Document:

EXHIBIT 10.4

 23 SEPTEMBER 2009 
 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 (the Senior Units Subscriber, the Bank or the Purchaser) 
 PARIS TITRISATION 
 (the Management Company acting for the
account of FCT Val Duchesse - Titrisation) 
 SOCIÉTÉ GÉNÉRALE 
 (as the Administrative Agent or the Custodian) 
 ANTALIS S.A. 
 WABCO FRANCE S.A.S. 

(the French Seller) 
 WABCO FAHRZEUGSYSTEME GMBH 
 (the German Seller) 
 WABCO AUTOMOTIVE ITALIA SRL 
 (the Italian Seller) 
 WABCO FINANCIAL SERVICES SPRL

 (the Depositor and the Seller’s Agent) 
 WABCO EUROPE SPRL 
 (the Insurance Servicer) 
  
  
 MASTER
DEFINITIONS AGREEMENT 
  
  
 

 
 Freshfields Bruckhaus Deringer LLP 

 TABLE OF CONTENTS 
  

					
	 CLAUSE
	  	PAGE
	1.	  	  Interpretation	  	2
			
	2.	  	  Definitions	  	2
			
	3.	  	  General interpretation	  	30
			
	4.	  	  Notices	  	31
			
	5.	  	  Governing Law and Jurisdiction	  	34
		
	 Schedule 1 Criteria for Relevant Receivables
	  	37
		
	 Schedule 2 Eligibility Criteria
	  	41
		
	 Schedule 3 Early Amortisation Event
	  	42
		
	 Schedule 4 Officer’s Certificate
	  	46

  

 i 

 THIS MASTER DEFINITIONS AGREEMENT is made on 23 September 2009 
 BETWEEN: 
  

	(1)	SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V., a public limited liability company (naamloze vennootschap) incorporated under the laws
of the Netherlands and licensed as a credit institution and having its registered office at Amstelplein 1, 1096 HA Amsterdam, The Netherlands registered with the Trade Register of the Chamber of Commerce at Amsterdam, The Netherlands under n° 33
196 218, represented for the purposes hereof by a duly authorised representative whose name appears on the signature page (the Senior Units Subscriber, the Bank or the Purchaser); 

 

	(2)	PARIS TITRISATION, a société anonyme incorporated under the laws of France, licensed by the Autorité des marchés financiers as a
société de gestion, whose registered office is located at 17, Cours Valmy, 92972 Paris La Défense (France), registered with the Trade and Companies Register of Nanterre (Registre du Commerce et des Sociétés de
Nanterre) (France) under number 379 014 095, represented for the purposes hereof by a duly authorised representative whose name appears on the signature page, acting for itself and for the account of the fonds commun de titrisation named
‘FCT - Val Duchesse - Titrisation’ (the Management Company acting for the account of the FCT); 

  

	(3)	SOCIÉTÉ GÉNÉRALE S.A., a société anonyme incorporated under the laws of France, whose registered office is at
29, boulevard Haussmann, 75009 Paris (France), registered with the Trade and Companies Register of Paris under number 552 120 222, licensed as a credit institution in France by the Comité des Établissements de Crédit et des
Entreprises d’Investissement, represented for the purposes hereof by a duly authorised representative whose name appears on the signature page (the Custodian, the FCT Account Bank or the Administrative
Agent); 

  

	(4)	ANTALIS S.A., a société anonyme incorporated under the laws of France, having its registered office at 127, rue Amelot, 75011 Paris, France,
registered with the Trade and Companies Register of Paris (France), under number 335 076 220, (Antalis); 

  

	(5)	WABCO FINANCIAL SERVICES SPRL, a Belgian company with its registered office at Chaussée de Wavre 1789, box 15, Brussels 1160, Belgium (the Depositor
and the Seller’s Agent); 

  

	(6)	WABCO FRANCE S.A.S., a société par actions simplifiée incorporated under the laws of France registered under number R.C.S. Meaux B
313 497 786 and having its registered office at 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly, France (the French Seller); 

  

	(7)	WABCO FAHRZEUGSYSTEME GMBH, a limited liability company (Gesellschaft mit beschränkter Haftung) with its registered office at Am Lindener Hafen 21,
30453 Hannover, Germany, (registered under HRB 60743 at the commercial register (Handelsregister) of the local court (Amtsgericht) in Hannover) (the German Seller); and 

  

 1 

	(8)	WABCO AUTOMOTIVE ITALIA SRL, an Italian company with its registered office at registered office at Galleria San Federico 54, CAP 10128, Torino, Italy registered
with the Commercial and Companies Registry of Turin under number 09883750151 (the Italian Seller); 

  

	(9)	WABCO EUROPE SPRL, a Belgian company with its registered office at Chaussee de Wavre 1789, 1160 Brussels, enterprise number 475.956.135, RPM/RPR Brussels (the
Insurance Servicer); 

 1. INTERPRETATION 
 Capitalised terms in this Master Definitions Agreement shall, except where the context otherwise requires, have the meanings given to them in Clause 2.1 (as
it may be amended, varied or supplemented from time to time) and this Master Definitions Agreement shall be construed in accordance with the principles of construction set out in Clause 3. 
 2. DEFINITIONS 
 In any
Transaction Documents or other agreement, letter or document expressly and specifically incorporating by reference this Master Definitions Agreement or to which this Master Definitions Agreement is expressed to apply, the following expressions
shall, except where the context otherwise requires and except where otherwise defined therein, have the following meanings: 
 Acceptance
Letter means an acceptance letter delivered by the Purchaser to a Seller pursuant to and in accordance with a Receivables Purchase and Servicing Agreement. 
 Additional Deposit means the additional deposit described as such and made by the Depositor with the Bank on (i) the Initial Settlement Date, and (ii) on each Settlement Date, in
each case in accordance with the provisions of the Subordinated and Additional Deposits and Payments Agreement; 
 Additional Deposit
Aggregate Outstanding Amount means, at any time, the aggregate amount of the Additional Deposit paid by the Depositor on the Initial Settlement Date or on any Settlement Date, as the case may be, to the extent not repaid or discharged as of
such time; 
 Additional Deposit Required Amount means the amount as determined in accordance with Clause 9.2 of the Subordinated
and Additional Deposits and Payments Agreement; 
 Additional Payment has the meaning given to it in Clause 18 (Stamp Duty and
Taxes) of the German Receivables Purchase and Servicing Agreement and the Italian Receivables Purchase and Servicing Agreement and in Clause 22 (Stamp Duty and Taxes) of the French Receivables Purchase and Servicing Agreement; 

 

 2 

 Administrative Agent has the meaning ascribed to such term in the Units Administration
Agreement; 
 Affiliate means, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity
that controls, directly or indirectly, the person or any entity directly or indirectly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting
power of the entity or person; 
 Agreement Expiry Date means the earlier of the following: 
  

	(a)	the first Business Day after the Commitment Termination Date on which the Bank’s Funding and all other amounts due to the Bank under all Transaction Documents have
been repaid or paid in full; or 

  

	(b)	the first anniversary of the Commitment Termination Date; 

 Amortisation Period means the period beginning on, and including, the Commitment Termination Date; 
 Ancillary Rights means, in respect of: 
  

	(a)	any Receivable, the right to serve notice to pay or repay, to recover and/or to grant a discharge in respect of the whole or part of the amounts due or to become due in
connection with such Receivable from the relevant Debtor (or from any other person having granted any Collateral Security); 

  

	(b)	any Receivable, the benefit of any and all undertakings assumed by the relevant Debtor (or by any other person having granted any Collateral Security) in connection
with such Receivable pursuant to the relevant Contracts; 

  

	(c)	any Receivable, the benefit of any and all actions against the relevant Debtor (or against any other person having granted any Collateral Security) in connection with
such Receivable pursuant to the relevant Contracts; and 

  

	(d)	any Receivable, the benefit of any Collateral Security attached, whether by operation of law or on the basis of the Contracts or otherwise, to such Receivable;

 and in respect of any German Receivable (in addition to (a) to (d) above): 
  

	(e)	the related claims and rights described in Clause 4.3(a) and (b) of the German Receivables Purchase and Servicing Agreement; 

 Antalis means Antalis S.A., a société anonyme incorporated under the laws of France, having its registered office at 127,
rue Amelot, 75011 Paris, France, registered with the Trade and Companies Register of Paris (Registre du Commerce et des Sociétés de Paris) (France), under number 335 076 220; 
  

 3 

 Applicable Terms and Conditions has the meaning given in the relevant Receivables Purchase and Servicing
Agreement; 
 Assessment Date means an Intermediate Assessment Date or a Monthly Assessment Date; 
 Assessment Period means each period commencing on (but excluding) an Assessment Date and ending on (and including) the following Assessment Date;

 Associated Refinancing means, in relation to any Tranche, a refinancing transaction the amount of which is applied exclusively to fund such
Tranche; 
 Average Collection Period means a period of days, calculated on any Monthly Calculation Date, equal to: 
 A x B 
 where: 
 A is the greater of (i) one and (ii) the fraction, the numerator of which is the aggregate Outstanding Amount of all Relevant Receivables as of
the immediately preceding Monthly Assessment Date and the denominator of which is the total amount of Collections received during the most recently ended Monthly Collection Period in respect of Relevant Receivables; and 
 B is 30; 
 Bank’s Account means the
account in the Bank’s name opened by the Bank in the books of Société Générale, Amsterdam branch, for the purposes of this agreement and having the reference
                                         
                                         
              ), or such other account numbers as may be agreed between the parties from time to time. 
 Bank’s Funding means, at any time, the funding raised by the Bank from sources other than from the Depositor by way of a Subordinated Deposit or an Additional Deposit, in order to finance the
purchase and holding of Purchased Receivables and Senior Units; 
 Bank’s Funding Limit means, from time to time: 
  

	(a)	subject to paragraph (b) below, the Maximum Amount of the Bank’s Funding, or 

  

	(b)	if such amount is temporarily reduced in accordance with Clause 21.10 of the Subordinated and Additional Deposits and Payments Agreement, the amount to which it is so reduced;

 Bank’s Funding Outstanding Amount means, at any time, the aggregate outstanding amount at that time of payments funded by
the Bank from sources other than from the Depositor by way of a Subordinated Deposit or an Additional Deposit, which have not been repaid out of the allocation of Receipts; 
  

 4 

 Bank’s Funding Required Amount means, on any Calculation Date during the Revolving
Period, the amount determined by or on behalf of the Purchaser as the lower of: 
  

	(a)	the Bank’s Funding Limit; and 

  

	(b)	A x (1-B), 

 where: 

 

	 	(i)	A is the Net Pool Balance, and 

  

	 	(ii)	B is the Reserve Percentage, 

 in
each case of (i) and (ii) above as calculated on such Assessment Date, but taking into account the Relevant Receivables to be transferred on the immediately following Settlement Date; 
 Bank’s Percentage means: 
  

	(a)	on any Settlement Date during the Revolving Period, the percentage, as calculated on the immediately preceding Calculation Date, but taking into account the Relevant
Receivables to be transferred on the immediately following Settlement Date, which 

  

	 	(i)	the aggregate amount of the Bank’s Funding Required Amount and the Subordinated Deposit Required Amount less the outstanding amount of Ineligible Receivables and
less the outstanding amount of Excess Concentrations on such date, bears to 

  

	 	(ii)	the Net Pool Balance; 

  

	(b)	at any time during the Amortisation Period, the percentage calculated as of the Settlement Date immediately preceding the commencement of the Amortisation Period in
accordance with paragraph (a); 

 Bank’s Share of Receipts means an amount initially equal to zero (0), which
shall be: 
  

	(a)	increased, on any Settlement Date, by an amount equal to the product of: 

  

	 	(i)	the Receipts in respect of the Assessment Period ending immediately prior to such Settlement Date, and 

  

	 	(ii)	the Bank’s Percentage determined on the Calculation Date falling during the Assessment Period ending immediately prior to such Settlement Date; and

  

	(b)	allocated in accordance with the Order of Priorities; 

  

 5 

 BT Rate means, in relation to an Associated Refinancing carried out or to be carried out
through the issuance of billets de trésorerie, the rate declared by Antalis to be its cost of funds, expressed as a percentage rate per annum, incurred in issuing such billets de trésorerie; 
 Business Day means any day (other than a Saturday or a Sunday) on which banks and foreign exchange markets are open for business in Paris,
Frankfurt, Milan and Amsterdam, and which is a TARGET Day; 
 Calculation Date means an Intermediate Calculation Date or a Monthly
Calculation Date; 
 Capital Lease Obligations of any Person means the obligations of such Person to pay rent or other amounts
under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under
GAAP applied on a consistent basis and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalised amount thereof at such time determined in accordance with GAAP applied on a consistent basis; 

Closing Date means 23 September 2009; 
 Collateral Security means, in respect of any Receivable, any guarantee or security (including, without limitation, any indemnity, insurance, including, for the avoidance of doubt, the
Insurance Policy, pledge, mortgage, privilege, security, cash deposit or other agreement or arrangement of any nature whatsoever) granted by a Debtor or a third party in order to guarantee the payment of any amount owed by, and/or the fulfilment of
the obligations of, such Debtor in connection with such Receivable; 
 Collection means: 
  

	(a)	with respect to any Purchased Receivable, all cash collections and other cash proceeds (including, without limitation, bank transfers, wire transfers, cheques, bills of
exchange and direct debits) relating to that said Purchased Receivable and received from the relevant Debtor during any Assessment Period; and 

  

	(b)	any Deemed Collection; 

 Collection
Account Income means all net income earned on the balance standing from time to time to the Purchaser Collection Accounts, including interest paid on the Purchaser Collection Accounts and net investment income to the extent such balance is
reinvested in overnight money market funds or other short-term, liquid investments, as determined by the Bank in its capacity as holder of the Senior Units and as the entity in whose name the German Purchaser Collection Accounts and the Italian
Purchase Collection Account are held; 
  

 6 

 Commitment Termination Date means the earliest of the following dates: 
  

	(a)	22 September 2010, as such date may be extended as follows: 

  

	 	(i)	subject to sub-paragraph (ii) below, at any time between 60 and 30 days before the Commitment Termination Date, the Seller’s Agent (on behalf of the Obligors)
may request the Bank in writing to extend the Commitment Termination Date; 

  

	 	(ii)	the Bank may agree to extend the Commitment Termination Date by entering into an amendment letter relating to this Agreement with the Obligors to that effect, provided
that 

  

	 	(A)	the new Commitment Termination Date shall not be later than the earlier of: 

  

	 	(I)	364 days from the date upon which such extension comes into effect; and 

  

	 	(II)	the fifth anniversary date of the Closing Date; 

  

	 	(B)	any agreement of the Bank under sub-paragraph (i) above, shall be subject to, inter alia, the condition that 

  

	 	(I)	the Rating Agencies have first been informed of such contemplated extension and 

  

	 	(II)	the Rating Agencies have first confirmed that the contemplated extension will not entail a deterioration or withdrawal of the current rating of the billets de
trésorerie, the euro commercial paper or US commercial paper issued by Antalis or the USCP Issuer, or that the contemplated extension will reduce such deterioration (if any) or prevent such withdrawal (if any), and

  

	 	(III)	the Bank has received a new Officers’ Certificate and Solvency Certificate in relation to each Obligor in accordance with the relevant Receivables Purchase and
Servicing Agreement; and 

  

	 	(iii)	the Bank shall notify the Obligors (through the Seller’s Agent) of its decision on such extension not later than 30 days prior to the existing Commitment
Termination Date (and if the Bank agrees to the extension, sub-paragraph (i) of the definition of Commitment Termination Date shall be amended to refer to the new date applicable); 

  

	(b)	any date notified as such by the Bank to the Seller’s Agent on or after any of: 

  

	 	(i)	the occurrence of an Early Amortisation Event; or 

  

 7 

	 	(ii)	the occurrence of the FCT Liquidation Date; or 

  

	 	(iii)	the occurrence of any of the circumstances described in Clause 20.3 (Taxes) of the Subordinated and Additional Deposits and Payments Agreement; or

  

	 	(iv)	the Maximum Amount of Bank’s Funding is cancelled or reduced to below €50,000,000, as may be amended from time to time; 

 Condition Precedent has the meaning given to it in Clause 6 or 7 or 8, as the case may be, of the relevant Receivables Purchase and Servicing
Agreement; 
 Contract means any document or contractual agreement between a Seller and a Debtor, including without limitation the
relevant contract, Invoice, order, negotiable instruments issued in respect of such contract as the case may be, and general or particular terms and conditions; 
 Credit Agreement means the five-year credit agreement dated 31 May 2007 and made between the Guarantor, JPMorgan Chase Bank, N. A. as “Administrative Agent”, “Issuing
Bank” and “Swingline Lender”, J.P. Morgan Europe Limited as “London Agent”, ABN AMRO Bank N.V. as “Syndication Agent” and Bank of America, N.A., BNP Paribas and Citibank, N. A. as “Documentation Agents”,
and others; 
 Custodian means Société Générale acting in its capacity as custodian of the FCT
pursuant to the FCT Regulations; 
 Daily Report means each report to be transmitted in a readable format on each Business Day
electronically by a Seller to the Purchaser which shall contain all Debtor and Receivable Data in relation to each Relevant Receivable existing on such Business Day; 
 Debit Note means any invoice or note issued by a Debtor in respect of goods or services provided by such Debtor to a Seller; 
 Debtor means, with respect to a Receivable, the principal obligor of such Receivable; 
 Debtor and Receivable Data has the meaning given to it in Clause 2 or 3 (Offer to Sell) of the relevant Receivables Purchase and Servicing Agreement; 
 Deemed Collection means any amount payable to any Purchaser during any Assessment Period in respect of a Dilution or in any of the other circumstances stated to give rise to a Deemed
Collection in the relevant Receivables Purchase and Servicing Agreement; 
 Default Base means, in relation to any Monthly
Collection Period (the Relevant Collection Period), the total Outstanding Amount of Relevant Receivables which had a Due Date falling during the Monthly Collection Period which was 3 Monthly Collection Periods prior to the Relevant
Collection Period; 
  

 8 

 Default Ratio means, in relation to any Monthly Collection Period, the ratio determined as of the Monthly
Calculation Date immediately following that Monthly Collection Period by dividing: 
  

	(a)	the aggregate Outstanding Amount of Relevant Receivables which became Defaulted Receivables during such Monthly Collection Period; by 

  

	(b)	the Default Base relating to such Monthly Collection Period; 

 Default Reserve Percentage means, in relation to any Monthly Collection Period, the percentage determined on the Monthly Calculation Date immediately following that Monthly Collection Period by multiplying: 
  

	(a)	2.25; 

  

	(b)	the Expected Defaults; and 

  

	(c)	the Loss Horizon Ratio; 

 Defaulted Receivable means, at any
time, any Purchased Receivable: 
  

	(a)	which remains unpaid by the relevant Debtor more than 90 calendar days after the corresponding Due Date; or 

  

	(b)	is owed by a Debtor which is Insolvent or subject to Insolvency Proceedings, and which has not been counted under (a) above; or 

  

	(c)	which has been written off in accordance with the relevant General Policies and Procedures Manual and has not been counted under (a) or (b) above;

 Delinquency Ratio means the ratio determined on any Monthly Calculation Date by reference to the immediately preceding Monthly
Assessment Date and expressed as a percentage, obtained by dividing (A) the aggregate Outstanding Amount of the Delinquent Receivables by (B) the aggregate Outstanding Amount of the Relevant Receivables; 
 Delinquent Receivable means, at any time, any Relevant Receivable which: 
  

	(a)	remains unpaid by the relevant Debtor more than 60 calendar days after the corresponding Due Date; and 

  

	(b)	is not a Defaulted Receivable; 

 Depositor means WABCO
Financial Services SPRL in its capacity as a depositor under the Subordinated and Additional Deposits and Payments Agreement; 
 Depositor’s
Account means the account of the Depositor with the Bank having the references
                                         
               
                                        );

 Depositor’s Percentage means 1 minus the Bank’s Percentage; 
  

 9 

 Depositor’s Share of Receipts means an amount initially equal to zero (0), which shall
be: 
  

	(a)	increased on each Settlement Date, by an amount equal to the product of: 

  

	 	(i)	the Receipts in respect of the Assessment Period ending immediately prior to such Settlement Date, and 

  

	 	(ii)	the most recently determined Depositor’s Percentage; and 

  

	(b)	allocated in accordance with the Order of Priorities; 

 Dilution means, in relation to any Purchased Receivable, the amount of any credit note, refund, commercial discount, allowance, reverse invoice, discharge by way of set-off or decrease in the face value of any Purchased
Receivable permitted or issued by any Seller; 
 Dilution Ratio means, in relation to any Monthly Collection Period, the ratio
computed on the following Monthly Calculation Date by reference to the latest Monthly Assessment Date on which such Monthly Collection Period ends by dividing: 
  

	(a)	the aggregate amount of Dilutions related to Relevant Receivables, having arisen during such Monthly Collection Period; and 

  

	(b)	the Outstanding Amount of all Relevant Receivables as of the Monthly Assessment Date prior to the latest Monthly Assessment Date; 

 Dilution Reserve Percentage means, in relation to any Monthly Collection Period, the higher of the two following rates determined as of the
relevant Monthly Calculation Date: 
  

	(a)	8 per cent.; and 

  

	(b)	the product of 

  

	 	(i)	the Three-Month Average Dilution Ratio, as of such Monthly Calculation Date; and 

  

	 	(ii)	2.25; 

 Due Date means, in respect
of any Receivable, the date on which such Receivable is expressed to be payable in the relevant Invoice or Contract; 
 Early Amortisation
Event has the meaning set out in Schedule 3 to this Agreement; 
 Effective Date means, in relation to any Associated
Refinancing, the Business Day on which any amount raised under such Associated Refinancing is applied by the Bank to a Tranche; 
 Eligibility Criteria means the criteria set out and described as such in Schedule 2; 
  

 10 

 Eligible Bank means a credit institution duly licensed under the laws and regulations of
France or of any other Member State of the European economic area (Espace économique européen), the short term unsecured and unsubordinated debt obligations of which are rated at least A-1 by Standard & Poor’s and
P-1 by Moody’s; 
 Eligible Investments means any of the investments in which the Management Company is entitled to invest
the FCT Cash pursuant to the FCT Regulations; 
 Eligible Offered Receivable means at any time, any Eligible Receivable that is
offered for purchase pursuant to the relevant Receivables Purchase and Servicing Agreement; 
 Eligible Receivable means, at any
time, any Relevant Receivable satisfying, at such time, the Eligibility Criteria; 
 EONIA means the reference rate known as the
Euro Overnight Index Average in the form of the rate listed under the aegis of the European Central Bank and published at approximately 7.00 p.m. (Brussels time), by TELERATE (page 247) or REUTERS (page EONIA) (or whatever page that may be
substituted therefore), and published (a) in relation to any Associated Refinancing based on the EONIA, one Business Day after the Effective Date of such Associated Refinancing, for the period of such Associated Refinancing and (b) in any
other cases, one Business Day following the date when sums due shall bear interest at such rate; 
 EUR or Euro
or € means the lawful currency of those member states of the European Union that have adopted the single currency as defined under Clause 109-L 4 of the European Union Treaty and under Regulation (CE) n°974/98 of
3 May 1998; 
 EURIBOR means, in relation to a whole number of months and in relation to any Associated Refinancing based on
EURIBOR for such number of months, the reference rate per annum known as the European Inter-Bank Offered Rate in the form of the rate listed under the aegis of the European Banking Federation and published at approximately 11.00 a.m. (Brussels
time), by TELERATE (page 248 and 249) or REUTERS (page EURIBOR) (or whatever page that may be substituted therefore), two Business Days before the Effective Date of such Associated Refinancing, for a period of the relevant number of months
commencing on the Effective Date of such Associated Refinancing; 
 EURIBOR 1 month means, in relation to any Associated
Refinancing based on the EURIBOR 1 month, the reference rate known as the European Inter-Bank Offered Rate in the form of the rate listed under the aegis of the European Banking Federation and published at approximately 11.00am (Brussels time), by
TELERATE (page 248 and 249) or REUTERS (page EURIBOR) (or whatever page that may be substituted therefore), two Business Days before the Effective Date of such Associated Refinancing, for a period of one month commencing on the Effective Date of
such Associated Refinancing; 
 EURIBOR Plus Rate means, in relation to a whole number of months, the EURIBOR for such number of
months, plus a margin of one (1) per cent. or any such other margin as may be agreed from time to time between the Bank and the Depositor (on behalf of the Sellers); 
  

 11 

 Euro CP Rate means, in relation to an Associated Refinancing carried out or to be carried out
through the issuance of euro commercial paper, the rate declared by Antalis to be its cost of funds, expressed as a percentage rate per annum, incurred in issuing such euro commercial paper;  
 Excess Concentration means, on any Assessment Date: 
  

	(a)	zero, if the Total Excess Concentration is zero; or 

  

	(b)	the contribution of Eligible Receivables included in the Total Excess Concentration; 

 where: 
 Total Excess Concentration means the sum of W, X, Y and Z
where: 
  

	 	(i)	“W” is, for every Debtor bearing a short-term rating of A-1 or A-1+ or P1 or being subject to an equivalent credit rating, whether public or not, by the
Rating Agencies, the aggregate of the positive differences, if any, between: 

  

	 	(A)	the aggregate Outstanding Amount of Eligible Receivables owing by each such Debtor; and 

  

	 	(B)	20 per cent. of the aggregate Outstanding Amount of all Eligible Receivables; 

  

	 	(ii)	“X” is, for every Debtor bearing a short-term rating of A-2 or P2 or being subject to an equivalent credit rating, whether public or not, by the Rating
Agencies, the aggregate of the positive differences, if any, between: 

  

	 	(A)	the aggregate Outstanding Amount of Eligible Receivables owing by each such Debtor bearing such rating; and 

  

	 	(B)	10 per cent. of the aggregate Outstanding Amount of all Eligible Receivables; 

  

	 	(iii)	“Y” is, for every Debtor bearing a short-term rating of A-3 or P3 or being subject to an equivalent credit rating, whether public or not, by the Rating
Agencies, the aggregate of the positive differences, if any, between: 

  

	 	(A)	the aggregate of the Outstanding Amount of Eligible Receivables owing by each such Debtor; and 

  

	 	(B)	6.5 per cent. of the aggregate of the Outstanding Amount of all Eligible Receivables; 

  

 12 

	 	(iv)	“Z” is, for every Debtor bearing no short-term rating or a non-prime rating or being non investment grade, the aggregate of the positive differences, if any,
between: 

  

	 	(A)	the aggregate Outstanding Amount of Eligible Receivables owing by each such Debtor; and 

  

	 	(B)	4 per cent. of the aggregate Outstanding Amount of all Eligible Receivables, 

 provided that in relation to this definition, (A) if a Debtor is an Affiliate of another Debtor, the above calculations for such Debtors
shall be performed as if such Debtors were one Debtor and (B) if a Debtor’s credit rating from each Rating Agency is not the same, the less favourable rating shall apply; 
 Expected Defaults means, on any Monthly Calculation Date, the greater of (i) the Three-Month Average Default Ratio on such Monthly Calculation Date and (ii) the highest Three-Month
Average Default Ratio calculated on any of the preceding eleven (11) Monthly Calculation Dates; 
 Face Amount means, in
respect of a Receivable, the amount identified in the relevant Invoice that corresponds to the consideration for goods or services sold or provided by a Seller to a Debtor pursuant to the relevant Contract, which amount is due and payable on the Due
Date by such Debtor to such Seller; 
 FCT means the French fonds commun de titrisation known as “FCT - Val Duchesse
-Titrisation” jointly created by the Management Company and the Custodian, governed by the provisions of Articles L. 214-42-1 to L. 214-49-14 and any other law, decree or regulations that may be applicable to the fonds commun de
titrisation of the French Monetary and Financial Code and the FCT Regulations; 
 FCT Account Agreement means the agreement
entered into on or before the FCT Establishment Date between the Management Company, the Custodian and the FCT Account Bank under which the Management Company has proposed to the Custodian, and the Custodian has accepted that the FCT Account Bank
opens and maintains the FCT Transaction Account; 
 FCT Account Bank means Société Générale S.A. in
its capacity as account bank of the FCT or any successor thereto being an Eligible Bank; 
 FCT Cash means any cash standing from
time to time to the credit of the FCT Transaction Account or any other account or sub-account opened in the name of the FCT; 
 FCT
Establishment Date means the Initial Settlement Date, on which the FCT will first purchase Relevant Receivables from the French Seller; 
 FCT Fee means the fees payable by the FCT, without any limitation, to the Management Company, the Custodian, the FCT Account Bank as set out in Clause 25 (FCT Fees and expenses) of the FCT Regulations; 
  

 13 

 FCT Liquidation Date means the date on which the Management Company decides to liquidate the
FCT, in accordance with Section VIII of the FCT Regulations and Clause 18.1 of the French Receivables Purchase and Servicing Agreement and in accordance with Article L.214-49-10 of the French Monetary and Financial Code;  
 FCT Liquidation Surplus means the amount remaining (boni de liquidation) after the application of the relevant FCT Order of Priority on the FCT
Liquidation Date; 
 FCT Order of Priority means any of the orders of priority which shall be applied by the Management Company in the payment
(or the provision for payment, where relevant) of all debts due and payable by the FCT to any of its creditors, as set out in clause 15 of the FCT Regulations; 
 FCT Statutory Auditor means Mazars, having its registered office at Le Vinci, 4, allée de l’Arche, 92075 La Défense Cedex (France); 
 FCT Transaction Account means the bank account opened by the Management Company in the name of the FCT with the FCT Account Bank under the following references
(                                        ), or
any other bank account which may be substituted to the relevant bank account; 
 FCT Transaction Documents means: 
  

	(a)	the FCT Regulations; 

  

	(b)	the Units Administration Agreement; 

  

	(c)	the French Receivables Purchase and Servicing Agreement; 

  

	(d)	the Senior Units Subscription Agreement; 

  

	(e)	the Residual Units Subscription Agreement; 

  

	(f)	the FCT Account Agreement; and 

  

	(g)	any other agreement, instrument, or document executed pursuant to or in connection with any of the documents referred to in paragraph (a) to (f) above;

 Floating Rate means, for the purposes of the calculation of default interest in accordance with the terms of any Transaction
Document, EONIA; 
 File means, with respect to any Receivable: 
  

	(a)	all agreements, correspondence, notes, instruments, books, books of account, registers, records and other information and documents (including, without limitation, computer
programmes, tapes or discs) in possession of each Seller or delivered by such Seller to the relevant Servicer, if applicable; and 

  

	(b)	the Contract, 

 relating to such Receivable and to the corresponding
Debtor; 
  

 14 

 French Purchaser Collection Account means the account of the French Purchaser with Société
Générale Paris-Opéra having the references: “WABCO FRANCE - FCT Val Duchesse Titrisation 03620 00003205512-13”; 
 French Receivable means any Receivable offered for sale, sold or purported to be sold pursuant to the French Receivables Purchase and Servicing Agreement; 
 French Receivables Purchase and Servicing Agreement means the receivables purchase and servicing agreement dated as of 23 September 2009, between the French Seller and the Management Company and the
Custodian pursuant to which the French Seller has agreed to sell Receivables originated by it in France to the FCT, and has agreed to act as servicer in respect of such Receivables, in accordance with the terms and subject to the conditions
contained therein; 
 French Seller means WABCO France S.A.S.; 
 French Servicer means the French Seller, acting as servicer; 
 GAAP means generally accepted
accounting principles in the United States of America; 
 General Policies and Procedures Manual means, in relation to each Seller and
Servicer, the materials describing the standard operating, underwriting, credit and collection criteria, procedures, policies and practices employed by such Seller and Servicer, as notified in writing and/or transmitted in electronic form to the
Purchaser on or prior to the date hereof, as they may be modified from time to time subject to and in accordance with the Transaction Documents; 
 German Purchaser Collection Account means the account of the Purchaser with Société Générale Frankfurt having the references: “WABCO Deutschland -
                                         
                                       ); 

German Receivable means any Receivable offered for sale, sold or purported to be sold pursuant to the German Receivables Purchase and Servicing
Agreement;  
 German Receivables Purchase and Servicing Agreement means the receivables purchase and servicing agreement dated
as of 23 September 2009, between, inter alia, each German Seller, each German Servicer and the Purchaser pursuant to which each German Seller has agreed to sell Receivables originated by it to the Purchaser, and has agreed to act as
servicer in respect of such Receivables, in accordance with the terms and subject to the conditions contained therein; 
 German Seller means
Wabco Fahrezeugsysteme GmbH; 
 German Servicer means the German Seller, acting as servicer; 
 Governmental Authority means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government; 
  

 15 

 Group means the Parent and its direct or indirect subsidiaries; 
 Guarantee of or by any person means any obligation, contingent or otherwise, of such person guaranteeing or having the economic effect of
guaranteeing any Indebtedness of any other person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such person, direct or indirect, (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness, (b) to purchase property, securities or services for the purpose of
assuring the owner of such Indebtedness of the payment of such Indebtedness or (c) to maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay
such Indebtedness; provided, however, that the term Guarantee shall not include endorsements for collection or deposit, in either case in the ordinary course of business. The amount of any Guarantee shall be deemed to equal the stated or
determinable amount of the primary obligation in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such person is required to perform thereunder);
provided, however, that the amount of any Guarantee that, by its terms, limits the amount payable thereunder to a stated or determinable amount shall not exceed such stated or determinable amount; 
 Guarantee and Subordination Agreement means the guarantee and subordination agreement dated as of 23 September 2009, between, inter
alia, the Parent, the Purchaser and the French Purchaser; 
 Guarantee Event means each of the events or circumstances set out
below: 
  

	(a)	the Guarantor shall default in the observance or performance of any provision of the Guarantee and Subordination Agreement which default is not remedied within 30 days
(or 60 days if (x) such default is capable of being cured, (y) a cure of such default will require more than 30 days and (z) the Guarantor is proceeding to effect a cure of such default) after notice thereof to the Guarantor by either
the FCT or the Purchaser, as Beneficiary, 

  

	(b)	any representation or warranty made (or deemed made) pursuant to the Guarantee and Subordination Agreement, or in any statement or certificate furnished by the
Guarantor pursuant to Guarantee and Subordination Agreement proves untrue in any material respect as of the date of the making (or deemed making) thereof, and such untrue representation or warranty (if capable of remedy before the expiry of such
period) continues unremedied for a period of three (3) calendar days from the date either Beneficiary gives notice to the Guarantor requiring the same to be remedied, 

  

	(c)	the Guarantor fails to pay any amount due under the Guarantee and Subordination Agreement, unless its failure to pay is caused by technical or administrative error in
the transmission of funds and payment is made within one (1) Business Day of its due date; 

  

 16 

 Indebtedness of any person means, without duplication, (a) all obligations of such person
for money borrowed or raised (excluding all Securitization Transactions that are accounted for as true sales of accounts receivable and not as liabilities on the consolidated balance sheets of such Person, but including Securitization Transactions
accounted for as liabilities on the consolidated balance sheets of such Persion), (b) all obligations of such person (other than accounts payable and other similar items arising in the ordinary course of business) for the deferred payment of
the purchase price of property or services which would appear as liabilities on a balance sheet of such person, (c) all Capital Lease Obligations of such person, (d) all Guarantees by such person of obligations of others that otherwise
constitute Indebtedness and (e) all obligations (contingent or otherwise) of such person as an account party in respect of letters of credit issued to secure payment obligations that otherwise constitute Indebtedness; 
 Ineligible Receivable means any Relevant Receivable held against a Debtor and which is not an Eligible Receivable; 
 Information Date means the Business Day falling 3 Business Days before each Settlement Date; 
 Initial Assessment Date means the date described as such in a separate letter agreement between the Bank and the Seller’s Agent;

 Initial Offer Date means the date described as such in a separate letter agreement between the Bank and the Seller’s
Agent; 
 Initial Offer Letter means the document delivered by the relevant Seller to the Purchaser on the Initial Offer Date only
specifying such Seller’s Offer to Sell in respect of the related Offered Receivables, a form of which is attached as a Schedule to each Receivables Purchase and Servicing Agreement; 
 Initial Settlement Date means (i) 8 January 2010, or (ii) such earlier Business Day as may be notified in writing by the Seller’s Agent to the Bank no less than 4 weeks
prior to such earlier Business Day; 
 Initial Transfer Offer means the document delivered by the French Seller to the Purchaser
on the Initial Offer Date setting out such Seller’s Offer to Sell in respect of the related Offered Receivables in accordance with Clause 3 (Offers to Sell), a form of which is attached as Schedule 6 to the French Receivables Purchase
and Servicing Agreement; 
 Insolvency Proceedings means the following events in respect of any person: 
  

	(a)	a meeting of such person is convened for the purpose of considering whether to pass any resolution for (or petition for) its winding up or its administration or any
such resolution is passed; or 

  

 17 

	(b)	any person (including representatives, shareholders, board members or members of the supervisory board of the insolvent) presents a petition (or the equivalent in any
relevant jurisdiction) for the winding-up or for the administration or for the bankruptcy, or the commencement of insolvency proceedings in respect of such person, save where such person is in good faith contesting such petition by appropriate
proceedings; or 

  

	(c)	any decision ordering the winding-up or administration of, or moratorium of any indebtedness of, such person is taken; or 

  

	(d)	any liquidator, trustee in bankruptcy, judicial custodian, conservator, assignee, sequestrator, trustee, compulsory manager, receiver, administrative receiver,
administrator or the like is appointed in respect of such person or any substantial part of the assets of such person or the directors of such person request such appointment; or 

  

	(e)	insolvency proceedings or preliminary insolvency proceedings of any kind are opened against such person, or the commencement of insolvency proceedings is rejected due
to a lack of assets (mangels Masse) or for similar reasons under the laws of any jurisdiction; or 

  

	(f)	there occurs, in relation to such person, in any jurisdiction to which it or any of its assets are subject, any event which has an effect equivalent or substantially
similar to any of those mentioned in paragraphs (a) to (e) (inclusive) above; 

 Insolvent means, in
relation to any person, a person which: 
  

	(a)	is or is deemed for the purposes of any applicable law to be insolvent, unable to pay its debts as they become due or its liabilities exceed its available assets; or

  

	(b)	is subject to a suspension of payments, moratorium of any indebtedness, winding-up, dissolution, administration (whether out of court or otherwise) or reorganisation
(by way of voluntary arrangement or otherwise) other than a solvent liquidation or reorganisation; or 

  

	(c)	institutes or has instituted against it a proceeding seeking a judgment of insolvency, bankruptcy, emergency measures or any other relief under any applicable
bankruptcy or insolvency law or other similar law affecting creditor’s rights; or 

  

	(d)	is subject to Insolvency Proceedings; 

 Insurance Policy has the meaning given in the Insurance Servicing Agreement; 
 Insurance Servicer means
WABCO Europe SPRL; 
 Insurance Servicing Agreement means the insurance servicing agreement dated as of 23 September 2009,
between, inter alia, the Insurance Servicer, the Purchaser and the French Purchaser; 
  

 18 

 Insurer means Atradius Credit Insurance NV, or such other creditworthy and appropriate insurer as may be
agreed between the parties to this agreement from time to time; 
 Interest Period means, the period commencing on (and including) a Settlement
Date and ending on (but excluding) the following Settlement Date; 
 Interim EONIA Rate means, the EONIA, plus a margin of one (1) per
cent. (or such other margin as may be agreed for time to time between the Bank and the Depositor (on behalf of the Sellers)); 
 Intermediate
Assessment Date means the fourth Business Day preceding an Intermediate Settlement Date; 
 Intermediate Calculation Date means the
second Business Day preceding an Intermediate Settlement Date; 
 Intermediate Settlement Date means the dates described as such in a separate
letter agreement between the Bank and the Depositor, or any of such other three Business Days of each calendar month as may be set out in a revised calendar notified in accordance with Clause 4 (Notices) from time to time by the Bank to the
Depositor by no later than 60 days prior to the entry into force of such revised calendar; 
 Invoice means, in respect of each Receivable, the
notice for payment issued and sent by a Seller to a Debtor and specifying, amongst other things: 
  

	(a)	the products delivered or services provided; 

  

	(b)	the amount to be paid by the relevant Debtor; and 

  

	(c)	the Due Date for such payment; 

 Issue Document means, in
respect of any issue of Senior Units, the issue document established and executed by the Management Company substantially in the form set out in Schedule 3 of the FCT Regulations; 
 Italian Purchaser Collection Account means the account of the Purchaser with Société Générale Milan having the references: “Société Générale
Bank Nederland N.V., Non-resident account
(                                         
                       ”); 
 Italian Receivables Purchase and Servicing Agreement means the receivables purchase and serving agreement dated as of 23 September 2009 between the Italian Seller, Italian Servicer and the Purchaser pursuant to which the
Italian Seller has agreed to sell Receivables originated by it to the Purchaser, and has agreed to act as servicer in respect of such Receivables, in accordance with the terms and subject to the conditions contained therein; 
 Italian Seller means WABCO Automotive Italia SRL; 
 Italian Servicer means the Italian Seller, acting as servicer; 
  

 19 

 Loss Horizon Ratio means, on any Monthly Calculation Date, the ratio between: 
  

	(a)	the Outstanding Amount of the Total Reference Receivables; and 

  

	(b)	the Outstanding Amount of Eligible Receivables as at the last Monthly Assessment Date; 

 where: 
  

	    	Total Reference Receivables means all Purchased Receivables (whether outstanding or paid) and all the Relevant Receivables purported to be transferred (whether
outstanding or paid), as at the Reference Date (including those transferred on such Reference Date), which originally had a Due Date between 90 days prior to the latest Monthly Assessment Date and 150 days after that Monthly Assessment Date;

  

	    	Reference Date means the Settlement Date corresponding to the Monthly Calculation Date concerned; 

 Management Company means Paris Titrisation, a société anonyme incorporated under the laws of France, licensed by the
Autorité des marchés financiers as a société de gestion, whose registered office is located at 17, Cours Valmy, 92972 Paris La Défense Cedex (France), registered with the Trade and Companies Register
of Nanterre (France) under number                         , acting in its capacity as founder of the FCT pursuant to the FCT
Regulations; 
 Margin means 0.45 per cent.; 
 Master Definitions Agreement means this master definitions agreement; 
 Material Adverse Effect means (a) a
material adverse effect on the business, assets, operations or financial condition of the Parent and its subsidiaries taken as a whole or (b) the ability of any Obligor to perform any of its obligations under the WABCO Transaction Documents
being, or capable of being reasonably expected to be, materially impaired, or (c) a material adverse effect on the enforceability, collectability or origination of the Receivables; 
 Material Indebtedness, means any Indebtedness (i) in an aggregate amount in excess of €50,000,000, or (ii) that has been disclosed as being material in a 8-K, a periodic or other report
(including all reports on Form 10-K, Form 10-Q and Form 8-K), proxy statement or any other material filed in respect of the Parent with the SEC; 
 Material Subsidiary means, at any time, any consolidated Subsidiary of the Parent, and whose total assets represent at least 5% of the Total Assets of the Parent, as shown in the consolidated balance sheet of the Parent, for
the period of four fiscal quarters most recently ended. For the purposes of making the determinations required by this definition, the components of total assets of Non-US Subsidiaries shall be converted into US Dollars at the rates used in
preparing the consolidated balance sheets of the Parent included in the applicable financial statements referred to in the Guarantee; 
  

 20 

 Maturity Date means, in relation to any Tranche and/or any Associated Refinancing, the date on
which the principal amount of the Associated Refinancing falls due for repayment; 
 Maximum Amount of the Bank’s Funding
means €100,000,000 or such other amounts as the Bank and the Seller’s Agent, acting on its own behalf and as agent on behalf of the Sellers, may hereafter agree in writing from time to time, in the form of Schedule 2 to Subordinated and
Additional Deposits and Payments Agreement; 
 Monthly Assessment Date means the fourth Business Day preceding the Monthly
Settlement Date; 
 Monthly Collection Period means the period beginning on, but excluding, each Monthly Assessment Date, and
ending on, and including, the subsequent Monthly Assessment Date; 
 Monthly Calculation Date means the second Business Day
preceding a Monthly Settlement Date; 
 Monthly Settlement Date means the dates described as such in a separate letter agreement
between the Bank and the Depositor or such other Business Day of each calendar month as may be set out in a revised calendar notified in accordance with Clause 4 (Notices) by the Bank to the Depositor from time to time by no later than 60
days prior to the entry into force of such revised calendar; 
 Moody’s means Moody’s France SAS, a subsidiary of
Moody’s Investors Service Limited, whose registered office is at 65-67, rue de la Victoire, 75009 Paris (France); 
 Net Pool Balance
means the amount calculated on any Calculation Date which is equal to A – B – C- D, where: 
  

	 	A	is the Outstanding Amount of Relevant Receivables; and 

  

	 	B	is the Outstanding Amount of Ineligible Receivables; and 

  

	 	C	is the Excess Concentrations (if any); and 

  

	 	D	is the aggregate amount of Debit Notes 

 in each
case as calculated on such Assessment Date, but taking into account the Relevant Receivables to be transferred on the immediately following Settlement Date; 
 Non-conforming Receivable has the meaning given to it in Clause 11 (Deemed Collections and Dilutions) of the German Receivables Purchase and Servicing Agreement and the Italian
Receivables Purchase and Servicing Agreement and Clause 13 (Deemed Collections and Dilutions) of the French Receivables Purchase and Servicing Agreement; 
 Non-Securitised Receipts means any amounts paid to a Purchaser Collection Account which are not Collections in respect of Purchased Receivables;  
  

 21 

 Obligors means the Parent, the Insurance Servicer, the Depositor, the Seller’s Agent, the
Sellers and the Servicers, and Obligor means any of them; 
 Offer Date means, (i) the Initial Offer Date, and
(ii) each Assessment Date thereafter; 
 Offer Letter means the document delivered by the relevant Seller to the Purchaser on
each Offer Date setting out such Seller’s Offer to Sell in respect of the related Offered Receivables, a form of which is attached as a Schedule to each Receivables Purchase and Servicing Agreement; 
 Offer to Sell has the meaning given to it in Clause 2 or Clause 3 (Offers to Sell) of the relevant Receivables Purchase and Servicing
Agreement; 
 Offered Receivable means: 
  

	(a)	for the purposes of the German Receivables Purchase and Servicing Agreement, each Receivable listed in a Receivables List attached to or delivered with an Offer Letter
delivered to the Purchaser in accordance with Clause 2.1 or Clause 2.2 of the German Receivables Purchase and Servicing Agreement; 

  

	(b)	for the purposes of the Italian Receivables Purchase and Servicing Agreement, each Receivable listed in a Receivables List attached to or delivered with an Offer Letter
delivered to the Purchaser in accordance with Clause 3.1 or Clause 3.2 of the Italian Receivables Purchase and Servicing Agreement; 

  

	(c)	for the purposes of the French Receivables Purchase and Servicing Agreement, each Receivable listed in a Receivables List attached to or delivered with a Transfer Offer
delivered to the Purchaser in accordance with Clause 3.1 or Clause 3.2 of the French Receivables Purchase and Servicing Agreement; and 

  

	(d)	for the purposes of any other Transaction Document, any Receivable described in paragraphs (a), (b) or (c) above. 

 Officer’s Certificate means a certificate of an Obligor substantially in the form of Schedule 4; 
 Order of Priorities means the sequence in which payments shall be made by the Purchaser under the Transaction Documents, as more particularly
set out in Clauses 14 and 15 of the Subordinated and Additional Deposits and Payments Agreement; 
 Outstanding Amount means, in
respect of a Receivable, the aggregate amount outstanding in respect of such Receivable, together with VAT thereon, to the extent not already paid by the relevant Debtor; 
 Parent means WABCO Holdings Inc.; 
 Paying Party has the meaning to it
in Clause 18 of the Subordinated and Additional Deposits and Payments Agreement; 
  

 22 

 Person means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity; 
 Potential Early Amortisation Event means any event
or condition that, with the giving of notice or lapse of time, or both, would constitute an Early Amortisation Event; 
 Programme
Fee means the programme fee calculated and paid by the Depositor in accordance with the Subordinated and Additional Deposits and Payments Agreement; 
 Programme Fee Payment Date means: 
  

	(a)	at any time from, but excluding, the Closing Date until, but excluding, the Initial Settlement Date, the last Business Day of each calendar month;

  

	(b)	the Initial Settlement Date; and 

  

	(c)	at any time after the Initial Settlement Date, each Settlement Date; 

 Programme Fee Percentage means 1 per cent.; 
 Purchaser means
Société Générale Bank Nederland N.V. or the FCT, as the case may be; 
 Purchase Price means, with
respect to an Offered Receivable, the Face Amount of such Offered Receivable, in Euro; 
 Purchased Receivable means any Offered
Receivable and any other Receivable which has been purchased by the Purchaser from a Seller, in each case pursuant to the relevant Receivables Purchase and Servicing Agreement; 
 Purchaser Collection Account means, in respect of Purchased Receivables purchased from the French Seller, the French Purchaser Collection Account, or, in respect of Purchased Receivables
purchased from the German Seller, the German Purchaser Collection Account, or, in respect of Purchased Receivables purchased from the Italian Seller, the Italian Purchaser Collection Account; 
 Rating Agencies means S&P and Moody’s, or such other entity to which they may transfer the whole of the credit rating business or
with which they may consolidate, amalgamate or merge; 
 Receipts means at any time (i) any Collections actually received by
the Bank and not yet applied toward the purchase of Offered Receivables in accordance with the relevant Receivables Purchase and Servicing Agreement and (ii) any amounts of principal so collected by the Bank in respect of the Senior Units and,
(iii) during the Revolving Period, the sum of any positive variation in the Subordinated Deposit, any positive variation in the Additional Deposit and the increase, if any, in the Bank’s Funding, in each case actually received by the Bank
on the relevant Monthly Settlement Date; 
  

 23 

 Receivable means the amount payable by a Debtor pursuant to the terms of a Contract, together
with any and all legal and beneficial rights to payment and all proceeds relating thereto (including any and all Ancillary Rights); 
 Receivables List means each document attached to the Initial Offer Letter or Initial Transfer Offer, as the case may be, and each Offer Letter or Transfer Offer, as the case may be, that is delivered by, in each case, the
Italian Seller, the German Seller or the French Seller (or, in each case, the Seller’s Agent on behalf of such Seller) identifying one or more Offered Receivables which are offered for sale pursuant to the Initial Offer Letter or Initial
Transfer Offer or the Offer Letter or the Transfer Offer, as the case may be, and which contains the relevant Debtor and Receivable Data in respect of such Offered Receivables; 
 Receivables Purchase and Servicing Agreement means any of the French Receivables Purchase and Servicing Agreement, the German Receivables Purchase and Servicing Agreement or the Italian
Receivables Purchase and Servicing Agreement, as the case may be; 
 Records means one or more original copies or readable copies
thereof of any records, books of account, papers, records, registers, computer tapes and discs, statements, correspondence and documents in the possession of, under the control of or relating to the affairs of, any Obligor, any Depositor or the
Parent, or relating to any Debtor and Receivable Data, Daily Report, any Receivable, any Relevant Receivable, any Defaulted Receivable, any Non-Conforming Receivable, any Invoice or Contracts; 
 Reference Banks means Calyon, Natixis and BNP Paribas, each acting through its principal Paris office or any other bank agreed between the
Bank and the Depositor; 
 Refinancing Rate means, in relation to any Associated Refinancing, the rate determined in accordance
with Clause 22.4 (Refinancing Rate) of the Subordinated and Additional Deposits and Payments Agreement; 
 Relevant Date
has the meaning given to it in Clause 18 of the Subordinated and Additional Deposits and Payments Agreement; 
 Relevant EURIBOR Plus
Rate means, in relation to any Associated Refinancing in Euro, the EURIBOR Plus Rate for the whole number of months which is the closest to the terms of such Associated Refinancing; 
 Relevant Receivable means any Receivable which satisfies the Relevant Receivables Criteria; 
 Relevant Receivables Criteria means the criteria set out in Schedule 1 of the Master Definition Agreement; 
 Repurchase Amount means the Face Amount of the Purchased Receivable identified in the related Repurchase Request less any Collections
previously received by the Purchaser in respect of such Purchased Receivable; 
  

 24 

 Repurchased Receivable means any Purchased Receivable identified in the related Repurchase
Request and which is repurchased by the relevant Seller in accordance with the relevant Receivables Purchase and Servicing Agreement; 
 Repurchase Request has the meaning set out in Clause 11 (Option to Repurchase) of a Receivables Purchase and Servicing Agreement; 
 Reserve Floor Percentage means 20 per cent.; 
 Reserve Percentage
means, on any Calculation Date, the higher of A and B where, 
  

	 	A	is the Reserve Floor Percentage, and 

  

	 	B	is equal to (a) + (b) + (c) where 

  

	 	(a)	is the Default Reserve Percentage, 

  

	 	(b)	is the Dilution Reserve Percentage, 

  

	 	(c)	is the Yield Reserve Percentage, 

 in each case,
as of such Calculation Date; 
 Residual Maturity means, on any day and in relation to any Receivable, the number of days
remaining before the Due Date of such Receivable; 
 Residual Unit means any of the two (2) residual subordinated units, with
a nominal of €150 each, with an undetermined interest rate, issued by the FCT on the FCT Establishment Date pursuant to the FCT Regulations in accordance with applicable provisions of the French Monetary and Financial Code, and which will be
subscribed for by the Bank and by the FCT Account Bank, as applicable; 
 Revolving Period means the period beginning on, and
including, the Initial Settlement Date, and ending on, and including, the Commitment Termination Date determined in accordance with paragraph (a) of the definition of “Commitment Termination Date”, but excluding the Commitment
Termination Date determined in accordance with paragraph (b) of the definition of “Commitment Termination Date”; 
 Seller means any of the French Seller, the German Seller or the Italian Seller; 
 Securitization
Transactions has the meaning given in the Credit Agreement; 
 Security Interest means any encumbrance, mortgage, pledge,
lien, charge, assignment, hypothecation, retention of title or extended retention of title, right of priority or security interest or any other agreement or arrangement having similar effect; 
 Seller’s Agent means WABCO Financial Services SPRL acting in its capacity as seller’s agent, in the name of and on behalf of each
Seller; 
 Senior Unitholder means a holder from time to time of any Senior Unit; 
  

 25 

 Senior Units means the units (parts) issued or to be issued by the FCT pursuant to the
FCT Regulations and to be subscribed by the Senior Units Subscriber, the proceeds of which will be used by the Management Company to purchase Offered Receivables from the French Seller; 
 Senior Unit Principal Amount means the principal amount of the relevant Senior Unit issued by the FCT which shall be equal to, on the FCT Establishment Date or on any Settlement Date during
the Revolving Period, the Outstanding Amount of Relevant Receivables originated by the French Seller, as at the immediately preceding Offer Date; 
 Senior Unit Repayment Amount means, on any Settlement Date during the Revolving Period, the Senior Unit Principal Amount as at the preceding Settlement Date; 
 Senior Unit Subscriber means Société Générale Bank Nederland N.V., in its capacity as subscriber under the Senior Units Subscription Agreement; 
 Senior Units Subscription Agreement means the agreement executed on or before the Closing Date between the Management Company, the Custodian
and the Senior Units Subscriber pursuant to which the Senior Units Subscriber has agreed, inter alia, to subscribe the Senior Units issued from time to time during the Revolving Period by the FCT in order to finance the Purchase Price of
Purchased Receivables purchased from the French Seller; 
 Servicer means any of the Sellers in their capacity as servicer
pursuant to any Receivables Purchase and Servicing Agreement; 
 Settlement Date means the Initial Settlement Date, each
Intermediate Settlement Date and Monthly Settlement Date; 
 Shortfall has the meaning to it in Clause 19 of the Subordinated and
Additional Deposits and Payments Agreement; 
 Société Générale means Société
Générale, a société anonyme incorporated under the laws of France, whose registered office is located 29, boulevard Haussmann, 75009 Paris, France, registered with the Trade and Companies Register of Paris (France)
under number 552 120 222, licensed as a credit institution by the Comité des Établissements de Crédit et des Entreprises d’Investissement; 
 Solvency and Compliance Certificate means the certificate issued in respect of any Seller which is to be delivered to the Purchaser in accordance with the terms of the relevant Receivables
Purchase and Servicing Agreement, substantially in the form set out in Schedule 2 to such Receivables Purchase and Servicing Agreement; 
 S&P means Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies Inc.; 
 Subordinated and Additional Deposits and Payments Agreement means the subordinated and additional deposits and payments agreement dated as of 
  

 26 

 23 September 2009, between the Depositor, the Seller’s Agent and the Bank, pursuant to which the
Depositor has agreed to deposit, from time to time, funds with the Bank in respect of the Additional Deposit and the Subordinated Deposit, the Seller’s Agent has agreed to make certain other payments as set out therein; 
 Subordinated Deposit means the subordinated cash deposit made by the Depositor with the Bank on (i) the Initial Settlement Date and
(ii) each Settlement Date, in each case, in accordance with the provisions of the Subordinated and Additional Deposits and Payments Agreement; 
 Subordinated Deposit Aggregate Outstanding Amount means, at any time, the aggregate amount of Depositor’s Subordinated Deposit Amount paid by the Depositor on the Initial Settlement Date or on any Settlement Date, as the
case may be, to the extent not repaid or discharged as of such time; 
 Subordinated Deposit Required Amount means an amount as
determined in accordance with Clause 8.2 of the Subordinated and Additional Deposits and Payments Agreement; 
 Subsidiary means,
with respect to any person (herein referred to as the parent), any person (herein referred to as a subsidiary) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of
the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent, or by one or more direct or indirect
subsidiaries of the parent, or by the parent and one or more direct or indirect subsidiaries of the parent. 
 Support Facility
means any liquidity and/or credit support provided to Antalis in connection with the Bank’s Funding; 
 Support Facility
Provider means each person providing a Support Facility; 
 TARGET means Trans-European Automated Real-time Gross
Settlement Express Transfer payment system launched on 19 November 2007 (TARGET 2);  
 TARGET Day means any
day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET 2) is open for the settlement of payments in Euro; 
 Tax or Taxes means all present and future taxes, levies, imposts, duties or charges of any nature whatsoever imposed, including (without limitation) value added tax or any similar tax and any franchise, transfer,
sales, use, business, occupation, excise, personal property, real property, stamp, gross income, fuel, leasing, occupational, turnover, excess profits, excise, gross receipts, franchise, registration, licence, corporation, capital gains,
export/import, income, levies, imposts, withholdings or other taxes or duties of any nature whatsoever now or hereafter imposed, levied, collected, withheld or assessed by any national or regional taxing or fiscal authority or agency, together with
any penalties, additions to tax, fines or interest thereon, and tax and taxation shall be construed accordingly; 
  

 27 

 Tax Credit has the meaning given to it in Clause 18 (Stamp Duty and Taxes) of the
German Receivables Purchase and Servicing Agreement and the Italian Receivables Purchase and Servicing Agreement and in Clause 22 (Stamp Duty and Taxes) of the French Receivables Purchase and Servicing Agreement; 
 Three-Month Average Default Ratio means, on any Monthly Calculation Date, the sum of the Default Ratios calculated on such Monthly Calculation
Date and each of the preceding two (2) Monthly Calculation Dates, divided by three (3); 
 Three-Month Average Delinquency
Ratio means, on any Monthly Calculation Date, the sum of the Delinquency Ratios calculated on such Monthly Calculation Date and each of the preceding two (2) Monthly Calculation Dates, divided by three (3); 
 Three-Month Average Dilution Ratio means, on any Monthly Calculation Date, the sum of the Dilution Ratios calculated on such Monthly
Calculation Date and each of the preceding two (2) Monthly Calculation Dates, divided by three (3); 
 Tranche means all or a
portion of the Bank’s Funding; 
 Transaction Documents means collectively: 
  

	(a)	each Receivables Purchase and Servicing Agreement; 

  

	(b)	the Subordinated and Additional Deposits and Payments Agreement; 

  

	(c)	the Master Definitions Agreement; 

  

	(d)	the Insurance Servicing Agreement; 

  

	(e)	the Guarantee and Subordination Agreement; and 

  

	(f)	the FCT Transaction Documents; 

 Transfer
Date means any day on which an Offered Receivable is purchased or purported to be purchased by the Purchaser in accordance with the relevant Receivables Purchase and Servicing Agreement; 
 Transfer Document has the meaning given to it in Clause 5.1(b) of the French Receivables Purchase and Servicing Agreement; 
 Transfer Fee means the transfer fee payable by the Depositor on each Transfer Fee Payment Date in accordance with the Subordinated and
Additional Deposits and Payments Agreement; 
 Transfer Fee Payment Date means, in relation to any Transfer Fee Period, each
Settlement Date; 
 Transfer Fee Period means each period beginning on, and including, a Settlement Date (or, respect of the first
such period, the Initial Settlement Date) and ending on, but excluding, the next Settlement Date; 
  

 28 

 Transfer Fee Rate has the meaning given to it in Clause 18 of the Subordinated and Additional
Deposits and Payments Agreement; 
 Transfer Offer means the document delivered by the French Seller to the FCT on each Offer Date
setting out the French Seller’s transfer offer in respect of the related Offered Receivables, a form of which is attached as a Schedule 7 to the French Receivables Purchase and Servicing Agreement; 
 Unapplied Collections means the aggregate amount of Receipts allocated to the repayment of the Bank’s Funding which the Bank does not
actually apply on that Settlement Date to the repayment of the Bank’s Funding; 
 Units means the Senior Units and the
Residual Units issued or to be issued from time to time on the FCT Establishment Date and on any Settlement Date thereafter by the FCT pursuant to the FCT Regulations; 
 Unitholder means a holder from time to time of any Unit; 
 Units
Administration Agreement means the agreement entered into on or before the FCT Establishment Date between the Management Company, the Custodian and Société Générale (acting through its branch located at Nantes),
whereby Société Générale (acting through its branch located at Nantes) is appointed as Administrative Agent in relation to the Units; 
 USCP Issuer means, Antalis US Funding Corp., a company incorporated under the laws of the State of Delaware; 
 USCP Loan means the loan granted by the USCP Issuer to Antalis pursuant to the agreement entitled Intra Group Loan Agreement dated 22 June 2004 between the USCP Issuer and Antalis;

 USCP Loan Rate means the interest rate per annum applicable to the relevant USCP Loan drawn or to be drawn from time to time by
Antalis; 
 USD or US Dollars or $ means lawful money of the United States of America; 
 Value Added Tax or VAT shall be construed as a reference to value added tax under laws of any jurisdiction; 
 WABCO Transaction Documents means collectively: 
  

	(a)	each Receivables Purchase and Servicing Agreement; 

  

	(b)	the Subordinated and Additional Deposits and Payments Agreement; 

  

	(c)	the Master Definitions Agreement; 

  

	(d)	the Insurance Servicing Agreement; and 

  

	(e)	the Guarantee and Subordination Agreement. 

  

 29 

 Yield Reserve Percentage means, the rate, expressed as a percentage, equal to the highest of:

  

	(f)	1.5 per cent.; and 

  

	(g)	((A x 2.25) + B) x C / D 

 where, 
  

	 	A	is EURIBOR 1 month, 

  

	 	B	is the sum of the Programme Fee Percentage and of the Margin, 

  

	 	C	is the Average Collection Period, 

  

	 	D	is 360. 

 3. GENERAL
INTERPRETATION 
 In any Transaction Document or other agreement, instrument or deed expressly and specifically incorporating
by reference this Master Definitions Agreement or to which this Master Definitions Agreement is expressed to apply the following principles of interpretation shall apply: 
  

	(a)	the headings in any Transaction Document shall not affect its interpretation; 

  

	(b)	unless the context otherwise requires, words denoting the singular number only shall include the plural number also and vice versa, words denoting one gender only shall
include the other genders and words denoting persons only shall include firms, corporations and other organised entities, whether separate legal entities or otherwise, and vice versa; 

  

	(c)	unless the context otherwise requires, any reference in any Transaction Document to: 

  

	 	(i)	any agreement or other document shall be construed as a reference to the relevant agreement or document as the same may have been, or may from time to time be,
replaced, extended, amended, varied, novated, supplemented or superseded; 

  

	 	(ii)	any statutory provision or legislative enactment shall be deemed also to refer to any re-enactment, modification or replacement thereof and any statutory instrument,
order or regulation made thereunder or under any such re-enactment; and 

  

	 	(iii)	any party to a Transaction Document shall include references to its successors, permitted assigns and any person deriving title under or through it; references to the
address of any person shall, where relevant, be deemed to be a reference to its address as current from time to time; 

  

 30 

	(d)	unless expressly agreed otherwise, fees and interest payments that are to be calculated with reference to percentage rates and accrual periods shall be calculated in
arrears on the basis of actual days elapsed and a year of 360 days per annum; 

  

	(e)	unless expressly provided for to the contrary, all references made in any Transaction Document to a day, are references to a calendar day; 

  

	(f)	the Recitals, Schedules and Appendices (including their Annexes) to any Transaction Documents constitute an integral and substantive part of such Transaction Document.
Any reference to any Transaction Document includes a reference to its Recitals, Schedules and Appendices (including their Annexes); 

  

	(g)	unless expressly provided for to the contrary, all references made in any Transaction Document to a Recital, a Clause, a Sub-clause, a Schedule, a Part or an Appendix,
are reference to the recitals, the clauses, the sub-clauses, the schedules, the parts and the appendices of this Transaction Document; 

  

	(h)	all references made in any Transaction Document to a Receivable shall include a reference to the related Collateral Security and Ancillary Rights, if any;

  

	(i)	unless expressly provided for to the contrary, references to time in any Transaction Document are to local time in Paris (France); 

  

	(j)	words appearing in any Transaction Document in a language other than English shall have the meaning ascribed to them under the law of the corresponding jurisdiction and
such meaning shall prevail over their translation into English, if any; 

  

	(k)	where an obligation is expressed in any Transaction Document to be performed on a date which is not a Business Day, such date shall be postponed to the first following
day that is a Business Day unless that day falls in the next month in which case that date will be the first preceding day that is a Business Day; and 

  

	(l)	where any party to any Transaction Document from time to time acts in more than one capacity under such Transaction Document, the provisions of that Transaction
Document shall apply to it as though it were a separate party in each such capacity except insofar as they require it in one capacity to give as notices or information to itself in another capacity. 

 4. NOTICES 
 4.1 Each
communication to be made under the Transaction Documents shall (except as expressly permitted or required otherwise) be made in the English language, in writing, by facsimile or letter. 
 4.2 Any communication or document to be made or delivered by one party to another pursuant to this Agreement shall be made or delivered to that other person at 
  

 31 

 the address identified in Clause 4.3, or such other address or fax number as may be validly notified
pursuant to the provisions of this Clause 4.2 and shall be deemed to have been made or delivered: 
  

	(a)	in the case of any communication made by facsimile, when despatched; or 

  

	(b)	in the case of any communication made by letter, when left at that address, 

 provided that in each case where delivery occurs after 6.00 p.m. on a Business Day or on a day which is not a Business Day, service shall be deemed to occur at 9.00 a.m. on the next following Business
Day. 
 Any communication sent by facsimile shall be promptly confirmed by letter but the non-delivery or non-receipt of any such letter shall
not affect the validity of the original facsimile communication. 
 In respect of any Transaction Document, provided it is so specified in the
relevant Transaction Document, any communication to be made between the parties under or in connection with such Transaction Document may be made by electronic mail, provided that the parties to such Transaction Document have: 
  

	(a)	notified each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means;
and 

  

	(b)	notified each other of any change to their address or any other such information supplied by them. 

 Any electronic communication made between the parties will be effective only when actually received in readable form, and in the case where such
communication is effective after 6.00 p.m. on a Business Day or on a day which is not a Business Day, such communication shall be deemed to be effective at 9.00 a.m. on the next following Business Day. 
 4.3 The addresses and fax numbers of the parties for the purpose of Clause 4.1 are as follows: 
 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 Amstelplein 1 

1096-HA Amsterdam, 
 The Netherlands 

Fax: +31 20 463 53 58 
 Attention: Niek Volkers

  

 32 

 PARIS TITRISATION 
 17, Cours Valmy 
 92972 Paris La Défense Cedex 
 France 
 Fax: +33(0)1 46 92 45 96 
 Attention: Bâssine Wane / Amélie Aleonard 
 WABCO FAHRZEUGSYSTEME GMBH  
 c/o WABCO Europe SPRL 
 Chaussee de Wavre 1789 
 1160 Bruxelles 
 Belgium 
 Fax: +32 2 663 98 99 
 Attention: Malcolm Gilbert/Jef Van Osta 
 WABCO
FRANCE S.A.S. 
 c/o WABCO Europe SPRL 
 Chaussee de Wavre 1789 
 1160 Bruxelles 
 Belgium 
 Fax: +32 2 663 98 99 
 Attention: Malcolm Gilbert/Jef Van Osta 
 WABCO FINANCIAL SERVICES SPRL  
 c/o WABCO Europe SPRL 
 Chaussee de Wavre 1789

 1160 Bruxelles 
 Belgium 

Fax: +32 2 663 98 99 
 Attention: Malcolm
Gilbert/Jef Van Osta 
 WABCO AUTOMOTIVE ITALIA SRL 
 c/o WABCO Europe SPRL 
 Chaussee de Wavre 1789 
 1160 Bruxelles 
 Belgium 
 Fax: +32 2 663 98 99 
 Attention: Malcolm
Gilbert/Jef Van Osta 
 A party may notify any of the other parties to any of the Transaction Documents of a change to its name, relevant
addressee, address or fax number for the purposes of this Clause 4.2, provided that such notice shall only be effective on: 
  

	(a)	the date specified in the notice as the date on which the change is to take place; or 

  

 33 

	(b)	if no date is specified or the date specified is less than five (5) Business Days after the date on which notice is given, the date following five
(5) Business Days after notice of any change has been given. 

 5. GOVERNING LAW
AND JURISDICTION 
 5.1 This Agreement and all matters arising from or connected with it shall be governed by,
and construed in accordance with, French law. 
 5.2 Each party agrees that the competent courts of Paris shall have exclusive jurisdiction to
settle any dispute (including, without limitation, claims for set-off and counterclaim) which may arise in connection with the creation, validity, effect, interpretation or performance of, or the legal relationships established by this Agreement.

  

 34 

 Executed in Paris, on 23 September 2009 
  

					
	 PARIS TITRISATION
	  	)	  	 

	 name:
	  	)	  
	 title:
	  	)	  
		  	)	  
	 name:
	  	)	  
	 title:
	  	)	  
		  		  

  

					
	 SIGNED by its duly authorized attorneys,
	  	)	  	

	 for and on behalf of
	  	)	  
	 SOCIÉTÉ GÉNÉRALE BANK
	  	)	  
	 NEDERLAND N.V.
	  	)	  
	  
 Attorney
	  		  
	  
 Attorney
	  		  

  

					
	 SIGNED by its duly authorized attorneys,
	  	)	  	

	 for and on behalf of
	  	)	  
	 SOCIÉTÉ GÉNÉRALE S.A.
	  	)	  
	  
 Attorney
	  		  
		  		  
		  		  
		  		  
		  		  
		  		  
		  		  

  

					
	 SIGNED by its duly authorized attorneys,
	  	)	  	

	 for and on behalf of
	  	)	  
	 ANTALIS S.A.
	  	)	  
	  
 Attorney
	  		  
		  		  
		  		  
		  		  
		  		  
		  		  

  

 35 

					
	 WABCO FRANCE S.A.S
	  	)	  	 

	 name:
	  	)	  
	 title:
	  	)	  
		  	)	  
	 name:
	  	)	  
	 title:
	  	)	  

  

					
	 WABCO FAHRZEUGSYSTEME GMBH
	  	)	  	

	 name:
	  	)	  
	 title:
	  	)	  
		  	)	  	

	 name:
	  	)	  
	 title:
	  	)	  
		  		  
		  		  
		  		  

  

					
	 WABCO AUTOMOTIVE ITALIA SRL
	  	)	  	

	 name:
	  	)	  
	 title:
	  	)	  
		  	)	  
	 name:
	  	)	  
	 title:
	  	)	  

  

					
	 WABCO FINANCIAL SERVICES SPRL
	  	)	  	

	 name:
	  	)	  
	 title:
	  	)	  
		  	)	  
	 name:
	  	)	  
	 title:
	  	)	  

  

 36 

 SCHEDULE 1 
 CRITERIA FOR RELEVANT RECEIVABLES 
 A Receivable which satisfies the
following criteria is a Relevant Receivable: 
 1. the Receivable is owing to a Seller by a customer of that Seller and results from the sale of
products under Contracts in the normal course of that Seller’s business; 
 2. the Debtor under the Receivable is a private legal entity
(being a company, body corporate or partnership between corporate entities and not, for the avoidance of doubt, a governmental entity, body or agency or natural person) and, in the case of any Receivable originated by the German Seller, is an
entrepreneur (Unternehmer) within the meaning of Section 14 of the German Civil Code (Bürgerliches Gesetzbuch) which, in each case, is duly incorporated; 
 3. the Debtor owing such Receivable is duly incorporated or established and registered and carrying on business in, and under the laws of one of the jurisdictions listed below next to the name of the
Seller concerned: 
  

			
	 Seller
	  	 Relevant countries

	 Italian Seller
	  	Italy
	 French Seller
	  	France and, in the case of PSA Spain, Spain
	 German Seller
	  	Germany

 4. the Receivable owing to a Seller arises under a Contract governed by the law of the place of
incorporation of that Seller (other than as agreed as between the Seller and the Bank). 
 5. title, ownership and all rights of property and
Collateral Security and Ancillary Rights in and to the Receivable are fully capable of transfer in accordance with the WABCO Transaction Documents without restriction or the requirement of any consents from a Debtor or any third party; 

6. the Receivable does not constitute a shareholder loan or inter-company loan and is not insured by an export credit agency; 
 7. where a Receivable is evidenced by a negotiable instrument, that instrument has not been negotiated, released or delivered to, or endorsed in favour of,
any person other than the Purchaser or the French Purchaser; 
  

 37 

 8. the Receivable does not arise out of a Contract the performance of which has been wholly or partly
subcontracted by the Seller concerned, and in the relationship between the Debtor under the relevant Contract and the Seller, such Seller acts in its own name and for its own account and not as an undisclosed agent, or under any similar arrangement,
of its supplier or (indirect) parent or of any third party; 
 9. the Receivable has not been the subject of the transfer back procedure
referred to in Clause 12 (Option to Repurchase) of the Italian Receivables Purchase and Servicing Agreement and the German Receivables Purchase and Servicing Agreement or Clause 14 (Option to Repurchase) of the French Receivables
Purchase and Servicing Agreement, as applicable; 
 10. the Receivable has been originated by a Seller and, from the date of its origination to
the date on which it is transferred to the Bank monitored, in each case in all material respects in accordance with the Seller’s General Policies and Procedures Manual and in a manner which complies in all material respects with the provisions
of all laws and regulations applicable to each such Receivable; 
 11. the express terms of the Applicable Terms and Conditions, pursuant to
which the Receivable is payable, legally bind the relevant Debtor and such Receivable is not subject to negotiations with the Debtor or any third party and is not open to challenge or the subject of any arbitration or court proceedings as to its
existence or amount; 
 12. with effect from the time when an Offered Receivable is purchased by the Purchaser or the French Purchaser, as the
case may be, the records of the relevant Seller clearly identify and individualise the relevant Purchased Receivable and all amounts to be collected in respect of such Purchased Receivable as belonging to the Purchaser or the French Purchaser, as
the case may be, and are held by such Seller only in its capacity as the servicing agent of that Purchaser; 
 13. other than corporate tax
payable by a Seller on its profits, each Offered Receivable is not subject to any withholding taxes and can be assigned free and clear of any VAT, sales taxes, withholding taxes, export/import taxes, acquisition taxes, transfer taxes or any other
Taxes, charges, levies, duties or imposts; 
 14. the Debtor in respect of each Receivable shall not be an Affiliate of a Seller or of the
Parent; 
 15. the relevant Seller is the original creditor of the Receivable and did not purchase it or acquire it from a third party;

 16. the Receivable is a non-interest bearing trade receivable (subject to any late-payment interest only) and shall result from the sale of
automotive products by the relevant Seller under the relevant Contract, and shall be represented by an Invoice which specifies that payment in respect of the Receivable is to be made to the relevant Purchaser Collection Account; 
 17. all obligations of a Seller and other conditions under the relevant Contract under which the Receivable is originated, upon the performance or
fulfillment of which the relevant Debtor’s obligation to pay the Receivable is in any way dependent, 
  

 38 

 have been performed or fulfilled in full, and there is nothing which would permit such Debtor (or its agent,
as appropriate) to reject the goods delivered (or to be delivered) under any such contract or arrangement or which would provide the Debtor (or its agent, as appropriate) with any legal basis for not making timely payment in full; 
 18. the obligation of a Debtor to pay the Face Amount due under the Receivable shall not be subject to any challenge by the relevant Debtor or to any
litigation; 
 19. the Receivable is denominated and payable in Euro; 
 20. the Receivable is payable by a Debtor by way of either (i) direct debit in favour of the relevant Purchaser Collection Account, or (ii) cheque payable to the Purchaser or the French
Purchaser, as the case may be or (iii) wire transfer of immediately available funds to the relevant Purchaser Collection Account or (iv) other such other means of payment as may be approved in writing by the Purchaser or the French
Purchaser, such as a ricevuta bancaria (RI.BA.), a Lettre de Change Acceptée (LCR) or Billet à Ordre (BO), provided in each case that the relevant payer is obliged under the terms of the relevant instrument or as a
result of the instrument having been validly endorsed or otherwise assigned to the Purchaser or the French Purchaser, as the case may be, to make payment directly to the Purchaser or the French Purchaser, as the case may be, and, except for any
transfer or assignment to the Purchaser or the French Purchaser, as the case may be, the relevant payment obligation has not been transferred, discounted, assigned, charged, sold or otherwise dealt with or discharged in any manner whatsoever;

 21. the Receivable is payable by a Debtor on the Italian Purchaser Collection Account (in respect of the Italian Seller), the French
Purchaser Collection Account (in respect of the French Seller) or the German Purchaser Collection Account (in respect of the German Seller), as applicable; 
 22. the Receivable is fully and directly payable to a Seller, in its own name and for its own account, and such payment is not subject to the performance of any administrative action or step, or to the
execution of any document of any kind whatsoever, or to any formalities, either prior to or after the purchase of such Receivable; 
 23. to the
best of a Seller’s knowledge, the Debtor in respect of the relevant Receivable is not Insolvent; 
 24. the relevant Debtor is not a
governmental body or agency and neither such Debtor nor any of its assets are subject to any immunity of jurisdiction and execution or any limitation or restriction on enforcement; 
 25. the Face Amount relating to the Receivable includes the value added tax (VAT) payable thereon (if any); 
 26. the Receivable is not subject to any current account agreement with the respective Debtor; and 
  

 39 

 27. the relevant Receivables List can be compiled by the relevant Seller and transmitted to the Purchaser
without breaching applicable data protection provisions; and 
 28. In respect of any German Receivable where the Debtor, in accordance with
Section 354a of the German Commercial Code (Handelsgesetzbuch), retains the legal right to make payments with discharging effect either to the assignor (being the German Seller) or to the assignee (being the Purchaser) the Debtor has
agreed to make payments to the assignee (being the Purchaser) only. 
  

 40 

 SCHEDULE 2 
 ELIGIBILITY CRITERIA 
 A Purchased Receivable is an Eligible
Receivable if it satisfies the following criteria at such time: 
 1. in the case of the Italian Eligible Receivables, the representations and
warranties contained in Clauses 13.3 (Representations and Warranties relating to the Receivables) of the Italian Receivables Purchase and Servicing Agreement are true and correct in relation to such Receivable; 
 2. in the case of the German Eligible Receivables, the representations and warranties contained in Clauses 13.3 (Representations and Warranties relating
to the Receivables) of the German Receivables Purchase and Servicing Agreement are true and correct in relation to such Receivable; 
 3. in
the case of the French Eligible Receivables, the representations and warranties contained in Clauses 15.3 (Representations and Warranties relating to the Receivables) of the French Receivables Purchase and Servicing Agreement are true and
correct in relation to such Receivable; 
 4. the Residual Maturity of such Receivable is no more than 150 days; 
 5. such Receivable is not a Defaulted Receivable or a Repurchased Receivable; 
 6. such Receivable is not owing by a Debtor which owes Defaulted Receivables in an aggregate amount in excess of thirty (30) per cent. of the aggregate amount of all Relevant Receivables owing by
that Debtor (for the purposes of this paragraph 6, if a Debtor is an Affiliate of another Debtor, the amount of Defaulted Receivables owed by such Debtors shall be calculated as if such Debtors were one Debtor). 
  

 41 

 SCHEDULE 3 
 EARLY AMORTISATION EVENT 
 Early Amortisation Event
means the occurrence of any of the following events: 
 1. Non-Payment: any Obligor fails to pay on its due date any amount
payable by it under any of the WABCO Transaction Documents (including, for the avoidance of doubt, any failure to make any Subordinated Deposit or Additional Deposit in full on the date it is required to be made) at the place at, and in the currency
in, which it is expressed to be payable unless its failure to pay is caused by technical or administrative error in the transmission of funds and payment is made within one (1) Business Day of its due date; 
 2. Misrepresentation: any representation, warranty or statement which is made (or deemed or acknowledged to have been made) by any Obligor in
the WABCO Transaction Documents or which is contained in any certificate, statement, legal opinion or notice provided under or in connection with the WABCO Transaction Documents proves to be incorrect in any material respect, or if repeated at any
time with reference to the facts and circumstances subsisting at such time would not be accurate in all material respects, and such incorrect representation, warranty or statement continues unremedied for a period of two (2) Business days from
the date that the Purchaser gives notice to the relevant Obligor, as the case may be, requiring the same to be remedied, unless already remedied by way of a Deemed Collection pursuant to Clause 13 of the French Receivables Purchase and Servicing
Agreement or Clause 11 of the Italian Receivables Purchase and Servicing Agreement and the German Receivables Purchase and Servicing Agreement, as applicable; 
 3. Breach of Obligations: any Obligor fails to observe or perform any of its obligations, other than any payment obligation or any obligation referred to in the relevant Receivables Purchase
and Servicing Agreement, under the WABCO Transaction Documents or under any undertaking or arrangement entered into in connection therewith and such failure (if capable of remedy before the expiry of such period) continues unremedied for a period of
three (3) calendar days from the date the Purchaser gives notice to the relevant Obligor, as the case may be, requiring the same to be remedied; 
 4. Cross-default: (1) any Material Indebtedness of the Parent, Obligor or any Material Subsidiary is not paid when due, any such indebtedness is declared to be due or otherwise becomes due prior to its specified maturity,
or any creditor or creditors become entitled to declare any such indebtedness due and payable prior to its specified maturity, or (2) one or more judgments (other than the European Commission Investigation as disclosed in the most recent From
10-Q filed by the Parent with the Securities and Exchange Commission prior to the date of this agreement) against any of the Parent, any Obligor or any Material Subsidiary for the payment of money in an aggregate amount in excess of €50,000,000
(except to the extent covered by insurance as to which the insurer has acknowledged such coverage in writing) shall be rendered against the Parent, any Material Subsidiary or any 
  

 42 

 combination thereof and the same shall remain undischarged for a period of 60 consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Parent, any Obligor or any Material Subsidiary to enforce any such judgment, or (3) an Event of
Default (as such term is defined in the Credit Agreement); 
 5. Insolvency: any Obligor or Material Subsidiary, as the case may
be, is or becomes or is declared to be Insolvent or subject to Insolvency Proceedings or threatens to suspend making payments (whether of principal or interest) with respect to all or any class of its debts or an event analogous to any of the
foregoing occurs under the laws of any jurisdiction, or any steps are taken with a view to the commencement of any Insolvency Proceedings; 
 6.
Composition: any Obligor or Material Subsidiary, as the case may be, convenes a meeting of its creditors or proposes or makes any arrangement or composition with, or any assignment for the benefit of, or any moratorium with its
creditors (other than for the purposes of a solvent reconstruction or amalgamation on such terms approved in writing by the Purchaser) or any other corporate action is taken or any legal proceedings are commenced by any Obligor or Material
Subsidiary, as the case may be, with a view to any such composition, arrangement, assignment or moratorium being made; 
 7. Material
Adverse Change: any event or condition occurs that has resulted or could reasonably be expected to result in a Material Adverse Effect, excluding any event or condition disclosed in writing to the Purchaser prior to the date of this
Agreement or described in the most recent Form 10-Q filed with the SEC prior to the date of this Agreement; 
 8. Change of
Control: any Obligor (other than Wabco Holdings Inc.) ceases to be 100 per cent. owned and controlled by either (i) WABCO Holdings Inc. or (ii) a corporation which may become the successor to Wabco Holdings Inc. as a result of
an internal reorganisation of the WABCO group of companies and whose common stock is listed on the main market of one or more of the London Stock Exchange, Euronext Paris, or the New York Stock Exchange; 
 9. Creditors’ process: any attachment, sequestration, distress or execution affects any material asset of any Obligor or Material
Subsidiary and is not discharged within 30 days; 
 10. Seller’s Decision not to Transfer: any Seller does not offer to sell
any Relevant Receivables on the Initial Offer Date or on any Offer Date during the Revolving Period, as the case may be, to which it holds good title, unless as otherwise agreed as between the Seller and the Bank; 
 11. Invalidity: any provision of any of the Transaction Documents is or becomes, or is alleged by any Obligor to be, for any reason, illegal,
invalid or unenforceable or it becomes impossible or unlawful for any party to the Transaction Documents to perform any of its obligations thereunder or any transfer of any Offered Receivable by any Seller to the Purchaser pursuant to a Receivables
Purchase and Servicing Agreement does not constitute, or is alleged by any Obligor not to constitute, a valid 
  

 43 

 transfer of such Offered Receivable unless (i) the invalidity is confined to a single transfer in
respect of which invalid transfer the relevant Seller has fully complied with any applicable remedy obligations contained in the relevant Receivables Purchase Agreement and (ii) the circumstances giving rise to the invalidity do not affect any
other transfer made or which might be made by that Seller or any other Seller to the Purchaser; 
 12. Cessation of Business: any
Obligor or Material Subsidiary, as the case may be, changes or threatens to change substantially the nature of its business, suspends, ceases or threatens to suspend or cease a substantial part of the present business operations which it now
conducts directly or indirectly, disposes of or threatens to dispose of a substantial part of its assets or has all or a material part of its assets expropriated or under threat of expropriation or it becomes impossible or unlawful for any of them
to continue its business; 
 13. Attachment of Purchased Receivables: any Purchased Receivable, any Collection Account or any
Depositor’s Account has been attached or purported to be attached as a result of any distress or execution being levied or any encumbrancer taking possession or any similar attachment or becomes subject to a Security Interest other than in
favour of the Purchaser; 
 14. Program Parameters 
  

	(a)	On any Monthly Assessment Date, at any time during the Revolving Period and in each case as determined by the Purchaser: 

  

	 	(i)	the Three-Month Average Delinquency Ratio becomes greater than or equal to 2%; or 

  

	 	(ii)	the Three-Month Average Default Ratio becomes greater than or equal to 2%; or 

  

	 	(iii)	the Three-Month Average Dilution Ratio becomes greater than or equal to 6%, or 

  

	(b)	on any Settlement Date, 

  

	 	(i)	the amount of the Bank’s Funding plus the amount of the Subordinated Deposit less the outstanding amount of Ineligible Receivables, less the outstanding amount of
Excess Concentrations, is greater than the Net Pool Balance; or 

  

	 	(ii)	the ratio expressed as a percentage between (i) the amount of the Subordinated Deposit less the aggregate of the outstanding amount of Ineligible Receivables and
the outstanding amount of Excess Concentrations and (ii) the sum of the Bank’s Funding and the amount of the Subordinated Deposit less the aggregate amount of the outstanding amount of Ineligible Receivables and the outstanding amount of
Excess Concentrations is less than the Reserve Percentage. 

  

 44 

 for the purposes of clause (b) above, the outstanding amount of Defaulted Receivables, the outstanding
amount of Excess Concentration and the Net Pool Balance shall be those as at the Assessment Date immediately preceding such Settlement Date (taking into account Relevant Receivables to be transferred on such Settlement Date). 
 15. Misdirected Payments: during any Settlement Period commencing on or after (I) the first Settlement Date falling at least three months
after the Closing Date and (ii) the first Settlement Date falling at least two months after the first day on which one or both of the Purchaser and the French Purchaser makes or make a payment of Purchase Price in respect of Receivables sold
pursuant to a Receivables Purchase and Servicing Agreement, the total value of Collections paid by Debtors during such Settlement Period to an account other than the relevant Purchaser Collection Account represents (10 per cent.) or more of the
total value of all Collections received during such Settlement Period. For these purposes “Settlement Period” means each period commencing on, and including, a Settlement Date and ending on, but excluding, the following Settlement Date.

 16. Insurance Policy: unless otherwise agreed between the Parent and the Bank: 
  

	(a)	the Insurer becomes Insolvent or fails to satisfy any of its obligations under the Insurance Policy; or 

  

	(b)	the Insurance Policy ceases (or any party thereto takes any step with a view to such termination) for any reason whatsoever, to be in full force and effect in respect
of the entire pool of Purchased Receivables, unless the current Insurance Policy is replaced by an equivalent insurance from a credit insurer in each case acceptable to the Bank; or 

  

	(c)	the insurance financial strength rating of the Insurer falls below Baa2, if rated by Moody’s, and continues at this lower level for a period of at least 60 days
without the Parent procuring a replacement for the Insurer reasonably acceptable to the Purchaser; or 

  

	(d)	the issuer credit rating or the financial strength rating of the Insurer falls below BBB , if rated by S&P’s, and continues at this lower level for a period of
at least 60 days without the Parent procuring a replacement for the Insurer reasonably acceptable to the Purchaser; or 

  

	(e)	any of the ratings mentioned in paragraphs (c) and (d) above is no longer available with the relevant Rating Agency; 

 17. Guarantee Event: a Guarantee Event occurs. 
  

 45 

 SCHEDULE 4 
 OFFICER’S CERTIFICATE 
 [insert name
of company] 
 (the “Company”) 
 THIS IS TO CERTIFY that: 
 1. the statutes of [insert name of
company] (the “Company”) have not been amended since [—] and the attached copy of the said statutes is a true and complete copy of their current coordinated text;

 2. the attached copy of the minutes of the meeting of the board of directors of the Company held on [—] is a true and complete copy of the minutes of that meeting, or of such part of the minutes as relate to the matters described therein; 
 3. the below-mentioned names and signatures of the directors authorized to execute on behalf of the Company the [insert specific transaction documents] and any other documents-agreements in
connection therewith are true and complete. 
  

			
	 Name of Director
	 	Signature specimen
		
	 [insert name(s) of relevant officer(s)]
	 	
		
	 Name of Director
	 	Signature specimen
		
	 [insert name(s) of relevant officer(s)]
	 	

 4. the Company was not insolvent or unable to pay its debts as they fall due when entering the WABCO
Transaction Documents (including the Transfer Document) to which it is a party; 
 5. to the best of my knowledge no execution or other process
issued on a judgment, decree or order of any court in favour of a creditor of the Company remains unsatisfied in whole or in part, which, if satisfied in whole, would result in the Company becoming insolvent or unable to pay its debts as they fall
due; 
 6. no corporate action has been taken or is pending, no other steps have been taken and no legal proceedings have been commenced or are
pending for (i) the winding-up, liquidation, dissolution, administration or reorganisation of the Company (other than a solvent reorganisation); or (ii) the appointment of a receiver, administrative receiver, or similar officer in respect
of the Company or any of its property, undertaking or assets and the Company has not been wound up; 
  

 46 

 7. the sale by the Company of the Relevant Receivables under or pursuant to the Transfer Document and the
[—] Receivables Purchase and Servicing Agreement would be made by the Company, in good faith and for the purpose of carrying on its business, and there would be reasonable grounds for believing that
such transfer would benefit the Company; 
 8. in selling the Relevant Receivables pursuant to the [—
] Receivables Purchase and Servicing Agreement, the Company has no intent of prejudicing the interest of any of its creditors; 
 9.
having made all appropriate investigations, I am not aware of any fact which will lead to (i) any of the situations mentioned in paragraphs 4, 5, 6, 7, and 8 above, or (ii) the non-continuation of the Company’s operation for a period
of at least 6 months from the date of this solvency certificate; 
 10. the Company has observed or performed all of its undertakings, and
satisfied every condition, contained in the WABCO Transaction Documents to be observed, performed or satisfied by it, and we have no knowledge of any Early Amortisation Event or Potential Early Amortisation Event. 
 Signed on [—] 
 Name of Director 
 [insert name(s) of relevant officer(s)] 
 Name of Director 
 [insert name(s) of
relevant officer(s)] 
  

 47EXHIBIT 10.5

 23 SEPTEMBER 2009 
 WABCO HOLDINGS INC. 
 (as
Guarantor) 
 PARIS TITRISATION 
 (as Management Company) 
 SOCIÉTÉ GÉNÉRALE 
 (as Custodian) 

 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 (as a Purchaser) 
  

 
 GUARANTEE AND
SUBORDINATION 
 AGREEMENT 
  
  
 

 
 Freshfields Bruckhaus Deringer LLP 

 CONTENTS 
  

					
	 CLAUSE
	  	PAGE
	1.	  	DEFINITIONS	  	2
			
	2.	  	GUARANTEE	  	3
			
	3.	  	REPRESENTATIONS AND WARRANTIES	  	7
			
	4.	  	UNDERTAKINGS	  	7
			
	5.	  	PAYMENTS	  	8
			
	6.	  	NOTICES	  	8
			
	7.	  	COSTS AND EXPENSES	  	9
			
	8.	  	ASSIGNMENTS AND SUCCESSORS	  	9
			
	9.	  	PARTIAL INVALIDITY	  	10
			
	10.	  	GOVERNING LAW	  	10
			
	11.	  	JURISDICTION	  	10
		
	 Schedule 1 REPRESENTATIONS AND WARRANTIES
	  	12
		
	 Schedule 2 AFFIRMATIVE COVENANTS
	  	16
		
	 Schedule 3 NEGATIVE COVENANTS
	  	20
		
	 Schedule 4 DEFINITIONS OF THE TERMS USED IN SCHEDULES 1 AND 2
	  	21

 THIS GUARANTEE AND SUBORDINATION AGREEMENT dated 23 September 2009 
 BETWEEN: 
  

	(1)	WABCO HOLDINGS INC., a corporation incorporated under the laws of the State of Delaware with its principal executive office in the United States of America at
One Centennial Avenue, Piscataway, New Jersey 08855, United States of America (the Guarantor); 

  

	(2)	SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V., a public limited liability company (naamloze vennootschap) incorporated under the laws
of The Netherlands and having its corporate seat (statutaire zetel) in Amsterdam and its registered office at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands and registered with the trade register (handelsregister) of the
chamber of commerce (kamer van koophandel) of Amsterdam under number 33002587, acting through its office in Amsterdam (the Purchaser); 

  

	(3)	PARIS TITRISATION, a société anonyme incorporated under the laws of France, licensed by the Autorité des marchés financiers
as a société de gestion, whose registered office is located at 17, Cours Valmy, 92972 Paris La Défense (France), registered with the Trade and Companies Register of Nanterre (Registre du Commerce et des
Sociétés de Nanterre) (France) under number 379 014 095, represented for the purposes hereof by a duly authorised representative whose name appears on the signature page, acting for itself and for the account of the fonds commun
de titrisation named FCT – Val Duchesse Titrisation (the Management Company acting for the account of the FCT); and 

  

	(4)	SOCIÉTÉ GÉNÉRALE, a société anonyme incorporated under the laws of France, licensed as a credit institution in
France by the Comité des Établissements de Crédit et des Entreprises d’Investissement, whose registered office is at 29, boulevard Haussmann, 75009 Paris (France), registered with the Trade and Companies Register of
Paris (Registre du Commerce et des Sociétés de Paris) (France) under number 552 120 222, represented for the purposes hereof by a duly authorised representative whose name appears on the signature page (the
Custodian). 

 IT IS AGREED AS FOLLOWS: 
 WHEREAS: 
 (A) Wabco Holdings Inc. is the Parent of the Insurance Servicer, each Seller,
each Servicer, the Depositor and the Seller’s Agent. 
 (B) The Sellers wish to sell, the FCT wishes to purchase from the French Seller,
and the Purchaser wishes to purchase from the German Seller and the Italian Seller, certain receivables, as more particularly described in the Receivables Purchase and Servicing Agreements, originated from the sale of automotive products by the
Sellers to certain Debtors pursuant to the Contracts, together with the benefit of all related 
  

 1 

 ancillary security and other rights attached thereto, if any, on the terms and subject to the conditions of
the Receivables Purchase and Servicing Agreements. 
 (C) The FCT and the Purchaser have agreed to delegate to the relevant Seller the task and
duties of managing, servicing and collecting, for the account of the FCT or the Purchaser, as the case may be, all amounts due and payable under the receivables sold by the Sellers to the FCT or the Purchaser, as the case may be, pursuant to the
Receivables Purchase and Servicing Agreements. 
 (D) The Insurance Servicer has agreed to act for the Purchaser and the FCT in the performance
of certain services in relation to the Insurance Policy upon the terms and subject to the conditions contained in the Insurance Servicing Agreement and the Depositor has agreed to make deposits and to make certain other payments to the Purchaser in
connection with the Receivables Purchase and Servicing Agreements pursuant to the Subordinated and Additional Deposits and Payments Agreement. 
 (E) In order to secure the payment obligations of each of the Insurance Servicer, the Seller’s Agent, the Depositor, the Sellers and the Servicers under the relevant Transaction Documents, and the due and punctual observance and
performance of all non-payment obligations, conditions and covenants on the part of each of the Insurance Servicer, the Seller’s Agent, the Depositor, the Sellers and the Servicers under the relevant Transaction Documents, the Guarantor, on the
terms and conditions set out hereinafter, agrees to deliver a first demand guarantee and an undertaking (within the meaning of a porte-fort) to the Purchaser or the FCT, as applicable. 
 IT IS HEREBY AGREED AS FOLLOWS: 
 1.
DEFINITIONS 
 1.1 Unless otherwise defined in this Agreement or the context requires otherwise, words and expressions used: 
  

	(a)	in this Agreement have the meanings and constructions ascribed to them in the Master Definitions Agreement entered into between, inter alia, the Sellers, the
Purchaser and the FCT on or about the date hereof (the Master Definitions Agreement); and 

  

	(b)	in Schedule 1 and Schedule 2 of this Agreement have the meanings and constructions ascribed to them in Schedule 4 (Definitions of the Terms used in Schedules 1 and
2). 

 1.2 In addition and unless otherwise defined in this Agreement or the context requires otherwise, the following terms
have the meaning described hereunder. 
 Beneficiary means each of the FCT and the Purchaser. 
 Guarantee Event means any event or circumstance specified as such in the Master Definitions Agreement. 
  

 2 

 Guarantor Covenants means the covenants of the Guarantor set out in Schedule 2 (Affirmative
Covenants) and Schedule 3 (Negative Covenants) of this Agreement. 
 Guarantor Warranties means the representations and
warranties given by the Guarantor and set out in Schedule 1 (Representations and Warranties) of this Agreement. 
 Subsidiary means, with respect to any person (herein referred to as the parent), any person (herein referred to as a subsidiary) of which securities or other ownership interests representing more
than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held by the parent, or
by one or more direct or indirect subsidiaries of the parent, or by the parent and one or more direct or indirect subsidiaries of the parent. 
 2. GUARANTEE 
 2.1 The Guarantor irrevocably and unconditionally guarantees as a primary and independent obligation (as a
garantie à première demande and not a cautionnement) to: 
  

	(a)	the Purchaser, the due and punctual observance and performance of all payment obligations on the part of each of the Seller’s Agent, the German Seller, the German
Servicer, the Italian Seller and the Italian Servicer contained in the German Receivables Purchase and Servicing Agreement and the Italian Receivables Purchase and Servicing Agreement and agrees to pay from time to time on first demand any and every
sum or sums of money which any of the Seller’s Agent, the German Seller, the German Servicer, the Italian Seller or the Italian Servicer is at any time liable to pay to the Purchaser under or pursuant to the German Receivables Purchase and
Servicing Agreement or the Italian Receivables Purchase and Servicing Agreement and which has become due and payable but has not been paid at the time such demand is made; 

  

	(b)	the Purchaser, the due and punctual observance and performance of all payment obligations on the part of each of the Seller’s Agent, the Depositor, the French
Seller, the French Servicer, the German Seller, the German Servicer, the Italian Seller and the Italian Servicer contained in the Subordinated and Additional Deposits and Payments Agreement and agrees to pay from time to time on first demand any and
every sum or sums of money which any of the Seller’s Agent, the Depositor, the French Seller, the French Servicer, the German Seller, the German Servicer, the Italian Seller or the Italian Servicer is at any time liable to pay to the Purchaser
under or pursuant to the Subordinated and Additional Deposits and Payments Agreement and which has become due and payable but has not been paid at the time such demand is made; 

  

	(c)	the FCT, the due and punctual observance and performance of all payment obligations on the part of each of the Seller’s Agent, the French Seller and the

  

 3 

	    	French Servicer contained in the French Receivables Purchase and Servicing Agreement and agrees to pay from time to time on first demand any and every sum or sums of
money which any of the Seller’s Agent, the French Seller or the French Servicer is at any time liable to pay to the Purchaser under or pursuant to the French Receivables Purchase and Servicing Agreement and which has become due and payable but
has not been paid at the time such demand is made. 

 2.2 The Guarantor undertakes (within the meaning of a porte-fort):

  

	(a)	to the Purchaser, the due and punctual observance and performance of all non-payment obligations, conditions and covenants on the part of each of the Seller’s
Agent, the German Seller, the German Servicer, the Depositor, the Italian Seller and the Italian Servicer contained in the German Receivables Purchase and Servicing Agreement and the Italian Receivables Purchase and Servicing Agreement;

  

	(b)	to the FCT, the due and punctual observance and performance of all non-payment obligations, conditions and covenants on the part of each of the Seller’s Agent, the
French Seller and the French Servicer contained in the French Receivables Purchase and Servicing Agreement; and 

  

	(c)	to the Purchaser and the FCT, the due and punctual observance and performance of all non-payment obligations, conditions and covenants on the part of the Insurance
Servicer contained in the Insurance Servicing Agreement. 

 2.3 The Guarantor irrevocably and unconditionally agrees as a primary
and independent obligation to indemnify each Beneficiary from time to time on demand from and against any reasonably substantiated and quantified loss incurred by the relevant Beneficiary as a result of any of the obligations of the Seller’s
Agent, any Seller or Servicer under or pursuant to any of the Receivables Purchase and Servicing Agreements being or becoming void, voidable, unenforceable or ineffective as against the Seller’s Agent, the relevant Seller or Servicer for any
reason whatsoever, save for any reason which is a consequence of the relevant Beneficiary being negligent or acting fraudulently, whether or not known to the relevant Beneficiary or any other person, the amount of such loss being the amount which
the relevant Beneficiary can reasonably demonstrate it would otherwise have been entitled to recover from the Seller’s Agent, the Sellers or Servicers. 
 2.4 The Guarantor irrevocably and unconditionally agrees as a primary and independent obligation to indemnify each Beneficiary from time to time on demand from and against any reasonably substantiated and
quantified loss incurred by the relevant Beneficiary as a result of any of the obligations of the Insurance Servicer under or pursuant to the Insurance Servicing Agreement being or becoming void, voidable, unenforceable or ineffective as against the
Insurance Servicer for any reason whatsoever, save for any reason which is a consequence of the relevant Beneficiary being negligent or acting fraudulently, whether or not known to the relevant Beneficiary or any other person. 
  

 4 

 2.5 The Guarantor irrevocably and unconditionally agrees as a primary and independent obligation to
indemnify the Purchaser from time to time on demand from and against any reasonably substantiated and quantified loss incurred by the Purchaser as a result of any of the obligations of any of the Seller’s Agent, the Depositor, the French
Seller, the French Servicer, the German Seller, the German Servicer, the Italian Seller or the Italian Servicer under or pursuant to the Subordinated and Additional Deposits and Payments Agreement being or becoming void, voidable, unenforceable or
ineffective as against any of the Seller’s Agent, the Depositor, the French Seller, the French Servicer, the German Seller, the German Servicer, the Italian Seller or the Italian Servicer for any reason whatsoever, save for any reason which is
a consequence of the Purchaser being negligent or acting fraudulently, whether or not known to the Purchaser or any other person. 
 2.6 The
obligations of the Guarantor herein contained shall constitute and be continuing obligations notwithstanding any settlement of account or other matter or thing whatsoever and shall not be considered satisfied by any intermediate payment or
intermediate satisfaction of all or any of the obligations of the Depositor, the Seller’s Agent, the Sellers or Servicers under any of the Receivables Purchase and Servicing Agreements or the Subordinated and Additional Deposits and Payments
Agreement, or the Insurance Servicer under the Insurance Servicing Agreement, and shall continue in full force and effect until final payment in full of all amounts owing by the Depositor, the Seller’s Agent, the Sellers or Servicers under any
of the Receivables Purchase and Servicing Agreements or the Subordinated and Additional Deposits and Payments Agreement and the Insurance Servicer under the Insurance Servicing Agreement and total satisfaction of all the actual and contingent
obligations of the Depositor, the Seller’s Agent, the Sellers or Servicers under any of the Receivables Purchase and Servicing Agreements or the Subordinated and Additional Deposits and Payments Agreement and the Insurance Servicer under the
Insurance Servicing Agreement. 
 2.7 The obligations of the Guarantor herein contained shall not be discharged, impaired or otherwise affected
by: 
  

	(a)	the bankruptcy, winding-up, dissolution, administration or re-organisation of the Seller’s Agent, the Depositor, any Seller or Servicer, the Insurance Servicer or
any other person or any change in its status, function, control or ownership; 

  

	(b)	any of the obligations of the Seller’s Agent, the Depositor, any Seller or Servicer, the Insurance Servicer or any other person hereunder being or becoming
illegal, invalid, unenforceable or ineffective in any respect; 

  

	(c)	time or other indulgence being granted or agreed to be granted to the Seller’s Agent, the Depositor, any Seller or Servicer, the Insurance Servicer or any other
person in respect of its obligations under the Receivables Purchase and Servicing Agreement to which the Seller’s Agent or such Seller or Servicer is a party, the Insurance Servicing Agreement, the Subordinated and Additional Deposits and
Payments Agreement or any other agreement; 

  

 5 

	(d)	any amendment to, or any variation, waiver or release of, any obligations of the Seller’s Agent, the Depositor, any Seller or Servicer, the Insurance Servicer or
any other person under any Receivables Purchase and Servicing Agreement, the Insurance Servicing Agreement, the Subordinated and Additional Deposits and Payments Agreement or any other agreement; 

  

	(e)	any failure to take, or fully to take, any security contemplated hereby or otherwise agreed to be taken in respect of the obligations of the Seller’s Agent, the
Depositor, any Seller or Servicer under any Receivables Purchase and Servicing Agreement or the Subordinated and Additional Deposits and Payments Agreement or the Insurance Servicer under the Insurance Servicing Agreement; 

 

	(f)	any other act, event or omission which, but for this Clause 2.4, might operate to discharge, impair or otherwise affect any of the obligations of the Guarantor herein
contained or any other rights, power or remedies conferred upon either Beneficiary by this Agreement. 

 2.8 The Guarantor agrees
that, so long as any amounts are or may be owed by the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer under any Receivables Purchase and Servicing Agreement, the Insurance Servicing Agreement or the Subordinated
and Additional Deposits and Payments Agreement, or any of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer is under any actual or contingent obligations hereunder or under any of the Receivables Purchase and
Servicing Agreements, the Insurance Servicing Agreement or the Subordinated and Additional Deposits and Payments Agreement, the Guarantor shall not exercise any rights which the Guarantor may at any time have, by reason of the performance by it of
its obligations hereunder: 
  

	(a)	to be indemnified by any of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer; or 

  

	(b)	to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of either Beneficiary hereunder. 

 2.9 Any settlement or discharge given by either a Beneficiary to the Guarantor in respect of the Guarantor’s obligations under this Guarantee or any
other agreement reached between either Beneficiary and the Guarantor in relation to it shall be, and be deemed always to have been, void if any act on the faith of which the relevant Beneficiary gave the Guarantor that settlement or discharge or
entered into that agreement is subsequently avoided by or in pursuance of any provision of law. 
 2.10 Neither Beneficiary shall be obliged
before exercising any of the rights, powers or remedies conferred upon it in respect of the Guarantor by this Guarantee or by law: 
  

	(a)	to make any demand of any of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer; 

  

 6 

	(b)	to take any action or obtain judgment in any court against any of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer;

  

	(c)	to make or file any claim or proof in a bankruptcy of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer; or

  

	(d)	to enforce or seek to enforce any security taken in respect of any of the obligations of the Seller’s Agent, the Depositor, any Seller or Servicer under any
Receivables Purchase and Servicing Agreement or the Subordinated and Additional Deposits and Payments Agreement, or the Insurance Servicer under the Insurance Servicing Agreement. 

 2.11 For the avoidance of doubt, none of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer shall have any liability
for any obligation of a Debtor under any Purchased Receivables and nothing herein shall constitute a guarantee, or similar obligation, by any of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer of any
Purchased Receivables or any Debtor. 
 3. REPRESENTATIONS AND WARRANTIES 
 3.1 The Guarantor represents and warrants to each Beneficiary, as at the date of this Agreement on the terms of the Guarantor Warranties. 
 3.2 The Guarantor Warranties shall remain in force until the Agreement Expiry Date but without prejudice to any right or remedy of either Beneficiary arising from any breach of the Guarantor Warranties
prior to such date. 
 4. UNDERTAKINGS 
 4.1 The Guarantor covenants as at the date of this Agreement to each Beneficiary, on the terms of the Guarantor Covenants. 
 4.2 In
addition to the Guarantor Covenants: 
  

	(a)	the Guarantor shall procure that all amounts owed to the Guarantor by any of the Seller’s Agent, the Depositor, any Seller or Servicer or the Insurance Servicer
are subordinated in right of payment to any amount owed by the Seller’s Agent, the Depositor, the relevant Seller or Servicer or the Insurance Servicer, as the case may be, to the FCT or the Purchaser, as the case may be; and

  

	(b)	the Guarantor shall not, and shall procure that none of its subsidiaries shall, demand, claim, or receive any payment (whether in cash, in kind by way of set-off or
otherwise) in respect of any Purchased Receivables from any of the Seller’s Agent, the Depositor, any Seller or Servicer, the Insurance Servicer or any Debtor, or any of their estates, in competition with the FCT or the Purchaser, as the case
may be. 

  

 7 

 4.3 The Guarantor Covenants and the other covenants contained in this Clause 4 other shall remain in force
until the Agreement Expiry Date but without prejudice to any right or remedy of either Beneficiary arising from the breach of any such covenants prior to such date. 
 5. PAYMENTS 
 The provisions of any of the Receivables Purchase and Servicing Agreements,
the Insurance Servicing Agreement and the Subordinated and Additional Deposits and Payments Agreement relating to the payments to be made under those agreements and relating to currency indemnities in the event of payments made in a currency other
than the contractual currency shall apply mutatis mutandis to payments to be made under this Guarantee. 
 6. NOTICES 
 Any notice to be given by one party to any other party under, or in connection with, this Guarantee shall be in its correct form as described in this
Guarantee, or in writing, as the case may be, and signed by or on behalf of the party giving it. Any such notice shall be served by sending it by fax to the fax number(s) set out below, or delivering it by hand, or sending it by pre-paid recorded
delivery or registered post, to the address set out below, or, until notified to the contrary by the recipient, by electronic mail to the email addresses set out below, and in each case marked for the attention of the relevant party. Any notice so
served by hand, electronic mail, fax or post shall be deemed to have been duly given: 
  

	(a)	in the case of delivery by hand, when delivered; 

  

	(b)	in the case of fax, at the time of transmission, provided that the transmission report generated by the fax machine of the sender indicates that all pages of the fax
were sent; 

  

	(c)	in the case of pre-paid recorded delivery or registered post, at 10.00 a.m. on the fifth Business Day following the date of posting; and 

  

	(d)	in the case of electronic mail, when actually received in readable form, as shown by notice of receipt, 

 provided that in each case where delivery by hand or fax occurs after 6.00 p.m. on a Business Day or on a day which is not a Business Day, service shall be
deemed to occur at 9.00 a.m. on the next following Business Day. 
 The addresses, email addresses and fax numbers of the parties are as set out
below: 
 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 Amstelplein 1 
 1096-HA Amsterdam, 
 The Netherlands 
  

 8 

 Fax: +31 20 463 53 58 
 Attention: Niek Volkers 
 Email: niek.volkers@sgcib.com 
 PARIS TITRISATION 
 17, Cours Valmy

 92972 Paris La Défense Cedex 
 France 
 Fax: +33(0)1 46 92 45 96 
 Attention: Bâssine Wane / Amélie Aleonard 
 Email: bassine.wane@sgcib.com / amelie.aleonard@sgcib.com 
 SOCIÉTÉ GÉNÉRALE 
 17, Cours Valmy 
 92972 Paris La Défense Cedex 
 France 
 Telephone: 33(0)1 42 13 94 07 / 33(0)1 42 13 47 02 
 Facsimile: 33(0)1 46 92 45 96 
 Attention: Cannelle
Barrier / Mathilde Picard 
 E-mail : cannelle.barrier@sgcib.com / mathilde.picard@sgcib.com 
 WABCO HOLDINGS INC. 
 One Centennial Avenue

 Piscataway 
 New Jersey 08855

 United States of America 
 Facsimile:
+32 2 663 98 99 
 Attention: Malcolm Gilbert/Jef Van Osta 
 E-mail: Malcolm.Gilbert@wabco-auto.com / jef.vanosta@wabco-auto.com 
 7. COSTS AND EXPENSES

 All of each Beneficiary’s duly documented costs and expenses (including legal fees, stamp duties and any value added tax) incurred in
good faith in connection with the execution or enforcement of this Guarantee or otherwise in relation to it, shall be reimbursed by the Guarantor on demand on a full indemnity basis together with interest from the date such costs and expenses were
incurred to the date of payment at such rates as the relevant Beneficiary may reasonably determine. 
 8. ASSIGNMENTS AND SUCCESSORS 

 Each Beneficiary may at any time assign all or any of its rights and benefits under this Guarantee, subject to the Guarantor’s written
consent not to be unreasonably withheld or delayed, and this Guarantee shall remain in effect despite any amalgamation or merger (however effected) relating to any Beneficiary. References to such Beneficiary shall be deemed to include any assignee
or successor in title of such Beneficiary and any person who, under the laws of its jurisdiction of incorporation or domicile, has assumed the rights and obligations of such Beneficiary under this Guarantee or to which under such laws the same have
been transferred. 
  

 9 

 9. PARTIAL INVALIDITY 
 Without prejudice to any other remedy of the parties hereto under the Transaction Documents, if at any time, any provision of this Guarantee is or becomes illegal, invalid or unenforceable in any respect
under the law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions of this Guarantee nor of such provisions under the law of any other jurisdiction shall in any way be affected or impaired thereby. In
this event, but without prejudice to any other rights and remedies of the parties hereto under the Transaction Documents, the parties hereto shall in good faith endeavour to seek a mutually agreeable alternative to such provision deemed to be
illegal, invalid or unenforceable. 
 10. GOVERNING LAW 
 This Agreement shall be governed by and construed in accordance with the laws of Belgium. 
 11.
JURISDICTION 
 Any dispute in connection with this Agreement shall be subject to the jurisdiction of the courts of Belgium, without
prejudice however to the rights of either Beneficiary to initiate litigation before any other court of competent jurisdiction. 
  

 10 

 Made in four originals the day and year first before written. 
  

					
	 WABCO HOLDINGS INC.
	  	)	  	

		  	)	  
	 Name:
	  	)	  
	 Title:
	  	)	  
			
	 SOCIÉTÉ GÉNÉRALE BANK
	  	)	  	

	 NEDERLAND N.V.
	  	)	  
	 Name:
	  	)	  
	 Title:
	  	)	  
		  		  
		  		  
			
	 PARIS TITRISATION
	  	)	  	

		  	)	  
	 Name:
	  	)	  
	 Title:
	  	)	  
		  		  
		  		  
			
	 SOCIÉTE GÉNÉRALE
	  	)	  	

		  	)	  
	 Name:
	  	)	  
	 Title:
	  	)	  
		  		  
		  		  
		  		  
		  		  
		  		  

  

 11 

 SCHEDULE 1 
 REPRESENTATIONS AND WARRANTIES 
  

	(a)	Organisation and qualification 

 The Guarantor is duly organised, validly existing and in good standing under the laws of its jurisdiction, has full and adequate corporate power to carry on its business as now conducted and is duly licensed or qualified and, to the extent
relevant, in good standing in each jurisdiction in which the nature of the business transacted by it or the nature of the property owned or leased by it makes such licensing or qualification necessary, except where such failure to be so licensed or
qualified and in good standing does not constitute and would not result in a Material Adverse Effect. 
  

	(b)	Corporate authority and validity of obligations 

 The Guarantor has the corporate, company or partnership power and authority to enter into this Agreement. The execution, delivery, and performance of this Agreement have been duly authorized by all
necessary corporate, company or partnership action of the Guarantor, and this Agreement constitutes valid and binding obligations of the Guarantor, enforceable in accordance with its terms, subject to bankruptcy, insolvency and similar laws
affecting the enforcement of creditors’ rights generally. This Agreement (i) will not contravene any charter or by-law provision of the Guarantor, (ii) will not contravene any provision of law or any regulation or order of any
Governmental Authority or any judgement, or any material covenant, indenture, or agreement of or affecting the Guarantor or a substantial portion of the Properties of the Guarantor where such contravention referred to in this paragraph
(ii) would reasonably be expected to result in a Material Adverse Effect or to affect materially and adversely the rights or interests of any Beneficiary, or (iii) result in the creation of any Lien upon any material Property or asset of
the Guarantor. 
  

	(c)	Financial reports 

 (i) The
audited consolidated financial statements of the Guarantor for the financial year ended 31 December 2008 (the Original Financial Statements) were prepared in accordance with GAAP consistently applied. (ii) The Original
Financial Statements fairly represent the Guarantor’s financial condition and operations (consolidated) during the relevant financial year. (iii) There has been no Material Adverse Effect in the business or financial condition of the Guarantor
(or the business or consolidated financial condition of its subsidiaries), since the date of its latest (i) Form 10- Q or (ii) Form 10-K, whichever is the most recent. 
  

 12 

	(d)	Approvals 

 No authorisation,
consent, license, exemption, filing or registration with any court or governmental department, agency or instrumentality, or any other Person, is necessary to the consummation of the transactions in the Securitisation Agreements or the valid
execution, delivery or performance by the Guarantor of this Agreement except for those obtained on or before the date of this Agreement or those the failure of which would not individually or in the aggregate reasonably be expected to result in a
Material Adverse Effect. 
  

	(e)	Disclosure 

 None of the other
reports, financial statements, certificates or other information furnished in writing by or on behalf of the Guarantor to any Beneficiary in connection with the negotiation of this Agreement or delivered hereunder, as of the date furnished and taken
together with all other information so furnished or included in reports filed by the Guarantor with the SEC on or prior to such date, contained or will contain any material misstatement of fact or omitted or will omit to state any material fact
necessary to make the statements herein, in the light of the circumstances under which they were made, not materially misleading. All projections and other forward looking information contained in the reports, financial statements, certificates or
other information furnished by or on behalf of the Guarantor to any Beneficiary in connection with the negotiation of this Agreement (as modified or supplemented from time to time by other information so furnished) have been prepared by the
Guarantor in good faith based upon assumptions that were reasonable at the time made and at the time such projections and other information were furnished. 
  

	(f)	No Material Adverse Effect 

 Since December 31, 2008, there has not occurred or become known any Material Adverse Effect. 
  

	(g)	Litigation 

 There is no
litigation or governmental proceeding pending, or to the knowledge of the Guarantor or any Material Subsidiary threatened, against the Guarantor or any Material Subsidiary (i) which if adversely determined could impair the validity or
enforceability of this Agreement or any other WABCO Transaction Document in a manner that could result in an Early Amortisation Event, or materially impair the ability of the Guarantor or any Obligor to perform its obligations under this Agreement
or any other WABCO Transaction Document or (ii) except as disclosed in the most recent Form 10- Q and or 10-K filed by the Guarantor with the Securities and Exchange Commission prior to the date of this Agreement. 
  

	(h)	Tax Returns 

 The Guarantor has
filed all tax returns and reports required to have been filed to the best of its knowledge and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in 
  

 13 

 good faith by appropriate proceedings and for which the Guarantor has set aside on its books
adequate reserves or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
  

	(i)	ERISA 

 The Guarantor and each
Subsidiary of the Guarantor is in compliance in all material respects with the Employee Retirement Income Security Act of 1974 (“ERISA”) to the extent applicable to it and has received no notice to the contrary from the Pension
Benefit Guaranty Corporation or any successor thereto (“PBGC”) or any other governmental entity or agency. No condition exists or event or transaction has occurred under or relating to any Plan which could reasonably be expected to
result in the incurrence by the Guarantor or any Subsidiary of the Guarantor of any material liability, fine or penalty. Neither the Guarantor nor any Subsidiary of the Guarantor has any contingent liability for any post-retirement benefits under a
Welfare Plan that would reasonably be expected to result in a Material Adverse Effect. 
  

	(j)	Environmental Matters 

 Except as
set forth in the most recent Form 10-Q filed by the Guarantor with the Securities and Exchange Commission prior to the date of this Agreement, and except with respect to any other matters that, individually or in the aggregate, would not reasonably
be expected to result in a Material Adverse Effect, none of the Guarantor and the Material Subsidiaries (a) has failed to comply with any Environmental Laws or to obtain, maintain or comply with any permit, license or other approval required
under any Environmental Laws, (b) has become subject to any liability under any Environmental Laws, (c) has received written notice of any claim with respect to any Environmental Laws or (d) knows of any basis for any liability under
any Environmental Laws. 
  

	(k)	Properties 

 The Guarantor and
each Material Subsidiary has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for defects in title or property the absence of which would not individually or in the aggregate
reasonably be expected to result in a Material Adverse Effect. 
 The Guarantor and each Material Subsidiary owns, or is licensed
to use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by it does not infringe upon the rights of any other person, except for any such defects in ownership or license
rights or other infringements that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect. 
  

	(l)	Compliance with Laws 

 The
Guarantor and each Material Subsidiary is in compliance with all laws, regulations and orders of each Governmental Authority applicable to it or its 
  

 14 

 property (a) except where the failure to be in compliance, individually or in the
aggregate, would not reasonably be expected to result in a Material Adverse Effect, and (b) except for violations of law solely with respect to the European Commission matter regarding infringements of European Union competition rules by
certain European Subsidiaries of the Company and a number of unaffiliated companies, as disclosed in the most recent Form 10-Q filed by the Guarantor with the Securities and Exchange Commission prior to the date of this Agreement. 
  

	(m)	Investment Company Status 

 None
of the Guarantor and its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940. 
  

 15 

 SCHEDULE 2 
 AFFIRMATIVE COVENANTS 
  

	(a)	Corporate existence 

 The
Guarantor will preserve and maintain its corporate existence. 
  

	(b)	Financial reports and other information 

 The Guarantor will maintain a standard system of accounting substantially in accordance with GAAP and will furnish to the Beneficiaries and their respective duly authorized representatives such information respecting the business and
financial condition of the Guarantor as they may reasonably request; and without any request will furnish to each Beneficiary, in each case in accordance with Clause 7 (Notices) of the Guarantee (or where expressly permitted by this paragraph
(b) below will make available by means of electronic posting to each Beneficiary: 
  

	 	(i)	within 15 days of each date the Guarantor is required to file a report on Form 10-K for any fiscal year with the SEC, its audited consolidated balance sheet and related
statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by Ernst & Young LLP or other
independent public accountants of recognized national standing (without “going concern” or like qualification or exception and without any qualification or exception as to the scope of such audit) to the effect that such consolidated
financial statements present fairly in all material respects the financial condition and results of operations of the Guarantor and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

  

	 	(ii)	within 15 days of each date the Guarantor is required to file a report Form 10- Q for any fiscal quarter with the Securities and Exchange Commission, its consolidated
balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for
the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition and
results of operations of the Guarantor and its consolidated subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes; 

  

	 	(iii)	concurrently with any delivery of financial statements under paragraph (i) or (ii) above, a certificate of a Financial Officer of the Guarantor (a)

  

 16 

	 	  	certifying as to whether a Guarantee Event has occurred since the date of the most recent certificate delivered under this paragraph and, if a Guarantee Event has
occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, and (b) stating whether any change in GAAP or in the application thereof has occurred since the date of the Original Financial
Statements (as defined in Schedule 1) and, if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 

  

	 	(iv)	promptly after the same become publicly available, copies of all periodic and other reports (including all reports on Form 10-K, Form 10-Q and Form 8-K), proxy
statements and other materials filed by the Guarantor with the SEC; or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange, distributed by the Guarantor to its shareholders
generally, as the case may be; 

  

	 	(v)	promptly following any request therefore, such other information regarding the operations, business affairs and financial condition of the Guarantor, or compliance with
the terms of this Agreement, as any Beneficiary may reasonably request; and 

  

	 	(vi)	prompt written notice (including a description in reasonable detail) of (a) the occurrence of any Guarantee Event; (b) the filing or commencement of any
action, suit or proceeding by or before any arbitrator or Governmental Authority against the Guarantor that could reasonably be expected to result in a Material Adverse Effect; and (c) any other development that results in, or would reasonably
be expected to result in, a Material Adverse Effect. Each notice delivered under this paragraph shall be accompanied by a statement of a Financial Officer or other executive officer of the Guarantor setting forth a summary in reasonable detail of
the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 

 Information required to be delivered pursuant to paragraphs (i), (ii) and (iv) above shall be deemed to have been delivered if such information, or one or more annual or quarterly reports containing such information, shall have
been posted on the Guarantor’s website on the Internet at http://www.wabco-auto.com (or such other address as the Guarantor shall provide to the Beneficiary) or on an IntraLinks or similar site to which the Beneficiary have been granted
access or shall be available on the website of the Securities and Exchange Commission at http://www.sec.gov (and a confirming electronic correspondence shall have been delivered or caused to be delivered to the Beneficiary providing notice of
such posting or availability). 
  

	(c)	Books and records; inspection rights 

 The Guarantor will permit any representatives designated by any Beneficiary, upon reasonable prior notice, to visit and inspect its properties to examine and 
  

 17 

 make extracts from its books and records, and to discuss its affairs, finances and condition
with its officers and independent accountants, all on reasonable terms and conditions and during normal business hours, provided that (i) the Guarantor shall, subject to sub-paragraph (iii) below, bear all costs and expenses of any such
inspection carried out no more than once per calendar year, (ii) the relevant Beneficiary shall, subject to sub-paragraph (iii) below, bear all costs and expenses of any further inspection carried out in the same calendar year and
(iii) the Guarantor shall bear all costs and expenses of any such inspection carried out at any time after the occurrence of an Early Amortisation Event or a Potential Early Amortisation Event. 
  

	(d)	Maintenance of Properties 

 The
Guarantor will, and will cause each Subsidiary of the Guarantor to, maintain, preserve and keep its Properties necessary to the proper conduct of its business in reasonably good repair, working order and condition (ordinary wear and tear and damage
by casualty excepted) and will from time to time make or cause them to make all necessary repairs, renewals, replacements, additions and betterments thereto so that at all times such Property shall be reasonably preserved and maintained, except, in
each case, to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect; provided, however, that nothing in this paragraph (d) shall prevent the Guarantor or a Subsidiary of the
Guarantor from discontinuing the operation or maintenance of any such Property if such discontinuance is, in the judgment of the Guarantor, desirable in the conduct of its business or the business of the Subsidiary. 
  

	(e)	Taxes 

 The Guarantor will duly
pay and discharge, and will cause each Subsidiary of the Guarantor to pay and discharge, all material taxes, rates, assessments, fees and governmental charges upon or against the Guarantor or such Subsidiary or against their respective Property, in
each case before the same become delinquent and before penalties accrue thereon, unless and to the extent that the same are being contested in good faith and by appropriate proceedings and adequate reserves under GAAP are provided therefor.

  

	(f)	Insurance 

 The Guarantor will
insure, and keep insured, and will cause each Subsidiary of the Guarantor to insure, and keep insured, with reputable insurance companies, such of its insurable Property as is of a character usually insured by companies similarly situated and
operating like Property to the extent insurance is available on commercially reasonable terms. To the extent usually insured (subject to self-insured retentions) by companies similarly situated and conducting similar businesses, and to the extent
insurance is available on commercially reasonable terms, the Guarantor will also insure, and cause each Subsidiary of the Guarantor to insure, employers’ and public and product liability risks with reputable insurance companies. 
  

 18 

	(g)	Compliance with Laws 

 The
Guarantor will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations and orders of each Governmental Authority applicable to it or its property, including all Environmental Laws, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  

 19 

 SCHEDULE 3 
 NEGATIVE COVENANTS 
 The Guarantor covenants and agrees with the
Beneficiaries that none of the Guarantor or any Subsidiary of the Guarantor will: 
  

	(a)	in the case of the Guarantor or any Material Subsidiary, merge with or into or consolidate with any other person, or liquidate or dissolve, or sell, transfer, lease or
otherwise dispose of (in one transaction or in a series of related transactions) all or substantially all of the consolidated assets of the Guarantor and its Subsidiaries (whether now owned or hereafter acquired and whether directly or through any
merger or consolidation of, or any issuance, sale, transfer, lease or other disposition of equity interests in, any Subsidiary) except that if at the time thereof and immediately after giving effect thereto no Early Amortisation Event shall have
occurred and be continuing, (i) any person may merge into the Guarantor in a transaction in which the Guarantor is the surviving corporation, (ii) any person (other than the Guarantor) may merge into any Subsidiary of the Guarantor in a
transaction in which the surviving entity is a Subsidiary of the Guarantor, (iii) the Guarantor may merge into any Subsidiary of the Guarantor in a transaction in which the surviving entity assumes the obligations of the Guarantor under this
Agreement, (iv) any Subsidiary of the Guarantor may liquidate or dissolve if the Guarantor determines in good faith that such liquidation or dissolution is in the best interests of the Guarantor and its Subsidiaries and is not materially
disadvantageous to the Beneficiaries and (v) any sale of assets (or stock of a Subsidiary of the Guarantor) permitted hereunder may be effected through the merger or consolidation of one or more Material Subsidiaries (other than the Guarantor
or any Obligor) in a transaction in which the surviving person is not a Subsidiary of the Guarantor; 

  

	(b)	sell, transfer, lease or otherwise dispose of (in one transaction or in a series of related transactions) to any person other than the Guarantor or a Subsidiary of the
Guarantor, assets (other than assets sold pursuant to any Securitization Transaction, as that term is defined in the Credit Agreement and including, for the avoidance of doubt, the securitisation contemplated by the WABCO Transaction Documents) with
an aggregate fair market value during any fiscal year greater than USD 400,000,000; 

  

	(c)	alter in a fundamental manner the character of the business of the Guarantor and its Subsidiaries taken as a whole from that conducted immediately prior to the date
hereof (it being understood that the entry into other industrial businesses or businesses reasonably related, similar or ancillary to any of the businesses conducted by the Guarantor or its Subsidiaries as of the date hereof shall not be considered
a fundamental alteration). 

  

 20 

 SCHEDULE 4 
 DEFINITIONS OF THE TERMS USED IN SCHEDULES 1 AND 2 
 Environmental Laws means all federal, state, local and foreign statutes, laws (including common law), regulations, ordinances, judgments, permits and other governmental rules or restrictions relating to human health, safety
(including occupational safety and health standards), and protection of the environment or to emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into the environment, including ambient air, surface or
ground water, or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, hazardous substances or wastes or the cleanup or other remediation
thereof. 
 Financial Officer means the chief financial officer, principal accounting officer, treasurer, assistant treasurer or
controller of the Guarantor. 
 GAAP means generally accepted accounting principles in the United States of America. 

Governmental Authority means the government of the United States of America, any other nation or any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 Lien means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or security
interest in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset. 
 Person means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 Property means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible, whether now owned or
hereafter acquired. 
 SEC means the United States Securities and Exchange Commission or any successor Governmental Authority.

  

 21

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