Chemie
International B.V. or Lyondell Chemie Nederland B.V. shall not exceed the amount
permitted to be guaranteed or otherwise incurred as Debt (as defined in the 2027
Notes) in accordance with the terms of the 2027 Notes after taking into account
all other Debt of all Restricted Subsidiaries (as defined in the 2027 Notes),
provided that such limitation on the amount guaranteed shall not operate so as
to release Basell Benelux B.V., Lyondell Chemie International B.V. or Lyondell
Chemie Nederland B.V. from their respective obligations under this Article 9 in
excess of such amounts and further provided that upon the refinancing in full of
the 2027 Notes, the limitations on guarantees which exist as a result of the
provisions of the 2027 Notes shall be automatically removed from the date of
such refinancing and, accordingly, this paragraph (b), restricting it as a
Guarantor in this Agreement, shall cease to operate and have any force and
effect from the date of such refinancing.  Additionally, the
respective obligations of Basell Benelux B.V., Lyondell Chemie International
B.V. and Lyondell Chemie Nederland B.V. under this Article 9 shall apply only
insofar as required to guarantee the payment obligations of any Loan Party with
respect to any proceeds of any Loan directly or indirectly made available by
such Loan Party to Basell Benelux B.V., Lyondell Chemie International B.V. or
Lyondell Chemie Nederland B.V. through intra-group loans or facilities and
limited to the amount of such loans or facilities available to Basell Benelux
B.V., Lyondell Chemie International B.V. or Lyondell Chemie Nederland B.V. as
outstanding from time to time.

      
        
           

        

        
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      Section
9.12.          Guarantee
Limitations.

       

      (a)           To
the extent that the guarantee created hereunder is granted by a Guarantor
incorporated in Germany as a limited liability company (Gesellschaft mit beschränkter Haftung)
(each a “German GmbH
Guarantor”) or established in Germany as a limited partnership (Kommanditgesellschaft) with a
limited liability company (Gesellschaft mit beschränkter
Haftung) as general partner (a “German GmbH & Co. KG
Guarantor” and, together with any German GmbH Guarantor hereinafter
referred to as a “German
Guarantor”) and secures debt other than debt of such German Guarantor
itself or any of its subsidiaries, the following shall apply:

       

      (i)     each
German Guarantor guarantees the payment of all and any amounts which correspond
to funds that have been borrowed under this Agreement and have been on-lent to,
or otherwise passed on to, the relevant German Guarantor or any of its
subsidiaries, to the extent that any such amount is still outstanding at the
time the relevant demand is made against such German Guarantor; and

       

      (ii)    each
German Guarantor further guarantees the payment of any amount in excess of the
amounts payable by the relevant German Guarantor pursuant to paragraph (a)(i) of
this Section 9.12, its relevant liability is however limited as
follows:

       

             
(A)  each Secured Party shall not be entitled to enforce the guarantee in
an amount exceeding the amounts payable under paragraph (a)(i) of this Section
9.12 to the extent that the German Guarantor is able to demonstrate that the
further enforcement of the guarantee exceeding the amounts payable under
paragraph (a)(i) of this Section 9.12 has the effect of:

       

      
        	
                 
      

              	
                (1)

              	
                reducing
      the relevant German Guarantor’s or, where the German Guarantor is a German
      GmbH & Co. KG Guarantor, its general partner’s net assets (Nettovermögen) (the
      “Net Assets”) to
      an amount less than its or, where the German Guarantor is a German GmbH
      & Co. KG Guarantor, its general partner’s stated share capital (Stammkapital);
      or

              

      

       

      
        	
                 
      

              	
                (2)

              	
                (if
      the Net Assets are already an amount less than the stated share capital)
      causing such amount to be further
reduced,

              

      

       

      and
thereby affecting the assets required for the obligatory preservation of its
stated share capital according to §§ 30, 31 German GmbH-Act (GmbH-Gesetz) (the “GmbH-Act”).

       

             
(B)    The value of the Net Assets shall be determined in
accordance with GAAP consistently applied by the German Guarantor in preparing
its unconsolidated balance sheets (Jahresabschluss according to
§ 42 GmbH-Act, §§ 242, 264 of the German Commercial Code (HGB)) in the previous
years subject to applicable law, save that:

      
        
           

        

        
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                (1)

              	
                the
      amount of any increase of the stated share capital (Stammkapital) of the
      German Guarantor or, where the German Guarantor is a German GmbH & Co.
      KG Guarantor, its general partner, registered after the date of this
      Agreement without the prior written consent of the Administrative Agent
      shall be deducted from the relevant stated share capital;
    and

              

      

       

      
        	
                 
      

              	
                (2)

              	
                loans
      and other liabilities incurred in violation of the provisions of this
      Agreement shall be disregarded.

              

      

       

              
(C)   The limitations set out in paragraph (a)(ii) of this
Section 9.12 shall only apply if and to the extent that within fifteen (15)
Business Days following the demand against the relevant German Guarantor under
the guarantee by the Administrative Agent, the managing director(s) on behalf of
such German Guarantor have confirmed in writing to the Administrative Agent (x)
to what extent the guarantee is an up-stream or cross-stream guarantee and (y)
which amount of such cross-stream and/or upstream guarantee cannot be enforced
(only if exceeding the amounts payable under paragraph (a)(i) of this Section
9.12) as it would cause the Net Assets of such Guarantor or, where the German
Guarantor is a German GmbH & Co. KG Guarantor, its general partner to fall
below its stated share capital (Stammkapital) or, if the Net
Assets are already less than the stated share capital (Stammkapital) of such German
Guarantor or, where the German Guarantor is a German GmbH & Co. KG
Guarantor, its general partner, would cause such amount to be further reduced
(the “Management
Determination”).

       

              
(D)   If the Administrative Agent disagrees with the Management
Determination, the Administrative Agent shall be entitled to enforce the
guarantee up to an amount exceeding the amounts payable under paragraph (a)(i)
of this Section 9.12 which is undisputed between itself and the relevant German
Guarantor in accordance with the provisions of paragraph (a)(i) of this Section
9.12. In relation to the amount which is disputed, the Administrative Agent and
such German Guarantor shall within 35 calendar days (or such longer period as
has been agreed between the Company and the Administrative Agent for such
purpose) from the date the Administrative Agent has contested the Management
Determination request a determination by auditors of international standing and
reputation of the amount of the available Net Assets (the “Auditor’s Determination”). The
amount determined as the available Net Assets in the Auditor’s Determination
shall be (except for manifest error) binding for all parties.  The
costs of the Auditor’s Determination shall be borne by the Company.

       

              
(E)   The limitation set out in paragraph (a)(ii) of this Section
9.12 shall not apply if (x) the German Guarantor and/or, where the German
Guarantor is a German GmbH & Co. KG Guarantor, its general partner has filed
for insolvency or temporary insolvency proceedings have been commenced and/or
(y) the Management Determination is not delivered within the time limit set out
in this Section 9.12.

       

              
(F)   If:

       

      
        	
                 
      

              	
                (1)

              	
                and
      to the extent the guarantee is enforced without regard to the limitation
      set forth in paragraph (a)(ii) of this Section 9.12 because the Management
      Determination was not delivered within the relevant time frame;
      or

              

      

      
        
           

        

        
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                (2)

              	
                the
      amount of the available Net Assets pursuant to the Auditor’s Determination
      is lower than the amount stated in the Management
      Determination,

              

      

       

      the
Lenders shall repay to the relevant German Guarantor upon demand of the relevant
German Guarantor the amount exceeding any amount to be paid under paragraph
(a)(i) of this Section 9.12 if and to the extent already paid to the Lenders
which is necessary to maintain its stated share capital (Stammkapital), calculated as
of the date the demand under the guarantee was made and in accordance with
paragraphs (a)(ii) of this Section 9.12, provided such demand is in
written form addressed to the Administrative Agent on behalf of the Lenders and
is submitted within six months (Ausschlussfrist) after the
date the guarantee is enforced without regard to the limitation set forth in
paragraph (a)(ii)(A) of this Section 9.12. If pursuant to the Auditor’s
Determination the amount of the available Net Assets is higher than set out in
the Management Determination the relevant German Guarantor shall pay such amount
to the extent not already paid to the Lenders within five (5) Business Days
after receipt of the Auditor’s Determination.

       

              
(G)   If the German Guarantor intends to demonstrate that the
enforcement of the guarantee in an amount exceeding any amount to be paid under
paragraph (a)(i) of this Section 9.12 has led to one of the effects referred to
in paragraph (a)(ii) of this Section 9.12, then the German Guarantor and, where
the German Guarantor is a German GmbH & Co. KG Guarantor, also its general
partner shall realize at market value any and all of its assets that are shown
in its balance sheet with a book value (Buchwert) that is in the
opinion of the Administrative Agent significantly lower than their market value
if such assets are not necessary for the relevant German Guarantor’s or, where
the German Guarantor is a German GmbH & Co. KG Guarantor, its general
partner’s business (nicht
betriebsnotwendig), to the extent necessary to satisfy the amounts
requested under this paragraph (a)(ii).

       

              
(H)  The limitation set out in paragraph (a)(ii) of this Section 9.12
does not affect the right of the Lenders to claim again any outstanding amount
at a later point in time if and to the extent that paragraph (a)(ii) of this
Section 9.12 would allow this at that later point.

       

       (iii)  Notwithstanding
the foregoing the Administrative Agent and the Lenders waive their rights to
enforce the guarantee as set out below to the extent that and as long as such
enforcement would be in violation of the prohibition of an intervention
threatening the existence of that German Guarantor (Verstoß gegen das Verbot des
existenzvernichtenden Eingriffs).

       

      The
limitation and waiver of enforcement of the guarantee set out in sub-paragraph
(iii) of this Section 9.12 shall only apply:

       

              
(A)  if and to the extent that within 15 Business Days following the
demand against the relevant German Guarantor under the guarantee by the
Administrative Agent, the managing directors on behalf of such German Guarantor
have confirmed and proved in writing to the Administrative Agent to what extent
the guarantee cannot be enforced as it would cause a violation of the
prohibition of an intervention threatening the existence of that German
Guarantor (Verstoßgegen das
Verbot des existenzvernichtenden Eingriffs), (the “Management Determination of an
Intervention Threatening the Existence of the German Guarantor”);
and

      
        
           

        

        
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(B)   if the Administrative Agent disagrees with the Management
Determination of an Intervention Threatening the Existence of the German
Guarantor the proceedings set out in paragraph (a)(ii)(D) of this Section 9.12
shall apply mutatis mutandis.

       

      This
sub-paragraph (iii) shall apply mutatis mutandis if the guarantee is granted by
a Guarantor incorporated as a limited liability partnership (GmbH & Co. KG)
and secures debt other than debt of such Guarantor itself or any of its
Subsidiaries.

       

      (iv)  
If the law is changed to the effect that Sections 30 German GmbH-Act is not
applicable when a domination agreement (Beherrschungsvertrag) or a
profit and loss pooling (Ergebnisabführungsvertrag)
between the relevant German Guarantor and a borrower/guarantor (the Relevant Borrower/Guarantor)
exists (directly, or indirectly through a chain of domination or profit and loss
pooling agreements between the Relevant Borrower and its subsidiaries and the
German Guarantor) then the limitations provided for in this Section 11.12 shall
no longer apply to the extent that the Guarantee covers the obligations of the
Relevant Borrower/Guarantor.

       

      (b)           For
the avoidance of doubt, nothing in this Agreement shall be interpreted as a
restriction or limitation of (i) the enforcement of the guarantee to the extent
such guarantee covers obligations owed by any of the respective German
Guarantor’s direct or indirect subsidiaries or (ii) the enforcement of any claim
of any Secured Party against Borrower (in such capacity) under this
Agreement.

       

      Section
9.13.          Guarantee Limitations in
Respect of Millennium Chemicals Inc.

       

      Any
amount that may be guaranteed by Millennium Chemicals Inc or any of its
subsidiaries, shall not exceed the amount permitted to be Incurred (as defined
in the Millennium Indenture) as Funded Debt (as defined in the Millennium
Indenture) as more fully set forth in Section 1009 of the Millennium Indenture;
provided, however, that upon the
refinancing in full of the Millennium Notes, this Section 9.13 shall cease to
operate and have any force and effect as of the date of such
refinancing.

       

      Section
9.14.          Non-U.S. Guarantee
Limitations.

       

      This
guarantee under this Agreement by any Loan Parties outside the United States
does not apply to any liability to the extent that it would result in this
guarantee constituting unlawful financial assistance within the meaning of
Section 151 of the Companies Act 1985 or any equivalent and applicable
provisions under the laws of the jurisdiction of incorporation of the relevant
Loan Party and, with respect to any Loan Parties which accede to this Agreement
by way of joinder after the Closing Date, is subject to any limitations set out
in the joinder agreement in respect of this Agreement applicable to such Loan
Parties.

       

      Section
9.15.          Limitation on Guarantee by
Additional Guarantors.

       

      (a)           The
guarantee of any Person which becomes a Loan Party pursuant to an appropriate
joinder agreement in respect of this Agreement that is not a Loan Party
domiciled in either the Grand Duchy of Luxembourg or Germany is subject to any
limitations relating to that additional Loan Party set out in any such joinder
agreement, including (to the extent applicable) certain restrictions under the
2027 Notes and the Millennium Indenture.

      
        
           

        

        
          -114-

          
            

          

        

        
           

        

      

       

      (b)           The
guarantee of any Person which becomes a Loan Party pursuant to an appropriate
joinder agreement in respect of this Agreement that is a Loan Party domiciled in
The Netherlands shall be subject to the limitations set out in paragraph (a) of
Section 9.11 and (to the extent applicable) certain restrictions under the 2027
Notes, in each case, as set out in such joinder agreement in form and substance
satisfactory to the Administrative Agent (acting reasonably).

       

      ARTICLE
10

       

      THE
AGENTS

       

      Section
10.01.        Appointment.

       

      (a)          
 In order to expedite the transactions contemplated by this Agreement, each
of the Finance Parties (other than the Administrative Agent) hereby appoints
Merrill Lynch Capital Corporation to act as Administrative Agent and each of the
Finance Parties (other than the Collateral Agent) hereby appoints Citibank, N.A.
to act as Collateral Agent.  Each of the Lenders and each assignee of
any such Lender hereby irrevocably authorizes each Agent to take such actions on
behalf of such Lender or assignee and to exercise such powers as are
specifically delegated to such Agent by the terms and provisions hereof and of
the other Loan Documents, together with such actions and powers as are
reasonably incidental thereto.  The Administrative Agent is hereby
expressly authorized by the Lenders, without hereby limiting any implied
authority, (i) to receive on behalf of the Lenders all payments of principal of
and interest on the Loans, and all other amounts due to the Lenders hereunder,
and promptly to distribute to each Lender its proper share of each payment so
received; (ii) to give notice on behalf of each of the Lenders of any Event of
Default specified in this Agreement of which the Administrative Agent has actual
knowledge acquired in connection with the performance of its duties as
Administrative Agent hereunder; and (iii) to distribute to each Lender copies of
all notices, financial statements and other materials delivered by the Company
or Borrower pursuant to this Agreement as received by the Administrative
Agent.  Without limiting the generality of the foregoing, each of the
Agents is hereby expressly authorized to execute any and all other documents
(including the Security Documents (and releases thereof) and the Intercreditor
Agreement) with respect to the Collateral and in the name of and on behalf of
the Lenders and the other Secured Parties as their attorney-in-fact (and each
Lender appoints Citibank, N.A. as Agent as its and their attorney-in-fact for
such purpose and such Agent is hereby released from the restrictions imposed by
Section 181 of the German Civil Code (BGB)), as contemplated by and in
accordance with the provisions of this Agreement and the Security
Documents.

       

      Each
Lender hereby irrevocably appoints, designates, authorizes and releases from the
restrictions on self-dealing (§181 of the German Civil Code) the Collateral
Agent (in such capacity, the “Equistar Restricted Collateral Agent”)
to execute on its behalf, on behalf of the other Secured Parties, and on behalf
of the holders of the Equistar Notes and the trustee under the Equistar Notes,
security agreements, pledge agreements, mortgages and/or other collateral
documents (the “Equistar
Restricted Collateral Documents”) and to take such action on its and
their behalf under the provisions of this Agreement and the Equistar Restricted
Collateral Documents and to exercise such powers and perform such duties as are
expressly delegated to it by the terms of this Agreement or the Equistar
Restricted Collateral Documents, together with such powers as are reasonably
incidental thereto, and the Equistar Restricted Collateral Agent accepts such
assignment.  In addition, each Lender hereby irrevocably appoints,
designates, authorizes and releases from the restrictions on self-dealing (§181
of the German Civil Code) the Collateral Agent (in such capacity, the “Arco Restricted Collateral
Agent”) to execute on its behalf, on behalf of the other Secured Parties,
and on behalf of the holders of the Arco Notes and the trustee under the Arco
Notes, security agreements, pledge agreements, mortgages and/or other collateral
documents (the “Arco Restricted
Collateral Documents”) and to take such action on its and their behalf
under the provisions of this Agreement and the Arco Restricted Collateral
Documents and to exercise such powers and perform such duties as are expressly
delegated to it by the terms of this Agreement or the Arco Restricted Collateral
Documents, together with such powers as are reasonably incidental thereto, and
the Arco Restricted Collateral Agent accepts such assignment.

      
        
           

        

        
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      In the
event that any party other than the Lenders and the Agents shall participate in
all or any portion of the Collateral pursuant to any Security Document, all
rights and remedies in respect of such Collateral shall be controlled by the
Administrative Agent and the Collateral Agent as set forth in such Security
Document.

       

      (b)           Without
limiting the provisions of this Article 10;

       

      (i)                 each
other Loan Party authorises and releases from the restrictions imposed by
Section 181 of the German Civil Code each of the Administrative Agent or, as the
case may be, the Collateral Agent and each of the Joint Lead Arrangers to agree,
accept and sign on its behalf the terms of any reliance, release or engagement
letter in relation to any Report or any other report or letter provided by any
person in connection with the Transaction Documents or the transactions
contemplated in them (including any net asset letter in connection with
financial assistance procedures) and any replacement thereof); and

       

      (ii)                 each
Loan Party agrees to be bound by the terms of any reliance, release or
engagement letter (in each case, in a form agreed by the Joint Lead Arrangers)
in relation to any Report or any other report or letter provided by any person
in connection with the Transaction Documents or the transactions contemplated in
them (including any net asset letter in connection with financial assistance
procedures and any replacement thereof).

       

      (c)           Neither
the Agents nor any of their respective directors, officers, employees or agents
shall be liable as such for any action taken or omitted by any of them except
for its or his own gross negligence or willful misconduct, or be responsible for
any statement, warranty or representation herein or the contents of any document
delivered in connection herewith, or be required to ascertain or to make any
inquiry concerning the performance or observance by Borrower or any other Loan
Party of any of the terms, conditions, covenants or agreements contained in any
Loan Document.  The Agents shall not be responsible to the Lenders for
the due execution, genuineness, validity, enforceability or effectiveness of
this Agreement or any other Loan Documents or other instruments or
agreements.  The Agents shall in all cases be fully protected in
acting, or refraining from acting, in accordance with written instructions
signed by the Required Lenders and, except as otherwise specifically provided
herein, such instructions and any action or inaction pursuant thereto shall be
binding on all the Lenders.  Notwithstanding the foregoing, in the
case of any enforcement against any Collateral or exercise of any remedies with
respect thereto pursuant to any Security Document, the Agents shall in all cases
be fully protected in acting, or refraining from acting, in accordance with
written instructions signed by the requisite secured parties specified therein
(whether or not the Required Lenders shall have consented to such action or
inaction) and such instructions and any action or inaction pursuant thereto
shall be binding on all the Lenders.  Each Agent shall, in the absence
of knowledge to the contrary, be entitled to rely on any instrument or document
believed by it in good faith to be genuine and correct and to have been signed
or sent by the proper Person or Persons.  Neither the Agents nor any
of their respective directors, officers, employees or agents shall have any
responsibility to Borrower or any other Loan Party or any other party hereto on
account of the failure, delay in performance or breach by, or as a result of
information provided by, any Lender of any of its obligations hereunder or to
any Lender on account of the failure of or delay in performance or breach by any
other Lender or Borrower or any other Loan Party of any of their respective
obligations hereunder or under any other Loan Document or in connection herewith
or therewith.  Each Agent may execute any and all duties hereunder by
or through agents or employees and shall be entitled to rely upon the advice of
legal counsel selected by it with respect to all matters arising hereunder and
shall not be liable for any action taken or suffered in good faith by it in
accordance with the advice of such counsel.

      
        
           

        

        
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      Section
10.02.        Nature of
Duties. 
The Lenders hereby acknowledge that the Administrative Agent shall not be under
any duty to take any discretionary action permitted to be taken by it pursuant
to the provisions of this Agreement unless it shall be requested in writing to
do so by the Required Lenders.  The Lenders further acknowledge and
agree that so long as the Administrative Agent shall make any determination to
be made by it hereunder or under any other Loan Document in good faith, the
Administrative Agent shall have no liability in respect of such determination to
any Person.  Notwithstanding any provision to the contrary elsewhere
in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Lender, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into the Loan
Documents or otherwise exist against the Administrative Agent.  Each
Lender recognizes and agrees that, except for any functions or rights expressly
specified herein, the Joint Lead Arrangers shall have no duties or
responsibilities under this Agreement or any other Loan Document, or any
fiduciary relationship with any Lender, and shall have no functions,
responsibilities, duties, obligations or liabilities for acting as the Joint
Lead Arrangers hereunder.

       

      Section
10.03.        Resignation by the
Agents. 
Subject to the appointment and acceptance of a successor Administrative Agent as
provided below, the Administrative Agent may resign at any time by notifying the
Lenders and the Company.  Upon any such resignation, the Required
Lenders shall have the right to appoint a successor with the consent of the
Company (not to be unreasonably withheld or delayed).  If no successor
shall have been so appointed by the Required Lenders and approved by the Company
and shall have accepted such appointment within 45 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may, on behalf of the Lenders with the consent of the
Company (not to be unreasonably withheld or delayed), appoint a successor
Administrative Agent which shall be a bank with an office in New York, New York
and an office in London, England (or a bank having an Affiliate with such an
office) having a combined capital and surplus having a Dollar Equivalent that is
not less than $500.0 million or an Affiliate of any such bank.  Upon
the acceptance of any appointment as Administrative Agent hereunder by a
successor bank, such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Administrative Agent and
the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder.  After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 11.05 shall continue in
effect for its benefit in respect of any actions taken or omitted to be taken by
it while it was acting as Agent.

       

      Section
10.04.        The Administrative Agent in
Its Individual Capacity. 
With respect to the Loans made by it hereunder, the Administrative Agent in its
individual capacity and not as Administrative Agent shall have the same rights
and powers as any other Lender and may exercise the same as though it were not
the Administrative Agent, and the Administrative Agent and its Affiliates may
accept deposits from, lend money to and generally engage in any kind of business
with Borrower, the Company or any of their respective subsidiaries or other
Affiliates thereof as if it were not the Administrative Agent.

      
        
           

        

        
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      Section
10.05.        Indemnification. 
Each Lender agrees (a) to reimburse the Agents, on demand, in the amount of its
pro rata share (based on its Commitments hereunder (or if such Commitments shall
have expired or been terminated, in accordance with the respective principal
amounts of its applicable outstanding Loans)) of any reasonable expenses
incurred for the benefit of the Lenders by the Administrative Agent, including
reasonable counsel fees and compensation of agents and employees paid for
services rendered on behalf of the Lenders, which shall not have been reimbursed
by Borrower and (b) to indemnify and hold harmless the Administrative Agent and
any of its directors, officers, employees or agents, on demand, in the amount of
such pro rata share, from and against any and all liabilities, Taxes,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever which may be imposed
on, incurred by or asserted against it in its capacity as Administrative Agent
or any of them in any way relating to or arising out of this Agreement or any
other Loan Document or any action taken or omitted by it or any of them under
this Agreement or any other Loan Document, to the extent the same shall not have
been reimbursed by Borrower, provided that no Lender shall
be liable to the Administrative Agent for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the gross negligence or willful
misconduct of the Administrative Agent or any of its directors, officers,
employees or agents.

       

      Section
10.06.         Lack of Reliance on
Agents. 
Each Lender acknowledges that it has, independently and without reliance upon
the Administrative Agent and any Lender and based on such documents and
information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement.  Each Lender also acknowledges
that it will, independently and without reliance upon the Administrative Agent,
any other Lender and based on such documents and information as it shall from
time to time deem appropriate, continue to make its own decisions in taking or
not taking action under or based upon this Agreement or any other Loan Document,
any related agreement or any document furnished hereunder or
thereunder.

       

      Section
10.07.        Collateral Agent under
Italian Law.  The
appointment of the Collateral Agent referred to under Section 10.01(a) above
shall be regarded and construed, for the purposes of Italian law, as a mandato con rappresentanza,
and accordingly the Collateral Agent shall act as the mandatario con rappresentanza
of the Secured Parties and shall be fully entitled to, without
limitation:

       

      (a)           exercise
in its name (in nome proprio) and in the name and on behalf (in nome e per
conto) of the Secured Parties all rights, powers and discretion, execute all
documents and take all actions which are expressed to be exercised, executed or
taken by the Secured Parties under or in connection with any of the Security
Documents governed by Italian law;

       

      (b)           execute
and perfect, in its name (in nome proprio) and in the name and on behalf (in
nome e per conto) of the Secured Parties, any amendment agreement, deed of
acknowledgement, supplemental deed, confirmation deed or any other document to
be executed in connection with or under any Collateral Document governed by
Italian law;

       

      (c)           apply
the proceeds of any enforcement and sale under the relevant Collateral Document
governed by Italian law in accordance with the terms of the Intercreditor
Agreement and the provisions of Italian law; and

       

      (d)           take,
in its name (in nome proprio) and in the name and on behalf (in nome e per
conto) of the Secured Parties, any enforcement action in connection with any
Collateral and in accordance with the enforcement procedures provided by Italian
law and the provisions of the Security Documents governed by Italian law, provided that the Collateral
Agent may delegate or authorize any Secured Party to take enforcement actions in
compliance with the provisions of the other Loan Documents and the provisions of
Italian law.

      
        
           

        

        
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      Section
10.08.        Release from Restrictions of
Self Dealing.  With
regard to any appointment, power or authority, granted herein, each Secured
Party releases the Collateral Agent from the restrictions of self-dealing as
contained in Section 181 German Civil Code or any similar law in any other
jurisdiction.

      

      Section
10.09.        Perpetuity
Period.  The
perpetuity period for trusts in this Agreement is 80 years.

      

      ARTICLE
11

       

      MISCELLANEOUS

       

      Section
11.01.        Notices.

       

      (a)           Notices
and other communications provided for herein shall be in writing and shall be
delivered by hand or overnight courier service, mailed by certified or
registered mail or sent by telecopy, as follows:

       

      (i)       if
to:

       

             
(A)      Borrower, to it at LyondellBasell Finance
Company, c/o Lyondell Chemical Company, 1221 McKinney, Suite 700, Houston, Texas
77010, attention: Gareth Bahlmann (fax: +1 713 652 4598, email:
gareth.bahlmann@lyondell.com),

       

             
(B)      the Company, to it at Basell AF S.C.A.,
c/o Basell Finance Company B.V., Hoeksteen 66, 2132 MS Hoofddorp, The
Netherlands, attention: General Counsel (fax: +31 20 446 8609), and

       

             
(C)      to any other Loan Party, to the address
set forth in such Loan Party’s Accession Letter,

       

      with, in
any case,  a copy to Skadden, Arps, Slate, Meagher & Flom (UK)
LLP, 40 Bank Street, Canary Wharf, London  E14 5DS, attention Scott
Simpson (fax: +44 20 7519 7070), email: ssimpson@skadden.com).

       

      (ii)       if
to the Administrative Agent, to Merrill Lynch Capital Corporation, 250 Vesey
Street, 22nd Floor, New York, New York  10080, attention: Don Burkitt
(fax: +212 449 7750), (e-mail: don_burkitt@ml.com).

       

      (iii)      if
to the Collateral Agent, to Citibank, N.A., 388 Greenwich Street, New York, New
York 10013, attention: David Jaffe (fax: +1 212 816 2613), (e-mail:
david.jaffe@citi.com).

       

      (b)           Notices
and other communications to the Lenders hereunder may be delivered or furnished
by electronic communications pursuant to procedures approved by the
Administrative Agent; provided that the foregoing
shall not apply to notices pursuant to Article 2 unless otherwise agreed by the
Administrative Agent and the applicable Lender.  Each of the
Administrative Agent, the Collateral Agent and Borrower may, in its discretion,
agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided, further, that approval of
such procedures may be limited to particular notices or
communications.

      
        
           

        

        
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      (c)           All
notices and other communications given to any party hereto in accordance with
the provisions of this Agreement shall be deemed to have been given o n the date
of receipt if delivered by hand or overnight courier service, sent by telecopy
or (to the extent permitted by clause (b) of 11.01(c)) electronic means or on
the date five Business Days after dispatch by certified or registered mail if
mailed, in each case delivered, sent or mailed (properly addressed) to such
party as provided in this Section 11.01 or in accordance with the latest
unrevoked direction from such party given in accordance with this Section
11.01.

       

      (d)           Any
party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto.

       

      Section
11.02.        Survival of
Agreement. 
All covenants, agreements, representations and warranties made by the Loan
Parties herein, in the other Loan Documents and in the certificates or other
instruments prepared or delivered in connection with or pursuant to this
Agreement or any other Loan Document shall be considered to have been relied
upon by the Lenders and shall survive the making by the Lenders of the Loans and
the execution and delivery of the Loan Documents, regardless of any
investigation made by such Persons or on their behalf, and shall continue in
full force and effect as long as the principal of or any accrued interest on any
Loan or any Fee or any other amount payable under this Agreement or any other
Loan Document is outstanding and unpaid and so long as the Commitments have not
been terminated.  Without prejudice to the survival of any other
agreements contained herein, indemnification and reimbursement obligations
contained herein (including pursuant to Sections 2.11, 2.12, 2.13 and 11.05)
shall survive the payment in full of the principal and interest hereunder and
the termination of the Commitments or this Agreement.

       

      Section
11.03.         Binding
Effect. 
This Agreement shall become effective when it shall have been executed by
Borrower, the Company, each other Loan Party and the Administrative Agent and
when the Administrative Agent shall have received copies hereof which, when
taken together, bear the signatures of each of the other parties hereto, and
thereafter shall be binding upon and inure to the benefit of Borrower, the
Company, each other Loan Party, the Administrative Agent and each Lender and
their respective permitted successors and assigns.

       

      Section
11.04.         Successors and
Assigns.

       

      (a)           The
provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby,
except that (i) no Loan Party may assign or otherwise transfer any of its rights
or obligations hereunder without the prior written consent of each Lender (and
any attempted assignment or transfer by a Loan Party without such consent shall
be null and void) and (ii) subject to clause 11.04(b), no Lender may assign or
otherwise transfer its rights or obligations hereunder except in accordance with
this Section.  Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants (to the extent
provided in clause (c) of Section 11.04) and, to the extent expressly
contemplated hereby, the Related Parties of each of the Agents and the Lenders)
any legal or equitable right, remedy or claim under or by reason of this
Agreement.

      
        
           

        

        
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      (b)           Subject
to the conditions set forth in clause (b)(ii) of Section 11.04, any Lender may
assign to one or more assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitment and the Loans
at the time owing to it) at any time; provided that, for the twelve
month period commencing on the Closing Date, the consent of Borrower (which
consent shall not be unreasonably withheld) shall be required with respect to
any assignment that would result in the Joint Lead Arrangers, in the aggregate,
holding less than 50.1% of the aggregate principal amount of the outstanding
Loans.

       

      (i)     Assignments
shall be subject to the following additional conditions:

       

      (A)   except
in the case of an assignment to a Lender, an Affiliate of a Lender or an
Approved Fund or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans, the amount of the commitment or principal amount
of the Loans of the assigning Lender subject to each such assignment (determined
as of the date the Assignment and Acceptance with respect to such assignment is
delivered to the Administrative Agent) shall (1) in the case of Euro Loans that
are Initial Loans, be an integral multiple of €5.0 million and, in the case of
Euro Loans that are Extended Loans, not less than €1.0 million (or such lesser
amount constituting all of such Lender’s Euro Loans), and (2) in the case of
Dollar Loans that are Initial Loans, be an integral multiple of $5.0 million
and, in the case of Extended Loans that are Dollar Loans, not less than $1.0
million (or such lesser amount constituting all of such Lender’s Dollar Loans),
in each case unless each of the Company and the Administrative Agent otherwise
consent; provided that
no such consent of the Company shall be required if an Event of Default has
occurred and is continuing or prior to the completion of the primary syndication
of the Loans (as determined by the Joint Lead Arrangers);

       

      (B)    each
partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement, except that,
subject to the other terms and conditions of this Section 11.04, any Lenders
shall have the right to assign different amounts of Dollar Loans and Euro Loans;
and

       

      (C)    the
parties to each assignment shall execute and deliver to the Administrative Agent
an Assignment and Acceptance, together with a processing and recordation fee of
$3,500.

       

      (ii)    
Subject to acceptance and recording thereof pursuant to Section 11.04(b)(iv),
from and after the effective date specified in each Assignment and Acceptance
the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Acceptance, have the rights and
obligations of a Lender under this Agreement, and the assigning Lender hereunder
shall, to the extent of the interest assigned by such Assignment and Acceptance,
be released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto
but shall continue to be entitled to the benefits of Sections 2.11, 2.12, 2.13
and 11.05).  Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 11.04
shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with Section
11.04(c).

      
        
           

        

        
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      (iii)   The
Administrative Agent, acting for this purpose as a nonfiduciary agent of
Borrower, shall maintain at one of its offices a copy of each Assignment and
Acceptance delivered to it and a register for the recordation of the names and
addresses of the Lenders, and the Commitment of, and principal amount and
currency of the Loans owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”).  The
entries in the Register shall be conclusive, and Borrower, the Agents and the
Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary.  The Register shall be
available for inspection by Borrower and any Lender, at any reasonable time and
from time to time upon reasonable prior notice.

       

      (iv)   Upon
its receipt of a duly completed Assignment and Acceptance executed by an
assigning Lender and an assignee, the processing and recordation fee referred to
in Section 11.04(b) and any written consent to such assignment required by
Section 11.04(b), the Administrative Agent acting for itself and, in any
situation where the consent of the Company is not required, Borrower shall
accept such Assignment and Acceptance and record the information contained
therein in the Register.  No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as
provided in this paragraph.

       

      (c)           Any
Lender may, without the consent of the Company or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans owing to it); provided that (A) such
Lender’s obligations under this Agreement shall remain unchanged, (B) such
Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) Borrower, the Agents and the Lenders
shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement.  Any
agreement or instrument (oral or written) pursuant to which a Lender sells such
a participation shall provide that such Lender shall retain the sole right to
enforce this Agreement and the other Loan Documents and to approve any
amendment, modification or waiver of any provision of this Agreement and the
other Loan Documents; provided that (1) such
agreement or instrument may provide that such Lender will not, without the
consent of the Participant, agree to any amendment, modification or waiver
described in the first proviso to Section 11.08(b) that affects such Participant
and (2) no other agreement (oral or written) with respect to such participation
which is inconsistent with the foregoing provisions of this sentence may exist
between such Lender and such Participant.  Subject to Section
11.04(c)(i), Borrower agrees that each Participant shall be entitled to the
benefits of Sections 2.11, 2.12 and 2.13, to the same extent as if it were a
Lender and had acquired its interest by assignment pursuant to Section
11.04(b).  To the extent permitted by law, each Participant also shall
be entitled to the benefits of Section 11.06 as though it were a Lender, provided such Participant
agrees to be subject to Section 2.14(c) as though it were a Lender.

       

      (i)     A
Participant shall not be entitled to receive any greater payment under Section
2.11, 2.12 or 2.13 than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Company’s prior
written consent (which shall not be unreasonably withheld or
delayed).  A Participant that would be a Foreign Lender if it were a
Lender shall not be entitled to the benefits of Section 2.13 to the extent such
Participant fails to comply with Section 2.13(e) as though it were a
Lender.

      
        
           

        

        
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      (d)           Any
Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender,
including any pledge or assignment to secure obligations to a Federal Reserve
Bank, and this Section shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge
or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.

       

      (e)           In
case of a transfer by way of novation:

       

      (i)     in
accordance with Articles 1278 to 1281 of the French Civil Code, the transferring
Lender maintains all its rights and privileges arising under any Security
Document governed by French law and any guarantee under this Agreement for the
benefit of the transferee; and

       

      (ii)    each
party to this Agreement (other than the transferring Lender and the transferee)
irrevocably authorizes the Administrative Agent to execute any document
evidencing such transfer on its behalf.

       

      Section
11.05.        Expenses;
Indemnity.

       

      (a)           Borrower
agrees (i) if the Closing Date occurs, to pay or reimburse the Administrative
Agent, the Collateral Agent and the Joint Lead Arrangers for all reasonable
invoiced out-of-pocket costs and expenses and any taxes (other than Taxes
indemnification for which is governed by Section 2.13 hereof) incurred in
connection with the preparation, negotiation, syndication and execution of this
Agreement and the other Loan Documents, and any amendment, waiver, consent or
other modification of the provisions hereof and thereof (whether or not the
transactions contemplated thereby are consummated), and the consummation and
administration of the transactions contemplated hereby and thereby, including
all Attorney Costs, and (ii) to pay or reimburse the Administrative Agent, the
Collateral Agent, the Joint Lead Arrangers and each Lender for all invoiced
out-of-pocket costs and expenses incurred in connection with the enforcement
(whether through negotiations, legal proceedings or otherwise) of any rights or
remedies under this Agreement or the other Loan Documents (including all such
costs and expenses incurred during any legal proceeding, including any
proceeding under any Debtor Relief Law, and including all respective Attorney
Costs of counsel to the Administrative Agent and the Collateral
Agent).  The foregoing costs and expenses shall include all reasonable
search, filing, recording and title insurance charges and fees related thereto,
and other (reasonable, in the case of Section 11.05(a)(i)) out-of-pocket
expenses incurred by any Agent.  The agreements in this Section
11.05(a) shall survive the termination of this Agreement and repayment of all
other Obligations.  All amounts due under this Section 11.05(a) shall
be paid promptly after receipt by Borrower of an invoice relating thereto
setting forth such expenses in reasonable detail.  If any Loan Party
fails to pay when due any costs, expenses, taxes or other amounts payable by it
hereunder or under any Loan Document, such amount may be paid on behalf of such
Loan Party by the Administrative Agent in its sole discretion.

      
        
           

        

        
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      (b)           Whether
or not the transactions contemplated hereby are consummated, Borrower shall
indemnify and hold harmless each Joint Lead Arranger, Agent-Related Person, each
Lender and their respective Affiliates, and directors, officers, partners,
employees, counsel, agents, trustees, investment advisors and attorneys-in-fact
of each of the foregoing (collectively, the “Indemnitees”) from and against
any and all liabilities, obligations, losses, damages, penalties, claims,
demands, actions, judgments, suits, costs, expenses and disbursements (including
Attorney Costs but not including Taxes indemnification for which is governed by
Section 2.13 hereof) of any kind or nature whatsoever which may at any time be
imposed on, incurred by or asserted against any such Indemnitee in any way
relating to or arising out of or in connection with (i) the execution, delivery,
enforcement, performance or administration of any Loan Document or any other
agreement, letter or instrument delivered in connection with the transactions
contemplated thereby or the consummation of the transactions contemplated
thereby, (ii) any Loan or the use or proposed use of the proceeds therefrom, or
(iii) any actual or alleged presence or Release of Hazardous Materials on, at,
under or from any property or facility currently or formerly owned, leased or
operated by the Loan Parties or any Subsidiary, or any Environmental Liability
related in any way to the Loan Parties or any Subsidiary, or (iv) any actual or
prospective claim, litigation, investigation or proceeding relating to any of
the foregoing, whether based on contract, tort or any other theory (including
any investigation of, preparation for, or defense of any pending or threatened
claim, investigation, litigation or proceeding) and regardless of whether any
Indemnitee is a party thereto (all the foregoing, collectively, the “Indemnified Liabilities”), in
all cases, whether or not caused by or arising, in whole or in part, out of the
negligence of the Indemnitee; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such
liabilities, obligations, losses, damages, penalties, claims, demands, actions,
judgments, suits, costs, expenses or disbursements resulted from the gross
negligence, bad faith or willful misconduct of such Indemnitee or of any
affiliate, director, officer, partner, employee, agent or attorney-in-fact of
such Indemnitee, as determined by the final judgment of a court of competent
jurisdiction.  No Indemnitee shall be liable for any damages arising
from the use by others of any information or other materials obtained through
IntraLinks or other similar information transmission systems in connection with
this Agreement, nor shall any Indemnitee or Borrower or any Subsidiary have any
liability for any special, punitive, indirect or consequential damages relating
to this Agreement or any other Loan Document or arising out of its activities in
connection herewith or therewith (whether before or after the Closing
Date).  In the case of an investigation, litigation or other
proceeding to which the indemnity in this Section 11.05(b) applies, such
indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by any Loan Party, any Subsidiary of any Loan Party, any
Loan Party’s directors, stockholders or creditors or an Indemnitee or any other
Person, whether or not any Indemnitee is otherwise a party thereto and whether
or not any of the transactions contemplated hereunder or under any of the other
Loan Documents are consummated.  All amounts due under this Section
11.05(b) shall be paid within ten (10) Business Days after demand therefor;
provided, however, that such Indemnitee
shall promptly refund such amount to the extent that there is a final judicial
or arbitral determination that such Indemnitee was not entitled to
indemnification rights with respect to such payment pursuant to the express
terms of this Section 11.05(b).  The agreements in this Section
11.05(b) shall survive the resignation of the Administrative Agent or the
Collateral Agent, the replacement of any Lender, the termination of this
Agreement and the repayment, satisfaction or discharge of all the other
Obligations.  This Section 11.05(b) shall not apply with respect to
any Taxes (including, without limitation, Indemnified Taxes or any Other Taxes
indemnifiable under Section 2.13) other than Taxes that represent liabilities,
obligations, losses, damages, etc. arising from any non-Tax claim.

       

      Section
11.06.        Right of
Set-off.  In
addition to any rights and remedies of the Lenders provided by Law, upon the
occurrence and during the continuance of any Event of Default, each Lender and
its Affiliates (the Administrative Agent and the Collateral Agent, in respect of
any unpaid fees, costs and expenses payable hereunder) is authorized at any time
and from time to time, without prior notice to the Company and Borrower, any
such notice being waived by the Company and Borrower (on its own behalf and on
behalf of each Loan Party and each of its subsidiaries) to the fullest extent
permitted by applicable Law, to setoff and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held by, and other
Indebtedness at any time owing by, such Lender and its Affiliates, the
Administrative Agent or the Collateral Agent to or for the credit or the account
of the respective Loan Parties and their subsidiaries against any and all
Obligations owing to such Lender and its Affiliates or the Collateral Agent
hereunder or under any other Loan Document, now or hereafter existing,
irrespective of whether or not such Agent or such Lender or Affiliate shall have
made demand under this Agreement or any other Loan Document and although such
Obligations may be contingent or unmatured or denominated in a currency
different from that of the applicable deposit or Indebtedness.  Each
Lender agrees promptly to notify Borrower and the Administrative Agent after any
such setoff and application made by such Lender; provided that the failure to
give such notice shall not affect the validity of such setoff and
application.  The rights of the Administrative Agent, the Collateral
Agent and each Lender under this Section 10.06 are in addition to other rights
and remedies (including other rights of setoff) that the Administrative Agent,
the Collateral Agent and such Lender may have.

      
        
           

        

        
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      Section
11.07.        Applicable
Law. 
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH
IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK.

       

      Section
11.08.        Waivers;
Amendments.

       

      (a)           No
failure or delay of the Administrative Agent or any Lender in exercising any
right or power hereunder or under any Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other
right or power.  The rights and remedies of the Administrative Agent
and the Lenders hereunder and under the other Loan Documents are cumulative and
are not exclusive of any rights or remedies that they would otherwise
have.  No waiver of any provision of this Agreement or any other Loan
Document or consent to any departure by Borrower, the Company or any other Loan
Party therefrom shall in any event be effective unless the same shall be
permitted by this Section, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given.  No
notice or demand on Borrower, the Company or any other Loan Party in any case
shall entitle such Person to any other or further notice or demand in similar or
other circumstances.

       

      (b)           Neither
this Agreement nor any other Loan Document nor any provision hereof or thereof
may be waived, amended or modified except (i) as set forth in Section 11.08(c)
or 11.08(d)(ii) or (ii)(A) in the case of this Agreement, pursuant to an
agreement or agreements in writing entered into by Borrower and the Required
Lenders, (B) in the case of any other Loan Document (other than any Security
Document), pursuant to an agreement or agreements in writing entered into by
each party thereto and consented to by the Required Lenders, and (C) in the case
of any Security Document, pursuant to an agreement or agreements in writing
entered into by the relevant Collateral Agent and consented to by the Required
Lenders; provided,
however, that no such
agreement shall:

       

      (1)           decrease
or forgive the principal amount of, or extend the final maturity of, or decrease
the rate of interest on, or change the currency of payment of, any Loan, without
the prior written consent of each Lender directly affected thereby,

       

      (2)           increase
or extend the Commitment of any Lender or decrease the fees of any Lender
without the prior written consent of such Lender (it being understood that
waivers or modifications of conditions precedent, covenants or Defaults or
Events of Default or mandatory prepayments (other than with respect to a
Permanent Securities Prepayment Event) shall not constitute an increase of the
Commitments of any Lender),

       

      (3)           extend
any date on which payment of interest on any Loan is due, without the prior
written consent of each Lender adversely affected thereby,

       

      (4)           amend
or modify the provisions of Section 2.14(c) in a manner that would by its terms
alter the pro rata sharing of payments required thereby, without the prior
written consent of each Lender adversely affected thereby,

      
        
           

        

        
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      (5)           amend
or modify the provisions of this Section or the definition of the terms
“Required Lenders” or any other provision hereof specifying the number or
percentage of Lenders required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the prior written
consent of each Lender adversely affected thereby,

       

      (6)           amend,
modify or waive any provision in the Exchange Notes that requires (or would, if
any Exchange Notes were outstanding, require) the approval of all Holders of
Exchange Notes, in each case without the consent of each Lender directly
affected thereby,

       

      (7)           restrict
the right of any Lender to exchange Initial Loans for Extended Loans on the
Initial Maturity Date, or Extended Loans for Exchange Notes, amend the rate of
such exchange or amend the terms of the Exchange Notes in any manner that
requires (or would, if the Exchange Notes were outstanding, require) the
approval of all Holders of Exchange Notes, in each case without the consent of
each Lender directly affected thereby,

       

      (8)           release
all or substantially all the Collateral or release any Loan Party from its
obligations under the Security Documents (except pursuant to the terms thereof
and of this Agreement), without the prior written consent of each Lender;
or

       

      (9)           other
than as permitted by this Agreement, release any Guarantor from its obligations
under this Agreement, or limit its liability in respect of thereof, without the
prior written consent of each Lender,

       

      provided, further, that no such
agreement shall amend, modify or otherwise affect the rights or duties of the
Administrative Agent hereunder without the prior written consent of the
Administrative Agent.

       

      (c)           Without
the consent of either Joint Lead Arranger or any Lender, the Loan Parties and
the Administrative Agent and/or Collateral Agent may (in their respective sole
discretion, or shall, to the extent required by any Loan Document) enter into
any amendment, modification or waiver of any Loan Document, or enter into any
new agreement or instrument, to effect the granting, perfection, protection,
expansion or enhancement of any security interest in any Collateral or
additional property to become Collateral for the benefit of the Secured Parties,
or as required by local law to give effect to, or protect any security interest
for the benefit of the Secured Parties, in any property or so that the security
interests therein comply with applicable law.

       

      (d)           Notwithstanding
the foregoing, this Agreement may be amended by the Administrative Agent and
Borrower to correct any typographical or similar error or cure ambiguities or
other defects.

       

      (e)           Each
Lender shall be bound by any waiver, amendment or modification authorized by
this Section 11.08 and any consent by any Lender pursuant to this Section 11.08
shall bind any assignee of such Lender.

       

      Section
11.09.         Interest Rate
Limitation. 
Notwithstanding anything herein to the contrary, if at any time the applicable
interest rate, together with all fees and charges that are treated as interest
under applicable law (collectively, the “Charges”), as provided for
herein or in any other document executed in connection herewith, or otherwise
contracted for, charged, received, taken or reserved by any Lender, shall exceed
the maximum lawful rate (the “Maximum Rate”) that may be
contracted for, charged, taken, received or reserved by such Lender in
accordance with applicable law, the rate of interest payable hereunder, together
with all Charges payable to such Lender, shall be limited to the Maximum Rate,
provided that such
excess amount shall be paid to such Lender on subsequent payment dates to the
extent not exceeding the legal limitation.

      
        
           

        

        
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      Section
11.10.         Entire
Agreement. 
This Agreement, the other Loan Documents and the agreements regarding certain
Fees referred to herein constitute the entire contract between the parties
relative to the subject matter hereof.  Any previous agreement among
or representations from the parties or their Affiliates with respect to the
subject matter hereof is superseded by this Agreement and the other Loan
Documents.  Notwithstanding the foregoing, the Fee Letter shall
survive the execution and delivery of this Agreement and remain in full force
and effect.  Nothing in this Agreement or in the other Loan Documents,
expressed or implied, is intended to confer upon any party other than the
parties hereto and thereto any rights, remedies, obligations or liabilities
under or by reason of this Agreement or the other Loan Documents.

       

      Section
11.11.        WAIVER OF JURY
TRIAL. 
EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS.  EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.11.

       

      Section
11.12.        Severability.  In
the event any one or more of the provisions contained in this Agreement or in
any other Loan Document should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
contained herein and therein shall not in any way be affected or impaired
thereby.  The parties shall endeavor in good-faith negotiations to
replace the invalid, illegal or unenforceable provisions with valid provisions
the economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

       

      Section
11.13.        Counterparts.This
Agreement may be executed in two or more counterparts, each of which shall
constitute an original but all of which, when taken together, shall constitute
but one contract, and shall become effective as provided in Section
11.03.  Delivery of an executed counterpart to this Agreement by
facsimile transmission shall be as effective as delivery of a manually signed
original.

       

      Section
11.14.        Headings. 
Article and Section headings and the table of contents used herein are for
convenience of reference only, are not part of this Agreement and are not to
affect the construction of, or to be taken into consideration in interpreting,
this Agreement.

       

      Section
11.15.        Jurisdiction; Consent to
Service of Process. 

       

      (a)        Each
of Borrower, the Company and each other Loan Party and each Agent and Lender
hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York State court or federal court of
the United States of America sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the other Loan Documents, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard
and determined in such New York State or, to the extent permitted by law, in
such federal court.  Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law.  Nothing in this Agreement shall affect any right
that any Lender may otherwise have to bring any action or proceeding relating to
this Agreement or the other Loan Documents against Borrower, the Company or any
other Loan Party or their properties in the courts of any
jurisdiction.

      
        
           

        

        
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      (b)           Each
of Borrower, the Company and each other Loan Party and each Agent and Lender,
hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement or the other Loan Documents in any New York State or
federal court.  Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

       

      (c)           Each
of the Company and each other Loan Party other than U.S. Guarantors, hereby
irrevocably and unconditionally appoints Borrower with an office on the date
hereof at LyondellBasell Finance Company, c/o Corporation Service Company, 2711
Centerville Road, Suite 400, Wilmington, Delaware 19808 and its successors
hereunder (the “Process
Agent”), as its agent to receive on behalf of each of the Company and
each other Loan Party other than U.S. Guarantors, and their property of all
writs, claims, process, and summonses in any action or proceeding brought
against it in the State of New York.  Such service may be made by
mailing or delivering a copy of such process to the Company and each other Loan
Party other than U.S. Guarantors, as the case may be, in care of the Process
Agent at the address specified above for the Process Agent, and each of the
Company and each other Loan Party other than U.S. Guarantors,  hereby
irrevocably authorizes and directs the Process Agent to accept such service on
its behalf.  Failure by the Process Agent to give notice to the
Company or any other Loan Party other than U.S. Guarantors, as applicable, or
failure of the Company, or any other Loan Party other than U.S. Guarantors, as
applicable, to receive notice of such service of process shall not impair or
affect the validity of such service on the Process Agent, the Company, or any
other Loan Party other than U.S. Guarantors, or of any judgment based
thereon.  Each of the Company and each other Loan Party other than
U.S. Guarantors, covenants and agrees that it shall take any and all reasonable
action, including the execution and filing of any and all documents, that may be
necessary to continue the designation of the Process Agent above in full force
and effect, and to cause the Process Agent to act as such.  Each of
the Company and each other Loan Party other than U.S.
Guarantors,  further covenants and agrees to maintain at all times an
agent with offices in New York City to act as its Process
Agent.  Nothing herein shall in any way be deemed to limit the ability
to serve any such writs, process or summonses in any other manner permitted by
applicable law.

       

      Section
11.16.        Confidentiality.

       

      (a)           Each
of the Lenders and the Administrative Agent agrees that it shall maintain in
confidence any information relating to Borrower, the Company, Lyondell, their
subsidiaries furnished to it by or on behalf of Borrower, the Company or the
other Loan Parties (other than information that (i) has become generally
available to the public other than as a result of a disclosure by such party,
(ii) has been independently developed by such Lender or the Administrative Agent
without violating this Section 11.16 or (iii) was available to such Lender or
the Administrative Agent from a third party having, to such Person’s knowledge,
no obligations of confidentiality to Borrower, the Company or any other Loan
Party) and shall not reveal the same other than to its directors, trustees,
officers, employees and advisors with a need to know or to any Person that
approves or administers the Loans on behalf of such Lender (so long as each such
Person shall have been instructed to keep the same confidential in accordance
with this Section 11.16), except:  (A) to the extent necessary to
comply with law or any legal process or the requirements of any Governmental
Authority, the National Association of Insurance Commissioners or of any
securities exchange on which securities of the disclosing party or any Affiliate
of the disclosing party are listed or traded, (B) as part of normal reporting or
review procedures to Governmental Authorities or the National Association of
Insurance Commissioners, (C) to its parent companies, Affiliates or auditors (so
long as each such Person shall have been instructed to keep the same
confidential in accordance with this Section 11.16), (D) in order to enforce its
rights under any Loan Document in a legal proceeding, (E) to any prospective
assignee of, or prospective Participant in, any of its rights under this
Agreement (so long as such Person shall have been instructed to keep the same
confidential in accordance with this Section 11.16) and (F) to any direct or
indirect contractual counterparty in any hedging obligation or such contractual
counterparty’s professional advisor, so long as, in the case of disclosure
pursuant to clauses (E) and (F) above, such Person agrees to be bound by the
provisions of this Section) 11.16.

      
        
           

        

        
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      (b)           Neither
the Administrative Agent, any Lender, any of their respective affiliates nor any
Loan Party provide accounting, tax or legal advice.

       

      Section
11.17.        Conversion of
Currencies.

       

      (a)           If,
for the purpose of obtaining judgment in any court, it is necessary to convert a
sum owing hereunder in one currency into another currency, each party hereto
agrees, to the fullest extent that it may effectively do so, that the rate of
exchange used shall be that at which in accordance with normal banking
procedures in the relevant jurisdiction the first currency could be purchased
with such other currency on the Business Day immediately preceding the day on
which final judgment is given.

       

      (b)           The
obligations of Borrower in respect of any sum due to any party hereto or any
holder of the obligations owing hereunder (the “Applicable Creditor”) shall,
notwithstanding any judgment in a currency (the “Judgment Currency”) other than
the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be
discharged only to the extent that, on the Business Day following receipt by the
Applicable Creditor of any sum adjudged to be so due in the Judgment Currency,
the Applicable Creditor may in accordance with normal banking procedures in the
relevant jurisdiction purchase the Agreement Currency with the Judgment
Currency; if the amount of the Agreement Currency so purchased is less than the
sum originally due to the Applicable Creditor in the Agreement Currency,
Borrower agrees, as a separate obligation and notwithstanding any such judgment,
to indemnify the Applicable Creditor against such loss.  The
obligations of Borrower contained in this Section 11.17 shall survive the
termination of this Agreement and the payment of all other amounts owing
hereunder.

       

      Section
11.18.        No Advisory or Fiduciary
Responsibility.   In
connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any
other Loan Document), each Loan Party acknowledges and agrees
that:  (i) (A) the arranging and other services regarding this
Agreement provided by the Agents and the Joint Lead Arrangers are arm’s-length
commercial transactions between the Loan Parties and their respective
Affiliates, on the one hand, and the Administrative Agent and the Joint Lead
Arrangers, on the other hand, (B) each Loan Party has consulted its own legal,
accounting, regulatory and tax advisors to the extent it has deemed appropriate
and (C) each Loan Party is capable of evaluating, and understands and accepts,
the terms, risks and conditions of the transactions contemplated hereby and by
the other Loan Documents; (ii) (A) each Agent and each Joint Lead Arranger is
and has been acting solely as a principal and, except as expressly agreed in
writing by the relevant parties, has not been, is not, and will not be acting as
an advisor, agent or fiduciary for the Loan Parties or any of their respective
Affiliates, or any other Person and (B) neither the Administrative Agent nor any
Joint Lead Arranger has any obligation to any of the Loan Parties or any of
their respective Affiliates with respect to the transactions contemplated hereby
except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Administrative Agent and the Joint Lead Arrangers and
their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of each Loan Party and their respective
Affiliates, and no Agent or Joint Lead Arranger has any obligation to disclose
any of such interests to the Loan Parties or their respective
Affiliates.  To the fullest extent permitted by law, each Loan Party
hereby waives and releases any claims that it may have against the Agents and
the Joint Lead Arrangers with respect to any breach or alleged breach of agency
or fiduciary duty in connection with any aspect of any transaction contemplated
hereby.

      
        
           

        

        
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      Section
11.19.        Patriot Act
Notice. 
Each Lender and the Administrative Agent (for itself and not on behalf of any
Lender) hereby notifies Borrower that, pursuant to the requirements of the
Patriot Act, it is required to obtain, verify and record information that
identifies Borrower, which information includes the name and address of Borrower
and other information that will allow such Lender or the Administrative Agent,
as applicable, to identify such Borrower in accordance with the Patriot
Act.

       

      Section
11.20.        Joint Lead Arrangers
Bookrunners and Global Coordinators. 
None of the Persons identified on the facing page or signature pages of this
Agreement as a “Joint Lead Arranger”, "Bookrunner” or “Transaction Coordinator”
shall have any right, power, obligation, liability, responsibility or duty under
this Agreement or in connection with any Loan Document or the transactions
contemplated thereby.  Without limiting the foregoing, none of the
Persons so identified shall have or be deemed to have any fiduciary relationship
with any Secured Party.  Each Secured Party acknowledges that it has
not relied, and will not rely, on any of the Persons so identified in deciding
to enter into the Loan Documents or in taking or not taking action hereunder or
thereunder and waives to the fullest extent permitted by law all claims it may
have against the Persons so identified under or in connection with the Loan
Documents and the transactions contemplated thereby.

       

      Section
11.21.        Collateral and Guarantee
Matters.

       

      (a)           Subject
to the Intercreditor Agreement, Liens on the Collateral will be automatically
and unconditionally released:

       

      (1)           upon
an Asset Sale which, at the time the Collateral is transferred, is made in
accordance with the provisions of Section 5.11;

       

      (2)           in
accordance with the Security Documents and the Intercreditor Agreement (as in
effect on the Closing Date or as amended, supplemented or otherwise modified
after the Closing Date to the extent such amendment, supplement or modification
is permitted under this Agreement) upon the occurrence of a securities
enforcement sale;

       

      (3)           if
the Collateral is an asset of a Restricted Subsidiary of the Company (or a
subsidiary of such Restricted Subsidiary) that is to be designated as an
Unrestricted Subsidiary, upon designation of the Restricted Subsidiary of the
Company as an Unrestricted Subsidiary in compliance with the terms of this
Agreement;

       

      (4)           upon
the full and final payment by or on behalf of Borrower under this Agreement and
the Loans;

       

      (5)           if
the Collateral is shares of a subsidiary of the Company, upon a consolidation,
merger or sale, conveyance or transfer of all or substantially all of the assets
of such subsidiary in accordance with the terms of this Agreement;
or

      
        
           

        

        
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      (6)           to
the extent the Collateral is released from the Liens securing the Senior Secured
Credit Facilities and is not otherwise securing Indebtedness outstanding under
any Refinancing except for inventory and/or accounts receivables which secure
Asset Backed Credit Facilities or a Qualified Securitization Transaction
permitted by this Agreement.

       

      to the
extent the Collateral is released from the Liens securing the Senior Secured
Credit Facilities and is not otherwise securing Indebtedness outstanding under
any Refinancing except for inventory and/or accounts receivables which secure
Asset Backed Credit Facilities or a Qualified Securitization Transaction
permitted by this Agreement.

       

      (b)           (i)              In
this Section 11.21(b):

       

      (A)   “Collateral Agent Claim” shall
mean any amount which a Loan Party owes to the Collateral Agent under this
Clause; and

       

      (B)    “Secured Party Claim” shall
mean any amount which a Loan Party owes to a Secured Party under or in
connection with the Loan Documents.

       

      (ii)   
 Unless expressly provided to the contrary in any Loan Document, the
Collateral Agent holds:

       

      (A)   any
security created by a Collateral Document governed by Luxembourg
law;

       

      (B)    the
benefit of any Collateral Agent Claims; and

       

      (C)    any
proceeds of security,

       

      for the
benefit, and as the property, of the Secured Parties and so that they are not
available to the personal creditors of the Collateral Agent.

       

      (iii)   The
Collateral Agent will separately identify in its records the property rights
referred to in paragraph (ii) above.

       

      (iv)   Paragraphs
(ii) to (iii) above do not apply to any security created by a Collateral
Document governed by Dutch law.

       

      (v)    Each
Loan Party must pay the Collateral Agent, as an independent and separate
creditor, an amount equal to each Secured Party Claim on its due
date.

       

      (vi)   The
Collateral Agent may enforce performance of any Collateral Agent Claim in its
own name as an independent and separate right.  This includes any
suit, execution, enforcement of security, recovery of guarantees and
applications for and voting in respect of any kind of insolvency
proceeding.

       

      (vii)  Each
Secured Party must, at the request of the Collateral Agent, perform any act
required in connection with the enforcement of any Collateral Agent
Claim.  This includes joining in any proceedings as co-claimant with
the Collateral Agent.

      
        
           

        

        
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      (viii) Unless
the Collateral Agent fails to enforce a Collateral Agent Claim within a
reasonable time after its due date, a Secured Party may not take any action to
enforce the corresponding Secured Party Claim unless it is requested to do so by
the Collateral Agent.

       

      (ix)   
Discharge by a Loan Party of a Secured Party Claim will discharge the
corresponding Collateral Agent Claim in the same amount.

       

      (x)     Discharge
by a Loan Party of a Collateral Agent Claim will discharge the corresponding
Secured Party Claim in the same amount.

       

      (xi)    The
aggregate amount of the Collateral Agent Claims will never exceed the aggregate
amount of Secured Party Claims.

       

      (xii)   A
defect affecting a Collateral Agent Claim against a Loan Party will not affect
any Secured Party Claim.

       

      (xiii)  A
defect affecting a Collateral Agent Claim against a Loan Party will not affect
any Callateral Agent Claim.

       

      (xiv)  Each
Collateral Agent Claim is created on the understanding that and provided that
the Collateral Agent will:

       

      (A)   share
the benefit, including in particular the proceeds of the Collateral Agent Claim,
with the other Secured Parties; and

       

      (B)    pay
those proceeds to the Secured Parties,

       

      in
accordance with the Intercreditor Agreement.

       

      (xv)  Each
Party agrees that the Collateral Agent:

       

      (A)   will
be the joint and several creditor (together with the relevant Secured Party) of
each and every obligation of each Loan Party towards each Secured Party under
this Agreement; and

       

      (B)   
will have its own independent right to demand performance by each Loan Party of
those obligations.

       

      (xvi) 
Discharge by a Loan Party of any obligation owed to the Collateral Agent or
another Secured Party shall, to the same extent, discharge the corresponding
obligation owing to the other.

       

      (xvii) Without
limiting or affecting the Collateral Agent's rights against each Secured Party
(whether under this paragraph or under any other provision of the Loan
Documents), the Collateral Agent agrees with each other Secured Party (on a
several and divided basis) that, subject to the paragraph below, it will not
exercise its rights as a joint and several creditor with a Loan Party except in
accordance with the Intercreditor Agreement.

      
        
           

        

        
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      (xviii) Nothing
in this paragraph (b) shall in any way limit the Collateral Agent's right to act
in the protection or preservation of rights under or to enforce any Collateral
Document as contemplated by this Agreement and/or the relevant Collateral
Document (or to do any act reasonably incidental to any of the
above).

       

      Section
11.22.        Acknowledgments Relating to
the Amendment and Restatement Effective Date. 
Each Loan Party hereby (i) expressly acknowledges the terms of this Amendment
and Restatement, (ii) ratifies and affirms its obligations under the Loan
Documents (including guarantees and security agreements) executed by such Loan
Party and (iii) acknowledges and extends its continued liability under all such
Loan Documents and agrees such Loan Documents remain in full force and effect,
including with respect to the obligations of Borrower as modified by this
Amendment and Restatement.  Each Loan Party further represents and
warrants to each Agent and each of the Lenders that after giving effect to this
Amendment and Restatement, neither the modification of the original Agreement
effected pursuant to this Amendment and Restatement, nor the execution,
delivery, performance or effectiveness of this Amendment and Restatement (a)
impairs the validity, effectiveness or priority of the Liens granted pursuant to
any Security Document (as such term is defined in the original Agreement), and
such Liens continue unimpaired with the same priority to secure repayment of all
Obligations, whether heretofore or hereafter incurred; or (b) requires that any
new filings be made or other action taken to perfect or to maintain the
perfection of such Liens for the aforementioned Obligations.

      
        
           

        

        
          -133-

          
            

          

        

        
           

        

      

      IN
WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this
Agreement to be duly executed and delivered as of the date first written
above.

       

      
        	 
      	
                LYONDELLBASELL
      FINANCE COMPANY

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELLBASELL
      INDUSTRIES AF S.C.A.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	 
      	
                BASELL
      ASIA PACIFIC LIMITED

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      BAYREUTH CHEMIE GMBH

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      BENELUX B.V.

              	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      CANADA INC

              	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      EUROPE HOLDINGS B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      FINANCE & TRADING COMPANY B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                BASELL
      FINANCE COMPANY B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      FINANCE USA INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      FUNDING S.À R.L.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                BASELL
      GERMANY HOLDINGS GMBH

              	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      HOLDINGS B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      INTERNATIONAL HOLDINGS B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                BASELL
      NORTH AMERICA INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                BASELL
      POLYOLEFINE GMBH

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                BASELL
      POLYOLEFINS UK LTD.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                BASELL
      SALES AND MARKETING COMPANY B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                LYONDELLBASELL
      NETHERLANDS HOLDINGS B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                BASELL
      UK HOLDINGS LTD.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      

        
          
             

          

          
            -4-

            
              

            

          

          
             

          

        

      

       

      
        	 
      	
                BASELL
      USA INC.

              	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                EQUISTAR
      CHEMICALS, LP

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                HOUSTON
      REFINING LP

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                LBI
      ACQUISITION LLC

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                LBIH
      LLC

              	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                LYONDELL
      CHEMICAL COMPANY

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      

        
          
             

          

          
            -5-

            
              

            

          

          
             

          

        

      

       

      
        	 
      	
                LYONDELL
      CHEMICAL NEDERLAND, LTD.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      CHEMICAL PRODUCTS EUROPE LLC

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      CHEMICAL TECHNOLOGY 1 INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      CHEMICAL TECHNOLOGY MANAGEMENT, INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      CHEMICAL TECHNOLOGY, L.P.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      CHEMIE INTERNATIONAL B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      

        
          
             

          

          
            -6-

            
              

            

          

          
             

          

        

      

       

      
        	 
      	
                LYONDELL
      CHEMIE NEDERLAND B.V.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      CHIMIE FRANCE LLC

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 
      	 
      	 
      	 
	 
      	
                LYONDELL
      EQUISTAR HOLDINGS PARTNERS

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      EUROPE HOLDINGS INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      HOUSTON REFINERY INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                LYONDELL
      LP3 GP, LLC

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      

        
          
             

          

          
            -7-

            
              

            

          

          
             

          

        

      

       

      
        
          	 
      	
                  LYONDELL
      LP3 PARTNERS LP

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  LYONDELL
      LP4 INC.

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

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

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  LYONDELL
      PETROCHEMICAL L.P. INC.

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  LYONDELL
      REFINING COMPANY LLC

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  LYONDELL
      REFINING I LLC

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 

        

        
          
             

          

          
            -8-

            
              

            

          

          
             

          

        

      

       

      
        
          	 
      	
                  LYONDELLBASELL
      FINANCE COMPANY

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  MILLENNIUM
      AMERICA HOLDINGS INC.

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  MILLENNIUM
      AMERICA INC.

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  MILLENNIUM
      CHEMICALS INC.

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  MILLENNIUM
      PETROCHEMICALS GP LLC

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                  MILLENNIUM
      PETROCHEMICALS INC.

                
	 	 	 
	 
      	
                  By:

                	 	 
	 
      	 
      	
                  Name:

                	 
	 
      	 
      	
                  Title:

                	 

        

        
          
             

          

          
            -9-

            
              

            

          

          
             

          

        

      

       

      
        	 
      	
                MILLENNIUM
      PETROCHEMICALS PARTNERS, LP

              
	 	 	 
	 
      	
                By:

              	
              	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                MILLENNIUM
      SPECIALTY CHEMICALS INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                MILLENNIUM
      US OP CO, LLC

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                MILLENNIUM
      WORLDWIDE HOLDINGS I INC.

              
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 
      	 
      	 
      	 
	 	 	 	 
	 
      	
                NELL
      ACQUISITION (US) LLC

              	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      

        
          
             

          

          
            -10-

            
              

            

          

          
             

          

        

      

       

      
        	 
      	
                GOLDMAN
      SACHS CREDIT PARTNERS L.P.,

              
	 
      	
                as
      Joint Lead Arranger and Lender

              
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -11-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                CITIGROUP
      GLOBAL MARKETS INC.,

              
	 
      	
                as
      Joint Lead Arranger

              	 
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -12-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                ABN
      AMRO INCORPORATED,

              
	 
      	
                as
      Joint Lead Arranger

              	 
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -13-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                UBS
      SECURITIES LLC,

              
	 
      	
                as
      Joint Lead Arranger

              
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -14-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                MERRILL
      LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

              
	 
      	
                 as
      Joint Lead Arranger and Transaction Coordinator

              
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -15-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                MERRILL
      LYNCH CAPITAL CORPORATION,

              
	 
      	
                as
      Administrative Agent and Lender

              
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -16-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                CITIBANK,
      N.A.,

              	 
	 
      	
                as
      Collateral Agent and Lender

              
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -17-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                ABN
      AMRO BANK, N.V.,

              
	 
      	
                as
      Lender

              	 
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      
        
           

        

        
          -18-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                UBS
      LOAN FINANCE LLC,

              
	 
      	
                as
      Lender

              	 
	 	 	 
	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 
	 	 	 	 
	 	 	 	 
	 
      	
                By:

              	 	 
	 
      	 
      	
                Name:

              	 
	 
      	 
      	
                Title:

              	 

      

      

       

      -19-

      
        

      

    

     

     

    
      
        
          

        
Exhibit D

        DESCRIPTION OF EXCHANGE NOTES

         

        You can
find the definitions of certain terms used in this description under the
subheading “—Certain Definitions.”  In this description of notes, the
phrase “the Company” refers only to Basell AF S.C.A. and not to any of its
subsidiaries, “Parent” refers only to BI S.à r.l., the Company’s immediate
parent company, and “Issuer” refers only to LyondellBasell Finance Company, an
indirect subsidiary of the Company.  Additionally, the word
“guarantors” refers to any person that executes the indenture relating to the
notes or that executes a supplemental indenture in which such person agrees to
be bound by the terms of the indenture as a guarantor.

         

        The
Dollar Notes and the Euro Notes will be issued under an indenture among the
Company, the Issuer, the initial Guarantors, the Exchange Notes Trustee and the
Security Agent (as defined in the Intercreditor Agreement).  The terms
of the notes will be included in the indenture.  The Dollar Notes and
Euro Notes are separate series of notes but will be treated as a single class of
securities under the indenture, except as otherwise stated herein.  As
a result, among other things, holders of each series of notes will not have
separate and independent rights to give notice of a Default or to direct the
Trustee to exercise remedies in the event of a Default or
otherwise.  References herein to the notes include the Dollar Notes
and the Euro Notes.

         

        The
indenture will also provide for unlimited issuances of Dollar Notes or Euro
Notes, which we refer to in this description as the additional
notes.  Any issuance of additional notes will be subject to our
compliance with the covenant described below under “Limitation on Incurrence of
Additional Indebtedness” and provided that no default or Event of Default exists
under the indenture at the time of issuance or would result
therefrom.  The “Limitation on Incurrence of Additional Indebtedness”
covenant permits the incurrence of Indebtedness of up to $8.0 billion
represented by the notes and the Interim Loan, and any series of other notes the
proceeds of which are used to repay the Interim Loan, without regard to the
Consolidated Fixed Charge Coverage ratio test referenced in the first paragraph
of that covenant.  All additional notes of each series will be
substantially identical in all material respects to other notes of such series
(including those offered hereby) other than issuance dates and issuance price
and will constitute a part of the same series, including with respect to
redemption and matters requiring approval of the holders.

         

        The
following description is a summary of the material provisions of the
indenture.  It does not restate the indenture in its
entirety.  All other provisions of the indenture will be based on the
indenture for the 2015 Notes with such changes, not inconsistent with the terms
hereof, as may be reasonably requested by the Administrative Agent.

         

        Brief
Description of the Notes, the Guarantees and the Security

         

        The
Notes

         

        The notes
will:

         

        
          	
                   
      

                	
                  ·

                	
                  be
      senior secured obligations of the
Issuer;

                

        

         

        
          	
                   
      

                	
                  ·

                	
                  have
      the benefit of security (as described under “—Security”) in the form of
      second priority Liens in the
Collateral;

                

        

         

        
          	
                   
      

                	
                  ·

                	
                  be
      equal in right of payment to all existing and future senior Indebtedness
      of the Issuer; and

                

          
            
               

            

            
               

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  ·

                	
                  be
      unconditionally guaranteed by the guarantors on a senior secured
      basis.

                

        

         

        The notes
will be effectively subordinated to any existing and future secured Indebtedness
of the Issuer to the extent of the value of the assets securing such
Indebtedness (unless such assets also secure the notes on an equal and ratable
or senior basis), and in the event of a bankruptcy or insolvency, the Issuer’s
first priority secured lenders will have a prior secured claim to any collateral
securing the debt owed to them.

         

        The
Guarantees

         

        On the
Issue Date, the notes will be guaranteed on a senior basis by the Company and
certain of its subsidiaries which guarantee the Loans with the exception of
Basell Benelux B.V., Millennium Petrochemical Inc., Millennium Specialty
Chemicals Inc., Millennium US Op Co LLC and Lyondell Chemical Nederland BV for
so long as the guarantees of these entities would not be full and unconditional,
and any other guarantors as the Loans for so long as the guarantees of such
entities would not be full and unconditional, and as a result of Rule 3-10 of
Regulation S-X under the Securities Act such entities would be required to
provide separate financial statements.  In addition to the initial
guarantors, other Restricted Subsidiaries may become guarantors after the Issue
Date as provided in the indenture.  The obligations of the guarantors
under their guarantees will be limited as necessary to recognize certain
defenses generally available to guarantors (including those that relate to
fraudulent conveyance or transfer, voidable preference, financial assistance,
corporate purpose, capital maintenance or similar laws, regulations or defenses
affecting the rights of creditors generally) or other considerations under
applicable law.

         

        The
guarantees of the notes:

         

        
          	
                   
      

                	
                  ·

                	
                  are
      senior secured obligations of the
guarantors;

                

        

         

        
          	
                   
      

                	
                  ·

                	
                  have
      the benefit of security (as described under “—Security”) in the form of
      second priority Liens on the Collateral;
and

                

        

         

        
          	
                   
      

                	
                  ·

                	
                  are
      equal in right of payment to all existing and future senior Indebtedness
      of the guarantors.

                

        

         

        The
guarantees will be effectively subordinated to any existing and future secured
Indebtedness of the guarantors to the extent of the value of the assets securing
such Indebtedness (unless such assets also secure the obligations of such
guarantor under its guarantee on an equal and ratable or senior basis), and in
the event of a bankruptcy or insolvency, such guarantor’s secured lenders will
have a prior secured claim to any collateral securing on a first priority basis
the debt owed to them.

         

        The
obligations of any guarantor under its guarantee of the notes will be
automatically and unconditionally released and discharged when any of the
following occurs:

         

        
          	
                   
      

                	
                  (1)

                	
                  upon
      the full and final payment by or on behalf of the Issuer under the
      indenture and the notes;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      issuance, sale, exchange, transfer or other disposition (including,
      without limitation, by way of merger, consolidation or otherwise),
      directly or indirectly, of Capital Stock of such guarantor (or any parent
      of such guarantor) to any Person that is not a Restricted Subsidiary of
      the Company that results in such guarantor ceasing to be a Restricted
      Subsidiary of the Company; provided that such
      issuance, sale, exchange, transfer or other disposition is made in
      accordance with the provisions of the
indenture;

                

          
            
               

            

            
              -2-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (3)

                	
                  so
      long as no Default or Event of Default has occurred and is continuing,
      such guarantor is unconditionally released and discharged from its
      liability with respect to Indebtedness in connection with which such
      guarantee was executed pursuant to the covenant described under the
      subheading “—Certain Covenants—Additional Subsidiary Guarantees” and,
      simultaneously therewith, any guarantee by such entity of the Senior
      Secured Credit Facilities is also
released;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  the
      designation of such guarantor as an Unrestricted Subsidiary in accordance
      with the provisions of the
indenture;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  upon
      the liquidation or dissolution of such guarantor; provided that no
      Default or Event of Default has occurred or is continuing or would be
      caused thereby;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  the
      occurrence of Legal Defeasance or Covenant Defeasance in accordance with
      the indenture; or

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  in
      the event that the continued obligation of such guarantor under its
      guarantee or the continued existence of such guarantee will result in a
      violation of applicable law that cannot be avoided or otherwise prevented
      through measures reasonably available to the Company or such guarantor;
      provided that all
      guarantees, if any, of the Senior Secured Credit Facilities by such
      guarantor are also released.

                

        

         

        Ranking

         

        The notes
are senior secured obligations of the Issuer that rank senior in right of
payment to all existing and future Indebtedness that is expressly subordinated
in right of payment to the notes.  The notes rank equally in right of
payment with all existing and future liabilities of the Issuer that are not so
subordinated.  The notes have the benefit of the security as described
below under “—Security.”

         

        Security

         

        The
obligations of the Issuer under the notes will be secured on a second-priority
basis, by all assets that secure from time to time the Issuer’s and the
Guarantors’ obligations under the Senior Secured Credit
Facilities.  The Liens securing the notes will be pari passu with the Liens
securing the Loans.  The assets and property of the Company and its
Restricted Subsidiaries that are from time to time subject to, or required to be
subject to, a Lien pursuant to the Notes Security Documents are referred to as
the “Collateral.”  The security and other agreements in respect of the
Collateral are referred to as the “Notes Security Documents.”

         

        Subject
to certain conditions, including compliance with the covenant described under
“—Certain Covenants—Limitation on Additional Liens on the Collateral,” the
Company is permitted to pledge or cause its subsidiaries to pledge the
Collateral in connection with future issuances of additional notes permitted
under the indenture on terms consistent with the relative priority of such
Indebtedness.

         

        Under the
Notes Security Documents, the Collateral will be pledged by the Company and
certain of its Restricted Subsidiaries to secure the payment when due of the
Issuer’s and the Guarantors’, as applicable, payment obligations under the
notes, the guarantees and the indenture.  The Notes Security Documents
will be entered into by, inter
alia, the Security Agent, who will act as Security Agent for the Lenders
under the Senior Secured Credit Facilities and for the Trustee and the holders
of notes, the Company and the Trustee.  When entering into the Notes
Security Documents, the Trustee will act in its own name, as well as for the
benefit of the holders from time to time.

         

        
          
            
               

            

            
              -3-

              
                

              

            

            
               

            

          

        

        

        Each
holder of notes, by accepting a note, shall be deemed (i) to have
authorized the Trustee and the Security Agent to enter into the Notes Security
Documents and (ii) to be bound thereby.  Each holder of notes, by
accepting a note, appoints the Trustee or the Security Agent, as the case may
be, as its agent under the Notes Security Documents and authorizes it to act as
such.

         

        The
security documents will provide that the rights of the holders of the notes with
respect to the Collateral must be exercised by the Security
Agent.  Since the holders of the notes are not a party to the security
documents, holders may not, individually or collectively, take any direct action
to enforce any rights in their favor under the security
documents.  The holders may only act through the Trustee or the
Security Agent, as applicable.  The affirmative vote of a majority in
principal amount of the then outstanding notes of each series affected thereby
will be required in order for the Security Agent or the Trustee, as the case may
be, to enforce the security documents.  The Trustee will agree to any
release of the security interest created by the security documents that is in
accordance with the indenture without requiring any consent of the
holders.

         

        In the
event that Rule 3-16 of Regulation S-X under the Securities Act requires (or is
replaced with another rule or regulation or other law, rule or regulation
adopted, which would require) the filing with the Commission (or any other
government agency) of separate financial statements of any subsidiary of the
Company (other than Lyondell Chemical Company, Millennium Chemicals Inc. and
Equistar Chemicals L.P.) due to the fact that such subsidiary’s Capital Stock or
other securities of such subsidiary secure the notes or the guarantees of the
notes, then the Capital Stock or other securities of such subsidiary will
automatically be deemed not to be part of the Collateral but only to the extent
necessary so that the Company will not be subject to such
requirement.  In such event, the Notes Security Documents may be
amended or modified without the consent of any holder to the extent necessary to
release the Liens on the shares of Capital Stock or other securities that are so
deemed to no longer constitute part of the Collateral.  However, the
first priority security interests on such Capital Stock or other securities may
not be released and will remain in force with respect to such
property.

         

        Release
of Security

         

        Subject
to the Intercreditor Agreement, Liens on Collateral securing the notes and the
guarantees will be automatically and unconditionally released:

         

        
          	
                   
      

                	
                  (1)

                	
                  upon
      an Asset Sale which, at the time the Collateral is transferred, is made in
      accordance with the provisions of the covenant described under the caption
      “—Certain Covenants—Limitation on Asset
Sales”;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  in
      accordance with the Note Security Documents and the Intercreditor
      Agreement (as in effect on the Issue Date or as amended, supplemented or
      otherwise modified after the Issue Date to the extent such amendment,
      supplement or modification is permitted under the indenture) upon the
      occurrence of a securities enforcement
sale;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  if
      the Collateral is an asset of a Restricted Subsidiary of the Company (or a
      Subsidiary of such Restricted Subsidiary) that is to be designated as an
      Unrestricted Subsidiary, upon designation of the Restricted Subsidiary of
      the Company as an Unrestricted Subsidiary in compliance with the terms of
      the indenture;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  upon
      the full and final payment by or on behalf of the Issuer under the
      indenture and the notes;

                

        

        
        

        
          
            
               

            

            
              -4-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (5)

                	
                  upon
      legal or covenant defeasance as described below under “—Legal Defeasance
      and Covenant Defeasance” or upon satisfaction and discharge of the
      Issuer’s obligations under the indenture as described below under
      “—Satisfaction and Discharge”;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  if
      the Collateral is shares of a subsidiary of the Company, upon a
      consolidation, merger or sale, conveyance or transfer of all or
      substantially all of the assets of such subsidiary in accordance with the
      terms of the indenture; or

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  to
      the extent the Collateral is released from the Liens securing the Senior
      Secured Credit Facilities and is not otherwise securing Indebtedness
      outstanding under any Refinancing except for inventory and/or accounts
      receivables which secure Asset Backed Credit Facilities or a Qualified
      Securitization Transaction permitted by the
  indenture.

                

        

         

        Enforcement
of Security Interest

         

        The
Exchange Notes Trustee will accede to the Intercreditor Agreement and be bound
by the terms thereof.  Among other things, the Intercreditor Agreement
restricts the ability of the holders of the notes or the Trustee to direct the
Security Agent to enforce the security interest in the Collateral, provides for
the release of such security interest in certain circumstances upon enforcement
by the lenders under the Senior Secured Credit Facilities and requires that if
the Trustee or any holder of the notes receives proceeds of any enforcement of
the security interest in the Collateral while the obligations under the Senior
Secured Credit Facilities are outstanding, the Trustee or such holder, as
applicable, will, subject to certain exceptions, turn over such amounts to the
Security Agent to be applied in the order set forth in the Intercreditor
Agreement.

         

        The
indenture will also provide that each holder, by accepting a note, shall be
deemed to have agreed to and accepted the terms and conditions of the
Intercreditor Agreement.

         

        Principal,
Maturity and Interest of Notes

         

        The
Dollar Notes will be issued by the Issuer in denominations of $100,000 and
integral multiples of $1,000 in excess thereof.  The Euro Notes will
be issued by the Company in denominations of €50,000 and integral multiples of
€1,000 in excess thereof.  The notes will mature on June 20, 2015 at
the principal amount, plus accrued and unpaid interest to the maturity
date.

         

        [Interest
on each series of notes will be payable semi-annually in arrears on June 30 and
December 31, commencing on the first such date after each note is
issued.  The Issuer will make each interest payment to the holders of
record of the notes on the immediately preceding June 15 and
December 15.

         

        Interest
on the notes will accrue from the date of original issuance or, if interest has
already been paid, from the date it was most recently paid.  Interest
will be computed on the basis of a 360-day year comprised of twelve 30-day
months.]1

         

        

          

        

          
          
            	
                    1

                  	
                    For
      notes for which an election to fix the interest rate has been
      made.  Interest on floating rate notes will be calculated and
      payable in accordance with the provisions applicable to Extended Loans
      including the maximum rate applicable
thereto.

                  

          

          

            
              
                 

              

              
                -5-

                
                  

                

              

              
                 

              

            

          

           

        

        Redemption

         

        Optional
Redemption

         

        At any
time prior to December 20, 2011, the Issuer may on any one or more occasions
redeem up to 35% of the aggregate principal amount of the Dollar Notes and/or
the Euro Notes (including any additional notes) outstanding under the indenture,
at a redemption price of par plus the coupon on such notes at the time of the
notice of redemption respectively, of the principal amount thereof, plus accrued
and unpaid interest to the redemption date, with the net cash proceeds of one or
more Equity Offerings; provided that

         

        
          	
                   
      

                	
                  (1)

                	
                  at
      least 65% of the aggregate principal amount of each of the Dollar Notes
      and/or Euro Notes, as applicable, originally issued under the indenture
      (together with any additional notes) remains outstanding immediately after
      the occurrence of such redemption (excluding notes held by the Company and
      its subsidiaries); and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      redemption must occur within 90 days of the date of the closing of
      such Equity Offering.

                

        

         

        Notice of
any such redemption must be given within 60 days after the date of such
Equity Offering.

         

        In
addition, prior to December 20, 2010, the Issuer may redeem all or, from time to
time, a part of the notes of any series upon not less than 30 nor more than
60 days’ notice at a redemption price equal to 100% of the principal amount
thereof plus the Applicable Premium and accrued and unpaid interest to, but not
including, the applicable redemption date (subject to the right of holders of
record on the relevant record date to receive interest due on the relevant
interest payment date).

         

        “Applicable Premium”
means:

         

        with
respect to any Euro Note on any redemption date, the excess (to the extent
positive) of:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      present value at such redemption date of (i) the redemption price of
      such Euro Note at December 20, 2011 (such redemption price (expressed in
      percentage of principal amount) being set forth in the table below under
      this section (excluding accrued and unpaid interest)), plus (ii) all
      required interest payments due on such Euro Note to and including December
      20, 2011 (including accrued but unpaid interest), computed upon the
      redemption date using a discount rate equal to the Bund Rate at such
      redemption date plus 50 basis points;
over

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      outstanding principal amount of such Euro
Note,

                

        

         

        and, with
respect to any Dollar Note on any redemption date, the excess (to the extent
positive) of:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      present value at such redemption date of (i) the redemption price of
      such Dollar Note at December 20, 2011 such redemption price (expressed in
      percentage of principal amount) being set forth in the table below under
      this section (excluding accrued but unpaid interest), plus (ii) all
      required interest payments due on such Dollar Note to and including
      December 20, 2011 (including accrued but unpaid interest), computed upon
      the redemption date using a discount rate equal to the Treasury Rate at
      such redemption date plus 50 basis points;
  over

                

        

         

        
          
            
               

            

            
              -6-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      outstanding principal amount of such Dollar
  Note.

                

        

         

        in each
case, as calculated by the Company or on behalf of the Company by such Person as
the Company shall designate.

         

        “Bund Rate” means the yield to
maturity at the time of computation of direct obligations of the Federal
Republic of Germany (Bunds or Bundesanleihen) with a
constant maturity (as officially compiled and published in the most recent
financial statistics that have become publicly available at least two Business
Days (but not more than five Business Days) prior to the redemption date (or, if
such financial statistics are not so published or available, any publicly
available source of similar market data selected by the Issuer in good faith))
most nearly equal to the period from the redemption date to December 20, 2011;
provided, however, that if the period
from the redemption date to December 20, 2011 is not equal to the constant
maturity of a direct obligation of the Federal Republic of Germany for which a
weekly average yield is given, the Bund Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly
average yields of direct obligations of the Federal Republic of Germany for
which such yields are given, except that if the period from such redemption date
to December 20, 2011 is less than one year, the weekly average yield on actually
traded direct obligations of the Federal Republic of Germany adjusted to a
constant maturity of one year shall be used.

         

        “Treasury Rate” means the
yield to maturity at the time of computation of United States Treasury
securities with a constant maturity (as compiled and published in the most
recent Federal Reserve Statistical Release H.15 (519) which has become
publicly available at least two Business Days (but not more than five Business
Days) prior to the redemption date (or, if such statistical release is not so
published or available, any publicly available source of similar market data
selected by the Company in good faith)) most nearly equal to the period from the
redemption date to December 20, 2011; provided, however, that if the period
from the redemption date to December 20, 2011 is not equal to the constant
maturity of a United States Treasury security for which a weekly average yield
is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields
of United States Treasury securities for which such yields are given, except
that if the period from the redemption date to December 20, 2011 is less than
one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year shall be
used.

         

        On or
after December 20, 2011, the Issuer may redeem all or a part of the Dollar Notes
and/or the Euro Notes (including any additional notes) upon not less than 30 nor
more than 60 days’ notice, at the redemption prices (expressed as
percentages of principal amount) set forth below plus accrued and unpaid
interest thereon, if any, to the applicable redemption date, if redeemed during
the twelve months beginning on December 20 of the years indicated
below:

         

        
          
            
               

            

            
              -7-

              
                

              

            

            
               

            

          

        

         

        
          	 
      	
                  
                    Redemption price

                    of
      notes

                  

                
	
                  2011

                	
                  100%
      plus 50% of the coupon

                
	
                  2012

                	
                  100%
      plus 25% of the coupon

                
	
                  2013
      and thereafter

                	
                  100.00%

                

        

        

        Repurchase
at the Option of Holders upon Change of Control

         

        If a
Change of Control occurs, each holder of notes will have the right to require
the Issuer to repurchase all or any part (equal to $100,000 or €50,000, as the
case may be, or an integral multiple of $1,000 or €1,000, as the case may be, in
excess thereof) of that holder’s notes pursuant to the Change of Control
offer.  In the Change of Control offer, the Issuer will offer a Change
of Control payment in cash equal to 101% of the aggregate principal amount of
notes repurchased plus accrued and unpaid interest thereon, if any, to the date
of repurchase.  Within 30 days following any Change of Control,
the Issuer will mail a notice to each holder describing the transaction or
transactions that constitute the Change of Control and offering to repurchase
notes on the Change of Control payment date specified in such notice, pursuant
to the procedures required by the indenture and described in such
notice.  The Issuer will comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent such laws and regulations are applicable in
connection with the repurchase of the notes as a result of a Change of
Control.

         

        On the
Change of Control payment date, the Issuer will, to the extent
lawful:

         

        
          	
                   
      

                	
                  (1)

                	
                  accept
      for payment all notes or portions thereof properly tendered pursuant to
      the Change of Control offer;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  deposit
      with the Paying Agent an amount equal to the Change of Control payment in
      respect of all notes or portions thereof so tendered;
  and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  deliver
      or cause to be delivered to the Trustee the notes so accepted together
      with an Officers’ Certificate stating the aggregate principal amount of
      notes or portions thereof being purchased by the
  Issuer.

                

        

         

        The
Paying Agent will promptly mail to each holder of notes so tendered the Change
of Control payment for such notes, and the Trustee will promptly authenticate
and mail (or cause to be transferred by book entry) to each such holder a new
note equal in principal amount to any unpurchased portion of the notes
surrendered, if any; provided that each such new
note will be in the same currency as the tendered note and in a principal amount
of $100,000 or €50,000, as the case may be, or an integral multiple of $1,000 or
€1,000, as the case may be, in excess thereof.

         

        The
Issuer will not be required to make a Change of Control offer upon a Change of
Control if a third party (1) makes the Change of Control offer in the
manner, at the times and in compliance with the requirements set forth in the
indenture applicable to a Change of Control offer made by the Issuer and
(2) purchases all notes validly tendered and not withdrawn under such
Change of Control offer.

         

        
          
            
               

            

            
              -8-

              
                

              

            

            
               

            

          

        

        

        Redemption
for Taxation Reasons

         

        The
Issuer may redeem any notes in whole, but not in part, at any time upon giving
not less than 30 nor more than 60 days’ notice to the holders of the notes
(which notice will be irrevocable) at a redemption price equal to 100% of the
principal amount thereof, together with accrued and unpaid interest, if any, to
the date fixed for redemption (a “Tax Redemption Date”) (subject to the right of
holders of record on the relevant record date to receive interest due on the
relevant interest payment date) and all Additional Amounts (see “Withholding
Taxes”), if any, then due and which will become due on the Tax Redemption Date
as a result of the redemption or otherwise, if any, if the Company determines in
good faith that, as a result of:

         

        
          	
                   
      

                	
                  (1)

                	
                  any
      change in, or amendment to, the law or treaties (or any regulations or
      rulings promulgated thereunder) of a Relevant Taxing Jurisdiction (as
      defined below) affecting taxation;
or

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      change in the official governmental position regarding the application,
      administration or interpretation of such laws, treaties, regulations or
      rulings (including a holding, judgment or order by a court of competent
      jurisdiction)

                

        

         

        (each of
the foregoing in clauses (1) and (2), a “Change in Tax Law”), the Issuer
is, or on the next interest payment date in respect of the notes would be,
required to pay any Additional Amounts, and such obligation cannot be avoided by
taking reasonable measures available to the Issuer (including, for the avoidance
of doubt, the appointment of a new Paying Agent or, where such payment would be
reasonable, the payment through the Issuer).  In the case of the
Issuer, the Change in Tax Law must be announced on or after the date of this
offering memorandum.  In the case of any successor of the Issuer, the
Change in Tax Law must be announced on or after the date that such Person became
a successor.  Notice of redemption for taxation reasons will be
published in accordance with the procedures described under “—Selection and
Notice.”  Notwithstanding the foregoing, no such notice of redemption
will be given (a) earlier than 90 days prior to or later than
270 days after the earliest date on which the Payor (as defined below)
would be obliged to make such payment of Additional Amounts and (b) unless
at the time such notice is given, such obligation to pay such Additional Amounts
remains in effect.  Prior to the publication or mailing of any notice
of redemption of any notes pursuant to the foregoing, the Company will deliver
to the Trustee (a) an Officer’s Certificate stating that it is entitled to
effect such redemption and setting forth a statement of facts showing that the
conditions precedent to its right so to redeem have been satisfied and
(b) an opinion of an independent legal counsel of recognized standing to
the effect that the Issuer has been or will become obligated to pay Additional
Amounts as a result of a Change in Tax Law.

         

        Withholding
Taxes

         

        All
payments made by the Issuer or any guarantor or a successor of any of the
foregoing (each, a “Payor”) on the notes or the guarantees, as applicable, will
be made free and clear of and without withholding or deduction for, or on
account of, any present and future taxes, levies, imposts, deductions, charges,
duties and withholdings and any charges of a similar nature (including interest,
penalties and other liabilities with respect thereto) (“Taxes”) unless the
withholding or deduction of such taxes is then required by law.  If
any deduction or withholding for, or on account of, any taxes imposed or levied
by or on behalf of:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      jurisdiction of organization or formation of the Payor or any political
      subdivision or governmental authority thereof or therein having power to
      tax;

                

        

        

          
            
               

            

            
              -9-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      jurisdiction from or through which payment on the notes or any such
      guarantee is made, or any political subdivision or governmental authority
      thereof or therein having the power to tax;
or

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      other jurisdiction in which the Payor is organized or otherwise considered
      to be a resident for tax purposes, has an office or conducts business for
      tax purposes, or any political subdivision or governmental authority
      thereof or therein having the power to
tax

                

        

         

        (each of
clauses (1), (2) and (3), a “Relevant Taxing Jurisdiction”), will at any
time be required from any payments made with respect to the notes or any such
guarantee, including payments of principal, redemption price, interest or
premium, if any, the Payor will pay (together with such payments) such
additional amounts (the “Additional Amounts”) as may be necessary in order that
the net amounts received in respect of such payments by the holders or the
Trustee, as the case may be, after such withholding or deduction (including any
such deduction or withholding from such Additional Amounts), will be equal to
the amounts which would have been received in respect of such payments on the
notes or any such guarantee in the absence of such withholding or deduction;
provided, however, that no such
Additional Amounts will be payable for or on account of:

         

        
          	
                   
      

                	
                  (1)

                	
                  any
      Taxes that would not have been so imposed but for the existence of any
      present or former connection between the relevant holder (or between a
      fiduciary, settler, beneficiary, member or shareholder of, or possessor of
      power over the relevant holder, if the relevant holder is an estate,
      nominee, trust, partnership, limited liability company or corporation) and
      the Relevant Taxing Jurisdiction (including being a citizen or resident or
      national of, or carrying on a business or maintaining a branch, agency or
      permanent establishment in, or being physically present in, the Relevant
      Taxing Jurisdiction) but excluding, in each case, any connection arising
      solely from the acquisition, ownership or holding of such note or the
      receipt of any payment in respect thereof or the enforcement
      thereof;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      Tax that is imposed or withheld by reason of the failure by the holder or
      the beneficial owner of the note, to the extent it may lawfully do so, to
      comply, within a reasonable amount of time, with a reasonable written
      request of the Payor addressed to the holder to provide certification,
      information, documents or other evidence concerning the nationality,
      residence or identity of the holder or such beneficial owner or to make
      any declaration or similar claim or satisfy any other reporting
      requirement, which is required by a statute, treaty, regulation or
      administrative practice of the Relevant Taxing Jurisdiction as a
      precondition to exemption from all or part of such
  Tax;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      estate, inheritance, gift, or similar tax, assessment or other
      governmental charge;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  any
      Taxes that are required to be deducted or withheld on a payment to an
      individual pursuant to the European Council Directive 2003/48/EC (the
      “Directive”) or to a residual entity as defined in article 4(2) of the
      Directive or any law implementing or complying with, or introduced in
      order to conform to, such
Directive;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  any
      Taxes imposed in connection with a note presented for payment by or on
      behalf of a holder or beneficial owner who would have been able to avoid
      such Tax by presenting the relevant note to, or otherwise accepting
      payment from, another paying agent in a member state of the European
      Union;

                

          
            
               

            

            
              -10-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (6)

                	
                  any
      U.S. federal withholding tax imposed pursuant to sections 871(a), 881(a),
      1441, 1442 or 3406 (or any successor provisions thereto) of the Internal
      Revenue Code of 1986, as amended, in effect at the time a person becomes a
      holder, except to the extent that the holder’s assignor or transferor, if
      any, was entitled, immediately before the assignment or other transfer, to
      receive Additional Amounts from the Issuer with respect to such
      withholding tax; or

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  any
      combination of the above.

                

        

         

        Such
Additional Amounts will also not be payable (a) if the payment could have
been made without such deduction or withholding if the beneficiary of the
payment had presented the note for payment (where presentation is required)
within 30 days after the relevant payment was first made available for
payment to the holder or (b) where, had the beneficial owner of the note
been the holder, such beneficial owner would not have been entitled to payment
of Additional Amounts by reason of any of clauses (1) to (7) inclusive
above.

         

        The Payor
will (i) make any required withholding or deduction and (ii) remit the
full amount deducted or withheld to the Relevant Taxing Jurisdiction in
accordance with applicable law.  The Payor will use all reasonable
efforts to obtain certified copies of tax receipts or other documentation
reasonably satisfactory to the Trustee evidencing the payment of any Taxes so
deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes
and will provide such certified copies to the Trustee.  Such copies
shall be made available to the holders upon request and will be made available
at the offices of the Paying Agent if the notes are then listed on the
Luxembourg Stock Exchange for trading on the Euro MTF Market.  The
Payor will attach to each certified copy a certificate stating (x) that the
amount of withholding Taxes evidenced by the certified copy was paid in
connection with payments in respect of the principal amount of notes then
outstanding and (y) the amount of such withholding Taxes paid per $1,000 or
€1,000 principal amount of the notes.

         

        If any
Payor will be obligated to pay Additional Amounts under or with respect to any
payment made on the notes or any guarantee, at least 30 days prior to the
date of such payment, the Payor will deliver to the Trustee an Officer’s
Certificate stating the fact that Additional Amounts will be payable and the
amount so payable and such other information necessary to enable the Paying
Agent to pay Additional Amounts to holders on the relevant payment date (unless
such obligation to pay Additional Amounts arises less than 45 days prior to
the relevant payment date, in which case the Payor may deliver such Officer’s
Certificate as promptly as practicable after the date that is 30 days prior
to the payment date).

         

        The
Company and any guarantors, jointly and severally, will indemnify and hold
harmless each eligible holder of notes and, upon written request of any eligible
holder of notes, reimburse such holder for the amount of (i) any Taxes
levied or imposed on and paid by such holder as a result of payments made under
or with respect to the notes held by such holder; and (ii) any Taxes levied
or imposed with respect to any reimbursement under the foregoing clause
(i) or this clause (ii), so that the net amount received by such
holder after such reimbursement will not be less than the net amount such holder
would have received if the Taxes giving rise to the reimbursement described in
clauses (i) and/or (ii) had not been imposed, provided, however, that the
indemnification obligation provided for in this paragraph shall not extend to
Taxes imposed for which the eligible holder of notes would not have been
eligible to receive payment of Additional Amounts hereunder.

         

        Wherever
in the indenture, the notes, any guarantee or this Description of the Notes
there are mentioned, in any context:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      payment of principal,

                

          
            
               

            

            
              -11-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  purchase
      prices in connection with a purchase of
notes,

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  interest,
      or

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  any
      other amount payable on or with respect to any of the notes or any
      guarantee,

                

        

         

        such
reference shall be deemed to include payment of Additional Amounts as described
under this heading to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof.

         

        The
Company or any guarantor will pay any present or future stamp, court or
documentary Taxes, or any other excise, property or similar Taxes, charges or
levies that arise in any Relevant Taxing Jurisdiction from the execution,
delivery, registration or enforcement of any notes, the indenture, the security
documents or any other document or instrument in relation thereto, and the
Company or any guarantor agrees to jointly and severally indemnify and hold
harmless the holders for any such Taxes paid by such holders.

         

        The
foregoing obligations of this section, “Withholding Taxes,” will survive any
termination, defeasance or discharge of the indenture and will apply mutatis mutandis to any
successor to the Company or any guarantor.

         

        Selection
and Notice

         

        If less
than all the Dollar Notes and/or the Euro Notes are to be redeemed at any time
in connection with an optional redemption, the Trustee will select notes of such
series for redemption as follows:

         

        
          	
                   
      

                	
                  ·

                	
                  if
      the series of notes to be redeemed are listed, in compliance with the
      requirements of the principal national securities exchange on which such
      notes are listed; or

                

        

         

        
          	
                   
      

                	
                  ·

                	
                  if
      the series of notes to be redeemed are not so listed, on a pro rata basis, by lot
      or by such method as the Trustee shall deem fair and
      appropriate.

                

        

         

        No notes
of $1,000 or €1,000, as the case may be, or less shall be redeemed in part;
provided that no notes
shall be redeemed in part if the resulting note would have a minimum
denomination that is less than $100,000 or €50,000, as the case may
be.  Notices of redemption shall be mailed by first class mail at
least 30 but not more than 60 days before the redemption date to each
holder of notes to be redeemed at its registered address except that redemption
notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with a defeasance of the notes or a satisfaction
and discharge of the indenture, in each case in accordance with the provisions
of the indenture.

         

        A notice
of redemption shall state the redemption date; the redemption price and the
amount of accrued interest, if any, to be paid; the paragraph of the notes
pursuant to which the notes are being redeemed; the name and address of the
Paying Agent; that notes called for redemption must be surrendered to the Paying
Agent to collect the redemption price; that unless the Issuer defaults in making
the redemption payment, interest, if any, on notes called for redemption shall
cease to accrue on and after the redemption date; that, if any note is being
redeemed in part, the portion of the principal amount of such note to be
redeemed, and the only remaining right of the holders of such notes is to
receive payment of the redemption price upon surrender to the paying agent of
such notes; that, if less than all the notes of a series are to be redeemed, the
identification of the particular notes and the principal amount (or portion
thereof) of such notes to be redeemed and the aggregate principal amount of
notes to be outstanding after such partial redemption; and whether the
redemption is conditioned on any events and what such conditions
are.  Notes called for redemption become due on the date fixed for
redemption.  On and after the redemption date, interest ceases to
accrue on notes or portions of them called for redemption.

         

        
          
            
               

            

            
              -12-

              
                

              

            

            
               

            

          

        

        

        Certain
Covenants

         

        As of the
Issue Date, all the subsidiaries of the Company are “Restricted Subsidiaries”
other than those, if any, which have been designated as “Unrestricted
Subsidiaries” for purposes of the Loans.

         

        Set forth
below are summaries of certain covenants contained in the
indenture.

         

        Limitation on
Incurrence of Additional Indebtedness.  The Company will not,
and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, assume, guarantee, acquire, become liable,
contingently or otherwise, with respect to, or otherwise become responsible for
payment of (collectively, “incur”) any Indebtedness other than Permitted
Indebtedness; provided,
however, that if no
Default or Event of Default shall have occurred and be continuing at the time of
or as a consequence of the incurrence of any such Indebtedness, the Company and
its Restricted Subsidiaries may incur Indebtedness (including Acquired
Indebtedness), if on the date of the incurrence of such Indebtedness, after
giving effect to the incurrence thereof, the Consolidated Fixed Charge Coverage
Ratio of the Company is greater than 2.0 to 1.0.

         

        The first
paragraph of this covenant shall not prohibit the incurrence of the following
Indebtedness (collectively “Permitted Indebtedness”).

         

        
          	
                   
      

                	
                  (1)

                	
                  Indebtedness
      under the notes and the Interim Loan in an amount not to exceed $8.0
      billion in aggregate principal amount, and additional notes and/or any
      other series of securities (“other notes”) the proceeds of which are used
      to repay, in full or in part, the Interim Loan in one or more tranches,
      the indenture, the indenture for the other notes, if any, and the
      guarantees of any of the foregoing;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  (A)
      Indebtedness incurred pursuant to the Credit Facilities in an aggregate
      principal amount not to exceed $12.45 billion at any one time
      outstanding less the amount of any payments actually made by or on behalf
      of the Company or its subsidiaries under the Credit Facilities with the
      proceeds of any Asset Sale subsequent to the Closing Date (excluding any
      temporary reduction in revolving credit facilities pending final
      application of the proceeds in accordance with the indenture) and (B) if
      no Default or Event of Default shall have occurred and be continuing at
      the time of or as a consequence of the incurrence of any such
      Indebtedness, the Company and its Restricted Subsidiaries may incur
      Indebtedness under incremental facilities under the Senior Secured Credit
      Facilities in an amount not to exceed $1.0 billion, if on the date of the
      incurrence of such Indebtedness, after giving effect to the incurrence
      thereof, the Consolidated First Lien Secured Leverage Ratio of the Company
      is less than 2.5 to 1.0;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  other
      Indebtedness of the Company and its Restricted Subsidiaries existing or
      outstanding on the Closing Date (after giving effect to the use of
      proceeds the Initial Loans) reduced by the amount of any prepayments with
      the proceeds of any Asset Sale subsequent to the Closing Date (excluding
      any temporary reduction in revolving credit facilities pending final
      application of the proceeds in accordance with the
    indenture);

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  the
      incurrence by the Company or any of its Restricted Subsidiaries of Hedging
      Obligations that are incurred for the purpose of (A) fixing or
      hedging interest rate or currency risk with respect to any fixed or
      floating rate Indebtedness that is permitted by the indenture to be
      outstanding or any receivable or liability the payment of which is
      determined by reference to a foreign currency; provided that the
      notional principal amount of any such Hedging Obligation does not exceed
      the principal amount of the Indebtedness to which such Hedging Obligation
      relates or (B) managing fluctuations in the price or cost of raw
      materials, emissions rights, manufactured products or related
      commodities;
      provided that such obligations are entered into in the ordinary
      course of business to hedge or mitigate risks to which the Company or any
      of its Restricted Subsidiaries are exposed in the conduct of its business
      or the management of its liabilities (as determined by the Company’s or
      such Restricted Subsidiary’s principal financial officer in the exercise
      of his or her good faith business
judgment);

                

          
            
               

            

            
              -13-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (5)

                	
                  Indebtedness
      of a Restricted Subsidiary of the Company to the Company or to a
      Restricted Subsidiary of the Company for so long as such Indebtedness is
      held by the Company or a Restricted Subsidiary of the Company, in each
      case subject to no Lien held by a person other than the Company or a
      Restricted Subsidiary of the Company (other than the pledge of
      intercompany notes under the Credit Facilities); provided that if as of
      any date any person other than the Company or a Restricted Subsidiary of
      the Company owns or holds any such Indebtedness or holds a Lien in respect
      of such Indebtedness (other than the pledge of intercompany notes under
      the Credit Facilities), it shall be deemed the incurrence of Indebtedness
      not constituting Permitted Indebtedness under this clause by the issuer of
      such Indebtedness on such date;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  Indebtedness
      of the Company to a Restricted Subsidiary of the Company for so long as
      such Indebtedness is held by a Restricted Subsidiary of the Company, in
      each case subject to no Lien (other than Liens securing intercompany notes
      pledged under the Credit Facilities); provided that
      (a) any Indebtedness of the Company to any Restricted Subsidiary of
      the Company (other than pursuant to intercompany notes pledged under the
      Credit Facilities) is unsecured and subordinated, pursuant to a written
      agreement, to the Company’s obligations under the indenture and the notes
      and (b) if as of any date any person other than a Restricted
      Subsidiary of the Company owns or holds any such Indebtedness or any
      person holds a Lien in respect of such Indebtedness (other than pledges of
      intercompany notes securing the Credit Facilities), it shall be deemed the
      incurrence of Indebtedness under this clause not constituting Permitted
      Indebtedness by the Company on such
date;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  Indebtedness
      arising under any Treasury Services Agreement or from the honoring by a
      bank or other financial institution of a check, draft or similar
      instrument drawn against insufficient funds, overdrafts, pooling
      arrangements and money market lines in the ordinary course of
      business;

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  Indebtedness
      of the Company or any of its Restricted Subsidiaries represented by
      letters of credit for the account of the Company or such Restricted
      Subsidiary, as the case may be, in order to provide security for workers’
      compensation or environmental claims, payment obligations in connection
      with self-insurance or similar requirements in the ordinary course of
      business;

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  Refinancing
      Indebtedness;

                

        

         

        
          	
                   
      

                	
                  (10)

                	
                  Indebtedness
      arising from agreements of the Company or a subsidiary providing for
      indemnification, adjustment of purchase price, earn out or similar
      obligations, in each case, incurred in connection with the disposition of
      any business, assets or subsidiary, other than guarantees of Indebtedness
      incurred by any person acquiring all or any portion of such business,
      assets or subsidiary for the purpose of financing such acquisition; provided that the
      maximum aggregate liability in respect of all such Indebtedness shall at
      no time exceed the gross proceeds actually received by the Company and the
      subsidiary in connection with such
disposition;

                

          
            
               

            

            
              -14-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (11)

                	
                  Obligations
      in respect of bankers’ acceptances, tender, bid, judgment, appeal,
      performance or governmental contract bonds and completion guarantees,
      surety, standby letters of credit and warranty and contractual service
      obligations of a like nature, trade letters of credit and documentary
      letters of credit and similar bonds or guarantees provided by the Company
      or any subsidiary of the Company in the ordinary course of
      business;

                

        

         

        
          	
                   
      

                	
                  (12)

                	
                  Guarantees
      by the Company or a Restricted Subsidiary of the Company of Indebtedness
      incurred by the Company or a Restricted Subsidiary of the Company so long
      as the incurrence of such Indebtedness by the Company or any such
      Restricted Subsidiary is otherwise permitted by the terms of the
      indenture;

                

        

         

        
          	
                   
      

                	
                  (13)

                	
                  Indebtedness
      of the Company or any subsidiary of the Company incurred in the ordinary
      course of business not to exceed $200 million in the aggregate at the
      date of incurrence, in each case, at any one time
    outstanding

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  representing
      Capitalized Lease Obligations or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  constituting
      Indebtedness incurred to finance the acquisition of, or cost of design,
      construction, installation or improvement of, property or assets of the
      Company or any Restricted Subsidiary of the Company used in the business
      of the Company or any Restricted Subsidiary of the Company; provided, however, that such
      Indebtedness shall not exceed the cost of such property or assets and
      shall not be secured by any property or assets of the Company or any
      Restricted Subsidiary of the Company other than the property and assets so
      acquired;

                

        

         

        
          	
                   
      

                	
                  (14)

                	
                  (i)
      the incurrence by the Company or a Restricted Subsidiary of the Company of
      Indebtedness pursuant to Asset Backed Credit Facilities secured by
      inventory not to exceed, in the aggregate for all such Indebtedness,
      $2.1 billion and (ii) the incurrence by a Securitization Entity
      of Indebtedness in a Qualified Securitization Transaction that is not
      recourse to the Company or any subsidiary of the Company (except for
      Standard Securitization
Undertakings);

                

        

         

        
          	
                   
      

                	
                  (15)

                	
                  Indebtedness
      of the Company or a Restricted Subsidiary of the Company to any of its
      subsidiaries incurred in connection with the purchase of accounts
      receivable and related assets by the Company or such Restricted Subsidiary
      from any such subsidiary which assets are subsequently conveyed by the
      Company or such Restricted Subsidiary to a Securitization Entity in a
      Qualified Securitization
Transaction;

                

        

         

        
          	
                   
      

                	
                  (16)

                	
                  Guarantees
      by the Company or a Restricted Subsidiary of the Company of Indebtedness
      incurred by Qualified Joint Ventures not to exceed the $250 million
      in the aggregate at the date of incurrence at any one time
      outstanding;

                

        

         

        
          	
                   
      

                	
                  (17)

                	
                  Indebtedness
      of a person existing at the time that person becomes a Restricted
      Subsidiary of the Company or assumed in connection with an Asset
      Acquisition by the Company or a Restricted Subsidiary of the Company and
      not incurred in connection with or in anticipation of, such person
      becoming a Restricted Subsidiary; provided that the
      holders of any such Indebtedness do not, at any time, have direct or
      indirect recourse to any property or assets of the Company or any
      Restricted Subsidiary other than the property or assets of such acquired
      person; provided,
      further, that on the date of such acquisition and after giving
      pro forma effect
      thereto, either (a) the Company would have been able to incur at
      least $1.00 of additional Indebtedness pursuant to the first paragraph of
      this covenant or (b) the Consolidated Fixed Charge Coverage Ratio
      would be greater than or equal to the Consolidated Fixed Charge Coverage
      Ratio immediately prior to giving pro forma effect to
      such acquisition;

                

          
            
               

            

            
              -15-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (18)

                	
                  Contribution
      Indebtedness; and

                

        

         

        
          	
                   
      

                	
                  (19)

                	
                  additional
      Indebtedness of the Company and its Restricted Subsidiaries in an
      aggregate principal amount not to exceed the greater of
      (i) $1.0 billion in the aggregate and (ii) 4% of
      Consolidated Net Tangible Assets of the Company at the date of incurrence,
      in each case, at any one time
outstanding.

                

        

         

        Notwithstanding
the foregoing, Indebtedness incurred by Restricted Subsidiaries of the Company
that are not guarantors in accordance with the first paragraph of this covenant
and clauses (2) and (17) of the second paragraph of this covenant may
not exceed $500 million in the aggregate at any one time
outstanding.  For purposes of determining compliance with any
restriction on the incurrence of Indebtedness in U.S. dollars where Indebtedness
is denominated in a different currency, the amount of such Indebtedness will be
the U.S. dollar Equivalent determined on the date of such determination, provided that if any such
Indebtedness denominated in a different currency is subject to a Currency
Agreement (with respect to dollars) covering principal amounts payable on such
Indebtedness, the amount of such Indebtedness expressed in U.S. dollars will be
adjusted to take into account the effect of such agreement.  The
principal amount of any Refinancing Indebtedness incurred in the same currency
as the Indebtedness being Refinanced will be the dollar Equivalent of the
Indebtedness Refinanced determined on the date such Indebtedness being
Refinanced was initially incurred.  Notwithstanding any other
provision of this covenant, for purposes of determining compliance with this
“Limitation on Incurrence of Additional Indebtedness” covenant, increases in
Indebtedness solely due to fluctuations in the exchange rates of currencies will
not be deemed to exceed the maximum amount that the Company or a Restricted
Subsidiary of the Company may incur under this “Limitation on Incurrence of
Additional Indebtedness” covenant.

         

        For
purposes of determining any particular amount of Indebtedness under this
“Limitation on Incurrence of Additional Indebtedness” covenant:

         

        
          	
                   
      

                	
                  (a)

                	
                  obligations
      with respect to letters of credit, guarantees or Liens, in each case
      supporting Indebtedness otherwise included in the determination of such
      particular amount, will not be
included;

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  any
      Liens granted pursuant to the equal and ratable provisions referred to in
      the “Limitation on Liens” covenant will not be treated as Indebtedness;
      and

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  accrual
      of interest, accrual of dividends, the accretion of accreted value, the
      obligation to pay commitment fees and the payment of interest in the form
      of additional Indebtedness will not be treated as
      Indebtedness.

                

          
            
               

            

            
              -16-

              
                

              

            

            
               

            

          

        

         

        For
purposes of determining compliance with this “Limitation on Incurrence of
Additional Indebtedness” covenant, in the event that an item of proposed
Indebtedness meets the criteria of more than one of the categories of Permitted
Indebtedness described in clauses (1) through (19) above, or is
entitled to be incurred pursuant to the first paragraph of this covenant, the
Company will be permitted to classify such item of Indebtedness on the date of
its incurrence and, except with respect to Indebtedness incurred under
clauses (2), (14) and (16) of this covenant, reclassify such item
of Indebtedness, in each case in any manner that complies with this
covenant.  Notwithstanding the foregoing, Indebtedness under the
Senior Secured Credit Facilities up to the maximum amounts permitted under
clause (2) of this covenant (and any amounts incurred to Refinance such
Indebtedness) will be deemed to have been incurred pursuant to clause (2)
of this covenant, Indebtedness pursuant to Asset Backed Credit Facilities up to
the maximum amounts permitted under clause (14)(i) of this covenant will be
deemed to have been incurred pursuant to clause (14) of this covenant and
guarantees by the Company or any Restricted Subsidiaries of Indebtedness
incurred by Qualified Joint Ventures up to the maximum amounts permitted under
clause (16) of this covenant will be deemed to have been incurred pursuant
to clause (16) of this covenant.  Indebtedness of the type
described in clauses (2), (14) or (16) may be not be reclassified;
provided that such
Indebtedness may, in each case, be incurred in excess of such maximum amounts if
otherwise permitted by this covenant.

         

        Limitation on
Restricted Payments.  The Company will not, and will not cause
or permit any of its Restricted Subsidiaries to, directly or indirectly, make
any Restricted Payment if at the time of such Restricted Payment or immediately
after giving effect thereto,

         

        
          	
                   
      

                	
                  (a)

                	
                  a
      Default or an Event of Default shall have occurred and be continuing or
      would be caused thereby;

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  the
      Company is not able to incur at least $1.00 of additional Indebtedness
      other than Permitted Indebtedness in compliance with the “Limitation on
      Incurrence of Additional Indebtedness” covenant;
  or

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  the
      aggregate amount of Restricted Payments made after the Closing Date,
      including the fair market value as determined reasonably and in good faith
      by the Board of Directors of the Company of non-cash amounts constituting
      Restricted Payments, shall exceed the sum
of:

                

        

         

        
          	
                   
      

                	
                  (i)

                	
                  50%
      of the cumulative Consolidated Net Income (or if cumulative Consolidated
      Net Income shall be a loss, minus 100% of such loss) of the Company earned
      from the end of the quarter immediately preceding the Closing Date through
      the last day of the last full fiscal quarter for which financial
      statements are reported immediately preceding the date the Restricted
      Payment occurs (the “Reference Date”) (treating such period as a single
      accounting period); provided, however, that for
      purposes of this sub-clause (c)(i) only, to the extent any amounts
      that would constitute net income but which have been used to make a
      Permitted Investment described in clause (5) of the definition
      thereof, such amounts shall be excluded from Consolidated Net Income;
      plus

                

        

         

        
          	
                   
      

                	
                  (ii)

                	
                  100%
      of the aggregate net cash proceeds or the fair market value, as determined
      in good faith by the Company, of property other than cash (including
      Capital Stock) of persons engaged in a Permitted Business or property used
      or useful in a Permitted Business received by the Company or its
      Restricted Subsidiaries from any person (other than a subsidiary of the
      Company) from the issuance and sale subsequent to the Closing Date and on
      or prior to the Reference Date of Qualified Capital Stock of the Company
      (including Disqualified Capital Stock of the Company that is converted
      into or exchanged for Qualified Capital Stock of the Company subsequent to
      the Closing Date) or debt securities of the Company or its Restricted
      Subsidiaries that are convertible into or exchangeable for Qualified
      Capital Stock of the Company, but only when and to the extent such debt
      securities are converted into or exchanged for Qualified Capital Stock of
      the Company; plus

                

          
            
               

            

            
              -17-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (iii)

                	
                  without
      duplication of any amounts included in clause (ii) above, 100% of the
      aggregate net cash proceeds of any equity contribution received by the
      Company; plus

                

        

         

        
          	
                   
      

                	
                  (iv)

                	
                  without
      duplication of any amounts included in clause (ii) above, 100% of the
      aggregate net cash proceeds of any sales or distributions of the type
      described in clause (5)(a) or (b) of the definition of
      “Permitted Investments” but only to the extent such net cash proceeds are
      not utilized in accordance
therewith.

                

        

         

        Notwithstanding
the foregoing, the provisions set forth in the immediately preceding paragraph
do not prohibit:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      payment of any dividend or consummation of any irrevocable redemption
      within 60 days after the date of declaration of such dividend or the
      giving of a redemption notice if the dividend or redemption would have
      been permitted on the date of declaration or giving of
    notice;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      Restricted Payments, either (a) solely in exchange for shares of
      Qualified Capital Stock of the Company or (b) if no Default or Event
      of Default shall have occurred and be continuing, through the application
      of net cash proceeds of a substantially concurrent Equity Offering (other
      than to a subsidiary of the Company) or capital contribution received by
      the Company;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  the
      acquisition or repayment of any Indebtedness of the Company that is
      subordinate or junior in right of payment to the notes or Disqualified
      Capital Stock of the Company either (a) solely in exchange for shares
      of Qualified Capital Stock of the Company, or (b) if no Default or
      Event of Default shall have occurred and be continuing, through the
      application of net cash proceeds of (i) a substantially concurrent
      Equity Offering or (ii) incurrence for cash of Refinancing
      Indebtedness (in the case of (i) or (ii), other than to a subsidiary
      of the Company);

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  beginning
      on the fifth anniversary of the date on which the 2015 Notes were issued,
      so long as no Default or Event of Default shall have occurred and be
      continuing or would be caused thereby, repurchases by the Company of, or
      dividends to Parent to permit repurchases by Parent of, Common Stock of
      the Company or Parent from employees, former employees, directors or
      former directors of the Company or any of its subsidiaries (or permitted
      transferees of such persons) or their authorized representatives upon the
      death, disability or termination of employment of such employees or
      directors, in an aggregate amount for all periods not to exceed 2.0% of
      the Capital Stock of the Company from time to time at fair market value at
      the date of such repurchase;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  payments
      to Parent for legal, audit, tax and other expenses directly relating to
      the administration of Parent, including customary compensation payable to
      the Parent’s directors and employees, not to exceed €1.5 million in
      any fiscal year;

                

          
            
               

            

            
              -18-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (6)

                	
                  so
      long as no Default or Event of Default shall have occurred and be
      continuing or would be caused thereby, ongoing service and management fees
      pursuant to the Management Agreement in an aggregate annual amount not to
      exceed (x) in respect of any fiscal year in which the Consolidated
      EBITDA (as defined in the Senior Secured Credit Facilities) of the Company
      is less than $6.0 billion (the “EBITDA Threshold”),
      $25.0 million and (y) in respect of any fiscal year in which the
      Consolidated EBITDA (as defined in the Senior Secured Credit Facilities)
      of the Company is greater than the EBITDA Threshold, $30.0
      million;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  cash
      payments in lieu of issuing fractional shares pursuant to the exercise or
      conversion of any exercisable or convertible
  securities;

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  payments
      or distributions to dissenting shareholders pursuant to applicable law in
      connection with or in contemplation of the Acquisition or any merger,
      consolidation or transfer of assets that complies with the provisions of
      the indenture described under

                

        

         

        
          	
                   
      

                	
                  “—Merger,
      Consolidation and Sale of Assets”;

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  payments
      of dividends on Disqualified Capital Stock issued in accordance with
      “Limitation on Incurrence of Additional Indebtedness”
    above;

                

        

         

        
          	
                   
      

                	
                  (10)

                	
                  directors’
      fees (including non-executive directors of the Company) or, if the Company
      is a partnership, directors’ fees of the general partner of the Company in
      an amount not to exceed $1.5 million per
  year;

                

        

         

        
          	
                   
      

                	
                  (11)

                	
                  so
      long as no Default or Event of Default shall have occurred and be
      continuing or would be caused thereby, any purchase, repurchase,
      redemption, defeasance or other acquisition or retirement for value of the
      2015 Notes upon a Change of Control or an Asset Sale to the extent
      required by the indenture relating to the 2015 Notes, but only if the
      Issuer (a) in the case of a Change of Control, has first purchased
      all notes validly tendered and not withdrawn in the Change of Control
      offer contemplated under “Redemption—Repurchase at the Option of Holders
      upon Change of Control”; or (b) in the case of an Asset Sale, has
      first purchased all notes validly tendered and not withdrawn in the Net
      Proceeds Offer contemplated under “—Limitation on Asset
      Sales”;

                

        

         

        
          	
                   
      

                	
                  (12)

                	
                  any
      Restricted Payment made to consummate the Acquisition and the fees and
      expenses related thereto; provided, however, that
      such Restricted Payments will be excluded in the calculation of the amount
      of Restricted Payments;

                

        

         

        
          	
                   
      

                	
                  (13)

                	
                  so
      long as no Default or Event of Default shall have occurred and be
      continuing or would be caused thereby, (i) prior to Listing,
      Restricted Payments by the Company in an amount not to exceed
      $50 million per annum and $200 million in the aggregate, and
      (ii) following Listing, the payment of dividends on the listed Common
      Stock at a rate not to exceed 6% per annum of the net cash proceeds
      received by the Company in connection with such Listing or any subsequent
      Listing; provided
      that if such Listing was of the share capital of a Holding Company of the
      Company, the net proceeds of any such dividend are used to fund a
      corresponding dividend in equal or greater amount on the share capital of
      such Holding Company;

                

        

         

        
          	
                   
      

                	
                  (14)

                	
                  distributions
      by any Restricted Subsidiary of the Company of chemicals to a holder of
      Capital Stock of such Restricted Subsidiary if such distributions are made
      pursuant to a provision in a joint venture agreement or other arrangement
      entered into in connection with the establishment of such Restricted
      Subsidiary that requires such holder to pay a price for such chemicals
      equal to that which would be paid in a comparable transaction negotiated
      on an arm’s-length basis (or pursuant to a provision that imposes a
      substantially equivalent
requirement);

                

          
            
               

            

            
              -19-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (15)

                	
                  dividends
      or other distributions on Disqualified Capital Stock issued by the Company
      to the extent such Disqualified Capital Stock constitutes Indebtedness
      under the indenture and was issued in compliance therewith;
      and

                

        

         

        
          	
                   
      

                	
                  (16)

                	
                  payments
      under the Tax Sharing Agreement.

                

        

         

        In
determining the aggregate amount of Restricted Payments made subsequent to the
Issue Date in accordance with clause (c) of the immediately preceding
paragraph, cash amounts expended pursuant to clauses (1), (2)(b), (3)(b)(i),
(4) and (13) of this paragraph shall be included in such
calculation.

         

        Limitation on
Asset Sales.  The Company will not, and will not permit any of
its Restricted Subsidiaries to, consummate an Asset Sale unless:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      Company or the applicable Restricted Subsidiary of the Company receives
      consideration at the time of such Asset Sale at least equal to the fair
      market value of the assets that are sold or otherwise disposed of, as
      determined in good faith by the Company’s Board of
    Directors;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  at
      least 75% of the consideration received by the Company or the applicable
      Restricted Subsidiary from the Asset Sale is in the form of cash or Cash
      Equivalents, and is received at the time of the Asset Sale (which shall be
      deemed to include other consideration converted to cash or Cash
      Equivalents within 90 days of such Asset Sale).  For the
      purposes of this provision, each of the following will be deemed to be
      cash; the amount of any liabilities as shown in the Company’s or such
      Restricted Subsidiary’s most recent balance sheet (other than contingent
      liabilities and liabilities that are by their terms subordinated to the
      notes or any guarantee thereof), that are assumed by the transferee of any
      such assets pursuant to a customary novation agreement that releases the
      Company or such Restricted Subsidiary from further liability;
      and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  upon
      the consummation of an Asset Sale, the Company applies, or causes the
      applicable Restricted Subsidiary to apply, the Net Cash Proceeds relating
      to the Asset Sale within 365 days of having received the Net Cash
      Proceeds.

                

        

         

        Additionally,
the Company must apply the Net Cash Proceeds either:

         

        
          	
                   
      

                	
                  (a)

                	
                  to
      prepay any Indebtedness under the Senior Secured Credit Facilities or
      Indebtedness of a Restricted Subsidiary of the Company that is not a
      guarantor and, in the case of any such Indebtedness under any revolving
      credit facility, effect a permanent reduction in the availability under
      such revolving credit facility,
and/or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  to
      make an investment in or expenditures for properties and assets (including
      Capital Stock of any entity) that will be used in a Permitted Business
      (“Replacement Assets”), and/or

                

          
            
               

            

            
              -20-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (c)

                	
                  to
      make an acquisition of (x) assets of any person or division or
      (y) Capital Stock of a person that as a result of such acquisition
      becomes a Restricted Subsidiary of the Company, in either case, conducting
      a Permitted Business (“Related
Businesses”).

                

        

         

        Pending
the final application of any such Net Cash Proceeds, the Company or any
Restricted Subsidiary of the Company may temporarily reduce revolving credit
borrowings or otherwise invest such Net Cash Proceeds in any manner that is not
prohibited by the terms of the indenture.

         

        On the
366th day after an Asset Sale or any earlier date, if any, on which the Board of
Directors of the Company or the Board of Directors of the applicable Restricted
Subsidiary determines not to apply the Net Cash Proceeds in accordance with the
preceding paragraph (each, a “Net Proceeds Offer Trigger Date”), such aggregate
amount of Net Cash Proceeds which have not been applied or contractually
committed to be applied (and to the extent not subsequently applied, the Net
Proceeds Offer Trigger Date related thereto shall be deemed to be the date of
termination of such contractual commitment or any earlier date, if any, on which
the Board of Directors of the Company or the Board of Directors of the
applicable Restricted Subsidiary determines not to apply the Net Cash Proceeds
in accordance with such contractual commitment) on or before such Net Proceeds
Offer Trigger Date as permitted by the preceding paragraph (the “Net Proceeds
Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to
make an offer to purchase (or repay, prepay or redeem, as the case may be) (the
“Net Proceeds Offer”) on a date that is not less than 30 nor more than
45 days following the applicable Net Proceeds Offer Trigger Date,
from:

         

        
          	
                   
      

                	
                  (1)

                	
                  all
      holders of notes and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  all
      holders of other Indebtedness that

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  is
      equal in right of payment with the notes
and

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  contains
      provisions requiring that an offer to purchase such other Indebtedness be
      made with the proceeds from the Asset
Sale,

                

        

         

        on a
pro rata basis, the
maximum principal amount of notes and other Indebtedness that may be purchased
with the Net Proceeds Offer Amount.  Notwithstanding the foregoing,
the obligation to make a Net Proceeds Offer shall be suspended until such time
as the aggregate amount of the Net Proceeds Offer Amount is equal to or exceeds
the lesser of (i) $100.0 million or (ii) only for so long as the 2015
Notes are outstanding, the amount applicable in the corresponding provision
under the indenture governing the 2015 Notes.  The offer price in any
Net Proceeds Offer will be equal to 100% of the principal value of the notes to
be purchased, plus any accrued and unpaid interest to the date of
purchase.

         

        The
following events will be deemed to constitute an Asset Sale and the Net Cash
Proceeds for such Asset Sale must be applied in accordance with this
covenant:

         

        
          	
                   
      

                	
                  (i)

                	
                  in
      the event any non-cash consideration received by the Company or any
      Restricted Subsidiary of the Company in connection with any Asset Sale is
      converted into or sold or otherwise disposed of for cash (other than
      interest received with respect to any such non-cash consideration),
      or

                

        

         

        
          	
                   
      

                	
                  (ii)

                	
                  in
      the event of the transfer of substantially all, but not all, of the
      property and assets of the Company and its Restricted Subsidiaries as an
      entirety to a person in a transaction permitted under “—Merger,
      Consolidation and Sale of Assets,” and as a result thereof the Company is
      no longer an obligor on the notes, the successor corporation shall be
      deemed to have sold the properties and assets of the Company and its
      Restricted Subsidiaries not so transferred for purposes of this covenant,
      and shall comply with the provisions of this covenant with respect to such
      deemed sale as if it were an Asset Sale.  In addition, the fair
      market value of such properties and assets of the Company or its
      Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash
      Proceeds for purposes of this
covenant.

                

        

         

        
          
            
               

            

            
              -21-

              
                

              

            

            
               

            

          

        

        

        Notwithstanding
the provisions described in the preceding paragraphs, the Company and its
Restricted Subsidiaries may consummate an Asset Sale without complying with such
provisions to the extent

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      consideration for such Asset Sale constitutes Replacement Assets or
      Related Businesses; and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  such
      Asset Sale is for fair market
value.

                

        

         

        Any
consideration that does not constitute Replacement Assets or Related Businesses
that is received by the Company or any of its Restricted Subsidiaries in
connection with any Asset Sale permitted under this paragraph will constitute
Net Cash Proceeds and will be subject to the provisions described in the
preceding paragraphs.

         

        Each Net
Proceeds Offer will be mailed to the record holders as shown on the register of
holders within 30 days following the Net Proceeds Offer Trigger Date, with
a copy to the Trustee, and shall comply with the procedures set forth in the
indenture.  Upon receiving notice of the Net Proceeds Offer, holders
may elect to tender their notes in whole or in part in integral multiples of
$1,000 or €1,000, as the case may be (provided that no note of less
than $100,000 or €50,000, as the case may be, may remain outstanding
thereafter), in exchange for cash.  To the extent holders properly
tender notes in an amount exceeding the Net Proceeds Offer Amount, notes of
tendering holders will be purchased on a pro rata basis (based on amounts
tendered).  A Net Proceeds Offer shall remain open for a period of 20
business days or such longer period as may be required by law.

         

        The
Company and its Restricted Subsidiaries will comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent such laws and regulations are applicable in
connection with the repurchase of notes pursuant to a Net Proceeds
Offer.  To the extent that the provisions of any securities laws or
regulations conflict with the “Limitation on Asset Sales” provisions of the
indenture, the Company shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under the
“Limitation on Asset Sales” provisions of the indenture by virtue
thereof.

         

        After
consummation of any Net Proceeds Offer, any Net Proceeds Offer Amount not
applied to any such purchase may be used for any purpose permitted by the other
provisions of the indenture, and the Net Proceeds Offer Amount shall be reset to
zero.

         

        Limitation on
Dividend and Other Payment Restrictions Affecting
Subsidiaries.  The Company will not, and will not cause or
permit any of its Restricted Subsidiaries to, directly or indirectly, create or
otherwise cause or permit to exist or become effective any consensual
encumbrance or restriction on the ability of any Restricted Subsidiary of the
Company to (A) pay dividends or make any other distributions on or in
respect of its Capital Stock; (B) make loans or advances or to pay any
Indebtedness or other obligation owed to the Company, the Issuer or any other
Restricted Subsidiary of the Company; or (C) transfer any of its property
or assets to the Company, the Issuer or any other Restricted Subsidiary of the
Company, except for such encumbrances or restrictions existing under or by
reason of:

         

        
          
            
               

            

            
              -22-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (1)

                	
                  applicable
      law, rules, regulations and/or
orders;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      indenture relating to the notes or the other notes permitted by
      clause (1) of the second paragraph of the covenant described under
      “—Limitation on Incurrence of Additional Indebtedness” (including, without
      limitation, any Liens permitted by the indenture or the indenture for such
      other notes; provided that encumbrances or restrictions contained in such
      other indenture are no less favorable to the Company in any material
      respect as determined by the Board of Directors of the Company in their
      reasonable and good faith judgment than those in the indenture relating to
      the notes);

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  customary
      non-assignment provisions of any contract or any lease governing a
      leasehold interest of the Company or any Restricted Subsidiary of the
      Company;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  any
      agreements existing at the time of any merger or consolidation with any
      person or the acquisition of any person or the properties or assets of
      such person (including agreements governing Acquired Indebtedness), which
      encumbrance or restriction is not applicable to any person, or the
      properties or assets of any person, other than the person or the
      properties or assets of the person merged or consolidated with or so
      acquired or any subsidiary of such person and as amended or modified;
      provided, however, that any such
      amendment or modification is no less favorable to the Company in any
      material respect as determined by the Board of Directors of the Company in
      their reasonable and good faith judgment than the provisions prior to such
      amendment or modification;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  agreements
      existing on the Closing Date (after giving effect to the Acquisition) to
      the extent and in the manner such agreements are in effect on such date
      and any amendments, modifications, restatements, renewals, increases,
      supplements, refundings, replacements or refinancings thereof; provided that such
      amendments, modifications, restatements, increases, supplements,
      refundings, replacements or refinancings are no more restrictive (as
      determined by the Board of Directors of the Company in their reasonable
      and good faith judgment) in any material respect, taken as a whole, with
      respect to such dividend and other payment restrictions than those
      contained in such agreements or instruments as in effect on the Issue
      Date;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  restrictions
      imposed by any agreement to sell assets or Capital Stock permitted under
      the indenture to any person pending the closing of such
    sale;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  any
      agreement or instrument governing Capital Stock of any person that is
      acquired and as amended or modified; provided, however, that any such
      amendment or modification is no less favorable to the Company in any
      material respect as determined by the Board of Directors of the Company in
      their reasonable and good faith judgment than the provisions prior to such
      amendment or modification;

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  Indebtedness
      or other contractual requirements of a Securitization Entity in connection
      with a Qualified Securitization Transaction; provided that such
      restrictions apply only to such Securitization
  Entity;

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  Liens
      incurred in accordance with the covenant described under “—Limitation on
      Liens”;

                

        

         

        
          	
                   
      

                	
                  (10)

                	
                  restrictions
      on cash or other deposits or net worth imposed by customers under
      contracts entered into in the ordinary course of
  business;

                

          
            
               

            

            
              -23-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (11)

                	
                  the
      Senior Secured Credit Facilities and any Asset Backed Credit Facilities as
      in effect on the Closing Date and as amended or modified, so long as such
      amendment or modification is not materially more restrictive, taken as a
      whole, as at the time of execution of such amendment or
      modification;

                

        

         

        
          	
                   
      

                	
                  (12)

                	
                  customary
      restrictions in construction loans, purchase money obligations,
      Capitalized Lease Obligations, security agreements or mortgages securing
      Indebtedness of the Company or a Restricted Subsidiary of the Company to
      the extent such restrictions restrict the transfer of the property subject
      to such Capitalized Lease Obligations, security agreements or
      mortgages;

                

        

         

        
          	
                   
      

                	
                  (13)

                	
                  customary
      provisions in joint venture agreements and other similar agreements (in
      each case relating solely to the respective joint venture or similar
      entity or the equity interests therein) entered into in the ordinary
      course of business;

                

        

         

        
          	
                   
      

                	
                  (14)

                	
                  customary
      provisions in Hedging Obligations permitted under the indenture and
      entered into in the ordinary course of
business;

                

        

         

        
          	
                   
      

                	
                  (15)

                	
                  contracts
      entered into in the ordinary course of business, not relating to
      Indebtedness, and that do not, individually or in the aggregate, detract
      from the value of property or assets of the Company or any Restricted
      Subsidiary of the Company in any manner material to the Company or such
      Restricted Subsidiary;

                

        

         

        
          	
                   
      

                	
                  (16)

                	
                  encumbrances
      or restrictions imposed by indentures or other similar instruments
      governing other Indebtedness Incurred by the Company or any Restricted
      Subsidiary of the Company (and if such Indebtedness is guaranteed, by the
      guarantors of such Indebtedness) ranking equally with the notes (or any
      guarantee), provided that the
      encumbrances or restrictions imposed by such other indentures or
      instruments are not materially more restrictive taken as a whole than the
      encumbrances or restrictions imposed by the indenture related to the
      notes; and

                

        

         

        
          	
                   
      

                	
                  (17)

                	
                  encumbrances
      or restrictions imposed by Credit Facilities (other than the Senior
      Secured Credit Facilities); provided that the
      provisions relating to such encumbrances or restrictions contained in such
      Credit Facilities are no less favorable to the Company in any material
      respects (as determined by the Board of Directors of the Company in their
      reasonable and good faith judgment) than the provisions relating to such
      encumbrances or restrictions contained in the Senior Secured Credit
      Facilities as in effect on the Issue Date and as amended or modified, so
      long as such amendment or modification is not materially more restrictive,
      taken as a whole, as at the time of execution of such amendment or
      modification.

                

        

         

        Limitation on
Liens.  The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, create, incur or otherwise cause or suffer to exist
or become effective any Liens of any kind upon any property or assets of the
Company or any Restricted Subsidiary of the Company, now owned or hereafter
acquired, which secures Pari Passu Indebtedness or Indebtedness subordinated to
the notes, other than Permitted Liens, unless such Indebtedness is incurred in
accordance with the indenture governing the notes and

         

        
          	
                   
      

                	
                  (1)

                	
                  if
      such Lien secures Pari Passu Indebtedness, the notes are secured on an
      equal and ratable basis with the obligations so secured until such time as
      such obligation is no longer secured by a Lien,
  or

                

          
            
               

            

            
              -24-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  if
      such Lien secures Indebtedness which is subordinated to the notes, any
      such Lien shall be subordinated to a Lien granted to the holders of the
      notes in the same collateral as that securing such Lien to the same extent
      as such subordinated Indebtedness is subordinated to the notes and until
      such time as such obligation is no longer secured by a
    Lien.

                

        

         

        Merger,
Consolidation and Sale of Assets.  The Company will not, in a
single transaction or series of related transactions, consolidate or merge with
or into any person, or sell, transfer, or otherwise dispose of (or permit any
Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or
otherwise dispose of) all or substantially all of the Company’s assets
(determined on a consolidated basis for the Company and the Company’s Restricted
Subsidiaries) unless:

         

        
          	
                   
      

                	
                  (1)

                	
                  either
      (a) the Company shall be the surviving or continuing entity or
      (b) the person (if other than the Company) formed by such
      consolidation or merger is an entity organized and validly existing under
      the laws of the United States, any State thereof, the District of Columbia
      or any state which was a member state of the European Union on
      December 31, 2003 or Canada or any province thereof (the “Surviving
      Entity”);

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      Surviving Entity, if any, expressly assumes by a supplemental indenture
      that is in form and substance reasonably satisfactory to the Trustee all
      rights and obligations of the Company under the notes, the indenture and
      the Registration Rights Agreement;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  immediately
      after giving effect to such transaction, including the assumption of the
      notes, (I) the Company or the Surviving Entity is able to incur at
      least $1.00 of additional Indebtedness (other than Permitted Indebtedness)
      pursuant to the “Limitation on Incurrence of Additional Indebtedness”
      covenant or (II) the Fixed Charge Coverage Ratio at the time of such
      transaction and after giving pro forma effect thereto as if such
      transaction had occurred at the beginning of the applicable four-quarter
      period will be equal to or greater than it was immediately before such
      transaction;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  immediately
      before and after giving effect to such transaction, including the
      assumption of the notes, no Default or Event of Default occurred or
      exists; and

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  the
      Company or the Surviving Entity shall have delivered to the Trustee an
      officers’ certificate and an opinion of counsel, stating that all
      requirements under the indenture for such a transaction have been
      satisfied, it being understood that such opinion of counsel may rely as to
      certain matters of fact on such officer’s
  certificate.

                

        

         

        Each
guarantor (other than any guarantor whose guarantee is to be released in
accordance with the terms of the guarantee and the indenture in connection with
any transaction complying with the provisions of “—Limitation on Asset Sales”)
will not, and the Company will not cause or permit any other guarantor to,
consolidate with or merge with or into any person other than the Issuer or any
other guarantor unless:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      entity formed by or surviving any such consolidation or merger (if other
      than the guarantor) or to which such sale, lease, conveyance or other
      disposition shall have been made assumes by supplemental indenture all of
      the obligations of the guarantor on the
  guarantee;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  immediately
      after giving effect to such transaction, no Default or Event of Default
      shall have occurred and be continuing;
and

                

          
            
               

            

            
              -25-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (3)

                	
                  either
      (I) at the time of such transaction and after giving pro forma effect
      thereto as if such transaction had occurred at the beginning of the
      applicable four-quarter period, the Company will be permitted to incur at
      least $1.00 of additional Indebtedness pursuant to the Consolidated Fixed
      Charge Coverage Ratio test set forth under “—Limitation on Incurrence of
      Additional Indebtedness” or (II) the Consolidated Fixed Charge Coverage
      Ratio at the time of such transaction and after giving pro forma effect
      thereto as if such transaction had occurred at the beginning of the
      applicable four-quarter period will be equal to or greater than it was
      immediately before such transaction; provided that this
      clause (3) will not apply to the notes from the first date when the
      notes receive an Investment Grade Rating, as described under “—Covenant
      Suspension” and for so long as such Investment Grade Rating is
      maintained.

                

        

         

        Any
merger or consolidation of a guarantor with and into the Issuer (with the Issuer
being the surviving entity) or another guarantor need not comply with the first
paragraph of this covenant.

         

        Notwithstanding
anything in this section to the contrary,

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      Company or the Issuer may (A) merge with an Affiliate that has no
      material assets or liabilities and that is incorporated or organized
      solely for the purpose of reincorporating or reorganizing the Company or
      the Issuer, as the case may be, in any state of the United States, the
      District of Columbia or any state which was a member state of the European
      Union on December 31, 2003 and (B) may otherwise convert its
      legal form under the laws of its jurisdiction of organization, in each
      case, without complying with clause (3) of the first paragraph of
      this covenant;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      transaction characterized as a merger under applicable law where each of
      the constituent entities survives, will not be treated as a merger for
      purposes of this covenant, but instead will be treated
  as

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  an
      Asset Sale, if the result of such transaction is the transfer of assets by
      the Company, the Issuer or another Restricted Subsidiary of the Company,
      or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  an
      Investment, if the result of such transaction is the acquisition of assets
      by the Company, the Issuer or another Restricted Subsidiary of the
      Company; and

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  neither
      Millennium Chemicals Inc. nor Millennium Holdings LLC nor any of their
      respective subsidiaries as of the Issue Date may be merged with or into
      the Company or any other Restricted Subsidiary of the Company (other than
      with or into Millennium Holdings LLC or any of its other subsidiaries as
      of the Issue Date); and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  notwithstanding
      the foregoing, each guarantor will be released as described above under
      the caption “—Brief Description of the Notes, the Guarantees and the
      Security—The Guarantees.”

                

        

         

        Limitations on
Transactions with Affiliates.  The Company will not, and will
not permit any of its Restricted Subsidiaries to, directly or indirectly, enter
into any transaction or series of related transactions with, or for the benefit
of, any of its Affiliates (each, an “Affiliate Transaction”) involving aggregate
payments or consideration in excess of $10.0 million, other
than

         

        
          
            
               

            

            
              -26-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (1)

                	
                  Affiliate
      Transactions permitted under the provision described in the last paragraph
      of this covenant, and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  Affiliate
      Transactions on terms that are no less favorable to the Company or the
      relevant Restricted Subsidiary than those terms that might reasonably have
      been obtained in a comparable transaction at such time on an arm’s length
      basis by the Company or the relevant Restricted Subsidiary and an
      unrelated person or, if no such comparable transaction with a person who
      is not an Affiliate is available, on terms that are fair from a financial
      point of view to the Company or such Restricted Subsidiary as certified by
      an Independent Financial Advisor.

                

        

         

        The Board
of Directors of the Company and the Board of Directors of the relevant
Restricted Subsidiary must approve each Affiliate Transaction to which they are
a party that involves aggregate payments or other property with a fair market
value in excess of $25.0 million.  This approval must be
evidenced by a board resolution that states that the Board of Directors has
determined that the transaction complies with the foregoing
provisions.  If the Company or any Restricted Subsidiary of the
Company enters into an Affiliate Transaction that involves payments or other
property with an aggregate fair market value of more than $100.0 million,
then prior to the consummation of the Affiliate Transaction, the parties to such
Affiliate Transaction must obtain a favorable opinion as to the fairness of such
transaction or series of related transactions to the Company or the relevant
Restricted Subsidiary, as the case may be, from a financial point of view, from
an Independent Financial Advisor and file the same with the
Trustee.

         

        The
restrictions described in the preceding paragraphs of this covenant do not apply
to:

         

        
          	
                   
      

                	
                  (1)

                	
                  reasonable
      fees and compensation paid to and employee benefit arrangements, customary
      insurance and indemnity provided on behalf of, officers, directors,
      managers, employees or consultants of the Company or any Restricted
      Subsidiary of the Company as determined in good faith by the Company’s
      Board of Directors or senior
management;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  transactions
      exclusively between or among the Company and any of its Restricted
      Subsidiaries or exclusively between or among such Restricted Subsidiaries,
      provided such
      transactions are not otherwise prohibited by the
  indenture;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      agreement as in effect as of the Closing Date or any amendment or renewal
      thereto or any transaction contemplated thereby or in any replacement
      agreement thereto so long as any such amendment or renewal or replacement
      agreement is not more disadvantageous to the holders (as determined by the
      Board of Directors of the Company in their reasonable and good faith
      judgment) in any material respect than the original
    agreement;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  Investments
      of the type described in clauses (4), (5), (10), (12) and
      (14) of the definition of “Permitted Investments” and Restricted
      Payments made in compliance with the “Limitation on Restricted Payments”
      covenant;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  transactions
      between any of the Company, any of its subsidiaries and any Securitization
      Entity in connection with a Qualified Securitization Transaction, in each
      case provided that such transactions are not otherwise prohibited by the
      indenture;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  transactions
      with customers, clients, suppliers, distributors or other purchases or
      sales of goods or services, in each case in the ordinary course of
      business and otherwise in compliance with the terms of the indenture which
      when taken together are fair to the Company or the Restricted Subsidiaries
      of the Company as applicable, in the reasonable determination of the board
      of directors of the Company or the senior management thereof, or are on
      terms no less favorable as might reasonably have been obtained at such
      time from an unaffiliated party;

                

          
            
               

            

            
              -27-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (7)

                	
                  transactions
      with Qualified Joint Ventures entered into in the ordinary course of
      business and in a manner consistent with past
  practice;

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  the
      issuance or sale of any of the Company’s Capital Stock (other than
      Disqualified Capital Stock) or capital contributions received by the
      Company;

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  transactions
      entered into between or among the Company or any of its Restricted
      Subsidiaries and any joint venture, or other Affiliate that would
      otherwise be subject to this covenant solely because the Company or a
      Restricted Subsidiary of the Company owns any Capital Stock of or
      otherwise controls such person;

                

        

         

        
          	
                   
      

                	
                  (10)

                	
                  transactions
      entered into by a person prior to the time such person becomes a
      Restricted Subsidiary of the Company or is merged or consolidated into the
      Company or a Restricted Subsidiary of the Company (provided such
      transaction is not entered into in contemplation of such
      event);

                

        

         

        
          	
                   
      

                	
                  (11)

                	
                  dividends
      and distributions to the Company and its Restricted Subsidiaries by any
      Unrestricted Subsidiary of the Company or joint venture;
    and

                

        

         

        
          	
                   
      

                	
                  (12)

                	
                  transactions
      entered into between or among the Company or any of its Restricted
      Subsidiaries and any Affiliate of the Company or any of its Restricted
      Subsidiaries that is engaged in a Permitted Business on terms that are no
      less favorable as might reasonably been obtained as such time from an
      unaffiliated third party or, if no such comparable transaction with a
      person who is not an Affiliate of the Company is available, on terms that
      are fair from a financial point of view to the Company or such Restricted
      Subsidiary as certified by an Independent Financial
    Advisor.

                

        

         

        Additional
Subsidiary Guarantees.  The Company will cause (a) each
Restricted Subsidiary of the Company that, after the Closing Date, guarantees
the Senior Secured Credit Facilities (or any facility refinancing or replacing
such facilities) or (b) each Restricted Subsidiary of the Company that,
after the Closing Date, guarantees any Public Indebtedness of the Company or any
other Restricted Subsidiary of the Company to execute and deliver to the Trustee
a supplemental indenture pursuant to which such Restricted Subsidiary will
guarantee payment of the notes on the same terms and subject to the same
conditions and limitations as those set forth under “—The Guarantees” and in the
indenture (each such guarantee of the notes, an “Additional
Guarantee”).

         

        Notwithstanding
the foregoing, the Company shall not be obligated to cause any such Restricted
Subsidiary to guarantee the notes to the extent that such guarantee would
reasonably be expected to give rise to or result in:

         

        
          	
                   
      

                	
                  (1)

                	
                  any
      violation of applicable law, rule, regulation or order that cannot be
      avoided or otherwise prevented through measures reasonably available to
      the Company or such Restricted Subsidiary;
or

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      liability for the officers, directors or shareholders of such Restricted
      Subsidiary.

                

          
            
               

            

            
              -28-

              
                

              

            

            
               

            

          

        

         

        Notwithstanding
the foregoing and the other provisions of the indenture, any Additional
Guarantee by a Restricted Subsidiary of the Company of the notes shall provide
by its terms that it shall be automatically and unconditionally released and
discharged in the circumstances described under “—The Guarantees.” Any
Additional Guarantee shall be considered a “guarantee” as described in “—The
Guarantees.”

         

        Conduct of
Business.  None of the Company or any of its Restricted
Subsidiaries (other than a Securitization Entity) will engage in any businesses
other than a Permitted Business, except to such extent as would not be material
to the Company and its subsidiaries taken as a whole.

         

        Covenant
Suspension.  Notwithstanding the foregoing, the Company and its
Restricted Subsidiaries’ obligations to comply with the provisions of the
indenture described above under the captions “Certain Covenants—Limitation on
Restricted Payments,” “Certain Covenants—Limitation on Incurrence of Additional
Indebtedness,” “Certain Covenants—Limitation on Dividend and Other Payment
Restrictions Affecting Subsidiaries,” “Certain Covenants—Limitations on
Transactions with Affiliates,” “Certain Covenants— Additional Subsidiary
Guarantees,” “Certain Covenants—Conduct of Business” and “Redemption—Repurchase
at the Option of Holders upon Change of Control” will not apply to the notes
from the first date after the Loans have been repaid in full when the notes
achieve an Investment Grade Rating (a “Suspension Event”) and continuing until
such time, if any, at which the notes cease to have an Investment Grade Rating
(a “Suspension Period”).  Notwithstanding the foregoing, if the rating
assigned by either such rating agency should subsequently decline below
Investment Grade Rating, the Suspended Covenants will be reinstituted as of and
from the date of such rating decline and any actions taken, or omitted to be
taken, during the Suspension Period that would have been prohibited had the
Suspended Covenants been in effect shall not form the basis for a Default or an
Event of Default.  Calculations under the reinstated “Limitation on
Restricted Payments” covenant will be made as if the “Limitation on Restricted
Payments” covenant had been in effect since the Closing Date except that no
Default or Event of Default will be deemed to have occurred solely by reason of
a Restricted Payment made while that covenant was suspended.  All
Indebtedness incurred by the Issuer and its Restricted Subsidiaries while the
“Limitation on Incurrence of Additional Indebtedness” covenant was suspended
that would not have been permitted to be incurred under the covenant had such
covenant been applicable shall be deemed to have been incurred under clause
(3) of that covenant.  For the purposes of determining compliance
with the covenant described under “—Limitation on Asset Sales,” the amount of
Net Cash Proceeds not applied in accordance with the covenant will be reset to
zero.

         

        Reports to
Holders.  Notwithstanding that the Company may not be subject
to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act
or otherwise report on an annual and quarterly basis on forms provided for such
annual and quarterly reporting pursuant to rules and regulations promulgated by
the SEC, the indenture will require the Company to file with the SEC (and make
available to the Trustee and holders of the notes (without exhibits), without
cost to any holder, within 15 days after it files with the SEC) from and after
the Issue Date,

         

        
          	
                   
      

                	
                  (1)

                	
                  within
      90 days (or any other time period then in effect under the rules and
      regulations of the Exchange Act with respect to the filing of a Form 10-K
      by a non-accelerated filer) after the end of each fiscal year (or, with
      respect to 2007, within 120 days), annual reports on Form 10-K, or any
      successor or comparable form, containing the information required to be
      contained therein, or required in such successor or comparable
      form;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  within
      45 days after the end of each of the first three fiscal quarters of each
      fiscal year (or, with respect to the first three fiscal quarters of 2008,
      within 60 days), reports on Form 10-Q containing all information that
      would be required to be contained in Form 10-Q, or any successor or
      comparable form; and

                

          
            
               

            

            
              -29-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      other information, documents and other reports which the Issuer would be
      required to file with the SEC if it were subject to Section 13(a) or
      15(d) of the Exchange Act;

                

        

         

        in each
case in a manner that complies in all material respects with the requirements
specified in such form; provided that the Company
shall not be so obligated to file such reports with the SEC if the SEC does not
permit such filing, in which event the Company will make available such
information to prospective purchasers of notes, in addition to providing such
information to the Trustee and the holders of the notes, in each case within 15
days after the time the Company would be required to file such information with
the SEC if it were subject to Section 13(a) or 15(d) of the Exchange
Act.  In addition, to the extent not satisfied by the foregoing, the
Company will agree that, for so long as any notes are outstanding, it will
furnish to holders and to securities analysts and prospective investors, upon
their request, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act.

         

        Notwithstanding
the foregoing, such requirements shall be deemed satisfied prior to the
commencement of the exchange offer or the effectiveness of the shelf
registration statement described in the Registration Rights Agreement
(1) by the filing with the SEC of the exchange offer registration statement
or shelf registration statement (or any other similar registration statement),
and any amendments thereto, with such financial information that satisfied
Regulation S-X, to the extent filed within the times specified above, or
(2) by posting reports that would be required to be filed substantially in
the form required by the SEC on the Company’s website (or that of any of its
parent companies) or providing such reports to the Trustee within 15 days after
the time the Company would be required to file such information with the SEC if
it were subject to Section 13(a) or 15(d) of the Exchange Act, the
financial information (including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” section) that would be required
to be included in such reports, subject to exceptions consistent with the
presentation of financial information with this offering memorandum, and
provided that (a) the consolidated financial statements will not include
consolidated financial statements of Basell B.V. or any predecessor of Basell
AF, (b) such reports will not be required to comply with or contain any
certifications or reports required by Section 302, Section 404 or
Section 906 of the Sarbanes Oxley Act of 2002, or related Items 307 and 308 of
Regulation S-X promulgated by the SEC, or in each case any successor provisions,
(c) such reports will not be required to contain the separate financial
information for guarantors or subsidiaries whose securities are pledged to
secure the notes contemplated by Rule 3-10 or Rule 3-16 of Regulation S-X
promulgated by the SEC, (d) such reports shall not be required to comply
with Regulation G under the Exchange Act or Item 10(e) of Regulation S-X
promulgated by the SEC with respect to any non-GAAP financial measures contained
therein and (e) such reports shall not be required to present compensation
or beneficial ownership information except to the extent and in the same general
style of presentation as such information is included and presented in this
offering memorandum, to the extent filed within the times specified
above.  Notwithstanding anything hereinto the contrary, the Company
will not be deemed to have failed to comply with any of its agreements set forth
under this covenant for purposes of clause (3) under “—Events of Default”
until 120 days after the date any report is required to be filed with the SEC
(or posted on the Company’s website or provided to the Trustee) pursuant to this
covenant.

         

        At any
time that any of the Company’s subsidiaries are Unrestricted Subsidiaries and
any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken
together as one subsidiary, constitutes a Significant Subsidiary of the Company,
then the annual and quarterly financial information required by the immediately
preceding paragraph shall include a reasonably detailed presentation, either on
the face of the financial statements or in the footnotes thereto, of the
financial condition and results of operations of the Company and its Restricted
Subsidiaries separate from the financial condition and results of operations of
the Unrestricted Subsidiaries of the Company, provided that in lieu of
including such information in a filing with the SEC, the Company may post such
information on the Company’s website (or that of any of its parent companies)
within the time periods the related annual and quarterly financial information
are filed with the SEC.

         

        
          
            
               

            

            
              -30-

              
                

              

            

            
               

            

          

        

        

        Substantially
concurrent with the issuance to the Trustee of the reports specified in the
foregoing two paragraphs above, the Company shall also (i) post copies of
such reports on such website as may be then maintained by the Company or
(ii) otherwise provide substantially comparable public availability of such
reports.  In the event that the Company becomes subject to the
reporting requirements of Section 13(a) or 15(d) of the Exchange Act, or
elects to comply with such provisions, the Company will, for so long as it
continues to file the reports required by Section 13(a) with the SEC, make
available to the Trustee the annual reports, information, documents and other
reports that the Company is, or would be, required to file with the SEC pursuant
to such Section 13(a) or 15(d).  Upon complying with the
foregoing requirement, the Company will be deemed to have complied with the
provisions contained in the preceding two paragraphs.

         

        For so
long as the notes are listed on the Luxembourg Stock Exchange for trading on the
Euro MTF Market and to the extent that the rules of the Luxembourg Stock
Exchange require, the above information will also be made available in
Luxembourg through the offices of the Paying Agent in Luxembourg.

         

        From and
after the date on which an entity which (i) owns directly or indirectly 100% of
the Capital Stock of the Company and (ii) does not hold any other assets other
than its investment in the Company or any intermediate holding company (and any
such intermediate holding company shall not hold any asset other than its
investment in the Company), guarantees on a senior unconditional basis all of
the obligations of the issuer under the notes and the indenture (the “Parent
Guarantor”), all references to the Company in this covenant shall be references
to the Parent Guarantor.

         

        Limitation on
Additional Liens on the Collateral.  The Company shall not, and
shall not permit any Restricted Subsidiary of the Company to incur any Liens
with respect to the Collateral, and the Company shall not, and shall not permit
any Restricted Subsidiary of the Company to, grant to any Person other than the
Trustee and the Security Agent, for the benefit of the Trustee or the Security
Agent, as the case may be, and the holders and the other beneficiaries described
in the security documents, any Lien whatsoever in any of the Collateral, except
that the Company and its Restricted Subsidiaries may incur Permitted Collateral
Liens and the Collateral may be discharged and released in accordance with the
indenture; provided, however, that, except with
respect to any discharge or release in accordance with the indenture, the
incurrence of Permitted Collateral Liens or any action expressly permitted by
the indenture, the security documents may not be amended, extended, renewed,
restated, supplemented or otherwise modified or replaced, unless
contemporaneously with any such action, the Company delivers to the Trustee,
either (1) a solvency opinion, in form and substance reasonably
satisfactory to the Trustee from an Independent Financial Advisor confirming the
solvency of the Company and its Restricted Subsidiaries, taken as a whole, after
giving effect to any transactions related to such amendment, extension, renewal,
restatement, supplement, modification or replacement, or (2) an opinion of
counsel, in form and substance reasonably satisfactory to the Trustee,
confirming that, after giving effect to any transactions related to such
amendment, extension, renewal, restatement, supplement, modification or
replacement, the Lien or Liens created under the security documents, so amended,
extended, renewed, restated, supplemented, modified or replaced are valid Liens
not otherwise subject to any limitation, imperfection or new hardening period,
in equity or at law, that such Lien or Liens were not otherwise subject to
immediately prior to such amendment, extension, renewal, restatement,
supplement, modification or replacement.  In the event that the
Company complies with the requirements of this covenant, the Trustee or the
Security Agent, as the case may be, shall (subject to customary protections and
indemnifications) consent to such amendments without the need for instructions
from the holders.

         

        
          
            
            

          

          
            -31-

            
              

            

          

          
            
            

          

        

         

        Events
of Default

         

        Each of
the following events is an “Event of Default” under the indenture:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      failure to pay interest on any notes when the same becomes due and payable
      and the default continues for a period of 30 days (whether or not
      such payment shall be prohibited by the subordination provisions of the
      indenture);

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      failure to pay the principal on any notes, when such principal becomes due
      and payable, at maturity, upon redemption or otherwise (whether or not
      such payment shall be prohibited by the subordination provisions of the
      indenture);

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  the
      failure of the Issuer or any guarantor to comply with any covenant or
      agreement contained in the indenture for a period of 60 days after
      the Issuer receives written notice specifying the default (and demanding
      that such default be remedied) from the Trustee or the holders of at least
      30% of the outstanding principal amount of the notes (except in the case
      of a default with respect to the “Merger, Consolidation and Sale of
      Assets” covenant, which will constitute an Event of Default with such
      notice requirement but without such passage of time
      requirement);

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  the
      occurrence of any default under any agreement governing Indebtedness of
      the Company or any of its Restricted Subsidiaries (other than Millennium
      Holdings LLC (or any person that is a subsidiary of Millennium Holdings
      LLC as of the Issue Date) if that
default:

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  is
      caused by the failure to pay at final maturity the principal amount of any
      Indebtedness after giving effect to any applicable grace periods and any
      extensions of time for payment of such Indebtedness
  or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  results
      in the acceleration of the final Stated Maturity of any such
      Indebtedness

                

        

         

        and in
each case, the aggregate principal amount of such Indebtedness unpaid or
accelerated aggregates to an amount equal to the lesser of
(i) $100.0 million or (ii) only so long as the 2015 Notes are
outstanding, the amount applicable in the corresponding provision under the
indenture governing the 2015 Notes, or more and has not been discharged in full
or such acceleration has not been rescinded or annulled within 30 days of
such final maturity or acceleration;

         

        
          	
                   
      

                	
                  (5)

                	
                  the
      failure of the Issuer or any of its Significant Subsidiaries (other than
      Millennium Holdings LLC or any person that is a subsidiary of Millennium
      Holdings LLC as of the Issue Date) to pay or otherwise discharge or stay
      one or more judgments in an aggregate amount in excess of an amount equal
      to the lesser of (i) $100.0 million or (ii) only so long as
      the 2015 Notes are outstanding, the amount applicable in the corresponding
      provision under the indenture governing the 2015 Notes, which are not
      covered by indemnities or third party insurance as to which the person
      giving such indemnity or such insurer has not disclaimed coverage, for a
      period of 60 continuous days after such judgments become final and
      non-appealable;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  certain
      events of bankruptcy affecting the Company or any of its Significant
      Subsidiaries (other than Millennium Holdings LLC or any person that is a
      subsidiary of Millennium Holdings LLC as of the Issue Date);
      or

                

          
            
               

            

            
              -32-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (7)

                	
                  the
      failure of any guarantee of any Significant Subsidiary (other than
      Millennium Holdings LLC or any person that is a subsidiary of Millennium
      Holdings LLC as of the Issue Date) to be in full force and effect (other
      than in accordance with the terms of such guarantee and the indenture) or
      any of such guarantors denies its liability under its
      guarantee.

                

        

         

        If an
Event of Default arising from certain events of bankruptcy with respect to the
Company or the Issuer occurs and is continuing, then all unpaid principal of,
and premium, if any, and accrued and unpaid interest on all of the outstanding
notes will become immediately due and payable without further action or
notice.  If any other Event of Default occurs and is continuing, then
the Trustee or the holders of at least 30% in principal amount of outstanding
notes may declare the principal of and accrued interest on all the notes to be
due and payable by notice in writing (the “Acceleration Notice”) to the Issuer
and the Trustee, which notice must also specify that it is a “notice of
acceleration.”

         

        At any
time after a declaration of acceleration with respect to the notes as described
in the preceding paragraph, the holders of a majority in principal amount of the
notes may rescind and cancel such declaration and its consequences

         

        
          	
                   
      

                	
                  (1)

                	
                  if
      the rescission would not conflict with any judgment or
    decree,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  if
      all existing Events of Default have been cured or waived except nonpayment
      of principal or interest that has become due solely because of the
      acceleration, and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  in
      the event of the cure or waiver of an Event of Default of the type
      described in clause (6) of the description above of Events of
      Default, the Trustee shall have received an officers’ certificate and an
      opinion of counsel that such Event of Default has been cured or
      waived.

                

        

         

        No such
rescission shall affect any subsequent Default or impair any right consequent
thereto.

         

        The
holders of a majority in principal amount of the notes may waive any existing
default or Event of Default under the indenture, and its consequences, except a
default in the payment of the principal of or interest on any
notes.

         

        Holders
of the notes may not enforce the indenture, the notes or the security documents,
except as provided in the indenture and the security
documents.  Subject to certain limitations, the holders of a majority
in aggregate principal amount of the then outstanding notes may direct the
Trustee in its exercise of any trust or power or may exercise any of the
Trustee’s powers.  Subject to the provisions of the indenture relating
to the duties of the Trustee, the Trustee will be under no obligation to
exercise any of its rights or powers under the indenture at the request, order
or direction of any of the holders, unless such holders have offered to the
Trustee reasonable indemnity.  The Trustee may withhold from holders
of the notes notice of any continuing Default or Event of Default (except a
Default or Event of Default relating to the payment of principal, premium or
interest) if it determines that withholding notice is in their
interest.

         

        Under the
indenture, the Issuer will be required to provide an officers’ certificate to
the Trustee promptly upon any such officer obtaining knowledge of any Default or
Event of Default, and will provide such certification at least annually as to
whether or not they know of any Default or Event of Default that has occurred
and, if applicable, describe such Default or Event of Default and the status
thereof.

         

        
          
            
               

            

            
              -33-

              
                

              

            

            
               

            

          

        

        

        Legal
Defeasance and Covenant Defeasance

         

        The
Issuer may, at its option and at any time, elect to have its obligations and the
obligations of the guarantors discharged with respect to the outstanding notes
(“Legal Defeasance”).  Legal Defeasance means that the Issuer will be
deemed to have paid and discharged the entire indebtedness represented by the
outstanding notes, except for:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      rights of holders to receive payments in respect of the principal of,
      premium, if any, and interest on the notes when such payments are due from
      the trust fund described below,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      Issuer’s obligations with respect to the notes concerning issuing
      temporary notes, registration of notes, mutilated, destroyed, lost or
      stolen notes and the maintenance of an office or agency for
      payments,

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  the
      rights, powers, trust, duties and immunities of the Trustee and the
      Issuer’s obligations in connection therewith
and

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  the
      Legal Defeasance provisions of the
indenture.

                

        

         

        In
addition, the Issuer may, at its option and at any time, elect to have the
obligations of the Issuer released with respect to certain covenants that are
described in the indenture (“Covenant Defeasance”) and will be absolved from
liability thereafter for failing to comply with such obligations with respect to
the notes.  In the event Covenant Defeasance occurs, certain events
(not including non-payment, bankruptcy, receivership, reorganization and
insolvency events) described under “—Events of Default” will no longer
constitute an Event of Default with respect to the notes.

         

        In order
to exercise either Legal Defeasance or Covenant Defeasance:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      Issuer must irrevocably deposit with the Trustee, in trust, for the
      benefit of the holders,

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  with
      respect to notes denominated in dollars, cash in U.S. dollars or
      non-callable U.S. government obligations,
and

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  with
      respect to notes denominated in euro, euro or non-callable government
      obligations of any member nation of the European Union whose official
      currency is the euro, rated AAA or better by S&P and AAA or better by
      Moody’s,

                

        

         

        in such
amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium, if any, and
interest on the notes on the stated date for payment thereof or on an applicable
redemption date;

         

        
          	
                   
      

                	
                  (2)

                	
                  in
      the case of Legal Defeasance, the Issuer shall have delivered to the
      Trustee an opinion of counsel in the United States reasonably acceptable
      to the Trustee confirming that

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  the
      Issuer has received from, or there has been published by, the Internal
      Revenue Service a ruling or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  since
      the Issue Date, there has been a change in the applicable U.S. federal
      income tax law,

                

        

         

        
          
            
               

            

            
              -34-

              
                

              

            

            
               

            

          

        

        

        in either
case to the effect that, and based thereon such opinion of counsel shall confirm
that, the holders of the outstanding notes will not recognize income, gain or
loss for US federal income tax purposes as a result of such Legal Defeasance and
will be subject to US federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had
not occurred; provided,
however, such opinion
of counsel shall not be required if all the notes will become due and payable on
the maturity date within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee;

         

        
          	
                   
      

                	
                  (3)

                	
                  in
      the case of Covenant Defeasance, the Issuer shall have delivered to the
      Trustee an opinion of counsel in the United States reasonably acceptable
      to the Trustee confirming that the holders of the then outstanding notes
      will not recognize income, gain or loss for US federal income tax purposes
      as a result of such Covenant Defeasance and will be subject to US federal
      income tax on the same amounts, in the same manner and at the same times
      as would have been the case if such Covenant Defeasance had not
      occurred;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  no
      default or Event of Default shall have occurred and be continuing on the
      date of such deposit (other than any default arising from the
      substantially contemporaneous incurrence of Indebtedness to fund the
      deposit described above in clause (1)) or insofar as Events of
      Default from bankruptcy or insolvency events are concerned, at any time in
      the period ending on the 91st day after the date of
    deposit;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  such
      Legal Defeasance or Covenant Defeasance shall not result in a breach or
      violation of, or constitute a default under the indenture (other than any
      default arising from the substantially contemporaneous incurrence of
      Indebtedness to fund the deposit described above in clause (1)) or
      any other material agreement or instrument to which the Company or any of
      its subsidiaries is a party or by which the Company or any of its
      subsidiaries is bound;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  the
      Issuer shall have delivered to the Trustee an officers’ certificate
      stating that the deposit was not made by the Issuer with the intent of
      preferring the holders of notes over any other creditors of the Issuer or
      with the intent of defeating, hindering, delaying or defrauding any other
      creditors of the Issuer or others;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  the
      Issuer shall have delivered to the Trustee an officers’ certificate and an
      opinion of counsel, each stating that all conditions precedent provided
      for or relating to the Legal Defeasance or the Covenant Defeasance have
      been complied with; and

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  the
      Issuer shall have delivered to the Trustee an opinion of counsel to the
      effect that either (a) the Issuer has assigned all its ownership
      interest in the trust funds to the Trustee, or (b) the Trustee has a
      valid perfected security interest in the trust
  funds.

                

        

         

        Satisfaction
and Discharge

         

        The
indenture will be discharged and will cease to be of further effect (except as
to surviving rights or registration of transfer or exchange of the notes, as
expressly provided for in the indenture) as to all outstanding notes of a series
when

         

        
          	
                   
      

                	
                  (1)

                	
                  either

                

          
            
               

            

            
              -35-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (a)

                	
                  all
      the existing authenticated and delivered notes of such series (except
      lost, stolen or destroyed notes which have been replaced or paid and notes
      for whose payment money has been deposited in trust or segregated and held
      in trust by the Issuer and repaid to the Issuer or discharged from such
      trust) have been delivered to the Trustee for cancellation
    or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  all
      notes of such series not theretofore delivered to the Trustee for
      cancellation have become due and payable or will become due and payable
      within one year (including by way of irrevocable instructions delivered by
      the Issuer to the Trustee to effect the redemption of the notes), and the
      Issuer has irrevocably deposited or caused to be deposited with the
      Trustee as trust funds in trust solely for the benefit of the holders of
      such notes, funds in amounts as will be sufficient without consideration
      of any reinvestment of interest to pay and discharge the entire
      Indebtedness on such notes not already delivered to the Trustee for
      cancellation, for principal of, premium, if any, and interest on the notes
      to the date of deposit together with irrevocable instructions from the
      Issuer directing the Trustee to apply such funds to the payment thereof at
      maturity or redemption, as the case may
be;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      Issuer has paid all other sums payable under the indenture by the Issuer
      with respect to such series; and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  the
      Issuer has delivered to the Trustee an officers’ certificate and an
      opinion of counsel stating that all conditions precedent under the
      indenture relating to the satisfaction and discharge of the indenture with
      respect to such series have been complied
with.

                

        

         

        All funds
that remain unclaimed for one year will be paid to the Issuer, and thereafter
holders of notes must look to the Issuer for payment as general
creditors.

         

        Cancellation

         

        None of
the notes which are redeemed by or on behalf of the Issuer may be reissued or
resold.  If the Issuer purchases any notes, such acquisition shall not
operate as a redemption unless such notes are surrendered for
cancellation.

         

        Withholding
Taxes

         

        Under
certain circumstances, a holder of notes may be subject to withholding taxes and
the Issuer will not be required to pay any additional amounts to cover such
withholding taxes.

         

        Modification
of the Indenture

         

        Without
the consent of holders owning 90% of the aggregate principal amount of the notes
then outstanding of a series affected, no amendment of the indenture, the notes,
the guarantees or the security documents may:

         

        
          	
                   
      

                	
                  (1)

                	
                  reduce
      the amount of such notes whose holders must consent to an
      amendment;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  reduce
      the rate of or change the time for payment of interest, including
      defaulted interest, on such notes;

                

          
            
               

            

            
              -36-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (3)

                	
                  reduce
      the principal of or change the fixed maturity of such notes, or change the
      date on which such notes may be subject to redemption or repurchase, or
      reduce the redemption or repurchase price for such
  notes;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  make
      such notes payable in money other than that stated in the
      notes;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  make
      any change in provisions of the indenture relating to the rights of each
      holder of such notes to receive payment of principal of and interest on
      the notes, or permitting holders of a majority in principal amount of such
      notes to waive defaults or Events of
Default;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  amend,
      change or modify in any material respect the obligation of the Issuer to
      make and complete a Change of Control offer in the event of a Change of
      Control or make and complete a Net Proceeds Offer with respect to any
      Asset Sale that has been
consummated;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  modify
      or change any provision of the indenture affecting the subordination or
      ranking of such notes or any guarantee in a manner which adversely affects
      the holders; or

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  release
      any guarantor from any of its obligations under its guarantee or the
      indenture otherwise than in accordance with the terms of the
      indenture.

                

        

         

        Subsequent
to the effectiveness of the initial registration statement with the SEC with
respect to a registered exchange offer to exchange the notes for new exchange
notes or the shelf registration described in the Registration Rights Agreement,
no amendment of the indenture, the notes, the guarantees or the security
documents with respect to (2) and (3) above may be made without the
consent of each holder.

         

        Other
modifications and amendments of the indenture, the notes, the guarantees or the
security documents may be made with the consent of the holders of a majority in
principal amount of the then outstanding notes.

         

        Without
the consent of any holders of notes, the Issuer, the guarantors and the Trustee
also may amend or supplement the indenture, the notes, the guarantees or the
security documents to:

         

        
          	
                   
      

                	
                  (1)

                	
                  cure
      any ambiguities, omissions, defect or
  inconsistency;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  provide
      for the assumption of the Issuer’s or any guarantor’s obligations to
      holders of notes in accordance with the
  indenture;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  provide
      for uncertificated notes in addition to or in place of certificated
      notes;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  add
      any person as a guarantor of the notes or secure the notes or the
      guarantees, or to provide for the release of any guarantor of the notes or
      any security for the benefit of the notes or the guarantees in accordance
      with the indenture;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  to
      conform the text of the indenture, the notes, the guarantees or the
      security documents to any provision of this “Description of Exchange
      Notes” to the extent such provision in this “Description of Exchange
      Notes” was intended to be a verbatim recitation of a provision of the
      indenture, the notes, the guarantees or the security
      documents;

                

          
            
               

            

            
              -37-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (6)

                	
                  to
      evidence and provide the acceptance of the appointment of a successor
      trustee or security agent under the
indenture;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  to
      provide for the issuance of Additional Notes under the indenture in
      accordance with the limitations set forth in the
  indenture;

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  to
      mortgage, pledge, hypothecate or grant a security interest in favor of the
      Security Agent or Trustee, as the case may be, (i) for the benefit of
      the holders of the notes, as additional security for the payment and
      performance of the Issuer’s or any guarantor’s obligations under the notes
      and the indenture or (ii) for the benefit of parties to Credit
      Facilities in each case in any property, or assets, pursuant to the
      indenture or otherwise and not prohibited under the
    indenture;

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  to
      the extent necessary to provide for the granting of a security interest
      for the benefit of any person, provided that the
      granting of such security interest is not prohibited under the
      indenture;

                

        

         

        
          	
                   
      

                	
                  (10)

                	
                  to
      comply with the rules of any applicable securities
    depositary;

                

        

         

        
          	
                   
      

                	
                  (11)

                	
                  make
      any change that would provide any additional rights or benefits to the
      holders of notes or that does not adversely affect in any material respect
      the legal rights under the indenture, the notes, the guarantees or the
      security documents of any such
holder;

                

        

         

        
          	
                   
      

                	
                  (12)

                	
                  to
      add to the covenants of the Company for the benefit of the Holders or to
      surrender any right or power conferred upon the Company;
  or

                

        

         

        
          	
                   
      

                	
                  (13)

                	
                  to
      comply with any requirement of the SEC in connection with the
      qualification of the indenture under the TIA or
  otherwise.

                

        

         

        Additional
Intercreditor Agreements; Amendments to the Intercreditor
Agreements

         

        The
indenture will provide that, at the request of the Issuer, in connection with
the incurrence by the Company or any guarantor of any Indebtedness permitted
pursuant to the covenant described under “—Certain Covenants—Limitation on
Incurrence of Additional Indebtedness,” the Company, the relevant guarantors and
the Trustee shall enter into with the holders of such Indebtedness (or their
duly authorized agents or representatives) an intercreditor agreement or deed
(an “Additional Intercreditor Agreement”) giving effect, as appropriate, to the
relative priority of such Indebtedness on substantially the same terms as the
Intercreditor Agreement (or terms more favorable to the holders of notes)
including containing substantially the same terms with respect to the
subordination, payment blockage, limitation on enforcement and release of the
guarantees; provided
that such Additional Intercreditor Agreement will not impose any personal
obligations on the Trustee or adversely affect the rights, duties, liabilities
or immunities of the Trustee under the indenture or the Intercreditor
Agreement.

         

        The
indenture will also provide that, at the direction of the Issuer and without the
consent of the Holders of the notes, the Trustee shall from time to time enter
into one or more amendments to the Intercreditor Agreement or any Additional
Intercreditor Agreements to (A) cure any ambiguity, omission, defect or
inconsistency of the Intercreditor Agreement or any Additional Intercreditor
Agreements, (B) increase the amount of Indebtedness of the types covered by
the Intercreditor Agreement or any Additional Intercreditor Agreements that may
be incurred by the Company or a guarantor that is subject to the Intercreditor
Agreement or any Additional Intercreditor Agreements (including the addition of
provisions relating to new Debt ranking junior in right of payment to the notes
or the guarantees, as applicable), (C) add guarantors to the Intercreditor
Agreement or an Additional Intercreditor Agreement, or (D) make any other
such change to the Intercreditor Agreement or an Additional Intercreditor
Agreement that does not adversely affect the holders of notes in any material
respect.

         

        
          
            
               

            

            
              -38-

              
                

              

            

            
               

            

          

        

        

        The
Trustee will not be required to enter into any amendment to the Intercreditor
Agreement or an Additional Intercreditor Agreement without the consent of the
holders of the majority in aggregate principal amount of the notes then
outstanding, except as otherwise permitted under this covenant, and the Trustee
may only be directed to enter into any amendment to the extent that such
amendment does not impose any personal obligations on the Trustee or adversely
affect the rights, duties, liabilities or immunities of the Trustee under the
indenture or the Intercreditor Agreement or an Additional Intercreditor
Agreement.

         

        In
relation to the Intercreditor Agreement or an Additional Intercreditor
Agreement, the Trustee shall consent on behalf of the holders of notes to the
payment, repayment, purchase, repurchase, defeasance, acquisition, retirement or
redemption of any obligations subordinated to the notes thereby; provided, however, that such
transaction would comply with the covenant described under “—Limitation on
Restricted Payments.”

         

        Each
holder of notes, by accepting a note, shall be deemed to have agreed to and
accepted the terms and conditions of the Intercreditor Agreement or an
Additional Intercreditor Agreement (whether then entered into or entered into in
the future pursuant to the provisions described herein).  A copy of
the Intercreditor Agreement or Additional Intercreditor Agreements shall be made
available for inspection during normal business hours on any Business Day upon
prior written request at the offices of the Trustee and, for so long as any
notes are listed on the Official List of the Luxembourg Stock Exchange and the
rules of the Luxembourg Stock Exchange so require, at the offices of the Paying
Agent in Luxembourg.

         

        No
Personal Liability of Directors, Officers, Employees and
Shareholders

         

        A
director, officer, employee, promoter, advisor, incorporator, or shareholder, as
such, of the Issuer, past, present or future, the Trustee, security agent or any
guarantor shall not have any liability in such capacity for any obligations of
the Issuer under the notes, the indenture, the Registration Rights Agreement or
the security documents or of such guarantor under its guarantee, the indenture,
the Registration Rights Agreement or the security documents for any claim based
on, in respect of or by reason of such obligations or their
creation.  By accepting a note, each holder shall waive and release
all such liability.  The waiver and release shall be part of the
consideration of the issue of the notes.  Such waiver and release may
not be effective to waive liabilities under the U.S. federal securities laws,
and it is the view of the U.S. Securities and Exchange Commission that such a
waiver is against public policy.

         

        Governing
Law

         

        The
indenture will provide that it, the notes and the guarantees will be governed
by, and construed in accordance with, the laws of the State of New
York.  The Notes Security Documents will be governed by, and construed
in accordance with, the laws of various jurisdictions.

         

        The
Trustee

         

        The
indenture will provide that, except during the continuance of an Event of
Default, the Trustee will perform only such duties as are specifically set forth
in the indenture.  During the existence of an Event of Default, the
Trustee will exercise such rights and powers vested in it by the indenture, and
use the same degree of care and skill in its exercise as a prudent man would
exercise or use under the circumstances in the conduct of his own
affairs.

         

        
          
            
               

            

            
              -39-

              
                

              

            

            
               

            

          

        

        

        Subject
to such provisions, the Trustee will be under no obligation to exercise any of
its rights or powers under the indenture at the request of any holder of notes,
unless such holder has offered to the Trustee security and indemnity
satisfactory to it against loss, liability or expense as provided in the
indenture.  The Trustee shall have no responsibility for monitoring
any of the covenants described in this section “Certain Covenants” and shall be
entitled to assume, unless it received written notice to the contrary, that the
Company and its Restricted Subsidiaries are all complying with their covenant
obligations described herein.  The Company shall, pursuant to the
indenture, provide to the Trustee a certificate of compliance on an annual basis
certifying compliance (or not, as applicable) with such
covenants.  The Intercreditor Agreement provides that the Trustee is
entitled to be paid amounts in respect of its fees, costs and expenses and
claims under any indemnity in priority to payments to other creditors, including
holders of the notes.  The indenture will provide that the Trustee may
rely absolutely, without further enquiry, on any certificates, reports, opinions
or other documents (whether or not any such document contains any limit on
liability) from the Company, its subsidiaries (including the Registration Rights
Agreement), legal counsel, auditors, valuers and/or any other
experts.  The Trustee will not be responsible for the adequacy or
fitness of any of the Collateral as security in relation to the
notes.  The Trustee will not be responsible for any loss, expense or
liability which may be suffered as a result of any inadequacy of the
Collateral.

         

        The
indenture will contain certain limitations on the rights of the Trustee, should
it become a creditor of the Issuer, to obtain payments of claims in certain
cases or to realize on certain property received in respect of any such claim as
security or otherwise.  The Trustee will be permitted to engage in
other transactions; provided that if the Trustee
acquires any conflicting interest, it must eliminate such conflict or
resign.

         

        Certain
Definitions

         

        Set forth
below is a summary of certain of the defined terms used in the
indenture.  Reference is made to the indenture for the full definition
of all such terms, as well as any other terms used herein for which no
definition is provided.

         

        “2015 Notes” means,
collectively, the $615,000,000 8 3/8% Senior Notes due 2015 of the
Company and the €500,000,000 8 3/8% Senior Notes due 2015 of the
Company.

         

        “Acquired Indebtedness” means
Indebtedness of a person or any of its subsidiaries existing at the time such
person becomes a Restricted Subsidiary of the Company or at the time it merges
or consolidates with the Company or any of its Restricted Subsidiaries or
assumed in connection with the acquisition of assets from such person and in
each case not incurred by such person in connection with, or in anticipation or
contemplation of, such person becoming a Restricted Subsidiary of the Company or
such acquisition, merger or consolidation, except for Indebtedness of a person
or any of its subsidiaries that is repaid at the time such person becomes a
Restricted Subsidiary of the Company or at the time it merges or consolidates
with the Company or any of its Restricted Subsidiaries.

         

        “Acquisition” means the
acquisition of Lyondell Chemical Company by BIL Acquisition Holdings Limited, an
indirect subsidiary of the Company.

         

        “actual knowledge” means, with
respect to the Trustee, knowledge (actual or otherwise) of the existence of
facts that would impose an obligation on it to make any payment or prohibit it
from making any payment unless a Responsible Officer of the Trustee has received
one Business Day’s written notice that such payments are required or prohibited
by the Intercreditor Agreement or the indenture.

         

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

         

        
          
            
               

            

            
              -40-

              
                

              

            

            
               

            

          

        

        

        “Arco Notes” means the $100
million in aggregate principal amount of 10 1/4% Debentures due 2010 and $225
million in aggregate principal amount of 9.8% Debentures due 2020, in each case
issued by ARCO Chemical Company.

         

        “Asset Acquisition”
means:

         

        
          	
                   
      

                	
                  ·

                	
                  an
      Investment by the Company or any Restricted Subsidiary of the Company in
      any other person pursuant to which such person shall become a Restricted
      Subsidiary of the Company or of any Restricted Subsidiary of the Company,
      or shall be merged with or into the Company or any Restricted Subsidiary
      of the Company, or

                

        

         

        
          	
                   
      

                	
                  ·

                	
                  the
      acquisition by the Company or any Restricted Subsidiary of the Company of
      the assets of any person (other than a Restricted Subsidiary of the
      Company) which constitute all or substantially all of the assets of such
      person or comprises any division or line of business of such person or any
      other properties or assets of such person other than in the ordinary
      course of business.

                

        

         

        “Asset Backed Credit
Facilities” means:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      asset based revolving credit agreement dated as of the Closing Date among
      Lyondell Chemical Company, Equistar Chemicals, LP, Houston Refining LP,
      Basell USA Inc. and subsidiaries of the Company party thereto as
      co-borrowers from time to time thereunder, the lenders and agents party
      thereto and Citibank, N.A., as administrative agent and collateral
      agent;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      credit facility provided on the basis of the value of inventory, accounts
      receivable or other current assets (and related documents) or similar
      instrument, including any similar credit support agreements or guarantees
      incurred from time to time; and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      such agreements, instruments or guarantees governing Indebtedness incurred
      to Refinance any Indebtedness or commitment referred to in (1) and (2)
      whether by the same or any other lender or group of
    lenders.

                

        

         

        “Asset Sale” means any direct
or indirect sale, issuance, conveyance, transfer, lease (other than operating
leases entered into in the ordinary course of business), assignment or other
transfer for value by the Company or any of its Restricted Subsidiaries
(including any Sale and Leaseback Transaction) to any person other than the
Company or a Restricted Subsidiary of the Company of (A) any Qualified
Capital Stock of any Restricted Subsidiary of the Company (other than to
qualifying directors or nominal shareholders if required by applicable law or
other similar legal requirements); or (B) any other property or assets of
the Company or any Restricted Subsidiary of the Company other than in the
ordinary course of business; provided, however, that Asset Sales
shall not include

         

        
          	
                   
      

                	
                  (1)

                	
                  a
      transaction or series of related transactions for which the Company or its
      Restricted Subsidiaries receive fair market value as determined in good
      faith by the Company for the property or assets and the aggregate
      consideration is less than
$75.0 million,

                

          
            
               

            

            
              -41-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      transfer of accounts receivable and related assets (including contract
      rights) of the type specified in the definition of “Qualified
      Securitization Transaction” to a Securitization Entity for the fair market
      value thereof,

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  sales
      or grants of licenses to use the patents, trade secrets, know-how and
      other intellectual property of the Company or any of its Restricted
      Subsidiaries to the extent that such license does not prohibit the Company
      or any of its Restricted Subsidiaries from using the technologies licensed
      (other than pursuant to exclusivity or non-competition arrangements
      negotiated on an arm’s-length basis) or require the Company or any of its
      Restricted Subsidiaries to pay any fees for any such
  use,

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  the
      sale, lease, conveyance, disposition or other
  transfer

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  of
      all or substantially all of the assets of the Company as permitted
      under

                

        

         

        
          	
                   
      

                	
                  “—Merger,
      Consolidation and Sale of Assets,”

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  of
      any Capital Stock or other ownership interest in or assets or property,
      including Indebtedness, of an Unrestricted Subsidiary or a person which is
      not a subsidiary,

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  pursuant
      to the creation of any Lien or any foreclosure of assets or other remedy
      provided by applicable law to a creditor of the Company or any subsidiary
      of the Company with a Lien on such assets, which Lien is permitted under
      the indenture; provided that such
      foreclosure or other remedy is conducted in a commercially reasonable
      manner or in accordance with any bankruptcy
law,

                

        

         

        
          	
                   
      

                	
                  (d)

                	
                  involving
      only cash or Cash Equivalents or inventory in the ordinary course of
      business or obsolete or worn out property or property that is no longer
      useful in the conduct of the business of the Company or its Restricted
      Subsidiaries (in the reasonable and good faith judgment of the board of
      directors of the Company) in the ordinary course of business consistent
      with past practices of the Company or such Restricted Subsidiaries
      or

                

        

         

        
          	
                   
      

                	
                  (e)

                	
                  including
      only the lease or sublease of any real or personal property in the
      ordinary course of business,

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  the
      consummation of any transaction in accordance with the terms of
      “—Limitation on Restricted Payments” or “—Merger, Consolidation and Sale
      of Assets,” and

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  Permitted
      Investments.

                

        

         

        “Basell Parent Company” means
any entity of which the Company is a direct or indirect wholly-owned subsidiary
(other than shares held by qualifying directors or nominal shareholders if
required by applicable law or otherwise due to similar legal
requirements).

         

        “Blavatnik Group” shall mean,
collectively:

         

        
          	
                   
      

                	
                  (1)

                	
                  Mr. Leonard
      Blavatnik, his spouse, direct descendants, siblings, parents, children of
      siblings, or grandchildren, grand nieces and grand nephews, any other
      members of the immediate Blavatnik family,
or

                

          
            
               

            

            
              -42-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      trust or any other entity directly or indirectly controlled by, or for the
      benefit of, one or more members of the Blavatnik family described above,
      or

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      trust (a “Blavatnik Charitable
Trust”):

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  for
      the benefit of a charity created by any member of the Blavatnik family
      described above, or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  to
      which any such member of the Blavatnik family is a substantial donor or
      grantor, or

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  the
      estate, executor, administrator, committee of beneficiaries of any member
      of the Blavatnik Group listed in sub-clause (1) and
    (2);

                

        

         

        provided that, in the case of
paragraphs (3)(a) and (3)(b) of this definition, a member of the
Blavatnik Group described in clauses (1) or (2) of this definition
maintains control thereof.

         

        For
purposes of this definition only, “control” of a Blavatnik Charitable Trust
means the possession of the power to direct or cause the direction of management
and policies of such Blavatnik Charitable Trust in respect of the issued share
capital of the Company owned by such Blavatnik Charitable Trust.

         

        “Board of Directors” means, as
to any person, the board of directors (or similar governing body) of such person
(or, if such person is a partnership and does not have a board of directors (or
similar governing body), the board of directors (or similar governing body) of
such person’s general partner) or any duly authorized committee
thereof.

         

        “Capital Stock”
means:

         

        
          	
                   
      

                	
                  (1)

                	
                  with
      respect to any person that is a corporation, any and all shares or other
      equivalents (however designated and whether or not voting) of corporate
      stock, including each class of Common Stock and Preferred Stock of such
      person and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  with
      respect to any person that is not a corporation, any and all partnership
      interests, participations or other equivalents (however designated and
      whether or not voting) of corporate stock, membership or other equity
      interests of such person.

                

        

         

        “Capitalized Lease Obligation”
means, as to any person, the obligations of such person under a lease that are
required to be classified and accounted for as capital lease obligations under
GAAP and, for purposes of this definition, the amount of such obligations at any
date shall be the capitalized amount of such obligations at such date,
determined in accordance with GAAP.

         

        “Cash Equivalents”
means:

         

        
          	
                   
      

                	
                  (1)

                	
                  time
      deposits or demand deposits in local currencies held by it from time to
      time in the ordinary course of
business,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  an
      obligation, maturing within two years after the date of its acquisition,
      issued or guaranteed by the United States of America, Australia,
      Switzerland, Japan, Canada or any state which was a member state of the
      European Union on December 31, 2003, or an instrumentality or agency
      thereof,

                

        

         

        
          
            
               

            

            
              -43-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (3)

                	
                  a
      certificate of deposit or banker’s acceptance, maturing within one year
      after the date of its acquisition, issued by any lender under the Credit
      Facilities, or a U.S. national or state bank or trust company or a
      European, Canadian, Australian, Swiss or Japanese bank, in each case
      having capital, surplus and undivided profits of at least $100,000,000 and
      whose long-term unsecured debt has a rating of “A” or better by S&P or
      A2 or better by Moody’s or the equivalent rating by any other nationally
      recognized rating agency,

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  commercial
      paper, maturing within 365 days after the date of its acquisition,
      which has a rating of A1 or better by S&P or P1 or better by Moody’s,
      or the equivalent rating by any other nationally recognized rating
      agency,

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  repurchase
      agreements and reverse repurchase agreements with an outstanding term not
      in excess of one year after the date of its acquisition with any financial
      institution which has been elected as a primary government securities
      dealer by the Federal Reserve Board or in respect of instruments set forth
      in clauses (3) or (4) above of the credit quality set forth in
      such applicable clause,

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  “Money
      Market” preferred stock maturing within six months after the date of its
      acquisition or municipal bonds issued by a corporation organized under the
      laws of any state of the United States, Australia, Switzerland, Japan,
      Canada or any state which was a member state of the European Union on
      December 31, 2003 or an instrumentality or agency thereof, which has
      a rating of “A” or better by S&P or Moody’s or the equivalent rating
      by any other nationally recognized rating
  agency,

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  tax
      exempt floating rate option tender bonds backed by letters of credit
      issued by a national or state bank whose long-term unsecured debt has a
      rating of AA or better by S&P or Aa2 or better by Moody’s or the
      equivalent rating by any other nationally recognized rating agency,
      and

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  shares
      of any fund holding assets consisting (except for de minimus amounts) of
      the type specified in clauses (1) through
    (7) above.

                

        

         

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

         

        
          	
                   
      

                	
                  (1)

                	
                  Sponsor
      ceases to hold legally and
beneficially:

                

        

         

        
          	
                   
      

                	
                  (a)

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

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  before
      a Listing, the right to determine the composition of the majority of the
      Board of Directors or equivalent body of the
  Company;

                

        

         

        
          	
                   
      

                	
                  (2)

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

                

        

         

        
          	
                   
      

                	
                  (3)

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

                

          
            
               

            

            
              -44-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (4)

                	
                  the
      adoption by the stockholders of the Company of a plan or proposal for the
      liquidation or dissolution of the Company, or the adoption by the Company
      of a plan for the liquidation or dissolution of the Issuer, other than, in
      each case, a transaction complying with the covenant described under
      “—Certain Covenants—Merger, Consolidation and Sale of
    Assets.”

                

        

         

        “Closing Date” means December
20, 2007.

         

        “Collateral” means,
collectively, all assets and property of the Company and its Subsidiaries that
are from time to time subject to, or required to be subject to, a Lien pursuant
to the Notes Security Documents.

         

        “Common Stock” of any person
means any and all shares, interests or other participations in, and other
equivalents (however designated and whether voting or non-voting) of such
person’s common stock or other equivalents of corporate stock, whether
outstanding on the Issue Date or issued after the Issue Date, and includes,
without limitation, all series and classes of such common stock.

         

        “Consolidated EBITDA” means,
with respect to any person, for any period, the sum (without duplication)
of

         

        
          	
                   
      

                	
                  (1)

                	
                  Consolidated
      Net Income,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  to
      the extent Consolidated Net Income has been reduced
    thereby,

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  after-tax
      items classified as extraordinary
losses,

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  all
      income taxes of such person and its Restricted Subsidiaries paid or
      accrued in accordance with GAAP for such period (other than income taxes
      attributable to extraordinary gains or
losses),

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  Consolidated
      Interest Expense,

                

        

         

        
          	
                   
      

                	
                  (d)

                	
                  Consolidated
      Non-cash Charges,

                

        

         

        
          	
                   
      

                	
                  (e)

                	
                  the
      amount of net loss resulting from the payment of any premiums or similar
      amounts that are required to be paid under the terms of the instrument(s)
      governing any Indebtedness upon the repayment or other extinguishment of
      such Indebtedness in accordance with the terms of such
      Indebtedness,

                

        

         

        
          	
                   
      

                	
                  (f)

                	
                  costs
      and expenses paid in such period that are related to any expense or cost
      reductions that have occurred or are associated with the good faith
      projected cost savings described in clause
  (3) below,

                

        

         

        
          	
                   
      

                	
                  (g)

                	
                  management
      fees and mergers and acquisitions advisory fees paid to the Sponsor during
      such period, and

                

          
            
               

            

            
              -45-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (h)

                	
                  any
      inventory write-up in connection with purchase accounting in respect of
      acquisitions (including, without limitation, the
    Acquisition),

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  the
      amount of net cost savings projected by the Company in good faith to be
      realized by specified actions taken or to be taken prior to or during such
      period; provided that (x) such cost savings are reasonably
      identifiable and factually supportable, (y) such actions have been
      taken or are to be taken within twelve months of the date or determination
      to take such action and the benefit is expected to be realized within
      twelve months of taking such action, and (z) the aggregate amount of
      such cost savings added pursuant to this clause (3) shall not exceed
      $150 million,

                

        

         

        all as
determined on a consolidated basis for such person and its Restricted
Subsidiaries in accordance with GAAP.

         

        “Consolidated First Lien Secured
Leverage Ratio” means the Consolidated Senior Secured Leverage Ratio, but
calculated substituting Consolidated First Lien Senior Secured Debt for
Indebtedness.

         

        "Consolidated First Lien Senior
Secured Debt" means (a) Consolidated Total Debt secured by a Lien on any
assets of the Company or any of its Restricted Subsidiaries (other than (i) any
Indebtedness under Asset Backed Credit Facilities, Receivables Financings or
Qualified Securitization Transactions not prohibited by this Agreement, (ii) any
Loans subject to prepayment out of funds in the Cash Collateral Account and
(iii) any Indebtedness secured by a Lien ranking junior to the Lien securing the
Obligations under the Senior Secured Credit Facilities on a basis at least as
substantially favorable to the lenders thereunder as the basis on which the Lien
securing the Loans ranks junior to the Lien securing the Obligations under the
Senior Secured Credit Facilities) minus (b) Unrestricted Cash.

         

        “Consolidated First Lien Senior
Secured Leverage Ratio” shall mean the Consolidated Senior Secured
Leverage Ratio, but calculated substituting Consolidated First Lien Senior
Secured Debt for Indebtedness.

         

        “Consolidated Fixed Charge Coverage
Ratio” means, with respect to any person, the ratio of Consolidated
EBITDA of such person during the four full fiscal quarters ended either on the
last day of the quarter immediately prior to the Issue Date or, if later, the
last quarter of which shall be the most recent quarter for which financial
statements are available under “—Reports to Holders” (the “Four Quarter Period”)
ending on or prior to the date of the transaction giving rise to the need to
calculate the Consolidated Fixed Charge Coverage Ratio (the “Transaction Date”)
to Consolidated Fixed Charges of such person for the Four Quarter
Period.

         

        In
addition to the foregoing, for purposes of this definition, “Consolidated
EBITDA” and “Consolidated Fixed Charges” shall be calculated after giving effect
on a pro forma basis for the period of such calculation to:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      incurrence or repayment or other reduction or discharge of any
      Indebtedness of such person or any of its Restricted Subsidiaries (and the
      application of the proceeds thereof) giving rise to the need to make such
      calculation and any incurrence or repayment of other Indebtedness (and the
      application of the proceeds thereof), other than the incurrence or
      repayment of Indebtedness in the ordinary course of business for working
      capital purposes pursuant to working capital facilities, occurring during
      the Four Quarter Period or at any time subsequent to the last day of the
      Four Quarter Period and prior to the Transaction Date, as if such
      incurrence or repayment, as the case may be (and the application of the
      proceeds thereof), occurred on the first day of the Four Quarter
      Period;

                

          
            
               

            

            
              -46-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  if
      since the beginning of the Four Quarter Period reference period any person
      was designated as an Unrestricted Subsidiary or redesignated as or
      otherwise became an Unrestricted Subsidiary, such event shall be deemed to
      have occurred on the first day of the Four Quarter Period;
    and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      Asset Sales or Asset Acquisitions (including any Asset Acquisition giving
      rise to the need to make such calculation) occurring during the Four
      Quarter Period or at any time subsequent to the last day of the Four
      Quarter Period and on or prior to the Transaction Date, as if such Asset
      Sale or Asset Acquisition (including the incurrence, assumption or
      liability for any such Acquired Indebtedness) occurred on the first day of
      the Four Quarter Period.

                

        

         

        If such
person or any of its Restricted Subsidiaries directly or indirectly guarantees
Indebtedness of a person other than the Company or a Restricted Subsidiary of
the Company, the preceding paragraph will give effect to the incurrence of such
guaranteed Indebtedness as if such person or any Restricted Subsidiary of such
person had directly incurred or otherwise assumed such guaranteed
Indebtedness.  Furthermore, in calculating “Consolidated Fixed
Charges” for purposes of determining the denominator (but not the numerator) of
this “Consolidated Fixed Charge Coverage Ratio”:

         

        
          	
                   
      

                	
                  (1)

                	
                  interest
      on outstanding Indebtedness determined on a fluctuating basis as of the
      Transaction Date and which will continue to be so determined thereafter
      shall be deemed to have accrued at a fixed rate per annum equal to the
      rate of interest on such Indebtedness in effect on the Transaction
      Date;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  if
      interest on any Indebtedness actually incurred on the Transaction Date may
      optionally be determined at an interest rate based upon a factor of a
      prime or similar rate, a eurocurrency interbank offered rate, or other
      rates, then the interest rate in effect on the Transaction Date will be
      deemed to have been in effect during the Four Quarter Period;
      and

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  notwithstanding
      clause (1) above, interest on Indebtedness determined on a
      fluctuating basis, to the extent such interest is covered by agreements
      relating to Interest Swap Obligations, shall be deemed to accrue at the
      rate per annum resulting after giving effect to the operation of such
      agreements.

                

        

         

        “Consolidated Fixed Charges”
means, with respect to any person for any period, without
duplication:

         

        
          	
                   
      

                	
                  (1)

                	
                  Consolidated
      Interest Expense, plus

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      sum of

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  the
      amount of all dividend payments on any series of Preferred Stock of such
      person and its Restricted Subsidiaries (other than dividends paid in
      Qualified Capital Stock and other than dividends paid to such person or to
      a Restricted Subsidiary of such person) paid or accrued during such
      period; and

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  tax
      actually paid in cash and attributable to the item referred to in
      paragraph (a) above.

                

        

         

        “Consolidated Interest
Expense” means, with respect to any person for any period, without
duplication:

         

        
          
            
               

            

            
              -47-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (1)

                	
                  the
      aggregate of the interest expense of such person and its Restricted
      Subsidiaries for such period determined on a consolidated basis in
      accordance with GAAP, including without
  limitation,

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  any
      amortization of debt discount,

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  the
      net amount paid (or deducting the net amount received) by the Company and
      its Restricted Subsidiaries in respect of the relevant period under
      Interest Swap Obligations or Currency Agreements (to the extent, and only
      to the extent, in respect of interest rate
  protection),

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  all
      capitalized interest, and

                

        

         

        
          	
                   
      

                	
                  (d)

                	
                  the
      interest portion of any deferred payment
  obligation,

                

        

         

        but
excluding, in each case, any amortization or write-off of deferred financing
costs or fees incurred in connection with the Senior Secured Credit Facilities,
the Interim Loan, the Asset Backed Credit Facilities, any Qualified
Securitization Transaction, the issuance of the notes or additional notes or
other notes, in each case, the proceeds of which are used to repay, in full or
in part, the Interim Loan, and any refinancing, replacement, renewal or
modification of the foregoing; and

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      interest component of Capitalized Lease Obligations paid, accrued and/or
      scheduled to be paid or accrued by such person and its Restricted
      Subsidiaries during such period as determined on a consolidated basis in
      accordance with GAAP.

                

        

         

        “Consolidated Leverage Ratio”
means, with respect to any person as of any date of determination, the ratio of
(1) consolidated Indebtedness of such person as of the end of the most
recent fiscal quarter for which financial statements are available under
“—Reports to Holders” to (2) the aggregate amount of the Consolidated
EBITDA of such person for the period of the most recent four consecutive
quarters for which financial statements are available under “—Reports to
Holders,” in each case with such pro forma adjustments to
consolidated Indebtedness and Consolidated EBITDA as are appropriate and
consistent with the pro
forma provisions set forth in the definition of Consolidated Fixed Charge
Coverage Ratio.

         

        “Consolidated Net Income”
means, with respect to any person, for any period:

         

        
          	
                   
      

                	
                  (1)

                	
                  aggregate
      net income (or loss) of such person and its Restricted Subsidiaries for
      such period on a consolidated basis, determined in accordance with GAAP,
      plus

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  cash
      dividends or distributions paid to such person or a Restricted Subsidiary
      of such person by any other person (the “Payor”) other than a Restricted
      Subsidiary of the referent person, to the extent not otherwise included in
      Consolidated Net Income, which have been derived from cash flow of the
      Payor;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  provided
      that there shall be excluded therefrom (but only to the extent included in
      the calculation of the foregoing)

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  after-tax
      gains or losses from Asset Sales or abandonments or reserves relating
      thereto,

                

          
            
               

            

            
              -48-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (b)

                	
                  after-tax
      items classified as extraordinary or non-recurring gains or losses
      (including, for the avoidance of doubt and irrespective of its
      classification, the effect of any impairment of goodwill arising as a
      result of the Acquisition) and any gains or losses on the disposal or
      reversal of impairment losses on
assets,

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  the
      net income of any person acquired in a “pooling of interests” transaction
      accrued prior to the date it becomes a Restricted Subsidiary of the person
      or is merged or consolidated with the person or any Restricted Subsidiary
      of the person,

                

        

         

        
          	
                   
      

                	
                  (d)

                	
                  the
      net income (but not loss) of any Restricted Subsidiary of the person that
      is not a guarantor to the extent that the declaration of dividends or
      similar distributions by that Restricted Subsidiary of that income is
      restricted; provided, however, that the net
      income of Restricted Subsidiaries shall only be excluded in any
      calculation of Consolidated Net Income of the Company as a result of
      application of this clause (d) if the restriction on dividends or
      similar distributions results from consensual restrictions other than any
      restriction contained in clauses (2), (4), (5), (11), (16) and (17) of the
      “Limitation on Dividend and Other Payment Restrictions Affecting
      Subsidiaries” covenant,

                

        

         

        
          	
                   
      

                	
                  (e)

                	
                  the
      net income or loss of any person, other than a Restricted Subsidiary of
      the person, except to the extent of cash dividends or distributions paid
      to the person or to a Restricted Subsidiary of the person by such person
      (net of associated tax),

                

        

         

        
          	
                   
      

                	
                  (f)

                	
                  any
      restoration to income of any contingency reserve, except to the extent
      that provision for such reserve was made out of Consolidated Net Income
      accrued at any time following the Issue
Date,

                

        

         

        
          	
                   
      

                	
                  (g)

                	
                  income
      or loss attributable to discontinued operations (including, without
      limitation, operations disposed of during such period whether or not such
      operations were classified as
discontinued),

                

        

         

        
          	
                   
      

                	
                  (h)

                	
                  in
      the case of a successor to the person by consolidation or merger or as a
      transferee of the referent person’s assets, any earnings or losses of the
      successor corporation prior to such consolidation, merger or transfer of
      assets,

                

        

         

        
          	
                   
      

                	
                  (i)

                	
                  all
      dividends received by the Company as described in clause (d) of the
      second paragraph of the definition of “Indebtedness” to the extent the
      Company is obligated to apply such dividends in the repayment of such
      Indebtedness, and

                

        

         

        
          	
                   
      

                	
                  (j)

                	
                  any
      increase in amortization or depreciation or any one-time non-cash charges
      resulting from purchase accounting in connection with the Acquisition and
      any acquisition that is contemplated after the Issue Date, and any
      increase in amortization as a result of the receipt of any insurance
      proceeds from damage to property.

                

        

         

        “Consolidated Net Tangible
Assets” means, as of any date, the total amount of assets (less
applicable reserves and other properly deductible items) of the Company and its
Restricted Subsidiaries on a consolidated basis, as of the last day of the most
recently ended period for which financial statements were delivered pursuant to
the covenant described under “—Reports to Holders,” determined in accordance
with GAAP, after deducting therefrom (1) all current liabilities (excluding
any thereof which are by their terms extendible or renewable at the option of
the obligor thereon to a time more than 12 months after the time as of which the
amount thereof is being computed and excluding current maturities of long term
debt), and (2) all goodwill, trade names, trademarks, patents, purchased
technology, unamortized debt discount and other like intangible
assets.

         

        
          
            
               

            

            
              -49-

              
                

              

            

            
               

            

          

        

        

        “Consolidated Non-cash
Charges” means, with respect to any person, for any period, the aggregate
depreciation, amortization and other non-cash expenses of such person and its
Restricted Subsidiaries reducing Consolidated Net Income of such person and its
Restricted Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP (excluding any such charges constituting an extraordinary
item or loss or any such charge which requires an accrual of or a reserve for
cash charges for any future period).

         

        “Consolidated Senior Secured Leverage
Ratio” means the Consolidated Leverage Ratio, but calculated by excluding
all Indebtedness other than Senior Secured Indebtedness.

         

        “Contribution Indebtedness”
means Indebtedness of the Company or the Indebtedness of any Restricted
Subsidiary of the Company in an aggregate principal amount not greater than
twice the aggregate amount of cash contributions made to the capital of the
Company or such Restricted Subsidiary after the Issue Date; provided that:

         

        
          	
                   
      

                	
                  (1)

                	
                  if
      the aggregate principal amount of such Contribution Indebtedness is
      greater than one times such cash contributions to the capital of the
      Company or such Restricted Subsidiary, as applicable, the amount in excess
      shall be Indebtedness with a Stated Maturity later than the Stated
      Maturity of the notes; and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  such
      Contribution Indebtedness (a) is incurred within 180 days after the
      making of such cash contributions and (b) is so designated as
      Contribution Indebtedness pursuant to an Officers’ Certificate on the
      Incurrence date thereof.

                

        

         

        “Credit Facilities”
means:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      Senior Secured Credit Facilities,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      Asset Backed Credit Facilities,

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  any
      credit agreement (and related document) or similar instrument, including
      any similar credit support agreements or guarantees, governing other
      revolving credit, working capital or term Indebtedness incurred from time
      to time, and

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  any
      such agreements, instruments or guarantees governing Indebtedness incurred
      to Refinance any Indebtedness or commitments referred to in (1),
      (2) and (3) whether by the same or any other lender or group of
      lenders.

                

        

         

        “Currency Agreement” means any
foreign exchange contract, currency swap agreement or other similar agreement or
arrangement entered into by the Company or any of its Restricted
Subsidiaries.

         

        “Default” means an event or
condition the occurrence of which is, or with the lapse of time or the giving of
notice or both would be, an Event of Default.

         

        “Disqualified Capital Stock”
means that portion of any Capital Stock which, by its terms (or by the terms of
any security into which it is convertible or for which it is exchangeable), or
upon the happening of any event, matures or is mandatorily redeemable (other
than redeemable only for Capital Stock of such person that is not itself
Disqualified Capital Stock), pursuant to a sinking fund obligation or otherwise,
or is redeemable at the sole option of the holder thereof on or prior to the
final maturity date of the notes; provided, however, that any Capital
Stock that would not constitute Disqualified Capital Stock but for provisions
thereof giving holders thereof the right to require such person to purchase or
redeem such Capital Stock upon the occurrence of a “change of control” occurring
prior to the final maturity of the notes shall not constitute Disqualified
Capital Stock if:

         

        
          
            
               

            

            
              -50-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (1)

                	
                  the
      “change of control” provisions applicable to such Capital Stock are not
      more favorable to the holders of such Capital Stock than the terms
      applicable to the notes and described under the caption
      “—Redemption—Repurchase at the Option of Holders upon Change of Control,”
      and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      such requirement only becomes operative after compliance with such terms
      applicable to the notes, including the purchase of any notes tendered
      pursuant thereto.

                

        

         

        Notwithstanding
the preceding sentence, only the portion of such Capital Stock which so matures
or is mandatorily redeemable or is so convertible or exchangeable prior to the
final maturity of the notes shall be so deemed Disqualified Capital
Stock.  The amount of any Disqualified Capital Stock that does not
have a fixed redemption, repayment or repurchase price will be calculated in
accordance with the terms of such Disqualified Capital Stock as if such
Disqualified Capital Stock were redeemed, repaid or repurchased on any date on
which the amount of such Disqualified Capital Stock is to be determined pursuant
to the indenture; provided, however, that if such
Disqualified Stock could not be required to be redeemed, repaid or repurchased
at the time of such determination, the redemption, repayment or repurchase price
will be the book value of such Disqualified Capital Stock as reflected in the
most recent financial statements of such person.

         

        “Dollar Equivalent”
means

         

        “Equistar Notes” means the
$150 million in aggregate principal amount of 7.55% Debentures due 2026 (assumed
by Equistar Chemicals, LP) pursuant to the indenture governing the Equistar
Notes dated as of January 29, 1996 as supplemented by Supplemental Indentures
dated February 15, 1996, December 1, 1997, November 3, 2000 and November 17,
2000, together with any other series of notes created thereunder.

         

        “Equity Offering” means any
sale of Qualified Capital Stock of the Company or any capital contribution to
the equity of the Company.

         

        “Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock
(but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

         

        “euro Equivalent” means with
respect to any monetary amount in a currency other than euro, at any time for
the determination thereof, the amount of euro obtained by converting such
foreign currency involved in such computation into euro at the spot rate for the
purchase of euro with the applicable foreign currency as published under
“Currency Rates” in the section of the Financial Times entitled
“Currencies, Bonds & Interest Rates” on the date two business days
prior to such determination.

         

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

         

        
          
            
               

            

            
              -51-

              
                

              

            

            
               

            

          

        

        

        “GAAP” means generally
accepted accounting principles in the United States of America as in effect on
the date of the Acquisition as adopted by the Company, except as otherwise set
forth in the covenant “Reports to Holders;” provided that the Company may
make a one-time election to switch to International Financial Reporting
Standards, if permitted to do so by the SEC in its filings with the
SEC.  All ratios and calculations based on GAAP contained in the
indenture shall be computed in conformity with GAAP unless the indenture
otherwise provides.

         

        “Hedging Obligations” means,
with respect to any Person, the obligations of such Person under
(i) interest rate swap agreements, interest rate cap agreements and
interest rate collar agreements, (ii) forward foreign exchange contracts or
currency swap agreements, (iii) other agreements or arrangements designed
to protect such Person against fluctuations in interest rates or currency
values, (iv) commodity price protection agreements or commodity price
hedging agreements designed to manage fluctuations in prices or costs of raw
materials, manufactured products or related commodities and (v) emissions
trade agreements.

         

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

         

        “Indebtedness” means with
respect to any person, without duplication,

         

        
          	
                   
      

                	
                  (1)

                	
                  all
      Obligations of such person for borrowed
money,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  all
      Obligations of such person evidenced by bonds, debentures, notes or other
      similar instruments,

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  all
      Capitalized Lease Obligations of such
person,

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  all
      Obligations of such person issued or assumed as the deferred purchase
      price of property that is due more than six months after taking delivery
      of such property, all conditional sale obligations and all Obligations
      under any title retention agreement (but excluding trade accounts payable
      and other accrued liabilities arising in the ordinary course of business
      that are not overdue by 90 days or more or are being contested in
      good faith by appropriate proceedings promptly instituted and diligently
      conducted),

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  all
      Obligations for the reimbursement of any obligor on any letter of credit,
      banker’s acceptance or similar credit
  transaction,

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  guarantees
      in respect of Indebtedness referred to in clauses (1) through
      (5) above and clause (8)
below,

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  all
      Obligations of any other person of the type referred to in clauses
      (1) through (6) which are secured by any lien on any property or
      asset of such person, the amount of such Obligation being deemed to be the
      lesser of the fair market value of such property or asset or the amount of
      the Obligation so secured,

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  all
      net Obligations under Currency Agreements and Interest Swap Obligations of
      such person,

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  all
      Receivables Financings and obligations under Asset Backed Credit
      Facilities, and

                

          
            
               

            

            
              -52-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (10)

                	
                  all
      Disqualified Capital Stock issued by such person and Preferred Stock
      issued by Restricted Subsidiaries of such person with the amount of
      Indebtedness represented by such Disqualified Capital Stock or Preferred
      Stock being equal to the greater of its voluntary or involuntary
      liquidation preference and its maximum fixed repurchase price, but
      excluding accrued dividends, if any

                

        

         

        which, in
the case of (4) above, would appear as a liability on the balance sheet of
such person in accordance with GAAP.

         

        For
purposes hereof, the “maximum fixed repurchase price” of any Disqualified
Capital Stock or Preferred Stock which does not have a fixed repurchase price
shall be calculated in accordance with the terms of such Disqualified Capital
Stock or Preferred Stock as if such Disqualified Capital Stock or Preferred
Stock were purchased on any date on which Indebtedness shall be required to be
determined pursuant to the indenture, and if such price is based upon, or
measured by, the fair market value of such Disqualified Capital Stock or
Preferred Stock, such fair market value shall be determined reasonably and in
good faith by the Board of Directors of the issuer of such Disqualified Capital
Stock or Preferred Stock.

         

        Notwithstanding
the foregoing, “Indebtedness” shall not include:

         

        
          	
                   
      

                	
                  (a)

                	
                  advances
      paid by customers in the ordinary course of business for services or
      products to be provided or delivered in the
  future,

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  deferred
      taxes,

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  unsecured
      indebtedness of the Company and/or its Restricted Subsidiaries incurred to
      finance insurance premiums in a principal amount not in excess of the
      insurance premiums to be paid by the Company and/or its Restricted
      Subsidiaries for a three year period beginning on the date of any
      incurrence of such indebtedness,

                

        

         

        
          	
                   
      

                	
                  (d)

                	
                  Indebtedness
      owed or incurred by any Restricted Subsidiary whose activities are limited
      to holding shares in Qualified Joint Ventures (but only to the extent that
      (a) the creditors under the relevant agreement have no recourse to
      the Company other than such Restricted Subsidiary; and (b) the
      recourse those creditors have to such Restricted Subsidiary is limited to
      the proceeds (if any) of dividends received by such Restricted Subsidiary
      in respect of such Restricted Subsidiary’s investment in such Qualified
      Joint Ventures),

                

        

         

        
          	
                   
      

                	
                  (e)

                	
                  Limited
      Recourse Stock Pledge or any non-recourse guarantee given solely to
      support such pledge,

                

        

         

        
          	
                   
      

                	
                  (f)

                	
                  any
      Indebtedness which has been defeased in accordance with GAAP or defeased
      pursuant to the deposit of cash or government obligations (in an amount
      sufficient to satisfy all such Indebtedness at the Stated Maturity thereof
      or redemption, as applicable, and all payments of interest and premium, if
      any) in a trust or account created or pledged for the sole benefit of the
      holders of such Indebtedness, and subject to no other Liens, and other
      applicable terms of the instrument governing such Indebtedness
      or

                

        

         

        
          	
                   
      

                	
                  (g)

                	
                  Indebtedness
      for which irrevocable notice of redemption has been duly given and for
      which redemption money in the necessary amount has been irrevocably
      deposited with the applicable trustee or paying agent in trust for the
      holders of such Indebtedness.

                

          
            
               

            

            
              -53-

              
                

              

            

            
               

            

          

        

         

        “Independent Financial
Advisor” means a firm which, in the judgment of the Board of Directors of
the Company, is independent and qualified to perform the task for which it is to
be engaged.

         

        “Initial Public Equity
Offering” means a firm commitment underwritten offering of shares of
Capital Stock of the applicable Person (1) registered on an appropriate
form under the Securities Act or any similar offering in other jurisdictions or
(2) listed on an internationally recognised exchange or traded on an
internationally recognised market.

         

        “Intercreditor Agreement”
means (i) the intercreditor agreement dated on or about December 20,
2007 between, amongst others, the Company, certain of its subsidiaries named
therein, the agents under the Senior Secured Credit Facilities and the Interim
Facility and the Trustee, as amended from time to time as permitted thereunder
and (ii) any additional intercreditor agreement entered into by the
Company, the guarantors and the Trustee in compliance with the provisions
described under “—Additional Intercreditor Agreements; Amendments to the
Intercreditor Agreements” above.

         

        “Interest Swap Obligations”
means the obligations of any person pursuant to any arrangement with any other
person, whereby, directly or indirectly, such person is entitled to receive from
time to time periodic payments calculated by applying either a floating or a
fixed rate of interest on a stated notional amount in exchange for payments made
by such other person calculated by applying a fixed or a floating rate of
interest on the same notional amount and shall include, without limitation,
interest rate swaps, caps, floors, collars and similar agreements.

         

        “Interim Loan” means the
Senior Bridge Loan Agreement dated on or about December 20, 2007 by and among
the Issuer, as borrower, the Company, as a parent guarantor, the lenders party
thereto, the administrative agent, and the collateral agent, together with the
documents related thereto (including any term loans and revolving loans
thereunder, and any guarantees and security documents), as amended, extended,
renewed, restated, supplemented or otherwise modified (in whole or in part, and
without limitation as to amount, terms, conditions, covenants and other
provisions) from time to time.

         

        “Investment” means, with
respect to any person, any direct or indirect loan or other extension of credit
(including, without limitation, a guarantee) or capital contribution to (by
means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or
acquisition by such person of any Capital Stock, bonds, notes, debentures or
other securities or evidences of Indebtedness issued by, any other
person.  “Investment” excludes (i) extensions of trade credit,
(ii) commissions, loans, advances, fees and compensation paid in the
ordinary course of business to officers, directors and employees, and
(iii) reimbursement obligations in respect of letters of credit and tender,
bid, performance, government contract, surety and appeal bonds, in each case
solely with respect to obligations of the Company or any of its Restricted
Subsidiaries in accordance with normal trade practices of the Company or such
Restricted Subsidiary, as the case may be.  For the purposes of the
“Limitation on Restricted Payments” covenant,

         

        
          	
                   
      

                	
                  (1)

                	
                  “Investment”
      shall include and be valued at the fair market value of the net assets of
      any Restricted Subsidiary of the Company at the time that such Restricted
      Subsidiary is designated an Unrestricted Subsidiary and shall exclude the
      fair market value of the net assets of any Unrestricted Subsidiary at the
      time that such Unrestricted Subsidiary is designated a Restricted
      Subsidiary of the Company and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      amount of any Investment in any person is the original cost of such
      Investment plus the cost of all additional Investments therein by the
      Company or any of its Restricted Subsidiaries, without any adjustments for
      increases or decreases in value, or write-ups, write-downs or write-offs
      with respect to such Investment, reduced by the payment of dividends or
      distributions in connection with such Investment or any other amounts
      received in respect of such
Investment;

                

          
            
               

            

            
              -54-

              
                

              

            

            
               

            

          

        

         

        provided that no such payment
of dividends or distributions or receipt of any such other amounts shall reduce
the amount of any Investment if such payment of dividends or distributions or
receipt of any such amounts would be included in Consolidated Net
Income.

         

        If the
Company or any Restricted Subsidiary of the Company sells or otherwise disposes
of any Common Stock of any direct or indirect Restricted Subsidiary of the
Company such that, after giving effect to any such sale or disposition, the
Company no longer owns, directly or indirectly, greater than 50% of the
outstanding Common Stock of such Restricted Subsidiary, the Company will be
deemed to have made an Investment on the date of any such sale or disposition
equal to the fair market value of the Common Stock of such Restricted Subsidiary
not sold or disposed of.

         

        “Investment Grade Rating”
means a rating of BBB- or higher by S&P and Baa3 or higher by Moody’s and,
in each case, has a stable or positive outlook.  In the event that the
Company selects any other Rating Agency pursuant to the provisions of the
definition thereof, the equivalent of such ratings by such Rating Agency shall
be used.

         

        “Issue Date” means the date on
which notes are first issued under the indenture.

         

        “Lien” means any lien,
mortgage, deed of trust, pledge, security interest, charge or encumbrance of any
kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof and any agreement to give any security interest),
but not including any interests in accounts receivable and related assets
conveyed by the Company or any of its subsidiaries in connection with any
Qualified Securitization Transaction.

         

        “Limited Recourse Stock
Pledge” means the pledge of the Equity Interests in any joint venture
(that is not a Restricted Subsidiary) or any Unrestricted Subsidiary to secure
non-recourse debt of such joint venture or Unrestricted Subsidiary, which pledge
is made by a Restricted Subsidiary of the Company, the activities of which are
limited to making and managing Investments, and owning Equity Interests, in such
joint venture or Unrestricted Subsidiary, but only for so long as its activities
are so limited.

         

        “Listing” shall mean a listing
of all or any part of the share capital of the Company or any of its
subsidiaries or any Holding Company of the Company or any of its subsidiaries
(excluding Access Industries, Inc., the Sponsor (to the extent not a
subsidiary of the Company) and any such Holding Company of the Company or any of
its subsidiaries, but in each case only if a majority of the investments of such
company are not constituted by the Company or any of its subsidiaries) on any
investment exchange or any other sale or issue by way of flotation or public
offering or any equivalent circumstances in relation to the Company or any of
its subsidiaries or any Holding Company of the Company or any of its
subsidiaries (excluding Access Industries, Inc., the Sponsor (to the extent not
a subsidiary of the Company) and any such Holding Company of the Company or any
of its subsidiaries, but in each case only if a majority of the investments of
such company are not constituted by the Company or any of its subsidiaries) in
any jurisdiction or country.

         

        “Management Agreement” means
that Agreement as amended from time to time and as described under the section
“Related Party Transactions—Agreement.”

         

        “Moody’s” means Moody’s Investors Service,
Inc. and its successors.

         

        
          
            
               

            

            
              -55-

              
                

              

            

            
               

            

          

        

        

        “Net Cash Proceeds” means,
with respect to any Asset Sale, the proceeds (including cash received from the
sale of non-cash consideration) in the form of cash or Cash Equivalents
including payments in respect of deferred payment obligations when received in
the form of cash or Cash Equivalents (other than the portion of any such
deferred payment constituting interest) received by the Company or any of its
Restricted Subsidiaries from such Asset Sale net of

         

        
          	
                   
      

                	
                  (1)

                	
                  all
      out-of-pocket expenses and fees relating to such Asset Sale (including,
      without limitation, legal, accounting and investment banking fees and
      sales commissions),

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  taxes
      paid or payable after taking into account any reduction in consolidated
      tax liability due to available tax credits or deductions and any tax
      sharing arrangements,

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  repayment
      of Indebtedness that is required to be repaid in connection with such
      Asset Sale,

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  all
      distributions and other payments required to be made to minority interest
      holders in subsidiaries or joint ventures as a result of such Asset Sale
      or to any other person (other than the Company or a Restricted Subsidiary
      of the Company) owning a beneficial interest in the assets disposed of in
      such Asset Sale,

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  the
      decrease in proceeds from Qualified Securitization Transactions which
      results from such Asset Sale and

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  appropriate
      amounts to be provided by the Company or any Restricted Subsidiary of the
      Company, as a reserve, in accordance with GAAP, against any liabilities
      associated with such Asset Sale and retained by, the Company or any
      Restricted Subsidiary of the Company, after such Asset Sale, including,
      without limitation, pension and other post-employment benefit liabilities,
      liabilities related to environmental matters and liabilities under any
      indemnification obligations associated with such Asset
    Sale.

                

        

         

        “Notes Security Documents”
means the mortgages, pledges, security agreements or similar agreements or
related documents pursuant to which Liens are granted on property or assets in
favor of the Trustee (on its own behalf and on behalf of the
holders).

         

        “Obligations” means all
obligations for principal, premium, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

         

        “Parent” means BI S.à r.l., a
société à responsabilité
limitée incorporated under the laws of the Grand Duchy of
Luxembourg.

         

        “Pari Passu Indebtedness”
means, in the case of the notes, any Indebtedness of the Company that ranks
equally in right of payment with the notes and, in the case of the guarantees,
any Indebtedness of the applicable guarantor that ranks equally in right of
payment to the guarantee of such guarantor.

         

        “Paying Agent” means any
Person (other than the Company and any of its Affiliates) authorized by the
Company to pay the principal of (and premium, if any) or interest on any notes
on behalf of the Company and perform all the other obligations and duties of a
“Paying Agent” described in the indenture.

         

        “PBGC Settlement” means the
settlement agreement between LCC and the Pension Benefit Guaranty Corporation
(or any successor entity) as amended, modified, restated or replaced from time
to time.

         

        
          
            
               

            

            
              -56-

              
                

              

            

            
               

            

          

        

        

        “Permitted Business” means any
business which is the same, similar, related or complementary to the businesses
in which the Company and its Restricted Subsidiaries were engaged on the Issue
Date (including, for the avoidance of doubt, following consummation of the
Acquisition), except to the extent that after engaging in any new business, the
Company and its Restricted Subsidiaries, taken as a whole, remain substantially
engaged in similar or related lines of business as were conducted by them on the
Issue Date.

         

        “Permitted Collateral Lien”
means the following types of Liens:

         

        
          	
                   
      

                	
                  (1)

                	
                  Liens
      on the Collateral (a) to secure the notes (including any additional
      notes) or (b) securing Indebtedness permitted to be incurred pursuant
      to the indenture, provided that the
      assets and properties securing such Indebtedness referred to in this
      subclause (b) will also secure the notes on at least a second ranking
      basis; provided
      further that, after giving effect to the incurrence of such
      Indebtedness referred to in this clause (1), the Consolidated Senior
      Secured Leverage Ratio is less than 4.25:1 on the date of
      incurrence;

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  Liens
      on the Collateral securing Indebtedness under the Senior Secured Credit
      Facilities permitted to be incurred pursuant to clause (2) of the
      definition of Permitted Indebtedness or securing the Incremental Facility
      (as defined in the Senior Secured Credit Facilities) permitted to be
      incurred pursuant to the indenture, provided that the
      assets and properties securing such Indebtedness will also secure the
      notes;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  Liens
      on any property or assets of a Restricted Subsidiary of the Company
      granted in favor of the Company or any of its subsidiaries which are
      Guarantors; provided that any Liens
      of the type described in this clause (3) will be subject to the Liens
      granted and evidenced by the Notes Security
  Documents;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  Liens
      securing obligations of the Company or any Restricted Subsidiary of the
      Company under Hedging Obligations permitted under the covenant described
      under “—Limitation on Incurrence of Additional Indebtedness”, provided that each of
      the parties thereto will have entered into the Intercreditor Agreement and
      that such Liens may not extend to or cover any assets or property other
      than the assets and properties that secure the
  notes;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  Liens
      as in effect on the Issue Date securing the 2015 Notes and Liens on
      Collateral permitted under clause (2) above which also secure, the Arco
      Notes or the Equistar Notes;

                

        

         

        
          	
                   
      

                	
                  (6)

                	
                  any
      extension, renewal or replacement, in whole or in part, of any Lien
      described in the foregoing clauses (1) through (5) and clause
      (7) below; provided that any such
      extension, renewal or replacement will be no more restrictive in any
      material respect than the Lien so extended, renewed or replaced and will
      not extend in any material respect to any additional property or assets;
      and

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  Liens
      described in clauses (1), (3), (4), (6), (7), (8), (9), (10), (12), (13),
      (14), (16) (but only in respect of Liens described in clauses
      (1) and (12)), (17) , (19) through (22) and (28) of
      the definition of Permitted Liens.

                

        

         

        “Permitted Investments”
means:

         

        
          	
                   
      

                	
                  (1)

                	
                  Investments
      by the Company or any Restricted Subsidiary of the Company in any person
      that is or will become immediately after such Investment a Restricted
      Subsidiary of the Company or that will merge or consolidate into the
      Company or a Restricted Subsidiary of the
  Company;

                

          
            
               

            

            
              -57-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  Investments
      in the Company by any Restricted Subsidiary of the Company; provided that any
      Indebtedness evidencing such Investment is unsecured and subordinated
      (other than pursuant to intercompany notes pledged under the Credit
      Facilities), pursuant to a written agreement, to the Company’s obligations
      under the notes and the indenture;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  Investments
      in cash and Cash Equivalents;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  loans
      and advances to employees and officers of the Company and its subsidiaries
      in the ordinary course of business or as required by applicable law or for
      travel, relocation and related
expenses;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  Investments
      in subsidiaries of the Company or joint ventures not to exceed
      (A) the greater of (i) $500 million or (ii) 2% of
      Consolidated Net Tangible Assets, plus
(B)

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  the
      aggregate amount net of tax withheld at source returned in cash on or with
      respect to any Investments made in Unrestricted Subsidiaries and joint
      ventures whether through interest payments, principal payments, dividends
      or other distributions or payments on account of such
      Investment,

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  the
      cash proceeds net of tax withheld at source received by the Company or any
      Restricted Subsidiary of the Company from the disposition of all or any
      portion of such Investments (other than to a Restricted Subsidiary of the
      Company),

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  upon
      redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary of
      the Company, the fair market value of such subsidiary,
  and

                

        

         

        
          	
                   
      

                	
                  (d)

                	
                  Investments
      in Specified Joint Ventures in an amount not to exceed
      $20 million;

                

        

         

        provided, however, that the net
after-tax amount has not been included in Consolidated Net Income for the
purpose of calculating clause (c)(i) in the covenant described in “Limitation on
Restricted Payments” above;

         

        
          	
                   
      

                	
                  (6)

                	
                  Investments
      in securities received pursuant to any plan of reorganization or similar
      arrangement upon the bankruptcy or insolvency of any debtors of the
      Company or its Restricted Subsidiaries or received in settlement of debts
      created in the ordinary course of business and owing to the Company or a
      Restricted Subsidiary of the Company or in satisfaction of judgments or in
      settlement of any litigation or
arbitration;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  Investments
      made by the Company or its Restricted Subsidiaries as a result of
      consideration received in connection with an Asset Sale made in compliance
      with the “Limitation on Asset Sales”
covenant;

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  Investments
      existing on the Issue Date;

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  any
      Investment by the Company or a wholly owned subsidiary of the Company in a
      Securitization Entity or any Investment by a Securitization Entity in any
      other person in connection with a Qualified Securitization Transaction;
      provided that any
      Investment in a Securitization Entity is in the form of a purchase money
      note or an equity interest;

                

        

         

        
          	
                   
      

                	
                  (10)

                	
                  payments
      to any Basell Parent Company for the purposes described in clause (5)
      of the second paragraph of “—Certain Covenants—Limitation on Restricted
      Payments” which, when aggregated with the payment made under such clause,
      will not exceed €1.5 million in any fiscal
  year;

                

        

         

        
          
            
               

            

            
              -58-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (11)

                	
                  any
      Indebtedness of the Company to any of its subsidiaries incurred in
      connection with the purchase of accounts receivable and related assets by
      the Company from any such subsidiary which assets are subsequently
      conveyed by the Company to a Securitization Entity in a Qualified
      Securitization Transaction;

                

        

         

        
          	
                   
      

                	
                  (12)

                	
                  Investments
      through the licensing of technology in a person that is or will be as a
      result of such Investment a Qualified Joint
  Venture;

                

        

         

        
          	
                   
      

                	
                  (13)

                	
                  purchase
      of shares of Shell and BASF required to satisfy Basell B.V.’s obligations
      under its stock option plans and stock appreciation rights as such plans
      were in effect on the Issue Date;

                

        

         

        
          	
                   
      

                	
                  (14)

                	
                  Investments
      held by any person (other than an Affiliate of the Company) that becomes a
      Restricted Subsidiary of the Company; provided that such
      Investments were not acquired in contemplation of the acquisition of such
      person;

                

        

         

        
          	
                   
      

                	
                  (15)

                	
                  Hedging
      Obligations entered into in the ordinary course of business and otherwise
      permitted under the indenture;

                

        

         

        
          	
                   
      

                	
                  (16)

                	
                  Limited
      Recourse Stock Pledges; and

                

        

         

        
          	
                   
      

                	
                  (17)

                	
                  any
      Investment in a Permitted Business having an aggregate fair market value,
      taken together with all other Investments made pursuant to this
      clause (17) that are at that time outstanding, not to exceed
      $250 million (with the fair market value of each such Investment
      being measured at the time made and without giving effect to subsequent
      changes in value).

                

        

         

        “Permitted Liens” means the
following types of Liens:

         

        
          	
                   
      

                	
                  (1)

                	
                  Liens
      existing on the Issue Date (including the extension, re-issuance or
      renewal of such Liens);

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  Liens
      securing Indebtedness under Credit Facilities permitted to be incurred
      pursuant to, and in an amount no greater than that specified in,
      clause (2) of the definition of “Permitted
    Indebtedness”;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  Liens
      securing Indebtedness under Asset Backed Credit Facilities permitted by
      clause (14)(i) of the definition of “Permitted Indebtedness”
      contained in the covenant under the caption “Limitation on Incurrence of
      Additional Indebtedness”;

                

        

         

        
          	
                   
      

                	
                  (4)

                	
                  Liens
      on any property or assets of a Restricted Subsidiary of the Company that
      is not a guarantor granted in favor of the Company, a Restricted
      Subsidiary of the Company that is a guarantor or any wholly-owned
      Restricted Subsidiary of the
Company;

                

        

         

        
          	
                   
      

                	
                  (5)

                	
                  Liens
      securing any Capitalized Lease Obligation and Liens to secure Indebtedness
      (including Capitalized Lease Obligations) permitted by clause (13)(b)
      of the definition of “Permitted Indebtedness” covering only the property
      or assets acquired with such
Indebtedness;

                

          
            
               

            

            
              -59-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (6)

                	
                  Liens
      arising out of conditional sale, title retention, consignment or similar
      arrangements for the sale of goods entered into by the Company or any
      Restricted Subsidiary of the Company in the ordinary course of
      business;

                

        

         

        
          	
                   
      

                	
                  (7)

                	
                  statutory
      Liens of landlords and carriers, warehousemen, mechanics, suppliers,
      materialmen, repairmen, employees, pension plan administrators or other
      like Liens arising in the ordinary course of business of the Company or
      any Restricted Subsidiary of the Company and with respect to amounts not
      yet subject to penalties for non-payment or being contested in good faith
      by appropriate proceedings or Liens arising solely by virtue of any
      statutory or common law provisions relating to attorney’s liens or
      bankers’ liens, rights of set-off or similar rights and remedies as to
      deposit accounts or other funds maintained with a creditor depositary
      institution;

                

        

         

        
          	
                   
      

                	
                  (8)

                	
                  Liens
      for taxes, assessments, government charges or claims that are extinguished
      within 60 days of notice of their existence, are not yet subject to
      penalties for non-payment or that are being contested in good faith by
      appropriate proceedings;

                

        

         

        
          	
                   
      

                	
                  (9)

                	
                  Liens
      incurred or deposits made to secure the performance of tenders, bids or
      trade or government contracts, or to secure leases, statutory or
      regulatory obligations, surety, judgment or appeal bonds, completion
      guarantee, surety, letters of credit, performance bonds, guarantees or
      other obligations of a like nature incurred in the ordinary course of
      business (other than obligations for the payment of borrowed
      money);

                

        

         

        
          	
                   
      

                	
                  (10)

                	
                  zoning
      restrictions, minor survey exceptions, minor encumbrances, easements,
      licenses, reservations of, or rights of others for, licenses reservations,
      title defects, rights of others for rights-of-way, utilities, sewers,
      electrical lines, telephone lines, telegraph wires, restrictions,
      encroachments and other similar charges, encumbrances or title defects or
      zoning or other restrictions as to the use of real property or Liens
      incurred in the ordinary course of business that do not in the aggregate
      materially interfere with in any material respect the ordinary conduct of
      the business of the Company and its Restricted Subsidiaries on the
      properties subject thereto, taken as a
whole;

                

        

         

        
          	
                   
      

                	
                  (11)

                	
                  Liens
      arising by reason of any judgment, decree or order of any court so long as
      any appropriate legal proceedings that may have been duly initiated for
      the review of such judgment, decree or order shall not have been finally
      terminated or the period within which such proceedings may be initiated
      shall not have expired;

                

        

         

        
          	
                   
      

                	
                  (12)

                	
                  Liens
      on property of, or on shares of Capital Stock or Indebtedness of, any
      person existing at the time such property or person is acquired by, merged
      with or into or consolidated with, the Company or any Restricted
      Subsidiary of the Company; provided that such
      Liens (a) do not extend to or cover any property or assets of the
      Company or any Restricted Subsidiary of the Company other than the
      property or assets acquired (other than assets and property affixed or
      appurtenant thereto) or than those of the Person merged into or
      consolidated with the Company or Restricted Subsidiary of the Company and
      (b) were created prior to, and not in connection with or in
      contemplation of, such acquisition, merger or
    consolidation;

                

        

         

        
          	
                   
      

                	
                  (13)

                	
                  Liens
      securing Hedging Obligations of the Company or any Restricted Subsidiary
      of the Company permitted under clause (4) of the definition of
      “Permitted Indebtedness” or any collateral for the Indebtedness to which
      such Hedging Obligations relate;

                

          
            
               

            

            
              -60-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (14)

                	
                  Liens
      incurred or deposits made in the ordinary course of business in connection
      with workers’ compensation, unemployment insurance and other types of
      social security or other insurance (including unemployment
      insurance);

                

        

         

        
          	
                   
      

                	
                  (15)

                	
                  Liens
      made to secure obligations arising from statutory, regulatory,
      contractual, or warranty requirements of the Company or any Restricted
      Subsidiary of the Company in the ordinary course of business, including
      rights of offset and set-off;

                

        

         

        
          	
                   
      

                	
                  (16)

                	
                  any
      extension, amendment, renewal or replacement, in whole or in part, of any
      Lien described in the foregoing clauses (1) through (15); provided that any such
      extension, renewal or replacement shall be no more restrictive in any
      material respect than the Lien so extended, amended, renewed or replaced
      and shall not extend to any additional property or
  assets;

                

        

         

        
          	
                   
      

                	
                  (17)

                	
                  Liens
      securing Indebtedness incurred to refinance, refund, extend, renew or
      replace Indebtedness that has been secured by a Lien permitted by the
      indenture; provided that
      (a) such new Lien shall be limited to all or part of the same
      property and assets that secured or, under the written agreements pursuant
      to which the original Lien arose, could secure the original Lien plus
      improvements and accessions to, such property or proceeds or distributions
      thereof); and (b) the Indebtedness secured by such Lien at such time
      is not increased to any amount greater than the sum of (i) the
      outstanding principal amount or, if greater, committed amount of the
      Indebtedness at the time the original Lien became a Permitted Lien and
      (ii) an amount necessary to pay any fees and expenses, including
      premiums, related to such refinancing, refunding, extension, renewal or
      replacement;

                

        

         

        
          	
                   
      

                	
                  (18)

                	
                  Liens
      in favor of the Company or any Restricted Subsidiary of the
      Company;

                

        

         

        
          	
                   
      

                	
                  (19)

                	
                  Liens
      securing Indebtedness incurred to finance the construction, purchase or
      lease of, or repairs, improvements or additions to, property, plant or
      equipment of such Person;

                

        

         

        
          	
                   
      

                	
                  (20)

                	
                  Liens
      in favor of customs and revenue authorities arising as a matter of law to
      secure payment of customs duties in connection with the importation of
      goods;

                

        

         

        
          	
                   
      

                	
                  (21)

                	
                  any
      interest or title of a lessor in the property subject to any lease other
      than a Capitalized Lease
Obligations;

                

        

         

        
          	
                   
      

                	
                  (22)

                	
                  Liens
      upon specific items of inventory or other goods and proceeds of any Person
      securing such person’s obligations in respect of banker’s acceptances
      issues or credit for the account of such person to facilitate the
      purchase, shipment or storage of such inventory or other
      goods;

                

        

         

        
          	
                   
      

                	
                  (23)

                	
                  Liens
      granted to the trustee for its compensation and indemnities pursuant to
      the indenture;

                

        

         

        
          	
                   
      

                	
                  (24)

                	
                  lease
      or subleases or licenses or sublicenses of real property granted in the
      ordinary course of business to others that do not materially interfere
      with the ordinary course of business of the Company and the Restricted
      Subsidiaries of the Company;

                

        

         

        
          	
                   
      

                	
                  (25)

                	
                  Liens
      incurred in the ordinary course of business of the Company or any
      Restricted Subsidiary of the Company with respect to obligations that do
      not exceed $250 million at any one time
  outstanding;

                

          
            
               

            

            
              -61-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (26)

                	
                  Liens
      on receivables and assets related thereto incurred in connection with a
      Qualified Securitization
Transaction;

                

        

         

        
          	
                   
      

                	
                  (27)

                	
                  Liens
      over shares in joint-ventures or in any Restricted Subsidiary of the
      Company acting as a special purpose vehicle with the sole purpose to hold
      shares in a joint-venture to secure Indebtedness or other obligations of
      such joint-venture or Restricted Subsidiary of the
  Company;

                

        

         

        
          	
                   
      

                	
                  (28)

                	
                  any
      netting or set-off arrangements entered into by the Company or any
      Restricted Subsidiary of the Company in the ordinary course of its banking
      arrangements (including, for the avoidance of doubt, cash pooling
      arrangements) for the purposes of netting debit and credit balances of the
      Company or any Restricted Subsidiary of the Company (including pursuant to
      any Treasury Services Agreement);

                

        

         

        
          	
                   
      

                	
                  (29)

                	
                  Liens
      resulting from any Limited Recourse Stock
  Pledge;

                

        

         

        
          	
                   
      

                	
                  (30)

                	
                  any
      Lien arising as a result of a sale, transfer or other disposal which is an
      Asset Sale in compliance with “—Limitation on Asset
  Sales”;

                

        

         

        
          	
                   
      

                	
                  (31)

                	
                  Liens
      securing Acquired Indebtedness permitted to be incurred under the
      indenture; provided that such
      Liens were in existence prior to the contemplation of the incurrence of
      such Indebtedness under the indenture; provided further such
      Liens do not extend to or over any property or assets not subject to such
      Lien at the time of such incurrence other than any assets acquired
      thereafter which are required to be pledged pursuant to the terms of such
      Indebtedness;

                

        

         

        
          	
                   
      

                	
                  (32)

                	
                  from
      and after the first date when the notes have an Investment Grade Rating,
      any Liens other than on any manufacturing facility in the United States
      and any Member State of the European Union (as it existed on
      December 31, 2003);

                

        

         

        
          	
                   
      

                	
                  (33)

                	
                  Liens
      arising by reason of deposits necessary to qualify the Issuer or any other
      Restricted Subsidiary of the Company to conduct business, maintain self
      insurance or comply with any law and Liens securing the PBGC Settlement;
      and

                

        

         

        
          	
                   
      

                	
                  (34)

                	
                  Permitted
      Collateral Liens.

                

        

         

        “Preferred Stock” of any
person means any Capital Stock of such person that has preferential rights to
any other Capital Stock of such person with respect to dividends or redemptions
or upon liquidation.

         

        “Public Indebtedness” means
any indebtedness consisting of bonds, debentures, notes or other similar debt
securities issued in (a) a public offering registered under the Securities
Act, (b) listed on a recognized securities exchange or (c) a private
placement to institutional investors that is underwritten for resale in
accordance with Rule 144A or Regulation S, whether or not it includes
registration rights entitling the holders of such debt securities to
registration thereof with the U.S. Securities Exchange Commission for public
resale.

         

        “Qualified Capital Stock”
means any Capital Stock that is not Disqualified Capital Stock.

         

        “Qualified Development Agency
Debt” means Indebtedness which (i) has a Weighted Average Life to
Maturity at least 6 months longer than the notes, (ii) bears interest
at a rate lower than the lowest rate on the Senior Secured Credit Facilities at
the date such Indebtedness is incurred, and (iii) is issued by, or
guaranteed by, a state development bank or like governmental agency or
organization.

         

        
          
            
               

            

            
              -62-

              
                

              

            

            
               

            

          

        

        

        “Qualified Joint Venture”
means (1) any person that is not a subsidiary of the Company or any of its
Restricted Subsidiaries that the Company or any of its Restricted Subsidiaries
has a direct or indirect ownership interest in that is engaged in a Permitted
Business or (2) any entity through which the Company has an ownership
interest as described in clause (1), in the case of (1) and (2), for which
the Sponsor does not hold an ownership interest (other than through its
ownership interest in the Company).

         

        “Qualified Securitization
Transaction” means any transaction or series of transactions that may be
entered into by the Company or any of its Restricted Subsidiaries pursuant to
which the Company or any of its Restricted Subsidiaries may sell, convey or
otherwise transfer pursuant to customary terms to

         

        
          	
                   
      

                	
                  (1)

                	
                  a
      Securitization Entity or to the Company which subsequently transfers to a
      Securitization Entity (in the case of a transfer by the Company or any of
      its subsidiaries) and

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      other person (in the case of transfer by a Securitization Entity), or may
      grant a security interest in any accounts receivable (whether now existing
      or arising or acquired in the future) of the Company or any of its
      Restricted Subsidiaries, and any assets related thereto including, without
      limitation, all collateral securing such accounts receivable, all
      contracts and contract rights and all guarantees or other obligations in
      respect of such accounts receivable, proceeds of such accounts receivable
      and other assets (including contract rights) which are customarily
      transferred or in respect of which security interests are customarily
      granted in connection with asset securitization transactions involving
      accounts receivable.

                

        

         

        Following
the Initial Public Equity Offering of a Basell Parent Company, references in the
foregoing definition to “the Company” shall be deemed also to refer to such
Basell Parent Company.

         

        “Rating Agency” means
(1) S&P or (2) Moody’s or (3) if neither S&P nor Moody’s
shall exist, a nationally recognized securities rating agency or agencies, as
the case may be, selected by the Company, which shall be substituted for S&P
or Moody’s or both, as the case may be.

         

        “Receivables Financings” means
factoring, securitizations of receivables or any other receivables financing
(including, without limitation, through the sale of receivables in a factoring
arrangement or through the sale of receivables to lenders or to special purpose
entities formed to borrow from such lenders against such receivables), whether
or not recourse to the Company or any of its Restricted
Subsidiaries.

         

        “Refinance” means, in respect
of any security or Indebtedness, to refinance, extend, renew, refund, replace,
repay, prepay, redeem, defease or retire, or to issue a security or Indebtedness
in exchange or replacement for, such security or Indebtedness in whole or in
part. “Refinanced” and “Refinancing” shall have correlative
meanings.

         

        “Refinancing Indebtedness”
means any Refinancing by the Company or any Restricted Subsidiary of the Company
of Indebtedness incurred in accordance with the Fixed Charge Coverage Ratio test
set forth in the “Limitation on Incurrence of Additional Indebtedness” covenant
or Indebtedness described in clauses (1), (3), (10), (17), (18) or (19) of
the definition of “Permitted Indebtedness,” in each case that does
not

         

        
          
            
               

            

            
              -63-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (1)

                	
                  result
      in an increase in the aggregate principal amount of Indebtedness of such
      person as of the date of such proposed Refinancing (plus the amount of any
      premium required to be paid under the terms of the instrument governing
      such Indebtedness and plus the amount of reasonable expenses and fees
      incurred by the Company in connection with such Refinancing)
      or

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  create
      Indebtedness with

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  a
      Weighted Average Life to Maturity that is less than the Weighted Average
      Life to Maturity of the Indebtedness being Refinanced;
  or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  a
      final maturity earlier than the final maturity of the Indebtedness being
      Refinanced;

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  comprise
      Indebtedness, Disqualified Stock or Preferred Stock of a subsidiary of the
      Company (other than the Issuer) that is not a guarantor that refinances
      Indebtedness, Disqualified Stock or Preferred Stock of the Company, the
      Issuer or any guarantor;

                

        

         

        provided that if such
Indebtedness being Refinanced is subordinated or junior to the notes, then such
Refinancing Indebtedness shall be subordinated on terms at least as favorable to
holders of the notes as those contained in the documentation governing the
Indebtedness being Refinanced.

         

        “Registration Rights
Agreement” means the Registration Rights Agreement to be dated the Issue
Date among the Issuer, the Company, the other guarantors and the Initial
Purchasers.

         

        “Responsible Officer” means
any officer within the Corporate Trust Administration group of the Trustee (or
any successor group of the Trustee) or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

         

        “Restricted Investment” means
an Investment other than a Permitted Investment.

         

        “Restricted Payment” means
to

         

        
          	
                   
      

                	
                  (1)

                	
                  declare
      or pay any dividend or make any distribution, other than dividends or
      distributions payable in Qualified Capital Stock of the Company and
      dividends or distributions payable solely to the Company or a Restricted
      Subsidiary of the Company, and other than pro rata dividends or other
      distributions made by a Subsidiary that is not a wholly-owned Subsidiary
      to minority shareholders (or owners of an equivalent interest in the case
      of a Subsidiary that is an entity other than a corporation), on or in
      respect of shares of the Company’s Capital Stock to holders of such
      Capital Stock,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  purchase,
      redeem or otherwise acquire or retire for value any Capital Stock of the
      Company or any warrants, rights or options to purchase or acquire shares
      of any class of such Capital Stock,

                

        

         

        
          	
                   
      

                	
                  (3)

                	
                  make
      any principal payment on, purchase, defease, redeem, prepay, decrease or
      otherwise acquire or retire for value, prior to any scheduled final
      maturity, scheduled repayment or scheduled sinking fund payment, any
      Indebtedness of the Company that is subordinate or junior in right of
      payment to the notes (other than the purchase, repurchase or other
      acquisition of Indebtedness of the Company that is subordinate or junior
      in right of payment to the notes purchased in anticipation of satisfying a
      sinking fund obligation, principal installment or final maturity, in each
      case, due within one year of the date of such purchase, repurchase or
      other acquisition or which is owed to a Restricted Subsidiary of the
      Company) or

                

        

         

        
          
            
               

            

            
              -64-

              
                

              

            

            
               

            

          

        

        

        
          	
                   
      

                	
                  (4)

                	
                  make
      any Investment other than Permitted
Investments.

                

        

         

        “Restricted Subsidiary” of any
person means any subsidiary of such person which at the time of determination is
not an Unrestricted Subsidiary.

         

        “S&P” means
Standard & Poor’s Ratings Services or any successor to the rating
agency business thereof.

         

        “Sale and Leaseback
Transaction” means any direct or indirect arrangement with any person or
to which any such person is a party, providing for the leasing to the Company or
a Restricted Subsidiary of the Company of any property, whether owned by the
Company or any Restricted Subsidiary of the Company on the Issue Date or later
acquired, which has been or is to be sold or transferred by the Company or such
Restricted Subsidiary to such person or to any other person from whom funds have
been or are to be advanced by such person on the security of such
property.

         

        “Securitization Entity” means
an entity to which the Company or any subsidiary of the Company transfers
accounts receivable or equipment and related assets which engages in no
activities other than in connection with the financing of accounts receivable or
equipment and which is designated by the Board of Directors of the Company (as
provided below) as a Securitization Entity

         

        
          	
                   
      

                	
                  (1)

                	
                  no
      portion of the Indebtedness or any other Obligations (contingent or
      otherwise) of which

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  is
      guaranteed by the Company or any subsidiary of the Company (other than the
      Securitization Entity), excluding guarantees of Obligations (other than
      the principal of, and interest on, Indebtedness) pursuant to Standard
      Securitization Undertakings,

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  is
      recourse to or obligates the Company or any subsidiary of the Company
      (other than the Securitization Entity) in any way other than pursuant to
      Standard Securitization Undertakings
or

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  subjects
      any property or asset of the Company or any subsidiary of the Company
      (other than the Securitization Entity), directly or indirectly,
      contingently or otherwise, to the satisfaction thereof, other than
      pursuant to Standard Securitization Undertakings and other than any
      interest in the accounts receivable or equipment and related assets being
      financed (whether in the form of an equity interest in such assets or
      subordinated indebtedness payable primarily from such financed assets)
      retained or acquired by the Company or any subsidiary of the
      Company,

                

        

         

        
          	
                   
      

                	
                  (2)

                	
                  with
      which neither the Company nor any subsidiary of the Company has any
      material contract, agreement, arrangement or understanding other than on
      terms no less favorable to the Company or such subsidiary than those that
      might be obtained at the time from persons that are not Affiliates of the
      Company, other than fees payable in the ordinary course of business in
      connection with servicing receivables of such entity (other than Standard
      Securitization Undertakings), and

                

          
            
               

            

            
              -65-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (3)

                	
                  to
      which neither the Company nor any subsidiary of the Company has any
      obligation to maintain or preserve such entity’s financial condition or
      cause such entity to achieve certain levels of operating results (other
      than Standard Securitization
Undertakings).

                

        

         

        Any such
designation by the Board of Directors of the Company shall be evidenced to the
Trustee by filing with the Trustee a certified copy of the resolution of the
Board of Directors of the Company giving effect to such designation and an
officers’ certificate certifying that such designation complied with the
foregoing conditions.  Following the Initial Public Equity Offering of
a Basell Parent Company, references in the foregoing definition to “the Company”
shall be deemed also to refer to such Basell Parent Company.

         

        “Senior Secured Credit
Facilities” means the Credit Agreement dated on or about December 20,
2007 by and between, among others, the company, Citigroup Global Markets Inc.,
Goldman Sachs Credit Partners, L.P., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, ABN AMRO Incorporated and UBS Securities LLC, as Joint Lead
Arrangers and Joint Bookrunners, and Citicorp North America Inc., as
Administrative Agent, Collateral Agent and Swingline Lender, together with the
documents related thereto (including any term loans and revolving loans
thereunder or which may be split out or refinanced by any separate facility
agreement, and any guarantees and security documents), as amended, extended,
renewed, replaced, restated, supplemented or otherwise modified (in whole or in
part, and without limitation as to amount, terms, conditions, covenants and
other provisions) from time to time.

         

        “Senior Secured Indebtedness”
means any Indebtedness secured by a Lien on any assets of the Company or any of
its Restricted Subsidiaries and the Lien securing such Indebtedness ranks
equally with or prior to the Lien securing the notes (excluding Indebtedness
under Qualified Securitization Transactions, the Asset Backed Credit Facilities
and the 2015 Notes).

         

        “Significant Subsidiary” means
any Restricted Subsidiary of the Company which, at the date of determination, is
a “Significant Subsidiary” as such term is defined in Regulation S-X under
the Exchange Act, as such regulation is in effect on the Issue Date; provided that in no event
shall “Significant Subsidiary” include any subsidiary that would otherwise be a
Significant Subsidiary solely by virtue of the size of a loss it has
incurred.

         

        “Specified Joint Ventures”
means Al-Waha Petrochemical Company and Saudi Ethylene and Polyethylene
Company.

         

        “Sponsor” shall
mean:

         

        
          	
                   
      

                	
                  (a)

                	
                  the
      Blavatnik Group; and/or

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  other
      funds, limited partnerships or companies managed or controlled by
      Mr. Leonard Blavatnik including, without limitation,
      AI Petrochemicals for so long as so managed or
      controlled.

                

        

         

        “Standard Securitization
Undertakings” means representations, warranties, undertakings, covenants
and indemnities entered into by the Company or any subsidiary of the Company
which are reasonably customary in an accounts receivable securitization
transaction.  Following the Initial Public Equity Offering of a Basell
Parent Company, references in the foregoing definition to “the Company” shall be
deemed also to refer to such Basell Parent Company.

         

        
          
            
               

            

            
              -66-

              
                

              

            

            
               

            

          

        

        

        “Stated Maturity” means, with
respect to any security, the date specified in such security as the fixed date
on which the final payment of principal of such security is due and payable,
including pursuant to any mandatory redemption provision (but excluding any
provision providing for the repurchase of such security at the option of the
holder thereof upon the happening of any contingency beyond our control unless
such contingency has occurred).

         

        “Subordinated Indebtedness”
means Indebtedness of the Company or any guarantor which is expressly
subordinated in right of payment to the notes or the guarantee of such
guarantor, as the case may be.

         

        “subsidiary” means with
respect to any person, (1) a corporation a majority of whose Voting Stock
is at the time, directly or indirectly, owned by such person, by one or more
subsidiaries of such person or by such person and one or more subsidiaries
thereof (2) any other person (other than a corporation), including, without
limitation, a partnership, limited liability company, business trust or joint
venture, in which such person, one or more subsidiaries thereof or such person
and one or more subsidiaries thereof, directly or indirectly, at the date of
determination thereof, has at least a majority ownership interest entitled to
vote in the election of directors, managers or trustees thereof (or other person
performing similar functions), (3) any partnership (a) the sole
general partner of the managing partner of which is such person or a subsidiary
of such person or (b) the only general partners of which are such person or
one or more subsidiaries of such person (or any combination thereof), or (4) for
so long as the Company or any of its Restricted Subsidiaries has a 50% ownership
interest in Lyondell Bayer Manufacturing Maasvlakle VOF, Lyondell Bayer
Manufacturing Maasvlakle VOF.

         

        “Tax Sharing Agreement” means
the Tax Sharing Agreement dated on or about December 18, 2007 as in effect
on December 20, 2007 under which the Company and its subsidiaries agree to
make payments (the “Tax
Payments”) to Nell Limited; providing for (i) payments of up to 17.5% of
the amount of those Dutch or French net operating losses of entities of the
Company and its Restricted Subsidiaries that arose in taxable years ending prior
to 2007 and that are scheduled thereto (the “Qualifying Net Operating Loss
Carryovers”), (ii) maximum aggregate Tax Payments of not more than
$175,000,000 and (iii) any Tax Payment thereunder is to be accompanied by a
certificate from independent counsel to the Company or its parent company that
(x) such Tax Payment will be used by an indirect U.S.-taxpayer shareholder to
pay taxes associated with taxable income of the Company and/or its subsidiaries
taxable to such shareholder by reason of such shareholder’s indirect ownership
of the Company and its subsidiaries and (y) as a result of the utilization of
Qualifying Net Operating Loss Carryovers by the subsidiaries of the Company, the
U.S.-taxpayer shareholder’s U.S. federal income tax liabilities for such taxable
year was increased by an amount equal to such Tax Payment.  Payments
under the Tax Sharing Agreement are to be made promptly after the certificate is
provided and in any event within 90 days after the end of the fiscal year in
which the Qualifying Net Operating Loss Carryovers are used.

         

        “TIA” means the Trust
Indenture Act of 1939 (15 U.S.C. sections 77aaa-77bbbb) as in effect on the
Issue Date.

         

        “Treasury Services Agreement”
means any agreement between any guarantor or Restricted Subsidiary of the
Company and any Hedge Bank (as defined in the Senior Secured Credit Facilities)
relating to treasury, depository, and cash management services, employee credit
card arrangements or automated clearinghouse transfer of funds.

         

        “Unrestricted Subsidiary” of
any person means:

         

        
          	
                   
      

                	
                  (1)

                	
                  any
      subsidiary of such person that at the time of determination has been
      designated an Unrestricted Subsidiary
and

                

          
            
               

            

            
              -67-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  any
      subsidiary of an Unrestricted
Subsidiary.

                

        

         

        The Board
of Directors of the Company may designate any of its subsidiaries (including any
newly acquired or newly formed subsidiary) to be an Unrestricted Subsidiary of
the Company if:

         

        
          	
                   
      

                	
                  (a)

                	
                  such
      subsidiary does not own any Capital Stock of, or does not own or hold any
      Lien on any property of, the Company or any other subsidiary of the
      Company that is not a subsidiary of the subsidiary to be so
      designated;

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  such
      designation complies with the “Limitation on Restricted Payments”
      covenant; and

                

        

         

        
          	
                   
      

                	
                  (c)

                	
                  each
      subsidiary to be designated as an Unrestricted Subsidiary and each of its
      subsidiaries has not at the time of designation, create, incur, issue,
      assume, guarantee or otherwise become directly or indirectly liable with
      respect to any Indebtedness under which the lender has recourse to any of
      the assets of the Company or any of its Restricted Subsidiaries unless
      otherwise permitted under the
indenture.

                

        

         

        The Board
of Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary only if:

         

        
          	
                   
      

                	
                  (i)

                	
                  immediately
      after giving effect to such designation, the Company is able to incur at
      least $1.00 of additional Indebtedness (other than Permitted Indebtedness)
      in compliance with the “Limitation on Incurrence of Additional
      Indebtedness” covenant;

                

        

         

        
          	
                   
      

                	
                  (ii)

                	
                  immediately
      before and immediately after giving effect to such designation, no default
      or Event of Default will have occurred and be
  continuing;

                

        

         

        
          	
                   
      

                	
                  (iii)

                	
                  any
      Guarantee by the Company or any Restricted Subsidiary of the Company of
      any Indebtedness of the subsidiary being so designated shall be deemed an
      “Incurrence” of such Indebtedness and an “Investment” by the Company or
      such Restricted Subsidiary (or both, if applicable) at the time of such
      designation;

                

        

         

        
          	
                   
      

                	
                  (iv)

                	
                  if
      applicable, the Investment and incurrence of Indebtedness referred to in
      (ii) above would be permitted under the covenants described above
      under the captions “Certain Covenants—Limitation on Restricted Payments”
      and “Certain Covenants—Limitation on Incurrence of Additional
      Indebtedness.”

                

        

         

        Any such
designation by the Board of Directors of the Company will be evidenced to the
Trustee by promptly filing with the Trustee a copy of the board resolution
approving the designation and an officers’ certificate certifying that the
designation complied with the indenture.

         

        “Voting Stock” means any class
or classes of Capital Stock pursuant to which the holders thereof have the
general voting power under ordinary circumstances to elect at least a majority
of the board of directors, managers or trustees (or persons performing similar
functions) of any person (irrespective of whether or not, at the time, stock of
any other class or classes shall have, or might have, voting power by reason of
the happening of any contingency).

         

        “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number
of years obtained by dividing:

         

        
          	
                   
      

                	
                  (1)

                	
                  the
      then outstanding aggregate principal amount of such Indebtedness
      by

                

          
            
               

            

            
              -68-

              
                

              

            

            
               

            

          

        

         

        
          	
                   
      

                	
                  (2)

                	
                  the
      sum of the total of the products obtained by
  multiplying

                

        

         

        
          	
                   
      

                	
                  (a)

                	
                  the
      amount of each then remaining installment, sinking fund, serial maturity
      or other required payment of principal, including payment at final
      maturity, in respect thereof, by

                

        

         

        
          	
                   
      

                	
                  (b)

                	
                  the
      number of years (calculated to the nearest one-twelfth) that will elapse
      between such date and the making of such
  payment.

                

        

         

         

        -69-

        
          

        

         

        

 

          
            

          

          Exhibit
E

           

           

            
              

            

          

          

             

            EXCHANGE
AND REGISTRATION RIGHTS AGREEMENT

            

            

            Dated as
of _________

            

            

            by and
among

            

            

            LyondellBasell
Finance Company,

            

            

            the
Guarantors party hereto

            

            

            and

            

            

            [Initial
Purchasers]

             

             

            
              
                

              

            

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            EXCHANGE
AND REGISTRATION RIGHTS AGREEMENT

            

            

            This
Registration Rights Agreement (the “Agreement”) is made
and entered into this [  ] day of
[                      ],
20[  ], among LyondellBasell Finance Company, a Delaware corporation
(the “Company”), the
guarantors listed on Schedule 1.01(c) of the Loan Agreement as amended from time
to time hereto (the “Guarantors” and,
together with the Company, the “Issuers”), and
[     ] (collectively, the “Initial
Purchasers”).

            

            This
Agreement is made pursuant to the Bridge Loan Agreement, dated as of December
[20], 2007, among Basell AF S.C.A., the Company, the Lenders thereto, Merrill
Lynch Capital Corporation, as administrative agent, and Citibank N.A., as
collateral agent (the “Loan Agreement”),
which provides for the issuance of the Exchange Notes (as defined in the Loan
Agreement).  The Company’s obligations under the Exchange Notes are
unconditionally guaranteed (the “Guarantees” and,
together with the Exchange Notes, the “Securities”) by the
Guarantors.  In order to induce the Initial Purchasers to enter into
the Loan Agreement, the Issuers have agreed to provide to the Initial Purchasers
and their direct and indirect transferees the registration rights set forth in
this Agreement.

            

            In
consideration of the foregoing, the parties hereto agree as
follows:

            

            1.           Definitions.  As
used in this Agreement, the following capitalized defined terms shall have the
following meanings:

            

            “1933 Act” shall mean
the Securities Act of 1933, as amended from time to time.

            

            “1934 Act” shall mean
the Securities Exchange Act of l934, as amended from time to time.

            

            “Company” shall have
the meaning set forth in the preamble and shall also include the Company’s
successors.

            

            “Depositary” shall
mean The Depository Trust Company, Morgan Guaranty Trust Company of New York,
Brussels office, as operator of the Euroclear system, Euroclear or Clearstream
or any other depositary appointed by the Company.

            

            “Exchange Notes” shall
have the meaning set forth in the Loan Agreement.

            

            “Exchange Offer” shall
mean the exchange offer by the Company of Exchange Securities for Registrable
Securities pursuant to Section 2.1 hereof.

            

            “Exchange Offer
Registration” shall mean a registration under the 1933 Act effected
pursuant to Section 2.1 hereof.

            

            “Exchange Offer Registration
Statement” shall mean an exchange offer registration statement of the
Issuers on an appropriate form under the 1933 Act, and all amendments and
supplements to such registration statement, including the Prospectus contained
therein, all exhibits thereto and all documents incorporated by reference
therein.

            
              
                 

              

              
                 

                
                  

                

              

              
                 

              

            

            “Exchange Period”
shall have the meaning set forth in Section 2.1 hereof.

            

            “Exchange Securities”
shall mean the notes issued by the Company and Guaranteed by the Guarantors
containing terms identical to the Securities in all material respects (except
that (i) interest thereon shall accrue from the last date on which interest was
paid on the Securities or, if no such interest has been paid, the last date on
which interest was paid on the Loans and (ii) the transfer restrictions thereon
shall be eliminated), to be offered to Holders of Securities in exchange for
Registrable Securities pursuant to the Exchange Offer.

            

            “Guarantees” shall
have the meaning set forth in the preamble.

            

            “Guarantors” shall
have the meaning set forth in the preamble and shall also include their
respective successors.

            

            “Holder” shall mean an
Initial Purchaser, for so long as it owns any Registrable Securities, and each
of its successors, assigns and direct and indirect transferees who become
registered owners of Registrable Securities under the Indenture and each
Participating Broker-Dealer that holds Exchange Securities for so long as such
Participating Broker-Dealer is required to deliver a prospectus meeting the
requirements of the 1933 Act in connection with any resale of such Exchange
Securities.

            

            “Indenture” shall mean
the Exchange Note Indenture (as such term is defined in the Loan Agreement), or
an indenture identical in all material respects to the Exchange Note
Indenture.

            

            “Initial Purchaser” or
“Initial
Purchasers” shall have the meaning set forth in the
preamble.

            

            “Issuers” shall have
the meaning set forth in the preamble and shall also include their respective
successors.

            

            “Joint Lead Arrangers”
shall have the meaning set forth in the Loan Agreement.

            

            “Loan Agreement” shall
have the meaning set forth in the preamble.

            

            “Loans” shall have the
meaning set forth in the Loan Agreement.

            

            “Majority Holders”
shall mean the Holders of a majority of the Euro Equivalent (as defined in the
Loan Agreement) aggregate principal amount of outstanding Registrable
Securities;  provided that
whenever the consent or approval of Holders of a specified percentage of
Registrable Securities is required hereunder, Registrable Securities held by the
Company and other obligors on the Securities or any Affiliate (as defined in the
Indenture) of the Company shall be disregarded in determining whether such
consent or approval was given by the Holders of such required percentage
amount.

            
              
                 

              

              
                -2-

                
                  

                

              

              
                 

              

            

            “Non-U.S. Guarantor”
shall mean any Guarantor which is organized under the laws of a jurisdiction
other than the United States of America.

            

            “Participating
Broker-Dealer” shall mean any of the Initial Purchasers, the Joint Lead
Arrangers and any other broker-dealer which makes a market in the Securities and
exchanges Registrable Securities in the Exchange Offer for Exchange
Securities.

            

            “Person” shall mean an
individual, partnership (general or limited), corporation, limited liability
company, trust or unincorporated organization, or a government or agency or
political subdivision thereof.

            

            “Private Exchange”
shall have the meaning set forth in Section 2.1 hereof.

            

            “Private Exchange
Securities” shall have the meaning set forth in Section 2.1
hereof.

            

            “Prospectus” shall
mean the prospectus included in a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by
any prospectus supplement, including any such prospectus supplement with respect
to the terms of the offering of any portion of the Registrable Securities
covered by a Shelf Registration Statement, and by all other amendments and
supplements to a prospectus, including post-effective amendments, and in each
case including all material incorporated by reference therein.

            

            “Registrable
Securities” shall mean the Securities and, if issued, the Private
Exchange Securities; provided,
however, that the Securities and, if issued, the Private Exchange
Securities, shall cease to be Registrable Securities when (i) a Registration
Statement with respect to such Securities or Private Exchange Securities for the
exchange or resale thereof, as the case may be, shall have been declared
effective under the 1933 Act and such Securities shall have been disposed of
pursuant to such Registration Statement, (ii) such Securities or Private
Exchange Securities, as the case may be, have been sold pursuant to Rule l44 (or
any similar provision then in force, but not Rule 144A) under the 1933 Act (or
could be sold by non-affiliates in compliance with Rule 144 without
restriction), (iii) such Securities or Private Exchange Securities, as the case
may be, shall have ceased to be outstanding or (iv) with respect to the
Securities, the Exchange Offer is consummated (except in the case of Securities
purchased from the Company that have continued to be held by the Initial
Purchasers).

            

            “Registration
Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company with this Agreement, including without
limitation:  (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. (the “NASD”) registration
and filing fees, including, if applicable, the fees and expenses of any
“qualified independent underwriter” (and its counsel) that is required to be
retained by any holder of Registrable Securities in accordance with the rules
and regulations of the NASD, (ii) all fees and expenses incurred in connection
with compliance with state securities or blue sky laws and compliance with the
rules of the NASD (including reasonable fees and disbursements of counsel for
any underwriters or Holders in connection with blue sky qualification of any of
the Exchange Securities or Registrable Securities and any filings with the
NASD), (iii) all expenses of any Persons in preparing or assisting in preparing,
word processing, printing and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting agreements,
securities sales agreements and other documents relating to the performance of
and compliance with this Agreement, (iv) all fees and expenses incurred in
connection with the listing (A) if any, of any of the Registrable Securities on
any securities exchange or exchanges and (B) of the Securities and Exchange
Securities on the Luxembourg Stock Exchange, (v) all rating agency fees, (vi)
the fees and disbursements of counsel for the Company and of the independent
public accountants of the Company, including the expenses of any special audits
or “cold comfort” letters required by or incident to such performance and
compliance, (vii) the fees and expenses of the Trustee, and any escrow agent or
custodian, (viii) the reasonable fees and expenses of the Initial Purchasers in
connection with the Exchange Offer, including the reasonable fees and expenses
of counsel to the Initial Purchasers in connection therewith, (ix) the
reasonable fees and disbursements of Cahill Gordon & Reindel llp (or such
other counsel in lieu thereof reasonably satisfactory to the Majority Holders
and the Company) as special counsel representing the Holders of Registrable
Securities and (x) any fees and disbursements of the underwriters customarily
required to be paid by issuers or sellers of securities and the fees and
expenses of any special experts retained by the Company in connection with any
Registration Statement, but excluding underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of Registrable
Securities by a Holder.

            
              
                 

              

              
                -3-

                
                  

                

              

              
                 

              

            

            “Registration
Statement” shall mean any registration statement of the Issuers which
covers any of the Exchange Securities or Registrable Securities pursuant to the
provisions of this Agreement, and all amendments and supplements to any such
Registration Statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

            

            “SEC” shall mean the
Securities and Exchange Commission or any successor agency or government body
performing the functions currently performed by the United States Securities and
Exchange Commission.

            

            “Shelf Registration”
shall mean a registration effected pursuant to Section 2.2 hereof.

            

            “Shelf Registration
Statement” shall mean a “shelf” registration statement of the Issuers
pursuant to the provisions of Section 2.2 of this Agreement which covers all of
the Registrable Securities or all of the Private Exchange Securities on an
appropriate form under Rule 415 under the 1933 Act, or any similar rule that may
be adopted by the SEC, and all amendments and supplements to such registration
statement, including post-effective amendments, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein.

            

            “Trustee” shall mean
the trustee with respect to the Securities under the Indenture.

            
              
                 

              

              
                -4-

                
                  

                

              

              
                 

              

            

            2.           Registration
Under the 1933 Act.

            

            2.1         Exchange
Offer.  In lieu of filing the Shelf Registration Statement
described in Section 2.2, the Issuers may effect an Exchange Offer pursuant to
this Section 2.1.  To effect an Exchange Offer, the Issuers shall, to
the extent not prohibited by any applicable law or interpretation of the staff
of the SEC, for the benefit of the Holders, at the Issuers’ cost, (A) prepare
and use their reasonable best efforts to file with the SEC an Exchange Offer
Registration Statement with respect to a proposed Exchange Offer and the
issuance and delivery to the Holders, in exchange for the Registrable Securities
(other than Private Exchange Securities), of a like principal amount of Exchange
Securities, (B) use their reasonable best efforts to cause the Exchange Offer
Registration Statement to be declared effective under the 1933 Act as soon as
practical thereafter, (C) use their best efforts to keep the Exchange Offer
Registration Statement effective until the closing of the Exchange Offer and (D)
use their best efforts to cause the Exchange Offer to be consummated not later
than 45 days following the effectiveness of the Exchange Offer Registration
Statement.  Upon the effectiveness of the Exchange Offer Registration
Statement, the Issuers shall promptly commence the Exchange Offer, it being the
objective of such Exchange Offer to enable each Holder eligible and electing to
exchange Registrable Securities for Exchange Securities (assuming that such
Holder (a) is not an affiliate of any Issuer within the meaning of Rule 405
under the 1933 Act, (b) is not a broker-dealer tendering Registrable Securities
acquired directly from the Issuers for its own account, (c) acquired the
Exchange Securities in the ordinary course of such Holder’s business and (d) has
no arrangements or understandings with any Person to participate in the Exchange
Offer for the purpose of distributing the Exchange Securities) to transfer such
Exchange Securities from and after their receipt without any limitations or
restrictions under the 1933 Act and under state securities or blue sky
laws.

            

            In
connection with the Exchange Offer, the Issuers shall:

            

            (a)         mail
as promptly as practicable to each Holder a copy of the Prospectus forming part
of the Exchange Offer Registration Statement, together with an appropriate
letter of transmittal and related documents;

            

            (b)         keep
the Exchange Offer open for acceptance for a period of not less than 30 calendar
days after the date notice thereof is mailed to the Holders (or longer if
required by applicable law) (such period referred to herein as the “Exchange
Period”);

            

            (c)         utilize
the services of the Depositary for the Exchange Offer;

            

            (d)         permit
Holders to withdraw tendered Registrable Securities at any time prior to 5:00
p.m. (New York City Time), on the last business day of the Exchange Period, by
sending to the institution specified in the notice, a telegram, telex, facsimile
transmission or letter setting forth the name of such Holder, the principal
amount of Registrable Securities delivered for exchange, and a statement that
such Holder is withdrawing such Holder’s election to have such Securities
exchanged;

            
              
                 

              

              
                -5-

                
                  

                

              

              
                 

              

            

            

            (e)          notify
each Holder that any Registrable Security not tendered will remain outstanding
and continue to accrue interest, but will not retain any rights under this
Agreement (except in the case of the Initial Purchasers and Participating
Broker-Dealers as provided herein); and

            

            (f)          otherwise
comply in all respects with all applicable laws relating to the Exchange
Offer.

            

            Notwithstanding
anything to the contrary in this Section 2, provisions relating the the
Company’s obligations to deliver a copy of the Prospectus to Holders shall be
deemed to be satisfied by filing such Prospectus with the SEC to the extent such
filing is deemed to constitute delivery under the 1933 Act.

            

            If, prior
to consummation of the Exchange Offer, the Initial Purchasers hold any
Securities acquired by them and having the status of an unsold allotment in the
initial distribution in an amount greater than the equivalent of $100 million,
the Issuers upon the request of any Initial Purchaser shall, simultaneously with
the delivery of the Exchange Securities in the Exchange Offer, issue and deliver
to such Initial Purchaser in exchange (the “Private Exchange”)
for the Securities held by such Initial Purchaser, a like principal amount of
debt securities issued by the Company and guaranteed by the Guarantors, that are
identical (except that such securities shall bear appropriate transfer
restrictions) to the Exchange Securities (the “Private Exchange
Securities”).

            

            If any
Holder of Registrable Securities in an amount greater than the equivalent of
$100 million sends a notice to the Issuers prior to the consummation of the
Exchange Offer stating that in such Holder's reasonable belief (as confirmed by
advice of counsel reasonably satisfactory to the Issuers) it cannot rely on the
no-action position of the SEC to the effect that such Holder's Exchange Notes or
Private Exchange Notes would be freely saleable (i.e., without registration or
prospectus delivery), the Issuers shall file with the SEC a Shelf Registration
Statement pursuant to Section 2.2 hereof as promptly as practicable relating to
the offer and sale of such Holder's Exchange Notes or Private Exchange Notes, as
the case may be.

            

            The
Exchange Securities and the Private Exchange Securities shall be issued under
the Indenture, which shall have been qualified under the Trust Indenture Act of
1939, as amended (the “TIA”), or be exempt
from such qualification and shall provide that the Exchange Securities shall not
be subject to the transfer restrictions set forth in the Indenture but that the
Private Exchange Securities shall be subject to such transfer
restrictions.  The Indenture shall provide that the Exchange
Securities, the Private Exchange Securities and the Securities shall vote and
consent together on all matters as one class and that none of the Exchange
Securities, the Private Exchange Securities or the Securities will have the
right to vote or consent as a separate class on any matter.  The
Private Exchange Securities shall be of the same series as and the Issuers shall
use all commercially reasonable efforts to have the Private Exchange Securities
bear the same CUSIP, ISIN and common code numbers as the Exchange
Securities.  The Issuers shall not have any liability under this
Agreement solely as a result of such Private Exchange Securities not bearing the
same CUSIP, ISIN or common code number as the Exchange
Securities.

            
              
                 

              

              
                -6-

                
                  

                

              

              
                 

              

            

            As soon
as practicable after the close of the Exchange Offer and/or the Private
Exchange, as the case may be, the Issuers shall:

            

            (i)          accept
for exchange all Registrable Securities duly tendered and not validly withdrawn
pursuant to the Exchange Offer in accordance with the terms of the Exchange
Offer Registration Statement and the letter of transmittal which shall be an
exhibit thereto;

            

            (ii)         accept
for exchange all Securities properly tendered pursuant to the Private
Exchange;

            

            (iii)        deliver
to the Trustee for cancellation all Registrable Securities so accepted for
exchange; and

            

            (iv)        cause
the Trustee promptly to authenticate and deliver Exchange Securities or Private
Exchange Securities, as the case may be, to each Holder of Registrable
Securities so accepted for exchange in a principal amount equal to the principal
amount of the Registrable Securities of such Holder so accepted for
exchange.

            

            Interest
on each Exchange Security and Private Exchange Security will accrue from the
last date on which interest was paid on the Registrable Securities surrendered
in exchange therefor or, if no interest has been paid on the Registrable
Securities, from the date of original issuance.  The Exchange Offer
and the Private Exchange shall not be subject to any conditions, other than (i)
that the Exchange Offer or the Private Exchange, or the making of any exchange
by a Holder, does not violate applicable law or any applicable interpretation of
the staff of the SEC, (ii) the due tendering of Registrable Securities in
accordance with the Exchange Offer and the Private Exchange, (iii) that each
Holder of Registrable Securities exchanged in the Exchange Offer shall have
represented that it is not an affiliate of the Company within the meaning of
Rule 405 under the 1933 Act or, if it is an affiliate, that such holder will
comply with the registration and prospectus delivery requirements of the 1933
Act to the extent applicable, that all Exchange Securities to be received by it
shall be acquired in the ordinary course of its business and that at the time of
the consummation of the Exchange Offer it shall have no arrangement or
understanding with any person to participate in the distribution (within the
meaning of the 1933 Act) of the Exchange Securities and shall have made such
other representations as may be reasonably necessary under applicable SEC rules,
regulations or interpretations to render the use of Form S-4 or other
appropriate form under the 1933 Act available and (iv) that no action or
proceeding shall have been instituted or threatened in any court or by or before
any governmental agency with respect to the Exchange Offer or the Private
Exchange which, in the Issuers’ judgment, would reasonably be expected to impair
the ability of the Issuers to proceed with the Exchange Offer or the Private
Exchange.  The Issuers shall inform the Initial Purchasers of the
names and addresses of the Holders to whom the Exchange Offer is made, and the
Initial Purchasers shall have the right to contact such Holders and otherwise
facilitate the tender of Registrable Securities in the Exchange
Offer.

            
              
                 

              

              
                -7-

                
                  

                

              

              
                 

              

            

            2.2         Shelf
Registration.  Within 6 months after each issuance of the
Securities (absent effecting an Exchange Offer in lieu thereof in accordance
with Section 2.1), the Issuers shall:

            

            (a)         As
promptly as practicable, use their reasonable best efforts to file with the SEC,
and thereafter shall use their reasonable best efforts to cause to be declared
effective as promptly as practicable, a Shelf Registration Statement relating to
the offer and sale of such Registrable Securities by the Holders from time to
time in accordance with the methods of distribution elected by the Majority
Holders participating in the Shelf Registration and set forth in such Shelf
Registration Statement.

            

            (b)         Use
their best efforts to keep the Shelf Registration Statement continuously
effective in order to permit the Prospectus forming part thereof to be usable by
Holders for a period of two years from the date the Shelf Registration Statement
is declared effective by the SEC, or for such shorter period that will terminate
when all Registrable Securities covered by the Shelf Registration Statement have
been sold pursuant to the Shelf Registration Statement or cease to be
outstanding or otherwise to be Registrable Securities (the “Effectiveness
Period”);  provided, however, that the
Effectiveness Period in respect of the Shelf Registration Statement shall be
extended to the extent required to permit dealers to comply with the applicable
prospectus delivery requirements of Rule 174 under the 1933 Act and as otherwise
provided herein.

            

            (c)         Notwithstanding
any other provisions hereof, use their best efforts to ensure that (i) any Shelf
Registration Statement and any amendment thereto and any Prospectus forming part
thereof and any supplement thereto complies in all material respects with the
1933 Act and the rules and regulations thereunder, (ii) any Shelf Registration
Statement and any amendment thereto does not, when it becomes effective, contain
an untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading
and (iii) any Prospectus forming part of any Shelf Registration Statement, and
any supplement to such Prospectus (as amended or supplemented from time to
time), does not include an untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements, in light of the
circumstances under which they were made, not misleading.

            

            The
Issuers shall not permit any securities other than Registrable Securities to be
included in the Shelf Registration Statement.  The Issuers further
agree, if necessary, to supplement or amend the Shelf Registration Statement, as
required by Section 3(b) below, and to furnish to the Holders of Registrable
Securities copies of any such supplement or amendment promptly after its being
used or filed with the SEC.

            

            2.3         Expenses.  The
Issuers shall pay all Registration Expenses in connection with the registration
pursuant to Section 2.1 or 2.2.  Each Holder shall pay all
underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of such Holder’s Registrable Securities pursuant to the
Shelf Registration Statement.

            
              
                 

              

              
                -8-

                
                  

                

              

              
                 

              

            

            2.4         Effectiveness.

            

            (a)         The
Issuers will be deemed not have used their best efforts to cause the Exchange
Offer Registration Statement or the Shelf Registration Statement, as the case
may be, to become, or to remain, effective during the requisite period if any of
the Issuers voluntarily takes any affirmative action that would, or omits to
take any action which omission would, result in any such Registration Statement
not being declared effective or in the Holders of Registrable Securities covered
thereby not being able to exchange or offer and sell such Registrable Securities
during that period as and to the extent contemplated hereby, unless such action
is required by applicable law.

            

            (b)         An
Exchange Offer Registration Statement pursuant to Section 2.1 hereof or a Shelf
Registration Statement pursuant to Section 2.2 hereof will not be deemed to have
become effective unless it has been declared effective by the SEC; provided, however, that if,
after it has been declared effective, the offering of Registrable Securities
pursuant to an Exchange Offer Registration Statement or a Shelf Registration
Statement is interfered with by any stop order, injunction or other order or
requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have become effective during the
period of such interference, until the offering of Registrable Securities
pursuant to such Registration Statement may legally resume.

            

            2.5          Interest.  The
Indenture executed in connection with the Securities will provide that in the
event that (a) an Exchange Offer Registration Statement that will permit all
Holders of Registrable Securities (other than any Holders (i) whose Registrable
Securities or Private Exchange Securities would not be freely saleable and (ii)
who failed to provide notice to the Issuer prior to the consummation of the
Exchange Offer, in each case in accordance with the second and fourth paragraph
of Section 2.1) to freely transfer their Registrable Securities or (b) a Shelf
Registration Statement, has not been declared effective by the date which is six
months after each issuance of the Securities (each such event referred to above,
a “Registration
Interest Trigger”), the interest rate borne by such Registrable
Securities shall be increased (“Additional Interest”)
by one-half of one percent per annum upon the occurrence of such Registration
Interest Trigger.  Following the cure of the Registration Interest
Trigger the accrual of Additional Interest will cease and the interest rate will
revert to the original rate.

            

            If the
Shelf Registration Statement (after becoming effective) is unusable by the
Holders for any reason, and the aggregate number of days in any consecutive
twelve-month period for which the Shelf Registration Statement shall not be
usable exceeds 60 days in the aggregate, then the interest rate borne by such
Registrable Securities will be increased by 0.25% per annum of the principal
amount of the Securities for the first 90-day period (or portion thereof)
beginning on the 61st such
date that such Shelf Registration Statement ceases to be usable, which rate
shall be increased by an additional 0.25% per annum of the principal amount of
such Securities at the beginning of each subsequent 90-day period, provided that
the maximum aggregate increase in the interest rate will in no event exceed one
percent (1%) per annum.  Any amounts payable under this paragraph
shall also be deemed “Additional Interest” for purposes of this
Agreement.  Upon the Shelf Registration Statement once again becoming
usable, the interest rate borne by the Securities will be reduced to the
original interest rate if the Issuers are otherwise in compliance with this
Agreement at such time.  Additional Interest shall be computed based
on the actual number of days elapsed in each 90-day period in which the Shelf
Registration Statement is unusable.

            
              
                 

              

              
                -9-

                
                  

                

              

              
                 

              

            

            The
Issuers shall notify the Trustee within three business days after each and every
date on which an event occurs in respect of which Additional Interest is
required to be paid (an “Event
Date”).  Additional Interest shall be paid by depositing with
the Trustee, in trust, for the benefit of the Holders of Registrable Securities,
on or before the applicable semiannual interest payment date, immediately
available funds in sums sufficient to pay the Additional Interest then
due.  The Additional Interest due shall be payable on each interest
payment date to the record Holder of Securities entitled to receive the interest
payment to be paid on such date as set forth in the Indenture.  Each
obligation to pay Additional Interest shall be deemed to accrue from and
including the day following the applicable Event Date.

            

            Upon any
Event Date, so long as the Securities are listed on the Luxembourg Stock
Exchange or another exchange and the rules of such exchange so require, the
Issuers shall provide a notice in a leading newspaper having general circulation
in Luxembourg (which is expected to be the [     ])
describing such event giving rise to the obligation to pay Additional
Interest.

            

            3.           Registration
Procedures.  In connection with the obligations of the Issuers
with respect to Registration Statements pursuant to Sections 2.1 and 2.2 hereof,
the Issuers shall:

            

            (a)         prepare
and file with the SEC a Registration Statement on the appropriate form under the
1933 Act, which form (i) shall be selected by the Issuers, (ii) shall, in the
case of a Shelf Registration, be available for the sale of the Registrable
Securities by the selling Holders thereof, (iii) shall comply as to form in all
material respects with the requirements of the applicable form and include or
incorporate by reference all financial statements required by the SEC to be
filed therewith or incorporated by reference therein, and (iv) shall comply in
all respects with the requirements of Regulation S-T under the 1933 Act, and use
their best efforts to cause such Registration Statement to become effective and
remain effective in accordance with Section 2 hereof;

            

            (b)         prepare
and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary under applicable law to keep such
Registration Statement effective for the applicable period; and cause each
Prospectus to be supplemented, if so determined by the Issuers or requested by
the SEC,  by any required prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provision then in
force) under the 1933 Act and comply with the provisions of the 1933 Act, the
1934 Act and the rules and regulations thereunder applicable to them with
respect to the disposition of all securities covered by each Registration
Statement during the applicable period in accordance with the intended method or
methods of distribution by the selling Holders thereof described in this
Agreement (including sales by any Participating Broker-Dealer);

            
              
                 

              

              
                -10-

                
                  

                

              

              
                 

              

            

            (c)         in
the case of a Shelf Registration, (i) notify each Holder of Registrable
Securities, at least five business days prior to filing, that a Shelf
Registration Statement with respect to the Registrable Securities is being filed
and advising such Holders that the distribution of Registrable Securities will
be made in accordance with the method selected by the Majority Holders
participating in the Shelf Registration; (ii) furnish to each Holder of
Registrable Securities and to each underwriter of an underwritten offering of
Registrable Securities, if any, without charge, as many copies of each
Prospectus, including each preliminary Prospectus, and any amendment or
supplement thereto and such other documents as such Holder or underwriter may
reasonably request, including financial statements and schedules and, if the
Holder so requests, all exhibits in order to facilitate the public sale or other
disposition of the Registrable Securities; and (iii) hereby consent to the use
of the Prospectus or any amendment or supplement thereto by each of the selling
Holders of Registrable Securities in connection with the offering and sale of
the Registrable Securities covered by the Prospectus or any amendment or
supplement thereto;

            

            (d)         in
the case of a Shelf Registration, to register or qualify the Registrable
Securities under all applicable state securities or “blue sky” laws of such
jurisdictions as any Holder of Registrable Securities covered by a Registration
Statement and each underwriter of an underwritten offering of Registrable
Securities shall reasonably request by the time the applicable Registration
Statement is declared effective by the SEC, and do any and all other acts and
things which may be reasonably necessary or advisable to enable each such Holder
and underwriter to consummate the disposition in each such jurisdiction of such
Registrable Securities owned by such Holder; provided, however, that the
Issuers shall not be required to (i) qualify as a foreign corporation or as a
dealer in securities in any jurisdiction where they would not otherwise be
required to qualify but for this Section 3(d), or (ii) take any action which
would subject them to general service of process or taxation in any such
jurisdiction where they are not then so subject;

            

            (e)          notify
promptly each Holder of Registrable Securities under a Shelf Registration or any
Participating Broker-Dealer who has notified the Company that it is utilizing
the Exchange Offer Registration Statement as provided in paragraph (f) below
and, if requested by such Holder or Participating Broker-Dealer, confirm such
advice in writing promptly (i) when a Registration Statement has become
effective and when any post-effective amendments and supplements thereto become
effective, (ii) of any request by the SEC or any state securities authority for
post-effective amendments and supplements to a Registration Statement and
Prospectus or for additional information after the Registration Statement has
become effective, (iii) of the issuance by the SEC or any state securities
authority of any stop order suspending the effectiveness of a Registration
Statement or the initiation of any proceedings for that purpose, (iv) in the
case of a Shelf Registration, if, between the effective date of a Registration
Statement and the closing of any sale of Registrable Securities covered thereby,
the representations and warranties of the Issuers contained in any underwriting
agreement, securities sales agreement or other similar agreement, if any,
relating to the offering cease to be true and correct in all material respects,
(v) of the happening of any event or the discovery of any facts during the
period a Shelf Registration Statement is effective which makes any statement
made in such Registration Statement or the related Prospectus untrue in any
material respect or which requires the making of any changes in such
Registration Statement or Prospectus in order to make the statements therein not
misleading, (vi) of the receipt by any of the Issuers of any notification with
respect to the suspension of the qualification of the Registrable Securities or
the Exchange Securities, as the case may be, for sale in any jurisdiction or the
initiation or threatening of any proceeding for such purpose and (vii) of any
determination by the Issuers that a post-effective amendment to such
Registration Statement would be appropriate;

            
              
                 

              

              
                -11-

                
                  

                

              

              
                 

              

            

            (f)          (A)
in the case of the Exchange Offer Registration Statement (i) include in the
Exchange Offer Registration Statement a section entitled “Plan of Distribution”
which section shall be reasonably acceptable to the Joint Lead Arrangers on
behalf of the Participating Broker-Dealers, and which shall contain a summary
statement of the positions taken or policies made by the staff of the SEC with
respect to the potential “underwriter” status of any broker-dealer that holds
Registrable Securities acquired for its own account as a result of market-making
activities or other trading activities and that will be the beneficial owner (as
defined in Rule 13d-3 under the 1934 Act) of Exchange Securities to be received
by such broker-dealer in the Exchange Offer, whether such positions or policies
have been publicly disseminated by the staff of the SEC or such positions or
policies, in the reasonable judgment of the Joint Lead Arrangers on behalf of
the Participating Broker-Dealers and its counsel, represent the prevailing views
of the staff of the SEC, including a statement that any such broker-dealer who
receives Exchange Securities for Registrable Securities pursuant to the Exchange
Offer may be deemed a statutory underwriter and must deliver a prospectus
meeting the requirements of the 1933 Act in connection with any resale of such
Exchange Securities, (ii) furnish to each Participating Broker-Dealer who has
delivered to the Company the notice referred to in Section 3(e), without charge,
as many copies of each Prospectus included in the Exchange Offer Registration
Statement, including any preliminary prospectus, and any amendment or supplement
thereto, as such Participating Broker-Dealer may reasonably request, (iii)
consent to the use of the Prospectus forming part of the Exchange Offer
Registration Statement or any amendment or supplement thereto, by any Person
subject to the prospectus delivery requirements of the SEC, including all
Participating Broker-Dealers, in connection with the sale or transfer of the
Exchange Securities covered by the Prospectus or any amendment or supplement
thereto, and (iv) include in the transmittal letter or similar documentation to
be executed by an exchange offeree in order to participate in the Exchange Offer
(x) the following provision:

            

            “If the
exchange offeree is a broker-dealer holding Registrable Securities acquired for
its own account as a result of market-making activities or other trading
activities, it will deliver a prospectus meeting the requirements of the 1933
Act in connection with any resale of Exchange Securities received in respect of
such Registrable Securities pursuant to the Exchange Offer;” and (y) a statement
to the effect that by a broker-dealer making the acknowledgment described in
clause (x) and by delivering a Prospectus in connection with the exchange of
Registrable Securities, the broker-dealer will not be deemed to admit that it is
an underwriter within the meaning of the 1933 Act; and

            
              
                 

              

              
                -12-

                
                  

                

              

              
                 

              

            

             

            (B)         in
the case of any Exchange Offer Registration Statement, the Issuers agree, if
requested by the Initial Purchasers, to deliver to the Initial Purchasers on
behalf of the Participating Broker-Dealers upon the consummation of the Exchange
Offer (i) an opinion of counsel or opinions of counsel in form and substance
reasonably satisfactory to the Initial Purchasers covering the matters
customarily covered in underwritten offerings and such other matters as may be
reasonably requested (it being agreed that the matters to be covered by such
opinion may be subject to customary qualifications and exceptions), (ii)
officers’ certificates substantially in the form customarily delivered in a
public offering of debt securities, and (iii) as well as upon effectiveness of
the Exchange Offer Registration Statement, a comfort letter or comfort letters
in customary form to the extent permitted by Statement on Auditing Standards No.
72 of the American Institute of Certified Public Accountants (or if such a
comfort letter is not permitted, an agreed upon procedures letter in customary
form) from the Company’s independent registered public accountants (and, if
necessary, any other independent registered public accountants of any subsidiary
of the Company or of any business acquired by the Company for which financial
statements are, or are required to be, included in the Registration Statement)
in form and substance reasonably satisfactory to the Initial
Purchasers;

            

            (g)         (i)  in
the case of an Exchange Offer, furnish counsel for the Initial Purchasers and
(ii) in the case of a Shelf Registration, furnish counsel for the Holders of
Registrable Securities copies of any comment letters received from the SEC or
any other request by the SEC or any state securities authority for amendments or
supplements to a Registration Statement and Prospectus or for additional
information;

            

            (h)         make
every reasonable effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement at the earliest possible
moment;

            

            (i)           in
the case of a Shelf Registration, furnish to each Holder of Registrable
Securities, and each underwriter, if any, without charge, at least one conformed
copy of each Registration Statement and any post-effective amendment thereto,
including financial statements and schedules (without documents incorporated
therein by reference and all exhibits thereto, unless requested);

            

            (j)           in
the case of a Shelf Registration, cooperate with the selling Holders of
Registrable Securities to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold and not bearing any
restrictive legends; and enable such Registrable Securities to be in such
denominations (consistent with the provisions of the Indenture) and registered
in such names as the selling Holders or the underwriters, if any, may reasonably
request at least three business days prior to the closing of any sale of
Registrable Securities pursuant to such Shelf Registration
Statement;

            
              
                 

              

              
                -13-

                
                  

                

              

              
                 

              

            

            (k)         in
the case of a Shelf Registration, upon the occurrence of any event or the
discovery of any facts, each as contemplated by Sections 3(e)(v) and 3(e)(vi)
hereof, as promptly as practicable after the occurrence of such an event, use
its best efforts to prepare a supplement or post-effective amendment to the
Registration Statement or the related Prospectus or any document incorporated
therein by reference or file any other required document so that, as thereafter
delivered to the purchasers of the Registrable Securities or Participating
Broker-Dealers, such Prospectus will not contain at the time of such delivery
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading or will remain so qualified.  At
such time as such public disclosure is otherwise made or the Issuers determine
that such disclosure is not necessary, in each case to correct any misstatement
of a material fact or to include any omitted material fact, the Issuers agree
promptly to notify each Holder of such determination and to furnish each Holder
such number of copies of the Prospectus as amended or supplemented, as such
Holder may reasonably request;

            

            (l)           in
the case of a Shelf Registration, a reasonable time prior to the filing of any
Registration Statement, any Prospectus, any amendment to a Registration
Statement or amendment or supplement to a Prospectus or any document which is to
be incorporated by reference into a Registration Statement or a Prospectus after
initial filing of a Registration Statement, provide copies of such document to
the Initial Purchasers on behalf of such Holders; and make representatives of
the Issuers as shall be reasonably requested by the Holders of Registrable
Securities, or the Initial Purchasers on behalf of such Holders, available for
discussion of such document;

            

            (m)        obtain
CUSIP, ISIN and common code numbers for all Exchange Securities, Private
Exchange Securities or Registrable Securities, as the case may be, not later
than the effective date of a Registration Statement, and provide the Trustee
with printed certificates for the Exchange Securities, Private Exchange
Securities or the Registrable Securities, as the case may be, in a form eligible
for deposit with the Depositary;

            

            (n)         (i)  cause
the Indenture to be qualified under the TIA in connection with the registration
of the Exchange Securities or Registrable Securities, as the case may be, (ii)
cooperate with the Trustee and the Holders to effect such changes to the
Indenture as may be required for the Indenture to be so qualified in accordance
with the terms of the TIA and (iii) execute, and use its best efforts to cause
the Trustee to execute, all documents as may be required to effect such changes,
and all other forms and documents required to be filed with the SEC to enable
the Indenture to be so qualified in a timely manner;

            

            (o)         in
the case of a Shelf Registration, enter into agreements (including underwriting
agreements) and take all other customary and appropriate actions as are
reasonably requested in order to expedite or facilitate the disposition of such
Registrable Securities and in such connection whether or not an underwriting
agreement is entered into and whether or not the registration is an underwritten
registration, if reasonably requested by (x) any Initial Purchaser, in the case
where an Initial Purchaser holds Securities acquired by it as part of its
initial distribution or (y) other Holders of Securities covered
thereby:

            
              
                 

              

              
                -14-

                
                  

                

              

              
                 

              

            

            (i)           make
such representations and warranties to the Holders of such Registrable
Securities and the underwriters, if any, in form, substance and scope as are
customarily made by issuers to underwriters in similar underwritten offerings as
may be reasonably requested by them;

            

            (ii)           obtain
opinions of counsel to the Issuers and updates thereof (which counsel and
opinions (in form, scope and substance) shall be reasonably satisfactory to the
managing underwriters, if any, and the holders of a majority in principal amount
of the Registrable Securities being sold) addressed to each selling Holder and
the underwriters, if any, covering the matters customarily covered in opinions
requested in sales of securities or underwritten offerings and such other
matters as may be reasonably requested by such Holders and underwriters (it
being agreed that the matters to be covered by such opinion may be subject to
customary qualifications and exceptions);

            

            (iii)          obtain
“cold comfort” letters and updates thereof from the Company’s independent
registered public accountants (and, if necessary, any other independent
registered public accountants of any subsidiary of the Company or of any
business acquired by the Company for which financial statements are, or are
required to be, included in the Registration Statement) addressed to the
underwriters, if any, and use reasonable efforts to have such letter addressed
to the selling Holders of Registrable Securities (to the extent consistent with
Statement on Auditing Standards No. 72 of the American Institute of Certified
Public Accounts), such letters to be in customary form and covering matters of
the type customarily covered in “cold comfort” letters to underwriters in
connection with similar underwritten offerings;

            

            (iv)         enter
into a securities sales agreement with the Holders and an agent of the Holders
providing for, among other things, the appointment of such agent for the selling
Holders for the purpose of soliciting purchases of Registrable Securities, which
agreement shall be in form, substance and scope customary for similar
offerings;

            

            (v)           if
an underwriting agreement is entered into, cause the same to set forth
indemnification provisions and procedures substantially equivalent to the
indemnification provisions and procedures set forth in Section 4 hereof with
respect to the underwriters and all other parties to be indemnified pursuant to
said Section or, at the request of any underwriters, in the form customarily
provided to such underwriters in similar types of transactions;
and

            
              
                 

              

              
                -15-

                
                  

                

              

              
                 

              

            

            (vi)          deliver
such documents and certificates as may be reasonably requested and as are
customarily delivered in similar offerings to the Holders of a majority in
principal amount of the Registrable Securities being sold and the managing
underwriters, if any.

            

            The above
shall be done at (i) the effectiveness of such Registration Statement (and each
post-effective amendment thereto) and (ii) each closing under any underwriting
or similar agreement as and to the extent required thereunder;

            

            (p)         in
the case of a Shelf Registration or if a Prospectus is required to be delivered
by any Participating Broker-Dealer in the case of an Exchange Offer, make
reasonably available upon reasonable notice for inspection by representatives of
the Holders of the Registrable Securities, any underwriters participating in any
disposition pursuant to a Shelf Registration Statement, any Participating
Broker-Dealer and any counsel or accountant retained by any of the foregoing
(collectively, the “Inspectors”), at the
offices where normally kept, during reasonable business hours, all financial and
other records, pertinent corporate documents and properties of the Issuers
(collectively, the “Records”) reasonably
necessary to enable such persons to exercise any applicable due diligence
responsibilities, and cause the respective officers, directors, employees, and
any other agents of the Issuers to supply all information reasonably requested
by any such representative, underwriter, special counsel or accountant in
connection with a Registration Statement, and make such representatives of the
Issuers available for discussion of such documents as shall be reasonably
requested by the Initial Purchasers; provided, however, that the foregoing
inspection and information gathering shall be coordinated on behalf of the
parties other than the Initial Purchaser, by one counsel designated by the
Majority Holders.  Records which the Company determines, in good
faith, to be confidential shall not be disclosed by the Inspectors unless (i)
the disclosure of such Records is necessary to avoid or correct a material
misstatement or omission in such Registration Statement or is otherwise required
by law, (ii) the release of such Records is ordered pursuant to a subpoena or
other order from a court of competent jurisdiction or is necessary in connection
with any action, suit or proceeding or (iii) the information in such Records has
been made generally available to the public.  Each selling Holder of
such Registrable Securities and each such Participating Broker-Dealer will be
required to agree in writing that information obtained by it as a result of such
inspections shall be deemed confidential and shall not be used by it as the
basis for any market transactions in the securities of the Issuers unless and
until such is made generally available to the public.  Each selling
Holder of such Registrable Securities and each such Participating Broker-Dealer
will be required to further agree in writing that it will, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, give
notice to the Issuers and allow the Issuers at their expense to undertake
appropriate action to prevent disclosure of the Records deemed
confidential;

            

            (q)         (i)  in
the case of an Exchange Offer Registration Statement, a reasonable time prior to
the filing of any Exchange Offer Registration Statement, any Prospectus forming
a part thereof, any amendment to an Exchange Offer Registration Statement or
amendment or supplement to such Prospectus, provide copies of such document to
the Initial Purchasers and to counsel to the Holders of Registrable Securities
and make such changes in any such document prior to the filing thereof as the
Initial Purchasers or counsel to the Holders of Registrable Securities may
reasonably request and, except as otherwise required by applicable law, not file
any such document in a form to which the Initial Purchasers on behalf of the
Holders of Registrable Securities and counsel to the Holders of Registrable
Securities shall not have previously been advised and furnished a copy of or to
which the Initial Purchasers on behalf of the Holders of Registrable Securities
or counsel to the Holders of Registrable Securities shall reasonably object, and
make the representatives of the Issuers available for discussion of such
documents as shall be reasonably requested by the Initial Purchasers;
and

            
              
                 

              

              
                -16-

                
                  

                

              

              
                 

              

            

            (ii)          in
the case of a Shelf Registration, a reasonable time prior to filing any Shelf
Registration Statement, any Prospectus forming a part thereof, any amendment to
such Shelf Registration Statement or amendment or supplement to such Prospectus,
provide copies of such document to the Holders of Registrable Securities, to the
Initial Purchasers, to counsel to the Holders and to the underwriter or
underwriters of an underwritten offering of Registrable Securities, if any, make
such changes in any such document prior to the filing thereof as the Initial
Purchasers, the counsel to the Holders or the underwriter or underwriters
reasonably request and not file any such document in a form to which the
Majority Holders, the Initial Purchasers on behalf of the Holders of Registrable
Securities, counsel to the Holders of Registrable Securities or any underwriter
shall not have previously been advised and furnished a copy of or to which the
Majority Holders, the Initial Purchasers on behalf of the Holders of Registrable
Securities, counsel to the Holders of Registrable Securities or any underwriter
shall reasonably object, and make the representatives of the Issuers available
for discussion of such document as shall be reasonably requested by the Holders
of Registrable Securities, the Initial Purchasers on behalf of such Holders,
counsel to the Holders of Registrable Securities or any
underwriter.

            

            (r)           in
the case of a Shelf Registration, use their best efforts to cause all
Registrable Securities to be listed on any securities exchange on which similar
debt securities issued by the Company are then listed if requested by the
Majority Holders, or if requested by the underwriter or underwriters of an
underwritten offering of Registrable Securities, if any;

            

            (s)          in
the case of a Shelf Registration, use their best efforts to cause the
Registrable Securities to be rated by the appropriate rating agencies, if so
requested by the Majority Holders, or if requested by the underwriter or
underwriters of an underwritten offering of Registrable Securities, if
any;

            

            (t)           otherwise
comply with all applicable rules and regulations of the SEC so long as any
provision of this Agreement shall be applicable and make available to their
security holders, as soon as reasonably practicable, an earnings statement
covering at least 12 months which shall satisfy the provisions of Section 11(a)
of the 1933 Act and Rule 158 thereunder;

            
              
                 

              

              
                -17-

                
                  

                

              

              
                 

              

            

            (u)         cooperate
and assist in any filings required to be made with the NASD and, in the case of
a Shelf Registration, in the performance of any due diligence investigation by
any underwriter and its counsel (including any “qualified independent
underwriter” that is required to be retained in accordance with the rules and
regulations of the NASD);

            

            (v)         upon
consummation of an Exchange Offer or a Private Exchange, if requested by the
Trustee, obtain a customary opinion of counsel to the Issuers addressed to the
Trustee for the benefit of all Holders of Registrable Securities participating
in the Exchange Offer or Private Exchange, and which includes an opinion that
(i) the Issuers have duly authorized, executed and delivered the Exchange
Securities and/or Private Exchange Securities, as applicable, and the related
indenture, and (ii) each of the Exchange Securities and related indenture
constitute a legal, valid and binding obligation of the Issuers, enforceable
against the Issuers in accordance with its respective terms (in each case with
customary exceptions);

            

            (w)         in
the case of an Exchange Offer Registration Statement, cause the Securities and
the Exchange Securities to be listed on the Luxembourg Stock Exchange and comply
with the rules and regulations of the Luxembourg Stock Exchange in connection
therewith;

            

            (x)         
so long as the Securities are listed on the Luxembourg Stock Exchange, and the
rules of such exchange so require, provide a notice in a leading newspaper
having general circulation in Luxembourg (which is expected to be the
[     ]) indicating (i) the terms and effectiveness of
the Exchange Offer Registration Statement, (ii) the procedures to be followed in
connection with the Exchange Offer and (iii) the results of the Exchange
Offer;

            

            (y)         so
long as the Securities are listed on the Luxembourg Stock Exchange or another
exchange and the rules of such exchange so require, prior to the Exchange Offer,
(i) notify the Luxembourg Stock Exchange of its intention to commence the
Exchange Offer and (ii) provide a notice in a leading newspaper having general
circulation in Luxembourg (which is expected to be the
[     ]) indicating the procedures to be followed in
connection with the Exchange Offer; and

            

            (z)         in
the event that definitive Securities are issued to the Holders in connection
with the Exchange Offer, and to the extent required by the rules of the
Luxembourg Stock Exchange, (i) make copies of the Exchange Offer documentation
available to the Holders at the specified offices of the applicable Paying and
Transfer Agent in Luxembourg and conduct any Exchange Offer in accordance with
the terms and procedures set forth in such Exchange Offer documentation; and
(ii) appoint an exchange agent in Luxembourg where the Holders of the definitive
Securities will be able to tender for exchange their definitive
Securities.

            
              
                 

              

              
                -18-

                
                  

                

              

              
                 

              

            

            

            In the
case of a Shelf Registration Statement, the Issuers may (as a condition to such
Holder’s participation in the Shelf Registration) require each Holder of
Registrable Securities to furnish to the Company such information regarding the
Holder and the proposed distribution by such Holder of such Registrable
Securities as the Company may from time to time reasonably request in writing;
provided that
such request is limited to the information that is required to be contained in
the Shelf Registration Statement pursuant to the 1933 Act.  No Holder
of Registrable Securities who fails to so furnish such information within a
reasonable time after receiving such request shall be entitled to Additional
Interest until such time as such Holder furnishes such
information.  Each Holder whose Securities as to which any Shelf
Registration is being effected agrees to furnish to the Issuers all information
with respect to such Holder necessary to make the information previously
furnished to the Issuers by such Holder not materially misleading.

            

            In the
case of a Shelf Registration Statement, each Holder agrees that, upon receipt of
any notice from the Company of the happening of any event or the discovery of
any facts, each of the kind described in Sections 3(e)(v) or 3(e)(vi) hereof,
such Holder will forthwith discontinue disposition of Registrable Securities
pursuant to a Registration Statement until such Holder’s receipt of the copies
of the supplemented or amended Prospectus contemplated by Section 3(k) hereof,
and, if so directed by the Company, such Holder will deliver to the Company (at
its expense) all copies in such Holder’s possession, other than permanent file
copies then in such Holder’s possession, of the Prospectus covering such
Registrable Securities current at the time of receipt of such
notice.

            

            In the
event that the Issuers fail to effect the Exchange Offer or file any Shelf
Registration Statement and maintain the effectiveness of any Shelf Registration
Statement as provided herein, none of the Issuers shall file any Registration
Statement with respect to any securities (within the meaning of Section 2(1) of
the 1933 Act) of any of the Issuers other than Registrable
Securities.

            

            If any of
the Registrable Securities covered by any Shelf Registration Statement are to be
sold in an underwritten offering, the underwriter or underwriters and manager or
managers that will manage such offering will be selected by the Majority Holders
of such Registrable Securities included in such offering and shall be acceptable
to the Issuers.  No Holder of Registrable Securities may participate
in any underwritten registration hereunder unless such Holder (a) agrees to sell
such Holder’s Registrable Securities on the basis provided in any underwriting
arrangements approved by the persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents required
under the terms of such underwriting arrangements.

            

            4.           Indemnification;
Contribution.  (b)  In connection with any
Registration Statement, the Issuers jointly and severally agree to indemnify and
hold harmless the Initial Purchasers, each Holder, each Participating
Broker-Dealer, each Person who participates as an underwriter (any such Person
being an “Underwriter”) and
each Person, if any, who controls any Holder or Underwriter within the meaning
of Section 15 of the 1933 Act or Section 20 of the 1934 Act as
follows:

            
              
                 

              

              
                -19-

                
                  

                

              

              
                 

              

            

            (i)           against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
arising out of any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement (or any amendment or supplement
thereto) pursuant to which Exchange Securities or Registrable Securities were
registered under the 1933 Act, including all documents incorporated therein by
reference, or the omission or alleged omission therefrom of a material fact
required to be stated therein or necessary to make the statements therein not
misleading, or arising out of any untrue statement or alleged untrue statement
of a material fact contained in any Prospectus (or any amendment or supplement
thereto) or the omission or alleged omission therefrom of a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading;

            

            (iii)         against
any and all loss, liability, claim, damage and expense whatsoever, as incurred,
to the extent of the aggregate amount paid in settlement of any litigation, or
any investigation or proceeding by any governmental agency or body, commenced or
threatened, or of any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission;  provided
that (subject to Section 4(d) below) any such settlement is effected with the
written consent of the Company; and

             

            (iv)        against
any and all expense whatsoever, as incurred (including the fees and
disbursements of counsel chosen by any indemnified party), reasonably incurred
in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue statement or
omission, or any such alleged untrue statement or omission, to the extent that
any such expense is not paid under subparagraph (i) or (ii) above;

            

            provided, however, that this
indemnity agreement shall not apply to any loss, liability, claim, damage or
expense to the extent arising out of any untrue statement or omission or alleged
untrue statement or omission made in reliance upon and in conformity with
written information furnished to the Company by the Holder or Underwriter
expressly for use in a Registration Statement (or any amendment thereto) or any
Prospectus (or any amendment or supplement thereto).

            

            (b)         Each
Holder severally, but not jointly, agrees to indemnify and hold harmless the
Issuers, the Initial Purchasers, each Underwriter and the other selling Holders,
and each of their respective directors and officers, and each Person, if any,
who controls the Issuers, the Initial Purchasers, any Underwriter or any other
selling Holder within the meaning of Section 15 of the 1933 Act or Section 20 of
the 1934 Act, against any and all loss, liability, claim, damage and expense
described in the indemnity contained in Section 4(a) hereof, as incurred, but
only with respect to untrue statements or omissions, or alleged untrue
statements or omissions, made in the Shelf Registration Statement (or any
amendment thereto) or any Prospectus included therein (or any amendment or
supplement thereto) in reliance upon and in conformity with written information
with respect to such Holder furnished to the Company by such Holder expressly
for use in the Shelf Registration Statement (or any amendment thereto) or such
Prospectus (or any amendment or supplement thereto); provided, however, that no
such Holder shall be liable for any claims hereunder in excess of the amount of
net proceeds received by such Holder from the sale of Registrable Securities
pursuant to such Shelf Registration Statement.

            
              
                 

              

              
                -20-

                
                  

                

              

              
                 

              

            

            (c)          Each
indemnified party shall give notice as promptly as reasonably practicable to
each indemnifying party of any action or proceeding commenced against it in
respect of which indemnity may be sought hereunder, but failure so to notify an
indemnifying party shall not relieve such indemnifying party from any liability
hereunder to the extent it is not materially prejudiced as a result thereof and
in any event shall not relieve it from any liability which it may have otherwise
than on account of this indemnity agreement.  An indemnifying party
may participate at its own expense in the defense of such action.  If
an indemnifying party so elects within a reasonable time after receipt of such
notice, an indemnifying party, severally or jointly with any other indemnifying
parties receiving such notice, may assume the defense of such action with
counsel chosen by it and reasonable acceptable to the indemnified parties
defendant in (or target of) such action; provided, however, that if (i)
representation of such indemnified party by the same counsel would present a
conflict of interest or (ii) the actual or potential defendants in, or targets
of, any such action include both the indemnified party and the indemnifying
party and any such indemnified party reasonably determines that there may be
legal defenses available to such indemnified party which are different from or
in addition to those available to such indemnifying party, then in the case of
clauses (i) or (ii) of this Section 4 (c) such indemnifying party and counsel
for each indemnifying party or parties shall not be entitled to assume such
defense.  If an indemnifying party is not entitled to assume the
defense of such action as a result of the proviso to the preceding sentence,
counsel for each indemnified party or parties shall be entitled to conduct the
defense of such indemnified party or parties.  If an indemnifying
party assumes the defense of such action, in accordance with and as permitted by
the provisions of this paragraph, such indemnifying parties shall not be liable
for any fees and expenses of counsel for the indemnified parties incurred
thereafter in connection with such action.  In no event shall the
indemnifying party or parties be liable for the fees and expenses of more than
one counsel (in addition to any local counsel) separate from their own counsel
for all indemnified parties in connection with any one action or separate but
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances. No indemnifying party shall, without the
prior written consent of the indemnified parties, settle or compromise or
consent to the entry of any judgment with respect to any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or
contribution could be sought under this Section 4 (whether or not the
indemnified parties are actual or potential parties thereto), unless such
settlement, compromise or consent (i) includes an unconditional release of each
indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.

            
              
                 

              

              
                -21-

                
                  

                

              

              
                 

              

            

            (d)         If
at any time an indemnified party shall have requested an indemnifying party to
reimburse the indemnified party for fees and expenses of counsel, such
indemnifying party agrees that it shall be liable for any settlement of the
nature contemplated by Section 4(a)(ii) effected without its written consent if
(i) such settlement is entered into more than 45 days after receipt by such
indemnifying party of the aforesaid request, (ii) such indemnifying party shall
have received notice of the terms of such settlement at least 30 days prior to
such settlement being entered into and (iii) such indemnifying party shall not
have reimbursed such indemnified party in accordance with such request prior to
the date of such settlement.

            

            (e)          If
the indemnification provided for in this Section 4 is for any reason unavailable
to or insufficient to hold harmless an indemnified party in respect of any
losses, liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses,
liabilities, claims, damages and expenses incurred by such indemnified party, as
incurred, in such proportion as is appropriate to reflect the relative fault of
the Issuers on the one hand and the Holders and the Initial Purchasers on the
other hand in connection with the statements or omissions which resulted in such
losses, liabilities, claims, damages or expenses, as well as any other relevant
equitable considerations.

            

            The
relative fault of the Issuers on the one hand and the Holders and the Initial
Purchasers on the other hand shall be determined by reference to, among other
things, whether any such untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact relates to information
supplied by the Issuers, the Holders or the Initial Purchasers and the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission.

            

            The
Issuers, the Holders and the Initial Purchasers agree that it would not be just
and equitable if contribution pursuant to this Section 4 were determined by pro
rata allocation (even if the Initial Purchasers were treated as one entity for
such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to above in this Section 4. The
aggregate amount of losses, liabilities, claims, damages and expenses incurred
by an indemnified party and referred to above in this Section 4 shall be deemed
to include any legal or other expenses reasonably incurred by such indemnified
party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged untrue
statement or omission or alleged omission.

            

            Notwithstanding
the provisions of this Section 4, no Initial Purchaser shall be required to
contribute any amount in excess of the amount by which the total price at which
the Securities sold by it were offered exceeds the amount of any damages which
such Initial Purchaser has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission.

            

            No Person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the 1933 Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation.

            
              
                 

              

              
                -22-

                
                  

                

              

              
                 

              

            

            For
purposes of this Section 4, each Person, if any, who controls an Initial
Purchaser or Holder within the meaning of Section 15 of the 1933 Act or Section
20 of the 1934 Act shall have the same rights to contribution as such Initial
Purchaser or Holder, and each director of an Issuer, and each Person, if any,
who controls an Issuer within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall have the same rights to contribution as the
Issuers.  The Initial Purchasers’ respective obligations to contribute
pursuant to this Section 7 are several in proportion to the principal amount of
Securities set forth opposite their respective names in Schedule 2.01 to the
Loan Agreement and not joint.

            

            5.1         Miscellaneous.

            

            5.1         Rule 144 and Rule
144A.  For so long as the Company is subject to the reporting
requirements of Section 13 or 15 of the 1934 Act and any Registrable Securities
remain outstanding, the Company covenants that it will file the reports required
to be filed by it under the 1933 Act and Section 13(a) or 15(d) of the 1934 Act
and the rules and regulations adopted by the SEC thereunder.  If the
Company ceases to be so required to file such reports, the Company covenants
that it will upon the request of any Holder of Registrable Securities (a) make
publicly available such information as is necessary to permit sales pursuant to
Rule 144 under the 1933 Act, (b) deliver such information to a prospective
purchaser as is necessary to permit sales pursuant to Rule 144A under the 1933
Act and it will take such further action as any Holder of Registrable Securities
may reasonably request, and (c) take such further action that is reasonable in
the circumstances, in each case, to the extent required from time to time to
enable such Holder to sell its Registrable Securities without registration under
the 1933 Act within the limitation of the exemptions provided by (i) Rule 144
under the 1933 Act, as such Rule may be amended from time to time, (ii) Rule
144A under the 1933 Act, as such Rule may be amended from time to time, or (iii)
any similar rules or regulations hereafter adopted by the SEC.  Upon
the request of any Holder of Registrable Securities, the Company will deliver to
such Holder a written statement as to whether it has complied with such
requirements.

            

            5.2         No Inconsistent
Agreements.  The Company has not entered into and the Company
will not after the date of this Agreement enter into any agreement which is
inconsistent with the rights granted to the Holders of Registrable Securities in
this Agreement or otherwise conflicts with the provisions hereof.  The
rights granted to the Holders hereunder do not and will not for the term of this
Agreement in any way conflict with the rights granted to the holders of the
Company’s other issued and outstanding securities under any such
agreements.

            

            5.3         Amendments and
Waivers.  The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given
unless the Company has obtained the written consent of Holders of at least a
majority in aggregate principal amount of the outstanding Registrable Securities
affected by such amendment, modification, supplement, waiver or
departure.

            

            5.4         Notices.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by hand delivery, registered first-class mail, telex,
telecopier, or any courier guaranteeing overnight delivery (a) if to a Holder,
at the most current address given by such Holder to the Company by means of a
notice given in accordance with the provisions of this Section 5.4, which
address initially is the address set forth in the Loan Agreement with respect to
the Initial Purchasers; and (b) if to the Issuers, initially at the Company’s
address set forth in the Loan Agreement, and thereafter at such other address of
which notice is given in accordance with the provisions of this Section
5.4.

            
              
                 

              

              
                -23-

                
                  

                

              

              
                 

              

            

            All such
notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if personally delivered; two
business days after being deposited in the mail, postage prepaid, if mailed;
when answered back, if telexed; when receipt is acknowledged, if telecopied; and
on the next business day if timely delivered to an air courier guaranteeing
overnight delivery.

            

            Copies of
all such notices, demands, or other communications shall be concurrently
delivered by the person giving the same to the Trustee under the Indenture, at
the address specified in such Indenture.

            

            5.5         Successor and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties,
including, without limitation and without the need for an express assignment,
subsequent Holders; provided that nothing
herein shall be deemed to permit any assignment, transfer or other disposition
of Registrable Securities in violation of the terms of the Loan Agreement or the
Indenture.  If any transferee of any Holder shall acquire Registrable
Securities, in any manner, whether by operation of law or otherwise, such
Registrable Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Registrable Securities such person
shall be conclusively deemed to have agreed to be bound by and to perform all of
the terms and provisions of this Agreement, including the restrictions on resale
set forth in this Agreement and, if applicable, the Loan Agreement, and such
person shall be entitled to receive the benefits hereof.

            

            5.6         Third Party
Beneficiaries.  The Initial Purchasers (even if the Initial
Purchasers are not Holders of Registrable Securities) shall be third party
beneficiaries to the agreements made hereunder between the Issuers, on the one
hand, and the Holders, on the other hand, and shall have the right to enforce
such agreements directly to the extent they deem such enforcement necessary or
advisable to protect their rights or the rights of Holders
hereunder.  Each Holder of Registrable Securities shall be a third
party beneficiary to the agreements made hereunder between the Issuers, on the
one hand, and the Initial Purchasers, on the other hand, and shall have the
right to enforce such agreements directly to the extent it deems such
enforcement necessary or advisable to protect its rights hereunder.

            

            5.7         Specific
Enforcement.  Without limiting the remedies available to the
Initial Purchasers and the Holders, the Issuers acknowledge that any failure by
the Issuers to comply with its obligations under Sections 2.1 through 2.4 hereof
may result in material irreparable injury to the Initial Purchasers or the
Holders for which there is no adequate remedy at law, that it would not be
possible to measure damages for such injuries precisely and that, in the event
of any such failure, the Initial Purchasers or any Holder may obtain such relief
as may be required to specifically enforce the Issuers’ obligations under
Sections 2.1 through 2.4 hereof.

            
              
                 

              

              
                -24-

                
                  

                

              

              
                 

              

            

            5.8         Restriction on
Resales.  Until the expiration of one year after the original
issuance of the Securities, the Issuers will not, and will cause their
“affiliates” (as such term is defined in Rule 144(a)(1) under the 1933 Act) not
to, resell any Securities which are “restricted securities” (as such term is
defined under Rule 144(a)(3) under the 1933 Act) that have been reacquired by
any of them and shall immediately upon any purchase of any such Securities
submit such Securities to the Trustee for cancellation.

            

            5.9         Counterparts.  This
Agreement may be executed in any number of counterparts and by the parties
hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the
same agreement.

            

            5.10       Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

            

            5.11       GOVERNING
LAW.  THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.

            

            5.12       Severability. In the
event that any one or more of the provisions contained herein, or the
application thereof in any circumstance, is held invalid, illegal or
unenforceable, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall
not be affected or impaired thereby.

            

            5.13       Securities Held by the
Issuers, etc.  Whenever the consent or approval of Holders of a
specified percentage of principal amount of Securities or Exchange Securities is
required hereunder, Securities or Exchange Securities, as applicable, held by
any Issuers or its Affiliates (other than subsequent Holders of Securities or
Exchange Securities if such subsequent Holders are deemed to be Affiliates
solely by reason of their holdings of such Securities or Exchange Securities)
shall not be counted in determining whether such consent or approval was given
by the Holders of such required percentage.

            

            5.14       Agent for Service;
Submission to Jurisdiction; Waivers.

            

            (a)         By
the execution and delivery of this Agreement, the Non-U.S. Guarantors (A)
acknowledge that they will, by separate written instrument, designate and
appoint [the Company] (and any successor entity) as their authorized agent upon
which process may be served in any suit or proceeding arising out of or relating
to this Agreement that may be instituted in any Federal or state court in the
State of New York, New York County or brought under Federal or state securities
laws, and acknowledge that [the Company] will accept such designation, (B)
submit for themselves and their property to the non exclusive jurisdiction of
any such court in any such suit or proceeding, (C) consent that any such
proceeding may be brought in any such court and waives trial by jury and any
objection that any of them may now or hereafter have to the venue of any such
proceeding in any such court or that such proceeding was brought in any
inconvenient court and agrees not to plead or claim the same, (D) agree that
service of process upon [the Company] and written notice of said service to the
Non-U.S. Guarantors in accordance with Section 5.4 hereof shall be deemed in
every respect effective service of process upon the Non-U.S. Guarantors in any
such suit or proceeding and (E) agree that nothing herein shall affect the right
to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction.

            
              
                 

              

              
                -25-

                
                  

                

              

              
                 

              

            

            (b)         To
the extent that any Non-U.S. Guarantor may be entitled, in any jurisdiction in
which judicial proceedings may at any time be commenced with respect to the
above-referenced documents, to claim for itself or its revenues, assets or
properties immunity (whether by reason of sovereignty or otherwise) from suit,
from the jurisdiction of any court (including but not limited to any court of
the United States of America or the State of New York), from attachment prior to
judgment, from set-off, from execution of a judgment or from any other legal
process, and to the extent that in any such jurisdiction there may be attributed
such an immunity (whether or not claimed), such Non-U.S. Guarantor hereby
irrevocably agrees not to claim and hereby irrevocably waives such immunity to
the extent permitted by law.

            

            5.15        Judgment
Currency.

            

            (a)         The
Issuers, jointly and severally, agree to indemnify each Holder and each person,
if any, who controls any Holder within the meaning of Section 15 of the 1933 Act
or Section 20 of the 1934 Act against any loss incurred by such party as a
result of any judgment or order being given or made against any Issuer in favor
of such indemnified party for any amount due under this Agreement and such
judgment or order being expressed and paid in a currency (the “Judgment Currency”)
other than euro, to the extent such judgment relates to Securities, Exchange
Securities or Private Exchange Securities denominated in euro, or United States
dollars, to the extent such judgment relates to Securities, Exchange Securities
or Private Exchange Securities denominated in United States dollars, and as a
result of any variation as between (i) the rate of exchange at which the euro or
United States dollar amount, as the case may be, is converted into the Judgment
Currency for the purpose of such judgment or order and (ii) the spot rate of
exchange in The City of New York at which such indemnified party on the date of
payment of such judgment or order is able to purchase euro or United States
dollars, as the case may be, with the amount of the Judgment Currency actually
received by such indemnified party.  The foregoing indemnity shall
continue in full force and effect notwithstanding any such judgment or order as
aforesaid.  The term “spot rate of
exchange” shall include any premiums and costs of exchange payable in
connection with the purchase of, or conversion into, euro or United States
dollars, as the case may be.

            

            5.16       [Taxes. All amounts
paid to the Initial Purchasers or Holders hereunder shall be paid free and clear
of, and without any deduction or withholding for or on account of, any present
or future taxes, duties, assessments or other governmental charges of whatever
nature (including interest, penalties and other liabilities with respect
thereto) imposed or levied by or on behalf of [The Grand Duchy of Luxembourg] or
any political subdivision thereof or by any authority therein or thereto or
within any other jurisdiction in which any of the Issuers is organized or
engaged in business for tax purposes having power to tax, unless such deduction
or withholding is required by applicable law, in which event, the Issuers agree
to pay additional amounts so that the persons entitled to such payments will
receive the amount that such persons would otherwise have received but for such
deduction or withholding but only if, and to the extent that, such deduction or
withholding is not a payment of, or on account of, an Excluded Tax (as defined
in the Loan Agreement).]

            
              
                 

              

              
                -26-

                
                  

                

              

              
                 

              

            

            IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.

            

            

            
              	 
      	
                      LYONDELLBASELL
      FINANCE COMPANY

                    
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	 
      	
                      Name:

                    
	 
      	 
      	
                      Title:

                    

            

            
              
                 

              

              
                S-1

                
                  

                

              

              
                 

              

            

            

            
              	 
      	
                      [GUARANTORS]

                    
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                      By:

                    	 
      
	 
      	 
      	
                      Name:

                    
	 
      	 
      	
                      Title:

                    

            

            
              
                 

              

              
                S-2

                
                  

                

              

              
                 

              

            

            Confirmed
and accepted as of the date first above written:

            

            
              	
                      [INITIAL
      PURCHASERS]

                    	 
	 
      	 
      	 
	 
      	 
      	 
	
                      By:

                    	 
      	 
	 
      	
                      Name:

                    	 
	 
      	
                      Title:

                    	 

            

             

             

            S-3lyo8kexhibit4-5a.htm

    Exhibit 4.5(a)

     

    EXECUTION COPY

    
 

    AMENDMENT
NO. 1 TO CREDIT AGREEMENT

     

    AMENDMENT
dated as of April 30, 2008 to the CREDIT AGREEMENT dated as of December 20, 2007
(the “Credit Agreement”)
among LYONDELL CHEMICAL COMPANY (which is the surviving entity following its
merger with BIL ACQUISITION HOLDINGS LIMITED), a Delaware corporation, EQUISTAR
CHEMICALS, LP, a Delaware limited partnership, HOUSTON REFINING LP, a Delaware
limited partnership, BASELL USA INC., a Delaware corporation, and the
Subsidiaries of LYONDELLBASELL INDUSTRIES AF S.C.A. (formerly known as BASELL AF
S.C.A.) from time to time party thereto as Borrowers; the LENDERS party thereto
and CITIBANK, N.A., as Administrative Agent, Co-Collateral Agent and Fronting
Bank.

     

    The
parties hereto agree as follows:

     

    SECTION
1 .  Defined Terms;
References.  Unless otherwise specifically defined herein, each
term used herein which is defined in the Credit Agreement has the meaning
assigned to such term in the Credit Agreement. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference and each
reference to “this Agreement” and each other similar reference contained in the
Credit Agreement shall, after this Amendment becomes effective, refer to the
Credit Agreement as amended hereby.

     

    SECTION
2 .  Amendment to Available
Inventory.  The figure “$100,000,000” appearing in clause (ii)
of the proviso to the
definition of Available Inventory in Section 1.01 of the Credit Agreement is
changed to “$250,000,000.”

     

    SECTION
3 .  Lyondell
Collateral.  If as contemplated by Section 1.05 of the Credit
Agreement, Lyondell exercises its election to satisfy the Collateral Requirement
as to itself, the Borrowers may, at any time on or after the date such election
becomes effective in accordance with Section 1.05 of the Credit Agreement and
prior to the next scheduled delivery of a Borrowing Base Certificate pursuant to
Section 5.12 of the Credit Agreement, deliver an updated Borrowing Base
Certificate reflecting such effectiveness, and such updated Borrowing Base
Certificate shall be deemed to have been delivered pursuant to Section 5.12 of
the Credit Agreement for purposes of determination of the Borrowing
Base.

     

    SECTION
4 .  Accordion
Increase.  The figure “$600,000,000” appearing in Section
2.21(c) of the Credit Agreement is changed to “$1,100,000,000.”

     

    SECTION
5 .  Amendment To
Indebtedness Limitation.  The phrase “(i) $750,000,000 and (ii)
3% of Consolidated Net Tangible Assets” appearing in Section 6.03(l) of the
Credit Agreement is changed to “(i) $1,000,000,000 and (ii) 4% of Consolidated
Net Tangible Assets.”

     

    SECTION
6 .  Technical
Corrections.  The Credit Agreement is further amended as
follows:

     

    (a) Clause
(2)(g) of the definition of Consolidated EBITDA is redesignated clause (3), the
reference to “clause (i)” therein is changed to “clause (3)”, the “and” at the
end of clause (2)(f) is deleted, and the following new clause (2)(g) is
added:

     

    (g) nonrecurring costs and expenses
paid that are related to any expense or cost reductions that have occurred or
are associated with the good faith projected cost savings described in clause
(3) below; and

     

    (b) The
definition of Restricted Subsidiary is amended to read as follows:

     

    “Restricted Subsidiary” shall
mean any Subsidiary which is a “Restricted Subsidiary” as defined in the Senior
Facility Credit Agreement.

     

    (c) The
phrase “Consolidated Fixed Charge Coverage Ratio required by” in Section
6.02(g)(C)(iii) is amended to read “First Lien Senior Secured Leverage Ratio (as
defined in the Senior Facility Credit Agreement) and the Consolidated Debt
Service Ratio required by Section 7.11 of.”

     

    (d) Section
6.03(g) is amended by the addition of the phrase “the Senior Facility Credit
Agreement,” immediately preceding the reference to “the Senior Second Lien
Debt.”

     

    (e) The
phrase “Permitted Acquisition” in Section 6.03(r) is changed to “an
acquisition.”

     

    (f) The
reference to “the Company or any Guarantor” in Section 6.03(s)(i) is changed to
“a Restricted Party.”

     

    (g) The text
of Section 6.03(t) is deleted, and “[Reserved]” is substituted
therefor.

     

    (h) The
phrase “such merger, consolidation or amalgamation involves a Borrower and” is
added to Section 6.04(d)(ii) immediately following the word “if.”

     

    (i) Section
6.05(j)(ii) is amended as follows:

     

    (x)  the words “provided
hereunder” are added immediately following the phrase “most recent balance
sheet,”

    

    (y)  the phrase “such
Restricted Party” is changed to “the Company or a Restricted Subsidiary”
and

    

    (z)  the phrase “each
Restricted Party” is changed to “the Company and all of the Restricted
Subsidiaries.”

    

    (j) the
figure “$25,000,000” is added to Section 6.06(m) immediately following
“(x).”

     

    (k) The
phrase “, any Permanent Financing or any Permitted Refinancing thereof” is added
to Section 6.09(xi) immediately following the phrase “the Senior Second Lien
Debt Documentation and the phrase “Securitization Transactions” in Section
6.09(xi) is changed to “under any Receivables Financings (including
Securitization Transactions)”.

     

    (l) The
phrase “Indebtedness other than the” in Section 6.13(a) is deleted.

     

    SECTION
7 .  Correction Of Typographical And
Similar Errors.  The Credit Agreement is further amended as
follows:

     

    (a) The
cross-reference to “Section 6.02(n)” appearing in Section 6.01(l) is changed to
“Section 6.02(o).”

     

    (b) An open
parenthesis (“(”) is inserted immediately before the phrase “or proceeds” in
Section 6.01(aa)(a).

     

    (c) The cross
reference to “Schedule 7.02(e)” appearing in Section 6.02(e) is changed to
“Schedule 6.02(e).”

     

    (d) The
phrase “Senior Facility Agreement” appearing in Section 6.02(k) is changed to
“Senior Facility Credit Agreement.”

     

    (e) The word
“though” in Section 6.02(o) is changed to “through.”

     

    

    (f) The
phrase “Senior Facility Agreement” in Section 6.03(g) is changed to “Senior
Facility Credit Agreement.”

     

    

    (g) The word
“form” in Section 6.03(w) is changed to “from.”

     

    (h) The
phrase “and (i)” appearing in the proviso to Section
6.05 is deleted.

     

    (i) The cross
reference to “Section 7.13(a)(iv)” appearing in Section 6.13(a) is changed to
“Section 7.13(a)(v).”

     

    (j) The cross
reference to “Section 7.01(n)” appearing in Section 10.02(b)(v) is changed to
“Section 7.01(o).”

     

    (k)           The
phrase “105⁄8% Senior Unsecured Notes due 2008 of Equistar, the 101/8% Senior Unsecured Notes due
2011 of Equistar” in the definition of “Existing Notes” in Section 1.01 is
changed to “101/8% Senior Unsecured Notes due
2008 of Equistar, the 105⁄8% Senior Unsecured Notes due 2011 of
Equistar.”

     

    SECTION
8 .  Representations of
Borrowers.  The Borrowers represent and warrant that (i) the
representations and warranties of the Borrowers set forth in Article 3 of the
Credit Agreement are true in all material respects on and as of the date hereof
with the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date (which
representations and warranties were true and correct in all material respects on
and as of such earlier date) and (ii) no Default has occurred and is continuing
on the date hereof.

     

    SECTION
9 .  Governing
Law.  This Amendment shall be governed by and construed in accordance
with the laws of the State of New York.

     

    SECTION
10 .  Counterparts.  This
Amendment may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

     

    SECTION
11 .  Effectiveness.  The
amendments of the Credit Agreement pursuant to this Amendment shall become
effective on the date when the Administrative Agent shall have received
counterparts hereof signed by the Borrowers' Agent on behalf of the Borrowers
and by (i) with respect to Section 2 hereof, Lenders having Credit Exposures in
an aggregate amount of not less than 66 2/3% of the aggregate amount of all
Credit Exposures, (ii)  with respect to Sections 3, 4, 5 and 6 hereof,
Lenders comprising the Required Lenders and (iii) with respect to Section 7
hereof, the Administrative Agent (or, in the case of any of the foregoing
parties as to which an executed counterpart shall not have been received, the
Administrative Agent shall have received in form satisfactory to it facsimile or
other written confirmation from such party of execution of a counterpart hereof
by such party).

     

    
      
        
          (NY)
05491/013/CA.AMEND/amend.1.doc 

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    IN WITNESS WHEREOF, the parties hereto
have caused this

    Amendment
to be duly executed as of the date first above written.

    

    

    
      	
              LYONDELL
      CHEMICAL COMPANY,

              as
      Borrowers’ Agent on behalf of the Borrowers

            
	
              By:

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

            
	
              Title:    Authorized
      Representative

            

    

    

    
      
        
          [Amendment
No.1 to Credit Agreement]

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              CITIBANK,
      N.A.,

              as
      Administrative Agent

               

            
	
              By:

            	/s/
      David Jaffe  
	
              Name:   David
      Jaffe

            
	
              Title:    Director/Vice
      President

            

    

    

    
      
        
          [Amendment
No.1 to Credit Agreement]

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              ABN
      AMRO Bank, N.V.

               

            
	
              By:

            	/s/
      Erwin De Jong                         
      /s/ Marko Reizer
	
              Name:   Erwin De
      Jong                    
      Marko Reizer

            
	
              Title:    E.D.                        A.D.

            

    

    

    
      
        
          [Amendment
No.1 to Credit Agreement]

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              GOLDMAN
      SACHS CREDIT
      PARTNERS L.P.

               

            
	
              By:

            	/s/ 
      Bruce H. Mendelsohn
	
              Name:   Bruce H.
      Mendelsohn

            
	
              Title:    Authorized
      Signatory

            

    

    

    
      
        
          [Amendment
No.1 to Credit Agreement]

        

         

      

      
         

        
          

        

      

      
         

      

    

     

    
      

      
        	
                MERRILL
      LYNCH CAPITAL CORP.

                 

                 

              
	
                By:

              	/s/ Anand
      Melvani  
	
                Name:   Anand
      Melvani

              
	
                Title:    Vice
      President

              

      

      

      
        
          
            [Amendment
No.1 to Credit Agreement]

          

           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      

      
        	
                UBS
      LOAN FINANCE LLC

                 

                 

              
	
                By:

              	/s/ Mary
      E. Evans                           
      /s/ Irja R. Otsa
	
                Name:    Mary E.
      Evans                     
      Irja R. Otsa

              
	
                Title:    Associate
      Director                Associate
      Director

              

      

      

      
        
          
            [Amendment
No.1 to Credit Agreement]

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