Document:

lyo10k-022808ex45.htm

    
      
        
          EXHIBIT
4.5

          
            

          

        

      

       

      $1,000,000,000

      

      CREDIT
AGREEMENT

      

      Dated as
of December 20, 2007

      

      among

      

      LYONDELL
CHEMICAL COMPANY

      

      EQUISTAR
CHEMICALS, LP,

      

      HOUSTON
REFINING LP,

      

      BASELL
USA INC.

      

      and

      

      THE
SUBSIDIARIES OF BASELL AF S.C.A.

      (to be
renamed LYONDELLBASELL INDUSTRIES AF S.C.A)

      FROM TIME
TO TIME PARTY HERETO,

      as
Borrowers

      

      THE
LENDERS PARTY HERETO,

      

      CITIBANK,
N.A.,

      as
Administrative Agent and Co-Collateral Agent

      

      GENERAL
ELECTRIC CAPITAL CORPORATION,

      as
Co-Collateral Agent

      

      CITIGROUP
GLOBAL MARKETS INC.

      GOLDMAN
SACHS CREDIT PARTNERS L.P.,

      MERRILL
LYNCH CAPITAL CORPORATION,

      ABN AMRO
INCORPORATED

      and

      UBS
SECURITIES LLC,

      Joint
Lead Arrangers and Joint Bookrunners

      

       

      GOLDMAN
SACHS CREDIT PARTNERS, L.P.

      Syndication
Agent,

      

       

      MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

      Transaction
Coordinator

      

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      TABLE
OF CONTENTS

      
        
          
            

          

      

      Page

      

      
        	
                ARTICLE
      1

              
	
                
                  Definitions

                

              
	
                 

              	 	 
	
                Section
      1.01.

              	
                Definitions

              	
                1

              
	
                Section
      1.02.

              	
                Accounting
      Terms

              	
                45

              
	
                Section
      1.03.

              	
                Terms
      Generally

              	
                45

              
	
                Section
      1.04.

              	
                Classification
      of Loans and Borrowings

              	
                46

              
	
                Section
      1.05.

              	
                Lyondell
      Collateral

              	
                46

              
	 	 	 
	
                ARTICLE
      2

              
	
                
                  The
      Loans

                

              
	 	 	 
	
                Section
      2.01.

              	
                Commitments

              	
                46

              
	
                Section
      2.02.

              	
                Loans

              	
                47

              
	
                Section
      2.03.

              	
                Notice
      of Borrowings

              	
                48

              
	
                Section
      2.04.

              	
                Conversions
      and Continuations

              	
                49

              
	
                Section
      2.05.

              	
                Swingline
      Loans

              	
                50

              
	
                Section
      2.06.

              	
                Letters
      of Credit

              	
                52

              
	
                Section
      2.07.

              	
                Fees

              	
                57

              
	
                Section
      2.08.

              	
                Maturity
      of Loans; Mandatory Prepayments

              	
                59

              
	
                Section
      2.09.

              	
                Evidence
      of Debt

              	
                60

              
	
                Section
      2.10.

              	
                Interest
      on Loans

              	
                61

              
	
                Section
      2.11.

              	
                Interest
      on Overdue Amounts; Alternative Rate of Interest

              	
                62

              
	
                Section
      2.12.

              	
                Termination
      and Reduction of Commitments and Swingline Facility

              	
                62

              
	
                Section
      2.13.

              	
                Optional
      Prepayment of Loans

              	
                63

              
	
                Section
      2.14.

              	
                Reserve
      Requirements; Change in Circumstances

              	
                64

              
	
                Section
      2.15.

              	
                Change
      in Legality

              	
                66

              
	
                Section
      2.16.

              	
                Indemnity

              	
                67

              
	
                Section
      2.17.

              	
                Pro
      Rata Treatment

              	
                67

              
	
                Section
      2.18.

              	
                Sharing
      of Setoffs

              	
                68

              
	
                Section
      2.19.

              	
                Taxes

              	
                68

              
	
                Section
      2.20.

              	
                Duty
      to Mitigate; Assignment of Commitments Under Certain
      Circumstances

              	
                70

              
	
                Section
      2.21.

              	
                Optional
      Increase In Commitments

              	
                71

              
	 	 	 
	
                ARTICLE
      3

              
	
                
                  Representations
      And Warranties

                

              
	
                 

              	 	 
	
                Section
      3.01.

              	
                Existence,
      Qualification And Power; Compliance With Laws

              	
                72

              
	
                Section
      3.02.

              	
                Authorization;
      No Contravention.

              	
                72

              

      

       

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
      3.03.

              	
                Governmental
      Authorization; Other Consents

              	
                73

              
	
                Section
      3.04.

              	
                Binding
      Effect

              	
                73

              
	
                Section
      3.05.

              	
                Financial
      Statements; No Material Adverse Effect.

              	
                73

              
	
                Section
      3.06.

              	
                Litigation

              	
                74

              
	
                Section
      3.07.

              	
                [Reserved].

              	
                74

              
	
                Section
      3.08.

              	
                [Reserved].

              	
                75

              
	
                Section
      3.09.

              	
                Taxes

              	
                75

              
	
                Section
      3.10.

              	
                ERISA
      Compliance

              	
                75

              
	
                Section
      3.11.

              	
                [Reserved].

              	
                75

              
	
                Section
      3.12.

              	
                Margin
      Regulations; Investment Company Act

              	
                75

              
	
                Section
      3.13.

              	
                Disclosure

              	
                76

              
	
                Section
      3.14.

              	
                [Reserved].

              	
                76

              
	
                Section
      3.15.

              	
                Anti-Terrorism
      Laws.

              	
                76

              
	
                Section
      3.16.

              	
                Solvency

              	
                76

              
	
                Section
      3.17.

              	
                Collateral

              	
                76

              
	 	 	 
	
                ARTICLE
      4

              
	
                
                  Conditions
      Of Lending

                

              
	 	 	 
	
                Section
      4.01.

              	
                All
      Borrowings

              	
                77

              
	
                Section
      4.02.

              	
                Effective
      Date

              	
                78

              
	 	 	 
	
                ARTICLE
      5

              
	
                
                  Affirmative
      Covenants

                

              
	 	 	 
	
                Section
      5.01.

              	
                Reporting
      Requirements

              	
                79

              
	
                Section
      5.02.

              	
                Payment
      of Obligations

              	
                82

              
	
                Section
      5.03.

              	
                Preservation
      Of Existence, Etc

              	
                82

              
	
                Section
      5.04.

              	
                Maintenance
      of Properties

              	
                83

              
	
                Section
      5.05.

              	
                Maintenance
      of Insurance

              	
                83

              
	
                Section
      5.06.

              	
                Compliance
      with Laws

              	
                83

              
	
                Section
      5.07.

              	
                Compliance
      with Environmental Laws; Environmental Reports

              	
                83

              
	
                Section
      5.08.

              	
                Books
      and Records.

              	
                83

              
	
                Section
      5.09.

              	
                Inspection
      Rights

              	
                84

              
	
                Section
      5.10.

              	
                ERISA.

              	
                84

              
	
                Section
      5.11.

              	
                Know
      Your Customer Requests

              	
                85

              
	
                Section
      5.12.

              	
                Borrowing
      Base Reports

              	
                85

              
	
                Section
      5.13.

              	
                Information
      Regarding Collateral

              	
                86

              
	
                Section
      5.14.

              	
                Further
      Assurances

              	
                86

              
	 	 	 
	
                ARTICLE
      6

              
	
                
                  Negative
      Covenants

                

              
	
                 

              	 	 
	
                Section
      6.01.

              	
                Liens

              	
                87

              
	
                Section
      6.02.

              	
                Investments

              	
                92

              
	
                Section
      6.03.

              	
                Indebtedness

              	
                95

              

      

       

      
        
          
          

        

        
          ii

          
            

          

        

        
          
          

        

      

       

      
        	
                Section
      6.04.

              	
                Fundamental
      Changes

              	
                99

              
	
                Section
      6.05.

              	
                Dispositions

              	
                100

              
	
                Section
      6.06.

              	
                Restricted
      Payments; Use of Proceeds

              	
                102

              
	
                Section
      6.07.

              	
                Change
      in Nature of Business

              	
                104

              
	
                Section
      6.08.

              	
                Transactions
      with Affiliates

              	
                104

              
	
                Section
      6.09.

              	
                Burdensome
      Agreements

              	
                106

              
	
                Section
      6.10.

              	
                Anti-Money
      Laundering

              	
                108

              
	
                Section
      6.11.

              	
                Capital
      Expenditures.

              	
                108

              
	
                Section
      6.12.

              	
                Accounting
      Changes

              	
                109

              
	
                Section
      6.13.

              	
                Prepayments,
      Etc.

              	
                109

              
	
                Section
      6.14.

              	
                Fixed
      Charge Coverage Ratio

              	
                109

              
	
                Section
      6.15.

              	
                Securitization
      Transactions.

              	
                110

              
	
                 

              	 	 
	
                ARTICLE
      7

              
	
                
                  Events
      Of Default

                

              
	 	 	 
	
                Section
      7.01.

              	
                Events
      of Default.

              	
                110

              
	 	 	 
	
                ARTICLE
      8

              
	
                
                  Administrative
      Agent

                

              
	 	 	 
	 	 	 
	
                ARTICLE
      9

              
	
                
                  The
      Obligors

                

              
	 	 	 
	
                Section
      9.01.

              	
                Appointment
      and Authorization of Borrowers Agent

              	
                116

              
	
                Section
      9.02.

              	
                Joint
      and Several Obligations

              	
                116

              
	
                Section
      9.03.

              	
                Contribution;
      Subordination

              	
                117

              
	
                Section
      9.04.

              	
                Limitation
      on Obligations of  Borrowers

              	
                117

              
	 	 	 
	
                ARTICLE
      10

              
	
                
                  Miscellaneous

                

              
	 	 	 
	
                Section
      10.01.

              	
                Notices

              	
                118

              
	
                Section
      10.02.

              	
                No
      Waivers; Amendments

              	
                119

              
	
                Section
      10.03.

              	
                Payments

              	
                121

              
	
                Section
      10.04.

              	
                Governing
      Law; Submission to Jurisdiction

              	
                121

              
	
                Section
      10.05.

              	
                Expenses;
      Documentary Taxes; Indemnity

              	
                122

              
	
                Section
      10.06.

              	
                Survival
      of Agreements, Representations and Warranties, Etc

              	
                124

              
	
                Section
      10.07.

              	
                Successors
      and Assigns

              	
                124

              
	
                Section
      10.08.

              	
                Right
      of Setoff

              	
                128

              
	
                Section
      10.09.

              	
                Severability

              	
                129

              
	
                Section
      10.10.

              	
                Cover
      Page, Table of Contents and Section Headings

              	
                129

              
	
                Section
      10.11.

              	
                Counterparts;
      Effectiveness

              	
                129

              
	
                Section
      10.12.

              	
                WAIVER
      OF JURY TRIAL.

              	
                129

              
	
                Section
      10.13.

              	
                Entire
      Agreement

              	
                129

              
	
                Section
      10.14.

              	
                Confidentiality

              	
                130

              
	
                Section
      10.15.

              	
                Lender
      Action

              	
                130

              

      

      

        
          
            
            

          

          
            iii

            
              

            

          

          
            
            

          

        

      

       

      
        	
                Schedules

              	 
	
                Schedule
      1.01

              	
                Existing
      Letters of Credit

              
	
                Schedule
      2.01

              	
                Lenders
      Commitments

              
	
                Schedule
      4.02

              	
                Closing
      Documents

              
	
                Schedule
      5.01:

              	
                Website
      for Posting of Company Financial Statements

              
	
                Schedule
      6.01(b):

              	
                Existing
      liens

              
	
                Schedule
      6.02(e):

              	
                Investments

              
	
                Schedule
      6.05(k):

              	
                Permitted
      Dispositions

              
	
                Schedule
      6.08(c):

              	
                Transactions
      With Affiliates

              
	
                Schedule
      6.09:

              	
                Burdensome
      Agreements

              
	
                Schedule
      X

              	
                Billed
      but not Shipped Inventory

              
	
                 

              	 
	
                Exhibits

              	 
	
                Exhibit
      A

              	
                Form
      of Assignment and Acceptance

              
	
                Exhibit
      B

              	
                Form
      of Revolving Borrowing Request

              
	
                Exhibit
      C

              	
                Form
      of Borrowing Base Certificate

              
	
                Exhibit
      D

              	
                [Reserved]

              
	
                Exhibit
      E-1

              	
                Form
      of Opinion of Skadden, Arps, Slate, Meagher & Flom
  LLP,

              
	 	
                Special
      Counsel for Lyondell

              
	
                Exhibit
      E-2

              	
                Form
      of Opinion of Gerald A. OBrien, Esq.,

              
	 	
                Deputy
      General Counsel of Lyondell

              
	
                Exhibit
      F

              	
                Form
      of Security Agreement

              
	
                Exhibit
      G

              	
                Form
      of Borrower Designation

              
	
                Exhibit
      H

              	
                Form
      of Collateral Access Agreement

              
	
                Exhibit
      I-1

              	
                Form
      of Intercreditor Agreement

              
	
                Exhibit
      I-2

              	
                Form
      of ABL Intercreditor Agreement

              
	
                Exhibit
      I-3

              	
                Form
      of Basell Capital Intercreditor Agreement

              
	
                Exhibit
      J

              	
                Form
      of Subsidiary Guaranty

              

      

      
        
          
          

        

        
          iv

          
            

          

        

        
          
          

        

      

      CREDIT
AGREEMENT dated as of December 20, 2007, 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 hereto as
Borrowers; the LENDERS party hereto and CITIBANK, N.A., as Administrative Agent,
Collateral Agent and Fronting Bank (this Agreement).

      

      The
Borrowers (such term and each other capitalized term used but not otherwise
defined herein having the meaning assigned to it in Article 1) desire to borrow
on a revolving basis an aggregate principal amount not in excess of
$1,000,000,000 (subject to increase pursuant to the terms of Section
2.21).  The proceeds of Borrowings on the Effective Date are to be
used to finance the Transaction.  The proceeds of Borrowings
subsequent to the Effective Date are to be used for general corporate or
partnership purposes, as applicable, otherwise permitted
hereunder.  The Lenders are willing to extend such credit to the
Borrowers on the terms and subject to the conditions set forth
herein.

      

      Accordingly,
in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto hereby agree as follows:

      

      

      ARTICLE
1

      Definitions

      

      Section
1.01.  Definitions.  As used in this
Agreement, the following terms shall have the meanings specified
below:

      

      ABR Borrowing shall mean a
Borrowing comprised of ABR Loans.

      

      ABR Loan shall mean (i) any
Swingline Loan and (ii) any Revolving Loan bearing interest at a rate determined
by reference to the Alternate Base Rate in accordance with Article
2.

      

      Access Agreement shall mean an
agreement, in form and substance reasonably acceptable to the Administrative
Agent (it being understood that such agreements entered into by Equistar and its
Subsidiaries since December 17, 2003 and prior to the date of this Agreement are
acceptable to Administrative Agent), pursuant to which a holder of a Lien on
premises of the Borrowers where Eligible Inventory is located agrees and
acknowledges, among other things, that the Administrative Agent may without
interference from such Lien holder (i) gain access to, remove and exercise its
rights against any Inventory located at such premises after an Event of Default,
and that such Lien holder may not remove or exercise any remedies against such
Inventory except as agreed, (ii) for a period of time not less than ninety (90)
days (or such shorter time period as the Administrative Agent may agree in its
sole discretion) after the Administrative Agent shall have taken possession of
such Inventory, (A) store such Inventory at such premises and (B) conduct a sale
of such Inventory at such premises and (iii) examine and make copies of books
and records of the Borrowers located at such premises with respect to such
Inventory.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      Acquisition means the merger
of BIL Acquisition Holdings Limited into Lyondell pursuant to the Acquisition
Agreement.

      

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

      

      Additional Letter of Credit
shall mean a letter of credit issued hereunder by the Fronting Bank on or after
the Effective Date.

      

      Adjusted LIBO Rate shall mean,
with respect to any Interest Period for any LIBOR Loan, an interest rate per
annum equal to the rate per annum obtained by dividing (a) the LIBO Rate by (b)
a percentage equal to (i) 100% minus (ii) the reserve percentage applicable two
(2) Business Days before the first day of such Interest Period under regulations
issued from time to time by the FRB for determining the maximum reserve
requirement (including any emergency, supplemental or other marginal reserve
requirement) for a member bank of the Federal Reserve System in New York City
with respect to liabilities or assets consisting of or including Eurocurrency liabilities (or
with respect to any other category of liabilities that includes deposits by
reference to which the LIBO Rate is determined) having a term equal to such
Interest Period.

      

      Administrative Agent shall
mean Citibank, in its capacity as administrative agent for the Lenders under the
Loan Documents, and its successors in such capacity.

      

      Administrative Fees shall have
the meaning assigned to such term in Section 2.07(c).

      

      Administrative Questionnaire
shall mean, with respect to each Lender, an administrative questionnaire in the
form prepared by the Administrative Agent, completed by such Lender and returned
to the Administrative Agent.

      

      Affiliate shall man, with
respect to any specified Person, any other Person that 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; controlling and
controlled have meanings correlative of the foregoing; provided, however, that
none of the Arrangers or their respective Affiliates shall be deemed an
Affiliate of the Company.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      Agent shall mean any of the
Administrative Agent, the Collateral Agent, the Syndication Agent and the
Transaction Coordinator, and Agents shall mean any two or
more of the foregoing.

      

      Agreement shall have the
meaning specified in the recitals hereto.

      

      Alternate Base Rate shall
mean, for any period, a fluctuating interest rate per annum as shall be in
effect from time to time, which rate per annum shall be equal at all times to
the highest of the following:

      

      (a)           
the rate of interest announced publicly by Citibank in New York, New York,
from time to time, as Citibanks base rate (or equivalent rate otherwise
named);

      

      (b)           
the sum (adjusted to the nearest 0.25% or, if there is no nearest 0.25%, to the
next higher 0.25%) of (i) 0.5% per annum, (ii) the rate per annum obtained by
dividing (A) the latest three (3)-week moving average of secondary market
morning offering rates in the United States for three (3)-month certificates of
deposit of major United States money market banks, such three (3)-week moving
average being determined weekly on each Monday (or, if any such day is not a
Business Day, on the next succeeding Business Day) for the three (3)-week period
ending on the previous Friday by Citibank on the basis of such rates reported by
certificate of deposit dealers to and published by the Federal Reserve Bank of
New York or, if such publication shall be suspended or terminated, on the basis
of quotations for such rates received by Citibank from three (3) New York
certificate of deposit dealers of recognized standing selected by Citibank, by
(B) a percentage equal to 100% minus the average of the daily percentages
specified during such three (3)-week period by the FRB for determining the
maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) for Citibank in respect of liabilities consisting
of or including (among other liabilities) three (3)-month U.S. dollar
nonpersonal time deposits in the United States and (iii) the average during such
three (3)-week period of the maximum annual assessment rates estimated by
Citibank for determining the then current annual assessment payable by Citibank
to the Federal Deposit Insurance Corporation (or any successor) for insuring
Dollar deposits in the United States; and

      

      (c)           
0.5% per annum plus the Federal Funds Effective Rate.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      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;

      

      (b)           
the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known
as the USA 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, the
Trading with the Enemy Act, 50 U.S.C. App. 1 et seq, any Executive Order or
regulation promulgated thereunder and administered by the Office of Foreign
Assets Control 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.

      

      Anti-Terrorism Party shall
mean  any person listed:

      

      (a)           
in the Annex to Executive Order No. 13224 on Terrorist Financing, effective
September 2001;

      

      (b)           
on the Specially Designated Nationals and Blocked Persons list maintained by the
Office of Foreign Assets Control of the U.S. Department of the
Treasury;

      

      (c)           
in any successor list to either of the foregoing; or

      

      (d)           
any person or entity that commits, threatens or conspires to commit or supports
terrorism as defined in Executive Order No. 13224 on Terrorist Financing,
effective September 2001.

      

      Applicable Commitment Fee Rate
shall mean (a) for the initial period commencing on the Effective Date and
ending on the last day of the calendar month in which the Administrative Agent
receives unaudited financial statements of the Company and its consolidated
subsidiaries as of, and for the fiscal quarter ending, June 30, 2008 in
accordance with and satisfying the requirements of Section 5.01, 0.35% per annum
and (b) thereafter, 0.35% per annum for any day on which Total Outstandings are
less than or equal to 50% of the Total Commitment, and 0.25% per annum for any
day on which Total Outstandings exceed 50% of the Total
Commitment.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      Applicable L/C Margin shall
mean (a) for the initial period commencing on the Effective Date and ending on
the last day of the calendar month in which the Administrative Agent receives
unaudited financial statements of the Company and its consolidated subsidiaries
as of, and for the fiscal quarter ending, June 30, 2008 in accordance with and
satisfying the requirements of Section 5.01, 1.75% per annum, and (b)
thereafter, as of any date of determination, a per annum rate equal to the rate
set forth below opposite the then applicable Average Monthly Excess Availability
(determined as of the last day of the most recently concluded calendar
month):

      

      
        	
                Average
      Monthly Excess Availability

              	
                ApplicableL/C Margin

              
	
                Greater
      than or equal to $1,500,000,000

              	
                1.50%

              
	
                Less
      than $1,500,000,000 and greater than or equal to
    $500,000,000

              	
                1.75%

              
	
                Less
      than $500,000,000

              	
                2.00%

              

      

      

      provided, however, that upon
the occurrence and during the continuance of an Event of Default, the Applicable L/C Margin shall be
the sum of the otherwise applicable rate set forth in the table above plus 2.00%
per annum.  Changes in the Applicable L/C Margin resulting from a
change in the Average Monthly Excess Availability for any calendar month shall
become effective as to all outstanding Letters of Credit on the first day of the
next calendar month.

      

      Applicable Lending Office
shall mean, with respect to each Lender, (i) such Lenders domestic lending
office in the case of an ABR Loan or (ii) such Lenders LIBOR Lending Office in
the case of a LIBOR Loan.

      

      Applicable Margin shall mean
(a) for the initial period commencing on the Effective Date and ending on the
last day of the calendar month in which the Administrative Agent receives
unaudited financial statements of the Company and its consolidated subsidiaries
as of, and for the fiscal quarter ending, June 30, 2008 in accordance with and
satisfying the requirements of Section 5.01, in the case of ABR Loans, 1.00% per
annum and, in the case of LIBOR Loans, 2.00% per annum; and (b) thereafter, as
of any date of determination, a per annum rate equal to the rate set forth below
opposite the then applicable Average Monthly Excess Availability (determined as
of the last day of the most recently concluded calendar month):

      

      
        	
                Average
      Monthly Excess Availability

              	
                ABR
      Loans

              	
                Libor
      Loans

              
	
                Greater
      than or equal to $1,500,000,000

              	
                0.75%

              	
                1.75%

              
	
                Less
      than $1,500,000,000 and greater than or equal to
    $500,000,000

              	
                1.00%

              	
                2.00%

              
	
                Less
      than $500,000,000

              	
                1.25%

              	
                2.25%

              

      

      

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

      

       

      provided, however, that upon
the occurrence and during the continuance of an Event of Default, the Applicable Margin shall be the
sum of the otherwise applicable rate set forth in the table above for ABR Loans
or LIBOR Loans, as the case may be, plus 2.00% per annum.  Changes in
the Applicable Margin resulting from a change in the Average Monthly Excess
Availability for any calendar month shall become effective as to all Loans on
the first day of the next calendar month.

      

      Appraisal Report shall mean
any appraisal report reasonably satisfactory to the Administrative Agent and
prepared by independent consultants selected by the Administrative Agent and
reasonably satisfactory to the Borrowers.

      

      Arranger shall mean each of
Citigroup Global Markets Inc., Goldman Sachs Credit Partners L.P., Merrill Lynch
Capital Corporation, ABN AMRO Incorporated and UBS Securities LLC, in its
capacity as a joint lead arranger and joint bookrunner in respect of this
Agreement.

      

      Assignment and Acceptance
shall mean an assignment and acceptance entered into by a Lender and an
assignee, substantially in the form of Exhibit A.

      

      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.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      Availability Reserves shall
mean, as of any date of determination and without duplication of any Valuation
Reserves or any other Availability Reserves, such reserves in amounts as the
Administrative Agent may from time to time establish (upon five (5) Business
Days notice to the Borrowers in the case of new reserve categories established
after the Effective Date and changes in the methodology for determining a
reserve and upon one (1) Business Days notice to the Borrowers in other cases)
and revise (upward or downward based upon existing methodology): (i) to reflect
events, conditions, contingencies or risks which, as reasonably determined by
the Administrative Agent, do or are reasonably likely to materially adversely
affect either (a) Eligible Inventory or its value or (b) the security interests
and other rights of any Agent or Lender in the Collateral other than Ineligible
Inventory (including the enforceability, perfection and priority thereof) or
(ii) to reflect the Administrative Agents reasonable belief that any collateral
report or financial information furnished by or on behalf of the Borrowers is or
may have been incomplete, inaccurate or misleading in any material respect in a
manner which adversely affects one or more components of the Borrowing Base to
an extent greater than that otherwise contemplated in the determination thereof
(such reserve to remain applicable for so long as such adverse effect remains
applicable) or (iii) in respect of any state of facts that the Administrative
Agent reasonably determines constitutes a Default or an Event of Default and
that adversely affects one or more components of the Borrowing Base to an extent
greater than that otherwise contemplated in the determination thereof (such
reserve to remain applicable for so long as such adverse effect remains
applicable); provided
that, at any date of determination (unless and until otherwise determined
by the Administrative Agent), Availability Reserves shall
include (a) a reserve equal to three times the most recently reported monthly
aggregate amount of charges by a landlord, bailee, consignee, processor,
warehouseman or other third-party who stores, processes, maintains or holds
Eligible Inventory and applicable rail car lease and transportation expense as
determined by Lyondell (but excluding any such expense as to which the rights of
the payee are subject to a Third Party Agreement), (b) a reserve for deductibles
applicable to the Borrowers insurance policies covering Eligible Inventory, (c)
a reserve for other credit exposures secured by the Collateral (other than
credit exposures secured exclusively by Ineligible Inventory) including
obligations arising out of cash management arrangements related to this
Agreement and (d) a reserve for any Liens on Eligible Inventory or on premises
of the Borrowers where Eligible Inventory is located (other than (x) Liens
consisting of (i) easements, building restrictions, rights-of-way,
irregularities of title and other such encumbrances or charges not interfering
in any material respect with the ordinary conduct of business of any Borrower,
(ii) leases, subleases or licenses by any Borrower as lessor, sublessor or
licensor in the ordinary course of business and (iii) without limiting the
applicability of an Availability Reserve under clause (a) above, the interest of
a lessor or licensor under an operating lease or license under which any
Borrower is lessee, sublessee or licensee, including protective financing
statement filings, on such premises and (y) nonconsensual Liens on such premises
that do not impair access to, or the removal of or exercise of remedies in
respect of, such Inventory), unless the rights of the holder of such Lien are
subject to a Third Party Agreement (such reserve not to exceed the lesser of (i)
the amount of the affected Eligible Inventory and (ii) the amount of the
obligations secured by such holders Lien).

      

      Available Inventory shall
mean, at any time, the lesser of (a) 75% of each Category of Eligible Inventory
and (b) the product of (x) 85%  (70% in the case of High Seas
Inventory) of the Orderly Liquidation Value Rate multiplied by (y) each Category
of Eligible Inventory; provided that (i) Available
Inventory shall in no event exceed 75% of Eligible Inventory and (ii) the amount
of Available Inventory in respect of High Seas Inventory shall at no time exceed
$100,000,000.

      

      Average Monthly Excess
Availability shall mean, for any calendar month, the sum, without
duplication, of (i) the average daily Total Excess Availability plus (ii) the average daily
unrestricted cash of the Restricted Parties (as determined by Lyondell from
treasury records on a non-GAAP basis), in each case for such calendar
month.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      Basell USA shall mean Basell
USA Inc., a Delaware corporation

      

      Borrower shall mean each of
Lyondell, HRLP, Equistar, Basell USA and any other Subsidiary of the Company (i)
that is not a Foreign Subsidiary, (ii) that is not a member of the Millennium
Holdings Group, unless any member of the Millennium Holdings Group has become an
Originator under and as defined in the 2007 RSA and (iii) that the Company
designates as a Borrower for purposes hereof by causing such Subsidiary to
deliver to the Administrative Agent an instrument in substantially the form of
Exhibit G duly executed by such Subsidiary, provided that such Subsidiary
shall not become a Borrower until such time as the Collateral Requirement shall
be satisfied after giving effect to its designation as a Borrower.

      

      Borrowers Agent shall mean
Lyondell, in its capacity as agent for the Borrowers under the Loan Documents,
and its successors in such capacity.

      

      Borrowing shall mean (a) a
Loan or group of Loans of a single Class and Type made by the Lenders on a
single date and as to which a single Interest Period is in effect or (b) a
Swingline Loan.

      

      Borrowing Base shall mean, at
any time, subject to adjustment as provided in Section 5.14(b)(iii), an amount
equal to the sum of (i) (x) Available Inventory as reflected in the most recent
Borrowing Base Certificate delivered pursuant to Section 5.12 less (y) Availability
Reserves at such time plus
(ii) Cash Collateral at such time.  Standards of eligibility and
reserves and advance rates of the Borrowing Base may be revised and adjusted
from time to time by the Administrative Agent (subject to Section 10.02(b)
hereof and to any limitations herein expressly made applicable to the exercise
of such rights) upon one (1) Business Days notice to the Borrowers; provided that any such
changes in such standards or in advance rates shall not be effective until five
(5) Business Days after giving notice thereof to the
Borrowers.  Actions by the Administrative Agent pursuant to the
preceding sentence, and all other actions by the Administrative Agent in respect
of the determination of the Borrowing Base (including as provided in the
definitions of Availability Reserves, Ineligible Inventory and Valuation
Reserves), shall be taken by it in the good faith exercise of its discretion in
a manner consistent with its customary credit policies for asset-based credit
facilities.

      

      Borrowing Base Certificate shall mean a
certificate, appropriately completed and substantially in the form of Exhibit C
(with such modifications as to format and presentation as may be reasonably
requested by the Administrative Agent upon five (5) Business Days notice)
together with all attachments and supporting documentation (i) as contemplated
thereby and (ii) as outlined on Schedule 1 to Exhibit C.

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      Borrowing Request shall mean a
request made pursuant to Section 2.03 substantially in the form of Exhibit
B.

      

      Business Day shall mean any
day which is not a Saturday, Sunday or legal holiday in the State of New York or
the State of Texas on which banks are open for business in New York City and
Houston, provided, however, that when used in connection with the Adjusted LIBO
Rate, the term Business Day shall also exclude any day on which banks are not
open for dealings in deposits in United States dollars in the London interbank
market.

      

      Capital Expenditures shall
have the meaning specified in the Senior Facility Credit Agreement.

      

      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.

      

      Carry-Forward Amount has the
meaning specified in Section 6.11.

      

      Cash Collateral shall mean
cash on deposit in, and Liquid Investments held in, the Cash Collateral
Account.

      

      Cash Collateral Account shall
have the meaning specified in the Security Agreement.

      

      Cash Equivalents shall mean
any of the following types of Investments, to the extent owned by any Restricted
Party:

      

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

      

      (b) 
an obligation, maturing within two (2) 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 bankers acceptance, maturing within one (1) year
after the date of its acquisition, issued by any Lender 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 Moodys or the equivalent rating by any
other nationally recognized rating agency;

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      (d) 
commercial paper, maturing within one (1) year after the date of its
acquisition, which has a rating of A1 or better by S&P or P1 or better by
Moodys, 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 (1) 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 (6) 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, Japan, Canada, Switzerland 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 Moodys or the equivalent rating by any other nationally recognized
rating agency;

      

      (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 Moodys 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 (b) through (g) above.

      

      Casualty Event shall mean any
event that gives rise to the receipt by any Restricted Party of any insurance
proceeds or condemnation awards in respect of (i) any Collateral or (ii) any
equipment, fixed assets or real property (including any improvements thereon) to
replace or repair such equipment, fixed assets or real property.

      

      Category shall mean any of the
categories of inventory classification set forth in Exhibit C.

      

      CERCLA shall mean the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
subsequently amended.

      

      Change in Law means, 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)

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      Change of Control means the
occurrence of any of the following:

      

      (1)           
the Sponsor (as defined in the Senior Facility Credit Agreement) 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 the 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 (2)-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

      

      (4)           
the adoption by the stockholders of the Company of a plan or proposal for the
liquidation or dissolution of the Company, other than, in each case, a
transaction complying with the covenant described in Section 7.04 of the Senior
Facility Credit Agreement; or

      

      (5)           
the Company ceases to own, directly or indirectly, 100% of the Equity Interests
in any Borrower unless such Borrower ceases to be a Borrower
hereunder.

      

      Citibank shall mean Citibank,
N.A., a national banking association, and its successors.

      

      Class, when used in respect of
any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising
such Borrowing, are Revolving Loans or Swingline Loans.

      

      Code means the Internal
Revenue Code of 1986, as amended from time to time.

      

      Collateral shall mean any and
all Collateral, as defined in any applicable Collateral
Document.

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      Collateral Access Agreement
shall mean an agreement substantially in the form of Exhibit H.

      

      Collateral Agent shall mean
Citibank in its capacity as collateral agent in respect of the Loan
Documents.

      

      Collateral Availability shall
mean, at any time, an amount equal to (i) the Borrowing Base at such time, less (ii) the Total
Outstandings at such time.

      

      Collateral Documents shall
mean the Security Agreement and any additional security or control documentation
delivered or required to be delivered pursuant to the Loan Documents to secure
the Obligations or the Secured Obligations as defined in any such Loan
Document.

      

      Collateral Requirement shall
mean, subject to Section 1.05, the requirement that:

      

      (a)           
the Administrative Agent shall have received a counterpart of the Security
Agreement duly executed and delivered on behalf of each Borrower;

      

      (b)           
the Administrative Agent shall have a perfected security interest in all
outstanding Equity Interests of Basell Capital Corporation;

      

      (c)           
all documents and instruments, including Uniform Commercial Code financing
statements, required by law or reasonably requested by the Administrative Agent
to be filed, registered or recorded to create the Liens intended to be created
by the Collateral Documents and perfect or record such Liens to the extent, and
with the priority, required by the Loan Documents, shall have been filed,
registered or recorded;

      

      (d)           
each Loan Party shall have obtained all material consents and approvals required
to be obtained by it in connection with the execution and delivery of all
Collateral Documents to which it is a party, the performance of its obligations
thereunder and the granting of the Liens granted by it thereunder;

      

      (e)           
each Loan Party shall have taken all other action required under the Collateral
Documents to perfect, register and/or record the Liens granted by it
thereunder;

      

      (f)           
each Restricted Account contemplated by the Security Agreement shall have been
established, and the Administrative Agent shall have control (within the meaning
of Section 9-104 of the UCC) of the Inventory Concentration Account, the Sweep
Account and the Cash Collateral Account;

      

      (g)           
the Administrative Agent shall have received a favorable written opinion of
counsel to the Loan Parties addressed to the Administrative Agent and the
Lenders covering the matters reasonably requested by the Administrative Agent;
and

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      (h)           
the Administrative Agent shall have received a fully executed copy of the
Intercreditor Agreement.

      

      Commitment shall mean, with
respect to each Lender, the commitment of such Lender to make Revolving Loans
and to acquire participations in Letters of Credit and Swingline Loans
hereunder, as set forth on Schedule 2.01 or, in the case of any new Lender, in
the Assignment and Acceptance pursuant to which such Lender shall have assumed
its Commitment, in each case as such commitment may be (a) reduced from time to
time pursuant to Section 2.12 , (b) increased from time to time pursuant to
Section 2.21 or (c) reduced or increased from time to time pursuant to
assignments by or to such Lender pursuant to Section 10.07.  The
aggregate amount of the Commitments on the Effective Date is
$1,000,000,000.

      

      Company shall mean
LyondellBasell Industries AF S.C.A (formerly known as Basell AF S.C.A.), a
company existing under the laws of the Grand Duchy of Luxembourg.

      

      Compliance Period means the
period commencing on the Effective Date and ending (i) ten (10) days thereafter
with respect to the matters in clauses (c) and (e) of the definition of
Collateral Requirement and (ii) thirty (30) days thereafter with respect to the
matters set forth in clause (f) of such definition (or such longer period
thereafter as the Administrative Agent may, in the good faith exercise of its
discretion, determine to be warranted).

      

      Consolidated EBITDA means,
with respect to the Company and its Restricted Subsidiaries, for any Test
Period, the sum, without duplication, of:

      

      (1) 
Consolidated Net Income, and

      

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

      

      (a)           
all income taxes paid or accrued (other than income taxes attributable to
extraordinary gains or losses),

      

      (b)           
Consolidated Interest Expense,

      

      (c)           
Consolidated Non-cash Charges,

      

      (d)           
the amount of net loss resulting from the payment of any premiums, fees 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,

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      (e)           
management fees and merger and acquisition advisory fees paid to the
Sponsor,

      

      (f)           
any inventory write-up in connection with purchase accounting in respect of
acquisitions (including the Acquisition), and

      

      (g)           
the amount of net cost savings projected by the Company in good faith to be
realized by specified actions 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 (12) months of the date or
determination to take such action and the benefit is expected to be realized
within twelve (12) months of taking such action, and (z) the aggregate amount of
such cost savings added pursuant to this clause (i) shall not exceed
$150,000,000 during such Test Period.

      

      Consolidated Interest Expense
means, with respect to the Company and its Restricted Subsidiaries and for any
period, without duplication:

      

      (1)           
the interest expense (including yield expense in the case of any Securitization
Transaction) in respect of Financial Indebtedness, including:

       

      (a)           
any amortization of debt discount;

      

      (b)           
all capitalized interest; and

      

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

      

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

      

      (2)           
the net amount paid (or deducting the net amount received) by the Company and
its Restricted Subsidiaries in respect of the relevant period under any
Obligations in respect to Swap Contracts consisting of interest rate hedging
arrangements or the interest rate component of currency hedging
arrangements,
plus

      

      (3)           
the interest component of Capitalized Leases paid, accrued and/or scheduled to
be paid or accrued during such period,

       

      less 
interest
income.

      

      Consolidated Net Income means,
with respect to the Company and its Restricted Subsidiaries, for any Test
Period:

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

      (1) 
net income (or loss), plus

      

      (2) 
cash dividends or distributions paid to the Company or any Restricted Subsidiary
by any other Person (the Payor) other than a Restricted
Subsidiary, to the extent not otherwise included in Consolidated Net Income,
which have not been derived from Indebtedness of the Payor to the extent such
Indebtedness is Guaranteed by the Company or a Restricted
Subsidiary;

      

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

      

      (a) 
after-tax gains from asset sales or abandonments or reserves relating
thereto;

      

      (b) 
after-tax items classified as extraordinary 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 (but not loss) of any Restricted Subsidiary that is not a Loan
Party, to the extent that the declaration of dividends or similar distributions
by that Restricted Subsidiary of that income is restricted;

      

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

      

      (e) 
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 Effective Date;

      

      (f) 
income or loss attributable to discontinued operations (including, operations
disposed of during such period whether or not such operations were classified as
discontinued);

      

      (g) 
in the case of a successor to the Company by consolidation, merger or
amalgamation or as a transferee of the Companys assets, any earnings or losses
of the successor corporation prior to such consolidation, merger, amalgamation
or transfer of assets;

      

      (h) 
all dividends received by the Company as described in clause (4) 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

      

      (i) 
any increase in amortization or depreciation 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, as of the last day of the then most recently ended fiscal year for
which financial statements have been delivered pursuant to Section 5.01, 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 twelve (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, IP Rights, unamortized debt discount and other like intangible
assets.

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      Consolidated Non-cash Charges
means, with respect to the Company and its Restricted Subsidiaries, for any
period, the aggregate depreciation, amortization and other non-cash expenses
reducing Consolidated Net Income of such Person for such period (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).

      

      Covered Disposition shall mean
any Disposition by any Loan Party, but excluding  Dispositions
permitted by Section 6.05(a) - (e), (g) - (i) or (k) - (n).

      

      Credit Event shall mean any
Borrowing (including a Borrowing resulting from a conversion or continuation of
Loans pursuant to Section 2.04) or any issuance, amendment, renewal or extension
of a Letter of Credit.

      

      Credit Exposure shall mean,
with respect to any Lender at any time, such Lenders Commitment at such time or,
if the Commitments shall have been terminated, such Lenders Outstandings at such
time.

      

      Debtor Relief Laws means 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 any
condition or event that constitutes an Event of Default or that with the giving
of notice or lapse of time or both would constitute an Event of
Default.

      

      Defaulting Lender shall mean
any Lender that (a) has failed to fund any portion of the Revolving Loans,
participations in Letters of Credit or participations in Swingline Loans
required to be funded by it hereunder within one (1) Business Day of the date
required to be funded by it hereunder, unless the subject of a good faith
dispute or subsequently cured (but only from when subsequently cured), (b) has
otherwise failed to pay over to the Administrative Agent or any other Lender any
other amount required to be paid by it hereunder within one (1) Business Day of
the date when due, unless the subject of a good faith dispute or subsequently
cured (but only from when subsequently cured), or (c) has been deemed insolvent
or become the subject of a bankruptcy or insolvency proceeding.

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      Disposition or Dispose means 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 Equity Interests
means that portion of any Equity Interest 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 Equity Interests of such Person that is not itself a
Disqualified Equity Interest), pursuant to a sinking fund obligation or
otherwise, or is redeemable at the option of the holder thereof, on or prior to
the date that is ninety-one (91) days after the Commitment Termination Date,
provided, however, that any Equity
Interest that would not constitute a Disqualified Equity Interest but for
provisions thereof giving holders thereof the right to require such Person to
purchase or redeem such Equity Interest upon the occurrence of a change of
control occurring prior to the date that is ninety-one (91) days after the
Commitment Termination Date shall not constitute a Disqualified Equity
Interest.

      

      Notwithstanding
the preceding sentence, only the portion of such Equity Interest which so
matures or is mandatorily redeemable or is so convertible or exchangeable prior
to the date that is ninety-one (91) days after the Termination Date shall be so
deemed a Disqualified Equity Interest.  The amount of any Disqualified
Equity Interest that does not have a fixed redemption, repayment or repurchase
price will be calculated in accordance with the terms of such Disqualified
Equity Interest as if such Disqualified Equity Interest were redeemed, repaid,
converted or repurchased on any date on which the amount of such Disqualified
Equity Interest is to be determined pursuant hereto; provided, however, that if such
Disqualified Equity Interest could not be required to be redeemed, repaid,
converted or repurchased at the time of such determination, the redemption,
repayment or repurchase price will be the book value of such Disqualified Equity
Interest as reflected in the most recent financial statements of such
Person.

      

      Dividend Payment
means

      

      (1)           
a declaration or payment of any dividend or the making of any distribution,
other than dividends or distributions payable in Qualified Equity Interests of a
Borrower and dividends or distributions payable solely to a Borrower or a
Restricted Subsidiary of a Borrower, and other than pro rata dividends or other
distributions made by a Subsidiary of a Borrower 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 a Persons Equity Interests to holders of such Equity
Interests,

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      (2)           
the purchase, redemption or other acquisition or retirement for value of any
Equity Interests of a Borrower or any warrants, rights or options to purchase or
acquire shares of any class of such Equity Interests, or

      

      (3)           
any Investment other than an Investment permitted by Section 6.02.

      

      Dollars or $ shall mean lawful currency
of the United States of America.

      

      Effective Date shall mean the
date, on or before December 31, 2007, on which all the conditions specified in
Section 4.02 shall have been satisfied (or waived in accordance with Section
10.02).

      

      Effective Date Fees shall have
the meaning assigned to such term in Section 2.07(d).

      

      Eligible Inventory shall mean
at any date of determination thereof an amount equal to (i) the aggregate value
(as reflected on the books and records of the Borrowers and consistent with the
Borrowers current and historical accounting practices) at such date of all
Inventory in each Category owned by the Borrowers, adjusted on any date of
determination to exclude, without duplication, all Inventory that is Ineligible
Inventory, minus (ii)
all Valuation Reserves (or, if the context so requires, Eligible Inventory shall
mean the related Inventory).

      

      Environmental Laws means 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 Permits means
any permit, approval, identification number, license or other authorization
required under any Environmental Law.

      

      Equistar shall mean Equistar
Chemicals, LP, a Delaware limited partnership.

      

      Equity Interest means, with
respect to any Person, all of the capital stock of such Person and all of the
warrants, options or other rights to acquire the 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, such
capital stock).

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      ERISA means the Employee
Retirement Income Security Act of 1974, as amended from time to
time.

      

      ERISA Affiliate means any
trade or business (whether or not incorporated) that is under common control
with any Loan Party within the meaning of Section 414 of the Code or Section
4001 of ERISA.

      

      ERISA Event means (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 Pension 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.

      

      Event of Default shall have
the meaning specified in Article 7.

      

      Excess Availability shall
mean, at any time, an amount equal to (i) the Maximum Facility Availability,
less (ii) the Total
Outstandings, determined as of the close of business on each Business Day giving
effect to all changes in Total Outstandings during such Business
Day.

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      Excluded Capital Expenditures
has the meaning specified in the Senior Facility Credit Agreement.

      

      Excluded Receivable shall have
the meaning specified in Article 6.

      

      Excluded Taxes shall mean,
with respect to any Agent, any Lender, the Fronting Bank or any other recipient
of any payment to be made by or on account of any obligation of the Borrowers
hereunder, (a) income, franchise or doing business taxes imposed on (or measured
by) its net income, or bank share taxes, imposed by the United States of
America, or by the jurisdiction 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, (b) any branch
profits taxes imposed by the United States of America or any similar tax imposed
by any other jurisdiction in which any Borrower is located, (c) in the case of a
Foreign Lender (other than an assignee pursuant to a request by the Borrowers
under Section 2.20(b)) any withholding tax that is imposed on amounts payable to
such Foreign Lender at the time such Foreign Lender becomes a party to this
Agreement (or designates a new lending office) or is attributable to such
Foreign Lenders failure to comply with Section 2.19(e), except to the extent
that such Foreign Lender (or its assignor, if any) was entitled, at the time of
designation of a new lending office (or assignment), to receive additional
amounts from the Borrowers with respect to such withholding tax pursuant to
Section 2.19(a) and (d) United States backup withholding taxes.

      

      Existing Letters of Credit
shall mean the letters of credit issued before the Effective Date and listed in
Schedule 1.01 hereto.

      

      Existing Notes means,
collectively, the $615,000,000 83⁄8% Senior Notes due 2015 of the Company, the
500,000,000 83⁄8% Senior Notes due 2015 of the Company and the $300,000,000 8.10%
Guaranteed Notes due 2027 of Basell Finance, the 10% Senior Secured Notes due
2013 of Lyondell, the 8% Senior Unsecured Notes due 2014 of Lyondell, the 8%
Senior Unsecured Notes due 2016 of Lyondell, the 6.875% Senior Unsecured Notes
due 2017 of Lyondell, the 10% Debentures due 2010 of Lyondell, the 9.8%
Debentures due 2020 of Lyondell, the 105⁄8% Senior Unsecured Notes due 2008 of
Equistar, the 101/8% Senior Unsecured Notes due
2011 of Equistar, the 7.55% Debentures due 2026 of Equistar, the 75⁄8% Senior
Notes due 2026 of Millennium America Inc. and the 8% Unsecured Notes due 2009 of
Equistar, in each case to the extent outstanding on the Effective Date and the 4%
Convertible Debentures due 2023 of Millennium Chemicals Inc. (to the extent not
converted on the Effective
Date).

      

      FCC Period shall have the
meaning specified in Section 6.14.

      

      Federal Funds Effective Rate
shall mean, for any day, the rate per annum equal to the weighted average of the
rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by
the Federal Reserve Bank on the Business Day next succeeding such day; provided that (a) if such day
is not a Business Day, the Federal Funds Effective Rate for such day shall be
such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is so
published on such next succeeding Business Day, the Federal Funds Effective Rate
for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Citibank, N.A. on such day on such
transactions as determined by the Administrative Agent.

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      Fees shall mean the Unused
Commitment Fee, the L/C Fee, the L/C Issuance Fee, the Administrative Fees and
the Effective Date Fees.

      

      Financial Indebtedness means
(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 under
the Senior Facility Credit Agreement (but, as to clause (i) only in respect of
clauses (a), (b), (c), (f) and (h) of such definition).

      

      Foreign Lender shall mean any
Lender that is organized under the laws of a jurisdiction other than the United
States of America, a State thereof or the District of Columbia.

      

      Fixed Charge Coverage Ratio
means, with respect to any FCC Period, the ratio of (A) Consolidated EBITDA for
such FCC Period minus Capital
Expenditures made during such FCC Period to (B):

      

      (x) 
Consolidated Interest Expense; plus

      

      (y) 
the sum of

      

      (a)           
the amount of all dividend payments on any series of preferred stock (other than
dividends paid in Qualified Equity Interests and other than dividends paid to
the Company or to a Restricted Subsidiary) paid or accrued, plus

      

      (b)           
tax actually paid in cash by the Company or any Restricted Subsidiary and
attributable to the items referred to in paragraph (a) of this clause (y); plus

      

      (z) 
the principal amount of all scheduled amortization payments on all Financial
Indebtedness (including the principal component of all Capitalized
Leases);

      

      provided that the Fixed
Charge Coverage Ratio shall be calculated for the FCC Period ending (i) March
31, 2008 based on the Consolidated Interest Expense and amortization payments
referred to in clauses (x) and (z) above for each full fiscal quarter ending
after the Effective Date multiplied by four, (ii) June 30, 2008 based on the sum
of the Consolidated Interest Expense and amortization payments referred to in
clauses (x) and (z) above for each full fiscal quarter ending after the
Effective Date multiplied by two and (iii) September 30, 2008 based on the sum
of the Consolidated Interest Expense and amortization payments referred to in
the clauses (x) and (z) above for each full fiscal quarter ending after the
Effective Date multiplied by 4/3.

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      Foreign Subsidiary shall mean
any Subsidiary organized under the laws of a jurisdiction outside the United
States of America.

      

      FRB means the Board of
Governors of the Federal Reserve System of the United States.

      

      Fronting Bank shall mean (a)
Citibank and JPMorgan Chase Bank, N.A., in their capacity as the issuers of the
Existing Letters of Credit and (b) Citibank and other banks as mutually agreed
by the Borrowers Agent and the Administrative Agent, in their capacity as the
issuers of Additional Letters of Credit hereunder, with their respective
successors in such capacity as provided in Section 2.06(j).  In
respect of Additional Letters of Credit, the Fronting Bank may, in its
discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of the Fronting Bank, in which case the term Fronting Bank shall include
any such Affiliate with respect to Letters of Credit issued by such
Affiliate.

      

      GAAP means generally accepted
accounting principles in the United States of America as in effect from time to
time as adopted by the Company; provided that the Company may make a one-time
election to switch to IFRS, if permitted to do so by the SEC in its filings with
the SEC, and following such election and the notification in writing to the
Administrative Agent by the Company thereof, GAAP shall mean IFRS. After such
election, the Company cannot subsequently elect to report under U.S. generally
accepted accounting principles. If at any time the Company notifies the
Administrative Agent in writing that the Company wishes to eliminate the effect
of any change in GAAP on any provision of this Agreement, then such provision
shall be applied on the basis of GAAP as in effect immediately before the
relevant change in GAAP became effective until either such notice is withdrawn
or such provision is amended in a manner satisfactory to the Required
Lenders.

      

      Governmental Authority means
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.

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      Guarantee means, as to any
Person, without duplication, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any
Indebtedness or other monetary obligation payable or performable by another
Person (the primary
obligor) in any manner, whether directly or indirectly, and including any
obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or
other monetary obligation, (ii) to purchase or lease property, securities or
services for the purpose of assuring the obligee in respect of such Indebtedness
or other monetary obligation of the payment or performance of such Indebtedness
or other monetary obligation, (iii) to maintain working capital, equity capital
or any other financial statement condition or liquidity or level of income or
cash flow of the primary obligor so as to enable the primary obligor to pay such
Indebtedness or other monetary obligation, or (iv) entered into for the purpose
of assuring in any other manner the obligee in respect of such Indebtedness or
other monetary obligation of the payment or performance thereof or to protect
such obligee against loss in respect thereof (in whole or in part), or (b) any
Lien on any assets of such Person securing any Indebtedness or other monetary
obligation of any other Person, whether or not such Indebtedness or monetary
other obligation is assumed by such Person (or any right, contingent or
otherwise, of any holder of such Indebtedness to obtain such Lien); provided that the term
Guarantee shall not include endorsements for collection or deposit, in either
case in the ordinary course of business, or customary and reasonable indemnity
obligations in effect on the Effective Date or entered into
in connection with any acquisition or disposition of assets permitted under this
Agreement (other than such obligations with respect to
Indebtedness).  The amount of any Guarantee shall be deemed to be an
amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or,
if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by the guaranteeing Person in good
faith.  The term Guarantee as a verb has a corresponding
meaning.

      

      Hazardous Materials means 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.

      

      High Seas Inventory means
Inventory which is (i) in transit to a property located in the United States of
America that is owned or leased by one or more of the Borrowers, (ii) subject to
a maritime bill of lading which, if so requested in writing by the
Administrative Agent, has been delivered to the Administrative Agent and (iii)
outside the territorial waters of any country.

      

      Holding Company means, 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.

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      HRLP shall mean Houston
Refining LP, a Delaware limited partnership.

      

      IFRS shall mean the
International Financial Reporting Standards issued and/or adopted by the
International Accounting Standards Board, as in effect from time to
time.

      

      Illegality shall have the
meaning assigned to such term in Section 2.15(a).

      

      Increasing Lender shall have
the meaning assigned to such term in Section 2.21.

      

      Indebtedness means, as to any
Person at any time, without duplication, all of the following:

      

      (a) 
all obligations of such Person for borrowed money and all obligations of such
Person evidenced by bonds, debentures, notes, loan agreements or other similar
instruments;

      

      (b) 
the maximum amount (after giving effect to any prior drawings or reductions
which may have been reimbursed) of all outstanding letters of credit (including
standby and commercial), bankers acceptances, bank guaranties, surety bonds,
performance bonds and similar instruments issued or created by or for the
account of such Person;

      

      (c) 
net obligations of such Person under any Swap Contract;

      

      (d) 
all obligations of such Person issued or assumed as the deferred purchase price
of property that is due more than six (6) 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
ninety (90) days or more or are being contested in good faith by
appropriate proceedings promptly instituted and diligently
conducted);

      

      (e) 
all obligations of any third party of the type referred to in clauses (a), (b),
(c), (d), (f) and (h) of this definition 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;

      

      (f) 
all Receivables Financings, Securitization Transactions and obligations under
Asset Backed Credit Facilities (each as defined under the Senior Facility Credit
Agreement);

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      (g) 
all Disqualified Equity Interests issued by such Person or preferred stock
issued by a Restricted Subsidiary of such Person with the amount of Indebtedness
represented by such Disqualified Equity Interests 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. For
purposes hereof, the maximum fixed repurchase price of any Disqualified Equity
Interests or preferred stock which do not have a fixed repurchase price shall be
calculated in accordance with the terms of such Disqualified Equity Interests or
preferred stock as if such Disqualified Equity Interests or preferred stock were
purchased on any date on which Indebtedness shall be required to be determined
pursuant to the this Agreement, and if such price is based upon, or measured by,
the fair market value of such Disqualified Equity Interests 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 Equity Interests or
preferred stock; and

       

      (h) 
all Capitalized Leases of such Person;

      

      if and to
the extent that the foregoing would constitute indebtedness or a liability in
accordance with GAAP; and

      

      (i) 
to the extent not otherwise included above, all Guarantees of any third partys
Indebtedness in respect of any of the foregoing clauses.

      Notwithstanding
the foregoing, Indebtedness shall not include:

      

      (1) 
advances paid by customers in the ordinary course of business for services or
products to be provided or delivered in the future,

      

      (2) 
deferred taxes,

      

      (3) 
unsecured indebtedness of such Person incurred to finance insurance premiums in
a principal amount not in excess of the insurance premiums to be paid by such
Person and its Restricted Subsidiaries for a three (3)-year period beginning on
the date of any incurrence of such indebtedness,

      

      (4) 
Indebtedness owed or incurred by any Restricted Subsidiary whose activities are
limited to holding shares in Joint Venture(s) (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 Subsidiarys investment in such Joint Venture),

      

      (5) 
non-recourse Indebtedness permitted by Section 6.03(u) collateralized
by  any Limited Recourse Stock Pledge or any non-recourse guarantee
given solely to support such pledge,

      

      (6) 
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

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      (7) 
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.

      

      Notwithstanding
the foregoing, any accrual of interest, accrual of dividends, the accretion of
value, the obligation to pay commitment fees and the payment of interest in the
form of Indebtedness shall not be Indebtedness for the purposes of Section 6.03
only.

      

      Indemnified Taxes shall mean
Taxes other than Excluded Taxes.

      

      Ineligible Inventory shall
mean all Inventory described in one or more of the following clauses, without
duplication:

      

      (a)           
Inventory that is not subject to a perfected first priority Lien in favor of the
Administrative Agent or that is subject to any other Lien that is not a
Qualified Lien; or

      

      (b)           
Inventory that is not located at and is not in transit to property that is owned
or leased by the Borrowers unless:

      

      (i)           
such Inventory has been delivered to a carrier and no document of title is
issued with respect to such Inventory by such carrier and the relevant Borrower
has the absolute and unconditional right to obtain such Inventory from such
carrier free and clear of any and all Liens other than Qualified Liens;
or

      

      (ii)           
such Inventory is either subject to (x) a Third-Party Agreement or (y) an
Availability Reserve as specified in clause (a) of the proviso in the definition
of Availability Reserves; or

      

      (c)           
Inventory located on premises of the Borrowers that are subject to any Lien
(other than (x) Liens consisting of (i) easements, building restrictions,
rights-of-way, irregularities of title and other such encumbrances or charges
not interfering in any material respect with the ordinary conduct of business of
any Borrower, (ii) leases, subleases or licenses by any Borrower as lessor,
sublessor or licensor in the ordinary course of business, (iii) the interest of
a lessor or licensor under an operating lease or license under which any
Borrower is lessee, sublessee or licensee, and (iv) any other Qualified Liens,
including protective financing statement filings on such premises, and (y)
nonconsensual Liens on such premises that do not impair access to, or the
removal of or exercise of remedies in respect of, such Inventory)
unless:

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

      (i)           
such Inventory is subject to an Availability Reserve as specified in clause (d)
of the proviso in the definition of Availability Reserves; or

      

      (ii)           
the holder of such Lien and the Administrative Agent have entered into an Access
Agreement with respect to such Inventory on such premises; or

      

      (d)           
Inventory that is on consignment or that is subject to a negotiable document of
title (as such terms are defined in the UCC); or

      

      (e)           
Inventory that is billed not shipped Inventory; provided that Inventory
billed but not shipped to the Persons listed on Schedule X, as of the date
hereof and as updated from time to time by the Borrowers with the written
approval of the Administrative Agent, shall not be Ineligible Inventory by
reason of this clause (e); or

      

      (f)           
Inventory (other than High Seas Inventory) that is not located in the United
States of America (including its territorial waters); or

      

      (g)           
Inventory that is not owned solely by the Borrowers, or as to which the
Borrowers do not have good, valid and marketable title thereto (it being
understood that such Inventory may be commingled with Inventory owned by
others); or

      

      (h)           
Inventory that consists of (i) supplies (other than that classified as stores
inventory), (ii) work-in-process and catalysts, in each case not saleable in
their current form or (iii) feedstock and line fill classified as captive
feedstock or feedstock line fill; or

      

      (i)           
Inventory that does not otherwise conform to the representations and warranties
contained in this Agreement or the other Loan Documents; or

      

      (j)           
such other Inventory as may be deemed ineligible by the Administrative Agent
acting in good faith from time to time in accordance with its customary credit
policies and the definition of Borrowing Base.

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      Intercreditor Agreement shall
mean, collectively, (i) the Intercreditor Agreement dated as of December 20,
2007 by and among Citibank, as Receivables Agent, Citibank, as Lender Agent, RPA
Seller, as Transferor, Lyondell, as Originator, as Initial Servicer and as
Borrower, and the other Originators and Loan Parties from time to time party
thereto, (ii) the Intercreditor Agreement dated as of December 20, 2007 among
Citicorp North America, Inc. as Receivables Agent (as such term is defined
therein), Citibank, N.A. as ABL Agent (as such term is defined therein), Basell
Capital Corporation as Transferor (as defined therein), Basell USA as
Originator, Receivables Servicer and Borrower (as defined therein), and the
other originators and borrowers party thereto and (iii) the Intercreditor
Agreement dated as of December 20, 2007 by and among Citibank, in its capacity
as Senior Agent (as defined therein), Security Agent (as defined therein) and
ABL Agent (as defined therein), the Interim Facility Agent (as defined therein),
the High Yield Notes Trustee (as defined therein), the Arco Notes Trustee (as
defined therein), the Equistar Notes Trustee (as defined therein), the Company,
the Subsidiaries of the Company specified therein and the other parties thereto
from time to time, as amended, substantially in the forms of Exhibits I-1, I-2
and I-3.

      

      Interest Payment Date shall
mean (a) with respect to any Loan, the last day of each Interest Period
applicable to the Borrowing of which such Loan is a part, (b) in the case of a
LIBOR Loan with an Interest Period of more than three (3) months duration, each
day that would have been an Interest Payment Date had successive Interest
Periods of three (3) months duration been applicable to such Loan and, in
addition, the date of any continuation or conversion of such Loan with or to a
Loan of a different Type and (c) with respect to any Loan, the date of
termination of the Commitments in their entirety.

      

      Interest Period shall mean (a)
as to any LIBOR Borrowing, the period commencing on the date of such Borrowing
or on the last day of the immediately preceding Interest Period applicable to
such Borrowing, as the case may be, and ending on the seventh day thereafter (if
at the time of the relevant Borrowing Request all Lenders participating therein
agree to make a seven (7)-day Interest Period available) or on the numerically
corresponding day (or, if there is no numerically corresponding day, on the last
day) in the calendar month that is one (1), two (2), three (3) or six (6) months
thereafter, as the Borrower may elect, (b) as to any ABR Borrowing, the period
commencing on the date of such Borrowing or on the last day of the immediately
preceding Interest Period applicable to such Borrowing, as the case may be, and
ending on the next succeeding date that is the last day of a calendar month or,
if earlier, the date of prepayment or conversion of such Borrowing, and (c) as
to any Swingline Loan, the period commencing on the date of such Loan and ending
on the last Business Day of the then current calendar month; provided, however, that (i)
if any Interest Period would end on a day that shall not be a Business Day, such
Interest Period shall be extended to the next succeeding Business Day unless, in
the case of LIBOR Loans only, such next succeeding Business Day would fall in
the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, (ii) no Interest Period with respect to any Loan
shall end later than the Termination Date, (iii) interest shall accrue from and
including the first day of an Interest Period to but excluding the last day of
such Interest Period and (iv) there shall be outstanding at any one time no more
than 10 Interest Periods applicable to LIBOR Loans.

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

      Inventory shall mean all now
owned and hereafter acquired inventory, goods and merchandise, wherever located,
to be furnished under any contract for service or held for sale or lease, all
returned goods, raw materials, work-in-process, finished goods (including
embedded software), other materials and supplies of any kind, nature, or
description which are used or consumed in any Loan Partys business or used in
connection with the packing, shipping, advertising, selling or finishing of such
goods, merchandise, and all documents of title or other documents representing
them and shall include all feedstocks, line fill, stores inventory, catalysts,
chemicals and additives.

      

      Inventory Concentration
Account shall have the meaning specified in the Security
Agreement.

      

      Investment means, with respect
to any Person, any direct or indirect loan or other extension of credit
(including a Guarantee) or capital contribution (with respect to such loan,
extension of credit or capital contribution, 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 Equity Interest, bonds, notes, debentures or other securities or other
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 or payment 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 any Restricted Party
or Receivables Restricted Party in accordance with the normal trade practices of
such Restricted Party or Receivables Restricted Party.  For the
purposes of Section 6.06,

      

      (1) 
Investment shall include and be valued at the fair market value of the net
assets of any Restricted Subsidiary of a Borrower 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
a Loan Party or a Transaction Party under the 2007 Securitization Facility
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 Restricted
Parties, 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 (as
defined in the Senior Facility Credit Agreement).

      
        
          
          

        

        
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      If any
Restricted Party sells or otherwise disposes of any voting Equity Interests of
any Restricted Subsidiary of a Borrower such that, after giving effect to any
such sale or disposition, the Borrowers do not own, directly or indirectly,
greater than 50% of the outstanding common Equity Interests of such Restricted
Subsidiary, such Restricted Party 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
voting Equity Interests of such Restricted Subsidiary not sold or disposed
of.

      

      IP Rights shall have the
meaning specified in the Senior Facility Credit Agreement.

      

      Joint Venture means any joint
venture entity, whether a company, unincorporated firm, association, partnership
or any other entity which, in each case, is not a Subsidiary of a Restricted
Party or a Receivables Restricted Party but in which a Restricted Party or a
Receivables Restricted Party has a direct or indirect equity or similar
interest.

      

      Junior Financing has the
meaning specified in the Senior Facility Credit Agreement.

      

      Junior Financing Documentation
means any documentation governing any Junior Financing.

      

      JV Investor has the meaning
specified in Section 6.03

      

      Laws means, 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.

      

      LC Disbursement shall mean a
payment made by the Fronting Bank pursuant to a Letter of Credit.

      

      LC Exposure shall mean, at any
time, the sum of (a) the aggregate amount available for drawing (assuming
satisfaction of applicable drawing conditions) under all outstanding Letters of
Credit at such time plus (b) the aggregate amount of all LC Disbursements that
have not yet been reimbursed by or on behalf of the Borrowers at such
time.  The LC Exposure of any Lender at any time shall be its
Revolving Percentage of the total LC Exposure at such time.

      

      LC Sublimit shall mean
$750,000,000.

      
        
          
          

        

        
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      Legal Reservations
means;

      

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

      

      (b)           
the limitation of enforcement by law 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 the non-payment of UK stamp duty may be void;

      

      (e)           
defenses or 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 Effective Date in connection with this
Agreement.

      

      Lender shall mean any of the
Persons listed on Schedule 2.01 and any other Person that shall have become a
party hereto pursuant to an Assignment and Acceptance, other than any such
Person that ceases to be party hereto pursuant to an Assignment and
Acceptance.  Unless the context otherwise requires, the term Lender
includes the Swingline Lender.

      

      Letter of Credit shall mean
any Existing Letter of Credit or Additional Letter of Credit.

      

      Lien means any mortgage, deed
of trust, pledge, hypothecation, assignment, transfer for security purposes,
deposit arrangement, encumbrance, lien (statutory or other), charge, or
preference, priority or other security interest or preferential arrangement, of
any kind or nature whatsoever (including any conditional sale or other title
retention agreement, any easement, right of way or other encumbrance on title to
real property and any Capitalized Lease having substantially the same economic
effect as any of the foregoing).

      

      LIBO Rate shall mean, with
respect to any Borrowing comprised of LIBOR Loans for any Interest Period, the
rate appearing on Page 3750 of the Moneyline Telerate Markets (or on any
successor or substitute page of such Service) at approximately 11:00 a.m.,
London time, two (2) Business Days prior to the commencement of such Interest
Period, as the rate for Dollar deposits with a maturity comparable to such
Interest Period.  In the event that such rate is not available at such
time for any reason, then the LIBO Rate with respect to such
Borrowing for such Interest Period shall be the rate at which Dollar deposits in
an amount approximately equal to the Loan to be made by Citibank as part of such
Borrowing and for a maturity comparable to such Interest Period are offered by
the principal London office of Citibank in immediately available funds to prime
banks in the London interbank market at approximately 11:00 a.m., London time,
two (2) Business Days prior to the commencement of such Interest
Period.

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      LIBOR Lending Office shall
mean, with respect to each Lender, the branches or Affiliates of such Lender
which such Lender has designated as its LIBOR Lending Office in its
Administrative Questionnaire or, as to any Person who becomes a Lender after the
Effective Date, in the Assignment and Acceptance executed by such Person or such
other office of such Lender as such Lender may hereafter designate from time to
time as its LIBOR Lending
Office by notice to the Borrowers and the Administrative
Agent.

      

      LIBOR Loan shall mean any
Revolving Loan bearing interest at a rate determined by reference to the
Adjusted LIBO Rate in accordance with the provisions of Article 2.

      

      Limited Recourse Stock Pledge
means the pledge of the Equity Interests in any joint venture or any Subsidiary
(the Pledged Subsidiary)
to secure non-recourse debt of such joint venture or such Pledged Subsidiary,
the activities of which are solely limited to making and managing Investments,
and owning Equity Interests, in such joint venture or Pledged Subsidiaries, but
only for so long as its activities are so limited.

      

      Liquid Investments shall have
the meaning specified in the Security Agreement.

      

      Listing means a listing of all
or any of the share capital of the Company or any of its Subsidiaries or any
Holding Company or any of its Subsidiaries (excluding the Sponsor as defined in
the Senior Facility Credit Agreement (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 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 county.

      

      Loan shall mean a Revolving
Loan whether made as a LIBOR Loan or an ABR Loan, or a Swingline
Loan.

      

      Loan Documents shall mean this
Agreement, the Notes, the Subsidiary Guaranty and the Collateral
Documents.

      

      Loan Party shall mean each
Borrower and each Subsidiary Guarantor.

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

      Lyondell shall mean Lyondell
Chemical Company (the surviving entity following its merger with BIL Acquisition
Holdings Limited), a Delaware corporation.

      

      Major Casualty Proceeds shall
mean (i) the aggregate insurance proceeds received in respect of Collateral in
connection with one or more related events by any Loan Party under any Property
Insurance Policy or (ii) any award or other cash compensation with respect to
any one or more related condemnations of Collateral (or any transfer or
disposition of such property in lieu of condemnation) received by any Loan Party
if the amount of such aggregate insurance proceeds or award or other cash
compensation in respect of Collateral exceeds $25,000,000.  Insurance
proceeds paid to the Administrative Agent, as loss payee on any Property
Insurance Policy covering Inventory, shall be deemed to be received by a Loan
Party and shall be included in any determination of Major Casualty
Proceeds.

      

      Management Agreement means 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
Effective Date.

      

      Material Adverse Effect means
(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
the Loan Parties (taken as a whole) to perform their respective payment
obligations under any Loan Document to which 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 has the
meaning specified in the Senior Facility Credit Agreement.

      

       Maximum Facility Availability
shall mean, at any date, an amount equal to the lesser of (i) the aggregate
amount of the Commitments on such date and (ii) the Borrowing Base on such
date.

      

      Millennium Holdings Group
shall have the meaning specified in Article 7.

      

      Moodys shall mean Moodys
Investors Service, Inc., and its successors.

      

      Multiemployer Plan means 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.

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      Net Proceeds means with
respect to any Disposition or Casualty Event 100% of the cash proceeds actually
received by any Restricted Party from any such Disposition or Casualty Event
(including any cash payments received by way of deferred payment of principal
pursuant to a note or installment receivable or purchase price adjustment
receivable or otherwise and including casualty insurance settlements and
condemnation awards in respect of any Collateral or any equipment, fixed assets
or real property (including any improvements thereof) to replace or repair such
equipment, fixed assets or real property, but only as and when received, and
excluding any liabilities assumed by the transferee and deemed to be cash for
purposes of Section 7.05(j)(ii)), in each case net of

      

      (i)           
attorneys fees, accountants fees, investment banking fees, purchaser due
diligence costs (to the extent borne by any Restricted Party), survey costs,
title insurance premiums, and related search and recording charges, transfer
taxes, deed or mortgage recording taxes, required debt payments and required
payments of other obligations relating to the applicable asset to the extent
such debt or obligations are  secured by a Lien permitted hereunder
(other than pursuant to the Loan Documents) on such asset, other customary
expenses and brokerage, consultant and other customary fees actually incurred in
connection therewith,

      

      (ii)           
Taxes paid or payable as a result thereof,

      

      (iii)           
the amount of any reserve certified by the Principal Financial Official as
reasonable and established in accordance with GAAP against any adjustment to the
sale price or to fund any liabilities (other than any taxes deducted pursuant to
clause (ii) above) (x) related to any of the applicable assets and (y) retained
by any Restricted Party, including pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any
indemnification obligations (provided, however, that the
amount of any subsequent reduction of such reserve (other than in connection
with a payment in respect of any such liability) shall be deemed to be Net
Proceeds of such Disposition or Casualty Event received on the date of such
reduction), and

      

      (iv)          
except in the case of a Disposition or Casualty Event with respect to the
Collateral, any other application of such proceeds required or permitted by the
Senior Facility Credit Agreement.

      

      For
purposes of calculating the amount of Net Proceeds, fees, commissions and other
costs and expenses payable to the Company shall be disregarded.

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      New Lender shall have the
meaning assigned to such term in Section 2.21.

      

       Notes shall mean promissory
notes of the Borrowers, substantially in a form reasonably satisfactory to the
Administrative Agent, evidencing the Borrowers obligation to repay the Loans,
and Note shall mean any
one of such promissory notes issued hereunder.

      

      Obligations shall mean the
obligations of the Loan Parties under the Loan Documents (as the same may
hereafter be amended, restated, extended, supplemented or otherwise modified
from time to time) with respect to the due and punctual payment, whether at
maturity, by acceleration or otherwise, of (a) the principal amount of the
Loans, (b) interest and premium on the Loans, (c) LC Disbursements and interest
thereon and (d) all other monetary obligations of any Borrower, whether for
fees, costs, indemnification or otherwise.

      

      Orderly Liquidation Value Rate
shall mean, with respect to Eligible Inventory in each Category, the applicable
orderly liquidation value (or in the case of Premium Inventory, fair market
value, and in any case net of costs and expenses incurred in connection with
liquidation) of such Inventory, which applicable percentage shall be determined
by reference to the most recent Appraisal Report on such Inventory received by
the Administrative Agent, as a percentage of the aggregate book value of such
Inventory.

      

       Other Taxes shall mean any and
all present or future stamp or documentary taxes or any other excise or property
taxes, charges or similar levies arising from any payment made hereunder or from
the execution, delivery or enforcement of, or otherwise with respect to, the
Loan Documents (but excluding any Excluded Taxes).

      

      Outstandings shall mean, with
respect to any Lender at any time, the sum of the outstanding principal amount
of such Lenders Revolving Loans and its LC Exposure and Swingline Exposure at
such time.

      

      Participation Register shall
have the meaning set forth in Section 10.07(d).

      

      PBGC Settlement shall have the
meaning set forth in the Senior Facility Credit Agreement.

      

      Permitted Acquisition shall
have the meaning set forth in Section 6.02(g) hereof.

      

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

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

      Permitted Joint Venture shall
mean (1) any person that is not a Subsidiary of a Borrower or a Transaction
Party under the 2007 Securitization Facility that such Borrower or Transaction
Party has a direct or indirect ownership interest in that is engaged in a
Permitted Business or (2) any entity through which a Borrower or a
Transaction Party has an ownership interest as described in clause (1), in the
case of (1) and (2), for which the Sponsor (as defined in the Senior Facility
Credit Agreement) does not hold an ownership interest (other than through its
ownership interest in the Borrower).

      

      Permitted Refinancing shall
have the meaning set forth in the Senior Facility Credit Agreement.

      

      Person shall mean any natural
Person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other
entity.

      

      Plan means 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.

      

      Premium Inventory shall mean
Eligible Inventory that consists solely of finished goods owned by
HRLP.

      

      Prepayment Event shall mean
(a) at any time, any Covered Disposition of Collateral or Casualty Event with
respect to Collateral and (b) during any Sweep Period, any other Covered
Disposition or Casualty Event.  The description of any transaction as
falling within the above definition does not affect any limitation on such
transaction imposed by Article 6 or Article 7 of this Agreement.

      

      Principal Financial Officer
shall mean the chief financial officer, the treasurer or the principal
accounting officer of Lyondell (or other specified Person).  Any
action taken or document delivered by a Principal Financial Officer pursuant to
the Loan Documents shall be taken or delivered in his capacity as
such.

      

      Property Insurance Policy
shall mean any insurance policy maintained by any Loan Party covering losses
with respect to tangible real or personal property or improvements, but
excluding coverage for losses from business interruption.

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

      Qualified Equity Interests
means any Equity Interest that is not a Disqualified Equity
Interest.

      

      Qualified Lien shall mean (i)
an inchoate tax, PBGC or other Lien arising solely by operation of law, (ii) a
Lien securing payments of (A) expenses of a landlord, bailee, consignee,
processor, warehouseman or other third party who stores, processes, maintains or
holds Collateral and (B) rail car lease and transportation expense applicable to
Collateral and (iii) any other Lien approved by the Administrative Agent, which
in each case is (x) permitted by Section 6.01 and (y) covered by an Availability
Reserve as specified herein (unless the Person who holds such Lien has entered
into a Third Party Agreement), as determined by the Administrative Agent in
accordance with the definitions of Availability Reserve and Borrowing
Base.

      

      Real Property means,
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 Restricted Party
means a Restricted Party under the 2007 Securitization Facility.

      

      Register shall have the
meaning assigned to such term in Section 10.07(f).

      

      Regulation U shall mean
Regulation U of the FRB, as the same is from time to time in effect, and all
official rulings and interpretations thereunder or thereof.

      

      Regulation X shall mean
Regulation X of the FRB, as the same is from time to time in effect, and all
official rulings and interpretations thereunder or thereof.

      

      Related Fund shall mean, with
respect to any Lender that is a fund that invests in bank loans, any other fund
that invests in bank loans and is advised or managed by the same investment
advisor as such Lender or by an Affiliate of such Lender.

      

      Related Parties shall mean,
with respect to any specified Person, such Persons Affiliates and the respective
directors, trustees, officers, employees, agents and advisors of such Person and
such Persons Affiliates.

      
        
          
          

        

        
          37

          
            

          

        

        
          
          

        

      

      Release means 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.

      

      Required Lenders shall mean,
at any time, Lenders having in the aggregate more than 50% of the aggregate
amount of the Credit Exposures at such time; provided that (i) any Credit
Exposure held by Lyondell or any of its Subsidiaries or any of their respective
Affiliates shall be excluded for purposes of determining such percentage and
(ii) the portion of the Commitments held or deemed held by any Defaulting Lender
shall be excluded for purposes of making a determination of Required
Lenders.

      

      Responsible Officer means the
chief executive officer, president, any vice president, chief financial officer,
treasurer or assistant treasurer or other similar officer of a Loan Party and,
as to any document delivered on the Effective Date, any secretary of such Loan
Party or anyone granted a power of attorney by the board of directors or other
governing body of a 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.

      

      Restricted Account shall have
the meaning specified in the Security Agreement.

      

      Restricted Party shall mean
each Loan Party and Restricted Subsidiary.

      

      Restricted Payment shall
mean

      

      (1)           
a declaration or payment of any dividend or the making of any distribution,
other than dividends or distributions payable in Qualified Equity Interests of
the Company and dividends or distributions payable solely to the Company or a
Restricted Subsidiary, 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 a
Persons Equity Interests to holders of such Equity Interests,

      

      (2)           
the purchase, redemption or other acquisition or retirement for value of any
Equity Interests of any Person or any warrants, rights or options to purchase or
acquire shares of any class of such Equity Interests, or

      

      (3)           
any Investment other than an Investment permitted by Section
6.02.

      
        
          
          

        

        
          38

          
            

          

        

        
          
          

        

      

      Restricted Subsidiary shall
have the meaning specified in the Senior Facility Credit Agreement.

      

      Revolving Loan shall mean a
Loan made pursuant to Section 2.01.

      

      Revolving Percentage shall
mean, with respect to any Lender, the percentage of the Total Commitment
represented by such Lenders Commitment.  If the Commitments shall have
been terminated or shall have expired, the Revolving Percentages shall be
determined based upon the Commitments most recently in effect, giving effect to
any subsequent assignments pursuant to Section 10.07.

      

      Revolving Period shall mean
the period from and including the Effective Date to but excluding the earlier of
the Termination Date and the date of termination of the
Commitments.

      

      RPA Seller shall mean
LyondellBasell Receivables I, LLC, a Delaware limited liability
company.

      

      The RP Trigger is in effect for
the purposes of Section 6.06 unless, both before and after giving effect to any
Dividend Payment contemplated by that Section, (i) the daily average Total
Excess Availability exceeds $225,000,000 on each Business Day during the five
(5) consecutive Business Days immediately preceding the date of such Dividend
Payment and (ii) on the date of such Dividend Payment, no Default shall have
occurred and be continuing.

      

      S&P shall mean Standard
& Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

      

      SEC means the U.S. Securities
and Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions.

      
        
          
          

        

        
          39

          
            

          

        

        
          
          

        

      

      Securitization Facility shall
mean (i) the receivables securitization facility (the 2007 Securitization Facility)
established pursuant to the Receivables Sale Agreement dated as of December 20,
2007 among Lyondell and the other Sellers party thereto, as seller, RPA Seller,
as buyer, and Lyondell, as buyers servicer (the 2007 RSA), and the Receivables
Purchase Agreement dated as of December 20, 2007 among RPA Seller, as seller,
Lyondell, as servicer, the purchasers party thereto, Citibank, as administrative
agent and the other agents party thereto (the 2007 RPA), (ii) the
receivables securitization facility (the 2005 Securitization Facility)
established pursuant to the Purchase and Contribution Agreement dated as of July
29, 2005 between Basell and Basell Canada Inc., as sellers, and Basell Capital
Corporation, as purchaser (the 2005 PCA), and the Receivables
Purchase Agreement dated as of July 29, 2005 among Basell Capital Corporation,
as seller, CAFCO, LLC, as an investor, Citibank, as a bank, Basell Canada Inc.,
as an originator, and Basell, as servicer and as an originator, and (iii) any
replacement facility established pursuant to documentation stating that such
facility is in replacement or substitution of the 2005 Securitization Facility
or the 2007 Securitization Facility; provided that, in the case of
a replacement receivables securitization facility that replaces the 2007
Securitization Facility, (x) if such replacement receivables securitization
facility is not approved in writing by the Administrative Agent for purposes of
this Agreement, such replacement receivables securitization facility shall not
constitute a 2007 Securitization Facility for purposes of SF Asset Availability
and SF Excess Availability (and defined terms and provisions which incorporate
SF Asset Availability or SF Excess Availability by reference) and such amounts
shall be deemed to be zero for that purpose and (y) in connection with any such
replacement receivables securitization facility, limitations on Excluded
Receivables and arrangements with respect to the Restricted Accounts
substantially identical to those established with respect to the 2007
Securitization Facility or other arrangements no less favorable to the Lenders
shall be entered into, all in form and substance reasonably satisfactory to the
Administrative Agent, and all applicable requirements of the Intercreditor
Agreement shall be satisfied.

      

      Securitization Transaction
shall mean any financing transaction in which any Loan Party sells or otherwise
transfers accounts receivable (a) to one or more third party purchasers or (b)
to a special purpose entity that borrows against such accounts receivable or
sells such accounts receivable to one or more third party
purchasers.

      

      Security Agreement shall mean
a security agreement in substantially the form of Exhibit F executed and
delivered or to be executed and delivered by the Lien Grantors (as defined
therein), the Borrowers Agent (as defined therein) and Citibank, as
Administrative Agent.

      

      Senior Facility Credit
Agreement shall mean the Credit Agreement dated as of December 20, 2007
among the Company, BIL Acquisition Holdings Limited (to be merged with and into
Lyondell Chemical Company), Basell Holdings B.V., Basell Finance Company B.V.
and Basell Germany Holdings GmbH and the other borrowers from time to time party
thereto, the Subsidiary Guarantors party thereto from time to time, Citibank, as
administrative agent, a swing line lender and collateral agent, and each lender
from time to time party thereto.

      

      SF Asset Availability shall
mean Receivable Asset Availability as defined in the 2007 Securitization
Facility.

      

      SF Excess Availability shall
mean Receivables Excess Availability as defined in the 2007 Securitization
Facility.

      
        
          
          

        

        
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      Solvent and Solvency mean, with respect to
any Person on any date of determination, that on such date (a) the fair value of
the property of such Person is greater than the total amount of liabilities,
including contingent liabilities, of such Person, (b) the present fair salable
value of the assets of such Person is not less than the amount that will be
required to pay the probable liability of such Person on its debts as they
become absolute and matured, (c) such Person does not intend to, and does not
believe that it will, incur debts or liabilities beyond such Persons ability to
pay such debts and liabilities as they mature and (d) such Person is not engaged
in business or a transaction, and is not about to engage in business or a
transaction, for which such Persons property would constitute an unreasonably
small capital.  The amount of contingent liabilities at any time shall
be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability.

      

      Specified Joint Venture shall
mean Al-Waha Petrochemical Company and Saudi Ethylene and Polyethylene
Company.

      

      Sponsor shall have the meaning
specified in the Senior Facility Credit Agreement.

      

      Subsidiaryshall mean with respect to any
Person, (1) a corporation a majority of the voting Equity Interests of which are
at the time, directly or indirectly, owned by such Person; and (2) any other
Person (other than a corporation), including, a partnership, limited liability
company, business trust or joint venture, in which such Person, at the time
thereof, directly or indirectly, 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).  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.

      

      Subsidiary Guarantor shall
mean each Subsidiary of any Borrower (which is not itself a Borrower) which is,
or is required to be, a party to the Subsidiary Guaranty.

      

      Subsidiary Guaranty shall mean
the Subsidiary Guaranty dated as of the date hereof, substantially in the form
of Exhibit J.

      

      Successor Borrower has the
meaning specified in Section 6.04(d).

      

      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.

      
        
          
          

        

        
          41

          
            

          

        

        
          
          

        

      

      Sweep Account shall have the
meaning specified in the Security Agreement.

      

      Sweep Period shall mean any
period during which a Triggering Event exists.

      

      Swingline Exposure shall mean,
at any time, the aggregate principal amount of all Swingline Loans outstanding
at such time.  The Swingline Exposure of any Lender at any time shall
be its Revolving Percentage of the total Swingline Exposure at such
time.

      

      Swingline Facility shall mean
the swingline facility made available by the Swingline Lender pursuant to
Section 2.05.

      

      Swingline Lender shall mean
Citibank, in its capacity as lender of Swingline Loans hereunder.

      

      Swingline Loan shall mean a
Loan made pursuant to Section 2.05.

      

      Swingline Sublimit shall mean
$75,000,000.

      

      Syndication Agent shall mean
Goldman Sachs Credit Partners, L.P., in its capacity as syndication agent in
respect of the Loan Documents.

      

      Taxes shall mean any and all
present or future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority.

      

      Termination
Date  shall mean the fifth anniversary of the Effective
Date.

      

      Test Period shall mean, for
any date of determination under this Agreement, the four consecutive fiscal
quarters of the Company then last ended.

      
        
          
          

        

        
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      Third Party Agreement shall
mean an agreement, in form and substance reasonably acceptable to the
Administrative Agent, pursuant to which a landlord, bailee, consignee,
processor, warehouseman or other third party who stores, processes, maintains or
holds Collateral (including a holder of a Lien on premises of the Borrowers
where Eligible Inventory is located) acknowledges, among other things, the
Administrative Agents Lien on such Collateral, the Administrative Agents ability
to enforce its Lien on such Collateral and the subordination of any Lien held by
such landlord, bailee, consignee, processor, or warehouseman or other third
party on such Collateral to the Administrative Agents Lien
thereon.  Each Collateral Access Agreement is a Third Party Agreement
and is in a form reasonably satisfactory to the Administrative
Agent.  Each Access Agreement is a Third Party Agreement,
notwithstanding any absence therein of any subordination of the Lien held by
such party to the Administrative Agents Lien.

      

      Threshold Amount shall mean
$100,000,000.

      

      Threshold Indebtedness shall
have the meaning specified in Section 7.01.

      

      Total Commitment shall mean,
at any time, the aggregate amount of the Commitments at such time.  On
the Effective Date, the Total Commitment is $1,000,000,000.

      

      Total Collateral Availability
shall mean, at any time, the sum of (i) Collateral Availability plus (ii) SF Asset
Availability, in each case at such time.

      

      Total Excess Availability
shall mean, at any time, the sum of (i) Excess Availability plus (ii) SF Excess
Availability, in each case at such time. Total Excess Availability shall be
determined on a pro forma basis, based on the Borrowing Base Certificate
delivered pursuant to Section 4.02(d) and the first monthly Seller Report
delivered pursuant to Section 5.5(e) of the 2007 RPA, to the extent required to
be determined in respect of days prior to the Effective Date.

      

      Total Outstandings shall mean
at any time the aggregate Outstandings of all Lenders at such time.

      

      Transaction Coordinator shall
mean Merrill Lynch, Pierce, Fenner & Smith Incorporated, in its capacity as
transaction coordinator in respect of the Loan Documents.

      

      Transferee shall have the
meaning assigned to such term in Section 2.19(a).

      

      Treasury Services Agreement
shall have the meaning specified in the Senior Facility Credit
Agreement.

      
        
          
          

        

        
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      Triggering Event shall mean
any of the following events:  (i) the Termination Date, (ii) the
occurrence of an Event of Default, (iii) Total Collateral Availability being
less than $225,000,000 on each Business Day during any period of five (5)
consecutive Business Days, (iv) Total Excess Availability being less than
$200,000,000 on each Business Day during any period of five (5) consecutive
Business Days unless on
each Business Day during such period both (x) Total Collateral Availability is
greater than or equal to $275,000,000 and (y) Total Excess Availability is
greater than or equal to $150,000,000 or (v) Total Collateral Availability being
less than $200,000,000 on any Business Day; provided that if, following a
Triggering Event described in clause (iii), (iv) or (v), Total Collateral
Availability subsequently equals or exceeds $250,000,000 on each Business Day
during a period of twenty (20) consecutive Business Days such Triggering Event
shall cease to exist upon the first day following such twenty (20)-Business Day
period (unless the Borrowers otherwise elect by notice to the Administrative
Agent); and provided
further that if, following a Triggering Event described in clause (ii),
the related Event of Default shall cease to exist, such Triggering Event shall
cease to exist.  For the avoidance of doubt, the cessation of an
existing Triggering Event does not preclude the occurrence of a subsequent
Triggering Event.

      

      2005 PCA shall have the
meaning specified in the definition of Securitization Facility.

      

      2005 Securitization Facility
shall have the meaning specified in the definition of Securitization
Facility.

      

      2007 RSA shall have the
meaning specified in the definition of Securitization Facility.

      

      2007 RPA shall have the
meaning specified in the definition of Securitization Facility.

      

      2007 Securitization Facility
shall have the meaning specified in the definition of Securitization
Facility.

      

      Type, when used in respect of
any Loan or Borrowing, shall refer to the rate by reference to which interest on
such Loan or on the Loans comprising such Borrowing is
determined.  For purposes hereof, rate shall include the LIBO
Rate or the Alternate Base Rate.

      

      Unfunded Current Liability of
any Plan means 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 Effective Date, exceeds the fair market value of the assets
allocable thereto.

      
        
          
          

        

        
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      Uniform Commercial Code or
UCC shall mean, at any
time, the Uniform Commercial Code as from time to time in effect in the State of
New York at such time; provided, however, that in
the event that, by reason of mandatory provisions of law, the perfection, effect
of perfection or non-perfection or priority of the security interest in any
Collateral created by the Loan Documents is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State of New York, the term
UCC shall mean the Uniform Commercial Code as in effect in such other
jurisdiction for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority.

      

      Unrestricted Subsidiary has
the meaning specified in the Senior Facility Credit Agreement.

      

      Unused Commitment Fee shall
have the meaning assigned to such term in Section 2.07(a).

      

      Valuation Reserves shall mean
the sum of the following, without duplication of any Availability Reserves or
any Valuation Reserve:

      

      (a)           
any book reserves maintained by the Borrowers in respect of Eligible Inventory
(excluding a LIFO reserve under GAAP);

      

      (b)           
to the extent not included in clause (a) or otherwise reflected in the book
value thereof, a lower of cost or market reserve for all Eligible Inventory
selling for less than cost as determined by the Borrowers; and

      

      (c)           
such other reserves to reflect events, conditions, contingencies or risks which,
as reasonably determined by the Administrative Agent, do or are reasonably
likely to materially adversely affect the value of Eligible Inventory,
established in accordance with the definition of Borrowing Base;

      

      provided that the
Administrative Agent shall give five (5) Business Days notice to the Borrowers
in the case of new reserve categories established pursuant to clause (c) after
the Effective Date and changes in the methodology for determining a reserve and
one (1) Business Days notice to the Borrowers in other cases.

      

      Section
1.02. Accounting
Terms.  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.

      

      Section
1.03.  Terms
Generally.  Except where the
context requires otherwise, the definitions in Section 1.01 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.  The words include, includes and including shall be deemed to
be followed by the phrase without
limitation.  Unless otherwise stated, references to Sections,
Articles, Schedules and Exhibits made herein are to Sections, Articles,
Schedules or Exhibits, as the case may be, of this Agreement.  Writing, written and comparable terms
refer to printing, typing and other means of reproducing words in a visible
form.  References to any agreement or contract are to such agreement
or contract as amended, modified or supplemented from time to time in accordance
with the terms hereof and thereof.  References to any Person include
the successors and permitted assigns of such Person.  References from or through any date mean, unless
otherwise specified, from and
including or through and
including, respectively.

      
        
          
          

        

        
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      Section
1.04.  Classification of Loans
and Borrowings.  For purposes of
this Agreement, Loans may be classified and referred to by Class (e.g., a Revolving Loan) or by Type
(e.g., a LIBOR Loan) or by Class and
Type (e.g., a LIBOR Revolving
Loan).  Borrowings also may be classified and referred to by
Class (e.g., a Revolving Borrowing) or by
Type (e.g., a LIBOR Borrowing) or by Class
and Type (e.g., a LIBOR Revolving
Borrowing).

      

      Section
1.05.  Lyondell
Collateral.  From the Effective Date, the obligations of
Lyondell under the Loan Documents will not be secured by any Liens on its assets
(except to the extent set forth in respect of Lyondell's obligations in respect
of cash collateralization of Letters of Credit under Section 2.06(k)), and the
Collateral Requirement will not apply to Lyondell.  Subject to the
next sentence, any provision of the Loan Documents purporting to create or
require collateral security in assets of Lyondell (except to the extent set
forth in respect of Lyondell's obligations in respect of cash collateralization
of Letters of Credit under Section 2.06(k)) shall to that extent be ineffective,
and Lyondell assets shall be excluded in any determination of the Borrowing
Base.  Lyondell may at any time irrevocably elect by notice to the
Administrative Agent to satisfy the Collateral Requirement as to itself, and
upon its satisfaction of the Collateral Requirement the provisions of this
Section 1.05 shall cease to apply (it being understood that the opinion
requirement therein would be satisfied pursuant to the delivery of legal
opinions in form and substance substantially identical to opinions delivered
pursuant hereto on the Effective Date).

      

      

      ARTICLE
2

      The
Loans

      

      Section
2.01.  Commitments.  Subject to the
terms and conditions and relying upon the representations and warranties herein
set forth, each Lender agrees, severally and not jointly, to make Revolving
Loans to the Borrowers from time to time on any Business Day during the
Revolving Period in amounts such that (i) the Outstandings of such Lender shall
at no time exceed the amount of its Commitment and (ii) the Total Outstandings
shall at no time exceed the Maximum Facility Availability.  Within the
foregoing limits, the Borrowers may borrow, pay or prepay and reborrow Revolving
Loans hereunder during the Revolving Period and subject to the terms, conditions
and limitations set forth herein.

      
        
          
          

        

        
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      Section
2.02.  Loans.   Article 2 Each
Revolving Loan shall be made as part of a Borrowing consisting of Revolving
Loans made ratably by the Lenders in accordance with their respective
Commitments; provided,
however, that the failure of any Lender to make any Revolving Loan shall
not in itself relieve any other Lender of its obligation to lend hereunder (it
being understood, however, that no Lender shall be responsible for the failure
of any other Lender to make any Loan to be made by such other
Lender).  The Loans comprising any Revolving Borrowing shall be in an
aggregate principal amount which is an integral multiple of $1,000,000 and not
less than the lesser of $10,000,000 and the remaining available balance of the
Commitments.

      

      (b)        
Each Revolving Borrowing shall be comprised entirely of LIBOR Loans or ABR
Loans, as the Borrowers may request pursuant to Section 2.03.  Each
Lender may at its option make any LIBOR Loan by causing any branch or Affiliate
of such Lender to make such Loan; provided, however, that any
exercise of such option shall not affect the obligation of the Borrowers to
repay such Loan in accordance with the terms of this Agreement; provided, further, that if
the designation of any such foreign branch or Affiliate shall result in any
costs, reductions or Taxes which would not otherwise have been applicable and
for which such Lender would, but for this proviso, be entitled to request
compensation under Section 2.15, 2.16 or 2.19, such Lender shall not be entitled
to request such compensation unless it shall in good faith have determined such
designation to be necessary or advisable to avoid any material disadvantage to
it.  Borrowings of more than one Type may be outstanding at the same
time.  For purposes of the foregoing, Borrowings having different
Interest Periods, regardless of whether they commence on the same date, shall be
considered separate Borrowings.

      
        
          
          

        

        
          47

          
            

          

        

        
          
          

        

      

      (c)        
Subject to Section 2.04 and paragraph (d) below, each Lender shall make its
Loans on the proposed date or dates thereof (i) in the case of Loans other than
Swingline Loans, by wire transfer of immediately available funds to the
Administrative Agent in New York, New York, not later than 12:30 p.m., New York
City time, and (ii) in the case of Swingline Loans, as provided for in Section
2.05.  The Administrative Agent shall credit on such date the amounts
so received to the general deposit account of the Borrowers Agent with the
Administrative Agent or to another account specified by the Borrowers and
acceptable to the Administrative Agent by 3:00 p.m., New York City time; provided that ABR Loans made
to finance the reimbursement of an LC Disbursement shall be remitted by the
Administrative Agent to the Fronting Bank; and provided, further, that if a
Borrowing shall not occur on such date because any condition precedent herein
specified shall not have been met, the Administrative Agent shall return the
amounts so received to the respective Lenders.  Revolving Loans shall
be made by the Lenders ratably in accordance with their Commitments as provided
in Section 2.17.  Unless the Administrative Agent shall have received
notice from a Lender prior to the date of any Borrowing that such Lender will
not make available to the Administrative Agent such Lenders portion of such
Borrowing, the Administrative Agent may assume that such Lender has made such
portion available to the Administrative Agent on the date of such Borrowing in
accordance with this paragraph (c) and the Administrative Agent may, in reliance
upon such assumption, make available to the Borrowers on such date a
corresponding amount.  If and to the extent that such Lender shall not
have made such portion available to the Administrative Agent, such Lender, on
the one hand, and the Borrowers, on the other hand, severally agree to repay to
the Administrative Agent forthwith on demand such corresponding amount, together
with interest thereon, for each day from the date such amount is made available
to the Borrowers until the date such amount is repaid to the Administrative
Agent at (i) in the case of the Borrowers, the interest rate applicable to ABR
Loans and (ii) in the case of such Lender, the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation.  If such Lender
shall repay to the Administrative Agent such corresponding amount, such amount
shall be deemed to constitute such Lenders Loan as part of such Borrowing for
purposes of this Agreement as if it were made on the date of such
Borrowing.  Nothing herein shall prejudice any rights that the
Borrowers may have against any Lender as a result of any default by such Lender
hereunder.

      

      (d)        
Notwithstanding any other provision of this Agreement, the Borrowers shall not
be entitled to request any Borrowing if the Interest Period requested with
respect thereto would not comply with the limitations specified in the
definition of Interest Period.

      

      Section
2.03.  Notice
of Borrowings.  Article 3 In
order to request a Revolving Borrowing, the Borrowers shall give notice in
writing (including telecopy or other electronic communication) (or telephone
notice promptly confirmed in writing (including telecopy or other electronic
communication)) to the Administrative Agent in the form of Exhibit B (i) in the
case of a LIBOR Borrowing, not later than 12:30 p.m.., New York City time, three
(3) Business Days before a proposed Borrowing and (ii) in the case of an ABR
Borrowing, not later than 12:30 p.m., New York City time, on the Business Day of
a proposed Borrowing.

      

      (b)        
The Administrative Agent may waive any prior notice in connection with any
Borrowing to be made on the date hereof. Any notice given pursuant to this
Section shall be irrevocable and shall in each case refer to this Agreement and
specify (x) whether such Borrowing is to be a LIBOR Borrowing or an ABR
Borrowing; (y) the date of such Borrowing (which shall be a Business Day) and
the amount thereof; and (z) if such Borrowing is to be a LIBOR Borrowing, the
Interest Period with respect thereto. If no election as to the Type of Borrowing
is specified in any such notice, then the requested Borrowing shall be an ABR
Borrowing. If no Interest Period with respect to any LIBOR Borrowing is
specified in any such notice, then the Borrowers shall be deemed to have
selected an Interest Period of one (1) months duration.  The
Administrative Agent shall promptly advise the Lenders of each notice given
pursuant to this Section and of each Lenders portion of the requested
Borrowing.

      
        
          
          

        

        
          48

          
            

          

        

        
          
          

        

      

      Section
2.04.  Conversions and
Continuations.  Each Revolving
Borrowing initially shall be of the Type specified in the applicable Borrowing
Request and, in the case of a LIBOR Borrowing, shall have an initial Interest
Period as specified in such Borrowing Request.  Thereafter, the
Borrowers shall have the right at any time upon prior irrevocable telephonic
notice (which shall be confirmed promptly in writing (including telecopy or
other electronic communication)) to the Administrative Agent by the time that a
Borrowing Request would be required under Section 2.03 if the Borrowers were
requesting a Borrowing of the Type resulting from such election to be made on
the effective date of such election, to convert such borrowing to a different
Type of Borrowing, or in the case of a LIBOR Borrowing, to continue such
Borrowing as a LIBOR Borrowing for an additional Interest Period, subject in
each case to the following:

      

      (a)        
if fewer than all the Loans comprising any Borrowing are to be converted or
continued, such conversion or continuation shall be made pro rata among the
Lenders in accordance with the respective Loans of such Lenders that are part of
such Borrowing immediately prior to such conversion or
continuation;

      

      (b)        
in the case of a conversion or continuation of fewer than all the Loans
comprising any Borrowing, the aggregate principal amount of Loans converted or
continued shall be an amount that would be a permitted Borrowing amount for
Loans of the same Type under the last sentence of Section 2.02(a);

      

      (c)        
accrued interest on a LIBOR Loan (or portion thereof) being converted or
continued shall be paid by the Borrowers at the time of conversion or
continuation;

      

      (d)        
if any LIBOR Loan is converted at a time other than the end of an Interest
Period applicable thereto, the Borrowers shall pay any increased costs
associated therewith pursuant to Section 2.16;

      

      (e)        
the duration of any Interest Period shall comply with the limitations specified
in the definition of Interest Period, and any portion of a LIBOR Loan for which
the shortest available Interest Period would extend beyond such date shall be
automatically converted at the end of the Interest Period at the time in effect
into an ABR Loan, and, if applicable, the number of outstanding Interest Periods
(after giving effect to any such conversion or continuation), shall comply with
the limitations specified in the definition of Interest Period;
and

      
        
          
          

        

        
          49

          
            

          

        

        
          
          

        

      

      (f)        
the Borrowers shall not be entitled to elect to convert any Loans to, or
continue any Loans for an additional Interest Period as, LIBOR Loans if an Event
of Default shall exist when the Borrowers deliver notice of such election to the
Administrative Agent.

      

      The
Interest Period applicable to any LIBOR Loan resulting from a conversion of a
Loan shall be specified by the Borrowers in the irrevocable notice of conversion
delivered pursuant to this Section; provided, however, that if no
such Interest Period shall be specified, the Borrowers shall be deemed to have
selected an Interest Period of one (1) months duration.  If the
Borrowers shall not have given timely notice to continue any LIBOR Loan into a
subsequent Interest Period (and shall not otherwise have given notice to convert
such Loan), such Loan (unless repaid pursuant to the terms hereof) shall,
subject to Section 4.01, automatically be continued as a LIBOR Loan with an
Interest Period of one (1) months duration.  The Administrative Agent
shall promptly advise the applicable Lenders of any notice given pursuant to
this Section and of each such Lenders portion of the continuation or conversion
hereunder.  This Section shall not apply to Swingline Borrowings,
which may not be converted or continued.

      

      Section
2.05.  Swingline
Loans.  Article 4
Subject to the terms and conditions set forth herein, the Swingline Lender
agrees to make Swingline Loans to the Borrowers from time to time during the
Revolving Period, in an aggregate principal amount at any time outstanding that
will not result in (i) the aggregate principal amount of outstanding Swingline
Loans exceeding the Swingline Sublimit (ii) the Total Outstandings exceeding the
Maximum Facility Availability.  Within the foregoing limits and
subject to the terms and conditions set forth herein, the Borrowers may borrow,
prepay and reborrow Swingline Loans.

      

      (b)        
The Borrowers may request a Swingline Loan, by notifying the Swingline Lender of
such request by telephone (confirmed in writing (including telecopy or other
electronic communication) if requested by the Swingline Lender), not later than
12:30 p.m., New York City time, on the day of a proposed Swingline Loan. Each
such notice shall be irrevocable and shall specify the requested date (which
shall be a Business Day) and amount of the requested Swingline Loan. The
Swingline Lender shall make each Swingline Loan available to the Borrowers by
means of a credit to the general deposit account of the Borrowers Agent with the
Swingline Lender (or, in the case of a Swingline Loan made to finance the
reimbursement of an LC Disbursement as provided in Section 2.06(f), by
remittance to the Fronting Bank) by 3:00 p.m., New York City time, on the
requested date of such Swingline Loan.

      
        
          
          

        

        
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      (c)        
The Swingline Lender may by written notice given to the Borrowers and the
Administrative Agent not later than 10:00 a.m., New York City time, on any
Business Day, require the Borrowers to give a Borrowing Request on such date for
a Borrowing on the earliest date permitted by Section 2.03 of Revolving Loans in
an amount sufficient to repay all outstanding Swingline Loans.

      

      (d)        
Whether or not it shall have given a notice pursuant to Section 2.05(c), the
Swingline Lender may by written notice given to the Administrative Agent not
later than 10:00 a.m., New York City time, on any Business Day require the
Lenders to acquire participations on such Business Day in all or a portion of
the Swingline Loans outstanding; provided that if the
aggregate principal amount of Swingline Loans outstanding on the last Business
Day of any week exceeds $5,000,000, then the Swingline Lender shall deliver such
notice to the Administrative Agent on such last Business Day of such week and
require the Lenders to acquire participations on such last Business Day of such
week in all of the Swingline Loans then outstanding.  Such notice
shall specify the aggregate amount of Swingline Loans in which Lenders will
participate.  Promptly upon receipt of such notice, the Administrative
Agent will give notice thereof to each Lender, specifying in such notice such
Lenders Revolving Percentage of such Swingline Loan or Loans.  Each
Lender hereby absolutely and unconditionally agrees, upon receipt of notice as
provided above, to pay to the Administrative Agent, for the account of the
Swingline Lender, such Lenders Revolving Percentage of such Swingline Loan or
Loans.  Each Lender acknowledges and agrees that its obligation to
acquire participations in Swingline Loans pursuant to this paragraph is absolute
and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or
termination of the Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever.  Each
Lender shall comply with its obligation under this paragraph by wire transfer of
immediately available funds, in the same manner as provided in Section 2.02 with
respect to Revolving Loans made by such Lender (and Section 2.02 shall apply,
mutatis mutandis, to
the payment obligations of the Lenders), and the Administrative Agent shall
promptly pay to the Swingline Lender the amounts so received by it from the
Lenders.  The Administrative Agent shall notify the Borrowers of any
participations in any Swingline Loan acquired pursuant to this paragraph, and
thereafter payments in respect of such Swingline Loan shall be made to the
Administrative Agent and not to the Swingline Lender.  Any amounts
received by the Swingline Lender from the Borrowers (or other party on behalf of
the Borrowers) in respect of a Swingline Loan after receipt by the Swingline
Lender of the proceeds of a sale of participations therein shall be promptly
remitted to the Administrative Agent; any such amounts received by the
Administrative Agent shall be promptly remitted by the Administrative Agent to
the Lenders that shall have made their payments pursuant to this paragraph and
to the Swingline Lender, as their interests may appear.  Any payment
by a Lender pursuant to this paragraph to purchase a participation in a
Swingline Loan shall not constitute a Revolving Loan and shall not relieve the
Borrowers of their obligation to repay such Swingline Loan.

      
        
          
          

        

        
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      Section
2.06.  Letters of
Credit.   Article 5 Existing Letters of Credit.
On the Effective Date, without further action by any party hereto, each Fronting
Bank that has issued an Existing Letter of Credit shall be deemed to have
granted to each Lender, and each Lender shall be deemed to have acquired from
such Fronting Bank, a participation in each Existing Letter of Credit equal to
such Lenders Revolving Percentage of (i) the aggregate amount available to be
drawn under such Existing Letter of Credit and (ii) the aggregate amount of any
outstanding reimbursement obligations in respect thereof. Such participations
shall be on all the same terms and conditions as participations granted in
Additional Letters of Credit under Section 2.06(e). With respect to each
Existing Letter of Credit (i) if the relevant Fronting Bank has, prior to the
Effective Date, sold a participation therein to a Lender, such Lender and
Fronting Bank agree that such participation shall be automatically canceled on
the Effective Date and (ii) if the relevant Fronting Bank has, prior to the
Effective Date, sold a participation therein to any bank or financial
institution that is not a Lender, such participation shall be cancelled upon the
Administrative Agent receiving the written consent of such bank or financial
institution to the effectiveness of this Agreement as contemplated by Section
4.02(c).

      

      (b)        
Additional Letters of
Credit.  Subject to the terms and conditions set forth herein,
the Borrowers may request the issuance of Additional Letters of Credit for their
account, in a form reasonably acceptable to the Administrative Agent and the
relevant Fronting Bank, at any time and from time to time during the period
beginning on the Effective Date and ending on the thirtieth day prior to the
Termination Date.  In the event of any inconsistency between the terms
and conditions of this Agreement and the terms and conditions of the letter of
credit application and any related documentation submitted by the Borrowers to,
or entered into by the Borrowers with, the relevant Fronting Bank relating to
any Letter of Credit, the terms and conditions of this Agreement shall
control.

      

      (c)        
Notice of Issuance, Amendment,
Renewal, Extension; Certain Conditions.  To request the
issuance of an Additional Letter of Credit (or the amendment, renewal or
extension of an outstanding Letter of Credit), the Borrowers shall hand deliver
or telecopy (or transmit by electronic communication, if arrangements for doing
so have been approved by the relevant Fronting Bank) to the relevant Fronting
Bank and the Administrative Agent (reasonably in advance of the requested date
of issuance, amendment, renewal or extension) a notice requesting the issuance
of an Additional Letter of Credit, or identifying the Letter of Credit to be
amended, renewed or extended, the date of issuance, amendment, renewal or
extension, the date on which such Letter of Credit is to expire (which shall
comply with paragraph (d) of this Section), the amount of such Additional Letter
of Credit, the name and address of the beneficiary thereof and such other
information as shall be necessary to prepare, amend, renew or extend such Letter
of Credit.  If requested by the relevant Fronting Bank, the Borrowers
also shall submit a letter of credit application in a form reasonably acceptable
to the relevant Fronting Bank in connection with any request for an Additional
Letter of Credit.  An Additional Letter of Credit shall be issued,
amended, renewed or extended only if (and upon issuance, amendment, renewal or
extension of each Letter of Credit the Borrowers shall be deemed to represent
and warrant that), after giving effect to such issuance, amendment, renewal or
extension Article 6 the LC Exposure shall not exceed the LC Sublimit and Article
7 the Total Outstandings shall not exceed the Maximum Facility
Availability.  Within the foregoing limits and subject to the terms
and conditions set forth herein, the relevant Fronting Bank agrees to issue such
Additional Letters of Credit (or amend, renew or extend an outstanding Letter of
Credit, as the case may be).

      
        
          
          

        

        
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      (d)        
Expiration
Date.  Each Additional Letter of Credit shall expire at or
prior to the close of business on the date one (1) year after the date of the
issuance of such Additional Letter of Credit (or, in the case of any renewal or
extension thereof, one (1) year after such renewal or extension).  If
the Borrowers so request, the relevant Fronting Bank shall issue an Additional
Letter of Credit that has automatic extension provisions (each, an Auto-Extension Letter of
Credit); provided that any such
Auto-Extension Letter of Credit must permit the relevant Fronting Bank to
prevent any such extension at least once in each twelve (12) month period
(commencing with the date of issuance of such Letter of Credit) by giving prior
notice to the beneficiary thereof not later than a day (the Non-Extension Notice Date) in
each such twelve (12) month period to be agreed upon at the time such Letter of
Credit is issued.  Unless otherwise directed by the relevant Fronting
Bank, the Borrowers shall not be required to make a specific request to the
relevant Fronting Bank for any such extension.  Once an Auto-Extension
Letter of Credit has been issued, the Lenders shall be deemed to have authorized
(but may not require) the relevant Fronting Bank to permit the extension of such
Letter of Credit at any time to an expiry date not later than the first
anniversary of the Termination Date; provided that the relevant
Fronting Bank shall not permit any such extension if (i) it has determined that
it would have no obligation at such time to issue such Letter of Credit in its
extended form under the terms hereof or (ii) it has received notice (which may
be by telephone or in writing) on or before the day that is five (5) Business
Days before the Non-Extension Notice Date from the Administrative Agent, any
Lender or any Borrower that one or more of the applicable conditions specified
in Section 4.01 is not then satisfied.

      

      (e)        
Participations.  By
the issuance of an Additional Letter of Credit (or an amendment to a Letter of
Credit increasing the amount thereof) and without any further action on the part
of the relevant Fronting Bank or the Lenders, the relevant Fronting Bank hereby
grants to each Lender, and each Lender hereby acquires from such Fronting Bank,
a participation in such Letter of Credit equal to such Lenders Revolving
Percentage of the aggregate amount available to be drawn under such Letter of
Credit.  In consideration and in furtherance of the foregoing, each
Lender hereby absolutely and unconditionally agrees to pay to the Administrative
Agent, for the account of the relevant Fronting Bank, such Lenders Revolving
Percentage of each LC Disbursement made by such Fronting Bank and not reimbursed
by the Borrowers on the date due as provided in paragraph (f) of this Section,
or of any reimbursement payment required to be refunded to the Borrowers for any
reason.  Each Lender acknowledges and agrees that its obligation to
acquire participations pursuant to this paragraph in respect of Letters of
Credit is absolute and unconditional and shall not be affected by any
circumstance whatsoever, including any amendment, renewal or extension of any
Letter of Credit or the occurrence and continuance of a Default or reduction or
termination of the Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever; provided that such
participations by a Lender shall not be construed as a waiver of any claims such
Lender may have against the relevant Fronting Bank for gross negligence or
willful misconduct (as finally determined by a court of competent
jurisdiction).

      
        
          
          

        

        
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      (f)        
Reimbursement.  If
any Fronting Bank shall make any LC Disbursement in respect of a Letter of
Credit, the Borrowers shall reimburse such LC Disbursement by paying to the
Administrative Agent an amount equal to such LC Disbursement not later than
12:30 p.m., New York City time, on the date that such LC Disbursement is made,
if the Borrowers shall have received notice of such LC Disbursement prior to
10:00 a.m., New York City time, on such date, or, if such notice has not been
received by the Borrowers prior to such time on such date, then not later than
12:30 p.m., New York City time, on the Business Day immediately following the
day that the Borrowers receive such notice; provided that the Borrowers
may, subject to the conditions to the Borrowing set forth herein, request in
accordance with Section 2.03 or 2.05 that such payment be financed with an ABR
Revolving Borrowing or Swingline Loan in an equivalent amount and, to the extent
so financed, the Borrowers obligation to make such payment shall be discharged
and replaced by the resulting ABR Revolving Borrowing or Swingline
Loan.  If the Borrowers fail to make such payment when due, the
Administrative Agent shall notify each Lender of the applicable LC Disbursement,
the payment then due from the Borrowers in respect thereof and such Lenders
Revolving Percentage thereof.  Promptly following receipt of such
notice, each Lender shall pay to the Administrative Agent its Revolving
Percentage of the payment then due from the Borrowers, in the same manner as
provided in Section 2.02 with respect to Loans made by such Lender (and Section
2.02 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the
Administrative Agent shall promptly pay to the relevant Fronting Bank the
amounts so received by it from the Lenders.  Promptly following
receipt by the Administrative Agent of any payment from the Borrowers pursuant
to this paragraph, the Administrative Agent shall distribute such payment to the
relevant Fronting Bank or, to the extent that Lenders have made payments
pursuant to this paragraph to reimburse such Fronting Bank, then to such Lenders
and such Fronting Bank as their interests may appear.  Any payment
made by a Lender pursuant to this paragraph to reimburse a Fronting Bank for any
LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline
Loan as contemplated above) shall not constitute a Loan and shall not relieve
the Borrowers of their obligation to reimburse such LC
Disbursement.

      
        
          
          

        

        
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      (g)        
Obligations
Absolute.  The Borrowers obligation to reimburse LC
Disbursements as provided in paragraph (f) of this Section shall be absolute,
unconditional and irrevocable, and shall be performed strictly in accordance
with the terms of this Agreement under any and all circumstances whatsoever and
irrespective of (i) any lack of validity or enforceability of any Letter of
Credit or this Agreement, or any term or provision therein, (ii) any draft or
other document presented under a Letter of Credit proving to be forged,
fraudulent or invalid in any respect or any statement therein being untrue or
inaccurate in any respect, (iii) payment by any Fronting Bank under a Letter of
Credit against presentation of a draft or other document that does not comply
with the terms of such Letter of Credit, or (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section, constitute a legal or equitable discharge of, or
provide a right of setoff against, the Borrowers obligations
hereunder.  None of the Administrative Agent, the Lenders nor any
Fronting Bank, nor any of their Related Parties shall have any liability or
responsibility by reason of or in connection with the issuance or transfer of
any Letter of Credit or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any
Letter of Credit (including any document required to make a drawing thereunder),
any error in interpretation of technical terms or any consequence arising from
causes beyond the control of the relevant Fronting Bank; provided that the foregoing
shall not be construed to excuse the relevant Fronting Bank from liability to
the Borrowers to the extent of any direct damages (as opposed to consequential
damages, claims in respect of which are hereby waived by the Borrowers to the
extent permitted by applicable law) suffered by the Borrowers that are caused by
such Fronting Banks failure to exercise care when determining whether drafts and
other documents presented under a Letter of Credit comply with the terms
thereof.  The parties hereto expressly agree that, in the absence of
gross negligence or willful misconduct on the part of any Fronting Bank (as
finally determined by a court of competent jurisdiction), such Fronting Bank
shall be deemed to have exercised care in each such determination.  In
furtherance of the foregoing and without limiting the generality thereof, the
parties agree that, with respect to documents presented which appear on their
face to be in substantial compliance with the terms of a Letter of Credit, the
relevant Fronting Bank may, in its sole discretion, either accept and make
payment upon such documents without responsibility for further investigation,
regardless of any notice or information to the contrary, or refuse to accept and
make payment upon such documents if such documents are not in strict compliance
with the terms of such Letter of Credit.

      
        
          
          

        

        
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      (h)        
Disbursement
Procedures.  Each Fronting Bank shall, promptly following its
receipt thereof, examine all documents purporting to represent a demand for
payment under a Letter of Credit.  The relevant Fronting Bank shall
promptly notify the Administrative Agent and the Borrowers by telephone
(confirmed by telecopy or other electronic communication) of such demand for
payment and whether such Fronting Bank has made or will make an LC Disbursement
thereunder; provided
that any failure to give or delay in giving such notice shall not relieve the
Borrowers of their obligation to reimburse such Fronting Bank and the Lenders
with respect to any such LC Disbursement.

      

      (i)        
Interim
Interest.  If any Fronting Bank shall make any LC Disbursement,
then, unless the Borrowers shall reimburse such LC Disbursement in full on the
date such LC Disbursement is made, the unpaid amount thereof shall bear
interest, for each day from and including the date such LC Disbursement is made
to but excluding the date that the Borrowers reimburse such LC Disbursement, at
the rate per annum then applicable to ABR Revolving Loans; provided that, if the
Borrowers fail to reimburse such LC Disbursement when due pursuant to paragraph
(f) of this Section, then Section 2.11 shall apply.  Interest accrued
pursuant to this paragraph shall be for the account of the relevant Fronting
Bank, except that interest accrued on and after the date of payment by any
Lender pursuant to paragraph (f) of this Section to reimburse such Fronting Bank
shall be for the account of such Lender to the extent of such
payment.

      

      (j)        
Replacement of Fronting
Bank.  Any Fronting Bank may be replaced at any time by written
agreement among the Borrowers, the Administrative Agent, the replaced Fronting
Bank and the successor Fronting Bank.  The Administrative Agent shall
notify the Lenders of any such replacement of any Fronting Bank.  At
the time any such replacement shall become effective, the Borrowers shall pay
all unpaid fees accrued for the account of the replaced Fronting Bank pursuant
to Section 2.07(b).  From and after the effective date of any such
replacement, (v) the successor Fronting Bank shall have all the rights and
obligations of the Fronting Bank under this Agreement with respect to Letters of
Credit to be issued thereafter and (vi) references herein to the term Fronting Bank shall be deemed
to refer to such successor or to any previous Fronting Bank, or to such
successor and all previous Fronting Banks, as the context shall
require.  After the replacement of a Fronting Bank hereunder, the
replaced Fronting Bank shall remain a party hereto and shall continue to have
all the rights and obligations of a Fronting Bank under this Agreement with
respect to Letters of Credit issued by it prior to such replacement, but shall
not be required to issue Additional Letters of Credit and, for the avoidance of
doubt, no Letter of Credit issued by it prior to such replacement shall be
renewed or extended.

      
        
          
          

        

        
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      (k)        
Cash
Collateralization.  If any Event of Default shall occur and be
continuing and the maturity of the Revolving Loans shall be accelerated or the
Commitments terminated as provided in Article 7, on the Business Day that the
Borrowers receive notice from the Administrative Agent or Lenders with LC
Exposure representing greater than 50% of the total LC Exposure demanding the
deposit of cash collateral pursuant to this paragraph, the Borrowers shall
deposit in the Cash Collateral Account an amount in cash equal to 105% of the LC
Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation
to deposit such cash collateral shall become effective immediately, and such
deposit shall become immediately due and payable, without demand or other notice
of any kind, (vii) upon the occurrence of any Event of Default with respect to
any Borrower described in Section 7.01(f) or (viii) if any Letters of Credit
remain outstanding and undrawn on the Termination Date and, in case of either
(i) or (ii), a backstop letter of credit reasonably acceptable to the Fronting
Bank shall not have been provided as collateral for such Letters of
Credit.  Such deposit shall be held by the Administrative Agent as
collateral for the payment and performance of the obligations of the Borrowers
under this Agreement.  The Administrative Agent shall have exclusive
dominion and control, including the exclusive right of withdrawal, over such
account.  Such deposits shall, pending their application as provided
below, be invested by the Administrative Agent, at the Borrowers risk and
expense, in repurchase obligations with respect to United States of America
Treasury securities or other high-quality overnight or short-term investments
(which may include certificates of deposit of the Administrative Agent), and any
interest earned through the investment of such deposits shall be for the
Borrowers account and shall be added to the deposits held by the Administrative
Agent under this Section and applied as provided herein.  Moneys in
such account shall be applied by the Administrative Agent to reimburse the
relevant Fronting Bank for LC Disbursements for which it has not been reimbursed
and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Borrowers for the LC Exposure at such time or,
subject to the consent of Lenders with LC Exposure representing greater than 50%
of the total LC Exposure, be applied to satisfy other obligations of the
Borrowers under this Agreement.  If the Borrowers are required to
provide an amount of cash collateral hereunder as a result of the occurrence of
an Event of Default, such amount, together with any interest earned thereon (to
the extent not applied as aforesaid), shall be returned to the Borrowers within
three (3) Business Days after all Events of Default have been cured or
waived.

      

      Section
2.07.  Fees.   (b) The
Borrowers agree to pay to each Lender, through the Administrative Agent, on the
second Business Day following each March 31, June 30, September 30 and December
31, commencing March 31, 2008, and on the second Business Day following the date
on which the Commitment of such Lender shall be terminated as provided herein, a
fee (the Unused Commitment
Fee) at the Applicable Commitment Fee Rate on the daily average amount by
which the Commitment of such Lender exceeded the sum of its outstanding
Revolving Loans and its LC Exposure during the quarter then ended (or other
period commencing on the Effective Date or ending on the Termination Date or any
date on which the Commitment of such Lender shall be terminated, as
applicable).  The Unused Commitment Fee shall be computed on the basis
of the actual number of days elapsed over a year of three hundred and sixty
(360) days (including the first day but excluding the last day).  The
Unused Commitment Fee due to each Lender shall commence to accrue on the
Effective Date and shall cease to accrue on the earlier of the Termination Date
and the termination of the Commitment of such Lender as provided
herein.

      
        
          
          

        

        
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      (b)        
The Borrowers agree to pay (i) to the Administrative Agent for the account of
each Lender a participation fee (the L/C Fee) with respect to its
participations in Letters of Credit, which shall accrue at the Applicable L/C
Margin on the average daily amount of such Lenders LC Exposure (excluding any
portion thereof attributable to unreimbursed LC Disbursements) during the period
from and including the Effective Date to but excluding the later of the date on
which such Lenders Commitment terminates and the date on which such Lender
ceases to have any LC Exposure, and (ii) to each Fronting Bank, as applicable, a
fronting fee, (the L/C Issuance
Fee) which shall accrue at a rate of 0.25% per annum on the average daily
amount of the LC Exposure (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the
Effective Date to but excluding the later of the date of termination of the
Commitments and the date on which there ceases to be any LC
Exposure.  Participation fees and fronting fees shall be payable on
the second Business Day following each March 31, June 30, September 30 and
December 31, commencing March 31, 2008; provided that all such fees
shall be payable on the second Business Day following the date on which the
Commitments terminate and any such fees accruing after the date on which the
Commitments terminate shall be payable on demand.  All participation
fees and fronting fees shall be computed on the basis of a year of three hundred
and sixty (360) days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

      

      (c)        
The Borrowers agree to pay to the Administrative Agent, for its own account,
collateral management, agency and administrative fees (the Administrative Fees) at the
times and in the amounts heretofore agreed between them.

      

      (d)        
The Borrowers agree to pay on the Effective Date to the Administrative Agent,
for its own account and for the accounts of the Arrangers, the other Agents and
the Lenders, fees in the amounts heretofore mutually agreed (the Effective Date
Fees).

      

      (e)        
All Fees shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, if and as appropriate, to the relevant
Fronting Bank or among the Lenders. The Administrative Fees shall be paid on the
dates due, in immediately available funds, to the Administrative Agent
directly.

      
        
          
          

        

        
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      Section
2.08.  Maturity of Loans;
Mandatory Prepayments.  (c) The
Borrowers hereby agree that the outstanding principal balance of each Loan shall
be payable on the Termination Date; provided that on each date
that a Revolving Borrowing is made, the Borrowers shall repay all Swingline
Loans borrowed prior to such date and then outstanding.

      

      (b)        
Mandatory
Prepayments.

      

      (i)    Upon the
receipt by (or for the account of) any Loan Party of Net Proceeds in respect of
any Prepayment Event, the Borrowers shall prepay the Loans in an amount equal to
the lesser of (i) the outstanding principal amount of the Loans and (ii) such
Net Proceeds in accordance with (and subject to) subsection (c)
below.  Each such prepayment shall be required to be made not later
than the fifth Business Day following receipt of such Net Proceeds; provided
that if the Net Proceeds in respect of any Prepayment Event arising from a
Covered Disposition of Collateral are less than $25,000,000 or the Net Proceeds
in respect of any Prepayment Event arising from receipt of Casualty Proceeds do
not constitute Major Casualty Proceeds, no such prepayment shall be required
until the amount of such Net Proceeds, together with the amount of all other Net
Proceeds in respect of Prepayment Events arising from Covered Dispositions of
Collateral or receipt of Casualty Proceeds, respectively,  in respect
of which no prepayment under this subsection (b) shall have theretofore been
made because such Net Proceeds aggregated less than $25,000,000 or did not
constitute Major Casualty Proceeds, as applicable, are equal to at least
$25,000,000 or constitute Major Casualty Proceeds.

      

      (ii)    If at any date
the Total Outstandings exceed the Maximum Facility Availability calculated as of
such date, then not later than the next succeeding Business Day, the Borrowers
shall be required to take one of the following actions (as elected by the
Borrowers): (A) prepay the Loans, (B) deposit cash in the Cash Collateral
Account or (C) a combination of (A) and (B), in each case in an amount equal to
such excess so that the Total Outstandings no longer exceed the Maximum Facility
Availability.  So long as either (x) no Default exists or (y) Total
Outstandings are zero, any cash so deposited shall be released to the Borrowers
if and to the extent that Total Outstandings, after giving effect to such
release, would not exceed the Maximum Facility Amount.

      

      (iii)    During each
Sweep Period, all amounts collected in the Sweep Account will be applied to the
repayment of Loans in accordance with (and subject to) subsection (c)
below.

      
        
          
          

        

        
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      (c)        
Application of
Prepayments.

      

      (i)    Each payment
of principal of the Loans shall be applied first to any outstanding Swingline
Loans until the Swingline Loans shall have been repaid in full and then to
Revolving Loans.

      

      (ii)    Each payment
of principal of the Revolving Loans shall be applied ratably to the respective
Revolving Loans of all Lenders.

      

      (iii)    Each payment
of principal of the Revolving Loans pursuant to subsection (b) above shall be
applied to outstanding ABR Loans up to the full amount thereof and then to
outstanding LIBOR Loans.

      

      (iv)    Each payment
of principal of LIBOR Loans shall be made together with interest accrued and
unpaid on the amount repaid to the date of payment.

      

      (v)    So long as no
Event of Default has occurred and is continuing, if subsection (b) would
otherwise require prepayment of LIBOR Loans or portions thereof prior to the
last day of the then current Interest Period therefor, each such prepayment may,
if the Borrowers so elect by notice to the Administrative Agent, be deferred to
such last day of the related Interest Period.  In the event of a
deferral pursuant to this subsection, cash in the amount of the required
prepayment shall be deposited in the Cash Collateral Account on the date the
required prepayment would otherwise have been required for application on the
deferred payment date unless the Borrowers would have been able, had the
required prepayment been made, to reborrow that amount consistent with Section
4.01.  Any amounts deposited in the Cash Collateral Account pursuant
to the previous sentence but not yet applied to repay a LIBOR Loan shall be
released to the Borrowers on any date prior to the last day of the then current
Interest Period if on such date (D) the Borrowers are able to reborrow the
amount consistent with Section 4.01 or (E) Total Outstandings are
zero.

      

      (d)        
Each payment of the LIBOR Loans shall be applied to such Borrowings as the
Borrowers may designate (or, failing such designation, as determined by the
Administrative Agent).

      

      (e)        
For the avoidance of doubt, no prepayment shall result in any reduction of the
Lenders Commitments hereunder.

      

      Section
2.09.  Evidence of
Debt.   (d) Each Lender
shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness to such Lender resulting from each Loan made by such
Lender from time to time, including the amounts of principal and interest
payable and paid to such Lender from time to time under this
Agreement.

      
        
          
          

        

        
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      (b)        
The Administrative Agent shall maintain accounts in which it will record (i) the
amount of each Loan made hereunder, the Class and Type of each Loan and the
Interest Period applicable thereto, (ii) the amount of any principal or interest
due and payable or to become due and payable from the Borrowers to each Lender
hereunder, (iii) the amount of any sum received by the Administrative Agent
hereunder for the account of the Lenders and each Lenders share thereof and (iv)
the amount of any interest thereon payable from the Borrowers to each Lender
hereunder.

      

      (c)        
The entries made in the accounts maintained pursuant to paragraphs (a) and (b)
above shall, absent manifest error and to the extent permitted by applicable
law, be prima facie evidence of the existence and amounts of the obligations
therein recorded; provided,
however, 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
obligations of the Borrowers to repay the Loans in accordance with their
terms.

      

      (d)        
Notwithstanding any other provision of this Agreement, in the event any Lender
shall request a Note evidencing the Loans made by it hereunder, the Borrowers
shall deliver such a Note or Notes payable to such Lender.

      

      Section
2.10.  Interest on
Loans.   Article 8
Subject to the provisions of Section 2.11, each ABR Revolving Loan shall bear
interest at a rate per annum equal to the sum of the Applicable Margin plus the
Alternate Base Rate.  Interest on each ABR Loan shall be payable on
each applicable Interest Payment Date.  The Alternate Base Rate shall
be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error.

      

      (b)        
Subject to the provisions of Section 2.11, each LIBOR Loan shall bear interest
at a rate per annum equal to the Adjusted LIBO Rate for the Interest Period in
effect for such Loan plus the Applicable Margin.  Interest on each
LIBOR Loan shall be payable on each applicable Interest Payment Date (and, in
the case of Revolving Loans, upon termination of the
Commitments).  The Adjusted LIBO Rate for each Interest Period shall
be determined by the Administrative Agent, and such determination shall be
conclusive absent manifest error.  The Administrative Agent shall
promptly advise the Borrowers and each applicable Lender of such
determination.

      

      (c)        
Subject to the provisions of Section 2.11, each Swingline Loan shall bear
interest at the rate per annum applicable to ABR Revolving Loans as provided in
paragraph (a) above.

      
        
          
          

        

        
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      (d)        
Interest on each Loan shall accrue from and including the date on which such
Loan is made and to but excluding the date such Loan is repaid.

      

      (e)        
All computations of interest for ABR Loans when the Alternate Base Rate is
determined by Citibanks base rate shall be made on the basis of 365 days or 366
days, as applicable, and actual days elapsed.  All other computations
of fees and interest shall be made on the basis of a three hundred and sixty
(360)-day year and actual days elapsed.

      

      Section
2.11.  Interest on Overdue
Amounts; Alternative Rate of Interest.  (a) If the
Borrowers shall default in the payment of interest on any Loan or any Fees or
other amount (other than principal) becoming due hereunder, whether by scheduled
maturity, notice of prepayment, acceleration or otherwise, the Borrowers shall
on demand pay interest from and including the date of such default, to the
extent permitted by law, on such defaulted amount (other than principal) up to
(but not including) the date of actual payment (after as well as before
judgment) at a rate per annum (computed as provided in Section 2.10(a)) equal to
the rate then applicable to ABR Loans plus (but not in addition to the 2.00%
increment contemplated by the proviso to the definition of
Applicable Margin) 2.00% per annum.

      

      (b)        
In the event, and on each occasion, that on the day two (2) Business Days prior
to the commencement of any Interest Period for a LIBOR Borrowing the
Administrative Agent shall have determined that deposits in the requested
principal amounts of the LIBOR Loans are not generally available in the London
interbank market to the Lenders or that reasonable means do not exist for
ascertaining the LIBO Rate or that the rate at which such deposits are being
offered will not adequately and fairly reflect the cost to the Lenders of making
such LIBOR Loan, during such Interest Period, the Administrative Agent shall, as
soon as practicable thereafter, give notice of such determination to the
Borrowers and any request by the Borrowers for a LIBOR Borrowing shall, until
the circumstances giving rise to such notice no longer exist, Article 9 if such
notice relates to a Revolving Borrowing, be deemed a request for an ABR
Borrowing; provided,
however, that the Borrowers may withdraw any such request prior to the
making of any such ABR Borrowing, or Article 10 if such notice relates to the
conversion of any outstanding Borrowing to, or continuation of any outstanding
Borrowing as, a LIBOR Borrowing, be deemed to be a request for a conversion to,
or continuation as, an ABR Borrowing, as applicable.  Each
determination by the Administrative Agent hereunder shall be conclusive absent
manifest error.

      

      Section
2.12.  Termination and
Reduction of Commitments and Swingline Facility.  (a) Unless
previously terminated, the Commitments and the Swingline Facility shall be
automatically and permanently terminated on the Termination
Date.

      
        
          
          

        

        
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      (b)        
Upon at least three (3) Business Days prior irrevocable notice to the
Administrative Agent (a copy of which the Administrative Agent shall promptly
provide to each Lender), the Borrowers may at any time in whole permanently
terminate, or from time to time in part permanently reduce, the Total
Commitment; provided,
however, that (i) each partial reduction of the Total Commitment shall be
in an integral multiple of $1,000,000 and in a minimum principal amount of
$5,000,000 and (ii) no such termination or reduction shall be made (A) which
would reduce the Total Commitment to an amount less than the Total Outstandings
or (B) which would reduce any Lenders Commitment to an amount that is less than
such Lenders Outstandings.  Notwithstanding the foregoing, a notice of
termination or reduction of the Total Commitment delivered by the Borrowers may
state that such notice is conditioned upon the effectiveness of other debt
incurrences, equity issuances or asset sales, in which case such notice may be
revoked by the Borrowers (by notice to the Administrative Agent on or prior to
the specified effective date) if such condition is not satisfied.

      

      (c)        
Each reduction in the Commitments shall be made ratably among the Lenders in
accordance with their respective Commitments.

      

      Section
2.13.  Optional Prepayment of
Loans.  (b) The
Borrowers shall have the right at any time and from time to time to prepay any
Borrowing, in whole or in part without premium or penalty, upon giving
telephonic notice (which shall be confirmed promptly in writing (including
telecopy or other electronic communication)) to the Administrative Agent (which
shall promptly provide a copy to each Lender): (i) before 12:30 p.m., New York
City time, at least two (2) Business Days prior to prepayment, in the case of
LIBOR Loans and (ii) before 12:30 p.m., New York City time, on the date of
prepayment, in the case of ABR Loans; provided, however, that (x) each such
partial prepayment of LIBOR Loans shall be in a minimum principal amount of
$10,000,000 and an integral multiple of $1,000,000 and (y) each such partial
prepayment of Swingline Loans shall be in a minimum principal amount of $100,000
and an integral multiple of $100,000.

      

      (b)        
On the date of any termination or reduction of the Total Commitment pursuant to
Section 2.12, the Borrowers shall pay or prepay so much of the Revolving
Borrowings as shall be necessary in order that the Total Outstandings will not
exceed the Maximum Facility Availability after giving effect to such termination
or reduction.

      

      (c)        
Except to the extent otherwise specified by the Borrowers when making a
prepayment, all prepayments under this Section 2.13 of Revolving Loans shall be
applied to outstanding ABR Loans up to the full amount thereof and then shall be
applied to outstanding LIBOR Loans up to the full amount
thereof.

      
        
          
          

        

        
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      (d)        
All prepayments under this Section shall be subject to Section 2.16 but
otherwise without premium or penalty.  All prepayments of LIBOR Loans
shall be accompanied by accrued interest on the principal amount being prepaid
to the date of prepayment.

      

      Section
2.14.  Reserve Requirements;
Change in Circumstances.   (c)
Notwithstanding any other provision herein (but subject to paragraph (d) below
and Section 2.20), if after the date any Lender or Fronting Bank becomes a
Lender or Fronting Bank hereunder any change in applicable law or regulation or
in the interpretation or administration thereof by any Governmental Authority
charged with the interpretation or administration thereof (whether or not having
the force of law) shall change the basis of taxation of payments to any Lender
or any Fronting Bank, as applicable, of the principal of or interest on any
LIBOR Loan made by such Lender or any Letter of Credit or participation therein
or any fees or other amounts payable hereunder (other than changes in respect of
Taxes referred to in clause (a) or (b) of the definition of Excluded Taxes) or by any
political subdivision or taxing authority therein), or shall impose, modify or
deem applicable any reserve, special deposit or similar requirement against
assets of, deposits with or for the account of or credit extended by such Lender
or Fronting Bank or shall impose on such Lender, such Fronting Bank or the
London interbank market any other condition affecting this Agreement or LIBOR
Loans made by such Lender or any Letter of Credit or participation therein, and
the result of any of the foregoing shall be to increase the cost to such Lender
of making or maintaining any such Loan or to increase the cost to such Lender or
such Fronting Bank of participating in, issuing or maintaining any Letter of
Credit or to reduce the amount of any sum received or receivable by such Lender
or such Fronting Bank hereunder (whether of principal, interest or otherwise) in
respect thereof by an amount deemed by such Lender to be material, then the
Borrowers will pay to such Lender or such Fronting Bank, as the case may be,
such additional amount or amounts as will compensate such Lender or such
Fronting Bank for such additional costs incurred or reduction
suffered.

      

      (b)        
Subject to Section 2.20, if any Lender or any Fronting Bank shall have
determined that the adoption after the date any Lender or Fronting Bank becomes
a Lender or Fronting Bank hereunder of any law, rule, regulation or guideline
regarding capital adequacy, or any change after such date in any of the
foregoing or in the interpretation or administration of any of the foregoing by
any Governmental Authority charged with the interpretation or administration
thereof, or compliance by any Lender or any Fronting Bank (or any lending office
of such Lender or Fronting Bank) or any Lenders or any Fronting Banks holding
company with any request or directive regarding capital adequacy (whether or not
having the force of law) made or promulgated after such date by any such
Governmental Authority, has or would have the effect of reducing the rate of
return on such Lenders or such Fronting Banks capital or on the capital of such
Lenders or such Fronting Banks holding company, if any, as a consequence of its
obligations under this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by any
Fronting Bank, pursuant hereto to a level below that which such Lender or such
Fronting Bank or such Lenders or such Fronting Banks holding company could have
achieved but for such adoption, change or compliance (taking into consideration
such Lenders or such Fronting Banks guidelines with respect to capital adequacy)
by an amount deemed by such Lender or such Fronting Bank to be material, then
from time to time the Borrowers shall pay to such Lender or such Fronting Bank
such additional amount or amounts as will compensate such Lender or such
Fronting Bank or such Lenders or such Fronting Banks holding company for any
such reduction suffered.

      
        
          
          

        

        
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      (c)        
A certificate of each Lender or any Fronting Bank setting forth such amount or
amounts as shall be necessary to compensate such Lender or Fronting Bank (or its
participating banks or other entities pursuant to Section 10.07) as specified in
paragraph  (a) or (b) above, as the case may be, shall be delivered to
the Borrowers and shall be conclusive absent manifest error.  Except
as provided in
paragraph (d) below, the Borrowers shall pay each Lender or Fronting Bank the
amount shown as due on any such certificate delivered by such Lender or Fronting
Bank within thirty (30) days after receipt of the same.  Each Lender
or Fronting Bank shall submit such a certificate no more often than monthly;
provided, however, that certificates with respect to amounts due with respect to
identifiable Loans may be submitted at the ends of such Loans Interest
Periods.

      

      (d)        
Failure on the part of any Lender or Fronting Bank to demand compensation for
any increased costs or reduction in amounts received or receivable or reduction
in return on capital shall not constitute a waiver of such Lenders or Fronting
Banks rights with respect to any period to demand compensation for any increased
costs or reduction in amounts received or receivable or reduction in return on
capital with respect to such period or any other period; provided, however, that
neither any Lender nor any Fronting Bank shall be entitled to compensation under
this Section 2.14 for any costs incurred or reductions suffered more than ninety
(90) days prior to the date on which it shall have requested compensation
therefor; provided
further, that if the change in law or regulation or in the interpretation
or administration thereof that shall give rise to any such costs or reductions
shall be retroactive, then the ninety (90)-day period referred to above shall be
extended to include the period of retroactive effect
thereof.  Notwithstanding any other provision of this Section 2.14,
neither any Lender nor any Fronting Bank shall demand compensation for any
increased cost or reduction referred to above if it shall not at the time be the
general policy or practice of such Lender or such Fronting Bank to demand such
compensation in similar circumstances under comparable provisions of other
credit agreements, if any.  If any Lender or any Fronting Bank shall
receive as a refund any moneys from any source that it has listed on the
certificate provided pursuant to (c) above as an increased cost, to the extent
that the Borrowers have previously paid such increased cost to such Lender or
such Fronting Bank, such Lender or Fronting Bank shall promptly forward such
refund to the Borrowers without interest.

      
        
          
          

        

        
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      Section
2.15.  Change
in Legality.   (d)
Notwithstanding anything to the contrary herein contained (but subject to
Section 2.20), if after the date of this Agreement any change in any law or
regulation or in the interpretation thereof or any new law, regulation or
interpretation by any Governmental Authority charged with the administration or
interpretation thereof or any judgment, order or directive of any competent
court, tribunal or authority shall make it unlawful for any Lender or its
Applicable Lending Office to make or maintain any LIBOR Loan or to give effect
to its obligations as contemplated hereby with respect to any LIBOR Loan
(collectively, an Illegality), then, by written
notice to the Borrowers and to the Administrative Agent, such Lender, so long as
such Illegality continues to exist:

      

      (i)    may declare
that LIBOR Loans will not thereafter be made by such Lender hereunder, whereupon
any request by the Borrowers for a LIBOR Borrowing (x) shall, as to such Lender
only, be deemed a request for an ABR Borrowing or (y) at the option of the
Borrowers, shall be withdrawn as to the Lender prior to the time for making the
Borrowing; and

      

      (ii)    shall promptly
enter into negotiations with the Borrowers and negotiate in good faith to agree
to a solution to such Illegality; provided, however, that if such an agreement
has not been reached by the date at which such change in law is given effect
with respect to the outstanding LIBOR Loans of such Lender, the Borrowers shall
immediately, at the option of the Borrowers, either (A) prepay the affected
Loans or (B) convert any such LIBOR Loan to an ABR Loan.

      

      (b)        
For purposes of this Section 2.15, a notice by a Lender shall be effective as to
each Loan, if lawful, on the last day of the then current Interest Period with
respect thereto; provided,
however, that such notice shall be effective on the date of receipt if
there are no outstanding LIBOR Loans; provided further, that if it
is not lawful for such Lender to maintain any Loan in its current form until the
end of the Interest Period applicable thereto, then the notice shall be
effective upon receipt.

      

      (c)        
Each Lender that has delivered a notice of Illegality pursuant to paragraph (a)
above agrees that it will notify the Borrowers as soon as practicable if the
conditions giving rise to the Illegality cease to exist.

      
        
          
          

        

        
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      Section
2.16.  Indemnity.  The Borrowers
agree to indemnify each Lender against any loss (other than loss of margin) or
expense which such Lender may actually sustain or incur, and to pay any
customary breakage charges such Lender may impose, as a consequence of (e) any
payment, prepayment or conversion of a LIBOR Loan made to it required by any
provision of this Agreement or otherwise made, or any transfer of any such Loan
pursuant to Section 2.20(b), on a date other than the last day of the applicable
Interest Period, (f) any default in payment or prepayment of the principal
amount of any Loan made to it or any part thereof or interest accrued thereon,
as and when due and payable (whether at scheduled maturity, by notice of
prepayment, acceleration or otherwise), (g) the occurrence of any Event of
Default, including any loss actually sustained or incurred or to be sustained or
incurred in liquidating or employing deposits from third parties acquired to
effect or maintain such Loan or any part thereof as a LIBOR Loan, (h) any
failure by the Borrowers to fulfill on the date of any Borrowing hereunder the
applicable conditions set forth in Article 4, (i) any failure of the Borrowers
to borrow or to convert or continue any Loan made to it hereunder after
irrevocable notice of such Borrowing, conversion or continuation has been given
pursuant to Section 2.03, 2.04 or 2.05.  Such loss or expense shall be
the difference as reasonably determined by such Lender between (x) an amount
equal to the principal amount of such LIBOR Loan being paid, prepaid, converted
or transferred or not borrowed, converted or continued multiplied by a
percentage per annum (computed on the basis of a three hundred and sixty
(360)-day year and actual days remaining for the balance of the Interest Period
applicable, or which would have been applicable, to such LIBOR Loan being paid,
prepaid, converted, transferred or not borrowed, converted or continued) equal
to the greater of (i) the Adjusted LIBO Rate applicable to such LIBOR Loan being
paid, prepaid, converted or transferred or not borrowed, converted or continued
or (ii) such Lenders cost of obtaining the funds for such LIBOR Loan being paid,
prepaid, converted, transferred or not borrowed, converted or continued, but in
the case of LIBOR Loans, not in excess of the Adjusted LIBO Rate applicable to
such Loan plus 1/16th of 1% per annum, and (y) any lesser amount that would be
realized by such Lender in reemploying the funds received in payment,
prepayment, conversion or transfer or as a result of the failure to borrow,
convert or continue during the period from the date of such payment, prepayment,
conversion or transfer or failure to borrow, convert or continue to the end of
the Interest Period applicable to such LIBOR Loan at the interest rate that
would apply to an interest period of approximately such duration.  Any
such Lender shall provide to the Borrowers a statement explaining the amount of
any such loss or expense, which statement shall, in the absence of manifest
error, be conclusive.

      

      Section
2.17.  Pro
Rata Treatment.  Each Revolving
Borrowing, each payment of the Unused Commitment Fee and each reduction of the
Total Commitment shall be allocated among the Lenders in accordance with their
respective Revolving Percentages.  Except as required under Section
2.15, each payment or prepayment of principal of any Borrowing and each
continuation or conversion of any Borrowing shall be allocated pro rata among
the Lenders in accordance with the respective principal amounts of their
outstanding Loans comprising such Borrowing.  Each payment of interest
on any Borrowing shall be allocated pro rata among the Lenders in accordance
with the respective amounts of accrued and unpaid interest on their outstanding
Loans comprising such Borrowing.  Each payment of interest on any
Swingline Borrowing or LC Disbursement shall be allocated in accordance with
Sections 2.05 and 2.06, respectively.

      
        
          
          

        

        
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      Section
2.18.  Sharing of
Setoffs.  Each Lender
agrees that if it shall, through the exercise of a right of bankers lien, setoff
or counterclaim or pursuant to a secured claim under Section 506 of Title 11 of
the United States Code or other security or interest arising from, or in lieu
of, such secured claim, received by such Lender under any applicable bankruptcy,
insolvency or other similar law or otherwise, obtain payment (voluntary or
involuntary) in respect of any Loans or participations in LC Disbursements or
Swingline Loans as a result of which the unpaid principal portion of its Loans
or participations in LC Disbursements or Swingline Loans shall be
proportionately less than the unpaid principal portion of the Loans or
participations in LC Disbursements or Swingline Loans of any other Lender, it
shall be deemed simultaneously to have purchased from such other Lender at face
value, and shall promptly pay to such other Lender the purchase price for, a
participation in the Loans or participations in LC Disbursements or Swingline
Loans of such other Lender, so that the aggregate unpaid principal amount of
such Loans or participations in LC Disbursements or Swingline Loans and
participations in the foregoing held by each Lender shall be in the same
proportion to the aggregate unpaid principal amount of all such Loans or
participations in LC Disbursements or Swingline Loans then outstanding as the
principal amount of its Loans or participations in LC Disbursements or Swingline
Loans prior to such exercise of bankers lien, setoff or counterclaim or other
event was to the principal amount of all such Loans or participations in LC
Disbursements or Swingline Loans outstanding prior to such exercise of such
bankers lien, setoff or counterclaim or other event; provided, however, that (i)
if any such purchase or adjustments shall be made pursuant to this Section 2.18
and the payment giving rise thereto shall thereafter be recovered, such purchase
or purchases or adjustments shall be rescinded to the extent of such recovery
and the purchase price or prices or adjustment restored without interest and
(ii) the provisions of this Section shall not be construed to apply to any
payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or participations in LC Disbursements or
Swingline Loans to any assignee or participant other than a Loan Party or any
Affiliate thereof.  Each Borrower expressly consents to the foregoing
arrangements and agrees, to the fullest extent it may effectively do so under
applicable law, that any Lender holding a participation in a Loan made to it or
participations in LC Disbursements or Swingline Loans deemed to have been so
purchased may exercise any and all rights of bankers lien, setoff or
counterclaim with respect to any and all moneys owing by such Borrower to such
Lender by reason thereof as fully as if such Lender had made a Loan directly to
such Borrower in the amount of such participation.

      

      Section
2.19.  Taxes.   (j) Any and all
payments by or on account of any obligation of the Borrowers hereunder shall be
made free and clear of and without deduction for any Indemnified Taxes or Other
Taxes; provided that if
the Borrowers shall be required to deduct any Indemnified Taxes or Other Taxes
from such payments, then (i) the sum payable shall be increased as necessary so
that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender
(which term, as used in this Section, shall include any assignee or transferee
of a Lender, including any participation holder, subject to Section 10.07 (any
such Person, a Transferee)) or Fronting Bank
(as the case may be) receives an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrowers shall make such deductions
and (iii) the Borrowers shall pay the full amount deducted to the relevant
Governmental Authority in accordance with applicable law.

      
        
          
          

        

        
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      (b)        
In addition, the Borrowers shall pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law.

      

      (c)        
The Borrowers shall indemnify each Agent, each Lender and Fronting Bank, within
ten (10) days after written demand therefor, for the full amount of any
Indemnified Taxes or Other Taxes paid by such Agent, such Lender or Fronting
Bank, as the case may be on account of any obligation of the Borrowers hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section) and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount
of such payment or liability delivered to the Borrowers by an Agent, a Lender or
a Fronting Bank, or by the Administrative Agent on its own behalf or on behalf
of a Lender or Fronting Bank, shall be conclusive absent manifest
error.

      

      (d)        
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by
the Borrowers to a Governmental Authority, the Borrowers shall deliver to the
Administrative Agent the original or a certified copy of a receipt issued by
such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory
to the Administrative Agent.

      

      (e)        
Any Foreign Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which the Borrowers are
located, or any treaty to which such jurisdiction is a party, with respect to
payments under this Agreement shall deliver to the Borrowers (with a copy to 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 the Borrowers as will permit such payments to be made
without withholding or at a reduced rate. Each Lender and Agent that is a United
States person (within the meaning of Section 7701(a)(3) of the Code shall
provide an IRS Form W-9 to the Agent and Borrowers at the times and in the
manners described above with respect to the other withholding forms; provided, however, that a
Person that the Borrowers may treat as an exempt recipient (within the meaning
of the Treasury Regulations Section 1.6049-4(c) (without regard to the third
sentence thereof) shall not be required to deliver an IRS Form W-9, except to
the extent necessary to avoid U.S. withholding taxes under Treasury Regulations
Section 1.1441-1.

      
        
          
          

        

        
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      (f)        
If an Agent, a Lender or a Fronting Bank shall become aware that it is entitled
to receive a refund in respect of Indemnified Taxes or Other Taxes for which it
shall have received payment from the Borrowers under this Section, it shall
promptly notify the Borrowers of the availability of such refund and shall,
within ten (10) days after receipt of a request by the Borrowers, apply for such
refund at the Borrowers expense.  If an Agent, any Lender or any
Fronting Bank shall receive a refund in respect of any such Indemnified Taxes or
Other Taxes, it shall promptly repay such refund (including any penalties or
interest received with respect thereto) to the Borrowers, net of all
out-of-pocket expenses of such Agent, such Lender or Fronting Bank, provided that the Borrowers,
upon the request of such Agent, such Lender or Fronting Bank, agrees to return
such refund (plus penalties, interest or other charges) to such Agent, such
Lender or Fronting Bank in the event such Agent, such Lender or Fronting Bank
shall be required to repay such refund.

      

      Section
2.20.  Duty
to Mitigate; Assignment of Commitments Under Certain Circumstances.  (k) If any
Lender (or Transferee) claims any additional amounts payable pursuant to Section
2.14 or exercises its rights under Section 2.15 or if the Borrowers are required
to pay any additional amount to any Lender or any Governmental Authority for the
account of any Lender pursuant to Section 2.19, then such Lender shall use
reasonable efforts (consistent with legal and regulatory restrictions) to file
any certificate or document, including, without limitation, any such certificate
or document reasonably requested by the Borrowers, or to change the jurisdiction
of its Applicable Lending Office or to take other actions (including the filing
of certificates or documents) known to it to be available if the making of such
a filing or change or the taking of such other action would avoid the need for
or reduce the amount of any such additional amounts which may thereafter accrue
or avoid the circumstances giving rise to such exercise and would not, in the
sole determination of such Lender (or Transferee), be otherwise disadvantageous
to such Lender (or Transferee).

      

      (b)        
In the event that any Lender shall have delivered a notice or certificate
pursuant to Section 2.14 or 2.15, or the Borrowers shall be required to make
additional payments to any Lender under Section 2.19, the Borrowers shall have
the right, at its own expense (which shall include the processing and
recordation fee referred to in Section 10.07(b)), upon notice to such Lender and
the Administrative Agent, to require such Lender to transfer and assign without
recourse (in accordance with and subject to the restrictions contained in
Section 10.07) all its interests, rights and obligations hereunder to another
financial institution approved by the Administrative Agent, and each Fronting
Bank and the Swingline Lender (which approval shall not be unreasonably
withheld) which shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment); provided, however, that (i)
no such assignment shall conflict with any law, rule or regulation or order of
any Governmental Authority and (ii) the assignee or the Borrowers shall pay to
the affected Lender in immediately available funds on the date of such
assignment the outstanding principal of its Loans and participations in LC
Disbursements and Swingline Loans, accrued interest thereon, accrued fees and
all other amounts accrued for its account or owed to it hereunder (including the
additional amounts asserted and payable pursuant to Section 2.14 or 2.19, if
any).

      
        
          
          

        

        
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      Section
2.21.  Optional Increase In
Commitments.  At any time the Borrowers, may, if they so elect,
increase the aggregate amount of the Commitments, either by designating a
financial institution not theretofore a Lender (a New Lender) to become a Lender
(such designation to be effective only with the prior written consent of the
Administrative Agent, which consent will not be unreasonably withheld or
delayed), or by agreeing with an existing Lender that such Lenders Commitment
shall be increased. Upon execution and delivery by the Borrowers and such Lender
or other financial institution of an instrument in form reasonably satisfactory
to the Administrative Agent, such existing Lender shall have a Commitment as
therein set forth or such other financial institution shall become a Lender with
a Commitment as therein set forth and all the rights and obligations of a Lender
with such a Commitment hereunder; provided:

      

      (a)        
that the Borrowers shall provide prompt notice of such increase to the
Administrative Agent, who shall promptly notify the Lenders;

      

      (b)        
that any such increase shall be in an amount greater than or equal to
$50,000,000;

      

      (c)        
that immediately after such increase is made, the aggregate amount of increases
in the Commitments pursuant to this Section 2.21, when combined with the
aggregate amount of increases in the commitments under the 2007 RPA pursuant to
Section 2.19 thereof, shall not exceed $600,000,000; and

      

      (d)        
that the Borrowers may elect to increase the aggregate amount of the Commitments
pursuant to this Section 2.21 no more than four times in total.

      

      On the
effective date of any increase in the aggregate amount of the Commitments
pursuant to this Section 2.21, (i) each New Lender shall pay to the Agent an
amount equal to its pro rata share of the aggregate outstanding Loans and (ii)
any Lender (an Increasing
Lender) whose Commitment has been increased shall pay to the
Administrative Agent an amount equal to the increase in its pro rata share of
the aggregate outstanding Loans, in each case such payments shall be for the
account of each other Lender.  Upon receipt of such amount by the
Administrative Agent, (i) each other Lender shall be deemed to have ratably
assigned that portion of its outstanding Loans that is being reduced to the New
Lenders and the Increasing Lenders in accordance with such Lenders new
Commitment or the increased portion thereof as applicable, and (ii) the
Administrative Agent shall promptly distribute to each other Lender its ratable
share of the amounts received by the Administrative Agent pursuant to this
paragraph.

      
        
          
          

        

        
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      ARTICLE
3

      Representations
and Warranties

      

      Each
Borrower (or in the case of Section 3.05, Lyondell only) represents and warrants
to the Administrative Agent and the Lenders that:

      

      Section
3.01.  Existence,
Qualification And Power; Compliance With Laws.  Subject to the
Legal Reservations, each Borrower and their respective Material Subsidiaries
Article 11 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, Article 12 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, Article 13 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, Article 14 is in compliance
with all laws, orders, writs and injunctions and Article 15 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.

      

      Section
3.02.  Authorization; No
Contravention. The execution, delivery and performance by such Borrower
and its Subsidiaries of each Loan Document to which such Person is a party, and
the consummation of the transactions contemplated thereby, are within such
Persons corporate or other powers, have been duly authorized by all necessary
corporate or other organizational action, and do not and will not Article 16
contravene the terms of any of such Persons Organization Documents; Article 17
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 6.01), or
require any payment to be made under (i) except payments as set forth in the
funds flow memorandum dated the Effective 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 Article 18 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 or payment could
not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

      
        
          
          

        

        
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      Section
3.03.  Governmental
Authorization; Other Consents.  Subject to the 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 Article 19
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 transactions contemplated thereby, Article 20 the grant by any Loan Party of
the Liens granted by it pursuant to the Collateral Documents, Article 21 the
perfection or maintenance of the Liens created under the Collateral Documents
(including the priority thereof) or Article 22 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 Collateral Documents,
except for (i) the UCC filings, notices, consents and registrations contemplated
by the Loan Documents, (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
transactions contemplated by the Loan Documents, 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) and (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.

      

      Section
3.04.  Binding
Effect.   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 such Loan Party
that is a party thereto in accordance with its terms, except as such
enforceability may be limited by (iv) Debtor Relief Laws and by general
principles of equity, and (v) the need for filings and registrations necessary
to perfect any Liens created by the Loan Documents.

      

      Section
3.05.  Financial Statements; No Material Adverse
Effect.

      

      (a)        
The unaudited pro forma consolidated balance sheet of Lyondell and its
Subsidiaries as of September 30, 2007 (including the notes thereto) and the
related pro forma consolidated statement of income of Lyondell and its
Subsidiaries for the twelve (12) months ended September 30, 2007, a copy of each
of which has been furnished to the Administrative Agent for distribution to the
Lenders, have been prepared in good faith, based on assumptions believed by
Lyondell to be reasonable as of the date of delivery thereof, and present fairly
in all material respects on a pro forma basis the estimated financial position
of Lyondell 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 at such date or at the
beginning of the period covered thereby.

      
        
          
          

        

        
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      (b)        
On the Effective Date, the audited consolidated financial statements of Lyondell
and its consolidated subsidiaries as of December 31, 2006 which have been
furnished to the Administrative Agent prior to the Effective Date, present in
all material respects the financial condition of Lyondell 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 Effective Date, there has been
Article 23 no sale, transfer or other disposition by Lyondell or any of its
Subsidiaries of any material part of the business or property of such Borrower
or any of its Subsidiaries, taken as a whole (other than the sale of Lyondells
worldwide inorganic chemicals business in May 2007), and Article 24 no purchase
or other acquisition by Lyondell 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 Effective Date.

      

      (c)        
The forecasts of consolidated balance sheets, income statements and cash flow
statements of Lyondell and its Subsidiaries which have been furnished to the
Administrative Agent prior to the Effective 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.

      

      (d)        
There has been no event or circumstance since December 31, 2006, that either
individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect.

      

      Section
3.06.  Litigation.  
There are no actions, suits, proceedings, claims or disputes pending or, to the
knowledge of such Borrower, threatened in writing or contemplated, at law, in
equity, in arbitration or before any Governmental Authority, by or against such
Borrower 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.

      

      Section
3.07.  [Reserved].

      
        
          
          

        

        
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      Section
3.08.  [Reserved].

      

      Section
3.09.  Taxes.  Except
as could not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect, Article 25 each Borrower 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; Article 26 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 Article 27
no Borrower, nor any of their respective Subsidiaries has ever participated in a
listed transaction within the meaning of Treasury Regulation Section
1.6011-4.

      

      Section
3.10.  ERISA
Compliance.  Article 28 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)        
Article 29 No ERISA Event has occurred or is reasonably expected to occur and
(i) neither such Borrower nor any of its Subsidiaries 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, Article 30 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 Article 31 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.  [Reserved].

      

      Section
3.12.  Margin
Regulations; Investment Company Act.  Such Borrower is not and
each of its Subsidiaries is not engaged nor will it engage, principally or as
one of its important activities, in the business of purchasing or carrying
margin stock (within the meaning of Regulation U issued by the FRB), or
extending credit for the purpose of purchasing or carrying margin stock, and no
proceeds of any Loans will be used for any purpose that violates Regulation
U.  None of such Borrower or any of its Affiliates is or is required
to be registered as an investment company under the Investment Company Act of
1940.

      
        
          
          

        

        
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      Section
3.13.  Disclosure.  As
of the Effective Date, to the best of such Borrowers knowledge, no report,
financial statement, certificate or other written information furnished by or on
behalf of such Borrower or any of its Subsidiaries to any Administrative Agent
or 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 at the Effective 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, such 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 such Borrower, no Loan Party organized in the United
States nor any Subsidiary thereof: Article 32 is, or is controlled by or is
acting on behalf of, an Anti-Terrorism Party; Article 33 has received funds or
other property from an Anti-Terrorism Party; or Article 34 is in breach of or is
the subject of any action or investigation under any Anti-Terrorism
Law.

      

      (b)        
To the best of such Borrowers knowledge, each of the Transaction Parties
organized in the United States and each Subsidiary thereof has taken reasonable
measures to ensure compliance with the Anti-Terrorism Laws.

      

      Section
3.16.  Solvency.  On
the Effective Date, the Loan Parties (taken as a whole) after giving effect to
the transactions contemplated by the Loan Documents, are Solvent.

      

      Section
3.17.  Collateral.  The
Collateral Documents create valid security interests in the Collateral purported
to be covered thereby, which security interests are and will remain perfected
security interests prior to all other Liens other than Liens permitted by
Section 6.01.  Each of the representations and warranties made by each
Loan Party in each Collateral Document to which it is a party is true and
correct in all material respects as of each date made or deemed
made.

      
        
          
          

        

        
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      ARTICLE
4

      Conditions
of Lending

      

      Section
4.01.  All
Borrowings.  On the date of
each Credit Event, the obligations of the Lenders to make Loans and the
obligation of the Fronting Banks to issue, amend, renew or extend any Letter of
Credit hereunder shall be subject to the satisfaction of the following
conditions:

      

      (a)        
The Administrative Agent or the relevant Fronting Bank shall have received a
notice of such Credit Event as required by Section 2.03 or 2.06, as
applicable.

      

      (b)        
The representations and warranties of the Loan Parties set forth in the Loan
Documents shall be true and correct in all material respects on and as of the
date of such Credit Event with the same effect as though made on and as of such
date, except (i) in the case of a Credit Event consisting solely of a conversion
of a Borrowing to another Type or the continuation of a Borrowing as a LIBOR
Borrowing for an additional Interest Period, (ii) to the extent such
representations and warranties expressly relate to an earlier date, which
representations and warranties shall be true and correct in all material
respects on and as of such earlier date, (iii) any qualifier in any such
representation and warranty as to materiality, Material Adverse Effect or
similar qualification shall be disregarded for the purposes of this condition,
and (iv) in the case of the  initial Credit Event, only the
representations and warranties set forth in Section 3.02, Section 3.04 and
Section 3.12 need be true and correct.

      

      (c)        
At the time of such Credit Event (except in the case of the initial Credit Event
or a Credit Event consisting of conversion of LIBOR Loans to ABR Loans), no
event has occurred and is continuing, or would result from such Credit Event or
from the application of the proceeds therefrom which constitutes an Event of
Default or (except in the case of a conversion of a Loan to a Loan of a
different Type or the continuation of a Borrowing as a LIBOR Borrowing for an
additional Interest Period) a Default.

      

      (d)        
After giving effect to such Credit Event, Total Outstandings will not exceed the
Maximum Facility Availability.

      

      (e)        
Except in the case of the initial Credit Event, the making of such Borrowing,
Swingline Loan, or the issuance of such Letter of Credit, shall not violate any
material requirement of law binding upon the Borrowers and shall not be enjoined
temporarily, preliminarily or permanently.

      
        
          
          

        

        
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      Each
Credit Event shall be deemed to constitute a representation and warranty on the
date of such Credit Event as to the applicable matters specified in paragraphs
(b), (c), (d) and (e) of this Section.

      

      Section
4.02.  Effective
Date.  The obligations
of the Lenders and the Fronting Banks to make the initial Loans, assume the
Existing Letters of Credit and issue the initial Additional Letters of Credit
under this Agreement shall not become effective until the date on which each of
the following conditions has been (or shall substantially simultaneously be)
satisfied (or waived in accordance with Section 10.02):

      

      (a)           
The Collateral Requirement shall have been satisfied as of the Effective Date;
provided that the
matters described in clauses (c), (e) and (f) of the definition of Collateral
Requirement may be satisfied within the Compliance Period (failing which an
Event of Default shall occur hereunder);

      

      (b)           
The Administrative Agent shall have received all Fees and other amounts due and
payable on or prior to the Effective Date, including to the extent invoiced at
least two (2) Business Days prior to the Effective Date, reimbursement or
payment of all out-of-pocket expenses required to be reimbursed or paid by the
Borrowers hereunder.

      

      (c)           
The Administrative Agent shall have received evidence satisfactory to it that
each participation in an Existing Letter of Credit granted by the relevant
Fronting Bank to a bank or financial institution that is not a Lender has been
cancelled on or before the Effective Date as contemplated by Section
2.06(a).

      

      (d)           
The Administrative Agent shall have received a completed Borrowing Base
Certificate signed by a Principal Financial Officer.

      

      (e)           
The Administrative Agent shall have received, and be satisfied in all respects
with, an Appraisal Report with respect to the Available Inventory.

      

      (f)           
Total Excess Availability (after giving effect to the effectiveness of this
Agreement and the 2007 Securitization Facility) shall be at least $500,000,000
on the Effective Date.

      

      (g)           
The Administrative Agents receipt of the documents set forth in Schedule 4.02,
each of which shall be originals or facsimilies (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.

      
        
          
          

        

        
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      (h)           
Prior to or substantially simultaneously with the Credit Events on the Effective
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
Arrangers (such consent not to be unreasonably withheld or delayed), and in
compliance with applicable material Laws and regulatory approvals.

      

      ****

      

      Notwithstanding
the foregoing, the obligations of the Lenders to make Loans and of the Fronting
Banks to issue Letters of Credit hereunder shall not become effective unless
each of the foregoing conditions is satisfied (or waived pursuant to Section
10.02) at or prior to 3:00 p.m., New York City time, on December 31, 2007 (and,
in the event such conditions are not so satisfied or waived, the Commitments
shall terminate at such time).  The Administrative Agent shall
promptly notify the Borrowers, the Fronting Bank and each Lender of the
Effective Date, and such notice shall be conclusive and binding on all parties
hereto.

      

      

      ARTICLE
5

      Affirmative
Covenants

      

      Until the
later of (i) the date of termination of the Commitments in their entirety and
(ii) the date upon which no Loans or other Obligations (other than contingent
indemnification obligations) remain unpaid, each Borrower shall, and shall cause
its Restricted Subsidiaries to:

      

      Section
5.01.  Reporting
Requirements.  The Borrowers Agent shall furnish to the
Administrative Agent for distribution to the Lenders:

      

      (a)        
Monthly
Reports.  During the existence of a Triggering Event, within
thirty (30) days after the end of each of the first two fiscal months in each
fiscal quarter of Lyondell, unaudited consolidated financial statements (which
shall include a balance sheet and income statement, as well as statements of
partners equity and cash flow) showing the financial condition and results of
operation of Lyondell and its consolidated subsidiaries as of the end of and for
such fiscal month and that portion of the current fiscal year ending as of the
close of such month, in each case certified by a Principal Financial Officer of
Lyondell as being the same monthly financial statements generated in accordance
with Lyondells normal procedures and submitted to management of
Lyondell.  The Administrative Agent and the Lenders acknowledge that
any monthly unaudited consolidated financial statements furnished pursuant to
this Section 5.01(a) will not be accompanied by the footnotes and other
disclosures that would be necessary for fair presentation in accordance with
GAAP.

      
        
          
          

        

        
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      (b)        
Quarterly
Reports.  Subject to the last two unlettered paragraphs of this
Section 5.01, as soon as available, but in any event within forty-five (45) days
(sixty (60) days in the case of the first three quarters of the fiscal year
ending December 31, 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, (1) 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 (excepting any Responsible Officer who is a Responsible Officer solely
by virtue of a power of attorney) 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) 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;

      

      (c)        
Annual
Reports.  Subject to the last two unlettered paragraphs of this
Section 5.01, 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 ending
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 fiscal year ending December 31, 2007, 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.

      

      (d)        
Principal Financial Officers
Certification.  Concurrently with (c) and (b) above, a
certificate of a Principal Financial Officer of the Borrowers
Agent,

      

      (i)    certifying
that to the best knowledge of such Principal Financial Officer no Default has
occurred and is continuing or, if a Default has occurred and is continuing,
specifying the nature and extent thereof and any corrective action taken or
proposed to be taken with respect thereto; and

      
        
          
          

        

        
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      (ii)    solely in the
case of (b) above, certifying that except as previously notified to the
Administrative Agent pursuant to Section 6.04, since the Effective Date or the
date of the most recently delivered Principal Financial Officers Certification,
as applicable, there has been no change in any Loan Partys name, form of
organization, jurisdiction of organization and organizational number or Federal
Taxpayer Identification Number.

      

      (e)        
Litigation,
etc.  Give the Administrative Agent prompt written notice
(which the Administrative Agent shall promptly deliver to the Lenders) after any
Responsible Officer learns of the following:

      

      (i)    the issuance
by any Governmental Authority of any injunction, order, decision or other
restraint prohibiting, or having the effect of prohibiting, the Loans
contemplated by the Loan Documents, including the making of the Loans, or having
the effect of invalidating any provision of this Agreement or any other Loan
Document or the initiation of any litigation or similar proceeding seeking any
such injunction, order, decision or other restraint;

      

      (ii)    the filing or
commencement of any action, suit or proceeding against any Loan Party or any
Subsidiary, whether at law or in equity or by or before any Governmental
Authority or any arbitrator, as to which action, suit or proceeding there is a
reasonable possibility of an adverse determination and which, if determined
adversely to such Loan Party or any Subsidiary, could reasonably be expected to
result in a Material Adverse Effect;

      

      (iii)    the occurrence
of any development or event which could reasonably be expected to result in a
Material Adverse Effect; and

      

      (iv)    the existence
of (i) any Triggering Event or (ii) any Default, specifying the nature and
extent thereof and the action (if any) which is proposed to be taken with
respect thereto.

      

      (f)        
Major Casualty
Proceeds.  Within five (5)
Business Days of the date of receipt of Major Casualty Proceeds, a certificate
of a Principal Financial Officer setting forth in reasonable detail the amount
of such Major Casualty Proceeds.

      

      (g)        
Other. Promptly, from
time to time, such other information, documents, records or reports respecting
this Agreement or the other Loan Documents, Collateral or the condition or
operations, financial or otherwise, of any Loan Party as the Administrative
Agent may from time to time reasonably request.

      
        
          
          

        

        
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      Notwithstanding
the foregoing, the obligations to deliver financial statements pursuant to
clauses (c) and (b) of this Section 5.01 will be satisfied with respect to
financial information of the Company by furnishing (A) the applicable financial
statements of the Company or (B) the Companys Form 10-K or 10-Q, as applicable,
filed with the SEC; provided that, with respect
to each of clauses (A) and (B), to the extent such information is in lieu of
information required to be provided under Section 5.01(b), all such materials
are to be reported on without material qualification (including any going
concern or like qualification) by an independent registered public accounting
firm of nationally recognized standing.

      

      Documents
required to be delivered pursuant to clauses (c) and (b) of this Section 5.01
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 5.01; or (ii)
on which such documents are posted on the Companys behalf on
IntraLinks/IntraAgency or another website identified in the notice provided
pursuant to paragraph (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 Borrowers Agent
shall deliver paper copies of the information referred to in clauses (c) and (b)
of this Section 5.01 as requested by the Administrative Agent or Lender (as
applicable) and (z) the Borrowers Agent shall notify (which may be by facsimile
or electronic mail) the Administrative Agent of the posting of any such
documents.  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.

      

      Section
5.02. Payment of
Obligations.  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 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
5.03.  Preservation Of
Existence, Etc.  (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 6.04 or Section
6.05 and (y) any Restricted Party may merge, amalgamate or consolidate with any
other Restricted Party (provided that if either such Restricted Party was a
Borrower immediately prior to such transaction, the surviving or resulting
entity from such transaction shall be a Borrower) 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
6.04 or Section 6.05 or clause (a)(y) of this Section.

      
        
          
          

        

        
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      Section
5.04.  Maintenance of
Properties.  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.

      

      Section
5.05.  Maintenance of
Insurance.  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 such Restricted Party) as are customarily carried under similar
circumstances by such other Persons. 

      

      Section
5.06.  Compliance with
Laws.  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
5.07.  Compliance with Environmental Laws;
Environmental Reports. Comply, and cause all
lessees and other Persons occupying its 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 such
Restricted Party 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.

      

      Section
5.08.  Books
and Records. 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 Restricted Parties.

      
        
          
          

        

        
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      Section
5.09.  Inspection
Rights.  Permit representatives and independent contractors of
the Administrative Agent 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, 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 the Borrowers
and at such reasonable times during normal business hours, upon reasonable
advance notice to Lyondell; 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 and the Administrative
Agent shall not exercise such rights more often than two (2) times during any
calendar year at the expense of the Borrowers; 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 the Borrowers at any time during normal business
hours and upon reasonable advance notice.  The Administrative Agent
and the Lenders shall give such Restricted Party the opportunity to participate
in any discussions with such Restricted Partys independent public
accountants.  Notwithstanding anything to the contrary in this
Section, 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 Restricted Party or any of
their respective officers or employees may require by reasonable notice of the
same.

      

      Section
5.10.  ERISA. Promptly after any
Borrower 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 Financial
Officer setting forth details as to such occurrence and the action, if any, that
such Borrower 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 Borrower, such ERISA Affiliate, the PBGC, a Plan participant (other than
notices relating to any individual participants benefits) or the Plan
administrator with respect thereto: (A) that a Reportable Event has occurred;
(B) 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; (C) 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); (D) that proceedings
will be or have been instituted to terminate a Plan having an Unfunded Current
Liability (including the giving of written notice thereof); (E) that a
proceeding has been instituted against such Borrower or an ERISA Affiliate
pursuant to Section 515 of ERISA to collect a delinquent contribution to a Plan;
(F) that the PBGC has notified such Borrower or any ERISA Affiliate of its
intention to appoint a trustee to administer any Plan; that such Borrower 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 (G) that such
Borrower 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.

      
        
          
          

        

        
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      Section
5.11.  Know
Your Customer Requests.  If:

      

      (1)           
a Change in Law after the Effective Date;

      

      (2)           
any change in the status of a Loan Party or the composition of the shareholders
or interest holders of a Loan Party after the Effective Date; or

      

      (3)           
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 paragraph (3) above,
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 Borrower shall promptly upon the request of
the Administrative Agent, in its capacity as a Lender or on behalf of any
Lender, 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, in the case of the event described in paragraph (3) above, on
behalf of any prospective new Lender) in order for the Administrative Agent,
such Lender or, in the case of the event described in paragraph (3) above, such
prospective new Lender to carry out and be 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..

      

      Section
5.12.  Borrowing Base
Reports.  Furnish to the
Administrative Agent (and the Administrative Agent shall thereafter deliver to
each Lender):

      
        
          
          

        

        
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      (i)                 
as soon as available and in any event (A) within twenty-five (25) days after the
last day of each of the first three calendar months after the Effective Date and
(B) within seventeen (17) days after the last day of each calendar month
thereafter, a completed Borrowing Base Certificate calculating and certifying
the Borrowing Base as of the end of such calendar month, signed on behalf of the
Borrowers by a Principal Financial Officer;

      

      (ii)                 
promptly after any request therefor, such other information in such detail
concerning the amount, composition and manner of calculation of the Borrowing
Base as the Administrative Agent may reasonably request; and

      

      (iii)                 
as soon as practicable and in any event within five (5) Business Days after any
disposition outside the ordinary course of business (including by way of
casualty or condemnation) of Collateral having a book value exceeding
$25,000,000, an updated Borrowing Base Certificate calculating (on a pro forma
basis, after giving effect to such disposition and reflecting only the changes
to the affected component of Eligible Inventory) and certifying such pro forma
Borrowing Base as of the end of the most recent calendar month for which a
Borrowing Base Certificate was delivered pursuant to clause (i)
above.  The Borrowing Base set forth in each Borrowing Base
Certificate delivered with respect to each calendar month occurring after the
calendar month covered by the updated Borrowing Base Certificate described in
the preceding sentence and ending prior to any such disposition shall be
calculated on a pro forma basis, after giving effect to such
disposition.

      

      At their
option, no more frequently than quarterly, the Borrowers may obtain a new
Appraisal Report, and the Borrowers shall submit to the Administrative Agent
such Appraisal Report, together with a Borrowing Base Certificate based on such
Appraisal Report and otherwise complying with paragraph (i) above.

      

      Section
5.13.  Information Regarding
Collateral.  Give the
Administrative Agent written notice at least ten (10) days prior to (in the case
of (ii) or (iii)) or within twenty (20) days after (in any other case) any
change in any Borrowers (i) name, (ii) form of organization, (iii) jurisdiction
of organization, (iv) organizational number, (v) Federal Taxpayer Identification
Number or (vi) address.

      

      Section
5.14.  Further
Assurances.   (b) If any
Subsidiary of any Borrower (other than a Foreign Subsidiary) at any time
Guarantees any Senior Facility Indebtedness of any Borrower, within three (3)
Business Days, notify the Administrative Agent thereof and cause such Subsidiary
to become a Subsidiary Guarantor in accordance with the Subsidiary
Guaranty.

      
        
          
          

        

        
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      (b)        
Promptly upon request by the Administrative Agent or the Required
Lenders:

      

      (i)                 
correct any material defect or error that may be discovered in any Loan Document
or in the execution, acknowledgment, filing or recordation thereof;

      

      (ii)                 
execute any and all further documents, financing statements, agreements and
instruments, and take all such further actions (including the filing and
recording of financing statements and other documents), which may be required
under any applicable law, or which the Administrative Agent or the Required
Lenders may reasonably request, to cause the Collateral Requirement to be and
remain satisfied in all material respects, all at the expense of the Loan
Parties. The Borrowers also agree to provide to the Administrative Agent, from
time to time upon request, evidence reasonably satisfactory to the
Administrative Agent as to the perfection and priority of the Liens created or
intended to be created by the Collateral Documents; and

      

      (iii)                 
permit the Administrative Agent and any representatives designated by it
(including any consultants, accountants, lawyers and appraisers retained by the
Administrative Agent) to conduct evaluations and appraisals of the assets
included in the Borrowing Base and the Borrowers computation of the Borrowing
Base, all at such reasonable times and as often as reasonably requested and,
except during the continuance of a Default, upon at least ten (10) Business Days
(or, during the continuance of a Triggering Event of the type described in
clause(iii), (iv) or (v) of the definition of Triggering Event, five (5)
Business Days) prior notice; provided that unless a
Default has occurred and is continuing, the Administrative Agent and its
representatives shall conduct no more than four such collateral reviews and
evaluations and no more than four such appraisals in any calendar year; provided further that unless
Total Excess Availability is less than $200,000,000 during any period of five
(5) consecutive Business Days within any twelve (12)-month period, the
Administrative Agent and its representatives shall conduct no more than two such
collateral reviews and evaluations and no more than two such appraisals during
such twelve (12)-month period.  the Borrowers shall pay (i) the
documented fees and expenses of employees or other representatives of the
Administrative Agent (with in-house field examination charges being limited to
$1,000 per day per person (employee or representative) plus such persons
reasonable out-of-pocket expenses, including travel expenses) incurred in
connection with periodic collateral reviews and evaluations (or in connection
with an appraisal pursuant to (ii) below) and (ii) any inventory appraisal firm
retained by the Administrative Agent, in consultation with the Borrowers, to
conduct any such appraisals.  The Administrative Agent and any
representative designated by the Administrative Agent to conduct such collateral
reviews, evaluations and appraisals shall, during any review, inspection or
other activity performed at any of the Borrowers plant sites, (X) be accompanied
at all times by a plant safety representative (and the Borrowers hereby agree to
cause such a plant safety representative to be available for such purpose at
such reasonable hours as may be requested and upon reasonable prior notice) and
(Y) comply at all times with the Borrowers rules regarding safety and security
to the extent that the Administrative Agent or representative has been notified
of such rules.  The Administrative Agent shall furnish to each Lender
a copy of the final written collateral review or appraisal report prepared in
connection with such review or appraisal. The Administrative Agent shall furnish
to the Borrowers a copy of the final appraisal report prepared in connection
with any such appraisal, and shall provide the Borrowers with a summary of the
Collateral analysis contained in any final written collateral review, in each
case not less than two (2) Business Days prior to delivery thereof to the
Lenders.

      
        
          
          

        

        
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      ARTICLE
6

      Negative
Covenants

      

      Until the
later of (i) the date of termination of the Commitments in their entirety and
(ii) the date upon which no Loans or other Obligations (other than contingent
indemnification obligations) remain unpaid, each Borrower shall not, nor shall
it permit any of its Restricted Subsidiaries to, directly or
indirectly:

      

      Section
6.01.  Liens.  Create,
incur, assume or suffer to exist or become effective any Lien of any kind upon
any of its property, assets or revenues, whether now owned or hereafter
acquired, other than the following:

      

      (a)        
Liens created pursuant to (i) any Loan Document, (ii) any Transaction Document
under the 2007 Securitization Facility or (iii) any transaction document under
the 2005 Securitization Facility or any other Securitization
Facility;

      

      (b)        
Liens existing on the Effective Date or which are required to come into effect
as a result of existing contractual provisions (in each case, to the extent in
respect of underlying obligations exceeding $1,000,000 individually listed on
Schedule 6.01(b) and any reissuance, renewals or extensions
thereof;

      

      (c)        
Liens for taxes, assessments or governmental charges or claims that are
extinguished within sixty (60) days of notice of their existence, are not yet
due and payable or that are being contested in good faith by appropriate
proceedings;

      

      (d)        
Liens of landlords, carriers, vendor, pipeline, warehousemen, mechanics,
suppliers, materialmen, repairmen, employees, pension plan administrators or
other like Liens arising by operation of law in the ordinary course of business
of such Restricted Party which secure amounts which are not overdue for a period
of more than thirty (30) days or not yet subject to penalties for nonpayment or
that are being contested in good faith by appropriate
proceedings;

      
        
          
          

        

        
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      (e)        
Liens (i) arising out of pledges 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) and (ii) arising out of pledges and deposits in the ordinary course
of business securing liability for reimbursement or indemnification obligations
with respect to premiums and exit fees of (including to support obligations in
respect of letters of credit or bank guarantees for the benefit of) insurance
carriers providing property, casualty or liability insurance to the Company or
any of its Subsidiaries;

      

      (f)        
Liens arising out of pledges or deposits made to secure the performance of
tenders, bids or trade or government contracts, or to secure leases, statutory
or regulatory, insurance obligations, surety, judgment or appeal bonds,
completion guarantee, surety, letters of credit, performance bonds, guarantees
or other obligations of a like nature (including those to secure health, safety
and environmental obligations) incurred in the ordinary course of business
(other than obligations for the payment of borrowed money);

      

      (g)        
zoning restrictions of governmental authorities, 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 of zoning, survey exceptions,
encumbrances, 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, taken as a
whole;

      

      (h)        
Liens arising by reason of any judgment, decree or order of any court so long as
such Lien is adequately bonded and 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;

      

      (i)        
(x) leases or subleases or licenses or sublicenses of Real Property or IP Rights
granted in the ordinary course of business to others that do not individually or
in the aggregate interfere in any material respect with the ordinary conduct of
the business of the Company and its Restricted Subsidiaries, taken as a whole
and (y) any interest or title of a lessor or in property subject to a lease
other than a capitalized lease;

      
        
          
          

        

        
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      (j)         
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;

      

      (k)        
Liens (i) of a collection bank arising under Section 4-210 of the Uniform
Commercial Code on items in the course of collection, (ii) attaching to
commodity trading accounts or other commodities brokerage accounts incurred in
the ordinary course of business, and (iii) in favor of banking or other
financial institutions arising as a matter of Law encumbering deposits
(including the right of set-off) and which are within the general parameters
customary in the banking industry or arising pursuant to such banking
institutions general terms and conditions;

      

      (l)         
Liens (i) on cash advances in favor of the seller of any property to be acquired
in or monies placed in escrow pursuant to an Investment permitted pursuant to
Section 6.02 to be applied against the purchase price for such Investment, (ii)
over assets being acquired pursuant to Investments permitted by Section 6.02
pending payment in full of the purchase price (iii) consisting of an agreement
to Dispose of any property in a Disposition permitted under Section 6.05 and
(iv) consisting of intellectual property licenses permitted by Section
6.02(n);

      

      (m)     Liens in favor of any
Restricted Subsidiary securing Indebtedness permitted under Section 6.03 (other
than Indebtedness owed to a Restricted Subsidiary that is not a Loan Party or
Transaction Party under the 2007 Securitization Facility);

      

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

      

      (o)        
Liens upon specific items of inventory or other goods and proceeds of any Person
securing such Persons obligations in respect of documentary letters of credit.
Liens on documents of title in respect of documenting letters of credit or
bankers acceptances issues or credit for the account of such Person to
facilitate the purchase, shipment or storage of such inventory or other
goods;

      

      (p)        
Liens on assets that do not constitute Collateral securing Indebtedness and
other Obligations under and as defined in the Senior Facility Credit
Agreement;

      

      (q)        
Liens arising by reason of deposits necessary to qualify such Restricted Party
to conduct business, maintain self insurance or comply with any law and Liens
securing the PBGC Settlement;

      
        
          
          

        

        
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      (r)        
Liens securing any Capitalized Lease and Liens to secure Indebtedness (including
Capitalized Leases) permitted by clause (e) of Section 6.03 covering only the
property or assets acquired with such Indebtedness;

      

      (s)        
Liens securing obligations under Swap Contracts of the Company or any Restricted
Subsidiary permitted under the Senior Facility Credit Agreement or any
collateral for the obligations under such Swap Contracts

      

      (t)        
Liens on property of, or on Equity Interests or Indebtedness of, any Person or
attaching to any assets existing at the time such property or Person is acquired
by, merged with or into or consolidated with, or assets are acquired by such
Restricted Party; provided
that such Liens (a) do not extend to or cover any property or assets of
such Restricted Party other than the property or assets acquired (other than
assets and property affixed or appurtenant thereto) or the property and assets
of the Person merged into or consolidated with such Restricted Party and (b)
were created prior to, and not in connection with or in contemplation of, such
acquisition, merger, amalgamation or consolidation;

      

      (u)        
Liens granted by Restricted Parties (other than Loan Parties or Transaction
Parties under the 2007 Securitization Facility) in support of Indebtedness of
Restricted Subsidiaries (other than Loan Parties or Transaction Parties under
the 2007 Securitization Facility); provided that the aggregate
amount secured by such Liens does not exceed $500,000,000 at any one time
outstanding;

      

      (v)        
Liens in respect of the Senior Second Lien Debt, any Permanent Financing or any
Permitted Refinancing (each as defined in the Senior Facility Credit
Agreement)

      

      (w)     Liens of the Restricted
Parties with respect to obligations that do not exceed, in the aggregate, the
greater of (i) $250,000,000 and (ii) 1% of Consolidated Net Tangible Assets (as
defined in the Senior Facility Credit Agreement) at any one time
outstanding;

      

      (x)        
Liens over shares in joint ventures or over dividends in respect thereof in any
Restricted Subsidiary 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 or Indebtedness permitted by Section
6.03(u);

      

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

      

      (z)        
Liens granted in favor of Restricted Parties and Transaction Parties under the
2007 Securitization Facility and Liens on any property or assets of a Restricted
Subsidiary granted in favor of a Borrower, or any wholly owned Restricted
Subsidiary;

      
        
          
          

        

        
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      (aa)    Liens securing
Indebtedness incurred to modify, refinance, defease, refund, extend, renew or
replace Indebtedness that has been secured by a Lien permitted by this
Agreement; 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 Lien permitted under this Section and (ii) an amount
necessary to pay any fees and expenses, including prepayment premiums,
associated hedging break costs and premiums or replacement hedges, related to
such refinancing, refunding, extension, renewal or replacement;

      

      (bb)    any extension,
amendment, renewal or replacement, in whole or in part, of any Lien described in
Sections 6.01 (b), (t) and (v); 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;

      

      (cc)    Liens arising
from precautionary Uniform Commercial Code financing statement
filings;

      

      (dd)    any netting or
set-off arrangements entered into by any Restricted Party 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 any
Restricted Party, including pursuant to any Treasury Services Agreement;
and

      

      (ee)    Liens over
cash deposits deposited with the trustees in connection with the purchase of
certain Existing Notes.

      

      Notwithstanding
the foregoing, until such time, if ever, as the Collateral Requirement shall be
satisfied as to Lyondell, Lyondell shall not create, incur, assume or suffer to
exist any Lien (other than a Qualified Lien or a Lien under Section 2.06(k)) on
any asset of Lyondell that would constitute Collateral upon satisfaction of the
Collateral Requirement with respect to Lyondell.

      

      Section
6.02.  Investments.  Make
or hold any Investments, except:

      

      (a)        
Investments in cash or Cash Equivalents;

      

      (b)        
loans and advances to employees, directors and officers of such Borrower and its
Subsidiaries (i) required by applicable employment laws or (ii) otherwise
in the ordinary course of business for travel, business, related entertainment,
relocation, as part of a recruitment or retention plan and related expenses in
an aggregate principal amount outstanding not to exceed
$10,000,000;

      
        
          
          

        

        
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      (c)        
Investments (i) by such Restricted Party in any Loan Party or any Transaction
Party under the 2007 Securitization Facility or any Person that will,
substantially contemporaneously with the making of the relevant Investment,
become a Loan Party or Transaction Party under the 2007 Securitization Facility
(ii) by any Restricted Party that is not or will not be a Loan Party or a
Transaction Party under the 2007 Securitization Facility in any other Restricted
Subsidiary that is not at the time of such Investment a Loan Party or
Transaction Party under the 2007 Securitization Facility, (iii) by such
Restricted Party (A) in any Subsidiary, constituting an exchange of Equity
Interests of such Subsidiary for Indebtedness of such Subsidiary or (B)
constituting Guarantees of Indebtedness or other monetary obligations of
Subsidiaries owing to such Restricted Party and (iv) consisting of intercompany
Investments incurred in the ordinary course of business among the Restricted
Parties and any Receivables Restricted Parties on the one hand, and the Company
or any of its Restricted Subsidiaries on the other;

      

      (d)        
[Reserved]

      

      (e)        
(i) Investments existing on the Effective Date, (ii) Investments contemplated on
the Effective Date and set forth on Schedule 6.02(e) and (iii) any modification,
replacement, renewal, reinvestment or extension of any Investment set forth on
Schedule 7.02(e) that does not increase the aggregate amount
thereof;

      

      (f)        
Swap Contracts entered into in the ordinary course of business and otherwise
permitted under the Senior Facility Credit Agreement;

      

      (g)        
any acquisition of all or substantially all the assets of, or all the Equity
Interests (other than directors qualifying shares) in, a Person or division or
line of business of a Person to the extent (A) such acquisition is effected by a
contribution to capital not constituting Disqualified Equity Interests, (B) the
consideration paid is settled by the issuance or with proceeds of the issuance
of Qualified Equity Interests of the Company or Parent or any Holding Company of
Parent or (C) immediately after giving effect thereto: Article 35 no Default
shall have occurred and be continuing or would result
therefrom;   Article 36 the acquired entity, assets, division or
line of business shall be in a Permitted Business; Article 37 after giving
effect to such acquisition the Company and its Restricted Subsidiaries would be
in pro forma compliance with the Consolidated Fixed Charge Coverage Ratio
required by (and as defined under) the Senior Facility Credit Agreement; and
Article 38 with respect to such Investments by Loan Parties in assets that are
not (or do not be or become) owned by a Loan Party or in Persons that are not or
do not become Loan Parties within ninety (90) days of consummation of the
acquisition (1) such Person shall not be designated an Unrestricted Subsidiary
within 12 months of such acquisition and (2) the aggregate consideration paid in
such Investments pursuant to this clause (iv) shall not exceed $2,000,000,000
(net of any capital distribution in respect of any such Investment) (any such
acquisition, a Permitted
Acquisition);

      
        
          
          

        

        
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      (h)        
loans and advances to the Company and any other direct or indirect parent of a
Restricted Subsidiary, in lieu of, and not in excess of the amount of (after
giving effect to any other loans, advances or Restricted Payments in respect
thereof), Restricted Payments to the extent permitted to be made to such parent
in accordance with Section 6.06; provided that such loans and
advances shall be deemed a Restricted Payment for the purposes of Section
6.06;

      

      (i)        
Additional Investments to the extent of the Applicable Amount (as defined in the
Senior Facility Credit Agreement), as and to the extent permitted under the
Senior Facility Credit Agreement;

      

      (j)
          Investments
(including Investments in securities) received pursuant to any plan of
reorganization or similar arrangement upon the bankruptcy or insolvency of any
debtors of such Restricted Party or received in settlement of debts created in
the ordinary course of business and owing to such Restricted Party or in
satisfaction of judgments or in settlement of any litigation or
arbitration;

      

      (k
)         Investments by a
Restricted Party in a Securitization Entity (as defined in the senior Facility
Agreement) or any Investment by a Securitization Entity in any other Person in
connection with a Securitization Transaction (as defined in the Senior Facility
Credit Agreement); provided that any Investment in a Securitization Entity is in
the form of a purchase money note or an equity interest;

      

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

      

      (m)        
Investments in Subsidiaries of Restricted Parties and Permitted Joint Ventures
not to exceed $500,000,000 plus

      

      (i)    the aggregate
net after-tax amount returned in cash on or with respect to any Investments made
in such Unrestricted Subsidiaries and Permitted Joint Ventures whether through
interest payments, principal payments, dividends or other distributions or
payments on account of such Investment,

      

      (ii)    the net
after-tax cash proceeds received by such Restricted Party from the disposition
of all or any portion of such Investments (other than to a Restricted
Party),

      
        
          
          

        

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

      

      (iv)    Investments in
Equity Interests of Specified Joint Ventures in an amount not to exceed
$20,000,000;

      

      (n)        
Investments in a Permitted Business having an aggregate value, taken together
with all other Investments made pursuant to this clause (n) that are at that
time outstanding, not to exceed $250,000,000 (with the value of each such
Investment being measured at the time made and without giving effect to
subsequent changes in value);

      

      (o)        
Investments through the licensing contribution of technology in a Person that is
or will be as a result of such Investment a Permitted Joint Venture, or
Investments though the licensing, contribution or transactions that economically
result in a contribution in kind of intellectual property pursuant to joint
venture arrangements, in each case in the ordinary course of
business;

      

      (p)        
Guarantees of Indebtedness to the extent such Guarantee is permitted under
Section 6.03;

      

      (q)        
Investments made by such Restricted Party as consideration for a Disposition
pursuant to Section 6.05(c), (j), (l) and (n);

      

      (r)        
Limited Recourse Stock Pledges; and

      

      (s)        
Investments not otherwise permitted in the Company or its Restricted
Subsidiaries.

      

      Notwithstanding
the foregoing, no Investments shall be made in any member of Millennium Holdings
Group other than Investments (x) outstanding on the Effective Date and set forth
on Schedule 6.02(e), (y) pursuant to Section 6.02(i) or Section 6.06(d) for the
purpose of paying final judgments or settlements or orders for the payment of
money or for the purpose of paying costs and expenses associated with litigation
and claims under related insurance policies and (z) in respect of environmental
remediation capital expenditures or for the purpose of paying costs and expenses
associated with litigation and claims under related insurance
policies.

      

      Section
6.03.  Indebtedness.  Create,
incur, assume or suffer to exist any Indebtedness, except:

      

      (a)           
Indebtedness of any Loan Party under the Loan Documents or any Transaction Party
under the 2007 Securitization Facility thereunder or, in either case, any
refinancings thereof;

      
        
          
          

        

        
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      (b)           
Indebtedness existing or outstanding on the Effective Date and any refinancing
thereof permitted under the Senior Facility Credit Agreement;

      

      (c)           
Guarantees by such Restricted Party in respect of Indebtedness of the Company
and any Restricted Subsidiary;

      

      (d)           
(i) Indebtedness of such Restricted Party owing to the Company or any Restricted
Subsidiary to the extent such Indebtedness would be permitted under the Senior
Facility Credit Agreement and (ii) non-ordinary course intercompany Indebtedness
of such Restricted Party owing to any Restricted Party for so long as such
Indebtedness is held by any Restricted Party, in each case subject to no Lien
held by a Person other than any Restricted Party; provided that in the case of
clause (ii) if as of any date any Person other than any Restricted Party owns or
holds any such intercompany Indebtedness or holds a Lien in respect of such
Indebtedness, it shall be deemed the incurrence of Indebtedness not permitted by
this Section 6.03(d);

      

      (e)           
Indebtedness incurred in the ordinary course of business not to exceed the
greater of (i) $200,000,000 in the aggregate and (ii) 0.8% of Consolidated Net
Tangible Assets at the date of incurrence, in each case, at any one time
outstanding and

      

      (1)           
representing Capitalized Leases or;

      

      (2)           
constituting Indebtedness incurred to finance the acquisition of, or cost of
design, construction, installation, repair, addition to or improvement of,
property or assets of a Restricted Party or a Receivables Restricted Party used
in the ordinary course of business of such Restricted Party or Receivables
Restricted party; provided, however, that such Indebtedness shall not exceed the
cost of such property or assets or repair or improvement thereof and shall not
be secured by any property or assets of such Restricted Party or Receivables
Restricted Party other than the property and assets so acquired;

      

      (f)           
Swap Contracts that are incurred for the purpose of (i) fixing or hedging
interest rate or currency risk with respect to any fixed or floating rate
Indebtedness permitted under this Agreement 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 Swap Contract does not exceed the
principal amount of the Indebtedness to which such Swap Contract relates or
(ii) managing fluctuations in the price or cost of raw materials, emission
rights, manufactured products or related commodities; provided that, in each
case, 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 is exposed in the conduct of its business or the management of its
liabilities;

      
        
          
          

        

        
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      (g)           
Indebtedness under the Senior Second Lien Debt, any Permanent Financing (each as
defined in the Senior Facility Agreement) and the Existing Notes, the Guarantees
thereof and any refinancing thereof permitted under the Senior Facility Credit
Agreement;

      

      (h)           
Indebtedness arising from agreements of such Borrower or a Subsidiary providing
for indemnification, adjustment of purchase price, earn out or similar
obligations, in each case, incurred in connection with the disposition or
acquisition 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
such Borrower and the Subsidiary in connection with such disposition except to
the extent such Borrower or relevant Subsidiary has a liability in respect of
such business, asset or Subsidiary before (and not created in contemplation of)
such disposition;

      

      (i)           
Treasury Services Agreements entered into in the ordinary course of
business;

      

      (j)           
[Reserved];

      

      (k)           
Indebtedness consisting of obligations of such Restricted Party under deferred
compensation or other similar arrangements incurred by such Person in connection
with the Transaction and any acquisition, Investment, or Disposition expressly
permitted hereunder;

      

      (l)           
Indebtedness of such Restricted Party, in an aggregate principal amount not to
exceed the greater of (i) $750,000,000 and (ii) 3% of Consolidated Net Tangible
Assets at the date of incurrence, in each case, at any time
outstanding;

      

      (m)           
Indebtedness of such Restricted Party represented by letters of credit, bank
guarantees, bankers acceptances and warehouse receipts for the account of such
Restricted Party or Receivables Restricted Party or similar instruments, 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;

      

      (n)
           obligations
in respect of, 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 such Restricted Party or Receivables Restricted Party in the
ordinary course of business;

      
        
          
          

        

        
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      (o)         
(i) the incurrence by a Securitization Entity of Indebtedness in a
Securitization Transaction permitted hereunder that is not recourse to the
Company or any Subsidiary of the Company (except for Standard Securitization
Undertakings) and (ii) the incurrence of indebtedness under any other
Receivables Financings (as defined in the Senior Facility Credit
Agreement);

      

      (p)         
Indebtedness of a Restricted Party to any of its Subsidiaries incurred in
connection with the purchase of accounts receivable and related assets by such
Restricted Party from any such Subsidiary which assets are subsequently conveyed
by such Restricted Party to a Securitization Entity in a Securitization
Transaction;

      

      (q)         
Guarantees by such Restricted Party of Indebtedness incurred by Permitted Joint
Ventures or Unrestricted Subsidiaries not to exceed the greater of Article 39
$250,000,000 in the aggregate and Article 40 1% of Consolidated Net Tangible
Assets at the date of incurrence, in each case, at any one time
outstanding;

      

      (r)         
Indebtedness of a Person existing at the time that Person becomes a Restricted
Party or assumed in connection with an acquisition by a Restricted Party or
Indebtedness attaching to assets acquired in a Permitted Acquisition, and, in
each case not incurred in connection with or in anticipation of such
acquisition; provided
that the holders of any such Indebtedness do not, at any time, have direct or
indirect recourse to any property or assets of such Restricted Party other than
the property or assets of such acquired Person and its Subsidiaries; provided, further, that on
the date of such acquisition and after giving pro forma effect thereto, either
(i) the Company would have been able to incur at least $1.00 of additional
Indebtedness pursuant to Section 7.03(r) of the Senior Facility Credit Agreement
or (ii) the Consolidated Fixed Charge Coverage Ratio (as defined in the Senior
Facility Credit Agreement) would be greater than or equal to the Consolidated
Fixed Charge Coverage Ratio (as defined in the Senior Facility Credit Agreement)
immediately prior to giving pro forma effect to such acquisition in each case,
together with any Permitted Refinancing thereof;

      

      (s)         
(i) other Indebtedness of the Company or any Guarantor which may be secured by a
Lien to the extent permitted under Section 7.01 of the Senior Facility Credit
Agreement; provided that, (x) both immediately prior to and after giving effect
thereto on a pro forma basis, no Default as defined in the Senior Facility
Credit Agreement shall exist or result therefrom and (y) the Consolidated Fixed
Charge Coverage Ratio (as defined in the Senior Facility Credit Agreement) of
the Company and its Restricted Subsidiaries (calculated on a pro forma basis
after giving effect to the incurrence of such Indebtedness) for the most
recently ended four (4) fiscal quarters for which financial statements are
available immediately preceding the date on which such Indebtedness is incurred
would have been at least 2.00 to 1.00 and (ii) any Permitted Refinancings
thereof;

      
        
          
          

        

        
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      (t)         
Indebtedness of a Person existing at the time that Person becomes a Restricted
Party or assumed in connection with an acquisition by a Restricted Party or
Indebtedness attaching to assets acquired in an acquisition, and, in each case
not incurred in connection with or in anticipation of such acquisitions; provided that the holders of
any such Indebtedness do not, at any time, have direct or indirect recourse to
any property or assets of such Restricted Party other than the property or
assets of such acquired Person and its Subsidiaries;

      

      (u)         
Indebtedness of such Restricted Party (each a JV Investor) the purpose of
which is to finance a Permitted Joint Venture or an investment therein; provided
that at all times (a) the creditors under the relevant facility have no direct
or indirect recourse to any Restricted Party other than such JV Investor and (b)
the only direct or indirect recourse those creditors have to such JV Investor is
limited to the proceeds (if any) of dividends received by such JV Investor in
respect of such JV Investors investment in that Permitted Joint Venture;

      

      (v)         
Indebtedness consisting of take-or-pay obligations contained in supply
arrangements, in each case, in the ordinary course of business; and

      

      (w)         
Indebtedness arising form the honoring by a bank or other financial institution
of a check or draft or similar instrument drawn against insufficient funds,
overdrafts and money market lines in the ordinary course of
business..

      

      Section
6.04.  Fundamental
Changes.  Merge and amalgamate, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one
transaction or in a series of related transactions) all or substantially all of
its assets (whether now owned or hereafter acquired) to or in favor of any
Person (other than as part of the Transaction), except that:

      

      (a)         
any Restricted Party (other than a Loan Party) may merge and amalgamate with any
Restricted Party;

      

      (b)         
any Disposition permitted under Section 6.05;

      

      (c)         
any Restricted Subsidiary (other than a Loan Party) may Dispose of all or
substantially all of its assets (upon voluntary liquidation or otherwise) to any
Borrower or to another Restricted Subsidiary of a Borrower; and

      
        
          
          

        

        
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      (d)         
so long as no Default exists or would result therefrom, such Restricted Party
may merge, consolidate or amalgamate with any other Person; provided that (i)
such Restricted Party shall be the continuing or surviving corporation or (ii)
if the Person formed by or surviving any such merger, amalgamation or
consolidation is not such Borrower (any such Person, the Successor Borrower), (A) the
Successor Borrower shall be an entity in the same corporate form organized or
existing under the laws of the United States, any state thereof, the District of
Columbia or any territory thereof, (B) the Successor Borrower shall expressly
assume all the obligations of the Borrower under this Agreement and the other
Loan Documents to which such Borrower is a party pursuant to a supplement hereto
or thereto in form reasonably satisfactory to the Administrative Agent, (C)
after giving effect to such transaction and the use of any proceeds therefrom,
the Company would have the ability to incur (i) an additional $1.00 of
Indebtedness under Section 7.03(r) of the Senior Facility Credit Agreement or
(ii) the Consolidated Fixed Charge Coverage Ratio under (and as defined in) the
Senior Facility Credit Agreement 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 (4)-quarter period will be equal to or greater
than it was immediately before such transaction; and (D) the Borrower shall have
delivered to the Administrative Agent a certificate of a Financial Officer and
an opinion of counsel, each stating that such merger, amalgamation or
consolidation and such supplement to this Agreement or any Loan Document comply
with this Agreement; provided, further, that if the foregoing are satisfied, the
Successor Borrower, will succeed to, and be substituted for, the Borrower under
this Agreement; provided, further that, unless such person is a Borrower,
neither Millennium Chemicals Inc. nor Millennium Holdings LLC nor any of their
respective Subsidiaries as of the Effective Date may be merged with or into any
Restricted Party.

      

      Section
6.05.  Dispositions.  Make
any Disposition or enter into any agreement to make any Disposition (other than
as part of or in connection with the transactions contemplated by the Loan
Documents), except:

      

      (a)           
Dispositions of obsolete, redundant, surplus or worn out property, whether now
owned or hereafter acquired, in the ordinary course of business and Dispositions
of property no longer used or useful in the conduct of the business of any
Restricted Party;

      

      (b)           
Dispositions of inventory in the ordinary course of business;

      

      (c)           
Dispositions of property to the extent that (i) such property is exchanged for
credit against the purchase price of similar replacement property or (ii) the
proceeds of such Disposition are promptly applied to the purchase price of such
replacement property;

      

      (d)           
Dispositions to the Company or any Restricted Subsidiary to the extent such
Dispositions would be permitted under the Senior Facility Credit
Agreement;

      

      (e)           
Dispositions permitted by Sections 6.04 and 6.07 and Liens permitted by Section
6.01;

      
        
          
          

        

        
          100

          
            

          

        

        
          
          

        

      

      (f)           
Dispositions of property other than Collateral pursuant to sale-leaseback
transactions; provided that the fair market value of all property so Disposed of
after the Effective Date shall not exceed $250,000,000;

      

      (g)           
Dispositions of cash and Cash Equivalents;

      

      (h)           
leases, subleases, licenses or sublicenses (including the provision of software
under an open source license), in each case in the ordinary course of business
and which do not materially interfere with the business of the Company and its
Restricted Subsidiaries;

      

      (i)           
transfers of property as a result of Casualty Events;

      

      (j)           
Dispositions of property not otherwise permitted under this Section, the
proceeds (net of costs associated with such Disposition) of which do not to
exceed $1,000,000,000 in any transaction or series of related transactions in
the aggregate; provided that (i) at
the time of such Disposition, no Default shall exist or would result from such
Disposition, and (ii) with respect to any Disposition pursuant to this clause
for a purchase price in excess of $50,000,000, the Restricted Parties shall
receive not less than 75% of such consideration in the form of cash or Cash
Equivalents (in each case, free and clear of all Liens at the time received);
provided for the
purposes of this clause (ii) any liabilities (as shown on the Companys most
recent balance sheet or in the footnotes thereto) of such Restricted Party,
other than liabilities that are by their terms subordinated to the payment in
cash of the Obligations, that are assumed by the transferee with respect to the
applicable disposition and for which each Restricted Party shall have been
validly released by all applicable creditors in writing shall be deemed to be
cash; and (iii) the Net Proceeds shall be used to prepay Loans to the extent
required by Section 2.08(b);

      

      (k)         
Dispositions listed in Schedule 6.05(k) hereto;

      

      (l)           
Dispositions of accounts receivable in connection with Securitization
Transactions or Dispositions of Excluded Receivables permitted by Section
6.15;

      

      (m)           
any swap of assets in exchange for services or other assets in the ordinary
course of business of comparable or greater value or usefulness to the business
of the Company and its Subsidiaries, taken as a whole, as determined in good
faith by the management of the Company; and

      

      (n)           
Dispositions pursuant to buy-sell arrangements or similar agreements between
Lyondell China Holdings Limited of Ningbo ZRCC and Lyondell Chemical Company
Ltd.

      
        
          
          

        

        
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      provided that any
Disposition of any property pursuant to this Section 6.05 (except pursuant to
Section 6.05(e) and Section 6.05(i) and (i) and except for Dispositions (x) of
Collateral from a Borrower to a Borrower and (y) of other property from a Loan
Party or Transaction Party under the 2007 Securitization Facility to any other
Loan Party or Transaction Party under the 2007 Securitization Facility) shall be
for no less than the fair market value of such property at the time of such
Disposition. To the extent any Collateral is Disposed of as expressly permitted
by this Section 6.05 to any Person other than a Loan Party, such Collateral
shall be sold free and clear of the Liens created by the Loan Documents, and the
Administrative Agent shall be authorized to take any actions deemed appropriate
in order to effect the foregoing.

      

      Section
6.06. Restricted
Payments; Use of Proceeds.  Declare or make, directly or
indirectly, any Restricted Payment, except:

      

      (a)           
such Restricted Party may make Restricted Payments to the Company and Restricted
Subsidiaries (and, in the case of a Restricted Payment by a non-Wholly Owned
Restricted Party, to the Company and any other Restricted Subsidiary and to each
other owner of Equity Interests of such Restricted Subsidiary based on their
relative ownership interests of the relevant class of Equity
Interests);

      

      (b)           
such Restricted Party may declare and make dividend payments or other Restricted
Payments payable solely in the Equity Interests (other than Disqualified Equity
Interests not otherwise permitted by Section 6.03) of such Person;

      

      (c)           
the payment of any dividend or consummation of any irrevocable redemption within
sixty (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;

      

      (d)           
any Restricted Payments, either (i) solely in exchange for shares of Qualified
Equity Interests of the Company or (ii) if no Default or Event of Default under
and as defined in the Senior Facility Credit Agreement 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;

      

      (e)           
to the extent constituting Restricted Payments, a Restricted Party may enter
into and consummate the Acquisition transactions expressly permitted by any
provision of Section 6.04;

      

      (f)           
cash repurchases of Equity Interests in such Restricted Party deemed to occur
upon exercise of stock options or warrants if such Equity Interests represent a
portion of the exercise price of such options or warrants;

      
        
          
          

        

        
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      (g)           
beginning on August 1, 2010, so long as no Default or Event of Default under and
as defined in the Senior Facility Credit Agreement shall have occurred and be
continuing or would be caused thereby, repurchases by such Restricted Party of,
or declarations and payments of dividends to a direct or indirect parent of such
Restricted Party to permit repurchases by such direct or indirect parent of,
Equity Interests of the Company or a Restricted Subsidiary or such parent from
employees, former employees, directors or former directors of the Company or a
Restricted Subsidiary 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;

      

      (h)           
Restricted Payments to any direct or indirect parent company of the Company for
legal, audit, tax and other expenses directly relating to the administration of
that parent company (or any of its parent companies) including customary
compensation payable to that Persons directors and employees, not to exceed
1,500,000 or the equivalent dollar amount in any fiscal year;

      

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

      

      (j)           
payments or distributions to dissenting shareholders pursuant to applicable Law
in connection with or in contemplation of, any acquisition, merger,
amalgamation, consolidation or transfer of assets that complies with Section
4.04;

      

      (k)           
payments of dividends on Disqualified Equity Interests issued in accordance with
Section 6.03;

      

      (l)           
directors fees (including non-executive directors of such Borrower) or if the
Borrower is a partnership, directors fees of the general partner of the
Borrower, in an amount not to exceed $1,500,000 per year;

      

      (m)           
so long as no Default or Event of Default under and as defined in the Senior
Facility Credit Agreement shall have occurred and be continuing or would be
caused thereby, Restricted Payments in respect of sums payable (including
payment of fees) pursuant to the Management Agreement in an aggregate amount not
to exceed (x) in respect of any fiscal year in which Consolidated EBITDA is less
than $6,000,000,000 or (y) $30,000,000.00 in respect of any fiscal year in which
Consolidated EBITDA exceeds $6,000,000,000;

      
        
          
          

        

        
          103

          
            

          

        

        
          
          

        

      

      (n)           
so long as no Default or Event of Default under and as defined in the Senior
Facility Credit Agreement shall have occurred and be continuing or would be
caused thereby, (i) Restricted Payments by any Restricted Party in an amount not
to exceed (x) prior to Listing $50,000,000 per annum and $200,000,000 in the
aggregate, plus
(y) at any time, if, the Applicable Amount Availability Condition under and as
defined in the Senior Facility Credit Agreement shall be met,  other
Restricted Payments in an aggregate amount pursuant to this clause (n) not to
exceed the portion, if any, of the Applicable Amount under and as defined in the
Senior Facility Credit Agreement on the date of such election that the Borrowers
Agent elects to apply pursuant to this clause (n), such election to be specified
in a written notice of a Principal Financial Officer calculating in reasonable
detail the amount of Applicable Amount immediately prior to such election and
the amount thereof elected to be so applied, 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;

      

      (o)           
distributions by any Restricted Party or any joint venture of chemicals to a
holder of Equity Interests of such Restricted Party or joint venture 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
joint venture or Restricted Party 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

      

      (p)           
payments in the amounts and on the conditions described in the Tax Sharing
Agreement (as defined in the Senior Facility Credit Agreement).

       

      The
proceeds of the Loans shall be used for general corporate
purposes.  If the RP Trigger is in effect, no proceeds of any Loan
shall be used to make Dividend Payments.

      

      Section
6.07.  Change
in Nature of Business.  Engage in any material line of business
substantially different from a Permitted Business.

      

      Section
6.08.  Transactions with
Affiliates.  Enter into any transaction of any kind with any
Affiliate of such Restricted Party, whether or not in the ordinary course of
business, other than:

      

      (a)         
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 such Restricted Party as determined in
good faith by the board of directors or senior management of the Company or such
Restricted Party;

      
        
          
          

        

        
          104

          
            

          

        

        
          
          

        

      

      (b)         
transactions exclusively between or among the Company and any of its Restricted
Subsidiaries or exclusively between or among such Restricted Subsidiaries in
each case, provided such transactions are not otherwise prohibited
hereby;

      

      (c)         
any agreement as in effect as of the Effective Date set forth on Schedule
6.08(c) 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;

      

      (d)         
Investments of the type described in clauses(b),(c),(h),(i) and (m) of Section
6.02 and Restricted Payments made in compliance with Section 6.06;

      

      (e)         
transactions between any of the Borrowers, the Transaction Parties under the
2007 Securitization Facility and any of their respective Subsidiaries in
connection with a the transactions contemplated by the 2007 RPA, the 2007 RSA or
this Agreement;

      

      (f)         
transactions with customers, clients, suppliers, distributors or other purchases
or sales of goods or services, in each case in the ordinary course of
business;

      

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

      

      (h)         
the issuance or sale of any Qualified Equity Interests of such Borrower or
capital contributions received by such Borrower;

      

      (i)         
transactions entered into between or among such Restricted Party and any joint
venture, or other Affiliate that would otherwise be subject to this covenant
solely because a Restricted Party owns any Equity Interests of or otherwise
controls such person, or other Affiliate engaged in a Permitted Business that is
under common control with such Restricted Party, on terms that are no less
favorable as might reasonably have been obtained at such time from an
unaffiliated party or, if no such comparable transaction is available, on terms
that are fair from a financial point of view to such Restricted
Party;

      

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

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

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

      

      (l)         
transactions (x) involving aggregate payments of consideration equal to or less
than $10,000,000 or (y) on terms that are no less favorable to the relevant
Restricted Party than those terms that might reasonably have been obtained in a
comparable transaction at such time on an arms-length basis by such Restricted
Party 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 such Restricted Party as certified by an independent
financial advisor; provided that (x) the board
of directors of each of such Restricted Party or the parent of such Restricted
Party must approve each transaction with an Affiliate to which they are a party
that involves aggregate payments or other property with a fair market value in
excess of $25,000,000, such approval to be evidenced by a board resolution that
states that the board of directors has determined that the transaction complies
with the foregoing provisions and (y) if any Restricted Party enters into a
transaction with an Affiliate that involves payments or other property with an
aggregate fair market value of more than $100,000,000, then prior to the
consummation of such transaction, the parties to such transaction must obtain a
favorable opinion as to the fairness of such transaction or series of related
transactions to such Restricted Party from a financial point of view, from an
independent financial advisor and deliver the same to the Administrative
Agent.

      

      Section
6.09.  Burdensome
Agreements.  Enter into or permit to exist any Contractual
Obligation (other than this Agreement or any other Loan Document) that limits
the ability of  any Restricted Party to make Restricted Payments to
any Borrower; provided
that the foregoing clause shall not apply to Contractual Obligations
which:

      

      (i)           
(x) exist on the Effective Date and (to the extent not otherwise permitted by
this Section) are listed on Schedule 6.09 and (y) to the extent Contractual
Obligations permitted by clause (x) are set forth in an agreement evidencing
Indebtedness, are set forth in any agreement evidencing any permitted renewal,
extension or refinancing of such Indebtedness so long as such renewal, extension
or refinancing does not expand the scope of such Contractual
Obligation,

      

      (ii)           
are binding on a Restricted Subsidiary at the time such Restricted Subsidiary
first becomes a Restricted Subsidiary, so long as such Contractual Obligations
were not entered into solely in contemplation of such Person becoming a
Restricted Subsidiary and as amended or modified; provided, however, that any
such amendment or modification is no less favorable to such Borrower in any
material respect as determined by the board of directors of such Borrower in
their reasonable and good faith judgment than the provisions prior to such
amendment or modification; provided further that this clause (ii) shall not
apply to Contractual Obligations that are binding on a Person that becomes a
Restricted Subsidiary pursuant to Section 6.04,

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

      (iii)           
represent Indebtedness of a Restricted Subsidiary which is not a Loan Party
which is permitted by Section 6.03,

      

      (iv)           
arise in connection with any Disposition permitted by Section 6.04 or Section
6.05 and relate solely to the assets or Person subject to such
Disposition,

      

      (v)           
are customary provisions in joint venture agreements and other similar
agreements applicable to joint ventures permitted under Section 6.02 and
applicable solely to such joint venture entered into in the ordinary course of
business,

      

      (vi)           
are negative pledges and restrictions on Liens in favor of any holder of
Indebtedness permitted under Section 6.03 but solely to the extent any negative
pledge relates to the property financed by such Indebtedness, and excluding in
any event any Indebtedness constituting Junior Financing,

      

      (vii)           
are customary restrictions on leases, subleases, licenses or asset sale
agreements otherwise permitted hereby so long as such restrictions relate to the
assets subject thereto,

      

      (viii)            comprise
restrictions imposed by any agreement relating to secured Indebtedness permitted
pursuant to Section 6.03(e) to the extent that such restrictions apply only to
the property or assets securing such Indebtedness,

      

      (ix)           
are customary provisions restricting subletting or assignment of any lease
governing a leasehold interest of such Restricted Party,

      

      (x)
            
are customary provisions restricting assignment of any agreement entered into in
the ordinary course of business,

      

      (xi)
            comprise
restrictions imposed by the Senior Facility Credit Agreement and related
documentation, the Senior Second Lien Debt Documentation or under any Asset
Backed Credit Facilities or Securitization Transactions (each as defined in the
Senior Facility Credit Agreement);

      

      (xii)            are
restrictions on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business and

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

      (xiii)           
customary restrictions in construction loans, purchase money obligations,
Capitalized Leases, security agreements or mortgages securing Indebtedness of
such Restricted Party to the extent such restrictions restrict the transfer of
the property subject to such Capitalized Leases, security agreements or
mortgages.

      

      Section
6.10.  Anti-Money
Laundering.  Each Restricted 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
6.11.  Capital
Expenditures.

      

      Limitation
on Capital Expenditures.  Permit the aggregate amount of Capital
Expenditures (other than Excluded Capital Expenditures) made in any fiscal year
by the Company  and its Restricted Subsidiaries to exceed the amount
set forth opposite such fiscal year below (each such amount, a Scheduled Capital
Expenditure Amount):

      

      
        	
                Year

              	
                Amount
      (in millions)

              
	 	 
	
                January
      1, 2008    -    December 31,
      2008

              	
                $1,250

              
	 	 
	
                January
      1, 2009 and each fiscal year thereafter

              	
                $1,000

              

      

      

      

      provided, however,
that

      

      (i)           
so long as no Default has occurred and is continuing or would result from such
expenditure, an amount equal to 50% of any portion of any amount set forth
above, if not expended in the fiscal year for which it is permitted above, may
be carried over for expenditure in the following fiscal year (each such amount,
a Carry-Forward Amount); provided that if any such amount is so carried over, it
will be deemed used in the fiscal year after the amount set forth opposite such
fiscal year above; and

      

      (ii)           
so long as no Default has occurred and is continuing or would result from such
expenditure, if Capital Expenditures (other than Excluded Capital Expenditures)
made during any fiscal year exceed the amount set forth opposite such fiscal
year above, if any, an amount up to 50% of the Scheduled Capital Expenditures
Amount for the next succeeding fiscal year (each such amount, a carry-back
amount) may be carried back to such prior fiscal year and utilized to make
Capital Expenditures in such prior fiscal year (it being understood and agreed
that (A) no carry-back amount may be carried back beyond the fiscal year
immediately prior to the fiscal year of such Scheduled Capital Expenditure
Amount and (B) the portion of the carry-back amount actually utilized in any
fiscal year shall be deducted from the Scheduled Capital Expenditure Amount in
the fiscal year from which it was carried back); provided further that if the
Applicable Amount Availability Condition (as defined in the Senior Facility
Credit Agreement) shall be met, the Restricted Parties shall be permitted to
make Capital Expenditures in an aggregate amount pursuant to Section 7.11(c) of
the Senior Facility Credit Agreement not to exceed the portion, if any, of the
Applicable Amount (as defined in the Senior Facility Credit Agreement) on the
date of such election that the Restricted Parties elect to apply such
clause.

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

      Section
6.12.  Accounting
Changes.  Make any change in its fiscal year; provided,
however, that such Borrower may, upon written notice to the Administrative
Agent, change its or any of its Subsidiaries fiscal year to any other fiscal
year reasonably acceptable to the Administrative Agent , in which case the
Borrower and the Administrative Agent shall, and are hereby authorized by the
Lenders to, make any adjustments to this Agreement that are reasonably necessary
to reflect such change in fiscal year.

      

      Section
6.13.  Prepayments, Etc. of
Indebtedness.

      

      (a)         
Prepay, redeem, purchase, defease or otherwise satisfy prior to the scheduled
maturity thereof in any manner (it being understood that payments of regularly
scheduled interest shall be permitted) any contractually subordinated
Indebtedness or any Indebtedness other than the Indebtedness issued pursuant to
the terms of the Junior Financings or make any payment in violation of any
subordination terms of any documentation related thereto, except (i) the
refinancing thereof with the net proceeds of any Indebtedness, (ii) the
conversion of any Junior Financing to Equity Interests (other than Disqualified
Equity Interests) of the Company or any of its direct or indirect parents, (iii)
the prepayment of Indebtedness under the 2015 Notes and (iv) prepayments,
redemptions, purchases, defeasances and other payments in respect of Junior
Financings prior to their scheduled maturity as authorized by and in accordance
with Section 7.13(a)(iv) of the Senior Facility Credit Agreement.

      

      (b)         
Amend, modify or change in any manner materially adverse to the interests of the
Lenders any term or condition of any Junior Financing Documentation without the
consent of the Administrative Agent (which consent shall not be unreasonably
withheld).

      

      Section
6.14. Fixed Charge Coverage
Ratio.  If with respect to any period of four consecutive
fiscal quarters ending on or after March 31, 2008, the Fixed Charge Coverage
Ratio calculated as of the end of such four-quarter period is less than 1.10 to
1:00 (an FCC Period),
permit to exist a period of five (5) consecutive Business Days during the fiscal
quarter immediately following such FCC Period during which Total Excess
Availability on each such Business Day is less than $200,000,000 unless on each Business Day
during such five (5) Business Day period both (x) Total Collateral Availability
is greater than or equal to $275,000,000 and (y) Total Excess Availability is
greater than or equal to $150,000,000.

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

      Section
6.15.  Securitization Transactions.
Enter into a Securitization  Transaction  other than
the 2005 Securitization Facility, the 2007 Securitization Facility, or any other
Securitization Facility which is a substantially similar replacement
securitization facility therefor; provided that a Restricted
Party may sell to (i) a Subsidiary which is a special purpose entity formed
solely to facilitate a sale to a third party or (ii) any other Person which is
not a Restricted Party accounts receivable which are elected to be excluded from
any such Securitization Facility pursuant to the terms thereof and subject to
the limitations imposed thereby (as in effect on the Effective Date with respect
to the 2005 Securitization Facility and the 2007 Securitization Facility) (Excluded Receivables), whether
or not such sales constitute a Securitization Transaction (Excluded Obligor Sales); provided further that each
Excluded Obligor Sale shall be made without recourse except to the extent that a
Restricted Party may be liable for the representations, warranties and covenants
made in connection with such Excluded Obligor Sale.

      

      

      ARTICLE
7.

      Events
of Default

      

      Section
7.01.  Events
of Default. Any
of the following shall constitute an event of default (Events of
Default):

      

      (a)         
Non-Payment.  Any
Loan Party fails to pay Article 41 when and as required to be paid herein, any
amount of principal of any Loan, or Article 42 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

      

      (b)         
Specific
Covenants.  Article 43 Any Borrower fails to perform or observe
any term, covenant or agreement contained in Section 5.01(d)(i), Section 5.02,
Section 5.12 or Article 6; 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 5.01(a), (b) or (c) ten (10) Business Days, after notice thereof by
the Administrative Agent to the Borrowers Agent; or

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

      (d)         
Representations and
Warranties.  Any representation, warranty, certification or
statement of fact made or deemed made by or on behalf of any Loan Party herein,
in any other Loan Document, or in any document required to be delivered in
connection herewith or therewith  (or any certification by a Principal
Financial Officer or the Borrowers Agent 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 Article 44 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 Article 45 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, prepaid, 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; or
a Receivables Termination Notice shall have been delivered under (and as defined
in) the Intercreditor Agreement; or

      

      (f)         
Insolvency Proceedings,
Etc.  Any of the Company, any Loan Party 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, 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

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

      (g)         
Inability to Pay Debts;
Attachment.  Article 46 Any of the Company, any Loan Party 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 Article 47 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 the Loan Parties 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; or

      

      (h)         
Judgments.  There
is entered against any Loan Party or any Restricted Subsidiary one or more final
judgments or orders 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 judgments or orders
and has not denied  coverage) and such judgment or order 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 Loan
Documents. 
Any material portion of any material Loan Document, at any time after its
execution and delivery and for any reason other than as expressly permitted
hereunder or thereunder 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
Collateral 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 Total 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 Obligations under the Loan Documents; or

      

      (j)         
Change of
Control.  There occurs or shall exist any Change of Control;
or

      

      (k)         
Collateral
Documents.  Any Collateral Document or the Intercreditor
Agreement after delivery thereof 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) cease to create a valid and perfected Lien,
with the priority required by the Collateral Documents and the Intercreditor
Agreement on and security interest in any material portion of the Collateral,
subject to Liens permitted under Section 6.01, except to the extent that any
such loss of perfection or priority results from the failure of the
Administrative Agent or the Collateral Agent to Article 48 maintain possession
of certificates actually delivered to it representing securities pledged under
the Collateral Documents or Article 49 file Uniform Commercial Code continuation
statements; or

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

      (l)         
ERISA.  An
ERISA Event occurs which, together with all other ERISA Events that have
occurred, has resulted or could reasonably be expected to result in a Material
Adverse Effect; or

      

      (m)         
[Reserved]

      

      (n)         
Event of Termination under
2007 Securitization Facility. An Event of Termination
shall exist under (and as defined in) the 2007 Securitization
Facility;

      

      (o)         
Total Excess
Availability.  Total Excess Availability shall for a period of
two (2) consecutive Business Days be less than 100,000,000;

      

      then, and in any such event
(other than an event with respect to a Loan Party described in paragraph (f)
above, and at any time thereafter during the continuance of such event, the
Administrative Agent may, or at the written direction of the Required Lenders
shall, by written or telecopied notice to the Borrowers, take any or all of the
following actions, at the same or different times: (i) terminate forthwith the
Commitments, (ii) demand cash collateral as provided in Section 2.06(k) and
(iii) declare the Loans then outstanding to be forthwith due and payable,
whereupon the principal of the Loans so declared due and payable, together with
accrued interest and any unpaid accrued Fees and all other liabilities of the
Borrowers accrued hereunder, shall become forthwith due and payable both as to
principal and interest, without presentment, demand, protest or any other notice
of any kind, all of which are hereby expressly waived by the Borrowers, anything
contained herein to the contrary notwithstanding; provided, however, that, in
the event of a default with respect to a Loan Party described in paragraph (f)
above, the Commitments shall automatically terminate, the deposit of cash
collateral as provided in Section 2.06(k) shall automatically be required and
the principal of the Loans then outstanding, together with accrued interest
thereon and any unpaid accrued Fees and all other liabilities of the Borrowers
accrued hereunder, shall automatically become due and payable, without
presentment, demand, protest or notice of any kind, all of which are hereby
expressly waived by the Borrowers, anything contained herein to the contrary
notwithstanding.

      

      Notwithstanding
the foregoing, Events of Default under Section 7.01(e), and Section 7.01(h)
shall not apply with respect to Millennium Holdings LLC or any Person that is a
Subsidiary of Millennium Holdings LLC as of the Effective Date (collectively,
the Millennium Holdings
Group), so long as none of the foregoing is a Borrower hereunder, 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 provisions 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 of
the Company.

      
        
          
          

        

        
          113

          
            

          

        

        
          
          

        

      

      ARTICLE
8

      Administrative
Agent

      

      Each of
the Lenders and Fronting Banks irrevocably authorizes the Administrative Agent
to take such action on its behalf and to exercise such powers under the Loan
Documents as are specifically delegated to the Administrative Agent by the terms
thereof together with such powers as are reasonably incidental
thereto.  The Administrative Agent may perform any and all its duties
and exercise its rights and powers by or through any one or more sub-agents
selected and appointed by such Administrative Agent.  Each of the
Administrative Agent and any such sub-agent may perform any and all its duties
and exercise its rights and powers through Affiliates or its or its Affiliates
employees.  The exculpatory provisions of the following paragraphs
shall apply to any such sub-agent, to the Affiliates of the Administrative Agent
and any such sub-agent and to the directors, officers and employees of the
Administrative Agent, any such sub-agent and their respective
Affiliates.

      

      The
Administrative Agent is hereby expressly authorized and directed by the Lenders
to the extent provided in this Agreement, without hereby limiting any implied
authority, (a) 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 under the
Loan Documents, and promptly to distribute to each Lender its proper share of
each payment so received; (b) to give notice on behalf of each of the Lenders to
the Borrowers of any Event of Default specified in this Agreement of which the
Administrative Agent has actual knowledge acquired in connection with its agency
hereunder; and (c) to distribute to each Lender copies of all notices, financial
statements and other materials delivered by the Borrowers pursuant to the Loan
Documents as received by the Administrative Agent.

      

      Neither
the Administrative Agent nor any of their directors, officers, employees or
agents shall be liable as such for any action taken or omitted to be taken by it
or them under the Loan Documents or in connection therewith (a) at the request
or with the approval of the Required Lenders (or, if otherwise specifically
required hereunder, the consent of all the Lenders) or (b) in the absence of its
or their own bad faith, gross negligence or willful misconduct.  Each
Lender acknowledges that it has decided to enter into this Agreement and to
extend the Loans hereunder based on its own analysis of the creditworthiness of
the Borrowers and agrees that the Administrative Agent shall bear no
responsibility for such creditworthiness.

      
        
          
          

        

        
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      The
Administrative Agent shall not be responsible in any manner to any of the
Lenders for the effectiveness, enforceability, genuineness, validity or due
execution of the Loan Documents or any other agreements or certificates,
requests, financial statements, notices or opinions of counsel or for any
recitals, statements, warranties or representations contained in the Loan
Documents or in any such instrument or be under any obligation to ascertain or
inquire as to the performance or observance of any of the terms, provisions,
covenants, conditions, agreements or obligations of the Loan Documents or any
other agreements on the part of any Loan Party and, without limiting the
generality of the foregoing, the Administrative Agent shall, in the absence of
knowledge to the contrary, be entitled to accept any certificate furnished
pursuant to any Loan Document as conclusive evidence of the facts stated therein
and shall be entitled to rely on any note, notice, consent, certificate,
affidavit, letter, telegram, teletype or telecopy message, statement, order or
other document which it reasonably believes to be genuine and correct and to
have been signed or sent by the proper Person or Persons.  It is
understood and agreed that the Administrative Agent may exercise its rights and
powers under other agreements and instruments to which it is or may be a party
and engage in other transactions with Lyondell or any Subsidiary or other
Affiliate as though it were not the agent of the Lenders hereunder.

      

      The
Administrative Agent may consult with legal counsel selected by it in connection
with matters arising under the Loan Documents and any action taken or suffered
in good faith by it in accordance with the opinion of such counsel shall be full
justification and protection to it.  The Administrative Agent may
exercise any of its powers and rights and perform any duty under the Loan
Documents through agents or attorneys.

      

      The
Lenders shall ratably, in accordance with their Credit Exposures at the time of
demand for indemnification hereunder, indemnify the Administrative Agent, in its
capacity as agent on behalf of the Lenders (to the extent not reimbursed by the
Borrowers pursuant to the terms hereof and without limiting the obligations of
the Borrowers to do so) against any cost, expense (including reasonable counsel
fees and disbursements), claim, demand, action, loss or liability (except such
as results from such Administrative Agents gross negligence or willful
misconduct) that such Administrative Agent may suffer or incur in connection
with this Agreement or any action taken or omitted by it under the Loan
Documents.

      

      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, the Fronting Banks and the Borrowers.  Upon any such
resignation, the Required Lenders shall have the right to appoint a successor
Administrative Agent with the consent of the Borrowers, such consent not to be
unreasonably withheld.  If no successor Administrative Agent shall
have been so appointed by the Required Lenders and shall have accepted such
appointment within thirty (30) days after the retiring Administrative Agent
gives notice of resignation, then the retiring Administrative Agent may, on
behalf of the Lenders, appoint a successor Administrative Agent which shall be a
bank having an office (or an Affiliate with an office) in New York, New York,
with a combined capital and surplus of at least $500,000,000.  Upon
the acceptance of any appointment as Administrative Agent hereunder by a
successor bank, such successor shall thereupon 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 any Administrative Agents
resignation hereunder, the provisions of this Article 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 Administrative Agent.

      
        
          
          

        

        
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      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 or, where required, all the Lenders.

      

      No Agent
other than the Administrative Agent shall have any responsibility, obligation or
liability whatsoever under the Loan Documents in such capacity (other than as
set forth in Section 10.14).

      

      

      ARTICLE
9

      The
Obligors

      

      Section
9.01.  Appointment and
Authorization of Borrowers Agent.  Each of the
Borrowers irrevocably appoints and authorizes the Borrowers Agent, as agent on
its behalf, to exercise in its discretion all of the rights and powers of the
Borrowers or any of them under the Loan Documents.  Each of the
Borrowers irrevocably agrees that the Agents and the Lenders may conclusively
rely on the authority of the Borrowers Agent in the exercise of such rights and
powers.

      

      Section
9.02.  Joint
and Several Obligations.  The obligations
of the Borrowers under the Loan Documents shall be joint and
several.  The Agents and the Lenders may enforce against any one or
more Borrowers the obligations of the Borrowers to make the payments due under
the Loan Documents, and each Borrower shall be responsible to the Agents and the
Lenders for the full amount of such payments due.  The obligations of
each of the Borrowers under the Loan Documents shall be unconditional and
absolute and, without limiting the generality of the foregoing, shall not be
released, discharged or otherwise affected by:

      

      (i)           
any extension, renewal, settlement, compromise, waiver or release in respect of
any obligation of any other Loan Party under any Loan Documents, by operation of
law or otherwise;

      
        
          
          

        

        
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      (ii)           
any release, impairment, non-perfection or invalidity of any direct or indirect
security for any obligation of any other Loan Party under any Loan
Documents;

      

      (iii)           
any change in the existence, structure or ownership of any other Loan
Party;

      

      (iv)           
any insolvency, bankruptcy, reorganization or other similar proceeding affecting
any other Loan Party or its assets or any resulting release or discharge of any
obligation of any other Loan Party under any Loan Documents;

      

      (v)           
any invalidity or unenforceability relating to or against any other Loan Party
for any reason of any Loan Documents, or any provision of applicable law or
regulation purporting to prohibit the payment by any other Loan Party of the
principal of or interest on any Note or any other amount payable by any other
Loan Party under any Loan Documents; or

      

      (vi)           
any other act or omission to act or delay of any kind by any other Loan Party or
any other corporation or Person or any other circumstance whatsoever which
might, but for the provisions of this paragraph, constitute a legal or equitable
discharge of the Borrowers obligations hereunder.

      

      Section
9.03.  Contribution;
Subordination.  Each Borrower (a
Contributing Borrower)
agrees that when a payment shall be made by any other Borrower under the Loan
Documents upon enforcement thereof (such other Borrower, the Claiming Borrower), the
Contributing Borrower shall indemnify the Claiming Borrower in an amount equal
to the amount of such payment multiplied by a fraction of which the numerator
shall be the net worth of the Contributing Borrower on December 31, 2006 (or,
with respect to any Borrower becoming a party hereto pursuant to Section 9.04,
the date such Contributing Borrower became a Borrower) and the denominator shall
be the aggregate net worth of all Borrowers on December 31, 2006 (or, in the
case of any Borrower becoming a party hereto pursuant to Section 9.04, the date
such Borrower became a Borrower).  All rights of the Borrowers under
this Section and any other rights of indemnity, contribution or subrogation
under applicable law or otherwise shall be fully subordinated to the
indefeasible payment in full in cash of all amounts payable by the Borrowers
pursuant to the Loan Documents.

      

      Section
9.04.  Limitation on
Obligations of  Borrowers.  The obligations
of each Borrower  under this Agreement shall be limited to an
aggregate amount equal to the largest amount that would not render its
obligations hereunder subject to avoidance under Section 548 of the United
States Bankruptcy Code or any comparable provisions of applicable
law.

      
        
          
          

        

        
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      ARTICLE
10

      Miscellaneous

      

      Section
10.01.  Notices.  Except as
specifically provided elsewhere herein, notices and other communications
provided for herein shall be in writing and shall be delivered or mailed (or, if
by telecopy or electronic communication equipment of the sending party,
delivered by such equipment) addressed:

      

      (a)         
If to any or all of the Borrowers, in all cases to the Borrowers Agent
at:

      

      Lyondell
Chemicals Company

      1221
McKinney Street, Suite 700

      Houston,
Texas 77010

      Telecopy:  713-652-4598

      Attention
of Treasury Department

      

      (b)         
If to the Administrative Agent, in all cases to:

      

      Citibank,
N.A.

      388
Greenwich Street

      20th
Floor

      New York,
New York  10013

      Telecopy:  212-816-2613

      Attention
of David Jaffe

      

      (c)         
If to any Lender, in all cases to it at its address as set forth in its
Administrative Questionnaire or as it shall subsequently specify in writing to
the Borrowers and the Administrative Agent.

      

      (d)         
If to the Swingline Lender or Fronting Bank, to it at:

      

      Citibank,
N.A.

      388
Greenwich Street

      20th
Floor

      New York,
New York  10013

      Telecopy:  212-816-2613

      Attention
of David Jaffe

      

      All
notices and other communications given to any party hereto in accordance with
the provisions of this Agreement (other than telephonic notices permitted
hereunder) shall be deemed to have been given on the date of receipt if
delivered by hand or overnight courier service or sent by telecopy or electronic
communication equipment of the sender, or on the date five (5) 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 10.01 or in accordance with the latest unrevoked direction from such
party given in accordance with this Section 10.01.

      
        
          
          

        

        
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      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.  The Administrative
Agent or Lyondell may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided that approval of
such procedures may be limited to particular notices or
communications.

      

      Section
10.02.  No
Waivers; Amendments.  (a) No failure
or delay of any Fronting Bank, any Agent or any Lender in exercising any power
or right 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 Agents, the Fronting Banks and
the Lenders under the Loan Documents are cumulative and not exclusive of any
rights or remedies which they would otherwise have.  Except as may be
otherwise expressly provided herein, no waiver of any provision of this
Agreement nor any consent to any departure by any Borrower therefrom shall in
any event be effective unless the same shall be in writing and signed by the
Required Lenders (unless otherwise specified herein), 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 the Borrowers in any case shall
entitle the Borrowers to any other or further notice or demand in similar or
other circumstances.  Without limiting the generality of the
foregoing, the making of a Loan or issuance of a Letter of Credit shall not be
construed as a waiver of any Default, regardless of whether any Agent, any
Lender or any Fronting Bank may have had notice or knowledge of such Default at
the time.

      

      (b)         
Neither this Agreement nor any Exhibit or Schedule hereto may be amended or
modified except pursuant to an agreement or agreements in writing entered into
by the Borrowers Agent on behalf of the Borrowers and by the Required Lenders;
provided, however, that
no such agreement shall (i) increase the Commitment of any Lender, or subject
any Lender to any additional obligation, without the prior written consent of
such Lender, (ii) postpone any scheduled date of payment of the principal amount
of any Loan or LC Disbursement, or any interest thereon, or any Fee payable
hereunder, or reduce the amount of, waive or excuse any such payment, or reduce
the Applicable Margin, or postpone the scheduled date of expiration of any
Commitment, without the written consent of each Lender affected thereby, (iii)
amend or modify or otherwise affect the rights or duties of any Agent, any
Fronting Bank or the Swingline Lender without its prior written consent, (iv)
amend or modify the definition of Required Lenders, or otherwise
change the percentage of Commitments or Credit Exposures, or the number of
Lenders, which shall be required for the Lenders or any of them to take action
hereunder, or increase the amount of the Total Commitment, or amend or modify
Section 2.17, this Section 10.02 or Section 10.07, in each case without the
prior written consent of each Lender or (v) amend or modify the definitions of
Available Inventory,
Collateral Availability,
Eligible Inventory,
Excess Availability,
Ineligible Inventory,
SF Excess Availability,
Total Collateral
Availability or Total
Excess Availability, or amend, or waive a Default arising under, Section
7.01(n), in each case without the prior written consent of Lenders having
aggregate Credit Exposures representing at least 662/3% of the sum of all Credit
Exposures at such time; provided that any increase in
any percentage set forth in the definition of Available Inventory, or any
amendment of the definition of Available Inventory that would have the effect of
so increasing any such percentage, shall require the prior written consent of
each Lender.  Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment,
waiver or consent hereunder, except that the Commitment of such Defaulting
Lender may not be increased or decreased without the consent of such Defaulting
Lender (it being understood that a waiver of any condition precedent set forth
in Article IV or waiver of any Default, mandatory prepayment or mandatory
reduction of the Commitments shall not constitute an extension or increase of
any Commitments).

      
        
          
          

        

        
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      (c)         
Any provision of the Collateral Documents may be amended or waived if, but only
if, such amendment or waiver is in writing and is signed by each Loan Party
thereto whose consent to such amendment or waiver is required by the terms of
such Collateral Document and by and the Administrative Agent with the consent of
the Required Lenders; provided that no such
amendment or waiver shall, unless signed by all the Lenders, effect or permit a
release of, or the consensual subordination of the Liens of the Collateral
Documents on, all or substantially all of the Collateral or release any Loan
Party from its obligations under the Loan Documents.  Notwithstanding
the foregoing, Collateral (but not the proceeds thereof) shall be released from
the Lien of the Collateral Documents, and a Loan Party (other than Lyondell)
shall be released from such obligations, from time to time as necessary to
effect any sale of assets, including the sale of a Subsidiary Loan Party,
permitted by the Loan Documents, and the Administrative Agent shall execute and
deliver all release documents reasonably requested to evidence such release
(without the requirement of consent from any Lender)

      

      (d)         
If, in connection with any proposed amendment, modification, waiver or
termination requiring the consent of all affected Lenders, the consent of the
Required Lenders is obtained but the consent of other Lenders whose consent is
required is not obtained (any such Lender whose consent is not obtained being
referred to as a Non-Consenting Lender), then, so long as the Lender that is the
same entity as the Administrative Agent is not a Non-Consenting Lender, at the
Borrowers request, the Administrative Agent in its sole discretion (but shall
have no obligation) or an Eligible Assignee with the Administrative Agent's
consent (not to be unreasonably withheld) to purchase from such Non-Consenting
Lender, and such Non-Consenting Lender agrees that it shall, upon the
Administrative Agents request, sell and assign to the Lender that is the same
entity as the Administrative Agent or to such Eligible Assignee, all of the
Commitment and Loans of such Non-Consenting Lender for an amount equal to the
outstanding principal amount of the Loans by the Non-Consenting Lender plus all
accrued interest and fees with respect thereto through the date of sale less
unamortized upfront fees, such purchase and sale to be consummated pursuant to
an executed Assignment and Acceptance.

      
        
          
          

        

        
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      (e)         
It is understood that the operation of Section 2.21 in accordance with its terms
is not an amendment subject to this Section 10.02.

      

      (f)         
Notwithstanding the foregoing, any Loan Document may be amended by the
Administrative Agent and the Borrowers to correct any typographical error or
similar defect.

      

      Section
10.03.  Payments.  Except as
otherwise provided in this Agreement, all payments to be made by the Borrowers
to the Lenders hereunder shall be made to the Administrative Agent in
immediately available funds at Citibank, N.A., 388 Greenwich Street, New York,
New York  10013, Attention: David Jaffe (Account Number 3685-2248, ABA
021000089 and Reference: LyondellBasell Industries) not later than 12:30 p.m.,
New York City time, on the date due.  Funds received after the
applicable time shall be deemed to have been received by the Lenders on the
following Business Day.

      

      Unless
otherwise provided herein, if any payment of principal, interest or any other
amount payable by the Borrowers hereunder shall fall due on a day that is not a
Business Day, then such due date shall be extended to the next succeeding
Business Day, and such extension of time shall be included in computing
interest, if any, in connection with such payment.

      

      Upon
receipt of any payment for the accounts of the Lenders hereunder, the
Administrative Agent will promptly distribute to each Lender its share of such
payment.

      

      Section
10.04.  Governing Law;
Submission to Jurisdiction.  (b) THIS
AGREEMENT SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH AND GOVERNED BY
THE LAWS OF THE STATE OF NEW YORK.

      

      (b)         
To the extent it may effectively do so under applicable law, each Borrower (i)
irrevocably submits to the nonexclusive jurisdiction of any New York State or
Federal court sitting in the Borough of Manhattan, The City of New York, over
any suit, action or proceeding arising out of or relating to any Loan Document
or any other document contemplated thereby, and (ii) irrevocably waives and
agrees not to assert, by way of motion, as a defense or otherwise, any claim
that it is not subject to the jurisdiction of any such court, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding brought in any such court and any claim that any such suit, action
or proceeding brought in any such court has been brought in an inconvenient
forum.

      
        
          
          

        

        
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      (c)         
Each Borrower agrees, to the fullest extent it may effectively do so under
applicable law, that a judgment in any suit, action or proceeding of the nature
referred to in paragraph (b) above brought in any such court shall be conclusive
and binding upon such Borrower and may be enforced in the courts of the United
States of America or the State of New York (or any other courts to the
jurisdiction of which such Borrower is or may be subject) by a suit upon such
judgment.

      

      (d)         
To the extent it may effectively do so under applicable law, each Borrower
consents to process being served in any suit, action or proceeding of the nature
referred to in paragraph (b) by mailing a copy thereof by registered or
certified mail, postage prepaid, return receipt requested, to the address of
such Borrower set forth or referred to in Section 10.01.  To the
extent it may effectively do so under applicable law, each Borrower agrees that
such service (iii) shall be deemed in every respect effective service of process
upon such Borrower in any such suit, action or proceeding and (iv) shall be
taken and held to be valid personal service upon and personal delivery to such
Borrower.

      

      (e)         
Nothing in this Section 10.04 shall affect the right of any Agent or Lender to
serve process in any manner permitted by law, or limit any right that any Agent
or Lender may have to bring proceedings against any Borrower in the courts of
any jurisdiction or to enforce in any lawful manner a judgment obtained in one
jurisdiction in any other jurisdiction.

      

      Section
10.05.  Expenses; Documentary
Taxes; Indemnity.  i) The Borrowers
shall pay (v) all reasonable out of pocket expenses incurred by the
Administrative Agent, the Fronting Banks and their respective Affiliates,
including the reasonable fees, charges and disbursements of Davis Polk &
Wardwell, special counsel for the Agents and any local counsel retained by them,
in connection with the syndication of the credit facilities provided for herein,
the preparation and administration of the Loan Documents or any amendments,
modifications or waivers of the provisions thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), (vi) all
reasonable out of pocket expenses incurred by the Fronting Banks in connection
with the issuance, amendment, renewal or extension of any Letter of Credit or
any demand for payment thereunder and (vii) all reasonable out of pocket
expenses incurred by the Administrative Agent, the Fronting Banks or any Lender,
including the reasonable fees, charges and disbursements of any counsel for the
Administrative Agent, the Fronting Banks or any Lender, in connection with the
enforcement or protection of its rights in connection with any Loan Document,
including its rights under this Section, or in connection with the Loans made or
Letters of Credit issued hereunder, including all such out of pocket expenses
incurred during any workout or restructuring in respect of such Loans or Letters
of Credit. It is understood that reimbursement of the Administrative Agent in
respect of matters covered by Section 5.14(b)(iii) of this Agreement is subject
to the applicable limitations specified therein.

      
        
          
          

        

        
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      (b)         
The Borrowers shall indemnify each Agent, each Fronting Bank and each Lender,
and each Related Party of any of the foregoing Persons (each such Person being
called an Indemnitee)
against, and hold each Indemnitee harmless from, any and all losses, claims,
damages, liabilities and related expenses, including the fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against
any Indemnitee arising out of, in connection with, or as a result of any actual
or threatened claim, litigation, investigation or proceeding, whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a
party thereto, relating to (viii) the execution or delivery of the Loan
Documents or any agreement or instrument contemplated thereby, the performance
by the parties hereto of their respective obligations under the Loan Documents
or the consummation of the transactions contemplated thereby, (ix) any Loan or
Letter of Credit or the use of the proceeds therefrom (including any refusal by
a Fronting Bank to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with
the terms of such Letter of Credit), or (x) any actual or alleged presence or
release of Hazardous Materials on or from any property owned or operated by
Lyondell or any of its Subsidiaries, or any Environmental Liability related in
any way to Lyondell or any of its Subsidiaries; provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses resulted from the gross
negligence or willful misconduct of such Indemnitee. Without limiting the
generality of the foregoing, each Borrower hereby waives all rights for
contribution or any other rights of recovery with respect to liabilities,
losses, damages, costs and expenses arising under or related to Environmental
and Safety Laws that it might have by statute or otherwise against any
Indemnitee.  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 the Borrowers 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
Effective Date).

      

      (c)         
The provisions of this Section 10.05 shall remain operative and in full force
and effect regardless of the expiration of the term of this Agreement, the
consummation of the transactions contemplated hereby, the repayment of the
Loans, the invalidity or unenforceability of any term or provision of this
Agreement or any other Loan Document, or any investigation made by or on behalf
of the Lenders or the Administrative Agent.  All amounts due under
this Section 10.05 shall be payable on written demand therefor.

      
        
          
          

        

        
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      Section
10.06.  Survival of Agreements,
Representations and Warranties, Etc.  All warranties,
representations and covenants made by any Loan Party herein or in any
certificate or other instrument delivered by any Loan Party or on its behalf in
connection with the Loan Documents shall be considered to have been relied upon
by the Lenders and shall survive the making of the Loans and issuance of any
Letters of Credit herein contemplated regardless of any investigation made by
the Lenders or the Agents or on their behalf and shall continue in full force
and effect so long as any amount due or to become due hereunder is outstanding
and unpaid.  The right of each Lender to receive payments pursuant to
Sections 2.14, 2.16 and 2.19 shall survive the termination of this Agreement and
the repayment of the Loans.

      

      Section
10.07.  Successors and
Assigns.  (c) This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns (including any Affiliate of a
Fronting Bank that issues any Letter of Credit).  No Borrower may
assign or transfer any of its rights or obligations hereunder without the prior
written consent of all of the Lenders (in the case of Lyondell) or the
Administrative Agent (in the case of any other Borrower).

      

      (b)         
Each Lender may assign all or a portion of its interests, rights and obligations
under this Agreement (including all or a portion of its Commitment (if still in
existence) and the Loans at the time owing to it); provided, however, that (i)
except in the case of an assignment by a Lender to an Affiliate of such Lender,
to another Lender or to a Related Fund of a Lender, the Borrowers and the
Administrative Agent (and, in the case of an assignment of all or a portion of a
Commitment or any Lenders obligations in respect of its LC Exposure or Swingline
Exposure, regardless of the identity of the assignee, each Fronting Bank and the
Swingline Lender) must consent to such assignment in writing (which consent may
not be unreasonably withheld or delayed), (ii) each such assignment shall be of
a constant, and not a varying, percentage of all the assigning Lenders rights
and obligations under this Agreement as a Lender, (iii) after giving effect to
any such assignment, (A) the aggregate amount of the Credit Exposure of the
assigning Lender (together with its Related Funds and its Affiliates) shall be
either (x) $0 or (y) $10,000,000 or more and (B) the aggregate amount of the
Credit Exposure of the assignee Lender (together with its Related Funds and its
Affiliates) shall be in the case of a Lender, $10,000,000 or more (or, in any
case, any other smaller amount agreed upon by the Administrative Agent and the
Borrowers); and (iv) the parties to each such assignment shall execute and
deliver to the Administrative Agent for its acceptance and recording in the
Register an Assignment and Acceptance, together with (except in the case of
assignment to another Lender or an Affiliate or a Related Fund of a Lender) a
processing and recordation fee of $3,500 (provided that only one such
fee shall be required in the case of multiple assignments by a Lender on a
single day to funds managed or advised by the same investment advisor if such
funds are not Lenders hereunder); and provided, further, that any
consent of the Borrowers otherwise required under this paragraph shall not be
required if an Event of Default has occurred and is continuing.  The
Credit Exposures held by or assigned to or by any Person and its Related Funds
shall be aggregated for purposes of determining compliance with the amount
thresholds specified in this Section.  Upon such execution, delivery,
acceptance and recording, from and after the effective date specified in each
Assignment and Acceptance, which effective date shall be (unless waived by the
Administrative Agent) at least five (5) Business Days after the execution
thereof, (A) 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 (B) the assignor thereunder
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 or the remaining portion of the assignors
rights and obligations under this Agreement, the assignor shall cease to be a
party hereto but shall continue to be entitled to the benefits of Sections 2.14,
2.16 and 10.05 as well as to any interest and Unused Commitment Fee accrued for
its account hereunder and not yet paid).

      
        
          
          

        

        
          124

          
            

          

        

        
          
          

        

      

      (c)         
By executing and delivering an Assignment and Acceptance, the assignor and the
assignee thereunder shall be deemed to confirm to and agree with each other and
the Borrowers as follows: (v) such assignor warrants that it is the legal and
beneficial owner of the interest being assigned free and clear of any adverse
claim; (vi) except as set forth in clause (i) above, the assignor makes no other
representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this
Agreement or any other instrument or document furnished pursuant hereto or
thereto, or the execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement, or any other instrument or document
furnished pursuant hereto or thereto, or the financial condition of the
Borrowers or the performance or observance by the Borrowers of any of their
Obligations under this Agreement or any other instrument or document furnished
pursuant hereto or thereto; (vii) such assignee represents and warrants that it
is legally authorized to enter into such Assignment and Acceptance; (viii) such
assignee confirms that it has received a copy of this Agreement, together with
copies of the financial statements described in Section 5.01 or the most recent
financial statements delivered pursuant to Section 5.01, as applicable, and such
other documents and information as it has deemed appropriate to make its own
credit analysis and decision to enter into such Assignment and Acceptance; (ix)
such assignee will independently and without reliance upon the assignor and
based on such documents and information as it shall deem appropriate at the time
continue to make its own credit decisions in taking or not taking action under
this Agreement; (x) such assignee appoints and authorizes the Administrative
Agent to take such action as agent on its behalf and to exercise such powers
under the Loan Documents, as are delegated to such Agent by the terms thereof,
together with such powers as are reasonably incidental thereto; and (xi) such
assignee agrees that it will, to the extent of the interest assigned to it,
perform in accordance with their terms all the obligations which by the terms of
this Agreement are required to be performed by the Lenders.

      
        
          
          

        

        
          125

          
            

          

        

        
          
          

        

      

      (d)         
The Borrowers agree that each Lender may without notice to or the consent of the
Borrowers, the Administrative Agent, any Fronting Bank or the Swingline Lender
sell participations to one or more banks or other entities in all or a portion
of its rights and obligations under this Agreement (including, without
limitation, all or a portion of its Commitment and the same portion of the
Revolving Loans owing to it) and the Borrowers agree that any purchaser of a
participation in such Loans so acquired may exercise any and all rights of
bankers lien, setoff, counterclaim or otherwise with respect to any and all
moneys owing by the Borrowers to such purchaser as fully as if such purchaser
were a Lender acquiring such Loans hereunder in the amount of such participation
so long as the Borrower is notified of the participants participation hereunder
and such participant complies with Section 10.08 as if it were a Lender prior to
such exercise; provided,
however, that (xii) such selling Lenders obligations under this Agreement
shall remain unchanged, (xiii) such Lender shall remain solely responsible to
the Borrowers for the performance of its obligations hereunder, (xiv) the
participating lenders or other entities shall be entitled to the benefit of the
cost protection provisions contained in Sections 2.14, 2.16 and 2.19 to the same
extent as if they were such Lender (but the amount claimed by any participating
lender or other entity shall not exceed the amount that could have been claimed
by the Lender from which it acquired its participation) and (xv) the Borrowers,
the Agents, the Fronting Banks and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lenders rights and
obligations under this Agreement, and such Lender shall retain the sole right to
enforce the obligations of the Borrowers relating to the Loans and to approve,
without the consent of or consultation with any participant, any amendment,
modification or waiver of any provision of this Agreement (other than
amendments, modifications or waivers with respect to Fees payable hereunder or
an increase in the amount of principal of or a decrease in the rate at which
interest is payable on the Loans, or an extension of the dates fixed for
payments of principal of or interest on the Loans or payments of
Fees).  Each Lender that sells a participation shall, acting solely
for this purpose as a non-fiduciary agent of the Borrowers, maintain a register
on which it enters the name and address of each participant and the amounts of
each participants participation (the Participant
Register).  The entries in the Participant Register shall be
conclusive, absent manifest error, and such Lender shall treat each Person whose
name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the
contrary.

      
        
          
          

        

        
          126

          
            

          

        

        
          
          

        

      

      (e)         
Any Lender may, in connection with any assignment or participation or proposed
assignment or participation pursuant to this Section 10.07, disclose to the
assignee or participant or proposed assignee or participant any information
relating to Lyondell and its Subsidiaries furnished to the Lenders (including
pursuant to Section 5.08) by or on behalf of Lyondell and its Subsidiaries, as
applicable; provided
that, prior to any such disclosure, each such assignee or participant or
proposed assignee or participant shall execute an agreement whereby such
assignee or participant shall agree (subject to customary exceptions) to
preserve the confidentiality of any confidential information relating to
Lyondell and its any Subsidiary received from the Agents or
Lenders.

      

      (f)         
The Administrative Agent, acting solely for this purpose as an agent of the
Borrowers, shall maintain at one of its offices in The City of New York 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 (if
any) of, and the principal amount of the Loans and LC Disbursements owing to,
each Lender pursuant to the terms hereof (the Register), and no such
Assignment and Acceptance shall be effective until so recorded.  The
entries in the Register shall be conclusive in the absence of manifest error and
the Borrowers, the Agents, the Fronting Banks 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.  The Register
shall be available for inspection by the Borrowers at any reasonable time and
from time to time upon reasonable prior notice.  Upon its receipt of
an executed Assignment and Acceptance, together with any Note subject to such
assignment, and the payment of any processing and registration fee, the
Administrative Agent shall (xvi) accept such Assignment and Acceptance, (xvii)
record the information contained therein in the Register and (xviii) give prompt
notice thereof to the parties thereto.

      

      (g)         
Any Lender may at any time pledge all or any portion of its rights under the
Loan Documents to secure obligations of such Lender, without the consent of any
party, without notice to any party and without payment of fees, in accordance
with applicable law, including without limitation any pledge or assignment to
secure obligations to a Federal Reserve Bank; provided that no such pledge
shall release any Lender from its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto.

      
        
          
          

        

        
          127

          
            

          

        

        
          
          

        

      

      (h)         
Notwithstanding anything to the contrary contained herein, any Lender (a Granting Bank) may grant to a
special purpose funding vehicle (an SPC) of such Granting Bank,
identified as such in writing from time to time by the Granting Bank to the
Administrative Agent and the Borrowers, the option to provide to the Borrowers
all or any part of any Loan that such Granting Bank would otherwise be obligated
to make to the Borrowers pursuant to Section 2.02, provided that (xix) nothing
herein shall constitute a commitment to make any Loan by any SPC and (xx) if an
SPC elects not to exercise such option or otherwise fails to provide all or any
part of such Loan, the Granting Bank shall be obligated to make such Loan
pursuant to the terms hereof.  The making of a Loan by an SPC
hereunder shall be deemed to utilize the Commitments of all the Lenders to the
same extent, and as if, such Loan were made by the Granting
Bank.  Each party hereto hereby agrees that no SPC shall be liable for
any payment under this Agreement for which a Lender would otherwise be liable,
for so long as, and to the extent, the related Granting Bank makes such
payment.  In furtherance of the foregoing, each party hereto hereby
agrees that, prior to the date that is one (1) year and one (1) day after the
payment in full of all outstanding senior indebtedness of any SPC, it will not
institute against, or join any other Person in instituting against, such SPC any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceedings under the laws of the United States of America or any
State thereof.  In addition, notwithstanding anything to the contrary
contained in this Section 10.07, any SPC may assign all or a portion of its
interests in any Loans to its Granting Bank or to any financial institutions
providing liquidity and/or credit facilities to or for the account of such SPC
to fund the Loans made by such SPC or to support the securities (if any) issued
by such SPC to fund such Loans; provided, however, that
except in the case of an assignment to a Granting Bank or a financial
institution that is either an affiliate of such SPC or another Lender, the
Administrative Agent and, unless an Event of Default has occurred and is
continuing, the Borrowers must consent to such assignment in writing (which
consent may not be unreasonably withheld). Each SPC shall execute an agreement
whereby such SPC shall agree (subject to customary exceptions) to preserve the
confidentiality of any confidential information relating to the Borrowers and
their Affiliates received from the Agents or Lenders.

      

      Section
10.08.  Right
of Setoff.  (d) Upon the
occurrence and during the continuation of any Event of Default each Lender is
hereby authorized, in addition to any other right or remedy that any Lender may
have by operation of law or otherwise, at any time and from time to time,
without notice to the Borrowers except to the extent required by applicable law
(any such notice being expressly waived by the Borrowers to the maximum extent
possible under applicable law), and subject to any requirements or limitations
imposed by applicable law, to exercise its bankers lien or right of setoff and
apply any and all deposits (general or special, time or demand, provisional or
final) at any time held and other indebtedness at any time owing by such Lender
or any of its Affiliates to or for the credit or the account of any Borrower
against any and all the obligations of the Borrowers now or hereafter existing
under any Loan Document, irrespective of whether or not such Lender or any of
its Affiliates shall have made any demand under such Loan Agreement and although
such obligations may be unmatured.

      

      (b)         
Each Lender agrees promptly to notify the Administrative Agent and the Borrowers
after any such setoff and application; provided, however, that, to
the extent permitted by applicable law, the failure to give any such notice
shall not affect the validity of such setoff and application.

      
        
          
          

        

        
          128

          
            

          

        

        
          
          

        

      

      Section
10.09.  Severability.  In case any one
or more of the provisions contained in the Loan Documents shall be invalid,
illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained 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
10.10.  Cover
Page, Table of Contents and Section Headings.  The cover page,
Table of Contents and Section headings used herein are for convenience of
reference only, are not part of this Agreement and are not to affect the
construction of or be taken into consideration in interpreting this
Agreement.

      

      Section
10.11.  Counterparts;
Effectiveness.  This Agreement
may be signed in any number of counterparts with the same effect as if the
signatures thereon and hereon were upon the same instrument.  Delivery
by telecopier, PDF or other electronic means of an executed counterpart of a
signature page to this Agreement shall be effective as delivery of an original
executed counterpart of this Agreement.  This Agreement shall become
effective when copies hereof which, when taken together, bear the signatures of
each of the parties hereto shall have been received by the Administrative
Agent.

      

      Section
10.12.  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 THE 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION

      

      Section
10.13.  Entire
Agreement.  This Agreement,
the Collateral Documents, the agreements referred to in Section 2.07 and any
promissory notes delivered pursuant hereto constitute the entire contract
between the parties relative to the subject matter hereof.  Any
previous agreement among the parties with respect to the subject matter hereof
is superseded by the Loan Documents and such letter agreements, except to the
extent expressly provided therein.  Nothing in the Loan Documents or
such letter agreements or promissory notes, expressed or implied, is intended to
confer upon any party other than the parties hereto and thereto and Indemnitees
referred to in Section 10.05(b) any rights, remedies, obligations or liabilities
under or by reason of the Loan Documents or such letter agreements or promissory
notes.

      
        
          
          

        

        
          129

          
            

          

        

        
          
          

        

      

      Section
10.14.  Confidentiality.  Each of the
Agents, each Fronting Bank, the Lenders and the SPCs (as defined in Section
10.07(h)) agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (e) to its and its Affiliates
directors, officers, employees and agents, including accountants, legal counsel
and other advisors (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (f) to the extent required or
requested by any regulatory authority, (g) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (h) to any
other party to this Agreement, (i) in connection with the exercise of any
remedies under any Loan Document or any suit, action or proceeding relating to
any Loan Document or the enforcement of rights thereunder, (j) subject to
obtaining a written agreement containing provisions substantially the same as
those of this Section from the intended recipient of such Information, to any
assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights or obligations under this Agreement (including any assignee or
any prospective assignee of an SPC of the type described in the last sentence of
Section 10.07(h)), (k) with the consent of the Borrowers, (l) for purposes of
Section 10.07(h) only, to any rating agency, (m) to the extent such Information
(x) becomes publicly available other than as a result of a breach of this
Section or (y) becomes available to any Fronting Bank or any Agent or Lender on
a nonconfidential basis from a source other than the Borrowers or (n) to any
direct or indirect contractual counterparty in any swap, hedge or similar
agreement (or to such contractual counterpartys professional advisor) so long as
the recipient of such Information agrees to be bound by the provisions of this
Section.  For the purposes of this Section, Information means all
information received from the Borrowers relating to the Borrowers and their
Affiliates or their respective businesses, other than any such information that
is available to any Fronting Bank or any Agent or Lender on a nonconfidential
basis prior to disclosure by the Borrowers.  Any Person required to
maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential
information.  Notwithstanding anything herein to the contrary,
Information shall not include, and each party hereto may disclose without
limitation of any kind, any information with respect to the tax treatment and
tax structure (in each case, within the meaning of Treasury Regulation Section
1.6011-4) of the transactions contemplated hereby and all materials of any kind
(including opinions or other tax analyses) that are provided to such party
relating to such tax treatment and tax structure.

      

      Section
10.15.  Lender
Action.  Each Lender agrees that it shall not take or institute
any actions or proceedings, judicial or otherwise, for any right or remedy
against any Loan Party or any other obligor under any of the Loan Documents
(including the exercise of any right of setoff, rights on account of any bankers
lien or similar claim or other rights of self-help), or institute any actions or
proceedings, or otherwise commence any remedial procedures, with respect to any
Collateral or any other property of any such Loan Party, without the prior
written consent of the Administrative Agent.  The provision of this
Section 10.15 are for the sole benefit of the Lenders and shall not afford any
right to, or constitute a defense available to, any Loan Party.

      
        
          
          

        

        
          130

          
            

          

        

        
          
          

        

      

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

       

      
        	 	
                LYONDELL
      CHEMICAL COMPANY

                HOUSTON REFINING LP

                EQUISTAR CHEMICALS, LP,

                as Borrowers

              
	 	 
	 	
                By:

              	/s/
      Karen A. Twitchell 
	 	 	
                Name: 
      Karen A. Twitchell

              
	 	 	
                Title:   
      Authorized Representative

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

       

      
        	 	
                BASELL
      USA INC.,

                as Borrower

              
	 	 
	 	
                By:

              	/s/
       Francesco Svelto
	 	 	
                Name: 
      Francesco Svelto

              
	 	 	
                Title:   
      Authorized Representative

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	 	
                CITIBANK,
      N.A.,

                individually
      and as

                Administrative
      Agent,

                Collateral
      Agent and Fronting Bank

              
	 	 
	 	
                By:

              	/s/
      Mathew Paquin 
	 	 	
                Name: 
      Mathew Paquin

              
	 	 	
                Title:   
      Vice President

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	 	
                JPMORGAN
      CHASE BANK, N.A.,

                as
      Fronting Bank

              
	 	 
	 	
                By:

              	/s/
      Stacey Haimes 
	 	 	
                Name: 
      Stacey Haimes

              
	 	 	
                Title:   
      Executive Director

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	 	
                CITIGROUP
      GLOBAL MARKETS INC.

              
	 	 
	 	
                By:

              	/s/
      Keith R. Geroing 
	 	 	
                Name: 
      Keith R. Geroing

              
	 	 	
                Title:   
      Director & Vice President

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	 	
                GOLDMAN
      SACHS CREDIT PARTNERS L.P.

              
	 	 
	 	
                By:

              	/s/
      Michael Marsh 
	 	 	
                Name: 
      Michael Marsh

              
	 	 	
                Title:   
      Vice President

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	 	
                MERRILL
      LYNCH CAPITAL CORPORATION

              
	 	 
	 	
                By:

              	/s/
      Anand Melvani 
	 	 	
                Name: 
      Anand Melvani

              
	 	 	
                Title:   
      VP

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	 	
                ABN
      AMRO BANK, N.V.

              
	 	 
	 	
                By:

              	/s/
      Erwin
      deJong                  
      /s/ Marko Kremer 
	 	 	
                Name: 
      Erwin deJong    Marko
      Kremer

              
	 	 	
                Title:   
      ED                               AD

              

      

      

        
          
            [Credit
Agreement]

            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

       

      
        	
              	
                UBS
      SECURITIES

                Joint Lead Arrangers and Joint
      Bookrunner

              
	 	 
	 	
                By:

              	/s/
      Mary E. Evans 
	 	 	
                Name: 
      Mary E. Evans

              
	 	 	
                Title:   
      Associate Director

              

      

      
        	 	 	 
	 	 	 
	
              	
                By:

              	/s/
      Irja R. Otsa
	 	 	
                Name: 
      Irja R. Otsa

              
	 	 	
                Title:   
      Associate Director

              

      

       

      
        
          [Credit Agreement]

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      
        	 	
                UBS
      LOAN FINANCE LLC

              
	 	 

      

      
        	 	
                By:

              	/s/
      Mary E. Evans 
	 	 	
                Name: 
      Mary E. Evans

              
	 	 	
                Title:   
      Associate Director

              

        
          	 	 	 
	 	 	 
	 	
                  By:

                	/s/
      Irja R. Otsa
	 	 	
                  Name: 
      Irja R. Otsa

                
	 	 	
                  Title:   
      Associate Director

                

          
            
              [Credit
Agreement]

              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

        

      

       

      
        	
              	
                Lloyds
      TSB Commerical Finance

              
	 	 

        
          	
                	
                  By:

                	/s/
      Jeremy Harrison
	 	 	
                  Name: 
      Jeremy Harrison

                
	 	 	
                  Title:   
      ABL Director

                

          
            	 	 	 
	 	 	Address: 
      1251 Avenue of the Americas
	 	 	               
      39th Floor
	 	 	               
      New York, NY  10020
	 	 	 
	 	 	Attention: 
      Jeremy Harrison 
	 	 	 
	 	 	Telephone
      No.:  212 930 5025 
	 	 	Telecopier
      No.:  212 930 5098 
	 	 	 

          

        

      

       

       

      
        
          [Credit Agreement]

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
              	
                UPS CAPITAL
      CORPORATION

              
	 	 
	 	
                By:

              	/s/
      John P. Holloway
	 	 	
                Name: 
      John P. Holloway

              
	 	 	
                Title:   
      Director of Portfolio Management

              

      

       

       

       

      
        
          [Credit
Agreement]

        

        
          
          

          
            

          

        

        
          
          

        

      

       

    

    SCHEDULE
2.01

    

    LENDER'S
COMMITMENTS

    

    
      	
              
                Lender

              

            	 	
              
                Commitment

              

            
	
              Citigroup
      Global Markets Inc.

            	 	
              $200,000,000.00

            
	
              Goldman
      Sachs Credit Partners L.P.

            	 	
              $200,000,000.00

            
	
              Merrill
      Lynch Capital Corporation

            	 	
              $200,000,000.00

            
	
              ABN
      AMRO Bank, N.V.

            	 	
              $200,000,000.00

            
	
              UBS
      Loan Finance LLC

            	 	
              $200,000,000.00

            
	
              Total
      Commitment

            	 	
              $1,000,000,000.00lyo10k-022808ex46.htm

    EXHIBIT
4.6

    
      

    

    SECURITY
AGREEMENT

     

    dated as
of December 20, 2007

    

    among

     

    LYONDELL
CHEMICAL COMPANY

    as
Borrowers Agent

     

     

    EQUISTAR
CHEMICALS, LP

    HOUSTON
REFINING LP

    BASELL
USA INC.

     

    THE OTHER
LIEN GRANTORS FROM TIME TO TIME PARTY HERETO

     

    as Lien
Grantors

     

     

    and

     

     

    CITIBANK,
N.A.,

    as
Administrative Agent

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    TABLE
OF CONTENTS

     

    
      

    

    
      	 	
              Page

            
	
              SECTION
      1.  Definitions.

            	
              1

            
	
              SECTION 2.  Grant of
      Transaction Liens

            	
              7

            
	
              SECTION 3.  General
      Representations And Warranties

            	
              10

            
	
              SECTION 4.  Further Assurances;
      General Covenants

            	
              11

            
	
              SECTION 5.  Restricted
      Accounts.

            	
              13

            
	
              SECTION 6.  Remedies upon Event
      of Default

            	
              16

            
	
              SECTION 7.  Application of
      Proceeds

            	
              16

            
	
              SECTION 8.  Fees and Expenses;
      Indemnification

            	
              18

            
	
              SECTION 9.  Authority to
      Administer Collateral

            	
              19

            
	
              SECTION 10.  Limitation on Duty
      in Respect of Collateral

            	
              20

            
	
              SECTION 11.  General Provisions
      Concerning the Administrative Agent.

            	
              20

            
	
              SECTION 12.  Termination of
      Transaction Liens; Release of Collateral.

            	
              21

            
	
              SECTION 13.  Additional Lien
      Grantors

            	
              22

            
	
              SECTION
      14.  Notices

            	
              22

            
	
              SECTION 15.  No Implied
      Waivers; Remedies Not Exclusive

            	
              22

            
	
              SECTION 16.  Successors and
      Assigns

            	
              23

            
	
              SECTION 17.  Amendments and
      Waivers

            	
              23

            
	
              SECTION 18.  Choice of
      Law

            	
              23

            
	
              SECTION 19.  Intercreditor
      Agreement

            	
              23

            

    

    

    

    
      	
              EXHIBITS:

            	 
	
              Exhibit
      A

            	
              Perfection
      Certificate

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    SECURITY
AGREEMENT

     

    AGREEMENT
(this Agreement) dated
as of December 20, 2007 among Lyondell Chemical Company, a Delaware corporation,
as Borrowers Agent; Equistar Chemicals, LP, a Delaware limited partnership,
Houston Refining LP, a Delaware limited partnership, Basell USA, Inc., a
Delaware corporation, and any other Lien Grantors party hereto; and Citibank,
N.A. (Citibank), as
Administrative Agent.

     

    WHEREAS,
the Borrowers (as this and other capitalized terms are defined in Section 1
hereof) have entered into the Credit Agreement as Borrowers, pursuant to which
the Borrowers intend to borrow funds and obtain letters of credit for the
purposes set forth therein;

     

    WHEREAS,
the Borrowers are willing to secure their obligations under the Credit
Agreement, the other Loan Documents and certain cash management obligations, by
granting Liens on certain of their assets to the Administrative Agent as
provided in the Collateral Documents;

     

    WHEREAS,
the Lenders are willing to make loans and issue or participate in letters of
credit under the Credit Agreement described in Section
1 hereof on the terms set
forth therein if the foregoing obligations of the Borrowers are secured as
described above;

     

    WHEREAS,
upon any foreclosure or other enforcement of the Collateral Documents, the net
proceeds of the relevant Collateral are to be received by or paid over to the
Administrative Agent and applied as provided in Section
7 hereof;

     

    NOW,
THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     

    SECTION
1.  Definitions.

     

    (a)      Terms Defined in Credit
Agreement.  Terms defined in the Credit Agreement and not
otherwise defined in Section
1(b) or 1(c)
have, as used herein, the respective meanings provided for therein.

     

    (b)      Terms Defined in
UCC.  As used herein, each of the following terms has the
meaning specified in the UCC:

     

    
      	
              
                Term

              

            	 	
              
                UCC

              

            
	
              Account

            	 	
              9-102

            
	
              Authenticate

            	 	
              9-102

            
	
              Cash
      Proceeds

            	 	
              9-102

            
	
              Chattel
      Paper

            	 	
              9-102

            
	
              Control

            	 	
              9-104

            
	
              Deposit
      Account

            	 	
              9-102

            
	
              General
      Intangibles

            	 	
              9-102

            
	
              Instrument

            	 	
              9-102

            
	
              Inventory

            	 	
              9-102

            
	
              Record

            	 	
              9-102

            
	
              Supporting
      Obligation

            	 	
              9-102

            

    

    

      
        
          
          

        

        
          i

          
            

          

        

        
          
          

        

      

    

     

    (c)       Additional
Definitions.  The following additional terms, as used herein,
have the following meanings:

     

    Additional Secured Obligations
means the Secured Cash Management Obligations.

     

    Administrative Agent means
Citibank in its capacity as administrative agent under the Loan Documents, and
its successors in such capacity.

     

    Basell means Basell USA Inc.,
a Delaware corporation.

     

    Borrowers means Lyondell,
Equistar, HRLP, Basell and each other Borrower under the Credit
Agreement.

     

    Cash Collateral Account has
the meaning set forth in Section
5.

     

    Citibank shall have the
meaning assigned to that term in the recital of the parties hereto.

     

    Collateral shall have the
meaning assigned to such term in Section
2.

     

    Compliance Period means the
period commencing on the Closing Date and ending 30 days thereafter (or such
longer period as the Administrative Agent may, in the good faith exercise of its
discretion, determine to be warranted).

     

    Contracts means all contracts
for the sale, lease, exchange or other disposition of Inventory or the
performance of services, whether or not performed and whether or not subject to
termination upon a contingency or at the option of any party
thereto.

     

    Credit Agreement means the
Credit Agreement dated as of December 20, 2007 among the Borrowers, the Lenders
party thereto, Citibank, as Collateral Agent and Administrative Agent and the
other banks and financial institutions party thereto.

     

    Equistar means Equistar
Chemicals, LP, a Delaware limited partnership.

     

    Estimated Liquidated Amount
means, with respect to any Unliquidated Secured Obligation as of any date of
determination, (i) in the case of any Letter of Credit, the maximum amount which
may be drawn thereunder and (ii) in the case of any other Unliquidated Secured
Obligation, the amount, if any, notified to the Administrative Agent and the
Borrowers by the applicable Secured Party pursuant to Section 7(b) not more than two Business Days prior to such
date as the maximum ascertainable amount of such Secured
Obligation.

     

    
      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

    

     

    HRLP means Houston Refining
LP, a Delaware limited partnership.

     

    Intellectual Property means
the right to use any trademark, tradename, copyright, patent or other
intellectual property, whether owned by or licensed to a Lien
Grantor.

     

    Inventory Concentration
Account has the meaning set forth in Section
5.

     

    Lien Grantor means each of
Equistar, HRLP, Basell, and any other Borrower (other than Lyondell) under the
Credit Agreement from time to time party hereto as Lien Grantor.  As
contemplated by Section 1.05 of the Credit Agreement, Lyondell may at its
election become a Lien Grantor hereunder by execution and delivery of an
instrument to that effect reasonably satisfactory to the Administrative
Agent.  It is acknowledged that as of the date hereof, Lyondell is the
owner of all Equity Interests in LyondellBasell Receivables, so that none of
such Equity Interests are Collateral.

     

    Liquid Investment means (i)
direct obligations of the United States or any agency thereof, (ii) obligations
guaranteed by the United States or any agency thereof, (iii) time deposits and
money market deposit accounts issued by or guaranteed by or placed with a
financial institution reasonably acceptable to the Administrative Agent, and
(iv) fully collateralized repurchase agreements for securities described in
clause (i) or (ii) above entered into with a financial institution reasonably
acceptable to the Administrative Agent, provided in each case that
such Liquid Investment (x) matures within 30 days after it is first included in
the Collateral and (y) is in a form, and is issued and held in a manner, that in
the reasonable judgment of the Administrative Agent permits appropriate measures
to have been taken to perfect security interests therein.

     

    Liquidated Secured Obligation
means, at any time, any Secured Obligation (or portion thereof) that is not an
Unliquidated Secured Obligation at such time.

     

    Lockbox Account has the
meaning set forth in Section
5.

     

    Lyondell means Lyondell
Chemical Company, a Delaware corporation.

     

    LyondellBasell Receivables
means LyondellBasell Receivables I, LLC, a Delaware limited liability
company.

     

    
      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

    

     

    own refers to the possession
of sufficient rights in property to grant a security interest therein as
contemplated by UCC Section 9-203, and acquire refers to the
acquisition of any such rights.

     

    Perfection Certificate means a
certificate substantially in the form of Exhibit A, completed and supplemented
with the schedules contemplated thereby to the reasonable satisfaction of the
Administrative Agent, and signed by an officer of each Lien
Grantor.

     

    Permitted Liens means (i) the
Transaction Liens and (ii) any other Liens on the Collateral permitted to be
created or assumed or to exist pursuant to the Credit Agreement, including Liens
arising in connection with any Securitization Facility.

     

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

     

    Post-Petition Interest means
any interest that accrues after the commencement of any case, proceeding or
other action relating to the bankruptcy, insolvency or reorganization of any
Lien Grantor (or would accrue but for the operation of applicable bankruptcy or
insolvency laws), whether or not such interest is allowed or allowable as a
claim in any such proceeding.

     

    Proceeds means all proceeds
of, and all other profits, products, rents or receipts, in whatever form,
arising from the collection, sale, lease, exchange, assignment, licensing or
other disposition of, or other realization upon, any Collateral, including all
claims of any Lien Grantor against third parties for loss of, damage to or
destruction of, or for proceeds payable under, or unearned premiums with respect
to, policies of insurance in respect of, any Collateral, and any condemnation or
requisition payments with respect to any Collateral.

     

    Receivables means all
indebtedness (whether constituting Accounts or General Intangibles or Chattel
Paper or otherwise) of any Person owing to a Lien Grantor under a Contract, and
includes the right to payment of any interest or finance charges and other
obligations of such Person with respect thereto.

     

    Receivables Agent means
Citibank, in its capacity as administrative agent under the 2007 Securitization
Facility, and its successors in such capacity.

     

    Receivables Concentration
Account has the meaning set forth in Section
5.

     

    Receivables Funding Account
has the meaning set forth in Section
5.

     

    
      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

    

     

    Related Documents means the
Credit Agreement, any promissory notes issued pursuant to Section 2.09(d) of the
Credit Agreement, the Collateral Documents and the documentation governing the
Additional Secured Obligations.

     

    Related Parties means, with
respect to any specified Person, such Persons Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and its
Affiliates.

     

    Related Transferred Rights has
the meaning specified in Section
2(c) hereof.

     

    Release Conditions means the
following conditions for terminating all the Transaction Liens:

     

    (i)     all
Commitments under the Credit Agreement shall have expired or been
terminated;

     

    (ii)    all
Liquidated Secured Obligations shall have been paid in full; and

     

    (iii)   no
Specified Unliquidated Secured Obligation shall remain outstanding or the Lien
Grantors shall have deposited with the Administrative Agent, in respect of each
such Specified Unliquidated Secured Obligation, cash in an amount at least equal
to 105% of the Estimated Liquidated Amount thereof (or such lesser amount
satisfactory to the Administrative Agent and the related Secured Party), which
cash may be invested in Liquid Investments.

     

    Restricted Account means any
of the Lockbox Accounts, the Receivables Concentration Account, the Receivables
Funding Account, the Inventory Concentration Account and the Cash Collateral
Account.

     

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

     

    Secured Cash Management
Obligations means obligations of one or more Loan Parties and their
subsidiaries owing to the depositary bank which provides cash management
services (including treasury, depositary, overdraft, electronic funds transfer,
automated clearing house transfer, purchasing card and other cash management
arrangements), provided
that such depositary bank (i) is the depositary bank in relation to a
Restricted Account or (ii) was a Lender (or an Affiliate of a Lender) at the
time at which the instrument referred to in clause (x) below was delivered;
provided further that (x) the relevant
Lien Grantors and such depositary bank shall have expressly agreed in writing
that such obligations constitute Secured Cash Management Obligations entitled to
the benefits of the Collateral Documents and (y) such depositary bank shall have
delivered to the Administrative Agent an instrument in form and substance
satisfactory to the Administrative Agent to the effect set forth in clause (x)
of this proviso, and acknowledging and agreeing to be bound by the terms of this
Agreement with respect to such obligations.  Each depositary bank in
respect of any Secured Cash Management Obligations shall report to the
Administrative Agent from time to time as requested concerning the related
exposures.

     

    
      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

    

     

    Secured Loan Obligations means
all principal of all Loans and LC Disbursements outstanding from time to time
under the Credit Agreement, all interest (including Post-Petition Interest) on
such Loans and LC Disbursements and all other amounts now or hereafter payable
by the Borrowers pursuant to the Loan Documents.

     

    Secured Obligations means the
Secured Loan Obligations and the Additional Secured Obligations.

     

    Secured Parties means the
holders from time to time of the Secured Obligations, and Secured Party means any of
them as the context may require.

     

    Specified Unliquidated Secured
Obligation means an Unliquidated Secured Obligation other than contingent
general indemnification obligations (such as those in Section 10.05 of the
Credit Agreement).

     

    Sweep Account has the meaning
set forth in Section
5.

     

    Transaction Liens means the
Liens granted by the Lien Grantors under the Collateral Documents.

     

    Transferred Receivables means
(i) any Receivables that have been sold, contributed or otherwise transferred to
LyondellBasell Receivables pursuant to the 2007 RSA in connection with the 2007
Securitization Facility, (ii) any Receivables that have been sold, contributed
or otherwise transferred to Basell Capital Corporation pursuant to the 2005 PCA
in connection with the 2005 Securitization Facility, (iii) any other Receivables
that have been sold, contributed or otherwise transferred to any purchaser of
such Receivables in connection with any other Securitization Facility and (iv)
any Excluded Receivables.

     

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

     

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

     

    Unliquidated Secured
Obligation means, at any time, any Secured Obligation (or portion
thereof) that is contingent in nature or unliquidated at such time, including
any Secured Obligation that is:

     

    (i)        
an obligation to reimburse a bank for drawings not yet made under a letter of
credit issued by it;

     

    (ii)       
any other obligation (including any guarantee) that is contingent in nature at
such time; or

     

    (iii)      
an obligation to provide collateral to secure any of the foregoing types of
obligations.

     

    (d)    Terms
Generally.  The definitions of terms herein (including those
incorporated by reference to the UCC or to another document) apply equally to
the singular and plural forms of the terms defined.  Whenever the
context may require, any pronoun includes the corresponding masculine, feminine
and neuter forms.  The words include, includes and including shall be deemed to
be followed by the phrase without
limitation.  The word will shall be construed to
have the same meaning and effect as the word shall.  Unless the
context requires otherwise, (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such
agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Persons successors and
assigns, (c) the words herein, hereof and hereunder, and words of
similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (d) all references herein to
Sections, Exhibits and Schedules shall be construed to refer to Sections of, and
Exhibits and Schedules to, this Agreement and (e) the word property shall be construed to
refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights.

     

    SECTION
2.  Grant of
Transaction Liens.   (a) Each Lien Grantor, in order to
secure the Secured Obligations, grants to the Administrative Agent for the
benefit of the Secured Parties a continuing security interest in all the
following property of such Lien Grantor, whether now owned or existing or
hereafter acquired or arising and regardless of where located, subject to the
exceptions set forth in Section
2(b) (collectively, the
Collateral):

     

    (i)         all
Inventory;

     

    (ii)        all
Receivables;

     

    (iii)       all
Contracts;

     

    (iv)      
the Inventory Concentration Account, the Sweep Account and the Cash
Collateral Account;

     

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

     

    (v)       (A)
all rights under the 2007 Securitization Facility including, without limitation,
all amounts payable by or for the account of LyondellBasell Receivables to or
for the account of any Lien Grantor in connection with the 2007 Securitization
Facility, (B) all rights under the 2005 Securitization Facility including,
without limitation, all amounts payable by or for the account of Basell Capital
Corporation to or for the account of any Lien Grantor in connection with the
2005 Securitization Facility and (C) all rights under any other Securitization
Facility including, without limitation, all amounts payable to or for the
account of any Lien Grantor in connection with such Securitization
Facility;

     

    (vi)      all
Equity Interests in, and all indebtedness owed to a Lien Grantor by, (i)
LyondellBasell Receivables and (ii) Basell Capital Corporation;

     

    (vii)     all
books and records (including customer lists, credit files, computer programs,
printouts and other computer materials and records) of such Lien Grantor
relating to any Collateral listed in clauses (i)
through (vi) and (viii)
of this Section; and

     

    (viii)    all
Proceeds which are either Cash Proceeds or property of the type described in the
foregoing clauses (i)
through (v)
of the Collateral described in the foregoing clauses (i)
through (vii).

     

    (b)     
The Collateral shall not include any Receivables effectively conveyed,
sold, contributed or otherwise transferred under (i) the 2005 Securitization
Facility or (ii) the 2007 Securitization Facility.

     

    (c)       The
Administrative Agent shall release (such release to be effected pursuant to the
terms of Section
12 hereof) any security interest
granted to it in the following property or rights (other than to the extent such
property constitutes property described in Section
2(b) above):

     

    (i)        all
Transferred Receivables;

     

    (ii)       all
cash collections and other cash proceeds of such Transferred Receivables
(including, without limitation, (x) all cash proceeds of items (iii)
through (viii) below and (y) all cash collections
and other cash proceeds deemed to have been received, and actually paid,
pursuant to Section 2.03 of the 2007 RSA or Section 2.04 of the 2005
PCA);

     

    (iii)      all
security agreements, invoices or other Contracts that relate to any such
Transferred Receivable;

     

    (iv)     
all goods (including returned goods (except as otherwise provided in the
Intercreditor Agreement)), if any, relating to the sale which gave rise to any
such Transferred Receivable;

     

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

     

    (v)      all
other security interests or liens and property subject thereto from time to time
purporting to secure payment of any such Transferred Receivable, whether
pursuant to the invoice or other Contract relating to such Transferred
Receivable or otherwise, together with all financing statements signed or
authenticated by an obligor in respect of any such Transferred Receivable
describing any collateral securing any such Transferred Receivable,

     

    (vi)     all
lock boxes and accounts  (other than the Inventory Concentration
Account, the Sweep Account and the Cash Collateral Account) to which collections
under item (ii)
are sent and deposited, and all funds and investments therein;

     

    (vii)    all
supporting obligations, including all letter of credit rights, guaranties,
insurance and other agreements or arrangements of whatever character from time
to time supporting or securing payment of such Transferred Receivables, whether
pursuant to the invoice or other Contract relating to any such Transferred
Receivable or otherwise;

     

    (viii)   all
invoices, Contracts and other documents, books, records and other information
(including, without limitation, computer programs, tapes, disks, data processing
software and related property and rights) relating to such Transferred
Receivables and the obligors thereon; 

     

    (ix)      all
Cash Proceeds of the items described in items (i)
through (viii),
together with all of such transferees rights, remedies, powers and privileges
with respect to such Transferred Receivables (preceding items (i)
through (viii),
collectively, the Related
Transferred Rights); and

     

    (x)       rights
of any Lien Grantor in respect of any General Intangible to the extent such
General Intangible by its terms, by the terms of any related agreement with a
Person other than an Affiliate of such Lien Grantor or by the terms of any
applicable law under which it arises (A) validly prohibits the creation of a
security interest therein by any Lien Grantor, (B) validly requires the consent
of any third party to the creation of a security interest therein or (C) validly
gives rise to any right of termination or default remedy by reason of the
creation of a security interest therein.

     

    (d)      With
respect to each right to payment or performance included in the Collateral from
time to time, the Transaction Lien granted therein includes a continuing
security interest in all right, title and interest of any Lien Grantor in and
to (i) any
Supporting Obligation that supports such payment or performance and (ii) any Lien that (x) secures such
right to payment or performance or (y) secures any such Supporting
Obligation.

     

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

     

    (e)       With
respect to all Inventory included in the Collateral from time to time, each Lien
Grantor hereby grants to the Administrative Agent an irrevocable, fully paid,
non-exclusive, transferable license to use any Intellectual Property which is
embodied in, or the use of which is necessary or appropriate in order to realize
the value of, such Inventory, except to the extent that such grant of such
license would be validly prohibited by the terms of an agreement relating to
such Intellectual Property between the Lien Grantor and an unaffiliated
Person.

     

    (f)       The
Transaction Liens are granted as security only and shall not subject the
Administrative Agent or any other Secured Party to, or transfer or in any way
affect or modify, any obligation or liability of any Lien Grantor with respect
to any of the Collateral or any transaction in connection
therewith.

     

    SECTION
3.  General
Representations And Warranties.  Each Lien Grantor represents
and warrants that:

     

    (a)     Such
Lien Grantor is duly organized, validly existing and in good standing under the
laws of the jurisdiction identified as its jurisdiction of organization in the
Perfection Certificate.

     

    (b)     Such
Lien Grantor has good title to all its Collateral (subject to exceptions that
are, in the aggregate, not material), free and clear of any Lien other than
Permitted Liens.

     

    (c)      Such
Lien Grantor has not knowingly performed any acts that prevent the
Administrative Agent from enforcing any of the provisions of the Collateral
Documents or that would materially limit the Administrative Agent in any such
enforcement.  No financing statement, security agreement, mortgage or
similar or equivalent document or instrument covering all or part of the
Collateral owned by such Lien Grantor is on file or of record in any
jurisdiction in which such filing or recording would be effective to perfect or
record a Lien on such Collateral, except (x) financing statements with respect
to which duly executed termination statements shall have been delivered to the
Administrative Agent not later than the Effective Date and (y) financing
statements, mortgages or other similar or equivalent documents with respect to
Permitted Liens.  After the Effective Date, no Collateral owned by
such Lien Grantor will be in the possession or under the control of any other
Person having a Lien thereon, other than a Permitted Lien.

     

    (d)     
The Transaction Liens on all Collateral owned by such Lien
Grantor (i) have been validly created, (ii) will attach to each item of such
Collateral on the Effective Date (or, if such Lien Grantor first obtains rights
thereto on a later date, on such later date) and (iii) when so attached, will secure
all the Secured Obligations.

     

    (e)      Such
Lien Grantor has delivered a counterpart to the Perfection Certificate to the
Administrative Agent.

     

    
      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

    

     

    (f)       When
UCC financing statements describing the Collateral as set forth in the
Perfection Certificate have been filed in the offices specified in the
Perfection Certificate, the Transaction Liens will constitute perfected security
interests in the Collateral owned by such Lien Grantor to the extent that a
security interest therein may be perfected by filing pursuant to the UCC, prior
to all Liens and rights of others therein except Permitted
Liens.  Except for the filing of such UCC financing statements, no
registration, recordation or filing with any governmental body, agency or
official is required in connection with the execution or delivery of the
Collateral Documents or is necessary for the validity or enforceability thereof
or for the perfection of the Transaction Liens pursuant to the UCC or for the
enforcement of the Transaction Liens pursuant to the UCC.

     

    (g)     
Such Lien Grantor has taken, and will continue to take, all actions
necessary under the UCC to perfect its interest in any Receivables purchased or
otherwise acquired by it, as against its assignors and creditors of its
assignors.

     

    (h)      Any
Inventory produced by such Lien Grantor in the United States has or will have
been produced in compliance, in all material respects, with the applicable
requirements of the Fair Labor Standards Act, as amended.

     

    (i)       Other
than a Restricted Account, there is no deposit account owned by such Lien
Grantor into which any collections or other payments or proceeds in respect of
Collateral are to be deposited.

     

    SECTION
4.  Further
Assurances; General Covenants.  Each Lien Grantor covenants as
follows:

     

    (a)     
Such Lien Grantor will, from time to time, at its own expense, execute,
deliver, authorize, file and record any statement, assignment, instrument,
document, agreement or other paper and take any other action that from time to
time may be reasonably necessary, or that the Administrative Agent may
reasonably request, in order to:

     

    (i)        create,
preserve, perfect, confirm or validate the Transaction Liens on the
Collateral;

     

    (ii)       enable
the Administrative Agent and the other Secured Parties to obtain the full
benefits of the Collateral Documents; or

     

    (iii)      enable
the Administrative Agent to exercise and enforce any of its rights, powers and
remedies with respect to any of the Collateral.

     

    To the
extent permitted by applicable law, such Lien Grantor authorizes the
Administrative Agent to execute and file such financing statements or
continuation statements without the Lien Grantors signature appearing thereon,
which financing statements may describe the Collateral in the same manner as
described herein or may contain an indication or description of collateral that
describes such property in any other manner as Administrative Agent may
determine, in its reasonable discretion, is necessary or appropriate to ensure
the perfection of the security interest in the Collateral granted to
Administrative Agent herein, including, without limitation, describing such
property as all assets, whether now owned or hereafter acquired or words of
similar effect.  The Administrative Agent agrees to provide such Lien
Grantor with copies of any such financing statements and continuation
statements.  Such Lien Grantor constitutes the Administrative Agent
its attorney-in-fact to execute and file all filings required or so requested
for the foregoing purposes, all acts of such attorney being hereby ratified and
confirmed; and such power, being coupled with an interest, shall be irrevocable
until all the Transaction Liens granted by such Lien Grantor terminate pursuant
to Section
12.  The Borrowers will pay the reasonable out-of-pocket costs
of, or incidental to, any recording or filing of any financing or continuation
statements or other documents recorded or filed pursuant hereto.

     

    
      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

    

     

    (b)       [Reserved]

     

    (c)       If
any of its Collateral is in the possession or control of a warehouseman, bailee
or agent at any time, such Lien Grantor will, promptly upon the request of the
Administrative Agent made during a Sweep Period, (i)notify such warehouseman,
bailee or agent of the relevant Transaction Liens and (ii) instruct such
warehouseman, bailee or agent to hold all such Collateral for the Administrative
Agents account subject to the Administrative Agents instructions (which shall
permit such Collateral to be removed by such Lien Grantor in the ordinary course
of business until the Administrative Agent notifies such warehouseman, bailee or
agent that an Event of Default has occurred and is continuing).

     

    (d)       Such
Lien Grantor will not sell, lease, exchange, assign or otherwise dispose of, or
grant any option with respect to, any of its Collateral; provided that such Lien
Grantor may do any of the foregoing unless (i) doing so would breach a covenant
in the Credit Agreement or(ii)an
Event of Default shall have occurred and be continuing and the Administrative
Agent, upon the instructions of the Required Lenders,  shall have
notified such Lien Grantor that its right to do so is terminated, suspended or
otherwise limited.

     

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

     

    SECTION
5.  Restricted Accounts.
The Lien Grantors will at all times after the end of the Compliance
Period cause to be maintained a system of deposit accounts complying with each
of the requirements set forth below:

     

    (a)       Lockbox
Accounts.  All payments by or for the account of the account
debtors under all Pledged Receivables and under all Transferred Receivables
sold, contributed or otherwise transferred to LyondellBasell Receivables (except
for certain wire transfers made directly from the account debtor to the
Receivables Concentration Account) will be deposited directly upon receipt by a
Lien Grantor or LyondellBasell Receivables to the credit of one or more lockbox
deposit accounts in the name of LyondellBasell Receivables maintained with Bank
of America, N.A. or another depositary bank approved in writing by the
Administrative Agent (Lockbox
Accounts).  No deposits from any other source will be made to
the Lockbox Accounts by a Lien Grantor or LyondellBasell
Receivables.  The depositary bank will be instructed to transfer all
credit balances in each Lockbox Account to the Receivables Concentration Account
not later than the close of business on each Business Day, and no other
withdrawals shall be permitted.  Such instructions will be irrevocable
without the prior written consent of the Administrative Agent.

     

    
      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

    

     

    (b)      Receivables Concentration
Account.  The Lien Grantors will cause LyondellBasell
Receivables to maintain a deposit account in the name of LyondellBasell
Receivables with Bank of America, N.A. or another depositary bank approved in
writing by the Administrative Agent (the Receivables Concentration
Account).  All amounts deposited to the credit of any Lockbox
Account will be transferred to the Receivables Concentration Account as
contemplated by subsection (a)
above, and no deposits from any other source will be made by a Lien Grantor or
LyondellBasell Receivables to the Receivables Concentration Account (except as
noted in subsection (a)
above).  The Receivables Concentration Account will be subject to the
Control of the Receivables Agent.  Subject to the rights of the
Receivables Agent, the depositary bank will be instructed to transfer all credit
balances in the Receivables Concentration Account to the Receivables Funding
Account not later than the close of business on each Business Day, and no other
withdrawals shall be permitted.  Such instructions will be irrevocable
without the prior written consent of the Administrative Agent.

     

    (c)       Receivables Funding
Account.  The Lien Grantors will cause LyondellBasell
Receivables to maintain a deposit account in the name of LyondellBasell
Receivables with Bank of America, N.A. or another depositary bank approved in
writing by the Administrative Agent (the Receivables Funding
Account).  Subject to the rights of the Receivables Agent, the
depositary bank will be instructed to transfer all credit balances in the
Receivables Funding Account, other than such portion of such credit balances
that such depositary bank is instructed to remit to the Receivables Agent
pursuant to the 2007 Securitization Facility, to the Inventory Concentration
Account not later than the close of business on each Business Day, and no other
withdrawals shall be permitted.  Such instructions will be irrevocable
without the prior written consent of the Administrative Agent.

     

    (d)      Inventory Concentration
Account.  The Lien Grantors have established deposit accounts
with Bank of America, N.A. in the name of the Lien Grantor set forth, and with
such account numbers as set forth, under the heading Inventory Concentration
Account in Schedule 11 to the Perfection Certificate (collectively, the Inventory  Concentration
Account).  Except to the extent remitted to the Receivables
Agent pursuant to the 2007 Securitization Facility, all amounts deposited to the
credit of the Receivables Funding Account will be transferred to the Inventory
Concentration Account as contemplated by subsection (c)
above.  In addition, all (i) payments by LyondellBasell Receivables of
the purchase price for Transferred Receivables pursuant to the 2007
Securitization Facility and (ii) other proceeds of sale or other disposition of
Collateral will be deposited directly into the Inventory Concentration
Account.  No deposits from any other source will be made to the
Inventory Concentration Account.  The Inventory Concentration Account
will be subject to the Control of the Administrative Agent.  Subject
to the rights of the Administrative Agent, the depositary bank will be
instructed to transfer all credit balances in the Inventory Concentration
Account to such account or accounts as the Borrowers Agent may designate from
time to time not later than the close of business on each Business
Day.

     

    
      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

    

     

    (e)       Sweep Account.  The
Lien Grantors will maintain a deposit account with Citibank, N.A. in the name of
the Lien Grantor set forth, and with such account number as set forth, under the
heading Sweep Account in Schedule 11 to the Perfection Certificate (the Sweep Account), which shall be
under the Control of the Administrative Agent.  During each Sweep
Period, all amounts deposited to the credit of the Inventory Concentration
Account will be transferred to the Sweep Account pursuant to instructions given
by the Administrative Agent to the depositary bank for the Inventory
Concentration Account.  In addition, during any Sweep Period, the
Receivables Agent will cause all amounts received by it from the Receivables
Concentration Account and otherwise required to be remitted to a Lien Grantor
pursuant to the 2007 Securitization Facility to be deposited directly in the
Sweep Account.  All amounts so deposited to the Sweep Account shall be
applied pursuant to the instructions of the Administrative Agent as required
under the terms of Section 2.08 of the Credit Agreement and, so long as no
Default shall then be continuing, any balance remaining after such application
shall be remitted to the Lien Grantors in accordance with the instructions of
the Borrowers Agent to the Administrative Agent.  Any amounts not so
applied or remitted shall be deposited in the Cash Collateral Account and
released to the Borrowers in accordance with the final sentence of Section
2.08(b)(ii) of the Credit Agreement.

     

    (f)        Cash
Collateral  Account.  The Lien Grantors will maintain
one or more deposit accounts with Citibank, N.A. in the name of those Lien
Grantors set forth, and with such account numbers as set forth, under the
heading Cash Collateral Accounts in Schedule 11 to the Perfection Certificate
(collectively, the Cash
Collateral Account), which shall be under the Control of the
Administrative Agent.  The Borrowers may from time to time at their
election cause monies to be deposited to the credit of the Cash Collateral
Account and held therein as contemplated by the Credit
Agreement.  Amounts on deposit in the Cash Collateral Account may be
withdrawn therefrom upon request of the Borrowers Agent to the Administrative
Agent, upon satisfaction of the applicable conditions specified in the Credit
Agreement and as specified in the Intercreditor Agreement.

     

    
      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

    

     

    (g)      Certain Remedies. If an Event
of Default shall have occurred and be continuing, the Administrative Agent may
(i) retain all cash and investments then held in the Cash Collateral
Account, (ii) liquidate any or all investments held therein
and/or (iii) withdraw any amounts held therein and apply such amounts as
provided in Section
7(a).

     

    (h)      Funds
held in the Cash Collateral Account may, until withdrawn or otherwise applied
pursuant hereto, be invested and reinvested in such Liquid Investments as the
Borrowers Agent shall request from time to time; provided that, if an Event of
Default shall have occurred and be continuing, the Administrative Agent may
select such Liquid Investments.

     

    (i)       If
immediately available cash on deposit in the Cash Collateral Account is not
sufficient to make any distribution or withdrawal to be made pursuant hereto,
the Administrative Agent will cause to be liquidated, as promptly as
practicable, such investments held in or credited to the Cash Collateral Account
as shall be required to obtain sufficient cash to make such distribution or
withdrawal and, notwithstanding any other provision hereof, such distribution or
withdrawal shall not be made until such liquidation has taken
place.

     

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

     

    (b)      Without
limiting the generality of the foregoing, if an Event of Default shall have
occurred and be continuing, the Administrative Agent may exercise on behalf of
the Secured Parties all the rights of a secured party under the UCC (whether or
not in effect in the jurisdiction where such rights are exercised) with respect
to any Collateral and, in addition, the Administrative Agent may, without being
required to give any notice, except as herein provided or as may be required by
mandatory provisions of law, withdraw all cash held in the Cash Collateral
Account and apply such cash as provided in Section
7 and, if there shall be no such cash or if such cash shall be
insufficient to pay all the Secured Obligations in full, sell, lease, license or
otherwise dispose of the Collateral or any part thereof.  Notice of
any such sale or other disposition shall be given to the Lien Grantors as
required by Section
13.

     

    SECTION
7.  Application of
Proceeds.  (a)If an Event of Default shall have
occurred and be continuing, the Administrative Agent may apply (i) any cash
held in the Cash Collateral Account and (ii) the proceeds of any sale or other
disposition of all or any part of the Collateral, in the following order of
priorities:

     

    
      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

    

    

     

    
      	
              
                first,

              

            	
               

            	
              to
      pay the expenses of such sale or other disposition, including reasonable
      compensation to agents of and counsel for the Administrative Agent, and
      all expenses, liabilities and advances incurred or made by the
      Administrative Agent in connection with the Collateral Documents, and any
      other amounts then due and payable to the Administrative Agent pursuant to
      Section 8 or to any Agent pursuant to the Credit
      Agreement; 

            

    

     

    
      	
              
                second,

              

            	
               

            	
              to
      pay ratably all interest (including Post-Petition Interest) on the Secured
      Obligations and all commitment and other fees payable under the Related
      Documents, until payment in full of all such interest and fees shall have
      been made; 

            

    

     

    
      	
              
                third,

              

            	
               

            	
              to
      pay ratably all (i) amounts required to be deposited in the Cash
      Collateral Account as cash collateral for the LC Exposure under the Credit
      Agreement and (ii) unpaid principal of Swingline Loans, until payment in
      full of all such amounts shall have been made;

            

    

     

    
      	
              
                fourth,

              

            	
               

            	
              to
      pay the unpaid principal of the Revolving Loans ratably, until payment in
      full of the principal of all Revolving Loans shall have been made;
      

            

    

     

    
      	
              
                fifth,

              

            	
               

            	
              to
      pay ratably all Secured Cash Management Obligations permitted under this
      Agreement (or provide for the payment thereof pursuant to Section
      7(b)), until payment in full of all such Secured Cash Management
      Obligations shall have been made (or so provided for);
  

            

    

     

    
      	
              sixth,

            	
               

            	
              to
      pay all other Secured Obligations ratably (or provide for the payment
      thereof pursuant to Section 7(b)), until payment in
      full of all such other Secured Obligations shall have been made (or so
      provided for); and 

            

    

     

    
      	
              
                finally,

              

            	
               

            	
              to
      pay to the relevant Lien Grantor, or as a court of competent jurisdiction
      may direct, any surplus then remaining from the proceeds of the Collateral
      owned by it. 

            

    

     

    The
Administrative Agent may make such distributions hereunder in cash or in kind
or, on a ratable basis, in any combination thereof.

     

    
      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

    

     

    (b)      If at any time any portion of any
monies collected or received by the Administrative Agent would, but for the
provisions of this Section 7(b), be payable pursuant to
Section
7(a) in respect of
an Unliquidated Secured Obligation, the Administrative Agent shall not apply any
monies to pay such Unliquidated Secured Obligation but instead shall request the
holder thereof, at least ten days before each proposed distribution hereunder,
to notify the Administrative Agent and the Borrowers as to the Estimated
Liquidated Amount of such Unliquidated Secured Obligation.  If the
holder of such Unliquidated Secured Obligation does not notify the
Administrative Agent and the Borrowers of the Estimated Liquidated Amount
thereof at least two Business Days before such distribution, such Unliquidated
Secured Obligation will not be entitled to share in such
distribution.  If such holder does so notify the Administrative Agent
as to the Estimated Unliquidated Amount thereof, the Administrative Agent will
allocate to such holder a portion of the monies to be distributed in such
distribution, calculated as if such Unliquidated Secured Obligation were
outstanding in the Estimated Liquidated Amount thereof.  However, the
Administrative Agent will not apply such portion of such monies to pay such
Unliquidated Secured Obligation, but instead will hold such monies or invest
such monies in Liquid Investments.  All such monies and Liquid
Investments and all proceeds thereof will constitute Collateral hereunder, but
will be subject to distribution in accordance with this Section 7(b) rather than Section 7(a).  The Administrative
Agent will hold all such monies and Liquid Investments and the net proceeds
thereof in trust until all or part of such Unliquidated Secured Obligation
becomes a Liquidated Secured Obligation, whereupon the Administrative Agent, at
the request of the relevant Secured Party, will apply the amount so held in
trust to pay such Liquidated Secured Obligation; provided
that, if the other Secured Obligations theretofore paid pursuant to the same
clause of Section
7(a) (i.e.,
clause second, fourth or fifth) were not paid in full, the Administrative Agent
will apply the amount so held in trust to pay the same percentage of such
Liquidated Secured Obligation as the percentage of such other Secured
Obligations theretofore paid pursuant to the same clause of Section 7(a).  If (i)
the holder of such Unliquidated Secured Obligation shall advise
the Administrative Agent that no portion thereof remains in the category of an
Unliquidated Secured Obligation and (ii)the
Administrative Agent still holds any amount held in trust pursuant to this
Section
7(b) in respect of
such Unliquidated Secured Obligation (after paying all amounts payable pursuant
to the preceding sentence with respect to any portions thereof that became
Liquidated Secured Obligations), such remaining amount will be applied by the
Administrative Agent in the order of priorities set forth in Section 7(a). 

     

    (c)       All
distributions made by the Administrative Agent pursuant to this Section shall be
final (except in the event of manifest error) and the Administrative Agent shall
have no duty to inquire as to the application by any Secured Party of any amount
distributed to it.

     

    SECTION
8.  Fees and
Expenses; Indemnification.  Error! Bookmark not defined.
Each Lien Grantor will, within ten Business Days of written demand therefor, pay
to the Administrative Agent:

     

    (i)        the
amount of any taxes (other than Excluded Taxes) that the Administrative Agent
has been required to pay by reason of the Transaction Liens or to free any
Collateral from any Lien thereon in connection with the exercise of remedies
hereunder; and

     

    
      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

    

     

    (ii)       the
amount of any and all reasonable out-of-pocket expenses incurred by the
Administrative Agent, including reasonable fees, expenses, charges and
disbursements of Davis Polk & Wardwell, special counsel for the
Administrative Agent, and any local counsel retained by them, in connection with
(x) the administration or enforcement of the Collateral Documents, including
such reasonable out-of-pocket expenses as are incurred to preserve the value of
the Collateral or the validity, perfection, rank or value of any Transaction
Lien, (y) the collection, sale or other disposition of any Collateral or (z) the
exercise by the Administrative Agent of any of its rights or powers under the
Collateral Documents.

     

    If any
Lien Grantor shall default in the payment of any amounts required to be paid by
it pursuant to this Section
8, such Lien Grantor shall pay interest on such amount in accordance with
Section 2.11 of the Credit Agreement.

     

    (b)          If
any Other Tax is payable in connection with any transfer or other transaction
provided for in the Collateral Documents, the relevant Lien Grantor will pay
such tax to the relevant Governmental Authority in accordance with applicable
law.

     

    SECTION
9.  Authority
to Administer Collateral.  Each Lien Grantor irrevocably
appoints the Administrative Agent its true and lawful attorney, with full power
of substitution, in the name of such Lien Grantor, any Secured Party or
otherwise, for the sole use and benefit of the Secured Parties, but at such Lien
Grantors expense, to the extent permitted by law to exercise, at any time and
from time to time while an Event of Default shall have occurred and be
continuing, all or any of the following powers with respect to all or any of the
Collateral (to the extent necessary to pay the Secured Obligations in
full):

     

    (a)      to
demand, sue for, collect, receive and give acquittance for any and all monies
due or to become due upon or by virtue thereof;

     

    (b)      to
settle, compromise, compound, prosecute or defend any action or proceeding with
respect thereto;

     

    (c)       to
sell, lease, license or otherwise dispose of the same or the proceeds or avails
thereof, as fully and effectually as if the Administrative Agent were the
absolute owner thereof;

     

    (d)      to
extend the time of payment of any or all thereof and to make any allowance or
other adjustment with reference thereto; and

     

    (e)       with
respect to Equity Interests in LyondellBasell Receivables, to exercise all
voting and other rights to which the owner thereof is entitled;

     

    provided that, except in the
case of Collateral that is perishable or threatens to decline speedily in value
or is of a type customarily sold on a recognized market, the Administrative
Agent will give the relevant Lien Grantor at least ten days prior written notice
of the time and place of any public sale thereof or the time after which any
private sale or other intended disposition thereof will be made.  Any
such notice shall (i) contain the information specified in UCC Section
9-613, (ii) be Authenticated and (iii) be sent to the parties required
to be notified pursuant to UCC Section 9-611(c); provided that, if the
Administrative Agent fails to comply with this sentence in any respect, its
liability for such failure shall be limited to the liability (if any) imposed on
it as a matter of law under the UCC.

     

    
      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

    

     

    SECTION
10.  Limitation on Duty in
Respect of Collateral.  Beyond the exercise of reasonable care
in the custody and preservation thereof, the Administrative Agent will have no
duty as to any Collateral in its possession or control or in the possession or
control of any sub-agent or bailee or any income therefrom or as to the
preservation of rights against prior parties or any other rights pertaining
thereto.  The Administrative Agent will be deemed to have exercised
reasonable care in the custody and preservation of the Collateral in its
possession or control if such Collateral is accorded treatment substantially
equal to that which it accords its own property, and will not be liable or
responsible for any loss or damage to any Collateral, or for any diminution in
the value thereof, by reason of any act or omission of any sub-agent or bailee
selected by the Administrative Agent in good faith or by reason of any act or
omission by the Administrative Agent pursuant to instructions from the
Administrative Agent, except to the extent that such liability arises from the
Administrative Agents bad faith, gross negligence or willful
misconduct.

     

    SECTION
11.  General
Provisions Concerning the Administrative Agent.

     

    (a)      The
provisions of Article 8 of the Credit Agreement shall inure to the benefit of
the Administrative Agent, and shall be binding upon all Lien Grantors and all
Secured Parties, in connection with this Agreement and the other Collateral
Documents.  Without limiting the generality of the foregoing, (i)the Administrative Agent shall not
be subject to any fiduciary or other implied duties, regardless of whether an
Event of Default has occurred and is continuing, (ii) the Administrative
Agent shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly
contemplated by the Collateral Documents that the Administrative Agent is
required in writing to exercise by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 10.02 of the Credit Agreement), and (iii) except as
expressly set forth in the Loan Documents, the Administrative Agent shall not
have any duty to disclose, and shall not be liable for any failure to disclose,
any information relating to any Borrower or its Affiliates that is communicated
to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity.  The Administrative Agent shall not be
responsible for the existence, genuineness or value of any Collateral or for the
validity, perfection, priority or enforceability of any Transaction Lien,
whether impaired by operation of law or by reason of any action or omission to
act on its part under the Collateral Documents. The Administrative Agent shall
be deemed not to have knowledge of any Event of Default unless and until written
notice thereof is given to the Administrative Agent by the Borrowers Agent or a
Secured Party.

     

    
      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

    

     

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

     

    (c)       Information as to Secured
Obligations and Actions by Secured Parties.  For all purposes
of the Collateral Documents, including determining the amounts of the Secured
Obligations and whether a Secured Obligation is a Contingent Secured Obligation
or not, or whether any action has been taken under any Secured Agreement, the
Administrative Agent will be entitled to rely on information from (i) its own records for information as
to the Lenders, their Secured Obligations and actions taken by them, (ii)
any Secured Party for information as to its Secured Obligations and actions
taken by it, to the extent that the Administrative Agent has not obtained such
information from its own records, and (iii)the Borrowers, to the extent that the
Administrative Agent has not obtained information from the foregoing
sources.

     

    (d)       Refusal to
Act.  The Administrative Agent may refuse to act on any notice,
consent, direction or instruction from any Secured Parties or any agent, trustee
or similar representative thereof that, in the Administrative Agents
opinion, (i) is contrary to law or the
provisions of any Security Document, (ii) may expose the Administrative
Agent to liability (unless the Administrative Agent shall have been indemnified,
to its reasonable satisfaction, for such liability by the Secured Parties that
gave such notice, consent, direction or instruction) or (iii) is unduly
prejudicial to Secured Parties not joining in such notice, consent, direction or
instruction.

     

    (e)      Copies of Certain
Notices.  Within two Business Days after it receives or sends
any notice referred to in this subsection, the Administrative Agent shall send
to the Lenders and each Secured Party Requesting Notice, copies of any
certificate designating additional obligations as Secured Obligations received
by the Administrative Agent pursuant to Section
13 and any notice given by the Administrative Agent to any Lien Grantor,
or received by it from any Lien Grantor, pursuant to Section 6, 7, 9 or 12. 

     

    SECTION
12.  Termination of
Transaction Liens; Release of Collateral.

     

    (a)      The
Transaction Liens shall terminate when all the Release Conditions are
satisfied.

     

    
      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

    

     

    (b)      The
Transaction Liens (x) with respect to any Pledged Receivables shall terminate
automatically when such Receivables have become Transferred Receivables and (y)
with respect to any other Collateral shall terminate upon the sale of such
Collateral to a Person other than Lyondell or an Affiliate of Lyondell in a
transaction not prohibited by the Loan Documents.  In each case, such
termination shall not require the consent of any Secured Party, and the
Administrative Agent and any third party shall be fully protected in relying on
a certificate of the Borrowers Agent as to whether any Pledged Receivables
qualify as Transferred Receivables (including without limitation whether the
transfer thereof is permitted under the Credit Agreement and this Agreement), as
to whether the sale of any other Collateral is permitted by the Loan Documents
and as to whether an Event of Default exists.

     

    (c)       In
the case of any Pledged Receivables, the Transaction Liens with respect to the
Related Transferred Rights shall terminate automatically when such Pledged
Receivables become Transferred Receivables.  Such termination shall
not require the consent of any Secured Party.

     

    (d)      At
any time before the Transaction Liens terminate, the Administrative Agent may,
at the written request of the Borrowers Agent, (i)release any Collateral (but not all
or substantially all of the Collateral) with the prior written consent of the
Required Lenders or (ii)release all or
substantially all of the Collateral with the prior written consent of all the
Lenders.

     

    (e)       Upon
any termination of a Transaction Lien or release of Collateral, the
Administrative Agent will, at the expense of the relevant Lien Grantor, execute
and deliver to the Borrowers Agent such documents as the Borrowers Agent shall
reasonably request to evidence the termination of such Transaction Lien or the
release of such Collateral, as the case may be.

     

    SECTION
13.  Additional Lien
Grantors.  Any U.S. Affiliate of Lyondell may become a party
hereto upon the full execution and delivery to the Administrative Agent of a
Borrower Designation substantially in the form of Exhibit G to the Credit
Agreement, whereupon such Affiliate shall become a Borrower, and a Lien
Grantor.

     

    SECTION
14.  Notices.  Each
notice, request or other communication given to any party hereunder shall be
given in accordance with Section 10.01 of the Credit Agreement.

     

    SECTION
15.  No
Implied Waivers; Remedies Not Exclusive.  No failure by the
Administrative Agent or any Secured Party to exercise, and no delay in
exercising and no course of dealing with respect to, any right or remedy under
any Loan Document shall operate as a waiver thereof; nor shall any single or
partial exercise by the Administrative Agent or any Secured Party of any right
or remedy under any Loan Document preclude any other or further exercise thereof
or the exercise of any other right or remedy.  The rights and remedies
specified in the Loan Documents are cumulative and are not exclusive of any
other rights or remedies provided by law.

     

    
      
        
          
          

        

        
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    SECTION
16.  Successors and
Assigns.  This Agreement is for the benefit of the
Administrative Agent and the Secured Parties.  If all or any part of
any Secured Partys interest in any Secured Obligation is assigned or otherwise
transferred, the transferors rights hereunder, to the extent applicable to the
obligation so transferred, shall be automatically transferred with such
obligation.  This Agreement shall be binding on the parties hereto and
their respective successors and assigns.

     

    SECTION
17.  Amendments and
Waivers.  Neither this Agreement nor any provision hereof may
be waived, amended, modified or terminated except pursuant to an agreement or
agreements in writing entered into by the Administrative Agent, with the consent
of such Lenders as are required to consent thereto under Section 10.02 of the
Credit Agreement.  No such waiver, amendment or modification shall (i)
be binding upon any Lien Grantor, except with its written consent, or (ii)
materially and adversely affect the rights of a Secured Party (other than a
Lender) hereunder more adversely than it affects the comparable rights of the
Lenders hereunder, without the consent of such Secured Party.

     

    SECTION
18.  Choice
of Law.  This Agreement shall be construed and interpreted in
accordance with and governed by the laws of the State of New York.

     

    SECTION
19.  Intercreditor
Agreement.  Notwithstanding anything herein to the contrary,
the liens and security interests granted to the Administrative Agent and the
Secured Parties pursuant to this Agreement and the exercise of any right or
remedy by the Administrative Agent hereunder, in each case, with respect to the
Collateral are subject to the limitations and provisions of the Intercreditor
Agreement.  In the event of any conflict between the terms of the
Intercreditor Agreement and the terms of this Agreement with respect to the
Collateral, (other than with respect to Section 2(a) and Section 2(b) hereof) the
terms of the Intercreditor Agreement shall govern and control.

     

    
      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

    

    

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

     

    
      	 	
              LYONDELL
      CHEMICAL COMPANY,

            
	 	 
	 	 
	 	
              By:

            	/s/
      Karen A. Twitchell 
	 	 	
              Name: 
      Karen A. Twitchell

            
	 	 	
              Title:   
      Authorized Representative

            

    

     

    
      	 	
              EQUISTAR
      CHEMICALS, LP

              HOUSTON REFINING LP,

              as Lien Grantors

            
	 	 
	 	 
	 	
              By:

            	/s/
      Karen A. Twitchell 
	 	 	
              Name: 
      Karen A. Twitchell

            
	 	 	
              Title:   
      Authorized Representative

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              BASELL
      USA INC.

            
	 	 
	 	 
	 	
              By:

            	/s/
      Francesco Svelto 
	 	 	
              Name: 
      Francesco Svelto

            
	 	 	
              Title:   
      Authorized Representative

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    
      	 	
              CITIBANK,
      N.A.,

            
	 	
              as
      Administrative Agent

            
	 	 
	 	 
	 	
              By:

            	/s/
      Matthew Paquin 
	 	 	
              Name: 
      Matthew Paquin

            
	 	 	
              Title:   
      Vice President

            

    

    

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    EXHIBIT
A

     

    to
Security Agreement

     

    [PERFECTION
CERTIFICATE]

     

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      PERFECTION
CERTIFICATE

       

      December
20, 2007

       

      Reference
is hereby made to that certain Security Agreement dated as of December 20, 2007
(the “Security
Agreement”), among Lyondell Chemical Company, as Borrower's Agent, the
Lien Grantors party thereto and Citibank N.A., as Administrative Agent and
Collateral Agent.  Capitalized terms used but not defined herein have
the meanings assigned in the Security Agreement.

       

      The
undersigned hereby certify to the Administrative Agent as follows:

       

      
        	
                1.  

              	
                Names.

              

      

       

      (a) The exact
legal name of Borrower's Agent, each Lien Grantor, as such name appears in its
respective certificate of incorporation or any other organizational document, is
set forth in Schedule
1(a).  Each of Borrower's Agent and Lien Grantor is the type of
entity disclosed next to its name in Schedule
1(a).  Also set forth in Schedule
1(a) is the organizational identification number, if any, of Borrower's
Agent and each Lien Grantor and the jurisdiction of formation of Borrower's
Agent and each Lien Grantor.

       

      (b) Set forth
in Schedule
1(b) hereto are any other corporate or organizational names Borrower's
Agent and each Lien Grantor has had in the past five years, together with the
date of the relevant change.

       

      (c) Set forth
in Schedule
1(c) is a list of all other names used by Borrower's Agent and each Lien
Grantor, or any other business or organization to which Borrower's Agent and
each Lien Grantor became the successor by merger, consolidation, acquisition,
change in form, nature or jurisdiction of organization or otherwise, at any time
in the past five years.  Also set forth in Schedule 1(c)
is the information required by Section 1 of this certificate for any other
business or organization to which Borrower's Agent and each Lien Grantor became
the successor by merger, consolidation, acquisition, change in form, nature or
jurisdiction of organization or otherwise, at any time in the past five
years.  Except as set forth in Schedule
1(c), neither Borrower's Agent nor any Lien Grantor has changed its
jurisdiction of organization at any time during the past four
months.

       

      
        	
                2.  

              	
                Chief Executive
      Office.  The chief executive office of Borrower's Agent
      and each Lien Grantor is located at the address set forth in Schedule
      2 hereto.

              

      

       

      
        	
                3.  

              	
                Prior Chief Executive
      Offices.  Set forth in Schedule
      3 is the information required by Schedule
      2 with
      respect to any chief executive office previously maintained by Borrower's
      Agent and each Lien Grantor at any time during the past five
      years.

              

      

       

      
        	
                4.  

              	
                Extraordinary
      Transactions.  Within the last five years, except for
      those purchases or acquisitions in excess of $100,000,000 and other
      transactions described on Schedule
      4 attached hereto,
      all of the Collateral has been acquired by Borrower's Agent and each Lien
      Grantor in the ordinary course of
business.

              

      

       

      
        	
                5.  

              	
                File Search
      Reports.  Attached hereto as Schedule
      5 are the file search reports from the Uniform Commercial Code
      filing offices in each jurisdiction identified in Section 1(a) with
      respect to each legal name set forth in Section
  1.

              

      

       

      
        	
                6.  

              	
                UCC
      Filings.  Financing statements in the form attached as
      Schedule
      6 have
      been prepared for filing in the proper Uniform Commercial Code filing
      offices in the jurisdictions identified in Schedule
      7 hereof.

              

      

       

      
        	
                7.  

              	
                Schedule of
      Filings.  Attached hereto as Schedule
      7 is a schedule of the appropriate filing offices for the financing
      statements attached hereto as Schedule
      6.

              

      

       

      
        	
                8.  

              	
                Termination
      Statements.  Attached hereto as Schedule
      8 are the termination statements in the appropriate form for filing
      in each applicable jurisdiction.

              

      

       

      
        	
                9.  

              	
                Equity
      Interests.  Attached hereto as Schedule
      9 is a list of all of the authorized, and the issued and
      outstanding Equity Interests of LyondellBasell Receivables I, LLC and the
      record and beneficial owners of such Equity
  Interests.

              

      

       

      
        	
                10.  

              	
                Instruments.  Attached
      hereto as Schedule
      10 is a list of all promissory notes, instruments (other than
      checks to be deposited in the ordinary course of business) and other
      evidence of indebtedness and obligations owed by LyondellBasell
      Receivables I, LLC to Borrower's Agent and each Lien
    Grantor.

              

      

       

      
        	
                11.  

              	
                Accounts.  Attached
      hereto as Schedule
      11 is the account number, type of account and name and address of
      the financial institution for each of the Inventory Concentration Account,
      the Sweep Account and the Cash Collateral
  Account.

              

      

      

      [Signature Page
Follows]

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, we have
hereunto signed this Perfection Certificate as the day and year first above
written.

       

      LYONDELL
CHEMICAL COMPANY, as

       

      Borrower's
Agent

       

      
        	
                 
      

              	
                By:

              	
                ___________________________

              

      

       

      
        	
                 
      

              	
                Name:

              

      

       

      
        	
                 
      

              	
                Title:
      Authorized Officer

              

      

       

      EQUISTAR
CHEMICALS, LP, as

       

      Lien
Grantor

       

      
        	
                 
      

              	
                By:

              	
                ____________________________

              

      

       

      
        	
                 
      

              	
                Name:

              

      

       

      
        	
                 
      

              	
                Title:
      Authorized Officer

              

      

       

       

      HOUSTON
REFINING LP, as Lien Grantor

       

      
        	
                 
      

              	
                By:

              	 	 

      

       

       

      
        	
                 
      

              	
                Name:

              

      

       

       

      
        	
                 
      

              	
                Title:

              	
                Authorized
      Officer

              

      

       

       

      BASELL
USA INC., as Lien Grantor

       

      
        	
                 
      

              	
                By:

              	 	 

      

       

       

      
        	
                 
      

              	
                Name:

              

      

       

       

      
        	
                 
      

              	
                Title:

              	
                Authorized
      Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]