Document:

<PAGE>
                                                                    Exhibit 10.4

                         VISTEON "B" PURCHASE AGREEMENT

                                   dated as of

                               September 12, 2005

                                     between

                               FORD MOTOR COMPANY

                                       and

                               VISTEON CORPORATION

                        relating to the purchase and sale

                                       of

                       100% of the Shares of Common Stock

                                       of

                               VFH HOLDINGS, INC.

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
                                    ARTICLE 1
                                   DEFINITIONS

Section 1.01.   Definitions..............................................     2
Section 1.02.   Other Definitional and Interpretative Provisions.........     4

                                    ARTICLE 2
                                PURCHASE AND SALE

Section 2.01.   Purchase and Sale........................................     5
Section 2.02.   Closing..................................................     6
Section 2.03.   Deliveries at Closing....................................     6
Section 2.04.   Estimate of Inventories Purchase Price...................     7
Section 2.05.   Post-Closing Calculations................................     8
Section 2.06.   Post-Closing Adjustment of the Inventories
                   Purchase Price........................................     9

                                    ARTICLE 3
                    REPRESENTATIONS AND WARRANTIES OF SELLER

Section 3.01.   Corporate Existence and Power............................    10
Section 3.02.   Corporate Authorization..................................    10
Section 3.03.   Governmental Authorization...............................    10
Section 3.04.   Noncontravention.........................................    10
Section 3.05.   Ownership of Shares; No Other Assets or Activities
                   of the Company........................................    11
Section 3.06.   Environmental Compliance.................................    12
Section 3.07.   VEBA Qualification and Funding...........................    12
Section 3.08.   Litigation...............................................    13
Section 3.09.   Finders' Fees............................................    13
Section 3.10.   No Other Representations or Warranties...................    13

                                    ARTICLE 4
                     REPRESENTATIONS AND WARRANTIES OF BUYER

Section 4.01.   Corporate Existence and Power............................    13
Section 4.02.   Corporate Authorization..................................    13
Section 4.03.   Governmental Authorization...............................    14
Section 4.04.   Noncontravention.........................................    14
Section 4.05.   Litigation...............................................    14
Section 4.06.   Finders' Fees............................................    14
Section 4.07.   No Other Representations or Warranties...................    15
</TABLE>

                                       i

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<TABLE>
<S>                                                                          <C>
                                     ARTICLE 5
                           COVENANTS OF BUYER AND SELLER

Section 5.01.   Commercially Reasonable Efforts; Further Assurances......    15
Section 5.02.   Certain Filings..........................................    15
Section 5.03.   Transfer Taxes...........................................    15
Section 5.04.   Software License Fees....................................    16
Section 5.05.   Access to Information Prior to Closing;
                   Confidentiality.......................................    16
Section 5.06.   Public Announcements.....................................    17
Section 5.07.   Conduct of the Business..................................    17
Section 5.08.   Contribution Agreement...................................    17
Section 5.09.   Obligations of the Company...............................    18
Section 5.10.   Financial Statements.....................................    18
Section 5.11.   Additional Agreements....................................    18
Section 5.12.   Directors and Officers...................................    20
Section 5.13.   Notices of Certain Events................................    21

                                    ARTICLE 6
                              CONDITIONS TO CLOSING

Section 6.01.   Conditions to Obligations of Buyer and Seller............    22
Section 6.02.   Conditions to Obligation of Buyer........................    22
Section 6.03.   Conditions to Obligation of Seller.......................    23

                                    ARTICLE 7
                            SURVIVAL; INDEMNIFICATION

Section 7.01.   Survival.................................................    24
Section 7.02.   Indemnification..........................................    24
Section 7.03.   Indemnification Procedures and other Provisions
                   relating to Indemnification Claims....................    25
Section 7.04.   No Double Recovery.......................................    25

                                    ARTICLE 8
                                   TERMINATION

Section 8.01.   Grounds for Termination..................................    26
Section 8.02.   Effect of Termination....................................    27

                                    ARTICLE 9
                                  MISCELLANEOUS

Section 9.01.   Notices..................................................    27
Section 9.02.   Amendments and Waivers...................................    29
Section 9.03.   Expenses.................................................    29
</TABLE>

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<PAGE>

<TABLE>
<S>                                                                          <C>
Section 9.04.   Successors and Assigns...................................    29
Section 9.05.   Governing Law............................................    29
Section 9.06.   Dispute Resolution.......................................    29
Section 9.07.   Jurisdiction.............................................    30
Section 9.08.   WAIVER OF JURY TRIAL.....................................    31
Section 9.09.   Counterparts; Effectiveness; Third Party Beneficiaries...    31
Section 9.10.   Entire Agreement.........................................    31
Section 9.11.   Severability.............................................    31
Section 9.12.   Specific Performance.....................................    31
</TABLE>

Exhibit A   Funding Agreement Termination Agreement
Exhibit B   Hourly Employee Conversion Agreement
Exhibit C   Master Equipment Bailment Agreement Termination Agreement
Exhibit D   Visteon Salaried Employee Lease Agreement - Rawsonville/Sterling
Exhibit E   Visteon Salaried Employee Transition Agreement -
            Rawsonville/Sterling

                                      iii

<PAGE>

                         VISTEON "B" PURCHASE AGREEMENT

     VISTEON "B" PURCHASE AGREEMENT (this "AGREEMENT") dated as of September 12,
2005 between Ford Motor Company, a Delaware corporation ("BUYER"), and Visteon
Corporation, a Delaware corporation ("SELLER").

                                   WITNESSETH:

     WHEREAS, Seller formed VFH Holdings, Inc., a Delaware corporation (the
"COMPANY"), pursuant to the Delaware General Corporation Law by filing the
Certificate of Incorporation of the Company with the office of the Secretary of
State of the State of Delaware on July 15, 2005;

     WHEREAS, Seller is the record and beneficial owner of all of the issued and
outstanding shares of common stock of the Company (collectively, the "SHARES");
and

     WHEREAS, Buyer and Seller are parties to a Master Agreement (the "MASTER
AGREEMENT") dated as of the date hereof and pursuant to which, among other
things, (i) Seller has agreed to enter into a Contribution Agreement (the
"CONTRIBUTION AGREEMENT") with the Company whereby, among other things, and
subject to the terms and conditions set forth therein, Seller has agreed to
contribute to one or more newly-formed, wholly-owned Subsidiaries of the Company
certain assets and properties as described therein, and the Company has agreed
to assume certain liabilities as set forth therein, (ii) Buyer and Seller have
agreed to enter into this Agreement and to consummate the transactions
contemplated hereby, including the purchase and sale of the Shares, on the terms
and conditions hereinafter set forth, and (iii) Buyer and Seller have agreed to
enter into a Visteon "A" Transaction Agreement (the "VISTEON "A" TRANSACTION
AGREEMENT") whereby, among other things, and subject to the terms and conditions
set forth therein, Buyer has agreed to provide financial assistance to Seller in
connection with the restructuring of the businesses of Seller that are not being
contributed to the Company pursuant to the Contribution Agreement, Seller has
agreed to issue to Buyer a warrant to purchase shares of common stock, par value
$1.00 per share, of Seller, and Buyer and Seller have agreed to enter into
certain commercial arrangements or to make certain modifications to existing
commercial arrangements with respect to the businesses of Seller that are not
being contributed to the Company pursuant to the Contribution Agreement.

     NOW THEREFORE, in consideration of the above premises and the mutual
covenants herein contained, and for other good and valuable consideration given
by each party hereto to the other, the sufficiency and receipt of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby
agree as follows:

<PAGE>

                                    ARTICLE 1
                                   DEFINITIONS

     Section 1.01. Definitions. (a) Capitalized terms used but otherwise not
defined herein shall have the meanings assigned to them in the Contribution
Agreement.

     (b) The following terms, as used herein, have the following meanings:

     "BUYER MATERIAL ADVERSE EFFECT" means a material adverse effect on the
ability of Buyer to perform its obligations under this Agreement or to
consummate the transactions contemplated by this Agreement.

     "CLOSING DATE" means the date of the Closing.

     "DISCLOSURE SCHEDULE" means the disclosure schedule delivered by Seller to
Buyer on the date hereof as attached hereto.

     "ESTIMATED INVENTORIES PURCHASE PRICE" means the estimated amount of the
Inventories Purchase Price as determined pursuant to Section 2.04.

     "FINAL INVENTORIES PURCHASE PRICE" means the Inventories Purchase Price (i)
as shown in Buyer's calculation delivered pursuant to Section 2.05(a), if no
notice of disagreement with respect thereto is duly delivered pursuant to
Section 2.05(b); or (ii) if such a notice of disagreement is delivered, (A) as
agreed by Buyer and Seller pursuant to Section 2.05(c) or (B) in the absence of
such agreement, as shown in the Referee's calculation delivered pursuant to
Section 2.05(c); provided that in no event shall the Final Inventories Purchase
Price be less than Buyer's calculation of the Inventories Purchase Price
delivered pursuant to Section 2.05(a) or more than Seller's calculation of the
Inventories Purchase Price delivered pursuant to Section 2.05(b).

     "FUNDING AGREEMENT TERMINATION AGREEMENT" means the Termination Agreement,
substantially in the form of Exhibit A hereto, to the Funding Agreement between
Buyer and Seller dated as of March 10, 2005, as amended.

     "HOURLY EMPLOYEE CONVERSION AGREEMENT" means the Hourly Employee Conversion
Agreement substantially in the form of Exhibit B hereto.

     "HSR ACT" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended.

     "INVENTORY ACCOUNTING PRINCIPLES" means GAAP as consistently applied by
Seller and its Subsidiaries in the preparation of the audited balance sheet of
Seller and its consolidated Subsidiaries as of December 31, 2004, taking into

                                        2

<PAGE>

account the accounting policies, methods and procedures within GAAP used in the
preparation of such financial statement, as described in Schedule 1.01(b).

     "MASTER EQUIPMENT BAILMENT AGREEMENT TERMINATION AGREEMENT" means the
Termination Agreement, substantially in the form of Exhibit C hereto, to the
Master Equipment Bailment Agreement between Buyer and Seller dated as of March
10, 2005, as amended.

     "SELLER MATERIAL ADVERSE EFFECT" means a material adverse effect on (i) the
condition (financial or otherwise), business, assets or results of operations of
Seller and its Affiliates, taken as whole (other than the Business) or (ii) the
ability of Seller to perform its obligations under this Agreement or to
consummate the transactions contemplated by this Agreement, other than, in each
case of clauses (i) and (ii), an effect to the extent resulting from any one or
more of the following: (A) any change in the United States or foreign economies
or securities or financial markets in general; (B) any change that generally
affects any industry in which Seller competes, including changes in the price of
energy, supplies and raw materials; (C) any change arising in connection with
hostilities, acts of war, sabotage or terrorism or military actions or any
material escalation or material worsening of any such hostilities, acts of war,
sabotage or terrorism or military actions existing or underway as of the date
hereof (but only to the extent not disproportionately impacting or affecting
Seller); (D) any volume reductions in Buyer's business with Seller; or (E) the
loss of customers, suppliers or employees resulting from the public announcement
of this Agreement, compliance with the terms of this Agreement or the
consummation of the transactions contemplated by this Agreement.

     "VISTEON "B" TRANSACTION DOCUMENTS" means:

          (i) this Agreement;

          (ii) the Funding Agreement Termination Agreement;

          (iii) the Hourly Employee Conversion Agreement;

          (iv) the Master Equipment Bailment Agreement Termination Agreement;

          (v) the Visteon Salaried Employee Lease Agreement -
     Rawsonville/Sterling;

          (vi) the Visteon Salaried Employee Transition Agreement -
     Rawsonville/Sterling; and

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          (vii) any and all other agreements and documents required to be
     delivered by any party hereto prior to or at Closing pursuant to the terms
     of this Agreement.

     "VISTEON SALARIED EMPLOYEE LEASE AGREEMENT - RAWSONVILLE/STERLING" means
the Visteon Salaried Employee Lease Agreement for Rawsonville/Sterling
substantially in the form of Exhibit D hereto.

     "VISTEON SALARIED EMPLOYEE TRANSITION AGREEMENT - RAWSONVILLE/STERLING"
means the Visteon Salaried Employee Transition Agreement for
Rawsonville/Sterling substantially in the form of Exhibit E hereto.

     (c) Each of the following terms is defined in the Section set forth
opposite such term:

<TABLE>
<CAPTION>
TERM                                      SECTION
----                                     --------
<S>                                      <C>
Agreement                                Preamble
Assumed Environmental Liabilities          5.11
Buyer                                    Preamble
Closing                                    2.02
Company                                  Recitals
Contribution Agreement                   Recitals
Existing Employee Assignment Agreement     5.11
Ford VEBA                                  5.11
Indemnitees                                5.12
Initial Statement                          2.04
Inventories Purchase Price                 2.01
Master Agreement                         Recitals
Purchase Price                             2.01
Referee                                    2.05
Seller                                   Preamble
Seller VEBA                                3.07
Shares                                   Recitals
Transfer Taxes                             5.03
Visteon "A" Transaction Agreement        Recitals
Warranty Breach                            7.02
</TABLE>

     Section 1.02. Other Definitional and Interpretative Provisions. The words
"hereof", "herein" and "hereunder" and words of like import used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation
hereof. References to Articles, Sections, Exhibits and Schedules are to
Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise
specified. All

                                        4

<PAGE>

Exhibits and Schedules annexed hereto or referred to herein are hereby
incorporated in and made a part of this Agreement as if set forth in full
herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise
defined therein, shall have the meanings assigned to such terms in this
Agreement. Any singular term in this Agreement shall be deemed to include the
plural, and any plural term the singular. Whenever the words "include",
"includes" or "including" are used in this Agreement, they shall be deemed to be
followed by the words "without limitation", whether or not they are in fact
followed by those words or words of like import. "Writing", "written" and
comparable terms refer to printing, typing and other means of reproducing words
(including electronic media) in a visible form. References in this Agreement to
any agreement or contract are to that agreement or contract as amended, modified
or supplemented from time to time in accordance with the terms hereof and
thereof; provided that with respect to any agreement or contract listed on any
schedules hereto, all such amendments, modifications or supplements are to be
deemed included in such agreement or contract only if listed in the appropriate
schedule. References in this Agreement to any Person include the successors and
permitted assigns of that Person. References in this Agreement from or through
any date mean, unless otherwise specified, from and including or through and
including, respectively.

                                    ARTICLE 2
                                PURCHASE AND SALE

     Section 2.01. Purchase and Sale. Upon the terms and subject to the
conditions of this Agreement, Seller agrees to sell to Buyer, and Buyer agrees
to purchase from Seller, the Shares at the Closing. The consideration (the
"PURCHASE PRICE") payable by Buyer for the Shares is:

          (i) an amount in cash equal to the aggregate book value, net of
     reserves, of the Contributed Inventories as of the Closing Date, as
     determined in accordance with the Inventory Accounting Principles (such
     aggregate book value, net of reserves, the "INVENTORIES PURCHASE PRICE");

          (ii) the agreements of Buyer set forth in Sections 5.09 and 5.11 of
     this Agreement; and

          (iii) Buyer's entry at Closing into the Visteon "B" Transaction
     Documents to which it is a party.

     The Purchase Price shall be paid as provided in Section 2.03 and the
Inventories Purchase Price shall be subject to adjustment as provided in Section
2.05.

                                        5

<PAGE>

     Section 2.02. Closing. The closing (the "CLOSING") of the purchase and sale
of the Shares hereunder shall take place at the offices of Dykema Gossett PLLC,
400 Renaissance Center, Detroit, Michigan 48243, after satisfaction of the
conditions set forth in Article 6 (or waiver thereof by the party entitled to
waive such condition) on the day immediately following the closing of the
Contribution Agreement, or at such other time or place as Buyer and Seller may
agree. The Closing shall be deemed effective as of 12.01 a.m. on the Closing
Date.

     Section 2.03. Deliveries at Closing. (a) Deliveries by Buyer to Seller. At
the Closing, Buyer shall deliver to Seller:

          (i) An amount in cash equal to the Estimated Inventories Purchase
     Price in immediately available funds by wire transfer to an account of
     Seller with a bank in the United States designated by Seller, by notice to
     Buyer, which notice shall be delivered not later than two Business Days
     prior to the Closing Date (or the payment date if the penultimate sentence
     of this Section 2.03 applies); provided that the amount of cash payable at
     Closing by Buyer pursuant to this clause (i) shall be reduced (by way of
     set-off) by (x) all outstanding amounts owing to Buyer by Seller under the
     Secured Promissory Note and (y) all outstanding amounts owing to Buyer by
     Seller under the Container Agreement (as defined in the Visteon "A"
     Transaction Agreement).

          (ii) A counterpart of each of the following Visteon "B" Transaction
     Documents duly executed by Buyer (or Affiliate of Buyer, as appropriate):

               (A) Funding Agreement Termination Agreement.

               (B) Hourly Employee Conversion Agreement.

               (C) Master Equipment Bailment Agreement Termination Agreement.

               (D) Visteon Salaried Employee Lease Agreement -
          Rawsonville/Sterling, if applicable.

               (E) Visteon Salaried Employee Transition Agreement -
          Rawsonville/Sterling, if applicable.

     (b) Deliveries by Seller to Buyer. At the Closing, Seller shall deliver to
Buyer:

          (i) or to a Person designated by Buyer, by notice to Seller, which
     notice shall be delivered not later than two Business Days prior to the
     Closing Date, free and clear of all Liens, certificates for the Shares

                                        6

<PAGE>

     duly endorsed in blank or accompanied by stock transfer powers with any
     required transfer stamps affixed thereto.

          (ii) A counterpart of each of the following Visteon "B" Transaction
     Documents duly executed by Seller (or Affiliate of Seller, as appropriate):

               (A) Funding Agreement Termination Agreement.

               (B) Hourly Employee Conversion Agreement.

               (C) Master Equipment Bailment Agreement Termination Agreement.

               (D) Visteon Salaried Employee Lease Agreement -
          Rawsonville/Sterling, if applicable.

               (E) Visteon Salaried Employee Transition Agreement -
          Rawsonville/Sterling, if applicable.

          (iii) All documents Buyer may reasonably request relating to the
     transfer of the VEBA assets pursuant to Section 5.11(d).

     Notwithstanding the foregoing provisions of this Section 2.03, if the
Closing Date is not a Business Day, Buyer shall deliver the cash amount required
to be paid pursuant to Section 2.03(a)(i) to Seller on the Business Day
immediately preceding the scheduled Closing Date (but subsequent to the
consummation of the closing under the Contribution Agreement), subject to the
prior delivery by the parties of the documents required to be delivered pursuant
to this Section 2.03 and Section 2.03 of the Visteon "A" Transaction Agreement
(such documents to be held in escrow by the parties' counsel pending release at
the Closing). If the Closing does not occur on the scheduled Closing Date,
Seller shall promptly (on the next Business Day) repay the cash amount delivered
by Buyer pursuant to the preceding sentence to Buyer.

     Section 2.04. Estimate of Inventories Purchase Price. 15 days prior to the
date on which the Closing is scheduled to occur, Seller shall, in consultation
with Buyer, prepare and furnish to Buyer a statement (the "INITIAL STATEMENT"),
prepared in reasonable detail, with specificity and in accordance with the
Inventory Accounting Principles, setting forth Seller's good faith estimate of
the Inventories Purchase Price, which estimate will be based on the closing
accounts stated in Seller's books of account as of the end of the immediately
preceding calendar month and shall also take into account additions thereto and
subtractions therefrom subsequent to such date and until the date on which the
Closing is scheduled to occur based on Seller's good faith estimates taking into
account

                                        7

<PAGE>

Seller's historical practices and forecasts. If Buyer agrees with such
estimate or Buyer does not object to such calculation within seven days after
Seller's delivery of the Initial Statement, such amount shall be deemed to be
the Estimated Inventories Purchase Price and shall be paid by Buyer to Seller at
the Closing pursuant to Section 2.03(a)(i). If Buyer disagrees with such
estimate, Buyer shall, within seven days after delivery of the Initial
Statement, deliver a written notice to Seller stating that Buyer disagrees with
such calculation and specifying in reasonable detail those items or amounts as
to which Buyer disagrees. If Buyer disagrees with Seller's estimate of the
Inventories Purchase Price set forth in the Initial Statement, the parties shall
promptly hold a meeting of senior executives with decision-making authority to
attempt in good faith to negotiate and mutually agree on the estimate of the
Inventories Purchase Price. If the parties are able to agree, such agreed upon
estimated amount shall be deemed to be the Estimated Inventories Purchase Price
and shall be paid by Buyer to Seller at the Closing pursuant to Section
2.03(a)(i). If the parties are unable to agree, the estimated Inventories
Purchase Price payable by Buyer to Seller at the Closing pursuant to Section
2.03(a)(i) shall be the amount set forth on the Statement of Assets.

     Section 2.05. Post-Closing Calculations. (a) As promptly as practicable,
but no later than 90 days, after the Closing Date, Buyer will cause to be
prepared and delivered to Seller a statement setting forth Buyer's calculation,
in accordance with the Inventory Accounting Principles, of the Inventories
Purchase Price.

     (b) If Seller disagrees with Buyer's calculation of the Inventories
Purchase Price delivered pursuant to Section 2.05(a), Seller may, within 45 days
after delivery of the statement referred to in Section 2.05(a), deliver a notice
to Buyer disagreeing with Buyer's calculation of the Inventories Purchase Price
and setting forth Seller's calculation of the Inventories Purchase Price. Any
such notice of disagreement shall specify those items or amounts as to which
Seller disagrees, and Seller shall be deemed to have agreed with all other items
and amounts contained in the statement delivered by Buyer pursuant to Section
2.05(a).

     (c) If a notice of disagreement shall be duly delivered pursuant to Section
2.05(b), Buyer and Seller shall, during the 15 days following such delivery, use
their best efforts to reach agreement on the disputed items or amounts in order
to determine the Inventories Purchase Price, which amount shall not be less than
the amount thereof shown in Buyer's calculations delivered pursuant to Section
2.05(a) or more than the amount thereof shown in Seller's calculation delivered
pursuant to Section 2.05(b). If, during such period, Buyer and Seller are unable
to reach such agreement, they shall promptly thereafter cause Ernst & Young (the
"REFEREE") promptly, and in any event within 45 days, to review this Agreement
and the disputed items or amounts for the purpose of calculating the Inventories
Purchase Price. In making such calculation, the Referee shall consider only
those items or amounts in Buyer's calculation of the

                                        8

<PAGE>

Inventories Purchase Price as to which Seller has disagreed and must only use
the accounting principles, methods and procedures of the Inventory Accounting
Principles in reviewing such disputed items or amounts. The Referee shall
deliver to Buyer and Seller, as promptly as practicable, a report setting forth
such calculation of the Inventories Purchase Price. Such report shall be final
and binding upon Buyer and Seller. The cost of such review and report shall be
borne (i) by Buyer if the difference between the Final Inventories Purchase
Price and Buyer's calculation of the Inventories Purchase Price delivered
pursuant to Section 2.05(a) is greater than the difference between the Final
Inventories Purchase Price and Seller's calculation of the Inventories Purchase
Price delivered pursuant to Section 2.05(b), (ii) by Seller if the first such
difference is less than the second such difference and (iii) otherwise equally
by Buyer and Seller.

     (d) Buyer and Seller agree that they will, and agree to cause their
respective independent accountants to, cooperate and assist in the determination
of the Estimated Inventories Purchase Price pursuant to Section 2.04 and the
determination of the Inventories Purchase Price pursuant to this Section 2.05
and be available to the other party in connection with the conduct of the
reviews referred to in Section 2.04 and this Section 2.05 including making
available, upon request, to the extent necessary reasonable and timely access to
such party's books, records, work papers and personnel. All information
delivered pursuant to this Section 2.05 shall be subject to the terms of the
Confidentiality Agreement.

     Section 2.06. Post-Closing Adjustment of the Inventories Purchase Price. If
the Estimated Inventories Purchase Price exceeds the Final Inventories Purchase
Price, Seller shall pay to Buyer, as an adjustment to the Inventories Purchase
Price, in the manner and with interest as provided in Section 2.06(b), the
amount of such excess. If the Final Inventories Purchase Price exceeds the
Estimated Inventories Purchase Price, Buyer shall pay to Seller, in the manner
and with interest as provided in Section 2.06(b), the amount of such excess.

     (b) Any payment pursuant to Section 2.06(a) shall be made within 10 days
after the Final Inventories Purchase Price has been determined by delivery by
Buyer or Seller, as the case may be, in immediately available funds by wire
transfer to an account of the other party with a bank in the United States
designated by such other party by notice delivered promptly after the Final
Inventories Purchase Price has been determined (or, in the case of a payment by
Seller to Buyer, by a disbursement to Buyer from the Escrow Account pursuant to
the terms of the Escrow Agreement). The amount of any payment to be made
pursuant to this Section 2.06 shall bear interest from and including the Closing
Date to but excluding the date of payment at a rate per annum equal to the prime
rate as published in the Wall Street Journal, Eastern Edition in effect from
time to time during the period from the Closing Date to the date of such
payment. Such interest shall be payable at the same time as the payment to which
it relates and

                                        9

<PAGE>

shall be calculated daily on the basis of a year of 365 days and the actual
number of days elapsed.

                                    ARTICLE 3
                    REPRESENTATIONS AND WARRANTIES OF SELLER

     Seller represents and warrants to Buyer as of the date hereof and as of the
Closing Date (subject to any exceptions disclosed on the correspondingly
numbered section of the Disclosure Schedule) that:

     Section 3.01. Corporate Existence and Power. Each of Seller, the Company
and each Subsidiary of the Company existing as of the date hereof is (and upon
its organization each Subsidiary of the Company formed pursuant to Section 4.02
of the Contribution Agreement will be) duly organized, validly existing and in
good standing (or equivalent status) under the laws of its jurisdiction of
organization and has all corporate or other organizational powers, as the case
may be, required to carry on its business as now conducted.

     Section 3.02. Corporate Authorization. The execution, delivery and
performance by Seller of this Agreement and each other Visteon "B" Transaction
Document to which it is a party and the consummation of the transactions
contemplated hereby and thereby are within its corporate powers and have been
duly authorized by all necessary corporate action on the part of Seller. This
Agreement and each other Visteon "B" Transaction Document to which Seller is or
will be a party constitutes or will constitute when executed (assuming the due
authorization, execution and delivery by the other parties thereto) a valid and
binding agreement of Seller, enforceable against Seller in accordance with their
respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors' rights and remedies generally,
and subject, as to enforceability, to general principles of equity, including
principles of commercial reasonableness, good faith and fair dealing (regardless
of whether enforcement is sought in a proceeding at law or in equity).

     Section 3.03. Governmental Authorization. The execution, delivery and
performance by Seller of this Agreement and each other Visteon "B" Transaction
Document to which it is a party and the consummation of the transactions
contemplated hereby and thereby require no material authorization by, or
material filing with, any Governmental Authority other than (i) compliance with
any applicable requirements of the HSR Act and (ii) applicable filings to COFECO
under Mexico's Federal Economic Competition Law.

     Section 3.04. Noncontravention. The execution, delivery and performance by
Seller of this Agreement and each other Visteon "B" Transaction Document to
which it is a party and the consummation of the transactions

                                       10

<PAGE>

contemplated hereby and thereby do not and will not (i) violate its certificate
of incorporation or bylaws or other organizational documents or the
organizational documents of the Company or any Subsidiary of the Company,
assuming compliance with the matters referred to in Section 3.03, violate in any
material respect any applicable law, rule, regulation, judgment, injunction,
order or decree, assuming the obtaining of all consents set forth on Section
3.04(b) of the Disclosure Schedule to the Contribution Agreement, require any
consent or other action by any Person under, constitute a default under, or give
rise to any right of termination, cancellation or acceleration of any rights or
obligations of (A) the Company or any Subsidiary of the Company or to a loss of
any benefit to which the Company or any Subsidiary of the Company is entitled
under any provision of any material agreement or other material instrument
binding upon the Company or any Subsidiary of the Company or (B) Seller or to a
loss of any benefit to which Seller is entitled under any provision of any
material agreement or other material instrument binding upon Seller except, in
the case of this clause (iii)(B), as would not reasonably be expected to have,
individually or in the aggregate, a Seller Material Adverse Effect or result in
the creation or imposition of any Lien on any material asset of the Company or
any Subsidiary of the Company other than any Permitted Lien.

     Section 3.05. Ownership of Shares; No Other Assets or Activities of the
Company. (a) Seller is the record and beneficial owner of the Shares, free and
clear of any Lien (other than any Liens securing the Indebtedness of Seller or
its Subsidiaries under the Visteon Credit Agreement or arising under the Secured
Promissory Note between Seller and Buyer dated as of the date hereof, which
Liens shall be released at or prior to Closing) and any other limitation or
restriction (including any restriction on the right to vote, sell or otherwise
dispose of the Shares other than as provided for in this Agreement or the Master
Agreement), and will transfer and deliver to Buyer at the Closing valid title to
the Shares free and clear of any Lien and any such limitation or restriction.
The Shares have been duly authorized and validly issued and are fully paid and
non-assessable. Other than the Shares, there are no outstanding (i) securities
or other equity interests of the Company, (ii) securities or other equity
interests of the Company convertible into or exchangeable for securities or
other equity interests of the Company or (iii) options or other rights to
acquire from the Company, or other obligation of the Company to issue, any
securities or equity interests or securities convertible into or exchangeable
for securities or equity interests of the Company.

     (b) As of the date hereof, neither the Company nor any Subsidiary of the
Company has, nor is it subject to, any Liabilities (other than immaterial
liabilities incurred in connection with its organization), and the Company does
not own, and has never owned, directly or indirectly, any assets or properties
(including an equity interest in any Person, other than any wholly-owned
Subsidiaries listed on Section 3.05(c) of the Disclosure Schedule or formed

                                       11

<PAGE>

pursuant to Section 4.02 of the Contribution Agreement), and does not and has
not conducted any business or activities other than in the ordinary course in
connection with its organization. As of the Closing Date, neither the Company
nor any Subsidiary of the Company will have (or be subject to) any Liabilities
(other than immaterial liabilities incurred in connection with its organization)
or own, directly or indirectly, any assets or properties (including an equity
interest in any Person, other than any wholly-owned Subsidiaries listed on
Section 3.05(c) of the Disclosure Schedule or formed pursuant to Section 4.02 of
the Contribution Agreement), and neither the Company nor any Subsidiary of the
Company will conduct any business activities, except in each case for such
assets, properties and businesses acquired, and such Liabilities assumed, as
provided for under the Contribution Agreement.

     (c) Each Subsidiary of the Company existing as of the date hereof is listed
on Section 3.05(c) of the Disclosure Schedule, and all of the outstanding
capital stock of each such Subsidiary is wholly-owned by the Company, directly
or indirectly (as set forth on Section 3.05(c) of the Disclosure Schedule) free
and clear of any Lien (other than any Liens securing the Indebtedness of Seller
or its Subsidiaries under the Visteon Credit Agreement or arising under the
Secured Promissory Note between Seller and Buyer dated as of the date hereof,
which Liens shall be released at or prior to Closing). Other than as set forth
on Section 3.05(c) of the Disclosure Schedule, there are no outstanding (i)
securities or other equity interests of any such Subsidiary, (ii) securities or
other equity interests of any such Subsidiary convertible into or exchangeable
for securities or other equity interests of such Subsidiary or (iii) options or
other rights to acquire from of any such Subsidiary, or other obligation of such
Subsidiary to issue, any securities or equity interests or securities
convertible into or exchangeable for securities or equity interests of such
Subsidiary.

     Section 3.06. Environmental Compliance. Seller's representation and
warranty in Section 3.21 of the Contribution Agreement is true and correct (it
being understood and agreed by the parties that this Section 3.06 shall not in
any respect limit or restrict Ford's indemnification obligations under this
Agreement with respect to the Assumed Environmental Liabilities).

     Section 3.07. VEBA Qualification and Funding. The Visteon Corporation UAW
Voluntary Employee Beneficiary Association (the "SELLER VEBA") is qualified
under Section 501(c)(9) of the Code and has been so qualified (and maintained in
accordance with its terms) during the period from its adoption to date, and the
trust thereunder is exempt from tax pursuant to Section 501(a) of the Code. As
of May 31, 2005, the assets held in the Seller VEBA had a fair market value of
not less than $24,635,000. No assets have been withdrawn from, and no payments
have been made or otherwise distributed from, the Seller VEBA subsequent to May
24, 2005.

                                       12

<PAGE>

     Section 3.08. Litigation. Except as publicly disclosed in the reports filed
or furnished by Seller to the SEC prior to the date hereof, there is no action,
suit, investigation, inquiry or proceeding pending against, or to the knowledge
of Seller, threatened against or affecting, Seller or any of its Affiliates or
any of their respective properties by or before any Governmental Authority
which, individually or in the aggregate, if determined or resolved adversely in
accordance with the plaintiff's demands, would reasonably be expected to have a
Seller Material Adverse Effect or which in any manner challenges or seeks to
prevent, enjoin or materially delay the transactions contemplated by this
Agreement.

     Section 3.09. Finders' Fees. There is no investment banker, broker, finder
or other intermediary that has been retained by or is authorized to act on
behalf of Seller or any of its Affiliates who might be entitled to any fee or
commission from Ford or any of its Affiliates in connection with the
transactions contemplated by this Agreement.

     Section 3.10. No Other Representations or Warranties. Except for the
representations and warranties contained in this Agreement (as modified by the
Disclosure Schedule), or in the other agreements referred to in Section 9.10,
neither Seller nor any other Person makes any other express or implied
representation or warranty with respect to Seller, its Subsidiaries and the
transactions contemplated by this Agreement, and Seller disclaims any other such
representations or warranties, whether made by Seller, any Subsidiary of Seller
or any of their respective officers, directors, employees, agents or
representatives. Nothing in this Section 3.10 shall impair or limit in any way
any of the rights or remedies of Buyer and its Affiliates set forth in this
Agreement or in the other agreements referred to in Section 9.10 or relating to
or arising out of any fraud or willful misrepresentation.

                                    ARTICLE 4
                     REPRESENTATIONS AND WARRANTIES OF BUYER

     Buyer represents and warrants to Seller as of the date hereof and as of the
Closing Date that:

     Section 4.01. Corporate Existence and Power. Buyer is a corporation duly
incorporated, validly existing and in good standing under the laws of Delaware
and has all corporate powers required to carry on its business as now conducted.

     Section 4.02. Corporate Authorization. The execution, delivery and
performance by Buyer of this Agreement and each other Visteon "B" Transaction
Document to which it is a party and the consummation of the transactions
contemplated hereby and thereby are within its corporate powers and have been

                                       13

<PAGE>

duly authorized by all necessary corporate action on the part of Buyer. This
Agreement and each other Visteon "B" Transaction Document to which Buyer is or
will be a party constitutes or will constitute when executed (assuming the due
authorization, execution and delivery by the other parties thereto) a valid and
binding agreement of Buyer, enforceable against Buyer in accordance with their
respective terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium and similar laws affecting creditors' rights and remedies generally,
and subject, as to enforceability, to general principles of equity, including
principles of commercial reasonableness, good faith and fair dealing (regardless
of whether enforcement is sought in a proceeding at law or in equity).

     Section 4.03. Governmental Authorization. The execution, delivery and
performance by Buyer of this Agreement and each other Visteon "B" Transaction
Document to which it is a party and the consummation of the transactions
contemplated hereby and thereby require no material authorization by, or
material filing with, any Governmental Authority other than (i) compliance with
any applicable requirements of the HSR Act and (ii) applicable filings to COFECO
under Mexico's Federal Economic Competition Law.

     Section 4.04. Noncontravention. The execution, delivery and performance by
Buyer of this Agreement and each other Visteon "B" Transaction Document to which
it is a party and the consummation of the transactions contemplated hereby and
thereby do not and will not (i) violate its certificate of incorporation or
bylaws or other organizational documents or (ii) assuming compliance with the
matters referred to in Section 4.03, violate in any material respect any
applicable law, rule, regulation, judgment, injunction, order or decree or (iii)
require any consent or other action by any Person under, constitute a default
under, or give rise to any right of termination, cancellation or acceleration of
any of its rights or obligations or to a loss of any benefit to which it is
entitled under any provision of any material agreement or other instrument
binding upon it except, in the case of this clause (iii), as would not
reasonably be expected to have, individually or in the aggregate, a Buyer
Material Adverse Effect.

     Section 4.05. Litigation. There is no action, suit, investigation, inquiry
or proceeding pending against, or to the knowledge of Buyer threatened against
or affecting, Buyer or any of its Affiliates or any of their respective
properties by or before any Governmental Authority which in any manner
challenges or seeks to prevent, enjoin or materially delay the transactions
contemplated by this Agreement.

     Section 4.06. Finders' Fees. There is no investment banker, broker, finder
or other intermediary that has been retained by or is authorized to act on
behalf of Buyer or any of its Affiliates who might be entitled to any fee or
commission from Seller or any of its Affiliates in connection with the
transactions contemplated by this Agreement.

                                       14

<PAGE>

     Section 4.07. No Other Representations or Warranties. Except for the
representations and warranties contained in this Agreement, or in the other
agreements referred to in Section 9.10, neither Buyer nor any other Person makes
any other express or implied representation or warranty with respect to Buyer,
its Subsidiaries and the transactions contemplated by this Agreement, and Buyer
disclaims any other such representations or warranties, whether made by Buyer,
any Subsidiary of Buyer or any of their respective officers, directors,
employees, agents or representatives. Nothing in this Section 4.07 shall impair
or limit in any way any of the rights or remedies of Seller and its Affiliates
set forth in this Agreement or in the other agreements referred to in Section
9.10 or relating to or arising out of any fraud or willful misrepresentation.

                                    ARTICLE 5
                          COVENANTS OF BUYER AND SELLER

     Section 5.01. Commercially Reasonable Efforts; Further Assurances. Subject
to the terms and conditions of this Agreement, Buyer and Seller will use their
respective commercially reasonable efforts to take, or cause to be taken, all
actions and to do, or cause to be done, all things necessary or desirable under
applicable laws and regulations to consummate the transactions contemplated by
this Agreement. Buyer and Seller agree to execute and deliver such other
documents, certificates, agreements and other writings and to take such other
actions as may be necessary or desirable in order to consummate or implement
expeditiously the transactions contemplated by this Agreement.

     Section 5.02. Certain Filings. Buyer and Seller shall cooperate with one
another (i) in determining whether any action by or in respect of, or filing
with, any Governmental Authority is required, or any actions, consents,
approvals or waivers are required to be obtained from parties to any material
contracts, in connection with the consummation of the transactions contemplated
by this Agreement and (ii) in taking such actions or making any such filings,
furnishing information required in connection therewith and seeking timely to
obtain any such actions, consents, approvals or waivers. Filing fees
attributable to the filings made pursuant to this Section 5.02 shall be borne by
the party responsible for making the filing, or if one joint filing is required,
the applicable filing fee shall be equally borne by Buyer and Seller.

     Section 5.03. Transfer Taxes. Subject to Section 4.C. of each Mexican Asset
Purchase Agreement, all transfer, documentary, sales, use, stamp, registration
and other such Taxes and fees to be incurred in connection with transactions
contemplated by this Agreement (including any real property transfer Tax and any
similar Tax) ("TRANSFER TAXES") shall be borne by Visteon. The party or parties
having responsibility therefore under applicable law shall prepare and file all
necessary Transfer Tax Returns and other documentation and shall

                                       15

<PAGE>

take reasonable steps to reduce or eliminate such Transfer Taxes. In the event
that Buyer, the Company or any of their Affiliates shall be required to pay or
shall pay any Transfer Tax, upon demand, Seller shall promptly pay such Transfer
Tax for Buyer or reimburse Buyer for such Transfer Tax paid by Buyer, as
applicable (and if Seller shall not promptly pay such Transfer Tax, Buyer shall
be entitled to receive a disbursement in the amount of such Transfer Tax from
the Escrow Account pursuant to the terms of the Escrow Agreement).

     Section 5.04. Software License Fees. Any costs payable prior to the Closing
to licensors of software solely in connection with (i) the transfer of software
licenses by Seller to the Company pursuant to the transactions contemplated by
the Contribution Agreement, the Intellectual Property Contribution Agreement or
the Software License and Contribution Agreement, or (ii) the transactions
contemplated by this Agreement (in each case excluding ongoing licensing and
maintenance fees required to be paid by the Company pursuant to the terms of the
licenses after the Closing, except to the extent of any increase in such fees
that is payable in lieu of a software license transfer fee (it being agreed by
the parties that neither party hereto may agree to any such increase with a
licensor without the prior consent of the other party hereto)) shall be borne
equally by Buyer and Seller (and, pursuant to the Contribution Agreement, any
such costs payable after the Closing shall be borne equally by Seller and the
Company). Buyer and Seller shall cooperate to minimize the amount of any such
costs.

     Section 5.05. Access to Information Prior to Closing; Confidentiality. From
the date hereof until the Closing Date, Seller will during normal business hours
and upon reasonable notice (i) give Buyer, its counsel, financial advisors,
auditors and other authorized representatives full access (subject to the next
sentence) to the offices, properties, books and records of Seller relating to
the Business, the Contributed Assets and the Assumed Liabilities, (ii) furnish
to Buyer, its counsel, financial advisors, auditors and other authorized
representatives such existing financial and operating data and other information
relating to the Business, the Contributed Assets and the Assumed Liabilities as
such Persons may reasonably request (provided that Seller shall not be required
to prepare new financial statements except as required pursuant to Section 5.10
of this Agreement and Section 4.03 of the Contribution Agreement) and
(iii)instruct the management, employees, counsel and financial advisors of
Seller to cooperate with Buyer in its investigation of the Business, the
Contributed Assets and the Assumed Liabilities and to provide prompt, accurate
and thorough responses to Buyer's request for materials and information relating
to such investigation. Any investigation pursuant to this Section shall be
conducted in such manner as not to interfere unreasonably with the conduct of
the business of Seller, including any officer of Seller. No investigation by
Buyer or other information received by Buyer shall operate as a waiver or
otherwise affect any representation, warranty or agreement given or made by
Seller hereunder or under the Contribution

                                       16

<PAGE>

Agreement. All such confidential information will remain subject to the terms of
the Confidentiality Agreement; provided that Buyer shall be permitted to provide
such information that it deems necessary to conduct discussions with potential
acquirors of all or a part of Business or all or part of the Contributed Real
Property (and related Contributed Assets), and Seller shall provide the access
contemplated by the first sentence of this Section 5.05 to any such potential
acquiror, provided that such potential acquiror enters into a confidentiality
agreement with Buyer substantially comparable to the Confidentiality Agreement
(which confidentiality agreements shall provide Seller with the right to enforce
the confidentiality obligations of such potential acquirors thereunder).

     Section 5.06. Public Announcements. The parties agree to consult with each
other before issuing any press release or making any public statement with
respect to this Agreement or the transactions contemplated hereby and, except
for (i) any press releases and public statements the making of which may be
required by applicable law or any listing agreement with any national securities
exchange, (ii) confidential disclosures to rating agencies and (iii) disclosures
made to lenders and underwriters who enter into a confidentiality agreement
substantially comparable to the Confidentiality Agreement, no party shall issue
any such press release or make any such public statement without the prior
consent of the other party.

     Section 5.07. Conduct of the Business. (a) From the date hereof until the
Closing Date, Seller agrees to, and agrees to cause its Affiliates to, (i)
conduct the Business as set forth in Section 4.01 of the Contribution Agreement
and (ii) without limiting the generality of the foregoing, support Buyer's
forward model vehicle programs.

     (b) From the date hereof until the closing under the Contribution
Agreement, Seller agrees that it shall not permit the Company (or any of its
Subsidiaries) to own, directly or indirectly, any assets or properties, to
conduct any businesses or activities or to incur any Liabilities (other than
immaterial liabilities incurred in connection with its organization).

     Section 5.08. Contribution Agreement. Seller agrees that from the date
hereof until the Closing: it shall not permit the Company to agree to any
amendment to or modification or waiver of any provision of, or to assign any of
its rights under, the Contribution Agreement without the prior written consent
of Buyer, (ii) it shall not permit the Company to exercise any rights of
termination under the Contribution Agreement without the prior written consent
of Buyer and it shall cause the Company to exercise any such rights of
termination at and in accordance with the direction of Buyer, (iii) where the
Company has the right under the terms of the Contribution Agreement to make any
designation or election, to give any notice, to grant any consent or approval,
to agree to any matter, to be consulted with, or to take any other similar
action (including making

                                       17

<PAGE>

any determination as to whether the conditions to closing under the Contribution
Agreement have been satisfied or taking actions under the dispute resolution
provisions), it shall in each case cause the Company to take any such action
only at and in accordance with the direction of Buyer, (iv) it shall take all
actions and perform all obligations required to be taken or performed by it, and
it shall cause the Company to take all actions and to perform all obligations
required to be taken or performed by the Company, pursuant to the provisions of
the Contribution Agreement, (v) all representations, warranties and obligations
of Seller under the Contribution Agreement shall be deemed made or given to or
for the benefit of Buyer, and Buyer shall have the right to enforce all rights
of the Company with respect to such representations, warranties and obligations
as if Buyer were a party to the Contribution Agreement and (vi) it shall, or
shall cause the Company to, notify Buyer promptly of any matter arising under or
with respect to the Contribution Agreement or the transactions contemplated
thereby in order that Buyer may exercise its rights under the foregoing clauses
(i) through (v).

     Section 5.09. Obligations of the Company. From and after the Closing, Buyer
agrees to provide sufficient funds to the Company to enable the Company and its
Subsidiaries to fulfill their obligations under the Contribution Agreement and
the Contribution Agreement Transaction Documents (as defined in the Contribution
Agreement), including with respect to the Assumed Liabilities thereunder.

     Section 5.10. Financial Statements. At Buyer's request, Seller shall use
reasonable efforts, within existing resource constraints, to assist Buyer in the
preparation of financial statements for all or any portion of the Business, as
of and for the periods ending on such dates, as Buyer shall specify (including
executing and delivering to any auditor preparing such financial statements
management representation letters with respect to periods prior to the Closing),
and Buyer shall reimburse Seller for any direct and indirect personnel costs,
including out-of-pocket costs (for third party services), reasonably incurred by
Seller in connection with such assistance.

     Section 5.11. Additional Agreements. Assumption of Certain Environmental
Liabilities. Upon the terms and subject to the conditions of this Agreement,
Buyer hereby assumes, effective at the time of the Closing, all Environmental
Liabilities that were assumed by Seller pursuant to the Master Transfer
Agreement and the Site Exchange Agreement between Buyer and Seller effective as
of January 1, 2001 to the extent arising from the ownership or operation of the
Contributed Real Property prior to the Spin-Off Date (excluding any increase in
cost attributable to the exacerbation of such Liabilities by Seller or its
Affiliates) (the "ASSUMED ENVIRONMENTAL LIABILITIES"). For purposes of this
Section, for any allocation of relative liability between Buyer and Seller
relating to a parcel sold by Seller from or adjacent to one or more of the
Plants, (i) "exacerbation" shall include the sale by Seller of such parcel, and
(ii), any

                                       18

<PAGE>

Assumed Environmental Liability relating to such parcel shall be reduced by the
greater of (1) the consideration Seller received or receives in the future in
connection with such sale, and (2) any increase in Damages (as defined in the
Contribution Agreement) to the extent the sale altered (A) the likelihood of
Liabilities (as defined in the Contribution Agreement) being identified or
incurred, (B) the type or magnitude of Liabilities or Damages, or (C) the actual
Damages incurred. Other than the assumption of the Assumed Environmental
Liabilities by Buyer pursuant to this Section 5.11(a), nothing herein shall be
deemed to modify the allocation of Liabilities under the Master Transfer
Agreement.

     (b) Termination of Existing Employee Assignment Agreement; Hourly OPEB
Liability. Effective as of the Closing: (i) Buyer and Seller hereby agree that
the Amended and Restated Hourly Employee Assignment Agreement between Buyer and
Seller dated as of April 1, 2000 and as amended and restated as of December 19,
2003 (the "EXISTING EMPLOYEE ASSIGNMENT AGREEMENT") shall be automatically
terminated without further action and shall be of no further force and effect;
and (ii) Buyer hereby fully, unconditionally, completely, irrevocably and
forever releases Seller from its obligation to pay Buyer any amounts owing to
Buyer under the Existing Employee Assignment Agreement; provided that (A) any
reimbursement obligations of Seller under the Existing Employee Assignment
Agreement with respect to (x) wages, benefits and administrative expenses that
are payable with respect to periods prior to Closing, and (y) OPEB retiree
benefits payments made prior to Closing, in each case of the type set forth on
Schedule 5.11(b), shall remain outstanding and in full force and effect, and
shall be payable by Seller to Buyer in accordance with Section 8 of the Existing
Employee Assignment Agreement and (B) any obligations of Buyer or Seller
pursuant to subsections 17.1(ii) and (iii) and subsections 17.2(ii) and (iii) of
the Existing Employee Assignment Agreement shall remain outstanding and in full
force and effect.

     (c) Termination of the Funding Agreement and the Master Equipment Bailment
Agreement. Buyer and Seller hereby agree to enter into at Closing (i) the
Funding Agreement Termination Agreement and (ii) the Master Equipment Bailment
Agreement Termination Agreement.

     (d) Transfer of Seller VEBA Assets. In connection with the release under
Section 5.11(b) of Seller from its obligation to reimburse Ford for the cost of
providing post-retirement health and life benefits for Ford hourly employees,

          (i) As soon as practicable after the Closing Date, Seller shall (A)
     cause the trustee of the Seller VEBA to make any and all filings and
     submissions to the appropriate governmental agencies arising in connection
     with the transfer of assets as described below, and (B) make all

                                       19

<PAGE>

     necessary amendments to the Seller VEBA to provide for the transfer of
     assets as described below.

          (ii) As soon as practicable after the Closing Date, Buyer shall (A)
     make any and all filings and submissions to the appropriate governmental
     agencies required to be made by it in connection with the transfer of
     assets described below, and (B) make all necessary amendments to the
     Ford-UAW Benefits Trust (the "FORD VEBA") to provide for the transfer of
     assets as described below.

          (iii) As soon as practicable after the Closing Date, subject to the
     delivery (A) to Buyer by Seller of Seller indemnities satisfactory to
     Buyer, and (B) the delivery to Seller by Buyer of Buyer indemnities
     satisfactory to Seller, Seller shall cause the trustee of the Seller VEBA
     to transfer in cash (or marketable securities reasonably satisfactory to
     the trustee of the Ford VEBA) the assets thereunder (including earnings
     thereon attributable to the period from the Closing Date to the date of
     transfer) to the trustee of the Ford VEBA. The costs associated with
     liquidating the assets in the Seller VEBA in connection with the transfer
     thereof to the Ford VEBA shall be borne by Buyer.

          (iv) Neither Buyer nor any of its Affiliates shall release Seller from
     nor assume any other obligations or liabilities arising under or
     attributable to the Seller VEBA including, without limitation, any
     obligations or liabilities arising under or attributable to any breach of
     Seller's representations and warranties under Article 3 hereof.

          (v) From the date hereof until the Closing Date, Seller agrees that it
     shall not, and shall not permit any of its Subsidiaries to, withdraw or
     otherwise make (or cause to be withdrawn or made) any payments or
     distributions, either directly or indirectly, from the Seller VEBA.

     (e) Visteon Salaried Employee Transition Agreement. If a competitive
operating agreement is reached with the UAW at the Rawsonville and/or Sterling
plants by October 1, 2005, then Buyer and Seller agree to enter into (i) the
Visteon Salaried Employee Transition Agreement (with respect to the salaried
employees at either or both of such plants, as applicable) and (ii) the Visteon
Salaried Employee Lease Agreement (with respect to the salaried employees at
either or both of such plants, as applicable).

     Section 5.12. Directors and Officers. Buyer agrees that all rights of the
individuals who on or prior to the Closing Date were directors, officers or
employees of the Company or any of its Subsidiaries (collectively, the
"INDEMNITEES") to indemnification and exculpation from liabilities for acts or
omissions occurring at or prior to the Closing Date as provided in the
respective

                                       20

<PAGE>

certificate of incorporation or by-laws or comparable organizational documents
of the Company or such Subsidiary in effect on the Closing Date shall survive
the Closing Date and shall continue in full force and effect in accordance with
their terms. For a period of not less than six years following the Closing Date,
such rights shall not be amended, or otherwise modified in any manner that would
adversely affect the rights of the Indemnitees, unless such modification is
required by applicable law.

     Section 5.13. Notices of Certain Events. Each party shall promptly notify
the other party of:

          (a) any written notice or other written communication from any Person
     alleging that the consent of such Person is or may be required in
     connection with the transactions contemplated by this Agreement or the
     other Visteon "B" Transaction Documents;

          (b) any notice or other communication from any Governmental Authority
     in connection with the transactions contemplated by this Agreement or the
     other Visteon "B" Transaction Documents;

          (c) any actions, suits, claims, investigations, inquiries or
     proceedings commenced or, to its knowledge threatened that relate to the
     consummation of the transactions contemplated by this Agreement or the
     other Visteon "B" Transaction Documents or that, if pending on the date of
     this Agreement, would have been required to be disclosed pursuant to
     Section 3.08 (in the case of Seller) or Section 4.05 (in the case of
     Buyer); and

          (d) any circumstance, event or action the existence, occurrence or
     taking of which would result in any representation or warranty made by such
     party in this Agreement not being true and correct and which, if not cured,
     would result in the failure of the condition set forth in Section
     6.02(a)(ii) (in the case of Seller) or Section 6.03(a)(ii) (in the case of
     Buyer).

     No notice or disclosure by a party pursuant to this Section shall be deemed
to amend or supplement the Disclosure Schedule or to prevent, cure or operate as
a waiver of any misrepresentation or breach of warranty.

                                       21

<PAGE>

                                    ARTICLE 6
                              CONDITIONS TO CLOSING

     Section 6.01. Conditions to Obligations of Buyer and Seller. The
obligations of Buyer and Seller to consummate the Closing are subject to the
satisfaction or waiver by both parties of the following conditions:

          (a) The closing under the Contribution Agreement shall have been
     consummated.

          (b) The closing under the Visteon "A" Transaction Agreement shall have
     been consummated (or be capable of being consummated contemporaneously with
     the Closing).

          (c) The parties shall have made applicable filings to COFECO under
     Mexico's Federal Economic Competition Law with respect to the transactions
     contemplated by the Contribution Agreement and this Agreement, and neither
     party shall have been advised that the filings are deficient.

          (d) No provision of any applicable law or regulation and no judgment,
     injunction, order or decree by any Governmental Authority shall prohibit
     (including as a result of the failure to obtain, take or make any required
     authorization or similar action by or in respect of or filings with any
     Governmental Authority) the consummation of the Closing.

     Section 6.02. Conditions to Obligation of Buyer. The obligation of Buyer
to consummate the Closing is subject to the satisfaction of the following
further conditions:

          (a) (i) Seller shall have performed in all material respects all of
     its obligations hereunder required to be performed by it on or prior to the
     Closing Date, (ii) (A) the representations and warranties of Seller
     contained in Sections 3.02 and 3.05 shall be true and correct at and as of
     the Closing Date as if made at and as of such date and (B) all other
     representations and warranties of Seller contained in this Agreement and in
     any other Visteon "B" Transaction Document and in any certificate delivered
     by Seller pursuant hereto, disregarding all qualifications and exceptions
     contained therein relating to materiality or Seller Material Adverse
     Effect, shall be true and correct at and as of the Closing Date as if made
     at and as of such date (except that representations and warranties that
     relate to a specific date shall only be required to be true and correct as
     of such date) except as would not, individually or in the aggregate, have a
     Seller Material Adverse Effect, and (iii) Buyer shall have received a

                                       22

<PAGE>

     certificate signed by the chief financial officer of Seller to the
     foregoing effect.

          (b) There shall not be pending any action or proceeding by any
     Governmental Authority, that challenges or seeks to make illegal, to
     materially delay or otherwise directly or indirectly to prohibit the
     consummation of the transactions contemplated by this Agreement or seeks to
     obtain material damages from Buyer or its Affiliates in connection with
     this transaction.

          (c) Seller shall have received a final, full and indefeasible release
     of all Liens on the Shares pursuant to, or created in connection with, the
     Visteon Credit Agreement, in form and substance reasonably satisfactory to
     Buyer, and Seller shall have delivered all documents in connection
     therewith as Buyer may reasonably request.

          (d) Buyer shall have received certification signed by Seller to the
     effect that Seller is not a "foreign person" as defined in Section 1445 of
     the Code.

          (e) If Buyer shall have given notice of a breach or failure to perform
     pursuant to Section 8.01(a)(iv)(B), Seller shall have cured such breach.

          (f) Buyer shall have received all documents and instruments to be
     received by Buyer pursuant to Section 2.03(b).

     Section 6.03. Conditions to Obligation of Seller. The obligation of Seller
to consummate the Closing is subject to the satisfaction of the following
further conditions:

          (a) (i) Buyer shall have performed in all material respects all of its
     obligations hereunder required to be performed by it on or prior to the
     Closing Date, (A) the representations and warranties of Buyer contained in
     Section 4.02 shall be true and correct at and as of the Closing Date as if
     made at and as of such date and (B) all other representations and
     warranties of Buyer contained in this Agreement and in any other Visteon
     "B" Transaction Document and in any certificate delivered by Buyer pursuant
     hereto shall be true and correct in all material respects at and as of the
     Closing Date as if made at and as of such date (except that representations
     and warranties that relate to a specific date shall only be required to be
     true and correct as of such date), and (iii) Seller shall have received a
     certificate signed by the chief financial officer of Buyer to the foregoing
     effect.

                                       23

<PAGE>

          (b) Seller shall have received all cash, documents and instruments to
     be received by Seller at Closing pursuant to Section 2.03(a).

                                    ARTICLE 7
                            SURVIVAL; INDEMNIFICATION

     Section 7.01. Survival. The representations and warranties of the parties
hereto contained in this Agreement or in any officer's certificate delivered
pursuant hereto or in connection herewith shall survive the Closing until the
eighteen month anniversary of the Closing Date; provided that (i) the
representations and warranties in Sections 3.01, 3.02, 3.05, 4.01 and 4.02,
shall survive indefinitely or until the latest date permitted by applicable law
and (ii) the representations and warranties in Section 3.06 shall survive until
the later of the sixth anniversary of the Closing Date and the applicable
statute of limitations. The covenants and agreements of the parties hereto
contained in this Agreement or in any officer's certificate delivered pursuant
hereto or in connection herewith shall survive the Closing indefinitely or for
the shorter period explicitly specified therein, except that for such covenants
and agreements that survive for such shorter period, breaches thereof shall
survive indefinitely or until the latest date permitted by law. Notwithstanding
the preceding sentence, any breach of covenant, agreement, representation or
warranty in respect of which indemnity may be sought under this Agreement shall
survive the time at which it would otherwise terminate pursuant to the preceding
sentence, if written notice of the inaccuracy thereof giving rise to such right
of indemnity (setting forth the basis therefor in reasonable detail) shall have
been given to the party against whom such indemnity may be sought prior to such
time.

     Section 7.02. Indemnification. (a) Effective at and after the Closing,
Seller hereby indemnifies Buyer and its Affiliates against and agrees to hold
each of them harmless from any and all Damages, incurred or suffered by Buyer or
any of its Affiliates arising out of (A) any misrepresentation or breach of any
warranty (disregarding all qualifications and exceptions contained therein
relating to materiality or material adverse effect) (each such misrepresentation
and breach of warranty a "WARRANTY BREACH") by Seller or its Affiliates in this
Agreement or any other Visteon "B" Transaction Documents, (B) any breach of
covenant or agreement made or to be performed by Seller or its Affiliates
pursuant to this Agreement or any other Visteon "B" Transaction Documents or (C)
subject to Section 2.03(b) of the Contribution Agreement, any Visteon Retained
Liability (which do not include the Assumed Environmental Liabilities); provided
that with respect to indemnification by Seller for Warranty Breaches (other than
Sections 3.01, 3.02, 3.05 and 3.09, and other than in cases of fraud or willful
misrepresentation) pursuant to this Section 7.02(a), (i) Seller shall not be
liable

                                       24

<PAGE>

unless the aggregate amount of Damages with respect to such Warranty Breaches
(together with all amounts paid or payable by Seller with respect to Warranty
Breaches under Section 8.02 of the Contribution Agreement and Section 7.02 of
the Visteon "A" Transaction Agreement) exceeds $3 million (in which case Seller
shall only be liable to the extent of such excess) and (ii) Seller's maximum
liability (together with all amounts paid or payable by Seller with respect to
Warranty Breaches under Section 8.02 of the Contribution Agreement and Section
7.02 of the Visteon "A" Transaction Agreement) shall not exceed $30 million in
the aggregate.

     (b) Effective at and after the Closing, Buyer hereby indemnifies Seller and
its Affiliates against and agrees to hold each of them harmless from any and all
Damages incurred or suffered by Seller or any of its Affiliates arising out of
(A) any Warranty Breach by Buyer or its Affiliates, (B) breach of covenant or
agreement made or to be performed by Buyer or its Affiliates pursuant to this
Agreement or any other Visteon "B" Transaction Documents or (C) any Assumed
Environmental Liability; provided that with respect to indemnification by Buyer
for Warranty Breaches (other than in cases of Sections 4.01, 4.02, and 4.06, and
other than in cases of fraud or willful misrepresentation) pursuant to this
Section 7.02(b), (i) Buyer shall not be liable unless the aggregate amount of
Damages with respect to such Warranty Breaches (together with all amounts paid
or payable by Buyer with respect to Warranty Breaches under Section 7.02 of the
Visteon "A" Transaction Agreement) exceeds $3 million (in which case Buyer shall
only be liable to the extent of such excess) and (ii) Buyer's maximum liability
(together with all amounts paid or payable by Buyer with respect to Warranty
Breaches under Section 7.02 of the Visteon "A" Transaction Agreement) shall not
exceed $30 million in the aggregate.

     Section 7.03. Indemnification Procedures and other Provisions relating to
Indemnification Claims. The procedures set forth in Section 8.03 of the
Contribution Agreement, and the provisions set forth in Sections 8.04, 8.05,
8.06 and 8.07 of the Contribution Agreement shall apply, mutatis mutandis, with
respect to any claim for indemnification under this Agreement.

     Section 7.04. No Double Recovery. Notwithstanding anything herein to the
contrary, no indemnified party shall be entitled to indemnification under any
provision of this Agreement for any amount to the extent such indemnified party
or its Affiliate has been indemnified for such amount pursuant to this
Agreement, the other Visteon "B" Transaction Documents, the Visteon "A"
Transaction Agreement, the other Visteon "A" Transaction Documents (as defined
in the Visteon "A" Transaction Agreement), the Contribution Agreement, the other
Contribution Agreement Transaction Documents, the Confidentiality Agreement or
any other agreement, contract or instrument executed in connection herewith or
therewith.

                                       25

<PAGE>

                                    ARTICLE 8
                                   TERMINATION

     Section 8.01. Grounds for Termination. (a) This Agreement may be terminated
at any time prior to the Closing:

          (i) by mutual written agreement of Seller and Buyer;

          (ii) by either Buyer or Seller, if any applicable law or regulation
     makes consummation of the transactions contemplated hereby illegal or
     otherwise prohibited or if consummation of the transactions contemplated
     hereby would violate any nonappealable final order, decree or judgment of
     any Governmental Authority having competent jurisdiction;

          (iii) by Seller if Buyer shall have breached or failed to perform in
     any material respect any of its representations, warranties or covenants
     contained in this Agreement, which breach or failure to perform (A) is
     incapable of being cured by Buyer prior to the Outside Date or is not cured
     by the earlier of (x) 30 Business Days following written notice to Buyer by
     Seller of such breach and (y) the Outside Date and (B) if not cured would
     result in a failure of any condition set forth in Section 6.03(a); or

          (iv) by Buyer if (A) Seller shall have breached or failed to perform
     in any material respect any of its representations, warranties or covenants
     contained in this Agreement, which breach or failure to perform (1) is
     incapable of being cured by Seller prior to the Outside Date or is not
     cured by the earlier of (x) 30 Business Days following written notice to
     Seller by Buyer of such breach and (y) the Outside Date and (2) if not
     cured would result in a failure of any condition set forth in Section
     6.02(a), or (B) Seller shall have breached or failed to perform in any
     material respect any of its covenants contained in Sections 6.1 (but only,
     in the case of clause (c) thereof, to the extent such breach or failure to
     perform is of its performance obligations under the existing agreements
     referred to in such clause), 6.2 and 6.5 of the Funding Agreement between
     Buyer and Seller dated as of March 10, 2005, as amended and, other than in
     the case of such breach of Section 6.1(a) thereof (if such breach relates
     to the quantity or timing of the supply of components), such breach is not
     cured within 15 days after written notice thereof has been given by Buyer
     to Seller.

     The party desiring to terminate this Agreement pursuant to clauses (ii),
(iii) or (iv) shall give notice of such termination to the other party.

                                       26

<PAGE>

     (b) This Agreement shall automatically terminate and be of no further force
and effect upon (A) termination of the Contribution Agreement in accordance with
its terms if such termination is in compliance with Section 5.08 hereof or (B)
termination of the Visteon "A" Transaction Agreement in accordance with its
terms.

     Section 8.02. Effect of Termination. If this Agreement is terminated as
permitted by Section 8.01, such termination shall be without liability of either
party (or any stockholder, director, officer, employee, agent, consultant or
representative of such party) to the other party to this Agreement; provided
that if such termination shall result from the (i) willful failure of either
party to fulfill a condition to the performance of the obligations of the other
party, (ii) failure to perform a covenant of this Agreement or (iii) breach by
either party hereto of any representation or warranty or agreement contained
herein, such party shall be fully liable for any and all Damages incurred or
suffered by the other party as a result of such failure or breach. The
provisions of this Section 8.02, Section 5.06, and Article 9 shall survive any
termination hereof pursuant to Section 8.01.

                                    ARTICLE 9
                                  MISCELLANEOUS

     Section 9.01. Notices. All notices, requests and other communications to
any party hereunder shall be in writing (including facsimile transmission and
e-mail transmission, so long as a receipt of such e-mail is requested and
received) and shall be given,

     if to Buyer, to:

          Ford Motor Company
          Office of the Secretary
          One American Road
          11th Floor World Headquarters
          Dearborn, Michigan 48126
          Attention: Peter J. Sherry, Jr.
          Facsimile No.: (313) 248-8713
          E-mail: psherry@ford.com

     with a copy to:

                                       27

<PAGE>

          Ford Motor Company
          Office of the General Counsel
          One American Road
          320 World Headquarters
          Dearborn, Michigan 48126
          Attention: Marcia J. Nunn
          Facsimile No.: (313) 337-3209
          E-mail: mnunn@ford.com

     and to:

          Davis Polk & Wardwell
          450 Lexington Avenue
          New York, New York 10017
          Attention: Paul R. Kingsley
          Facsimile No.: (212) 450-3800
          E-mail: paul.kingsley@dpw.com

     if to Seller, to:

          Visteon Corporation
          One Village Center Drive
          Van Buren Township, Michigan 48111
          Attention: John Donofrio, General Counsel
          Facsimile No.: (734) 710-7132
          E-mail: jdonofri@visteon.com

     with a copy to:

          Weil, Gotshal & Manges LLP
          767 Fifth Avenue
          New York, NY 10153
          Attention: Michael E. Lubowitz, Esq.
          Facsimile No.: (212) 310-8007
          E-mail: michael.lubowitz@weil.com

or such other address, facsimile number or e-mail address as such party may
hereafter specify for the purpose by notice to the other parties hereto. All
such notices, requests and other communications shall be deemed received on the
date of receipt by the recipient thereof if received prior to 5:00 p.m. in the
place of receipt and such day is a Business Day in the place of receipt.
Otherwise, any such notice, request or communication shall be deemed not to have
been received until the next succeeding Business Day in the place of receipt.

                                       28

<PAGE>

     Section 9.02. Amendments and Waivers. (a) Any provision of this Agreement
may be amended or waived if, but only if, such amendment or waiver is in writing
and is signed, in the case of an amendment, by each party to this Agreement, or
in the case of a waiver, by the party against whom the waiver is to be
effective.

     (b) No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege.

     Section 9.03. Expenses. Except as otherwise provided herein, all costs and
expenses incurred in connection with this Agreement shall be paid by the party
incurring such cost or expense.

     Section 9.04. Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns; provided that neither party may
assign, delegate or otherwise transfer any of its rights or obligations under
this Agreement without the consent of each other party hereto. Buyer may,
however, without the consent of Seller, but with notice to Seller, assign all or
a part of its right to purchase all or a portion of the Shares to any of its
Affiliates; provided that such assignment shall not relieve Buyer of its
obligations hereunder.

     Section 9.05. Governing Law. This Agreement shall be governed by and
construed in accordance with the law of the State of Michigan, without regard to
the conflicts of law rules of such state.

     Section 9.06. Dispute Resolution. Except as contemplated by Section 2.05,
if a dispute arises between the parties relating to this Agreement, the
following shall be the sole and exclusive procedure for enforcing the terms
hereof and for seeking relief, including damages, injunctive relief and specific
performance:

          (i) The parties promptly shall hold a meeting of senior executives
     with decision-making authority to attempt in good faith to negotiate a
     mutually satisfactory resolution of the dispute; provided that no party
     shall be under any obligation whatsoever to reach, accept or agree to any
     such resolution; provided further that no such meeting shall be deemed to
     vitiate or reduce the obligations and liabilities of the parties or be
     deemed a waiver by a party hereto of any remedies to which such party would
     otherwise be entitled.

          (ii) If the parties are unable to negotiate a mutually satisfactory
     resolution as provided above, then upon request by either party, the matter

                                       29

<PAGE>

     shall be submitted to binding arbitration before a sole arbitrator in
     accordance with the CPR Rules, including discovery rules, for
     Non-Administered Arbitration. Within five Business Days after the selection
     of the arbitrator, each party shall submit its requested relief to the
     other party and to the arbitrator with a view toward settling the matter
     prior to commencement of discovery. If no settlement is reached, then
     discovery shall proceed. Upon the conclusion of discovery, each party shall
     again submit to the arbitrator its requested relief (which may be modified
     from the initial submission) and the arbitrator shall select only the
     entire requested relief submitted by one party or the other, as the
     arbitrator deems most appropriate. The arbitrator shall not select one
     party's requested relief as to certain claims or counterclaims and the
     other party's requested relief as to other claims or counterclaims. Rather,
     the arbitrator must only select one or the other party's entire requested
     relief on all of the asserted claims and counterclaims, and the arbitrator
     shall enter a final ruling that adopts in whole such requested relief. The
     arbitrator shall limit his/her final ruling to selecting the entire
     requested relief he/she considers the most appropriate from the requests
     submitted by the parties.

          (iii) Arbitration shall take place in the City of Dearborn, Michigan
     unless the parties agree otherwise or the arbitrator selected by the
     parties orders otherwise. Punitive or exemplary damages shall not be
     awarded. This Section 9.06 is subject to the Federal Arbitration Act, 28
     U.S.C.A. Section 1, et seq., or comparable legislation in non-U.S.
     jurisdictions, and judgment upon the award rendered by the arbitrator may
     be entered by any court having jurisdiction.

     Section 9.07. Jurisdiction. Subject to Section 2.05 and Section 9.06, the
parties hereto agree that any suit, action or proceeding seeking to enforce any
provision of, or based on any matter arising out of or in connection with, this
Agreement or the transactions contemplated hereby shall be brought in any
federal court sitting in Michigan or any Michigan State court sitting in Wayne
County or Oakland County, Michigan, so long as one of such courts shall have
subject matter jurisdiction over such suit, action or proceeding, and that any
cause of action arising out of this Agreement shall be deemed to have arisen
from a transaction of business in the State of Michigan. Each of the parties
hereby irrevocably consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or any objection that any such suit,
action or proceeding brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction
of any such court.

                                       30

<PAGE>

     Section 9.08. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

     Section 9.09. Counterparts; Effectiveness; Third Party Beneficiaries. This
Agreement may be signed in counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same
instrument. This Agreement shall become effective when each party hereto shall
have received a counterpart hereof signed by the other party hereto. Until and
unless each party has received a counterpart hereof signed by the other party
hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement
or other communication). No provision of this Agreement is intended to confer
any rights, benefits, remedies, obligations, or liabilities hereunder upon any
Person other than the parties hereto, their respective successors and permitted
assigns under Section 9.04 and, with respect to Section 5.12, the Indemnitees.

     Section 9.10. Entire Agreement. This Agreement and the other agreements
referred to in Section 8 of the Master Agreement constitute the entire agreement
between the parties with respect to the subject matter of such agreements and
supersede all prior agreements and understandings, both oral and written,
between the parties with respect to the subject matter of such agreements.

     Section 9.11. Severability. If any term, provision, covenant or restriction
of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full
force and effect and shall in no way be affected, impaired or invalidated so
long as the economic or legal substance of the transactions contemplated hereby
is not affected in any manner materially adverse to any party. Upon such a
determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as
possible in an acceptable manner in order that the transactions contemplated
hereby be consummated as originally contemplated to the fullest extent possible.

     Section 9.12. Specific Performance. The parties hereto agree that
irreparable damage would occur if any provision of this Agreement were not
performed in accordance with the terms hereof and that the parties shall be
entitled to an injunction or injunctions to prevent breaches of this Agreement
or to enforce specifically the performance of the terms and provisions hereof in
the courts specified in Section 9.07.

                                       31

<PAGE>

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

                                        FORD MOTOR COMPANY

                                        By: /s/ Donat R. Leclair
                                            ------------------------------------
                                        Name:  Donat R. Leclair
                                        Title: Executive Vice President and
                                               Chief Financial Officer

                                        VISTEON CORPORATION

                                        By: /s/ James F. Palmer
                                            ------------------------------------
                                        Name:  James F. Palmer
                                        Title: Executive Vice President and
                                               Chief Financial Officer<PAGE>
                                                                     Exhibit 4.1

                               VISTEON CORPORATION

                      WARRANT FOR THE PURCHASE OF SHARES OF
                       COMMON STOCK OF VISTEON CORPORATION

NO. 1                                                        WARRANT TO PURCHASE
                                                               25,000,000 SHARES

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD OR
     OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE THEREWITH. THIS SECURITY IS ALSO
     SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH HEREIN AND IN THE
     STOCKHOLDER AGREEMENT (AS HEREIN DEFINED), COPIES OF WHICH MAY BE OBTAINED
     UPON REQUEST FROM THE COMPANY.

     FOR VALUE RECEIVED, VISTEON CORPORATION, a Delaware corporation (the
"COMPANY"), hereby certifies that FORD MOTOR COMPANY, a Delaware Corporation
("FORD" and together with its successors and permitted assigns, the "HOLDER"),
is entitled, subject to the provisions of this Warrant and the Stockholder
Agreement (as hereinafter defined), to purchase from the Company, at the times
specified herein, twenty-five million fully paid and non-assessable shares of
Common Stock of the Company, par value $1.00 per share (the "COMMON STOCK"), at
a purchase price per share equal to the Exercise Price (as hereinafter defined).
The number of shares of Common Stock to be received upon the exercise of this
Warrant and the price to be paid for a share of Common Stock are subject to
adjustment from time to time as hereinafter set forth.

     1. Definitions. (a) The following terms, as used herein, have the following
meanings:

     "AFFILIATE" means, with respect to any Person, any other Person directly or
indirectly controlling, controlled by, or under common control with such other
Person. For the purpose of this definition, the term "control" (including, with
correlative meanings, the terms "controlling", "controlled by" and "under common
control with"), as used with respect to any Person, means having the right to
elect a majority of the board of directors or other comparable body responsible
for management and direction of a Person, or otherwise having, directly or
indirectly, the power to direct or cause the direction of the management and
policies of such Person, by contract or by virtue of share ownership.

     "AGGREGATE EXERCISE PRICE" shall have the meaning set forth in paragraph
9(a)(ii).

                                        1

<PAGE>

     "BOARD OF DIRECTORS" means the Board of Directors of the Company.

     "BUSINESS DAY" means a day, other than Saturday, Sunday or other day on
which commercial banks in Detroit, Michigan are authorized or required by law to
close.

     "CHANGE OF CONTROL" means (i) a liquidation or dissolution of the Company;
(ii) the sale, lease, transfer, conveyance or other disposition, in one or a
series of related transactions, of all or substantially all of the assets of the
Company and its Subsidiaries, taken as a whole; (iii) a merger, consolidation,
share exchange, business combination or similar extraordinary transaction as a
result of which the persons possessing, immediately prior to the consummation of
such transaction, beneficial ownership of the voting securities of the Company
entitled to vote generally in elections of directors of the Company, cease to
possess, immediately after consummation of such transaction, beneficial
ownership of voting securities entitling them to exercise at least 50% of the
total voting power of all outstanding securities entitled to vote generally in
elections of directors of the Company (or, if not the Company, the surviving
entity resulting from such transaction, or its parent); or (iv) a transaction or
series of transactions (including by way of merger, consolidation, sale of stock
or otherwise) the result of which is that any Person or "group" (as defined in
Section 13 of the 1934 Act) becomes the "beneficial owner" (as such term is
defined in Rule 13d-3 and Rule 13d-5 promulgated under the 1934 Act), directly
or indirectly, of more than 50% of the voting power of the outstanding voting
stock of the Company entitled to vote generally in elections of directors of the
Company.

     "CONSTITUENT PERSON" shall have the meaning set forth in paragraph 10.

     "CURRENT MARKET PRICE PER COMMON SHARE" shall have the meaning set forth in
paragraph 6.

     "DAILY PRICE" shall have the meaning set forth in paragraph 6.

     "EXCLUDED TRANSACTIONS" shall have the meaning set forth in paragraph 9(b).

     "EXERCISE PRICE" means $6.90 per Warrant Share, as such Exercise Price may
be adjusted from time to time as provided herein.

     "EXPIRATION DATE" means the eighth anniversary of the date of the Closing
at 5:00 p.m. Detroit, Michigan time.

     "NON-ELECTING SHARE" shall have the meaning set forth in paragraph 10.

     "NYSE" means the New York Stock Exchange.

                                        2

<PAGE>

     "PERSON" means an individual, corporation, partnership, limited liability
company, association, trust or other entity or organization, including a
government or political subdivision or an agency or instrumentality thereof.

     "STOCKHOLDER AGREEMENT" means the Stockholder Agreement dated as of
_____________, 2005 between the Company and Ford.

     "WARRANT SHARES" means the shares of Common Stock deliverable upon exercise
of this Warrant, as adjusted from time to time.

          (b) Capitalized terms used but not defined herein shall have the
meanings assigned to such terms in the Stockholder Agreement.

     2. Exercise of Warrant.

          (a) The Holder is entitled to exercise this Warrant in whole or in
part at any time, or from time to time, commencing on the earlier of (i) the
first anniversary of the date of the Closing and (ii) the occurrence of a Change
of Control and ending on the Expiration Date or, if any such day is not a
Business Day, then on the next succeeding day that shall be a Business Day. To
exercise this Warrant, the Holder shall execute and deliver to the Company a
Warrant Exercise Notice substantially in the form annexed hereto and, if the
Holder so desires, such Warrant Exercise Notice shall include a written request
by the Holder to exercise this Warrant on a cashless basis pursuant to paragraph
2(e). Promptly, and in any event within five (5) days, after delivery of the
Warrant Exercise Notice, the Company shall notify the Holder in writing (x)
whether it will settle such exercise in cash pursuant to paragraph 2(d)(ii) or
(y) if a request for cashless exercise has been made by the Holder, whether it
will permit the Holder to exercise on a cashless basis pursuant to paragraph
2(e). Subject to paragraph 2(e) below, within ten (10) days after delivery of
the Warrant Exercise Notice, the Holder shall deliver to the Company this
Warrant Certificate, including the Warrant Exercise Subscription Form forming a
part hereof duly executed by the Holder, together with payment of the applicable
Exercise Price (unless the Company shall have elected to settle in cash pursuant
to paragraph 2(d)(ii), in which case the applicable Exercise Price shall be
netted against the cash settlement amount payable by the Company pursuant to
paragraph 2(d)(ii)). At the close of business on the date of such delivery and
payment, the Holder shall be deemed to be the holder of record of the Warrant
Shares subject to such exercise, notwithstanding that the stock transfer books
of the Company shall then be closed or that certificates representing such
Warrant Shares shall not then be actually delivered to the Holder.

          (b) The Exercise Price shall be paid by wire transfer of immediately
available funds to a bank account designated by the Company. Any documentary,
stamp or similar issue or transfer taxes payable in respect of the

                                        3

<PAGE>

issue or delivery of the Warrant Shares shall be borne by the party or parties
having responsibility therefor under applicable law, provided that the Company
shall not be required to pay any tax which may be payable in respect of any
transfer involved in the issuance and delivery of the Warrant Shares in a name
other than that of the then Holder of this Warrant; provided further that the
parties shall take reasonable steps to minimize such taxes.

          (c) If the Holder exercises this Warrant in part, this Warrant
Certificate shall be surrendered by the Holder to the Company and a new Warrant
Certificate of the same tenor and for the unexercised number of Warrant Shares
shall be executed by the Company as promptly as reasonably practicable. The
Company shall register the new Warrant Certificate in the name of the Holder or
in such name or names of its transferee pursuant to paragraph 7 hereof as may be
directed in writing by the Holder and deliver the new Warrant Certificate to the
Person or Persons entitled to receive the same as promptly as reasonably
practicable.

          (d) Upon surrender of this Warrant Certificate in conformity with the
foregoing provisions, the Company shall, as promptly as reasonably practicable,
either (i) transfer to the Holder of this Warrant Certificate appropriate
evidence of ownership of the shares of Common Stock or other securities or
property (including any money) to which the Holder is entitled, registered or
otherwise placed in, or payable to the order of, the name or names of the Holder
or such transferee as may be directed in writing by the Holder, and shall, as
promptly as reasonably practicable, deliver such evidence of ownership and any
other securities or property (including any money) to the Person or Persons
entitled to receive the same or (ii) if the Company has elected pursuant to
paragraph 2(a) to cash settle, pay an amount in cash equal to (x) such number of
shares of Common Stock to which the Holder is entitled times the Current Market
Price on the Business Day immediately preceding the date on which the Holder
delivered the Warrant Exercise Notice pursuant to paragraph 2(a) minus (y) the
applicable Exercise Price, if any, that would have otherwise been payable by the
Holder, in each case of clauses (i) or (ii) together with an amount in cash in
lieu of any fraction of a share as provided in paragraph 6 below, such amounts
to be paid in cash or by wire transfer of immediately available funds to a bank
account designated by the Holder or by certified or official bank check or bank
cashier's check payable to the order of such Holder or by any combination of
such cash, wire transfer or check.

          (e) If, pursuant to paragraph 2(a) the Company permits a cashless
exercise by the Holder, in lieu of making the payment required to exercise the
Warrant pursuant to paragraph 2(a) (but in all other respects in accordance with
the exercise procedure set forth in paragraph 2(a)), the Holder may convert this
Warrant into shares of Common Stock, in which event the Company will issue to

                                        4

<PAGE>

the Holder the number of shares of Common Stock equal to the result obtained
under the following equation:

     X = (A - B) x C where:
         -----------
              A

          X = the number of shares of Common Stock issuable upon exercise
              pursuant to this paragraph 2(e);

          A = the Current Market Price Per Common Share on the Business Day
              immediately preceding the date on which the Holder delivers the
              Warrant Exercise Notice pursuant to paragraph 2(a);

          B = the Exercise Price; and

          C = the number of shares of Common Stock as to which this Warrant is
              being exercised pursuant to paragraph 2(a).

     If the foregoing calculation results in a negative number, then no shares
of Common Stock shall be issued upon exercise pursuant to this paragraph 2(e).

     3. Beneficial Ownership. Notwithstanding anything to the contrary in this
Warrant, in no event shall the Holder be entitled to receive, or shall be deemed
by applicable law to receive, any Warrant Shares if, upon the receipt of such
Warrant Shares, the "beneficial ownership" (within the meaning of Section 13 of
the 1934 Act and the rules and regulations promulgated thereunder) of Common
Stock by the Holder would be equal to or greater than 9.9% of the outstanding
shares of Common Stock. If any delivery owed to the Holder hereunder is not
made, in whole or in part, as a result of this provision, the Company's
obligation to make such delivery shall not be extinguished and the Company shall
make such delivery as promptly as practicable after, but in no event later than
two Business Days after, the Holder gives notice to the Company that such
delivery would not result in the Holder directly or indirectly so beneficially
owning in excess of 9.9% of the outstanding shares of Common Stock. Upon
request, the Company shall advise the Holder of the number of shares of Common
Stock outstanding, in order to permit the Holder to make the calculation
contemplated by this paragraph 3. The Company shall have no responsibility to
monitor the beneficial ownership of Common Stock by the Holder. For the
avoidance of doubt, nothing in this paragraph 3 shall entitle the Holder to
exercise this Warrant after the Expiration Date.

     4. Restrictive Legend. Certificates representing shares of Common Stock
issued pursuant to this Warrant shall bear a legend substantially in the form of
the legend set forth on the first page of this Warrant Certificate to the extent
that and for so long as such legend is required pursuant to the Stockholder
Agreement.

                                        5

<PAGE>

     5. Reservation of Shares; NYSE Listing. The Company hereby agrees that at
all times there shall be reserved for issuance and delivery upon exercise of
this Warrant such number of its authorized but unissued shares of Common Stock
or other securities of the Company from time to time issuable upon exercise of
this Warrant as will be sufficient to permit the exercise in full of this
Warrant. All such shares shall be duly authorized and, when issued upon such
exercise, shall be validly issued, fully paid and non-assessable, free and clear
of all liens, security interests, charges and (except as contemplated in the
legend referred to in paragraph 4) other encumbrances or restrictions on sale
and free and clear of all preemptive rights.

     If the Warrant Shares have not been approved for listing on the NYSE as of
the date hereof, the Company shall use its reasonable best efforts to cause the
Warrant Shares to be so approved for listing as soon as practicable after the
date hereof.

     6. Fractional Shares. No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant and in lieu of delivery
of any such fractional share upon any exercise hereof, the Company shall pay to
the Holder an amount in cash equal to such fraction multiplied by the Current
Market Price Per Common Share on the Business Day immediately preceding the date
on which the Holder delivers the Warrant Exercise Notice pursuant to paragraph
2(a).

     "CURRENT MARKET PRICE PER COMMON SHARE" on any date shall be the average of
the Daily Prices (as defined below) per share of Common Stock for the twenty
(20) consecutive trading days immediately prior to such date. "DAILY PRICE"
means (A) the last reported sale price on such day on the NYSE Composite
Transactions Tape; or (B) if the shares of Common Stock then are not traded on
the NYSE, the closing price (at the close of the regular trading session) on
such day as reported by the principal national securities exchange (or principal
trading market/quotation system) on which the shares are listed and traded. If
on any determination date the shares of such class of Common Stock are not
quoted by any such organization, the Current Market Price Per Common Share shall
be the fair market value of such shares on such determination date as determined
in good faith by the Board of Directors.

     7. Exchange, Transfer or Assignment of Warrant. Subject to compliance with
the Stockholder Agreement, the Holder of this Warrant shall be entitled, without
obtaining the consent of the Company to assign and transfer this Warrant, at any
time in whole or from time to time in part, to any Person or Persons. Subject to
the preceding sentence, upon surrender of this Warrant to the Company, together
with the attached Warrant Assignment Form duly executed, the Company shall, as
promptly as reasonably practicable and without charge, execute and deliver new
Warrant Certificates in the name of the assignee or assignees

                                        6

<PAGE>

named in such instrument of assignment and, if the Holder's entire interest is
not being assigned, in the name of the Holder and this Warrant Certificate shall
promptly be canceled. Each taker and holder of this Warrant Certificate by
taking or holding the same, consents and agrees that the registered holder
hereof may be treated by the Company and all other persons dealing with this
Warrant Certificate as the absolute owner hereof for any purpose and as the
person entitled to exercise the rights represented hereby.

     8. Loss or Destruction of Warrant. Upon receipt by the Company of evidence
satisfactory to it (in the exercise of its reasonable discretion) of the loss,
theft, destruction or mutilation of this Warrant Certificate, and (in the case
of loss, theft or destruction) of reasonably satisfactory indemnification, and
upon surrender and cancellation of this Warrant Certificate, if mutilated, the
Company shall execute and deliver a new Warrant Certificate of like tenor and
date.

     9. Anti-dilution Provisions.

          (a) (i) In case the Company shall at any time after the date hereof
subdivide or split its outstanding shares of Common Stock into a greater number
of shares, the Exercise Price in effect immediately prior to such subdivision or
split shall be proportionately reduced and the number of shares of Common Stock
purchasable under this Warrant shall be proportionately increased. Conversely,
in case the outstanding shares of Common Stock shall be combined or reclassified
into a smaller number of shares, the Exercise Price in effect immediately prior
to such combination or reclassification shall be proportionately increased and
the number of shares of Common Stock purchasable under this Warrant shall be
proportionately decreased.

               (ii) In case the Company shall at any time after the date hereof
          declare a dividend or make a distribution on Common Stock generally,
          that is payable in Common Stock, the Exercise Price in effect at the
          time of the record date for such dividend or distribution and the
          aggregate number of shares of Common Stock receivable upon exercise of
          this Warrant shall be proportionately adjusted so that the exercise of
          this Warrant in full after such time shall entitle the Holder to
          receive (for the Aggregate Exercise Price (as defined below)) the
          aggregate number of shares of Common Stock which, if this Warrant had
          been exercised in full immediately prior to such time (for the
          aggregate Exercise Price in effect at such time (the "AGGREGATE
          EXERCISE PRICE")), such Holder would have owned upon such exercise and
          been entitled to receive by virtue of such dividend or distribution.
          If any declared dividend or distribution on Common Stock payable in
          Common Stock for which adjustments have been made pursuant to the
          immediately preceding sentence is not paid in whole or in part on the
          applicable payment date, then, effective as of the time of the record

                                        7

<PAGE>

          date for such dividend or distribution, the Exercise Price and the
          aggregate number of shares of Common Stock receivable upon exercise of
          this Warrant shall be proportionately readjusted so that the exercise
          of this Warrant in full after such time shall entitle the Holder to
          receive (for the Aggregate Exercise Price) the aggregate number of
          shares of Common Stock which, if this Warrant had been exercised in
          full immediately prior to such time (for the Aggregate Exercise
          Price), such Holder would have owned upon such exercise and in fact
          received by virtue of such dividend or distribution.

               (iii) In case the Company shall at any time after the date hereof
          issue any shares of its capital stock in a reclassification of Common
          Stock (including any such reclassification in connection with a
          consolidation or merger in which the Company is the continuing
          corporation), then, as a condition to such reclassification, lawful
          provisions shall be made, and duly executed documents evidencing the
          same from the Company or its successor shall be delivered to the
          Holder, so that the Holder shall have the right at any time that this
          Warrant is exercisable to purchase, at a total price equal to that
          payable upon exercise of this Warrant, the kind and amount of capital
          stock receivable in connection with such recapitalization by a record
          holder of the same number of shares of Common Stock as were
          purchasable (without applying the restrictions set forth in paragraph
          3 hereof) by the Holder immediately prior to such recapitalization.
          Such adjustments under this paragraph 9(a) shall be made successively
          whenever any event listed above shall occur.

          (b) Except in the case of Excluded Transactions (as defined below), in
case the Company shall fix a record date for the issuance of rights, options or
warrants to the holders of its Common Stock generally, entitling such holders to
subscribe for or purchase shares of Common Stock (or securities convertible into
shares of Common Stock) at a price per share of Common Stock (or having a
conversion price per share of Common Stock, if a security convertible into
shares of Common Stock) less than the Current Market Price Per Common Share on
such record date (or if such date of issuance is more than sixty days after the
record date, less than the Current Market Price Per Common Share on such date of
issuance), the maximum number of shares of Common Stock issuable upon exercise
of such rights, options or warrants (or conversion of such convertible
securities) shall be deemed to have been issued and outstanding as of such
record date (or if such date of issuance is more than sixty days after the
record date, on such date of issuance) and the Exercise Price to be in effect
after such issuance or sale shall be determined by multiplying the Exercise
Price in effect immediately prior to such issuance or sale by a fraction, the
numerator of which shall be the sum of (x) the number of shares of Common Stock
outstanding immediately prior to the time of such issuance or sale multiplied by
the Current

                                        8

<PAGE>

Market Price Per Common Share immediately prior to such issuance or sale and (y)
the aggregate consideration, if any, to be received by the Company upon such
issuance or sale, and the denominator of which shall be the product of the
aggregate number of shares of Common Stock outstanding immediately after such
issuance or sale and the Current Market Price Per Common Share immediately prior
to such issuance or sale. In case any portion of the consideration to be
received by the Company shall be in a form other than cash, the fair market
value of such noncash consideration shall be utilized in the foregoing
computation. Such fair market value shall be determined by the Board of
Directors. The Holder shall be notified promptly of any consideration other than
cash to be received by the Company and furnished with a description of the
consideration and the fair market value thereof, as determined in good faith by
the Board of Directors. Such adjustment shall be made successively whenever any
such record date is fixed; and in the event that such rights, options or
warrants or securities convertible into shares of Common Stock are not so issued
or expire unexercised, or in the event of a change in the number of shares of
Common Stock to which the holders of such rights, options or warrants or
securities convertible into shares of Common Stock are entitled or the aggregate
consideration payable by the holders of such rights, options, warrants or
convertible securities for such shares of Common Stock prior to their receipt of
such shares of Common Stock (other than pursuant to adjustment provisions
therein comparable to those contained in this paragraph 9), the Exercise Price
shall again be adjusted to be the Exercise Price which would then be in effect
if such rights, options or warrants or securities convertible into shares of
Common Stock that were not so issued or expired unexercised had never had their
related record date fixed, in the former event, or the Exercise Price which
would then be in effect if such holder had initially been entitled to such
changed number of shares of Common Stock or required to pay such changed
consideration, in the latter event. "EXCLUDED TRANSACTIONS" means any Common
Stock issued by the Company (i) upon exercise or conversion of any security the
issuance of which caused an adjustment under this paragraph 9, (ii) pursuant to
employee or director compensation plans or arrangements and (iii) pursuant to a
stockholder rights plan adopted by the Company.

          (c) In case the Company shall fix a record date for the making of a
distribution to holders of Common Stock in their capacities as such (including
any such distribution made in connection with a consolidation or merger in which
the Company is the continuing corporation) of cash, evidences of indebtedness,
assets or other property (other than (i) ordinary dividends payable in cash,
(ii) dividends payable in Common Stock, (iii) distributions in connection with a
stockholder rights plan adopted by the Company; or (iv) rights, options or
warrants or convertible securities referred to in, and for which an adjustment
is made pursuant to, paragraph 9(b) hereof), the Exercise Price to be in effect
after such record date shall be determined by multiplying the Exercise Price in
effect immediately prior to such record date by a fraction, the numerator of
which shall be the Current Market Price Per Common Share on such record date,
less the fair market value

                                        9

<PAGE>

(determined as set forth in paragraph 9(b) hereof) of the portion of the assets,
other property or evidence of indebtedness so to be distributed which is
applicable to one share of Common Stock, and the denominator of which shall be
such Current Market Price Per Common Share. Such adjustments shall be made
successively whenever such a record date is fixed; and in the event that such
distribution is not so made, the Exercise Price shall again be adjusted to be
the Exercise Price which would then be in effect if such record date had not
been fixed

          (d) In case at any time or from time to time the Company shall take
any action affecting its capital stock as such, other than an action described
in any of the foregoing clauses (a) through (c), which the Board of Directors of
the Company reasonably determines in good faith will adversely affect the rights
of the Holders of the Warrants, the number of shares of Common Stock purchasable
upon exercise of each Warrant and/or the Exercise Price shall be adjusted in
such manner and at such time as the Board of Directors of the Company may
reasonably and in good faith determine to be equitable in the circumstances.

          (e) The Company may, at its option, at any time during the term of the
Warrants, reduce the then current Exercise Price (but in no event below the par
value of a share of Common Stock) or increase the number of shares of Common
Stock for which the Warrant may be exercised to any amount deemed appropriate by
the Board of Directors; provided, however, that if the Company elects to make
such adjustment, such adjustment will remain in effect for at least a 5-day
period, after which time the Company may, at its option, reinstate the Exercise
Price or number of shares of Common Stock in effect prior to such adjustment, as
applicable, subject to any interim adjustments pursuant to this paragraph 9.

          (f) No adjustment in the Exercise Price or otherwise pursuant to
paragraph 9(a) through (c) shall be required unless such adjustment would
require an increase or decrease of at least one percent in such price; provided
that any adjustments which by reason of this paragraph 9(f) are not required to
be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this paragraph 9 shall be made to the nearest
$0.001 or to the nearest hundredth of a share of Common Stock, as the case may
be.

          (g) In the event that, at any time as a result of the provisions of
this paragraph 9, the holder of this Warrant upon subsequent exercise shall
become entitled to receive any shares of capital stock of the Company other than
Common Stock, the number of such other shares so receivable upon exercise of
this Warrant shall thereafter be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions
contained herein.

                                       10

<PAGE>

          (h) Upon the occurrence of each adjustment or readjustment pursuant to
this paragraph 9 or paragraph 10 below, the Company at its expense shall
promptly compute such adjustment or readjustment in accordance with the terms
hereof and furnish to the holder of this Warrant a certificate setting forth
such adjustment or readjustment and showing in detail the facts upon which such
adjustment or readjustment is based. The Company shall, upon the written
request, at any time, of the holder, furnish or cause to be furnished to such
holder a like certificate setting forth (i) such adjustments and readjustments,
(ii) the Exercise Price at the time in effect and (iii) the number of shares and
the amount, if any, of other property that at the time would be received upon
exercise of the Warrant.

          (i) The Company will not, by any voluntary action, avoid or seek to
avoid the observance or performance of any of the terms to be observed or
performed hereunder by the Company, but will at all times in good faith assist
in the carrying out of all of the provisions of this paragraph 9 and in the
taking of all such action necessary or appropriate in order to protect the
rights of the holder of this Warrant against impairment.

     10. Consolidation, Merger or Sale of Assets. In case of any consolidation
of the Company with, or merger of the Company into, any other Person, any merger
of another Person into the Company (other than a consolidation or merger which
does not result in any reclassification, conversion, exchange or cancellation of
outstanding shares of Common Stock) or any sale or transfer of all or
substantially all of the assets of the Company or of the Person formed by such
consolidation or resulting from such merger or which acquires such assets, as
the case may be, the Holder shall have the right thereafter, upon exercise of
this Warrant in accordance with and subject to all of the provisions of this
Warrant, to receive the kind and amount of securities, cash and other property
receivable upon such consolidation, merger, sale or transfer by a holder of the
number of shares of Common Stock for which this Warrant may have been exercised
(without applying the restrictions set forth in paragraph 3 hereof) immediately
prior to such consolidation, merger, sale or transfer, assuming (i) such holder
of Common Stock is not a Person with which the Company consolidated or into
which the Company merged or which merged into the Company or to which such sale
or transfer was made, as the case may be ("CONSTITUENT PERSON"), or an Affiliate
of a constituent Person and (ii) in the case of a consolidation, merger, sale or
transfer which includes an election as to the consideration to be received by
the holders, such holder of Common Stock failed to exercise its rights of
election, as to the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale or transfer (provided that if
the kind or amount of securities, cash and other property receivable upon such
consolidation, merger, sale or transfer is not the same for each share of Common
Stock held immediately prior to such consolidation, merger, sale or transfer by
other than a constituent Person or an Affiliate thereof and in respect of which
such rights of election shall

                                       11

<PAGE>

not have been exercised ("NON-ELECTING SHARE"), then for the purpose of this
paragraph 9 the kind and amount of securities, cash and other property
receivable upon such consolidation, merger, sale or transfer by each
non-electing share shall be deemed to be the kind and amount so receivable per
share by a plurality of the non-electing shares). Adjustments for events
subsequent to the effective date of such a consolidation, merger and sale of
assets shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Warrant. In any such event, effective provisions shall be
made in the certificate or articles of incorporation of the resulting or
surviving corporation, in any contract of sale, conveyance, lease or transfer,
or otherwise so that the provisions set forth herein for the protection of the
rights of the Holder shall thereafter continue to be applicable; and any such
resulting or surviving corporation shall expressly assume the obligation to
deliver, upon exercise, such shares of stock, other securities, cash and
property. The provisions of this paragraph 10 shall similarly apply to
successive consolidations, mergers, sales, leases or transfers.

     11. Notices. All notices, requests and other communications to any party
hereunder shall be in writing (including facsimile transmission and electronic
mail ("E-MAIL") transmission, so long as a receipt of such e-mail is requested
and received) and shall be given,

     if to Ford, to:

          Ford Motor Company
          Office of the Secretary
          One American Road
          11th Floor World Headquarters
          Dearborn, Michigan 48126
          Facsimile No.: (313) 248-8713
          E-mail: psherry@ford.com

     with a copy to:

          Ford Motor Company
          Office of the General Counsel
          One American Road
          320 World Headquarters
          Dearborn, Michigan 48126
          Facsimile No.: (313) 337-3209
          E-mail: mnunn@ford.com

                                       12

<PAGE>

     and to:

          Davis Polk & Wardwell
          450 Lexington Avenue
          New York, New York 10017
          Attention: Paul R. Kingsley
          Facsimile No.: (212) 450-3800
          E-mail: paul.kingsley@dpw.com

     if to the Company, to:

          Visteon Corporation
          One Village Center Drive
          Van Buren Township, Michigan 48111
          Attention: John Donofrio, General Counsel
          Facsimile No.: (734) 710-7132
          E-mail: jdonofri@visteon.com

     with a copy (which shall not constitute notice) to:

          Weil, Gotshal & Manges LLP
          767 Fifth Avenue
          New York, NY 10153
          Attention: Michael E. Lubowitz
          Facsimile No.: (212) 310-8007
          E-mail: michael.lubowitz@weil.com

or such other address, facsimile number or e-mail address as such party may
hereafter specify for the purpose by notice to the other parties hereto. All
such notices, requests and other communications shall be deemed received on the
date of receipt by the recipient thereof if received prior to 5:00 p.m. in the
place of receipt and such day is a Business Day in the place of receipt.
Otherwise, any such notice, request or communication shall be deemed not to have
been received until the next succeeding Business Day in the place of receipt.

     12. Rights of the Holder. Prior to the exercise of any Warrant, the Holder
shall not, by virtue hereof, be entitled to any rights of a shareholder of the
Company, including, without limitation, the right to vote, to receive dividends
or other distributions, to exercise any preemptive right or to receive any
notice of meetings of shareholders or any notice of any proceedings of the
Company except as may be specifically provided for herein.

     13. Governing Law. This Warrant shall be governed by and construed in
accordance with the law of the State of Michigan, without regard to the
conflicts of law rules of such state.

                                       13

<PAGE>

     14.  Dispute Resolution.

          (a) If a dispute arises between the parties relating to this Warrant,
the following shall be the sole and exclusive procedure for enforcing the terms
hereof and for seeking relief, including but not limited to damages, injunctive
relief and specific performance:

               (i) The parties promptly shall hold a meeting of senior
          executives with decision-making authority to attempt in good faith to
          negotiate a mutually satisfactory resolution of the dispute; provided
          that no party shall be under any obligation whatsoever to reach,
          accept or agree to any such resolution; provided further, that no such
          meeting shall be deemed to vitiate or reduce the obligations and
          liabilities of the parties or be deemed a waiver by a party hereto of
          any remedies to which such party would otherwise be entitled.

               (ii) If the parties are unable to negotiate a mutually
          satisfactory resolution as provided above, then upon request by either
          party, the matter shall be submitted to binding arbitration before a
          sole arbitrator in accordance with the CPR Rules, including discovery
          rules, for Non-Administered Arbitration. Within five (5) Business Days
          after the selection of the arbitrator, each party shall submit its
          requested relief to the other party and to the arbitrator with a view
          toward settling the matter prior to commencement of discovery. If no
          settlement is reached, then discovery shall proceed. Upon the
          conclusion of discovery, each party shall again submit to the
          arbitrator its requested relief (which may be modified from the
          initial submission) and the arbitrator shall select only the entire
          requested relief submitted by one party or the other, as the
          arbitrator deems most appropriate. The arbitrator shall not select one
          party's requested relief as to certain claims or counterclaims and the
          other party's requested relief as to other claims or counterclaims.
          Rather, the arbitrator must only select one or the other party's
          entire requested relief on all of the asserted claims and
          counterclaims, and the arbitrator shall enter a final ruling that
          adopts in whole such requested relief. The arbitrator shall limit
          his/her final ruling to selecting the entire requested relief he/she
          considers the most appropriate from those submitted by the parties.

               (iii) Arbitration shall take place in the City of Dearborn,
          Michigan unless the parties agree otherwise or the arbitrator selected
          by the parties orders otherwise. Punitive or exemplary damages shall
          not be awarded. This paragraph 14 is

                                       14

<PAGE>

          subject to the Federal Arbitration Act, 28 U.S.C.A. Section 1, et
          seq., or comparable legislation in non-U.S. jurisdictions, and
          judgment upon the award rendered by the arbitrator may be entered by
          any court having jurisdiction.

     15. Jurisdiction. Subject to paragraph 14, the parties hereto agree that
any suit, action or proceeding seeking to enforce any provision of, or based on
any matter arising out of or in connection with, this Warrant or the
transactions contemplated hereby shall be brought in any federal court sitting
in Michigan or any Michigan State court sitting in Wayne County or Oakland
County, Michigan, so long as one of such courts shall have subject matter
jurisdiction over such suit, action or proceeding, and that any cause of action
arising out of this Warrant shall be deemed to have arisen from a transaction of
business in the State of Michigan. Each of the parties hereby irrevocably
consents to the jurisdiction of such courts (and of the appropriate appellate
courts therefrom) in any such suit, action or proceeding and irrevocably waives,
to the fullest extent permitted by law, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding
in any such court or that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. Process in any such suit,
action or proceeding may be served on any party anywhere in the world, whether
within or without the jurisdiction of any such court.

     16. Amendments; Waivers. Any provision of this Warrant Certificate may be
amended or waived if, but only if, such amendment or waiver is in writing and is
signed, in the case of an amendment, by the Holder and the Company, or in the
case of a waiver, by the party against whom the waiver is to be effective;
provided that if there shall be more than one Holder of this Warrant, any
amendment of this Warrant Certificate approved by the Company and holders of a
majority of the Warrant Shares will be binding on each Holder. No failure or
delay by either party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof nor shall any single or partial exercise
thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by law.

                                       15

<PAGE>

     IN WITNESS WHEREOF, the Company has duly caused this Warrant Certificate to
be signed by its duly authorized officer and to be dated as of _____________,
2005.

                                        VISTEON CORPORATION

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

Acknowledged and Agreed:
FORD MOTOR COMPANY

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                       16

<PAGE>

                             WARRANT EXERCISE NOTICE

                (To be delivered prior to exercise of the Warrant
             by execution of the Warrant Exercise Subscription Form)

To: Visteon Corporation

     The undersigned hereby notifies you of its intention to exercise the
Warrant to purchase shares of Common Stock, par value $1.00 per share, of
Visteon Corporation (the "COMPANY"). The undersigned intends to exercise the
Warrant to purchase ___________ shares (the "SHARES") at $______ per Share (the
Exercise Price currently in effect pursuant to the Warrant). The undersigned
requests to pay the aggregate Exercise Price for the Shares (i) by wire transfer
of immediately available funds to a bank account designated by the Company or
(ii) pursuant to the "cash-less" exercise mechanism described in paragraph 2(e)
of the Warrant, as indicated below.

Date:
      -----------------------------

                                        ----------------------------------------
                                        (Signature of Owner)

                                        ----------------------------------------
                                        (Street Address)

                                        ----------------------------------------
                                        (City)         (State)        (Zip Code)

Payment: $_____________ wire transfer

         ___ "cash-less" exercise pursuant to paragraph 2(e) of the Warrant

<PAGE>

                       WARRANT EXERCISE SUBSCRIPTION FORM

                (To be executed only upon exercise of the Warrant
                   after delivery of Warrant Exercise Notice)

To: Visteon Corporation

     The undersigned irrevocably exercises the Warrant for the purchase of
___________ shares (the "SHARES") of Common Stock, par value $1.00 per share, of
Visteon Corporation (the "COMPANY") at $_____ per Share (the Exercise Price
currently in effect pursuant to the Warrant) [and herewith makes payment of
$___________ (such payment being made by wire transfer of immediately available
funds to a bank account designated by the Company) / pursuant to the "cash-less"
exercise mechanism described in Section 2(e) of the Warrant], all on the terms
and conditions specified in the within Warrant Certificate, surrenders this
Warrant Certificate and all right, title and interest therein to the Company and
directs that the Shares deliverable upon the exercise of this Warrant be
registered or placed in the name and at the address specified below and
delivered thereto.

Date:
      -----------------------------

                                        ----------------------------------------
                                        (Signature of Owner)

                                        ----------------------------------------
                                        (Street Address)

                                        ----------------------------------------
                                        (City)         (State)        (Zip Code)

<PAGE>

Securities and/or check to be issued to: _______________________________________

Please insert social security or identifying number: ___________________________

Name: __________________________________________________________________________

Street Address: ________________________________________________________________

City, State and Zip Code: ______________________________________________________

Any unexercised portion of the Warrant evidenced by the within Warrant
Certificate to be issued to: ___________________________________________________

Please insert social security or identifying number: ___________________________

Name: __________________________________________________________________________

Street Address: ________________________________________________________________

City, State and Zip Code: ______________________________________________________

<PAGE>

                             WARRANT ASSIGNMENT FORM

                                                   Dated ________________, _____

            FOR VALUE RECEIVED, _______________________ hereby sells,
assigns and transfers unto _____________________________ (the "ASSIGNEE"),
                     (please type or print in block letters)

________________________________________________________________________________
                                (insert address)

this Warrant for up to [___] shares of Common Stock and does hereby irrevocably
constitute and appoint _______________________ Attorney, to transfer the same on
the books of the Company, with full power of substitution in the premises.

                                        Signature:
                                                   -----------------------------

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