Document:

Receivables Purchase Agreement

 Exhibit 10.1 
  

			
	 C L I F F O R D
 C H A N C
E
	 	CLIFFORD CHANCE LLP

 28 APRIL 2008 
  
  
 RECEIVABLES PURCHASE AGREEMENT 
  
  
 TULIP ASSET PURCHASE COMPANY
B.V. 
 as Onward Purchaser 
 and 
 WABCO FUNDING SPRL 
 as Purchaser 

 CONTENTS 
  

					
	1.	  	Interpretation	  	4
	2.	  	Offer for Receivables	  	21
	3.	  	Acceptance, Purchase and Assignment	  	22
	4.	  	Calculation of Purchase Price and provisions relating to Deferred Purchase Price and programme limit	  	25
	5.	  	Notice to Debtors	  	26
	6.	  	Further Assurance	  	26
	7.	  	Indemnity	  	27
	8.	  	Payments	  	28
	9.	  	Netting-off of Payments	  	29
	10.	  	Appointment of the Servicers	  	29
	11.	  	Representations and Warranties	  	30
	12.	  	Covenants	  	31
	13.	  	Taxes and Increased Costs	  	33
	14.	  	Default Interest	  	35
	15.	  	Fees, Costs and Expenses	  	36
	16.	  	Deemed Collections	  	36
	17.	  	Benefit of Agreement	  	36
	18.	  	Disclosure of Information	  	37
	19.	  	Remedies and Waivers	  	37
	20.	  	Partial Invalidity	  	38
	21.	  	No Liability and No Petition	  	38
	22.	  	Notices and Amendments	  	39
	23.	  	Law	  	40
	24.	  	Jurisdiction	  	40

  

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	 Schedule 1
	  	41
	 Schedule 2
	  	44
	 Schedule 3
	  	48
	 Schedule 4
	  	51
	 Schedule 5
	  	53
	 Schedule 6
	  	54

  

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 THIS AGREEMENT is made on 28 April 2008  
 BETWEEN 
  

	1.	TULIP ASSET PURCHASE COMPANY B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of The
Netherlands and having its corporate seat (statutaire zetel) in Amsterdam and its registered office at Claude Debussylaan 24, 1082 MD Amsterdam, The Netherlands (“TAPCO”) and registered with the trade register
(handelsregister) of the chamber of commerce (kamer van koophandel) in Amsterdam, The Netherlands under the number 33274907 (the “Onward Purchaser”); and 

  

	2.	WABCO FUNDING SPRL, a Belgian company with its registered office at Rue De Genval 20, 1301 Bierges enterprise number 0895,808,460 (the “Purchaser”).

 WHEREAS 
  

	(A)	The Purchaser may purchase Receivables from each of the Sellers or from ABN AMRO, as the case may be, pursuant to the Receivables Sale Agreements. 

  

	(B)	The Purchaser and the Onward Purchaser agree, upon the terms and subject to the conditions hereof, that the Purchaser will from time to time offer to sell and to assign Receivables
to the Onward Purchaser and the Onward Purchaser shall accept any such offer upon the terms hereof. 

  

	(C)	The Onward Purchaser has agreed, upon the terms and subject to the conditions of the Servicing Agreements, to appoint each of the Servicers to act for the Onward Purchaser in the
performance of certain services in relation to the Purchased Receivables. 

 NOW IT IS HEREBY AGREED as follows: 
 PART 1 
 Interpretation

  

	1.	INTERPRETATION 

  

	1.1	In this Agreement and in the Recitals hereto, except so far as the context otherwise requires: 

 “ABN AMRO” means ABN AMRO BANK N.V., a public limited liability company (naamloze vennootschap) incorporated under the laws of The
Netherlands and having 

  

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its corporate seat (statutaire zetel) in Amsterdam and its registered office at Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands and
registered with the trade register (handelsregister) of the chamber of commerce (kamer van koophandel) of Amsterdam under number 33002587, acting through its office in Amsterdam; 
 “Account Bank” means ABN AMRO acting through its office at Amsterdam and any person appointed as Account Bank under the Accounts
Administration Agreement; 
 “Accounts Administration Agreement” means the accounts administration agreement dated on or
about the date hereof between ABN AMRO as Accounts Administrator, the Onward Purchaser and the Issuer; 
 “Accounts
Administrator” means ABN AMRO acting through its office at Amsterdam and any person appointed as accounts administrator under the Accounts Administration Agreement; 
 “Advances” means all Advances and Same Day Advances pursuant to the Liquidity Facility Agreement (as defined therein), all Drawings under
the Standby Letter of Credit Agreement and all Drawings made under the Euro Programme Enhancement Facility Agreement (as in each case defined therein); 
 “Adverse Claim” means any charge, encumbrance, proprietary or security interest, right of retention, lien or privilège / voorrecht, or other right or claim in, over or on any
person’s assets or properties in favour of any other person (but excluding the rights of the Debtor under any Contract of Sale in respect of the use or possession of goods the subject of such Contract of Sale); 
 “Aggregate Outstanding Nominal Amount” means, with respect to all Purchased Receivables, at any time the aggregate amount of the
Outstanding Nominal Amount of each Purchased Receivable; 
 “Aggregate Receivables Investment” means, at any time:

  

	 	(i)	the aggregate Outstanding Nominal Amount of Purchased Receivables purchased prior to the relevant calculation date; plus 

  

	 	(ii)	the aggregate Nominal Amount of Receivables (other than Purchased Receivables) the subject of an Offer and in relation to which a Loan under the Funding Agreements has been made;
minus 

  

	 	(iii)	the Outstanding Nominal Amount of each Purchased Receivable which is not an Eligible Receivable; 

 For the purposes of Clause 3.3 and the Termination Event numbered 19 in the Fourth Schedule only, the total calculated under items (i) through
(iii) above shall, where applicable, be converted into US Dollar using the Rate of Exchange; 
  

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 “Available Euro Programme Enhancement Portion” has the meaning given to such term in the
Euro Programme Enhancement Facility Agreement; 
 “Available L/C Portion” has the meaning given to such term in the Euro
Standby Letter of Credit Agreement; 
 “Available Insurance Limit” means, at any time, the Insurance Cover Amount less the
aggregate nominal amount of Receivables for which a claim have been made under the Insurance Policy on or prior to such date; 
 “Average Collection Period” means at any time a period of days equal to the product of 30 and the greater of: 
  

	 	(i)	one (1); and 

  

	 	(ii)	the fraction the numerator of which shall be the amount set forth in the most recent Monthly Report as the Nominal Amount of all Receivables at the beginning of the period to which
such Monthly Report relates, and the denominator of which shall be the Collections as set forth in such Monthly Report for the period to which such Monthly Report relates; 

 “Average Collection Period Concentrated Debtor” means with respect to a Concentrated Debtor at any time a period of days equal to the
product of 30 and the greater of: 
  

	 	(i)	one (1); and 

  

	 	(ii)	the fraction the numerator of which shall be the amount set forth in the most recent Monthly Report as the Nominal Amount of all Receivables due by that Concentrated Debtor at the
beginning of the period to which such Monthly Report relates, and the denominator of which shall be the Collections received with respect to the Receivables due by such Concentrated Debtor as set forth in such Monthly Report for the period to which
such Monthly Report relates; 

 “Banks” has the meaning given to it under the Facilities, as the context
requires; 
 “Collection Account” has the meaning given to such term in the Servicing Agreements; 
 “Collection Payment Date” means, for each calendar month, the earlier of (i) a Purchase Date, and (ii) the last business day of
such calendar month; 
 “Collection Period” means, in relation to a Collection Payment Date, the calendar month preceding
that in which such Collection Payment Date falls, provided that the first Collection Period shall commence on the first Purchase Date; 
 “Collections” means, with respect to any Purchased Receivable, all amounts received in respect of such Purchased Receivable including the following: 
  

	 	(i)	cash collections, finance, interest, late payment or similar charges; 

  

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	 	(ii)	payments made on any bill of exchange, promissory note or other negotiable instrument issued in respect of such Purchased Receivable to any holder thereof (whether or not issued in
contravention of any provisions of this Agreement); 

  

	 	(iii)	all cash proceeds of Related Security with respect to such Purchased Receivable; 

  

	 	(iv)	any Deemed Collections of such Purchased Receivable; and 

  

	 	(v)	all recoveries of value added tax from any relevant tax authority relating to any Defaulted Receivable; 

 “Concentrated Debtor” means a NIG Concentrated Debtor and a IG Concentrated Debtor; 
 “Concentrated Debtor Excess Amount” means, for each Concentrated Debtor at any time, the amount by which the aggregate Outstanding
Nominal Amount of all Purchased Receivables due by such Concentrated Debtor exceeds the amount referred to in paragraph (i)(a) of the definition of “Debtor Limit” if such Concentrated Debtor is an IG Concentrated Debtor or the amount
referred to in paragraph (ii)(a) of the definition of “Debtor Limit” if such Concentrated Debtor is an NIG Concentrated Debtor; 
 “Conditions Precedent” means the conditions precedent to the valid delivery of an Offer set out in the First Schedule; 
 “Contract of Sale” means each of the agreements between the Sellers and a Debtor which is subject to the General Terms and Conditions set out in the first schedule to the Receivables Sale Agreements or as otherwise approved
by the Onward Purchaser, pursuant to which a Debtor shall be obliged to pay for goods purchased from or services provided by a Seller; 
 “CP Programme” means the commercial paper programme established by the Issuer pursuant to the Dealer Agreements; 
 “Credit and Collection Policies” means the credit and collection policies and practices from time to time applied by the Sellers and notified in writing to the Onward Purchaser in relation to Purchased Receivables;

 “Dealer Agreements” means the dealer agreements relating to the CP Programme dated on or after 1 December 1995
between the Issuer and the Dealers (as defined therein); 
 “Debtor” means a person set out in the records of the Sellers as
being obliged to make payments for the provision of goods or services evidenced by a Contract of Sale 

  

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for which an invoice has been issued (or, if different, the person so obliged) and includes any person obliged to make payment under or in connection with
any Related Security; 
 “Debtor Limit” means, at any time: 
  

	 	(vi)	in respect of an IG Concentrated Debtor, an amount equal to (a) five per cent, of the Aggregate Outstanding Nominal Amount, plus (b) the amount of the then applicable
Credit Limit (as defined in the Insurance Policy) for such Debtor; 

  

	 	(vii)	in respect of a NIG Concentrated Debtor, an amount equal to (a) two per cent, of the Aggregate Outstanding Nominal Amount, plus (b) the amount of the then applicable
Credit Limit (as defined in the Insurance Policy) for such Debtor; 

 “Deemed Collection” shall have the
meaning ascribed to such term in the Receivables Sale Agreements and shall include any rights therein of a Seller that are treated the same as a Deemed Collection; 
 “Default Ratio Current Month” means, in respect of each Collection Period, the Outstanding Nominal Amount of the Purchased Receivables which are Defaulted Receivables on the last business day of such
Collection Period, divided by the Outstanding Nominal Amount of Purchased Receivables (excluding any Written-Off Receivables) on the last business day of such Collection Period, expressed as a percentage, provided that if insufficient data is
available for the calculation of the Default Ratio Current Month due to the fact that insufficient time has elapsed since the first Purchase Date under this Agreement, the calculation of the Default Ratio Current Month shall be based on Historical
Receivables Information; 
 “Default Ratio Rolling Average” means at any time the average of the three most recent Default
Ratio Current Month calculations, provided that if insufficient data is available for the calculation of the Default Ratio Rolling Average due to the fact that insufficient time has elapsed since the first Purchase Date under this Agreement, the
calculation of the Default Ratio Rolling Average shall be based on Historical Receivables Information; 
 “Defaulted Receivable”
means any Purchased Receivable (other than a Disputed Receivable) in respect of which (i) the relevant Servicer has not been paid by the relevant Debtor (including, without limitation, payments made by third parties on behalf of the Debtor)
by the end of the Collection Period during which such Purchased Receivable becomes more than 90 days overdue for payment from its Receivable Due Date, or (ii) the related Debtor is insolvent, or (iii) a declaration has been made by a
Seller or by a Servicer that such Purchased Receivable is irrecoverable, or (iv) legal proceedings have been commenced for its recovery, or (v) the relevant Servicer has transferred such Purchased Receivable to the doubtful 

  

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receivables account, provided that in respect of any Receivable which is credit insured (if any) under the Insurance Policy only the uninsured portion of
such Receivables shall be deemed a Defaulted Receivable; 
 “Deferred Purchase Price” means that portion of the Purchase
Price of a tranche of Receivables being the subject of an Offer which is payable to the Purchaser on a deferred basis pursuant to the terms of this Agreement; 
 “Delinquency Ratio Current Month” means, in respect of each Collection Period, the Outstanding Nominal Amount of the Purchased Receivables which are Delinquent Receivables on the last business day of
such Collection Period, divided by the Outstanding Nominal Amount of Purchased Receivables (excluding any Written-Off Receivables) on the last business day of such Collection Period, expressed as a percentage, provided that if insufficient data is
available for the calculation of the Delinquency Ratio Current Month due to the fact that insufficient time has elapsed since the first Purchase Date under this Agreement, the calculation of the Delinquency Ratio Current Month shall be based on
Historical Receivables Information; 
 “Delinquency Ratio Rolling Average” means at any time the average of the three most
recent Delinquency Ratios Current Month calculations; if insufficient data is available for the calculation of the Delinquency Ratio Rolling Average due to the fact that insufficient time has elapsed since the first Purchase Date under this
Agreement, the calculation of the Delinquency Ratio Rolling Average shall be based on Historical Receivables Information; 
 “Delinquent Receivable” means any Receivable (other than a Disputed Receivable, Defaulted Receivable or a Written-Off Receivable) which is more than 60 days overdue for payment from its Receivable Due Date; 
 “Dilution” means any discount expense, rebate, refund, billing error expense (including invoice substitution), credit against Purchased
Receivables and other adjustment or allowance in respect of Purchased Receivables permitted or incurred by the Seller or the Servicer; 
 “Dilution Ratio Current Month” means, in respect of each Collection Period, the following ratio, expressed as a percentage: the Dilutions which have occurred during each such Collection Period, divided by the Outstanding
Nominal Amount of Purchased Receivables (excluding any Written-Off Receivables) on the last business day of such Collection Period, expressed as a percentage; 
 “Dilution Ratio Rolling Average” means at any time the average of the three most recent Dilution Ratio Current Month calculations, provided that if insufficient data is available for the calculation
of the Dilution Ratio Rolling Average due to the fact that insufficient time has elapsed since the first Purchase Date under this Agreement, the calculation of the Dilution Ratio Rolling Average shall be based on Historical Receivables Information;

  

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 “Dilution Reserve” means, with respect to the calculation of the Purchase Price for
Receivables, the percentage derived from the following formula: 
 A × B 
 where: 
 A = the highest of the twelve most
recent Dilution Ratio Current Month at the time of the calculation; and 
 B = 2.25 
 provided that if insufficient data is available for the calculation of the Dilution Reserve due to the fact that insufficient time has elapsed since the
first Purchase Date under this Agreement, the calculation of the Dilution Reserve shall be based on Historical Receivables Information; 
 “Discount” means, with respect to the calculation of the Purchase Price Advance an amount equal to the greater of (a) zero and (b) the amount calculated as the Discount Protection Amount less the amount of any
credit balance in the Discount Reserve Ledger immediately prior to the credit of the Discount resulting from this calculation; 
 “Discount Protection Amount” means, with respect to the calculation of a Purchase Price for certain Receivables, an amount equal to the greater of: 
  

	 	(a)	the product of (i) the Loss Reserve Floor plus the Dilution Reserve plus the Yield Reserve and (ii) the Aggregate Receivables Investment; and 

  

	 	(b)	the product of (i) the Loss Reserve plus the Dilution Reserve plus the Yield Reserve, and (ii) the Aggregate Receivables Investment; 

 “Discount Reserve Ledger” means a ledger maintained by or on behalf of the Onward Purchaser in its own books which is credited with

  

	 	a)	the aggregate amount of Discount taken on each Purchase; 

  

	 	b)	any interest earned on the Operating Account; 

  

	 	c)	any Collection received by the Onward Purchaser in respect of a Purchased Receivable which is a Defaulted Receivable previously debited to such ledger; and 

is debited with 
  

	 	aa.	the Outstanding Nominal Amount of every Purchased Receivables which is a Defaulted Receivable; 

  

	 	bb.	the amount of each instalment of Deferred Purchase Price paid to the Purchaser; 

  

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	 	cc.	the payment of interest by the Onward Purchaser under the Funding Agreement; and 

  

	 	dd.	the payment of fees, costs and expenses by the Onward Purchaser; 

 “Disputed Receivable” means any Receivable in respect of which payment is disputed (in whole or in part, with or without justification) by the Debtor owing such Receivable whether by reason of any matter concerning the
goods in respect of which the original invoice was issued or by reason of any other matter whatsoever or in respect of which a set-off or counterclaim is being claimed by such Debtor; 
 “Effective Date” means 28 April 2008. 
 “Eligible Receivable” means any Receivable satisfying the criteria specified in the Second Schedule; 
 “Euro Programme Enhancement Facility Agreement” means the euro programme enhancement facility agreement dated 21 July 2005 between the Onward Purchaser and Euro Programme Enhancement Facility
Provider, as amended from time to time; 
 “Euro Programme Enhancement Facility” has the meaning given to such term in the
Euro Programme Enhancement Facility Agreement; 
 “Euro Programme Enhancement Facility Portion” has the meaning given to such
term in the Euro Programme Enhancement Facility Agreement; 
 “Euro Programme Enhancement Facility Provider” means ABN AMRO,
a public limited liability company (naamloze vennootschap) incorporated under the laws of The Netherlands and having its corporate seat (statutaire zetel) in Amsterdam and its registered office at Gustav Mahlerlaan 10, 1082 PP
Amsterdam, The Netherlands, acting through its office in Amsterdam in its capacity as the euro programme enhancement facility provider; 
 “Facilities” means each of the Liquidity Facility Agreement, the Euro Programme Enhancement Facility Agreement and the Standby Letter of Credit Agreement; 
 “Funding Agreements” means the loan agreement between the Onward Purchaser and the Issuer under which the Issuer may agree from time to
time to advance moneys to the Onward Purchaser for the purchase of receivables (or the funding of the purchase of receivables) and any other agreement whereby the Onward Purchaser acquires or may acquire funds for the purposes of purchasing
Purchased Receivables hereunder, but shall exclude the Facilities; 
 “German Receivables” means all Receivables governed by
German law; 
 “Global Fee and Settlement Letter” means the fee letter of even date herewith from ABN AMRO to the Sellers
specifying the fees payable by the Sellers to the Onward Purchaser; 
  

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 “Guarantee Agreement” means the guarantee agreement dated on or about the date hereof
and made between Wabco Holdings Inc., ABN AMRO and TAPCO; 
 “Guarantee Event” shall have the meaning ascribed to such term
in the Guarantee Agreement; 
 “Historical Receivables Information” means historical numerical information regarding
Receivables relating to periods starting or ending prior to the first Purchase Date under this Agreement, and interpreted in a manner which is consistent with the manner in which such data is interpreted pursuant to this Agreement; 
 “IG Concentrated Debtor” means, at any time, a Debtor which (i) is rated at least “BBB-” by Standard &
Poor’s and at least “Baa3” by Moody’s, and (ii) owes Purchased Receivables (including for the purposes of this calculation any Receivables the subject of an Offer) whose aggregate Outstanding Nominal Amount exceeds
5 per cent. of the Aggregate Outstanding Nominal Amount; 
 “Invoice Date” in relation to any Receivable means the date
of issue of the related invoice and specified in the Offer relating to such Receivable; 
 “Insurance Cover Amount” means, at
any time, the “Insurer’s Maximum Liability” as defined under the Insurance Policy or, if such term is not defined, the maximum amount which the Insurer shall be required to pay in respect of all contracts taken together under the
Insurance Policy; 
 “Insurance Event” means an “Insurance Servicer Termination Event” as defined in the Insurance
Servicing Agreement; 
 “Insurance Policy” shall have the meaning ascribed to such term in the Insurance Servicing Agreement;

 “Insurance Report” shall have the meaning ascribed to such term in the Insurance Servicing Agreement; 
 “Insurance Servicing Agreement” means the insurance servicing agreement dated on or about the date hereof and made between the Sellers,
the Servicers, Wabco Europe SPRL, Wabco Funding SPRL, TAPCO and others; 
 “Issuer” means Tulip Europe Funding Corporation
Limited, a limited liability company incorporated in Jersey and having its registered office at 26 New Street, St Helier, Jersey, Channel Islands; 
 “Liquidity Facility Agreement” means the liquidity facility agreement dated on or about the date hereof between the Onward Purchaser, ABN AMRO and the Banks (as defined therein) and any extension or renewal thereof;

 “Loan Agreement” means the loan agreement to be entered into between Wabco Financial Services SPRL and the Purchaser
substantially in the form of the agreement initialled by Wabco Financial Services SPRL and the Purchaser on the date of this Agreement; 
  

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 “Loans” means all outstanding loans or part thereof made to the Onward Purchaser
pursuant to the Funding Agreement for the purpose of financing or refinancing any purchase hereunder; 
 “Loss Ratio Current
Month” means, in respect of each Collection Period, the Outstanding Nominal Amount of those Purchased Receivables which have become Defaulted Receivables during such Collection Period, divided by the Nominal Amount of all Purchased
Receivables which have been sold hereunder during the fourth Collection Period preceding such Collection Period, expressed as a percentage; 
 “Loss Ratio Rolling Average” means, at any time, the average of the three most recent Loss Ratio Current Month calculations, provided that if insufficient data is available for the calculation of the Loss Ratio Rolling
Average due to the fact that insufficient time has elapsed since the first Purchase Date under this Agreement, the calculation of the Loss Ratio Rolling Average shall be based on Historical Receivables Information; 
 “Loss Reserve” means a percentage determined in accordance with the following formula: 
 LR × LHR × LSF, where: 
 LR = the
highest Loss Ratio Rolling Average over the most recent 12 months, provided that if insufficient data is available for the calculation of the Loss Ratio Rolling Average due to the fact that insufficient time has elapsed since the first Purchase Date
under this Agreement, the calculation of the Loss Ratio Rolling Average shall be based on Historical Receivables Information; 
 LHR = at any
time, the Nominal Amount of all Purchased Receivables which have been purchased under this Agreement during the four preceding Collection Periods, divided by the Outstanding Nominal Amount of Purchased Receivables which are Eligible Receivables
(excluding any Written-Off Receivables) on the last business day of the immediately preceding Collection Period, expressed as a percentage; and 
 LSF = stress factor set at 2.25; 
 “Loss Reserve Floor” means 10%; 
 “Matured Value” means, in respect of any Loan on any day, the sum of (a) the principal amount thereof, (b) all unpaid interest
which has accrued or will accrue (whether or not then due) under such Advance up until a date which is 365 days following such day; and (c) all unpaid fees and other amounts which are then known and scheduled to become due (whether or not then
due) on, or in connection with such 

  

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Loan, in each case payable to, or for the benefit of the Issuer; for the purposes of calculating whether the Aggregate Receivables Investment denominated in
euro or Sterling exceeds the Matured Value of the Loans, the Outstanding Nominal Amount of each Receivable shall be converted into US dollars using the Rate of Exchange; 
 “Monthly Report” means the monthly report delivered by each Servicer pursuant to Clause 6.2 of each Servicing Agreement in the form set out in the Fifth Schedule or as otherwise agreed from time to
time between the Servicers and the Onward Purchaser; 
 “Moody’s” means Moody’s Investors Service, Inc.;

 “Multilateral Set-Off Agreement” means the multilateral set-off agreement dated on or about the date hereof between the
Purchaser, the Onward Purchaser, the Sellers, the Servicers, and ABN AMRO; 
 “NIG Concentrated Debtor” means, at any time, a
Debtor which (i) is rated less than “BBB-” by Standard & Poor’s or “Baa3” by Moody’s, or a Debtor which does not have a rating, and (ii) owes Purchased Receivables (including for the purposes of this
calculation any Receivables the subject of an Offer) whose aggregate Outstanding Nominal Amount exceeds 2 per cent. of the Aggregate Outstanding Nominal Amount; 
 “Nominal Amount” means, with respect to any Receivable, the principal amount of such Receivable as reflected in the books of the Sellers; 
 “Note” means a commercial paper note issued by the Issuer for the purpose of funding the Onward Purchaser under the Funding Agreement and
purchased by a Dealer pursuant to the Dealer Agreements and includes the commercial paper notes represented by a Note in global form; 
 “Offer” means a written offer in substantially the form set out in Part 1 of the Third Schedule; 
 “Offer
Date” means any date on which the Purchaser makes an Offer to the Onward Purchaser; 
 “Operating Account” means the
following interest bearing accounts (one for each currency) operated by ABN AMRO as Accounts Administrator in the name of the Onward Purchaser at the Account Bank utilised for the time being for the purposes of the Servicing Agreements and the
Accounts Administration Agreement or such other account or accounts as may for the time being be in addition thereto or substituted therefor in accordance with the provisions of the Accounts Administration Agreement: 
 USD account number 61 76 98 767; 
 EURO
account number 49 85 99 922; 
 GBP account number 49 85 69 446; 
  

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 “Outstanding Nominal Amount” means, with respect to any Purchased Receivable, at any
time the Nominal Amount of such Purchased Receivable as determined by the most recent Monthly Report less the amount of Collections received by the Onward Purchaser and applied to the Nominal Amount of such Purchased Receivable provided that, for
the purpose of calculating the Outstanding Nominal Amount, Collections shall not be treated as received by the Onward Purchaser until credited to the Operating Account or applied to amounts due by the Onward Purchaser pursuant to Clause 9 of this
Agreement, and provided further that such Outstanding Nominal Amount shall be restored in the amount and to the extent of any Collections so received and applied if at any time the distribution of such Collections is rescinded or must otherwise be
returned for any reason; 
 “Programme Limit” means EUR 150,000,000 or any other amount as provided for in the Global Fee and
Settlement Letter; 
 “Purchase” means an acquisition of a Receivable and the Related Security hereunder pursuant to an
Offer; 
 “Purchase Date” means, with respect to any Purchase, the date upon which such Purchase is completed; 
 “Purchase Price” shall have the meaning given thereto in Clause 4.1; 
 “Purchase Price Advance” means that portion of the Purchase Price of a tranche of Receivables the subject of an Offer, equal to the
aggregate of the Nominal Amount of each Receivable less the Discount calculated with respect to the proposed Purchase, and payable on a Purchase Date; 
 “Purchased Receivables” means any Receivables assigned, sold or transferred or purported to be assigned, sold or transferred to the Onward Purchaser pursuant hereto; 
 “Rate of Exchange” means, with respect to the conversion of any currency in another currency, the then applicable spot rate of exchange
as determined by ABN AMRO and notified to the Onward Purchaser; 
 “Receivable” means any and all present and future
indebtedness (inclusive of VAT) coming or having come into existence prior to the termination hereof and owed or purported to be owed to a Seller by a Debtor, and unless otherwise specified herein, shall be inclusive of any Related Security and any
Purchased Receivable; 
 “Receivable Due Date” in relation to any Receivable means the original date on which such Receivable
is due and payable (as stated in the Offer for such Receivable); 
 “Receivables Sale Agreements” means each of the following
agreements: 
  

	 	(i)	the Receivables Sale Agreement dated on or about the date hereof and made between the Purchaser and WABCO Fahrzeugsysteme GmbH; 

  

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	 	(ii)	the Receivables Securitisation Deed dated on or about the date hereof and made between the Purchaser and WABCO Automotive U.K. Limited; 

  

	 	(iii)	the Receivables Sale Agreement dated on or about the date hereof and made between ABN AMRO and Wabco France S.A.S.; 

  

	 	(iv)	the Onward Sale Agreement dated on or about the date hereof and made between ABN AMRO and Wabco Funding SPRL; 

  

	 	(v)	any other Receivables Sale Agreement or Receivables Securitisation Deed to be entered into by the Purchaser and a Seller from time to time, with the prior written consent of the
Onward Purchaser; 

  

	 	(vi)	any other Onward Sale Agreement to be entered into by the Purchaser and ABN AMRO from time to time, with the prior written consent of the Onward Purchaser; 

“Records” means, in respect of any Receivable, all Contract of Sales, correspondence, notes of dealings and other documents, books,
books of account, registers, records and other information (including, without limitation, computer programmes, tapes, discs, punch cards, data processing software and related property and rights) maintained (and recreated in the event of
destruction of the originals thereof) with respect to such Receivable and the related Debtor; 
 “Related Security” means
with respect to any Receivable: 
  

	 	(i)	all Adverse Claims of the Seller on any property from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract of Sale related to such
Receivable or otherwise, together with all financing statements signed by a Debtor describing any collateral security securing such Receivables; 

  

	 	(ii)	all guarantees, insurance for that Receivable (if any) under the Insurance Policy or otherwise, and other agreements or arrangements of whatever character from time to time
supporting or securing payment of such Receivable whether pursuant to the Contract of Sale related to such Receivable or otherwise, including any credit insurance, if any; 

  

	 	(iii)	all Records related to such Receivable; and 

  

	 	(iv)	all proceeds at any time howsoever arising out of the resale, redemption or other disposal of (net of collection costs), or dealing with, or judgments relating to, any of the
foregoing, any debts represented thereby, and all rights of action against any person in connection therewith; 

  

 - 16 - 

 “Securitisation Agreements” means: 
  

	 	(i)	this Agreement; 

  

	 	(ii)	the Loan Agreement; 

  

	 	(iii)	the Receivables Sale Agreements; 

  

	 	(iv)	the Insurance Servicing Agreement; 

  

	 	(v)	the Servicing Agreements; 

  

	 	(vi)	the Guarantee Agreement; 

  

	 	(vii)	the Liquidity Facility Agreement; 

  

	 	(viii)	the Accounts Administration Agreement; 

  

	 	(ix)	the Global Fee and Settlement Letter; 

  

	 	(x)	the Transaction Management and Administrative Services Agreement; 

  

	 	(xi)	a Sub-Participation Agreement dated on or about the date hereof and made between ABN AMRO and Coōperatieve Centrale Raiffeisen-Boerenleenbank B.A; 

  

	 	(xii)	the Multilateral Set-Off Agreement; and 

  

	 	(xiii)	any other agreement or document designated as a “Securitisation Agreement” by the parties to this Agreement; 

 “Sellers” means the companies listed in the Sixth Schedule to this Agreement, as such list may be amended from time to time with the
consent of the Purchaser and the Onward Purchaser; 
 “Servicers” means the companies listed in the Sixth Schedule to this
Agreement, as such list may be amended from time to time with the consent of the Purchaser and the Onward Purchaser; 
 “Services” means the services to be provided by each of the Servicers under the Servicing Agreements; 
 “Servicing Agreements” means each of the following agreements: 
  

	 	(i)	the Servicing Agreements dated on or about the date hereof and made between TAPCO and each of WABCO Fahrzeugsysteme GmbH, Wabco Automotive U.K. Limited and Wabco France S.A.S.
respectively; 

  

 - 17 - 

	 	(ii)	any other Servicing Agreement to be entered into by TAPCO and a Seller from time to time; 

 “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies; 
 “Standby Letter of Credit Agreement” means the standby letter of credit agreement originally dated 1 December 1995 between ABN AMRO as L/C Bank and the Onward Purchaser, and any renewal or
extension thereof; 
 “Subsidiary” means, with respect to any person (herein referred to as the “parent”), any
person of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, at the time any
determination is being made, owned, controlled or held by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent; 
 “Termination Date” means the date upon which a Termination Event occurs or, if such date is not a business day, the next following business day; 
 “Termination Event” means any of the events specified in the Fourth Schedule; 
 “Transaction Management and Administrative Services Agreement” means the transaction management and administrative services agreement
dated on or about the date hereof between ABN AMRO, the Purchaser and Wabco Europe SPRL; 
 “Yield Reserve” means a
percentage determined in accordance with the following formula: 
 YSF × DSO / 360 × (CP Rate + Margin + 1 %) 
 YSF = stress factor = 1.5 
 DSO = means the
average of the Average Collection Periods as reported in the Monthly Reports over the previous twelve months; 
 CP Rate = the interest rate
provided by TAPCO as its reasonable estimate of the average rate at which it could obtain money under the Funding Agreements to fund Purchased Receivables for a time period approximately equal to the Relevant Period (as defined below); plus an
amount provided by TAPCO for fees, costs and expenses including, without limitation, any fees, costs and expenses incurred or to be incurred in connection with any hedging transaction entered into or to be entered into in relation to such
Receivables; 
 Margin = 0.425% or such other percentage representing the then current interest rate payable with respect to any amount drawn
under Liquidity Facility Agreement; 
  

 - 18 - 

 “Written-Off Receivables” means any Receivable which has been written off as
irrecoverable for accounting purposes by the Purchaser in accordance with the Purchaser’s general accounting practices. 
  

	1.2	Any reference in this Agreement to: 

 “administration”, “bankruptcy”, “dissolution”, “liquidation”, “receivership” or “winding-up” of any person shall be construed so as to include any equivalent or
analogous proceedings under the laws of the jurisdiction in which such person is incorporated (or, if not a company or corporation, domiciled) or any jurisdiction in which such person has its principal place of business; 
 an “affiliate” of any company shall be construed as a reference to any company which is a Subsidiary of such former company, of which
such former company is a Subsidiary, or which is a Subsidiary of a holding company of which such former company is also a Subsidiary; 
 “Bank” or the “L/C Bank” shall be construed so as to include its respective successors and assigns in accordance with their respective interests; 
 “business day” means any day (other than a Saturday or a Sunday) on which banks are open for business in London, Amsterdam, Brussels and
New York and, if such reference relates to the date for the payment or purchase of any sum denominated in any other currency, the principal financial centre of the country of such currency; 
 “Clause”, “Part”, “Recital” or “Schedule” is, subject to any contrary indication, a reference to a clause
or part hereof or a recital or schedule hereto; 
 “encumbrance” shall be construed as a reference to a mortgage, charge,
pledge, lien or other encumbrance securing any obligation of any person or any other type of preferential arrangement (including, without limitation, title transfer and retention arrangements) having a similar effect and for the avoidance of doubt
shall not include (i) a right of counterclaim or (ii) a right of set-off arising by contract or operation of law not constituting a mortgage or charge under applicable law; 
 “holding company” of a company shall be construed as a reference to any company of which the first-mentioned company is a Subsidiary;

 “person” shall be construed as a reference to any person, firm, company, corporation, government, state or agency of a
state or any association “or partnership (whether or not having separate legal personality) of two or more of the foregoing; 
 “stamp duty” shall be construed as a reference to any stamp, registration or other transaction or documentary tax or duties (including, without limitation, any penalty or interest payable in connection with any failure to
pay or any delay in paying out any of the same); 
  

 - 19 - 

 “tax” shall be construed so as to include any tax, levy, impost, duty or other charge of
a similar nature (including, without limitation, any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) arising under applicable law; 
 “value added tax” shall be construed so as to include any value added tax under any jurisdiction. 
  

	1.3	The headings in this Agreement shall not affect its interpretation. 

  

	1.4	Words denoting the singular number only shall include the plural number also and vice versa; and words denoting persons only shall include firms and corporations and vice
versa. 

  

	1.5	References in this Agreement to any statutory provision shall be deemed also to refer to any statutory or other modification, re-enactment or replacement thereof or any statutory
instrument, order or regulation made thereunder or under any such re- enactment. 

  

	1.6	The Schedules shall form part of this Agreement. 

  

	1.7	Terms defined in the Servicing Agreements, Standby Letter of Credit Agreement, Liquidity Facility Agreement and Accounts Administration Agreement shall, unless otherwise defined
herein or the context otherwise requires, bear the same meaning herein. 

  

	1.8	Save where the contrary is indicated in this Agreement, any reference in this Agreement to a time of day shall be construed as a reference to time in Amsterdam.

  

 - 20 - 

 PART 2 
 Sales and Assignment of Receivables 
  

	2.	OFFER FOR RECEIVABLES 

  

	2.1	At any time after (i) the Effective Date has occurred, and (ii) the Conditions Precedent have been fulfilled to the satisfaction of, or waived by, the Onward Purchaser,
ABN AMRO and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A., but in any event before the Termination Date, the Purchaser will offer to sell and to assign without recourse to the Onward Purchaser all of the Receivables and their Related
Security it has purchased from the Sellers pursuant to the Receivables Sale Agreements on any business day by delivering to the Onward Purchaser an Offer meeting the requirements set forth below, provided that, regardless of any contrary Clause in
this Agreement, German Receivables and Related Security governed by German law shall not be assigned or transferred hereunder but under a separate agreement governed by German law dated 28 April 2008 and entered into between the parties hereto
(the “German Assignment Agreement”). 

  

	2.2	Each Offer delivered pursuant to Clause 2.1 shall: 

  

	 	(a)	specify the aggregate Nominal Amount of such Receivables, and the Purchase Price Advance and Discount in relation to such Offer; 

  

	 	(b)	identify in relation to each such Receivable: 

  

	 	(i)	the name and account number of the Debtor owing such Receivable and its address; 

  

	 	(ii)	the Invoice Date and invoice number; 

  

	 	(iii)	the Receivable Due Date; 

  

	 	(iv)	the Nominal Amount of each such Receivable; and 

  

	 	(v)	all Related Security (to the extent applicable and practicable); 

  

	 	(c)	specify the proposed Purchase Date for such Receivables, which shall be a business day falling not less than three and not more than ten business days after the date of the Onward
Purchaser’s receipt of the Offer; 

  

	 	(d)	specify the bank and account into which the Purchase Price Advance is to be paid; 

  

	 	(e)	be accompanied by an Insurance Report prepared by the Insurance Servicer in accordance with the provisions of the Insurance Servicing Agreement. 

  

 - 21 - 

	2.3	For the avoidance of doubt the parties confirm that any Offer meeting the requirements specified in Clause 2.2 of the Receivables Sale Agreements shall also satisfy the conditions
of Clauses 2.1 and 2.2(b) and 2.2(c) of this Agreement. 

  

	2.4	Delivery of an Offer pursuant to Clause 2.1 shall constitute (i) an irrevocable offer by the Purchaser binding upon it to sell and to assign to the Onward Purchaser each of the
Receivables designated in such Offer and the Related Security and (ii) a representation and warranty by the Purchaser that in relation to such Offer each of the statements set out in Clause 11 (Representations and Warranties) is true on
and as of the date of the Offer, provided always that the Onward Purchaser may at any time require and the Purchaser shall thereupon provide all information necessary to satisfy the Onward Purchaser that such representations and warranties are
materially true in respect of each Receivable specified in the related Offer. 

  

	2.5	The Onward Purchaser shall, at the Purchaser’s request, notify the Purchaser on each Offer Date and/or Purchase Date (a) for the purposes of calculating the Discount
Protection Amount of (i) the Aggregate Receivables Investment, (ii) the interest rate, (iii) the amount for fees, costs and expenses referred to in item (iv) of the definition of Discount Protection Amount and (v) the then
applicable percentage referred to in item (vi) of the definition of Discount Protection Amount, and (b) of the amount of any credit balance in the Discount Reserve Ledger. 

  

	3.	ACCEPTANCE, PURCHASE AND ASSIGNMENT 

  

	3.1	Upon delivery of an Offer in accordance with Clause 2.1, the Onward Purchaser shall accept such Offer in respect of all Receivables the subject of such Offer if:

  

	 	(a)	no Termination Event shall have occurred and be continuing as at the proposed Purchase Date; 

  

	 	(b)	the Conditions Precedent have been fulfilled to the satisfaction of the Onward Purchaser or waived by it; 

  

	 	(c)	the Offer meets the requirements of Clause 2.2; 

  

	 	(d)	the representations and warranties set out in Clause 11 are true and accurate in each and every respect; 

  

	 	(e)	the Purchase Price Advance has been correctly calculated; 

  

	 	(f)	on the proposed Purchase Date, assuming the Offer is accepted, the Aggregate Receivables Investment would be equal to or higher than the sum of (i) the aggregate of the Matured
Value of the Loans outstanding from the Issuer to Onwards Purchaser, (ii) all outstanding Advances and (iii) the Discount Protection Amount on such Purchase Date; for the purposes of calculating whether the Aggregate Receivables Investment
denominated in euro or Sterling exceeds the Matured Value of the Loans, as the case may be, the outstanding Nominal Amount of each Receivable shall be converted into US dollars using the Rate of Exchange; 

  

 - 22 - 

	 	(g)	on the proposed Purchase Date, assuming the Offer is accepted, the sum of (i) the aggregate of the Matured Value of the Loans outstanding from the Issuer to Onwards Purchaser
and (ii) all outstanding Advances (where applicable, such amounts to be converted to euro at the Rate of Exchange) will not exceed the Programme Limit; 

  

	 	(h)	on the proposed Purchase Date, assuming the Offer is accepted, the aggregate Concentrated Debtor Excess Amount for all Concentrated Debtors does not exceed the Available Insurance
Limit; 

  

	 	(i)	the Liquidity Facility Termination Date referred to in the Liquidity Facility Agreement (as in force from time to time) shall not have arrived subject to an extension of such
Liquidity Termination Date; 

  

	 	(j)	no amount shall have been drawn under the Liquidity Facility Agreement which, in whole or in part, shall have been rolled over pursuant to the terms of the Liquidity Facility
Agreement for such period as defined therein, which together form a consecutive period of 90 days or more from the date of drawdown; and 

  

	 	(k)	no more than two drawings or advances have been made under the Liquidity Facility Agreement, 

 by returning the Offer duly countersigned for acceptance by the Onward Purchaser to the Purchaser as soon as practical after receipt of such Offer.
Simultaneously (or any other time as may be specified from time to time by the Onward Purchaser in view of the then prevailing systems and practices for the settlement of payments) the Onward Purchaser shall credit the account specified in the Offer
in immediately available funds on the relevant Purchase Date, with a sum equal to the Purchase Price Advance. Upon acceptance of an Offer in accordance with this Clause such Receivables and Related Security shall be sold and assigned to the Onward
Purchaser and title thereto shall pass from the Purchaser to the Onward Purchaser, provided that, regardless of any contrary Clause in this Agreement, German Receivables and Related Security governed by German law shall not be assigned or
transferred hereunder but under the German Assignment Agreement. For the avoidance of doubt, all Receivables (other than German Receivables) subject of an Offer which has been accepted shall be transferred to the Onward Purchaser regardless of such
Receivables being eligible for purchase. Upon receipt of the Purchase Price Advance, the Purchaser shall provide a receipt to the Onward Purchaser substantially in the form set out in Part 2 of the Third Schedule. 
 Provided always that, if any of the conditions referred to above (save for those conditions which refer to the valid title of the Purchaser and the
transferability of the 

  

 - 23 - 

 
relevant Receivable) are not met to any extent, then (whether or not the Onward Purchaser is aware of the breach of such conditions) this shall affect
neither the validity of the Onward Purchaser’s title to the relevant Receivables nor any remedy the Onward Purchaser may have for such breach whether under this Agreement or at law. 
  

	3.2	The Purchaser shall indemnify the Onward Purchaser against any loss or expense incurred by the Onward Purchaser as a result of any purported revocation of an Offer or any failure by
the Purchaser to complete the sale, purchase and assignment of the Receivables specified in an Offer other than any loss or expense resulting from negligence or fraud on the part of the Onward Purchaser in connection therewith, and in no event shall
the Purchaser be liable for any special, punitive or consequential damages asserted by the Onward Purchaser. 

  

	3.3	If any Receivable or the Related Security is not transferred for any reason following acceptance of an Offer in accordance with the terms of the Agreement, other than the Onward
Purchaser’s own negligence or default, the Purchaser shall be obliged to take all actions necessary for the transfer of such Receivable or Related Security to the Onward Purchaser without undue delay and at its own expense. The Purchaser shall
indemnify the Onward Purchaser against any loss or expense reasonably incurred by the Onward Purchaser as a result of the failure to transfer the same, other than any loss or expense resulting from the negligence or default on the part of the Onward
Purchaser in effecting such transfer. 

  

	3.4	If, at any time on or before the close of business on any business day, the Aggregate Receivables Investment hereunder is less than the aggregate of the Matured Value of the Loans
outstanding from the Issuer to the Onward Purchaser and all outstanding Advances and the Discount Protection Amount (where applicable converted to US dollars at the Rate of Exchange), the Purchaser shall sell to the Onward Purchaser an additional
amount of Eligible Receivables at such Purchase Price as is necessary to reduce such deficiency to zero. 

  

	3.5	Without limiting the obligation of the Purchaser under Clause 3.4, if the Purchaser is in breach of its obligations under Clause 3.4 the only remedy available to the Onward
Purchaser shall be to declare the occurrence of a Termination Event and the Onward Purchaser shall have no right to any monetary compensation or to seek to compel the Purchaser to effect any such additional sales. 

  

	3.6	If for any reason (including by reason of the provisions of any foreign law) title to the Purchased Receivables is not vested with the Onward Purchaser, the parties agree that they
will continue to make all payments due under or foreseen by this Agreement in such a manner as if title to the Purchased Receivables was vested with the Onward Purchaser. 

  

	3.7	 For the avoidance of doubt, the parties confirm their intention that this Agreement shall constitute a true sale of the Purchased Receivables, and not a security

  

 - 24 - 

	 	 
arrangement for any obligations of the Purchaser. The Onward Purchaser shall have full title and interest in and to the Purchased Receivables, shall be free
to further dispose of such Purchased Receivables, and subject to the payment to the Purchaser of the purchase price thereof in accordance with Clause 4 shall be fully entitled to receive and retain for its own account any Collections in respect of
such Purchased Receivables. Should any court, however, rule that this Agreement constitutes a security arrangement rather than a true sale, then this Agreement shall be interpreted so as to mean that the Purchaser has pledged the Purchased
Receivables to the Onward Purchaser as security for all obligations of the Purchaser under this Agreement and of the Servicers under the Servicing Agreements, and all provisions hereof and thereof shall be construed mutatis mutandis.

  

	4.	CALCULATION OF PURCHASE PRICE AND PROVISIONS RELATING TO DEFERRED PURCHASE PRICE 

  

	4.1	The Purchase Price of any Receivables falling to be sold and assigned to the Onward Purchaser on a Purchase Date shall comprise of (i) the Purchase Price Advance relating
thereto paid in accordance with Clause 3.1 hereof and save as otherwise provided herein, calculated by the Purchaser (with calculations in reasonable detail) as of the date of the related Offer in the manner set out in this Agreement and
(ii) the Deferred Purchase Price as provided in Clause 4.2, calculated and payable in the manner described in Clauses 4.3 and 4.4. 

  

	4.2	Upon acceptance of any Offer pursuant to Clauses 3.1 and 3.2, the Deferred Purchase Price relating to the Receivables which were subject to such Offer shall constitute a deferred
purchase price credit granted to the Onward Purchaser by the Purchaser and shall, subject to the adjustments specified herein, be payable to the Purchaser in accordance with the terms hereof. 

  

	4.3	On any Collection Payment Date prior to the Termination Date, the Onward Purchaser shall calculate the amount standing to the credit of the Discount Reserve Ledger and the Discount
Protection Amount (including for the purposes of this calculation the effect of any sale of Receivables occurring on such date and if there is no such sale, calculating a notional Discount Protection Amount based on the existing Purchased
Receivables). If the amount standing to the credit of the Discount Reserve Ledger exceeds the Discount Protection Amount then, if the Termination Date has not then occurred, the Onward Purchaser shall pay to the Purchaser by way of an instalment of
the Deferred Purchase Price an amount equal to such excess on such Collection Payment Date (but only if and to the extent that there are funds credited to the Operating Account which the Accounts Administrator is entitled to apply in the order of
priorities in Clause 8.4 of the Accounts Administration Agreement). 

  

	4.4	 Once the outstanding amount of all Notes and Advances shall have been reduced to zero the Onward Purchaser shall pay to the Purchaser by way of further instalments
of the Deferred Purchase Price, upon each following Collection Payment Date, an amount equal to the Collection made during the preceding Collection Period in respect 

  

 - 25 - 

	 	 
of the Purchased Receivables less any amount which falls to be paid on such date out of the Collections in accordance with Clause 8.4 of the Accounts
Administration Agreement. For the avoidance of doubt, the Purchased Receivables remain at all times the property of, and vested in, the Onward Purchaser. 

  

	4.5	No interest or other charges shall accrue or be payable by the Onward Purchaser in respect of any outstanding amount of any Deferred Purchase Price. 

  

	4.6	For the avoidance of doubt, upon the occurrence of the Termination Date no further sales of Receivables may take place, but the rights and obligations of the parties hereunder shall
not otherwise be affected. 

  

	5.	NOTICE TO DEBTORS 

  

	5.1	The Onward Purchaser acknowledges and agrees that unless and until (i) a Termination Event has occurred, or (ii) the Onward Purchaser reasonably considers it necessary to
protect its interest in the payments due in respect of the Purchased Receivables and serves notice on the Purchaser to such effect (setting out its reasons therefor), it shall not give a notice to any Debtor of the assignment to the Onward Purchaser
of the Purchased Receivables; and the Purchaser acknowledges that upon the occurrence of (i) or (ii) it may be required by the Onward Purchaser (without prejudice to the right of the Onward Purchaser in respect of the same) to give notice
at its own costs to any Debtor of such assignment in which case the Purchaser shall promptly notify the relevant Debtors of the Onward Purchaser’s interest in the Purchased Receivables. Any such notice shall specify the bank account into which
all future payments in respect of Purchased Receivables shall be made. 

  

	5.2	If for any reason the Purchaser gives notice to a Debtor of the transfer made under any Receivables Sale Agreement, but no notice is given to such Debtor of the transfer under this
Agreement then the Purchaser undertakes to transfer to the Operating Account any Collections received by it in relation to the Receivables due by such Debtor forthwith upon receipt of such Collections. 

  

	6.	FURTHER ASSURANCE 

 The Purchaser agrees that from
time to time, at its own expense, it will promptly execute and deliver all instruments and documents and take all action that the Onward Purchaser may reasonably request in order to perfect or protect the assignment of the Purchased Receivables or
to enable the Onward Purchaser to exercise or enforce any of its rights under this Agreement. 
  

 - 26 - 

 PART 3 
 Indemnity and Payments 
  

	7.	INDEMNITY 

  

	7.1	Without limiting any other rights which the Onward Purchaser may have hereunder or under any applicable law, but without duplication the Purchaser hereby agrees, to the extent the
corresponding amount is received by the Purchaser under the Receivables Sale Agreements, to immediately indemnify the Onward Purchaser and its respective officers, directors and agents or any assignee, from and against any and all damages, losses,
claims, liabilities, reasonably incurred costs and expenses (excluding, for the avoidance of doubt, any tax on income or profits), including, without limitation, reasonably incurred attorneys’ fees (if any), and disbursements including any
irrecoverable value added tax thereon (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them relating to or resulting from: 

  

	7.1.1	reliance on any representation or warranty made by the Purchaser (or any officers of the Purchaser), under or in connection with this Agreement, any Monthly Report or any other
information or report delivered by the Purchaser which shall have been materially false, incorrect or omitting of any material fact at the time made or deemed made; 

  

	7.1.2	the failure by the Purchaser (or any officer of the Purchaser) to comply with any applicable law, rule or regulation with respect to any Purchased Receivable, Related Security or
the related Contract of Sale, or the non-conformity of any Purchased Receivable, Related Security or the related Contract of Sale with any such applicable law, rule or regulation; 

  

	7.1.3	any dispute, claim, offset or defence of the Debtor (other than the effects of the bankruptcy of the Debtor) to the payment of a Purchased Receivable, including, without limitation,
a defence based on such Receivable or the related Contract of Sale or the Related Security not being a legal, valid and binding obligation of such Debtor enforceable against it in accordance with its terms, or any claim resulting from the
Receivables being governed by the general business terms of the Debtor, or any other claim resulting from the sale of goods related to such Receivable or the failure to perform any obligations related to such goods or the failure to perform any
obligations related to any applicable laws, rules or regulations in respect thereof; . 

  

	7.1.4	any material product liability claims or material personal injury or property damage suit or other similar or related claims or action of whatever sort arising out of or in
connection with the goods which are the subject of any Purchased Receivable; 

  

	7.1.5	any disclosure of false, misleading or incomplete information regarding the Debtors by the Purchaser to the Onward Purchaser or the supply of any Contracts of Sale, Records and all
other related documents to the Onward Purchaser; 

  

 - 27 - 

	7.1.6	any claim arising from collection activities conducted by the Purchaser (if any) including, without limitation, any failure by the Purchaser, whether as Purchaser or in its capacity
as Servicer, to transfer any Collection to the Operating Account; and 

  

	7.1.7	any related indemnities given by the Onward Purchaser in each of the Facilities, to the extent that the same relate to the Purchased Receivables or the transactions contemplated in
this Agreement, 

 excluding, however, (i) Indemnified Amounts to the extent resulting from the negligence or wilful
misconduct, fraud, illegal act, breach of contract or fiduciary duty on the part of the Onward Purchaser or its agents, (ii) Indemnified Amounts arising out of the failure of any Debtor to pay amounts lawfully owed in respect of a Purchased
Receivable, or (iii) Indemnified Amounts resulting from the recharacterisation of the purchase of the Purchased Receivables as another type of transaction or the absence of a true sale of the Purchased Receivables. 
  

	7.2	Promptly after receipt by the Onward Purchaser of notice of any claim or the commencement of any action or proceedings with respect to which an Indemnified Amount may become
payable, the Onward Purchaser will notify the Purchaser in writing of such a claim or of the commencement of such action and the Purchaser shall be entitled and obliged at its own expense to assume the defence of such action or proceeding in the
name of the Onward Purchaser and the Purchaser shall be entitled and obliged (at its own expense) to take, in the name of the Onward Purchaser, such action as the Purchaser shall see fit to defend or avoid liability for any such Indemnified Amount
or to recover the same from any third parry. 

  

	7.3	The Onward Purchaser hereby agrees to notify the Purchaser if it becomes aware of any circumstances which could reasonably be expected to lead to a claim on the part of the Onward
Purchaser under Clause 7.1. 

  

	7.4	If at any time the Purchaser is obliged under the provisions of this Agreement to indemnify or reimburse the Onward Purchaser in respect of any sum under the Liquidity Facility
Agreement or Standby Letter of Credit Agreement, or the Euro Programme Enhancement Facility Agreement, the Purchaser agrees that losses or expenses incurred by any Bank, the Euro Programme Enhancement Facility Provider or the Agent referred to in
the Liquidity Facility Agreement or the L/C Bank, as applicable, shall be deemed to be the losses or expenses of the Onward Purchaser for this purpose. 

  

	8.	PAYMENTS 

  

	8.1	On each date upon which this Agreement requires an amount to be paid by either party hereunder, such party shall save as expressly provided herein make the same available to the
payee by payment in the relevant currency and in immediately available, freely transferable, cleared funds to either (i) such account and bank as the relevant payee shall have specified for this purpose (where such payee is the Purchaser) or
(ii) the Operating Account (where such payee is the Onward Purchaser). 

  

 - 28 - 

	8.2	All payments made by the Purchaser hereunder shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim. 

  

	9.	NETTING-OFF OF PAYMENTS 

 The Onward Purchaser may,
but need not, apply any sum at any time due from it hereunder to the Purchaser or to any Servicer in or towards satisfaction of any amount then due from the Purchaser or any Servicer and, for this purpose, the Onward Purchaser may apply the sum so
due from it in or towards the purchase of such amounts of such other currencies as may be required to effect such application. 
  

	10.	APPOINTMENT OF THE SERVICERS 

 The servicing,
administering and collection of the Purchased Receivables shall be conducted by the Servicers, pursuant to the Servicing Agreements. 
 The
validity or the invalidity of the Servicing Agreements shall have no effect on this Agreement which is entered into independently. 
  

 - 29 - 

 PART 4 
 Representations, Warranties and Covenants 
  

	11.	REPRESENTATIONS AND WARRANTIES 

  

	11.1	The Purchaser represents and warrants to the Onward Purchaser that: 

  

	 	(a)	Corporate Existence and Power 

 The Purchaser is a
corporation duly organised, validly existing and in good standing under the laws of Belgium and has all corporate power and all governmental licences, authorisations, consents and approvals required to carry on its business in Belgium. 

 

	 	(b)	Corporate and Governmental Authorisation; Contravention 

 The execution, delivery and performance by the Purchaser of this Agreement and the transactions contemplated hereby are within its corporate powers, have been duly authorised by all necessary corporate action, require no action by or in
respect of, or filing recording or enrolling with, any governmental body, agency court official or other authority, and do not contravene, or constitute a default under, any provision of applicable law or regulation or by-laws of the Purchaser or of
any agreement, judgment, injunction, order, decree or other instrument binding upon the Purchaser or result in the creation or imposition of any Adverse Claim on the assets of the Purchaser (other than in favour of the Onward Purchaser pursuant to
this Agreement). 
  

	 	(c)	No Proceedings 

 The Purchaser has not taken any
corporate action nor have any steps been taken or legal proceedings been started or threatened against it for its winding-up, bankruptcy, gerechtelijk akkoord / concordat, liquidation, dissolution, reorganisation or annulment as a legal
entity or for the appointment of an gerechtelijke bewindvoerder / administrateur judiciaire, commissaire spécial / bijzondere bewindvoerder, sekwester / séquestre, receiver, administrator, administrative receiver, trustee,
liquidator, sequestrator or similar officer of the relevant company or of any or all of its assets or revenues. 
  

	 	(d)	Binding Effect 

 This Agreement constitutes the
legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms, subject to bankruptcy, insolvency, reorganisation, moratorium or similar law or proceedings. 
  

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	 	(e)	Eligibility 

 To the best of the Purchaser’s
knowledge and belief, each Receivable the subject of the related Offer satisfied the Eligibility Criteria, unless any Eligibility Criteria is previously waived by the Onward Purchaser. 
  

	 	(f)	Floating Charge 

 There is no floating charge
(pand op handelszaak / gage sur fonds de commerce) or similar encumbrance under the law of any jurisdiction over the businesses of the Purchaser, nor any undertaking or mandate with a view to the creation of any such floating charge or
similar encumbrance. 
  

	11.2	The representations and warranties referred to in Clause 11.1 shall be given by the Purchaser to the Onward Purchaser (i) on the date hereof, (ii) on each date on which an
Offer is made pursuant to Clause 2.1, (iii) on each Purchase Date and (iv) except for Clause 11.1(e) on each date on which any Purchased Receivable is outstanding. 

  

	12.	COVENANTS 

  

	12.1	At all times from the date hereof to the later of the Termination Date and the date on which the Aggregate Receivables Investment is zero and no sums are due and payable by the
Purchaser to the Onward Purchaser hereunder: 

  

	 	(a)	Financial Reporting 

 The Purchaser will maintain a system
of accounting established and administered in accordance with generally accepted Belgian accounting laws and principles, and furnish or notify to the Onward Purchaser as the case may be: 
  

	 	(b)	Annual Reporting 

 within six calendar months after the
close of each of its fiscal years, an audit report certified by independent certified public accountants, acceptable to the Onward Purchaser, prepared in accordance with Belgian accounting law and generally accepted accounting principles for itself,
including balance sheets as of the end of such period, related profit and loss statements; 
  

	 	(i)	Notice of Termination Event 

 and to the L/C Bank,
Accounts Administrator and the Agent, by facsimile to be confirmed by letter as soon as possible and in any event within five days after the occurrence of each Termination Event, a statement of the Purchaser setting forth details of such Termination
Event and the actions that the Purchaser proposes to take with respect thereto; 
  

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	 	(ii)	Other Information 

 any information which the
Purchaser received from any Seller, and such other information (including non-financial information) as the Onward Purchaser may from time to time reasonably request. 
  

	 	(c)	Conduct of Business 

 The Purchaser shall do all things
necessary to remain duly organised, validly existing and in good standing under the law of Belgium and maintain all requisite authority to conduct its business in Belgium. 
  

	12.2	During the term of this Agreement, unless the Onward Purchaser shall otherwise consent in writing: 

  

	 	(a)	Sales, Liens, etc. 

 Except as otherwise provided herein,
the Purchaser shall not sell, assign or otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to any goods the subject of any Purchased Receivable or any Purchased Receivable or related Contract of Sale or Related
Security, or assign any right to receive income in respect thereof or attempt, purport or agree to do any of the foregoing. 
  

	 	(b)	Receivables Sale Agreements 

 The Purchaser shall
not amend, modify or waive or permit the amendment, modification or waive of any term or condition of any of the Receivables Sale Agreements. 
  

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 PART 5 
 Miscellaneous 
  

	13.	TAXES AND INCREASED COSTS 

  

	13.1	The Purchaser shall pay all stamp duty, registration and other similar taxes (but for the avoidance of doubt excluding the Onward Purchaser’s income taxes, if applicable) to
which this Agreement, the Accounts Administration Agreement, the Funding Agreement or each of the Facilities or any judgement given in connection herewith or therewith may at any time become subject subsequent to the date of this Agreement and, from
time to time on demand of the Onward Purchaser, immediately indemnify the Onward Purchaser against any liabilities, costs, claims and expenses resulting from any failure to pay or any delay in paying any such tax, except those penalties and interest
charges that are due to the negligence of the Onward Purchaser or its agents provided that, in the case of any payment relating to the Standby Letter of Credit Agreement, the Purchaser shall only be required to pay (a) amounts payable solely in
respect of, or as a result of the transaction contemplated by this Agreement and the funding thereof and (b) such proportion of any general cost equal to the proportion which the L/C Portion relating to the transaction contemplated in this
Agreement bears to the then Available L/C Portion (both terms as defined in the Standby Letter of Credit Agreement). In the case of any payment relating to the Euro Programme Enhancement Facility Agreement, the Purchaser shall only be required to
pay (i) amounts payable solely in respect of, or as a result of, the transactions contemplated by this Agreement and the funding thereof and (ii) such proportion of any general cost equal to the proportion which the Euro Programme
Enhancement Facility Portion relating to the transactions contemplated in this Agreement bears to the then Available Programme Enhancement Facility Portion. The Onward Purchaser shall, as soon as it becomes aware that any such stamp duty,
registration or other similar taxes may become due, inform the Purchaser of the same. The Onward Purchaser and the Purchaser shall cooperate to the extent practicable, and the Onward Purchaser shall endeavour to take such measures as shall be
practicable, with a view to lawfully avoiding any such stamp duty, registration or other similar taxes and expenses. The Purchaser shall be entitled, but not obliged, to take (at its own expense, and if required, in the name of the Onward Purchaser)
such action as the Purchaser shall see fit to defend or lawfully avoid liability for any such stamp duty, registration or other similar taxes and expenses. The Onward Purchaser shall cooperate fully with the Purchaser to bring to fruition the rights
granted by the Purchaser in the previous sentence, including without limitation, providing all authorizations and powers of attorney required for the Purchaser to carry out the actions described therein. 

  

	13.2	 All payments to be made by the Purchaser to the Onward Purchaser hereunder shall be made free and clear of and without deduction for or on account of tax unless the
Purchaser is required to make such a payment subject to the deduction or withholding of tax, in which case the sum payable by the Purchaser in respect of which such 

  

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deduction or withholding is required to be made shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding,
the Onward Purchaser receives and retains (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such deduction or withholding been made or required to
be made. If the Onward Purchaser shall be entitled to an exemption from a reduction of an applicable withholding tax, the Onward Purchaser will provide to the Purchaser such documentation as is required under the laws of the relevant taxing
jurisdiction to avail of said withholding tax exemption or reduction. 

  

	13.3	If the Purchaser makes any deduction or withholding and an increased payment becomes payable under Clause 13.2 or if the Purchaser makes any payment pursuant to Clause 13.1, then,
if the Onward Purchaser has been granted by any relevant tax authority a credit or refund in respect of such payment, the Onward Purchaser shall (to the extent that it can do so without prejudice to the retention of the amount of that credit or
refund or any other credit or refund and to the extent that it is not unlawful or contrary to any official directive of the government (or any taxing or other authority or agency thereof) of the country concerned with such credit or refund for it to
do so and to the extent that an actual pecuniary benefit is acquired by the Onward Purchaser from such credit or refund) pay to the Purchaser such credit or refund, inclusive of interest thereon received from the relevant taxing authority, or with
respect to any payments under Clause 13.2, such sum as the Onward Purchaser shall in its absolute discretion determine and notify to the Purchaser to be equal to the proportion of that credit or refund which will leave the Onward Purchaser (after
such payment) in no better or worse position than it would have been in had no such deduction or withholding been required. The Onward Purchaser shall have an absolute discretion as to the order and manner in which it claims any credits or refunds
available to it and the manner in which it arranges its tax affairs and it shall not be obliged to disclose to the Purchaser any information regarding its tax affairs or computations nor to take any action to procure any such credit or refund. Any
payment made under this Clause 13.3 shall be conclusive evidence of the amount due to the Purchaser and shall, in the absence of any manifest or material error, be accepted by the Purchaser in full and final settlement of its rights of reimbursement
hereunder in respect of the relevant payment, deduction or withholding. 

  

	13.4	 The Purchaser shall from time to time on demand of the Onward Purchaser (i) reimburse the Onward Purchaser for all sums payable by the Onward Purchaser under
Clauses 13.1, 13.2 and 13.5 of the Standby Letter of Credit Agreement to any person in respect of any increase for deduction or withholding for or on account of tax imposed subsequent to the date of this Agreement and any amount payable by the
Onward Purchaser to any person or the L/C Bank by way of indemnity against a payment on account of tax imposed subsequent to the date of this Agreement on or in relation to any sum received or receivable under the Standby Letter of Credit Agreement
by such person or the L/C Bank, or any liability in respect of any increased costs of the L/C Bank and in each case, only on any amount paid which is 

  

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referable to the funding by the Onward Purchaser of Purchased Receivables (ii) reimburse the Onwards Purchaser for all sums payable by the under Clauses
13.1, 13.2 and 13.5 of the Euro Programme Enhancement Facility Agreement to any person in respect of any increase for deduction or withholding for or on account of tax imposed subsequent to the date of this Agreement and any amount payable by the
Onwards Purchaser to any person or to the Euro Programme Enhancement Facility Provider by way of indemnity against a payment on account of tax imposed subsequent to the date of this Agreement on or in relation to any sum received or receivable under
the Euro Programme Enhancement Facility Agreement by such person or by the Euro Programme Enhancement Facility Provider, or any liability in respect of any increased costs of the Euro Programme Enhancement Facility Provider and in each case, only on
any amount paid which is referable to the funding by Onward Purchaser of Purchased Receivables, (iii) reimburse the Onward Purchaser for all sums payable by the Onward Purchaser under Clauses 16.4, 19.4 and 19.5 of the Liquidity Facility
Agreement to any person in respect of any increase for deduction or withholding for or on account of tax imposed subsequent to the date of this Agreement or in relation to any sum received or receivable under the Liquidity Facility Agreement by such
person or the Agent, the Banks or any liability in respect of any increased costs, and (iv) reimburse the Onward Purchaser for all sums payable by the Onward Purchaser under the Global Fee and Settlement Letter. The Onward Purchaser shall, as
soon as it becomes aware that any amounts referred to in the previous sentence may become due, inform the Purchaser of the same. The Onward Purchaser and the Purchaser shall co-operate to the extent practicable with a view to lawfully mitigating
liability for such amounts. 

  

	13.5	If the Purchaser is required to pay a withholding tax and the Onward Purchaser determines that (i) a tax credit is attributable to that withholding tax payment, and
(ii) it has obtained and utilised that tax credit the Onward Purchaser shall pay an amount to the Purchaser which the Onward Purchaser determines will leave it (after that payment) in the same after-tax position as it would have been in had
said withholding tax not been payable. 

  

	13.6	Any demand made by the Onward Purchaser under Clause 13.1, 13.2 or 13.4 above shall be accompanied by a statement, duly certified by an officer of the Onward Purchaser, giving
reasonable particulars of the claim for reimbursement which shall be relied upon and agreed as authoritative by the Purchaser. 

  

	13.7	The Onward Purchaser hereby agrees promptly to notify the Purchaser if it becomes aware of any circumstances which could reasonably be expected to lead to a claim on the part of the
Onward Purchaser under this Clause 13. 

  

	14.	DEFAULT INTEREST 

  

	14.1	 If any sum due and payable by the Purchaser or the Onward Purchaser hereunder is not paid on the due date therefor in accordance with the provisions of Clause 8 or
if any sum due and payable by the Purchaser or the Onward Purchaser under any 

  

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judgement of any court in connection herewith is not paid on the date of such judgement, the period beginning on such due date or, as the case may be, the
date of such judgement and ending on the date upon which the obligation of such Purchaser to pay such sum (the balance thereof for the time being unpaid being herein referred to as an “unpaid
sum”) is discharged shall be divided into successive periods, each of which (other than the first) shall start on the last day of the preceding period and the duration of each of which shall be selected by the
Onward Purchaser. 

  

	14.2	During each such period relating thereto as is mentioned in Clause 14.1 an unpaid sum shall, to the extent permitted by law and provided that the Purchaser or the Onward Purchaser
shall be in default, bear interest at the rate per annum which is the sum of one month LIBOR for the relevant period for which such rate is to be determined plus 2 per cent. 

  

	14.3	Any interest which shall have accrued under Clause 14.2 in respect of an unpaid sum shall be due and payable and shall be paid by the Purchaser at the end of the period by reference
to which it is calculated or on such other dates as the Onward Purchaser may specify by written notice to the Purchaser. 

  

	14.4	The Onward Purchaser hereby agrees to notify the Purchaser if it becomes aware of any circumstances which could reasonably be expected to lead to a claim on the part of the Onward
Purchaser under this Clause 14. 

  

	15.	FEES, COSTS AND EXPENSES 

 Save as otherwise
provided in this Agreement or in the Global Fee and Settlement Letter, the Purchaser shall not pay any fees to the Onward Purchaser. 
  

	16.	DEEMED COLLECTIONS 

  

	16.1	If on any day the Purchaser is in receipt of a Deemed Collection under any Receivables Sale Agreement the Purchaser shall hold such amounts for and to the order and benefit of the
Onward Purchaser and shall pay such amount on the next Collection Payment Date to the Onward Purchaser. 

  

	16.2	Upon the receipt of the Deemed Collection referred to Clause 16, the Onward Purchaser shall re-assign to the Purchaser (without recourse or warranty on the part of the Onward
Purchaser and at the sole cost of the Purchaser) the relevant Receivable and the Related Security. 

  

	17.	BENEFIT OF AGREEMENT 

  

	17.1	This Agreement shall be binding upon and ensure to the benefit of each party hereto and its successors and persons deriving title hereunder. 

  

	17.2	The Purchaser shall not be entitled to assign or transfer all or any of its rights, benefits and obligations hereunder. 

  

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	18.	DISCLOSURE OF INFORMATION 

 None of the parties
hereto shall, during the continuance of this Agreement or after its termination, disclose to any person, firm or company whatsoever (except with the authority of the other party hereto) any information which that party has acquired under or in
connection with this Agreement other than: 
  

	 	(i)	to employees, officers or agents of any of ABN AMRO, the Banks under the Facilities, the Issuer, Standard & Poor’s, Moody’s and the Dealers under the Dealer
Agreements (but not, for the avoidance of doubt, holders of commercial paper issued thereunder); 

  

	 	(ii)	in connection with any proceedings arising out of or in connection with this Agreement, any Funding Agreement, each of the Facilities or the preservation or maintenance of its
rights thereunder; 

  

	 	(iii)	if required to do so by an order of a court of competent jurisdiction whether in pursuance of any procedure for discovering documents or otherwise; 

  

	 	(iv)	pursuant to any law or regulation or requirement of any governmental agency in accordance with which that party is required or accustomed to act; 

  

	 	(v)	to any governmental, banking or taxation authority or competent jurisdiction; 

  

	 	(vi)	to its auditors or legal or other professional advisers; 

 Provided that the above restriction shall not apply to: 
  

	 	(a)	employees or officers or agents of any of the parties referred to in (i) above, any part of whose functions are or may be in any way related to this Agreement;

  

	 	(b)	information already known to a recipient otherwise than in breach of this Clause; 

  

	 	(c)	information also received from another source on terms not requiring it to be kept confidential; and 

  

	 	(d)	information which is or becomes publicly available otherwise than in breach of this Clause. 

  

	19.	REMEDIES AND WAIVERS 

  

	19.1	No failure to exercise, nor any delay in exercising, on the part of any party hereto, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right or remedy prevent any further or other exercise thereof or the exercise of any other right or remedy. 

  

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	19.2	The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. 

  

	20.	PARTIAL INVALIDITY 

 Without prejudice to any other
provision hereof, if one or more provisions hereof is or becomes invalid, illegal or unenforceable in any respect in any jurisdiction or with respect to any party such invalidity, illegality or unenforceability in such jurisdiction or with respect
to such party or parties shall not, to the fullest extent permitted by applicable law, render invalid, illegal or unenforceable such provision or provisions in any other jurisdiction or with respect to any other party or parties hereto. Such
invalid, illegal or unenforceable provision shall be replaced by the parties with a provision which comes as close as reasonably possible to the commercial intentions of the invalid, illegal or unenforceable provision. 
  

	21.	NO LIABILITY AND NO PETITION 

  

	21.1	No recourse under any obligation, covenant, or agreement of the Purchaser or the Onward Purchaser contained in this Agreement shall be against any shareholder, officer or director
of either the Purchaser, the Onward Purchaser or the Issuer as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate
obligation of the Purchaser and the Onward Purchaser and no liability shall attach to or be incurred by the shareholders, officers, agents or directors of either the Purchaser, the Onward Purchaser or the Issuer as such, or any of them, under or by
reason of any of the obligations, covenants or agreements of such Purchaser or Onward Purchaser contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Purchaser or the Onward Purchaser of any
of such obligations, covenants or agreements, either at law or by statute or constitution, of every such shareholder, officer, agent or director is hereby expressly waived by the other party as a condition of and consideration for the execution of
this Agreement. 

  

	21.2	The Purchaser hereby undertakes to the Onward Purchaser that, until one year and one day has elapsed after the payment of all sums outstanding and owing under the latest maturing
note under the CP Programme, it will not petition or commence proceedings for the administration or winding up (nor join any person in a petition or proceedings for the administration or winding up) of the Onward Purchaser nor will it enforce any
judgment against the Onward Purchaser if to do so would cause the financial situation of the Onward Purchaser to become such as to make it liable to insolvency proceedings. The Purchaser acknowledges that its recourse against the Onward Purchaser in
respect of any matter provided in this Agreement shall be limited at any time to the extent of the aggregate of (a) the unpaid amount of any Purchase Price Advance payable hereunder, and (b) the Deferred Purchase Price due, owing or
payable to it at that time (but only if and to the extent that there are funds credited to the Operating Account which the Accounts Administrator is entitled to apply in accordance with in the Accounts Administration Agreement).

  

 - 38 - 

	21.3	The Purchaser may, subject to Clause 21.2, demand performance by the Onward Purchaser of its obligations hereunder and enforce these obligations, but waives the right to demand
rescission of any Purchase. The Purchaser waives any unpaid Purchaser’s lien that it may have under article 20, 5° of the Mortgage Law or otherwise. 

  

	22.	NOTICES AND AMENDMENTS 

  

	22.1	Each communication to be made hereunder shall, (except expressly permitted otherwise) be made in writing but, unless otherwise stated, may be made by facsimile, email or letter.

  

	22.2	Any communication or document to be made or delivered by any one person to another pursuant to this Agreement shall (unless that other person has by fifteen days’ written
notice to the other specified another address) be made or delivered to that other person at the address identified with its signature below and shall be deemed to have been made or delivered (in the case of any communication made by facsimile) when
despatched or (in the case of any communication made by letter) when left at that address. Any communication sent by facsimile shall be promptly confirmed by letter but the non-delivery or non-receipt of any such letter shall not affect the validity
of the original facsimile communication. 

  

	22.3	Each communication and document made or delivered hereunder shall be in English. 

  

	22.4	Any notice given to the Onward Purchaser hereunder shall be copied to such other person as the Onward Purchaser may instruct from time to time. 

  

	22.5	The Onward Purchaser may act in accordance with any communication which may from time to time be, or purport to be, given on behalf of any one or more of those persons whom the
Onward Purchaser can reasonably believe on a summary examination of the relevant documents to be the authorised officers of the Purchaser, without further enquiry by the Onward Purchaser (as the case may be) as to the authority or identity of the
person making or purporting to make such communication and regardless of the circumstances prevailing at the time of such communication. The Onward Purchaser may treat any such communication as fully authorised by and binding upon the Purchaser and
may (but need not) take such steps in connection with or in reliance upon such communication as the Onward Purchaser may in good faith consider appropriate. 

  

	22.6	This Agreement may be executed in one or more counterparts. 

  

	22.7	No variation of this Agreement (including this Clause 22.7) shall be effective unless it is in writing and signed by (or by some person duly authorised by) each of the parties and
unless each of the Rating Agencies has confirmed in writing that the rating of the indebtedness for borrowed money issued or sold by the Issuer will not be downgraded, withdrawn or suspended as a result of such variation. 

 

 - 39 - 

 PART 6 
 Law and Jurisdiction 
  

	23.	LAW 

 This Agreement shall be governed by and
construed in accordance with the laws of Belgium, provided that Clauses 2 and 3 of this Agreement, and the in rem transfer of any Purchased Receivable hereunder, shall be governed by and be construed in accordance with the relevant law
governing such Purchased Receivable. 
  

	24.	JURISDICTION 

 Any dispute in connection with this
Agreement shall be subject to the jurisdiction of the courts of Brussels. 
 Signed in two originals the day and year first before written. 
  

			
	The Onward Purchaser
	
	TULIP ASSET PURCHASE COMPANY B.V.
	
	By:
	
	Address for notice:
	Address:	 	Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands
	Telefax:	 	+31 20 628 4666
	Attention:	 	Nicole Grootveld-Sandig

  

			
	The Purchaser
	
	WABCO FUNDING SPRL
		
		 	  

	By:	 	Paul Chardome, Manager (Gérant) 

  

			
	
	Address for notice:
	Address:	 	Rue De Genval 20, 1301 Bierges, Belgium
	Telefax:	 	+32 16 200 820
	Attention:	 	Paul Chardome

  

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 THE FIRST SCHEDULE 
 Conditions Precedent 
  

	1.	Copies of a resolution of each Seller’s board of directors, and any other necessary corporate documents, approving the Receivables Sale Agreements, the Servicing Agreements and
the other documents to be delivered by it and the transactions contemplated hereunder. 

  

	2.	Copies of a resolution of Wabco Holding Inc.’s board of directors, and any other necessary corporate documents, approving the Guarantee Agreement and the other documents to be
delivered by it and the transactions contemplated hereunder. 

  

	3.	Copies of a resolution of Wabco Financial Services BVBA’s board of managers, and any other necessary corporate documents, approving the Loan Agreement and the other documents
to be delivered by it and the transactions contemplated hereunder. 

  

	4.	Copies of a resolution of Wabco Funding SPRL’s board of managers, and any other necessary corporate documents, approving this Agreement, the Loan Agreement, the Receivables
Sale Agreements and the other documents to be delivered by it and the transactions contemplated hereunder. 

  

	5.	Certified copies of the statutes of each Seller, Wabco Funding SPRL, Wabco Financial Services BVBA and Wabco Holding Inc.’s. 

  

	6.	A certificate of an authorised officer of each Seller, Wabco Funding SPRL, Wabco Financial Services BVBA and Wabco Holdings Inc. certifying: 

  

	 	(i)	the names and signatures of the officers authorised on behalf of such person to execute the Securitisation Agreements to which it is expressed to be a party, and any other documents
to be delivered by such person thereunder; 

  

	 	(ii)	the authenticity of the constitutional documents relating to the Seller and the Servicer; and 

  

	 	(iii)	the resolutions referred to in (1) to (4) above have not been amended, modified, revoked or rescinded. 

  

	7.	Legal opinions from counsel to the Sellers in form and substance acceptable to TAPCO confirming (i) due incorporation of each Seller, Wabco Financial Services BVBA and Wabco
Holdings Inc., (ii) the due authorisation and execution of each relevant Securitisation Agreement by these entities, and (iii) that the entering into the Securitisation Agreements by the relevant Sellers, Wabco Financial Services BVBA and
Wabco Holdings Inc. does not conflict with the statutes of that company. 

  

	8.	Legal opinions from counsel to the Onward Purchaser in form and substance acceptable to TAPCO confirming (i) due incorporation of the Purchaser (ii) the due authorisation
and execution of each relevant Securitisation Agreement by the Purchaser, and (iii) that the entering into the Securitisation Agreements by the Purchaser does not conflict with the statutes of that company. 

  

 - 41 - 

	.9.	Legal opinions from counsel to the Onward Purchaser in form and substance acceptable to TAPCO. 

  

	10.	Copy of the Securitisation Agreements as executed. 

  

	11.	Copy of the Monthly Report for the calendar month immediately preceding the date of the Receivables Purchase Agreement. 

  

	12.	Copy of any other statements or contracts TAPCO deems necessary with regard to receivables offered. 

  

	13.	Evidence that the conditions precedent provided for under each Receivables Sale Agreement entered into on or about the date hereof have been satisfied. 

  

	14.	A copy of the latest audited financial statements and a copy of the latest semi-annual unaudited consolidated financial statements of WABCO Holdings Inc. 

 

	15.	A copy of the Insurance Policy. 

  

	16.	A copy of a letter from the Credit Insurer in form and substance acceptable to the Onward Purchaser pursuant to which (inter alia) the Onward Purchaser is appointed joint
insured under the Insurance Policy. 

  

	17.	A copy of a letter from the Credit Insurer in form and substance acceptable to the Onward Purchaser pursuant to which the Onward Purchaser confirms that regardless of the retention
of title requirements contained in the Insurance Policy, the existing retention of retention arrangements in the general terms and conditions of sale for the German Seller dated March 2007 are recognised by the Insurer as satisfactory to fall within
the scope and under the cover of the Insurance Policy. 

  

	18.	A copy of the general terms and conditions of sale for each Seller. 

  

	19.	Confirmation from each of the Rating Agencies that upon execution of the Securitisation Agreements, the Euro CP Notes will maintain their then current rating.

  

	20.	Confirmation from ABN AMRO and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. of receipt by it of the structuring fee (in respect of the first Purchase Date).

  

	21.	Confirmation that the arrangements for the collection of the Purchased Receivables are satisfactory in the opinion of the Agent and TAPCO. 

  

	22.	Delivery of a receivables audit report performed by a specialised due diligence provider. 

  

 - 42 - 

	23.	Delivery of a solvency certificate by each Seller, Wabco Financial Services BVBA and Wabco Holdings Inc. 

  

	24.	Satisfaction of “Know Your Client” requirements of ABN AMRO and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. 

  

	25.	Evidence that the conditions precedent provided for under each Receivables Sale Agreement entered into on or about the date hereof have been satisfied. 

  

	26.	Completion of a review of the Credit and Collection Policies of each Seller and Servicer by Atradius Credit Management. 

  

	27.	Evidence that the statutes of Wabco Financial Services SPRL have been amended in order to allow this company to enter into the Loan Agreement and make advances to the Purchaser.

  

 - 43 - 

 THE SECOND SCHEDULE 
 Eligible Receivables and Eligible Debtors 
 “Eligible Receivables” means Receivables which at their
proposed Purchase Date: 
  

	1.	were originated pursuant to a Contract of Sale in the Seller’s ordinary course of business, in accordance with the approved Credit and Collection Policies of such Seller;

  

	2.	are owed by an Eligible Debtor, as defined hereunder in this Second Schedule; 

  

	3.	constitute legally valid and enforceable obligations of the related Debtors enforceable against such Debtors in accordance with the terms of such Receivables subject to no right of
rescission, set-off, withholding, suspension, counterclaim or other defence other than those provided for under mandatory rules of applicable law; 

  

	4.	can be easily segregated and identified for ownership and Related Security purposes on any day; 

  

	5.	arise from the sale of goods or the provision of services by a Seller and are such that the delivery of the goods or the provision of services giving rise to the Receivables have
been completed and such goods or services have been accepted by the related Debtor; 

  

	6.	are not Defaulted, or Disputed Receivables and there has been no breach of any obligation (other than minor breaches having no effect whatsoever on the Receivables, and other than
breaches of a payment obligation) by any party to any Contract of Sale; 

  

	7.	are obligations which can be transferred by way of sale and assignment, and of which the transfer by way of sale and assignment is not subject to any contractual or legal
restriction; 

  

	8.	are obligations in respect of which no bill of exchange, promissory note or other negotiable instrument has been issued; 

  

	9.	have been acquired by the Purchaser pursuant to the Receivables Sale Agreements; 

  

	10.	are evidenced by an invoice issued by the relevant Seller to the relevant Debtor in compliance with generally accepted practices, which will be sufficient to prove a claim therefor
against the related Debtor in relevant courts, which complies with the relevant VAT and other taxation requirements, and which shows the amount and percentage of VAT applied if any; 

  

	11.	do not carry interest and are not subject to withholding taxes; 

  

	12.	have been created in compliance with all applicable laws and all required consents, approvals and authorisations have been obtained in respect thereof; 

  

 - 44 - 

	13.	if purchased, are such that the Nominal Amount of such Receivables, together with the Aggregate Outstanding Nominal Amount of any other outstanding Purchased Receivables from the
same Debtor and affiliates of the same Debtor, are not in excess of the Debtor Limit (but any such Receivables shall be ineligible only to the extent of such excess); if several Receivables owing from the same Debtor and, as the case may be, its
affiliates are included in any Offer and, pursuant to this paragraph, part of them only may constitute Eligible Receivables, then eligibility shall be granted in priority to: 

  

	 	(a)	the Receivables with an earlier invoice date; 

  

	 	(b)	in the case of Receivables with the same invoice date, those with a later due date; 

  

	 	(c)	in the case of Receivables with the same invoice date and due date, those with the higher invoice amount; and 

  

	 	(d)	in the case of Receivables with the same invoice date, due date and invoice amount, those with the lower invoice serial number; 

  

	14.	are not Receivables due from a Debtor against or by whom an application for the institution of bankruptcy, concordat judiciaire / gerechtelijk akkoord, composition or any
other insolvency procedure has been or will have been made within the meaning of any applicable insolvency law; 

  

	15.	are Receivables in respect of which the Onward Purchaser has not notified the Purchaser (which notice is to contain a brief statement of its reasons) that the Onward Purchaser has
determined that such Receivables or class of Receivables is not acceptable for Purchase hereunder; 

  

	16.	are Receivables due from a Debtor which the Onward Purchaser has not notified the Purchaser (which notice is to contain a brief statement of its reasons) that Receivables from such
Debtor are not Eligible Receivables; 

  

	17.	are Receivables the Nominal Amount of which remains a debt, has not been paid and has not been discharged by set-off or otherwise; 

  

	18.	are Receivables the sale of which in the manner herein contemplated will not be recharacterised as any other type of transaction and will be effective to pass to the Onward
Purchaser full and unencumbered title thereto and the benefit thereof to the Onward Purchaser and no further act, condition or thing will be required to be done in connection therewith to enable the Onward Purchaser to require payment of any such
Receivable or the enforcement of any such right in any court other than the giving of notice to the Debtor of the assignment of such Receivable by the Purchaser to the Onward Purchaser; 

  

 - 45 - 

	19.	are Receivables the sale and/or assignment of which will not violate any law or any agreement by which the Seller may be bound and upon such sale and assignment such Receivable will
not be available to the creditors of such Seller on its liquidation; 

  

	20.	are denominated and payable in any of the following currencies: 

  

			
	EUR	  	Euro;
		
	£	  	Pounds Sterling

  

	21.	are Receivables governed by English, French or German law, owing from Debtors established in the United Kingdom, France or Germany in relation to their English, French and German
establishment, and the terms and conditions of which do not provide for the jurisdiction of any court or arbitration tribunal outside England, France or Germany; 

  

	22.	are not subject to, and did not arise in connection with a contract which is subject to, consumer credit legislation; 

  

	23.	are not subject to, and did not arise in connection with a contract which is subject to, public procurement laws and regulations; 

  

	24.	did not originate from the resale of products which had been acquired by the relevant Seller subject to a reservation of title, unless the reservation of title has lapsed already
due to the payment of the original acquisition price; 

  

	25.	are Receivables generated in compliance with Credit and Collection Policies; 

  

	26.	with respect to Receivables due by Concentrated Debtors, are Receivables insured under the Insurance Policy in relation to which a Credit Limit (as defined under the Insurance
Policy) has been requested and obtained; 

  

	27.	do not represent claims in connection with the execution by the relevant Seller of a contract which is partly subcontracted to a third party; and 

  

	28.	do not arise under or in relation to Contract of Sales which constitute leasing, hire, hire purchase or contract hire transactions. 

 *            *            *

 An “Eligible Debtor” means: 
  

	1.	at the time of the assignment of the Receivables to the Purchaser and the Onward Purchaser, has not entered into a voluntary arrangement with its creditors, been declared bankrupt,
been defendant in an action for its bankruptcy which remains undismissed for a period of thirty days, has not taken any corporate action nor had legal proceedings commenced against it for its gerechtelijk akkoord/ concordat, dissolution,
liquidation, been subject to the appointment of a gerechtelijke 

  

 - 46 - 

	 	 
bewindvoerder / administrateur judiciaire, sekwester / séquestre or similar officer, been in a situation of stoppage of payments (staking
van betalingen / cessation de paiements), or been subject to any event similar to any of the above under the laws of any jurisdiction; 

  

	2.	is not an affiliate of any Seller; 

  

	3.	is not, except with the Onward Purchaser’s prior consent, a country, state, local government, municipality, public body, government entity, state owned corporation or other
public sector body; 

  

	4.	is not an individual and does not have the benefit of consumer credit legislation; 

  

	5.	is not in default for a period of more than ninety days of any of its payment obligation to any Seller, except where such payment obligation is disputed in good faith; and

  

	6.	if such debtor is a Concentrated Debtor or would be a Concentrated Debtor assuming all outstanding Offers have been accepted, the Average Collection Period Concentrated Debtor for
such Concentrated Debtor does not exceed 70. 

  

 - 47 - 

 THE THIRD SCHEDULE 
 Part 1 Form of Offer 
  

			
	To:	  	Tulip Asset Purchase Company B.V.
	From:	  	Wabco Funding SPRL
	Dated:	  	[                    ]

 Dear Sirs, 
  

	1.	We refer to a receivables purchase agreement (such receivables purchase agreement, as from time to time amended, supplemented or novated being herein called the
“Receivables Purchase Agreement”) dated on or about 28 April 2008 and originally made between yourselves as Onward Purchaser and ourselves as Purchaser. 

  

	2.	Terms defined in the Receivables Purchase Agreement shall bear the same meaning herein. 

  

	3.	We hereby offer to sell, to assign and to transfer to you, pursuant to the Receivables Purchase Agreement, the Receivables listed in the Schedule hereto and the Related Security at
a Purchase Price calculated in accordance with the Receivables Purchase Agreement and notify you that: 

  

	 	(a)	(i) the aggregate Nominal Amount of all the offered Receivables, calculated as at the date hereof, is [            ];

  

	 	(ii)	in respect of each offered Receivables; 

  

	 	(A)	the name, account number and address of the Debtor owing such Receivables; 

  

	 	(B)	the Invoice Date and invoice number of such Receivables; 

  

	 	(C)	the Receivable Due Date of such Receivable; 

  

	 	(D)	the Nominal Amount of such Receivables; and 

  

	 	(E)	if any, the Related Security in respect of such Receivable; 

  

	 	(iii)	the Purchase Price Advance in respect of all the offered Receivables, calculated as at the date hereof, is
[            ]; and 

  

	 	(iv)	the Discount in respect of all the offered Receivables, calculated as at the date hereof, is [ ]; 

  

 - 48 - 

	 	(b)	the proposed Purchase Date is [            ]; 

  

	 	(c)	the Purchase Price Advance is to be paid into account no. [specify number] in the name of [specify account name] at [specify bank name and address].

 This Offer constitutes an irrevocable offer by us binding upon us to assign and to sell to you the ownership interest in the Receivables and
Related Security referred to in this Offer. 
 By virtue of making this Offer, we confirm and repeat the representations and warranties given to you under
Clause 11 of the Receivables Purchase Agreement, in particular, without limitation, in relation to the Receivables which are the subject of this Offer, we repeat all representations and confirm all warranties set forth under Clause 11 of the
Receivables Purchase Agreement. 
  

			
	Yours faithfully,
	
	  

	for and on behalf of
	
	[                    ]

  

 - 49 - 

 Part 2 
 Form of Receipt 
  

			
	To:	  	Tulip Asset Purchase Company B.V.
	From:	  	Wabco Funding SPRL as Purchaser
	Dated:	  	[                    ]

 Dear Sirs, 
  

	1.	We refer to a receivables purchase agreement (such receivables purchase agreement, as from time to time amended, supplemented or novated being herein called the “Receivables
Purchase Agreement”) dated on or about 28 April 2008 and originally made between yourselves as Onward Purchaser and ourselves as Purchaser. 

  

	2.	Terms defined in the Receivables Purchase Agreement shall bear the same meaning herein. This Receipt is given pursuant to Clause 3.1 of the Receivables Purchase Agreement.

  

	3.	We hereby acknowledge receipt of the Purchase Price Advance on the [specify date] in respect of the Receivables identified in the offer dated
[            ], calculated in accordance with the Receivables Purchase Agreement. 

  

			
	Yours faithfully,
	
	  

	for and on behalf of
	
	[                    ]

  

 - 50 - 

 THE FOURTH SCHEDULE 
 Termination Events 
  

	1.	The Purchaser fails to make payment under this Agreement on the date such payment is due and payable as specified in such Agreement, or upon demand where no date is specified,
subject to a five day grace period after notification. 

  

	2.	Any Servicer fails to make payment under the Servicing Agreement to which it is a party on the date such payment is due and payable as specified in such Agreement, or upon demand
where no date is specified. 

  

	3.	The Purchaser fails to perform any of its other obligations under this Agreement, subject to a five day grace period after notification. 

  

	4.	Any Servicer fails to perform any of its other obligations under the Servicing Agreement to which it is a party, subject to a five day grace period after notification.

  

	5.	Any representation or warranty in this Agreement or in any report or any information provided by any Servicer or the Purchaser is materially false or incorrect.

  

	6.	The Purchaser, Wabco Holdings Inc., Wabco Financial Services SPRL, any Seller or any Servicer enters into a voluntary arrangement with its creditors, is declared bankrupt, is
defendant in an action for its bankruptcy which remains undismissed for a period of thirty days, takes any corporate action or has legal proceedings commenced against it for its gerechtelijk akkoord / concordat, dissolution, liquidation, or a
gerechtelijk bestuurder / administrateur judiciaire, sekwester / séquestre or similar officer is appointed in relation to the Purchaser, such Seller or such Servicer, as the case may be, or any stoppage of payments (staking van
betalingen/ cessation de paiements) occurs. 

  

	7.	The Default Ratio Current Month reported in any Monthly Report exceeds 5.5%. 

  

	8.	The Default Ratio Rolling Average in any Monthly Report exceeds 4%. 

  

	9.	The Delinquency Ratio Current Month in any Monthly Report exceeds 4%. 

  

	10.	The Delinquency Ratio Rolling Average in any Monthly Report exceeds 3%. 

  

	11.	The Dilution Ratio Rolling Average in any Monthly Report exceeds 1%. 

  

	12.	The Dilution Ratio Current Month in any Monthly Report exceeds 1.5%. 

  

	13.	A Guarantee Event occurs. 

  

	14.	An Insurance Event occurs. 

  

	15.	The Average Collection Period in any Monthly Report exceeds 70. 

  

 - 51 - 

	16.	The Lender (as defined under the Loan Agreement) fails to make an Advance to the Purchaser as provided for in the Loan Agreement, or the Lender is unable to make an Advance to the
Purchaser under the Loan Agreement because such Advance would result in the Available Facility being exceeded. 

  

	17.	The credit rating of the CP Programme is down-graded by any rating agency or a rating agency determines that a failure to declare a Termination Event would result in the credit
rating of the CP Programme being downgraded. 

  

	18.	The Onward Purchaser notifies the Purchaser that it has received notification from the provider(s) of credit facilities pursuant to the Liquidity Facility Agreement and/or the
Standby Letter of Credit Agreement to the effect that the cost to them of providing or maintaining such facilities has increased by reason of (i) any change in law or its interpretation or administration and/or (ii) compliance with any
request from or requirement of any central bank, fiscal or monetary or other authority, in either case occurring subsequent to the date of this Agreement and being outside the control of the Onward Purchaser and the relevant credit facility
provider(s), unless the Purchaser agrees to pay such increased cost. 

  

	19.	The Aggregate Receivables Investment hereunder becomes, and remains for three business days, less than the aggregate of the Matured Value of the Loans outstanding from the Issuer to
the Onward Purchaser and all outstanding Advances and the Discount Protection Amount (where applicable converted to US dollars at the rate specified in the relevant agreement). 

  

	20.	Any judgement is given which provides that title to the Purchased Receivables is not vested with the Onward Purchaser. 

  

	21.	The Insurance Policy ceases to be in full force and effect. 

  

	22.	The Purchaser gives at least five days notice, which notice shall be irrevocable, of its decision that a Termination Event is to occur. 

  

 - 52 - 

 THE FIFTH SCHEDULE 
 Form of Monthly Report 
 [Please see overleaf] 
  

 - 53 - 

 THE SIXTH SCHEDULE 
 The Sellers 
  

			
	 Name
	  	 Jurisdiction of incorporation

	WABCO Fahrzeugsysteme GmbH	  	Germany
	WABCO Automotive UK Limited	  	UK
	WABCO France S.A.S.	  	France

 The Servicers 
  

			
	 Name
	  	 Jurisdiction of incorporation

	WABCO Fahrzeugsysteme GmbH	  	Germany
	WABCO Automotive UK Limited	  	UK
	WABCO France S.A.S.	  	France

  

 - 54 -Form of Receivables Sale Agreement

 Exhibit 10.2 
 CLIFFORD 
 CHANCE 
 Execution Copy 
 Dated as of 28 April 2008 
 WABCO FAHRZEUGSYSTEME GmbH 
 as Seller 
 and 
 WABCO FUNDING SPRL 
 as Purchaser 
  
  
 RECEIVABLES SALE AGREEMENT

  
  
 CLIFFORD CHANCE PARTNERSCHAFTSGESELLSCHAFT VON RECHTSANWALTEN, WIRTSCHAFTSPRUFERN STEUERBERATERN UND SOLICITORS SITZ: FRANKFURT AM MAIN • AG
FRANKFURT AM MAIN PR 1000 

 CONTENTS 
  

			
	CLAUSE	  	PAGE
		
	 1.      Definitions
	  	3
		
	 2.      Offer for Receivables
	  	12
		
	 3.      Acceptance, Purchase and Assignment
	  	12
		
	 4.      Payment of the Purchase Price
	  	17
		
	 5.      Perfection and Further Assurance
	  	17
		
	 6.      Appointment of Servicer
	  	18
		
	 7.      Insolvency Risk
	  	19
		
	 8.      Deemed Collections
	  	19
		
	 9.      Default Interest
	  	20
		
	 10.    Representations and Warranties of the Seller
	  	20
		
	 11.    Representations and Warranties of the Purchaser
	  	23
		
	 12.    Covenants
	  	23
		
	 13.    Termination and Default
	  	25
		
	 14.    Taxes, Increased Costs and Indemnities
	  	27
		
	 15.    Assignments and Transfers
	  	32
		
	 16.    Confidentiality
	  	32
		
	 17.    Contract for the Benefit for Third Parties (echter Vertrag zugunsten Dritter) 
	  	33
		
	 18.    No Liability, No Petition and Limited Recourse
	  	33
		
	 19.    Waiver
	  	34
		
	 20.    Partial Invalidity
	  	35
		
	 21.    Notices and Amendments
	  	35
		
	 22.    Applicable Law and Jurisdiction
	  	35
		
	 23.    Facsimile and Counterparts
	  	36
		
	 SCHEDULE 1 General Terms and Conditions of the Seller
	  	37
		
	 SCHEDULE 2 Addresses for Notice
	  	41
		
	 SCHEDULE 3 Form of Offer, Schedule to Offer and Acceptance
	  	42
		
	 SCHEDULE 4 Officer Certificate
	  	48

			
	 SCHEDULE 5 Conditions Precedent
	  	49
		
	 SCHEDULE 6 Authorities to Represent and Sign
	  	51
		
	 EXECUTION PAGE
	  	52

 THIS RECEIVABLES SALE AGREEMENT IS MADE BETWEEN: 
  

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

  

	(2)	WABCO FUNDING SPRL, a Belgian company with its registered office at Rue de Genval 20, 1301 Bierges, Belgium (the “Purchaser”). 

 WHEREAS: 
  

	(A)	The Seller originates trade receivables in the ordinary course of its business. The parties wish to arrange for the sale on a continuing basis by the Seller to the Purchaser of
trade receivables originated by the Seller. 

  

	(B)	The Seller acknowledges that the Purchaser may on-sell a number of Receivables to Tulip Asset Purchase Company B.V. (the “Onward Purchaser” or
“TAPCO”) under the Receivable Purchase Agreement as part of a trade receivables securitisation transaction for certain European subsidiaries and affiliates of WABCO Holdings Inc. 

  

 - 2 - 

 NOW IT IS HEREBY AGREED AS FOLLOWS: 
  

	1.	DEFINITIONS 

  

	1.1	The expressions defined in the Receivable Purchase Agreement dated on or about the date hereof shall, except where the context otherwise requires and save where otherwise defined
herein, have the same meanings in this Agreement and in the recitals hereto. 

  

	1.2	In this Agreement, except as the context otherwise requires: 

 “Acceptance” means an acceptance of an Offer substantially in the form of Part 3 of the Third Schedule hereto; 
 “Advances” means all Advances and Same Day Advances made pursuant to the Liquidity Facility Agreement (as defined therein), all drawings under the Euro Standby Letter of Credit Agreement and all drawings made under the Euro
Programme Enhancement Facility Agreement (in each case as defined therein); 
 “Adverse Claim” means any charge, encumbrance,
proprietary or security interest, lien or retention of title (Eigentumsvorbehalt), any form of extended retention of title (any form of verlängerten or erweiterten Eigentumsvorbehalf), priority, or other right or claim in, over or
on any person’s assets or properties in favour of any other person (but excluding the rights of the Debtor under any Contract in respect of the goods which are the subject of such Contract, their use or their possession); 
 “Aggregate Outstanding Nominal Amount” means at any time, with respect to all Sold Receivables, the aggregate Outstanding Nominal Amount
of each Sold Receivable; 
 “Average Collection Period” means at any time the latest figure published by the Seller for the
average number of calendar days between the invoice date of its Receivables and the date of collection of such Receivables; 
 “business day” means any day (other than a Saturday or a Sunday) on which banks are open for business in London, Amsterdam, Brussels and New York and, if such reference relates to the date for the payment or purchase of any
sum denominated in any currency not the lawful currency in London, Amsterdam, Brussels or New York, any day on which banks in the principal financial centre of the country of such currency are open for business; 
 “Collections” means, with respect to any Sold Receivable, all amounts received in respect of such Sold Receivable including (without
limitation) the following: 
  

	 	(a)	cash collections (including, if applicable, any VAT refunds), finance, interest, late payment or similar charges; 

  

 - 3 - 

	 	(b)	related payments or damages and other cash proceeds of such Receivable or other amounts received or recovered in respect thereof; 

  

	 	(c)	wire-transfers (Überweisungen); 

  

	 	(d)	any payments made on any bill of exchange, promissory note or other negotiable instrument issued in respect of such Receivable to any holder thereof (whether or not issued in
contravention of any provisions of this Agreement); 

  

	 	(e)	all cash proceeds of Related Security with respect to such Receivable; 

  

	 	(f)	any Deemed Collections of such Receivable; and 

  

	 	(g)	if applicable, all recoveries of value added tax from any relevant tax authority relating to any Defaulted Receivable; 

 “Conditions Precedent” means the conditions precedent to the valid delivery of an Offer set out in Schedule 5; 
 “Contract” means each of the agreements between the Seller and a Debtor which is subject to the general terms and conditions set out in
Schedule 1, pursuant to which a Debtor shall be obliged to pay for goods purchased from or services provided by the Seller; 
 “Credit
and Collection Policies” means the collection policies and practices from time to time applied by the Seller and notified in writing to the Purchaser and to the Onward Purchaser in relation to Receivables in accordance with the laws of the
jurisdiction in which the Seller originates or administers Receivables; 
 “CP Programme” means the commercial paper
programme established by the Issuer pursuant to the Dealer Agreements; 
 “Debtor” means a person set out in the records of
the Seller as being obliged to make payments for the provision of goods or services by the Seller evidenced by a Contract for which an invoice has been issued (or, if different, the person so obliged); 
 “Deemed Collection” has the meaning set out in Clause 8 (Deemed Collections); 
  

 - 4 - 

 “Defaulted Receivable” means any Receivable (other than a Disputed Receivable):

  

	 	(a)	in respect of which the Servicer has not been paid by the relevant Debtor (including, without limitation, payments made by third parties on behalf of the Debtor) by the end of the
Collection Period (as defined in the RPA) during which such Sold Receivable becomes more than 90 calendar days overdue for payment from its Receivable Due Date (as defined in the RPA); 

  

	 	(b)	in respect of which the related Debtor is Insolvent; 

  

	 	(c)	in respect of which a declaration has been made by the Seller that such Receivable is irrecoverable for reasons other than the legal quality (Verität) of such
Receivable; 

  

	 	(d)	in respect of which legal proceedings have been initiated for its recovery; 

  

	 	(e)	which has been transferred by the Seller to the doubtful receivables accounts; or 

  

	 	(f)	which has become a Written-Off Receivable; 

 for these
purposes, if a Sold Receivable is credit-insured with an insurance company acceptable to TAPCO only the uninsured portion of such Sold Receivables shall be deemed a Defaulted Receivable; 
 “Disputed Receivable” means any Receivable or any part thereof in respect of which the obligation to pay is either booked or qualified by
the Seller or the Servicer as disputed (for any reason whatsoever other than for reason of the Debtor’s inability to pay) by the Debtor owing such Receivable or in relation to which any court in any instance has ruled that an obligation to pay
the Seller does not exist as an unconditionally enforceable obligation, whether by reason of any matter concerning the goods in respect of which the original invoice was issued or by reason of invalidity or unenforceability of the relevant Contract
relating to such Receivable, any other matter whatsoever or in respect of which a set-off, Zurückbehaltungs- or Leistungsverweigerungsrecht (counterclaim or any retention right) or Anfechtungsrecht or Widerrufsrecht (right to
rescission) exists or is being claimed by such Debtor; 
  

 - 5 - 

 “EURIBOR” means: 
  

	 	(a)	the percentage rate per annum equal to the offered quotation which appears on the page of the Telerate Screen which displays the rate of Banking Federation of the European Union for
the euro (being currently page 248) for such period as of 11.00 a.m. (Brussels time) on the relevant calculation date or, if such page or such service shall cease to be available, such other page or such other service for the purpose of displaying
the rate of the Banking Federation of the European Union as ABN AMRO Bank N.V. shall select; or; or 

  

	 	(b)	(if no Screen Rate is available for the relevant period) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Purchaser at its request quoted
by the Reference Bank to leading banks in the European interbank market, 

 as of 11.00 a.m. (Brussels time) on the quotation
day for the offering of deposits in euro for a period comparable to the relevant term; 
 “Event of Default” has the meaning
defined in Clause 13.2; 
 “Facilities” means each of the Liquidity Facility Agreement, the Euro Programme Enhancement
Facility Agreement and the Euro Standby Letter of Credit Agreement; 
 “Funding Agreement” means the loan agreement between
TAPCO and the Issuer under which the Issuer may agree from time to time to advance moneys to TAPCO for the purchase of receivables (or the funding of the purchase of receivables) and any other agreement whereby TAPCO acquires or may acquire funds
for the purposes of purchasing Purchased Receivables under the RPA (as defined therein), but shall exclude the Facilities; 
 “Insolvency Event” means, in relation to any party, the moment when such party is insolvent; 
 “Insolvency
Official” means, in connection with any Insolvency Proceedings, in relation to a company a liquidator, provisional liquidator, administrator (e.g. Insolvenzverwalter), administrative receiver, receiver or managēr, nominee,
supervisor, trustee, conservator, guardian or other similar official in respect of such company or in respect of all (or substantially all) of the company’s assets or in respect of any arrangement or composition with creditors; 
 “Insolvency Proceedings” means the winding-up, liquidation, dissolution or administration of such company or any equivalent or analogous
proceedings under the law of the jurisdiction in which such company is incorporated or of 

  

 - 6 - 

 
any jurisdiction in which such company carries on business or has any assets including the seeking of liquidation, winding-up, reorganisation, dissolution,
administration, arrangement, adjustment, protection or relief of debtors; 
 “Insolvent”, “Insolvency”,
“insolvent” or “insolvency” in relation to any person (including, without limitation, any Debtor or any party hereto) means that the relevant person is either unable to fulfil its payment obligations as they become due
(zahlungsunfähig) or that the liabilities of that person exceed its assets (Überschuldung) or that such person is presumably unable to pay its debts as they fall due (drohende or voraussichtliche
Zahlungsunfähigkeit) or similar or analogous proceedings under the laws of the jurisdiction in which such person is incorporated (or, if not a company or corporation, domiciled) or any jurisdiction in which such person has its principal
place of business; 
 “Issuer” means Tulip Euro Funding Corporation Limited, a limited liability company incorporated in
Jersey and having its registered office at 26 New Street, St Helier, Jersey, Channel Islands; 
 “Liquidity Facility Agreement”
means the liquidity facility agreement dated on or about the date hereof between the Purchaser, ABN AMRO Bank N.V. and the Banks (as defined therein) and any extension or renewal thereof; 
 “Loan Agreement” means the loan agreement to be entered into between the Purchaser as Borrower and Wabco Financial Services SPRL as
Lender; 
 “Loans” means all outstanding loans or part thereof made to TAPCO pursuant to the Funding Agreement for the
purpose of financing or refinancing any purchase under the Receivables Purchase Agreement; 
 “Matured Value” means, in
respect of any Loan, the sum of (a) the principal amount thereof, (b) all unpaid interest which is scheduled to become due (whether or not then due) under such Loan and (c) all unpaid fees and other amounts which are then known and
scheduled to become due (whether or not then due) on, or in connection with such Loan, in each case payable to, or for the benefit of the Issuer; for the purposes of calculating whether the Aggregate Receivables Investment (as defined in the RPA)
denominated in euro or Sterling exceeds the Matured Value of the Loans, as the case may be, the Outstanding Nominal Amount of each Receivable shall be converted into US dollars using the rate of exchange contracted in the Hedging Transaction (as
defined in the RPA) entered into by TAPCO to hedge its exposure under the Funding Agreement in connection with the funding of the purchase of such Receivable for the delivery to TAPCO of US dollars against the delivery by TAPCO of euro or Sterling;

 “Moody’s” means Moody’s Investors Service, Limited; 
  

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 “Nominal Amount” means, with respect to any Receivable, the principal amount of such
Receivable as reflected in the books of the Seller; 
 “Offer” means a written offer in substantially the form set out in
Part 1 of Schedule 3; 
 “Offer Date” means a day which is two business days prior to a Purchase Date; 
 “Other Receivables Sale Agreements” means each of the following agreements: 
  

	 	(a)	the Receivables Securitisation Deeds dated on or about the date hereof and made between the Purchaser and Wabco Automotive U.K. Limited; 

  

	 	(b)	the Receivables Sale Agreement dated on or about the date hereof and made between ABN AMRO Bank N.V. (Amsterdam Branch) and WABCO France S.A.S.; 

  

	 	(c)	the Onward Sale Agreement dated on or about the date hereof and made between ABN AMRO Bank N.V. (Amsterdam Branch) and the Purchaser; and 

  

	 	(d)	any other Receivables Sale Agreement to be entered into by the Purchaser and a Seller from time to time, with the prior written consent of the Onward Purchaser;

 “Other Servicing Agreements” means each of the following agreements: 
  

	 	(a)	the Servicing Agreements dated on or about the date hereof and made between Tapco and each of Wabco Automotive U.K. Limited and Wabco France S.A.S., respectively;

  

	 	(b)	any other Servicing Agreement to be entered into by Tapco and a Seller (as defined in the RPA) from time to time; 

 “Outstanding Nominal Amount” means, with respect to any Sold Receivable, at any time the Nominal Amount of such Sold Receivable as
determined by the most recent Monthly Report less the amount of Collections received by the Onward Purchaser and applied to the Nominal Amount of such Sold Receivable provided that, for the purpose of calculating the Outstanding
Nominal Amount, Collections shall not be treated as received by the Onward Purchaser until credited to the Operating Account or applied to amounts due by the Onward Purchaser pursuant to Clause 9 of the RPA, and provided further that such
Outstanding Nominal Amount shall be restored in the amount and to the extent of any Collections so received and applied if at any time the distribution of such Collections is rescinded or must otherwise be returned for any reason; 
  

 - 8 - 

 “Programme Limit” shall have the meaning ascribed to such term in the RPA; 

“Purchase Date” means, with respect to any sale of Receivables, the date upon which such sale is completed in accordance with Clause 3
of this Agreement; 
 “Purchase” means each purchase of Receivables hereunder; 
 “Purchase Price” shall have the meaning ascribed to such term in Clause 4; 
 “Purchaser’s Account” means the euro account with the number 720-5402068-53 (IBAN BE53 7205 4020 6853) held in the name of the
Purchaser with ABN AMRO Bank N.V., Belgian branch; 
 “Rating Agencies” means Standard & Poor’s and
Moody’s and “Rating Agency” means either of them; 
 “Receivable” means any indebtedness owed or
purported to be owed to the Seller by a Debtor as the price for goods or services supplied by the Seller to such Debtor including, for the avoidance of doubt, any applicable value added tax; 
 “Receivables Purchase Agreement” or “RPA” means the receivables purchase agreement dated on or about 28 April 2008
and made between the Purchaser and Tulip Asset Purchase Company B.V. providing for the on-sale by the Purchaser to Tulip Asset Purchase Company B.V. of certain Receivables purchased under this Agreement; 
 “Records” means, in respect of any Receivable, all Contracts, correspondence, notes of dealings and other documents, books, books of
account, registers, records and other information (including, without limitation, computer programmes, tapes, discs, data processing software and related property and rights) maintained (and recreated in the event of destruction of the originals
thereof) with respect to such Receivable and the related Debtor; 
 “Reference Bank” means ABN AMRO Bank N.V.; 

 “Related Security” means with respect to any Receivable: 
  

	 	(a)	all Adverse Claims of the Seller on any property from time to time, if any, purporting to secure payment of such Receivable, whether pursuant to the Contract related to such
Receivable or otherwise, together with all financing statements signed by a Debtor describing any collateral security securing such Receivables; 

  

	 	(b)	all guarantees, insurance and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Receivable whether pursuant to the
Contract related to such Receivable or otherwise; 

  

 - 9 - 

	 	(c)	all Records related to such Receivable; 

  

	 	(d)	all proceeds at any time howsoever arising out of (i) the resale, redemption or other disposal of (net of collection costs), or (ii) dealing with, or (iii) judgments
relating to any of the foregoing, (iv) any debts represented thereby, and (v) all rights of action against any person in connection therewith; 

  

	 	(e)	to the extent applicable, (i) the ownership (Eigentum) in the goods which are the subject-matter of a Contract under which such Receivable comes to existence, and
(ii) any claim which the Seller acquires from the Debtor owing such Receivable pursuant to the provisions governing any form of retention of title (including any form of Eigentumsvorbehalt, erweiterter or verlängerter
Eigentumsvorbehalt) subsisting as between such Debtor and the Seller; and 

  

	 	(f)	to the extent applicable, the Seller’s rights to refunds from the relevant tax authorities on account of, if applicable, value added tax in respect of any goods sold or
services rendered to a Debtor, any receivable from whom is or becomes irrecoverable in accordance with the relevant tax laws; 

 “Relevant Claim” means, in respect of any tax for which the Seller would be liable to pay, indemnify or make an additional payment to the Purchaser under Clause 14, any claim, assessment, notice, demand or other document
issued or action taken by or on behalf of a tax authority by which the Purchaser is liable or is sought to be made liable to make a payment to the tax authority or to another person or is denied or sought to be denied a Relief; 
 “Relief” means any loss, relief, allowance, exemption, set-off, deduction, right to repayment or credit or other relief of a similar
nature granted by or available in relation to tax pursuant any legislation or otherwise; 
 “Sale Discount” means, on any
Purchase Date, the product of (a) the aggregate Nominal Amount of all Receivables to be purchased on such Purchase Date, and (b) a fraction having as the numerator the Average Collection Period on such Purchase date, and as denominator
360, and (c) EURIBOR for a duration equal to the Average Collection Period on such Purchase Date (calculated on an actual/360 basis); 
  

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 “Sale Fee” means, on any Purchase Date, 0.1% of the Nominal Amount of all Receivables to
be purchased on such Purchase Date, or such other percentage agreed between the parties; 
 “Servicer” means such person so
designated from time to time in accordance with the Servicing Agreement and being at the date hereof WABCO Fahrzeugsysteme GmbH; 
 “Servicing Agreement” means the servicing agreement of even date herewith made between the Servicer and TAPCO; 
 “Sold Receivables” means any Receivable sold and purchased (or, if the context so requires, to be sold and purchased) under this Agreement; 
 “Standard & Poor’s” means Standard & Poor’s Ratings Services, A Division of The McGraw-Hill Companies; 
 “Tax Administration” means the German tax administration (e.g. the local tax offices (Finanzämter) or the Federal Ministry of
Finance (Bundesfinanzministerium)), unless otherwise provided herein; 
 “Termination Date” shall have the meaning
ascribed to such term in the RPA;  
 “Termination Event” shall have the meaning ascribed to such term in the RPA; 

 “Transaction Documents” means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	any Other Receivables Sale Agreement; 

  

	 	(c)	the Accounts Administration Agreement; 

  

	 	(d)	the RPA; 

  

	 	(e)	the Loan Agreement; 

  

	 	(f)	the Facilities; 

  

	 	(g)	the Servicing Agreement; and 

  

	 	(h)	the Other Servicing Agreements; and 

 “Written-Off
Receivable” means any Receivable which has been written off as irrecoverable for accounting purposes by the Seller in accordance with the Seller’s general accounting practices. 
  

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	1.3	The Seller confirms that he has received a copy of the RPA and is aware of its terms and their implications on this Agreement. 

  

	2.	OFFER FOR RECEIVABLES 

  

	2.1	On each Offer Date after the Conditions Precedent have been fulfilled to the satisfaction of, or waived by, the Purchaser but in any event before the Termination Date, the Seller
may offer to sell and to assign without recourse to the Purchaser Receivables and their Related Security by delivering to the Purchaser an Offer meeting the requirements set forth below. 

  

	2.2	Each Offer delivered pursuant to Clause 2.1 shall: 

  

	 	(a)	specify the aggregate Nominal Amount of the Receivables to be purchased on such Purchase Date, and the Purchase Price in relation to such Offer; 

  

	 	(b)	identify in relation to each such Receivable: 

  

	 	(i)	the name and account number of the Debtor owing such Receivable and its address; 

  

	 	(ii)	the invoice date and invoice number; 

  

	 	(iii)	the Receivable due date; and 

  

	 	(iv)	the Nominal Amount of each such Receivable 

  

	 	(v)	all related security (to the extent applicable and practicable); 

  

	 	(c)	specify the bank and account into which the Purchase Price is to be paid. 

  

	2.3	Delivery of an Offer pursuant to Clause 2.1 shall constitute an irrevocable offer by the Seller binding upon it to sell, to transfer and to assign to the Purchaser on the following
Purchase Date each of the Receivables designated in such Offer and the Related Security. 

  

	3.	ACCEPTANCE, PURCHASE AND ASSIGNMENT 

  

	3.1	Upon delivery of an Offer in accordance with Clause 2, the Purchaser shall accept such Offer in respect of all Receivables the subject of such Offer if: 

  

	 	(a)	no Event of Default shall have occurred and be continuing as at the proposed Purchase Date; 

  

	 	(b)	the Conditions Precedent have been fulfilled to the satisfaction of the Purchaser or waived by it; 

  

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	 	(c)	the Offer meets the requirements of Clause 2.2; 

  

	 	(d)	the representations and warranties set out in Clause 10 are true in each and every respect; 

  

	 	(e)	on the proposed Purchase Date, assuming the Offer is accepted, the Aggregate Receivables Investment would be equal to or higher than the sum of (i) the aggregate Matured Value
of the Loans outstanding from the Issuer to the Onwards Purchaser and (ii) all outstanding Advances (where applicable, such amounts to be converted to euro at the rate specified in the relevant hedging agreement); 

 by depositing to the account specified in the Offer in immediately available funds on the relevant Purchase Date, a sum equal to the Purchase Price (in
relation to the first Purchase hereunder) or (in relation to any subsequent purchase) by sending a written (including by fax or e-mail) Acceptance, not later than 2.15 p.m. (Brussels time) on the relevant Purchase Date, or any other time as may be
specified from time to time by the Purchaser in view of the then prevailing systems and practices for the settlement of payments. Such Receivables and the Related Security shall be sold and assigned to the Purchaser and title thereto shall pass from
the Seller to the Purchaser after the Offer has been accepted. Within one business day of receipt of the Purchase Price, the Seller shall provide a receipt to the Purchaser substantially in the form set out in Part 4 of the Third Schedule. Should
the Purchaser have positive knowledge that any of the conditions set out above in this Clause 3.1 are not met, it shall immediately notify the Seller hereof. In case the Purchaser issues such notification the Seller may, on the same day on which he
received such notification, send a corrected Offer to the Purchaser, the Purchaser shall then accept such Offer if it then meets the requirements of this Clause 3.1. For the avoidance of doubt, all Receivables the subject of an Offer which has been
accepted shall be transferred to the Purchaser regardless of such Receivables being eligible for purchase. 
 Provided always that, if
any of the conditions referred to above (save for those conditions which refer to the valid title of the Seller and the transferability of the relevant Receivable) are not met to any extent, then (whether or not the Purchaser is aware of the breach
of such conditions) this shall affect neither the validity of the purchase contract (subject to the rights of the Purchaser thereunder) nor of the Purchaser’s title to the relevant Receivables nor any remedy the Purchaser may have for such
breach whether under this Agreement or at law. 
  

	3.2	 If any Receivable or the Related Security is not transferred for any reason following acceptance of an Offer in accordance with the terms of the 

  

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Agreement, other than the Purchaser’s own negligence or default, the Seller shall be obliged to take all actions necessary for the transfer of such
Receivable or Related Security without undue delay and at its own expense. The Seller shall indemnify the Purchaser against any loss or expense reasonably incurred by the Purchaser as a result of the failure to transfer the same, other than any loss
or expense resulting from the negligence or default on the part of the Purchaser in effecting such transfer. 

 The Seller
shall indemnify the Purchaser against any loss or expense reasonably incurred by the Purchaser as a result of any purported revocation of an Offer or any failure by the Seller to complete the sale, purchase and assignment of the Receivables
specified in an Offer other than any loss or expense resulting from the gross negligence or default on the part of the Purchaser in connection therewith, and in no event shall the Seller be liable for any special, punitive or consequential damages
asserted by the Purchaser. 
 Until any such full transfer and assignment of Sold Receivables and/or Related Security is fully effected and
legally valid and binding, the Seller shall hold such Receivable or the Related Security (which by failure of their transfer and/or their assignment and contrary to the intentions of this Agreement legally remains the Eigentum (property) of
the Seller) as a Treuhänder (German law trustee) for the account of the Purchaser. The indemnity under this Clause 3.2 shall be limited to an amount equal to the Nominal Amount of Sold Receivables. 
  

	3.3	In particular, without limitation, to the extent that title to the Related Security cannot be transferred by mere agreement between the Seller and the Purchaser as provided above in
this Clause, the Seller and the Purchaser agree that: 

  

	 	(a)	insofar as Related Security governed by German law is concerned: 

  

	 	(i)	any transfer of possession (Übergabe) necessary to transfer title in a Related Security, in particular in relation to any form of retained title (Vorbehaltseigentum),
is replaced by: 

  

	 	(1)	in case that the Seller has direct possession (unmittelbaren Besitz) in the relevant objects over which the security is created, the Seller holding the relevant chattel in
custody for the Purchaser free of charge (unentgeltliche Verwahrung); and/or 

  

	 	(2)	in case that the Seller has indirect possession (mittelbaren Besitz) or otherwise a claim for return (Herausgabeanspruch) of or to the relevant objects over which the
security is created, assigning hereby to the Purchaser all claims for return (Abtretung des Herausgabeanspruchs) against the relevant persons which are in actual possession of such chattel; 

  

 - 14 - 

	 	(ii)	any other thing to be done or form or registration to be perfected shall be immediately done and perfected by the Seller at its own cost; the Seller hereby agrees that if it fails
to do such thing or fails to perfect such form or registration, the Purchaser is hereby irrevocably authorised to do everything necessary for such thing to be done, such form to be perfected or such registration to be made on behalf of the Seller,
at the Seller’s own cost; 

  

	 	(b)	insofar as Related Security governed by the laws of any other jurisdiction is concerned: 

  

	 	(i)	the Seller shall (in such form as the Purchaser requires) perform all acts and do all things at its own cost which, under applicable law, are necessary in order to effect transfer
of title to the Purchaser, and the Seller hereby agrees that if it fails to perform such acts or do such things, the Purchaser is hereby irrevocably authorised to perform such acts and do such things on behalf of the Seller and at the Seller’s
own cost); and 

  

	 	(ii)	insofar as applicable law does allow, sub-paragraphs (a)(i) and (a)(ii) shall apply mutatis mutandis to such Related Security. 

 To the extent that the Purchaser purchases any Receivable on a Purchase Date the Purchaser waives implicitly the conditions set out in clause 3.1, without
prejudice to any remedies available to the Purchaser. 
  

	3.4	If, at any time on or before the close of business on any Business Day (as defined in the Liquidity Facility Agreement) of the Seller, the Aggregate Receivables Investment (as
defined in the RPA) is less than the aggregate of the Matured Value of the Loans and all outstanding Advances (where applicable converted to U.S. dollars at the rate specified in the relevant Hedging Transaction (as defined in the RPA)), the Seller
shall offer to sell to the Purchaser an additional amount of Receivables at such Purchase Price as is necessary to reduce such deficiency to zero. 

  

	3.5	Without limiting the obligation of the Seller under Clause 3.4, if the Seller is in breach of its obligations under Clause 3.4, the only remedy available to the Purchaser shall be
to declare the occurrence of a Termination Event and the Purchaser shall have no right to any monetary compensation or to seek to compel the Seller to effect any such additional sales. 

  

 - 15 - 

	3.6	All purchases of Receivables hereunder are made without recourse to the Seller for reason of a Sold Receivable having been or become a Defaulted Receivable at the time of the sale
of such Receivable and it is the clear intention of the parties to transfer the credit risk (Delkredererisiko) from the Seller to the Purchaser together with every Sold Receivable. For the avoidance of doubt, the parties confirm their
intention that any sale under this Agreement shall constitute a true sale of the Sold Receivables, and not a security arrangement for any obligations of the Seller. The Purchaser shall have full title and interest in and to the Sold Receivables,
shall be free to further dispose of such Sold Receivables, and subject to the payment to the Seller of the purchase price thereof in accordance with Clause 4 shall be fully entitled to receive and retain for its own account any Collections in
respect of such Sold Receivables. Should any court, however, rule that this Agreement (or any Purchase under this Agreement) constitutes a security arrangement rather than a true sale, then, without prejudice to the Seller’s right to terminate
this Agreement pursuant to Clause 13.3, this Agreement (and any purchase under this Agreement) shall be interpreted so as to mean that the Seller has assigned the Sold Receivables to the Purchaser as security for all obligations of the Seller under
this Agreement (including any purchase under this Agreement) and the Servicing Agreement, and all provisions hereof and thereof shall be construed mutatis mutandis. 

  

	3.7	The Seller may demand performance by the Purchaser of its obligations hereunder and enforce these obligations, but waives the right to demand rescission of the purchase of any
Receivable. The Seller waives any unpaid seller’s lien that it may have under law. 

  

	3.8	The Seller undertakes to endorse any bills of exchange and/or, if applicable, promissory note it has received in relation to any Sold Receivables to the Purchaser. It is hereby
agreed that the Seller shall hold possession in any such bill of exchange and/or, if applicable, promissory note for and on behalf of the Purchaser as Besitzer (possessor) in accordance with this Agreement. In case of bills of exchange
furnished with an endorsement in blank the transfer shall be effected by way of an issuance in blank (Blankobegebung). In cases of endorsements to the Purchaser which are not made in blank the Purchaser shall re-endorse the relevant bill of
exchange and/or, if applicable, promissory note by way of proxy endorsement (Vollmachtsindossament/Inkassoindossament). 

  

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	4.	PAYMENT OF THE PURCHASE PRICE 

  

	4.1	On each Purchase Date on which the Purchaser accepts an Offer in accordance with clause 3.1, the Purchaser shall pay to the Seller the purchase price for the Receivables sold on
that date, calculated as follows (the “Purchase Price”): 

  

	 	(a)	the outstanding Nominal Amount of the Receivables sold on the relevant Purchase Date; minus 

  

	 	(b)	the Sale Fee; minus 

  

	 	(c)	the Sale Discount. 

  

	4.2	The Nominal Amount of the Receivables, for the purposes of the above calculations, includes VAT, if applicable. 

  

	4.3	On each date upon which this Agreement requires an amount to be paid by either party hereunder, such party shall, save as expressly provided herein, make the same available to the
payee by payment in the relevant currency and in immediately available, freely transferable, cleared funds to such account and bank as the relevant payee shall have specified for this purpose. 

  

	4.4	All payments made by the Seller hereunder shall be made free and clear of and without any deduction for or on account of any set-off or counterclaim. 

  

	4.5	The Purchaser may, but need not, apply any sum at any time due from it to the Seller (in its capacity as Seller or Servicer) under this Agreement or under the Servicing Agreement in
or towards satisfaction of any amount then due from the Seller (in its capacity as Seller or Servicer) and, for this purpose, the Purchaser may apply the sum so due from it in or towards the purchase of such amounts of such other currencies as may
be required to effect such application. 

  

	5.	PERFECTION AND FURTHER ASSURANCE 

  

	5.1	The Purchaser may do whatever is necessary to ensure that the sale and assignment of the Receivables is duly perfected against third parties. The Purchaser may in particular give
notice of the sale and assignment or the purported sale and assignment of the Receivables to the Debtors, and may require the Seller to do so. To this effect, the Seller shall deliver to the Purchaser simultaneously with the execution of this
Agreement a certificate in the form of Schedule 4 to this Agreement, duly printed on its headed paper and executed by a duly authorized officer. Each notification made by the Purchaser in accordance with this Clause 5.1 may be accompanied by a
photocopy of such certificate. 

  

	5.2	 The Seller agrees that from time to time it will promptly execute and deliver all instruments and documents and take all action that the Purchaser may 

  

 - 17 - 

	 	 
reasonably request in order to perfect or protect the assignment of the Receivables or to enable the Purchaser to exercise or enforce its rights under this
Agreement (including, without limitation, at its own costs do all acts to comply with its obligations under Sections 402 et seq. German Civil Code (Bürgerliches Gesetzbuch)). 

  

	5.3	Any notice to the Debtors pursuant to this Clause 5 shall instruct the Debtors to pay the amount of the Sold Receivables directly to the Purchaser or Tulip Asset Purchase Company
B.V., as the case may be, and shall state the relevant bank account number. 

  

	5.4	If any Receivable or the Related Security is not transferred for any reason, the Seller shall be obliged to take all actions necessary for the transfer of such Receivable or Related
Security without undue delay and at its own expense. The Seller shall indemnify the Purchaser against any loss or expense incurred by the Purchaser as a result of the failure to transfer the same, other than any loss or expense resulting from the
negligence or default on the part of the Purchaser in effecting such transfer. 

  

	6.	APPOINTMENT OF SERVICER 

  

	6.1	The servicing, administering and collection of the Sold Receivables (the “Servicing”) shall be conducted by the Seller in its capacity as Servicer pursuant to the
Servicing Agreement. For the avoidance of doubt, the parties acknowledge that the Servicing shall not be (i) transferred from the Seller to the Purchaser and from the Purchaser onwards to TAPCO and (ii) then outsourced by TAPCO to the
Servicer; it is understood that the Servicing shall remain with the Seller pursuant to the Servicing Agreement regardless of the sale of the Sold Receivables to the Purchaser and their subsequent sale to TAPCO. 

  

	6.2	The Purchaser may initiate legal proceedings against a Debtor for the collection of a Sold Receivable. Before initiating legal proceedings, the Purchaser (unless it is prevented
from doing so as a result of the sale of the Receivable to a third party) shall offer the Seller the possibility to buy back such Sold Receivable at its outstanding Nominal Amount. 

  

	6.3	The parties hereto confirm their express intent that the validity or the invalidity of any servicing arrangements between the Seller acting as Servicer (in particular, without
limitation, for reasons of the Seller having or not having obtained a license pursuant to the German Act on the Rendering of Legal Advice (Rechtsberatungsgesetz / Rechtsdienstleistungsgesetz)) shall leave the validity of any Purchase and any
assignment of any Receivable and all Related Security pursuant to this Agreement unaffected. 

  

 - 18 - 

	7.	INSOLVENCY RISK 

 For the avoidance of doubt, the
parties confirm that the Purchaser shall bear the risk of insolvency of the Debtors of the Receivables purchased by it hereunder and that the transactions contemplated hereunder are anticipated to fall within the scope of true factoring (echtes
Factoring). 
  

	8.	DEEMED COLLECTIONS 

  

	8.1	If on any day: 

  

	 	(a)	a Receivable becomes a Disputed Receivable; 

  

	 	(b)	the Nominal Amount of any Receivable is reduced by reason of any set-off or counterclaim or any discount or other trade credit; 

  

	 	(c)	the effectively collectible amount of a Receivable is reduced by reason of any deduction on account of tax; or 

  

	 	(d)	the Seller is entitled to claim from any tax authorities a refund of any amount of VAT included in a Receivable; 

 the Seller shall be deemed to have received on such day a Deemed Collection in an amount equal to the Outstanding Nominal Amount of such Receivable plus
any reasonable expenses that the Purchaser has already incurred in connection with the administration or attempted collection of such Receivable (in the case of paragraphs (a) to (c)), or the amount of such collection, reduction or refund (in
the case of paragraph (d)). 
  

	8.2	If any Receivable which is or is purported to be sold and assigned to the Purchaser hereunder shall have been collected in whole or in part prior to the Purchase Date without such
Collection having been deducted from the face amount of such Receivable prior to the Purchase Date, then the portion thereof which shall have been so collected shall be treated for the purposes of this Agreement as a Deemed Collection thereof which
has been received on the date of the Purchase Date. 

  

	8.3	If on any day the Seller is deemed to have received a Deemed Collection, the Seller shall hold such an amount to the order and for the benefit of the Purchaser and shall promptly
(without undue delay; ohne schuldhaftes Zögern) pay the amount thereof to the Purchaser by transfer to the Purchaser’s Account. 

  

	8.4	 Upon receipt of the payment referred to in Clause 8.3 on account of a Deemed Collection, the Purchaser shall re-assign to the Seller (without recourse or warranty
on the part of the Purchaser and at the sole cost of the Seller) the relevant Receivable or fraction thereof. To the extent, however, that the 

  

 - 19 - 

	 	 
Purchaser has transferred such Receivable to any third party, such re-assignment of the Receivable to the Seller shall be subject to the rights of such third
party and shall only take place if and when the Purchaser is able itself to obtain a reassignment from such third party. 

  

	9.	DEFAULT INTEREST 

  

	9.1	If any sum due and payable by either party under this Agreement or under any judgement rendered in connection therewith is not paid on the due date therefor, such sum shall bear
interest as of right and without notice at EURIBOR (three months) determined for the period selected by the Purchaser plus 2%, on a actual/360 basis, from the due date thereof until actual payment. 

  

	9.2	Section 288 (1) German Civil Code (Bürgerliches Gesetzbuch) shall not apply to the extent it limits in any way the amount of default interest agreed between
the parties from time to time 

  

	10.	REPRESENTATIONS AND WARRANTIES OF THE SELLER 

  

	10.1	The Seller represents and warrants to the Purchaser that: 

  

	 	(a)	it is a corporation duly incorporated under the laws of its jurisdiction of Germany, is not subject to any legal proceedings for an Insolvency Event and has not filed an application
for an Insolvency Event, its annulment as a legal entity or the appointment of an Insolvency Officer; 

  

	 	(b)	its centre of main interests for the purposes of the Council Regulation (EC) No. 1346/2000 on insolvency proceedings (which came into force on 31 May 2002) is based in
Germany and that it has no establishments outside Germany; 

  

	 	(c)	the execution, delivery and performance by the Seller of this Agreement and the transactions contemplated hereby are within its corporate powers have been duly authorised by all
necessary corporate action, require no action by or in respect of, or filing, recording or enrolling with, any governmental body, agency court official or other authority, and do not contravene, or constitute a default under, any provision of
applicable law or regulation, by laws or other constituting document (Gesellschaftsvertrag) of the Seller as amended from time to time or of any agreement, judgement, injunction, order, decree or other instrument binding upon the Seller or
result in the creation or imposition of any Adverse Claim on the assets of the Seller (other than in favour of the Purchaser pursuant to this Agreement); 

  

	 	(d)	this Agreement constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms; 

  

 - 20 - 

	 	(e)	this Agreement does not violate any contractual or other obligation binding upon the Seller; and 

  

	 	(f)	all information heretofore furnished by the Seller to the Purchaser for the purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such
information hereafter furnished by the Seller to the Purchaser will be, true and accurate in every material respect, on the date that such information is stated or certified. 

  

	10.2	In addition, the Seller represents and warrants to the Purchaser that: 

  

	 	(a)	none of the Sold Receivables have been subject to any attachment (Pfändung); 

  

	 	(b)	the amount, due date and other details of each Sold Receivable as set out in the report delivered by the Seller to the Purchaser under Clause 2.2 are true and correct;

  

	 	(c)	the Seller holds full and unencumbered title to and is the sole and unencumbered owner of each Receivable the subject of an Offer and the Related Security and none of the
Receivables the subject of an Offer have been assigned or sold by the Seller to any person other than the Purchaser; 

  

	 	(d)	the Sold Receivables are obligations which can be transferred by way of sale and assignment, and of which transfer by way of sale and assignment is not subject to any contractual or
legal restriction (which includes for the avoidance of doubt, all applicable data protection laws). The sale and/or assignment of the Sold Receivables and Related Security does not violate any law or any agreement by which the Seller may be bound
and are Receivables which upon such sale and assignment will not be available to the relevant creditors in an insolvency of the Seller; 

  

	 	(e)	upon each Purchase Date hereunder, the Purchaser shall acquire the full ownership of each Sold Receivable assigned on such Purchase Date and the Related Security with respect
thereto; 

  

	 	(f)	each Receivable purported to be sold hereunder is subject to the Seller’s general terms and conditions of sale set out in Schedule 1; 

  

	 	(g)	the terms governing each Receivables purported to be sold hereunder are set out exclusively in the general terms and conditions of the Seller, these provisions are legal, valid and
binding and their provisions contain retention of title clauses as are required by the Seller’s credit insurance policy; 

  

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	 	(h)	each Receivable the subject of an Offer constitutes legally valid and enforceable obligations of the relevant Debtors enforceable against such Debtors in accordance with the
Contracts; 

  

	 	(i)	each Debtor of a Receivable the subject of an Offer is an entrepreneur (Unternehmer) within the meaning of Section 14 of the German Civil Code (Bürgerliches
Gesetzbuch), a private legal entity, company, body corporate or a partnership between corporate entities and not, for the avoidance of doubt, consumers; 

  

	 	(j)	each Receivable the subject of an Offer is governed by German law; 

  

	 	(k)	each Receivable the subject of an Offer is not, and will not be, subject to any right of rescission, set-off, counterclaim or other defence; and 

  

	 	(1)	upon each Purchase Date hereunder the Purchaser shall acquire the ownership of each Sold Receivable assigned on such Purchase Date and the Related Security with respect thereto, and
that to the best of the Seller’s knowledge and belief, each such Sold Receivable shall be free and clear of any Adverse Claim (other than in favour of the Purchaser) excluding for the avoidance of doubt (i) any customary retention of title
claims of its suppliers (verlängerte Eigentumsvorbehalte) arising in the ordinary course of business on the assets of the Seller and (ii) any set-off rights arising by operation of law. 

  

	10.3	The Purchaser contemplates reselling to a third party all or part of the Receivables purchased from the Seller, in the context of a securitisation of Receivables of certain European
subsidiaries and affiliates of Wabco Holdings Inc. In this connection, the Purchaser may from time to time provide the Seller with a copy of the representations, warranties, eligibility criteria and other relevant requirements of the proposed
securitisation programme, and request that the Seller correspondingly to make additional representations and warranties and undertake additional covenants in respect of those Receivables sold hereunder which may be eligible for resale under the
securitisation programme. The Seller undertakes to use reasonable efforts to comply with this request and to offer its full co-operation in this respect. 

  

	10.4	The representations and warranties made in Clauses 10.1 and 10.2 shall be given by the Seller to the Purchaser on the date hereof and on each Purchase Date. The representations and
warranties made in accordance with Clause 10.1 and 10.2 shall be made with each Offer and repeated as soon as practicable after the Purchaser’s request to that effect. 

  

	10.5	 The Seller shall provide that no extended retention of title clauses (verlängerte Eigentumsvorbehalte), or similar clauses which provide for an
assignment of 

  

 - 22 - 

	 	 
Receivables to a supplier exist, unless the relevant contractual arrangements between the Seller and such supplier containing such retention of title clauses
or similar clauses authorise the Seller to sell and validly assign the relevant Receivables in the manner provided under and pursuant to this Agreement. Furthermore, in such cases the Seller warrants that it will duly pay the relevant suppliers.
Furthermore, where supplies have been purchased by the Seller subject to retention of title (Eigentumsvorbehalte) and/or ownership rights due to manufacturing clauses (Verarbeitungsvorbehalte) of the suppliers of the Seller, the Seller
shall put the Purchaser into the same position as if the goods had been owned by such Seller. 

  

	10.6	The Seller shall promptly indemnify the Purchaser against any losses resulting from the inaccuracy of any representation made in Clause 10.1 or 10.2 or in accordance with Clause
10.4 other than any loss or expense resulting from gross negligence or fraud on the part of the Purchaser in connection therewith and in no event shall the Seller be liable for any special, punitive or consequential damages asserted by the
Purchaser. 

  

	10.7	Without detriment to the foregoing and the generality of Clause 19.3, for the avoidance of doubt, in relation to this Clause 10, and in the event of the Purchaser having any right
hereunder to receive indemnification, this shall not be subject in any way to a right of the Seller to subsequent performance (Nachbesserung) but the Purchaser shall immediately be entitled to liquidate its claim arising therefrom against the
Seller. 

  

	11.	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

 The Purchaser represents and warrants to the Seller that: 
  

	 	(a)	it is a corporation duly incorporated under Belgian law, is not subject to any legal proceedings for an Insolvency Event and has not filed an application for a bankruptcy
(faillite/faillissement); 

  

	 	(b)	its execution, delivery and performance of this Agreement and the transactions contemplated hereby are within its corporate powers and have been duly authorised by all necessary
corporate action; 

  

	 	(c)	this Agreement does not violate any contractual or other obligation binding upon the Purchaser; and 

  

	 	(d)	there is no floating charge in existence on the business of the Purchaser. 

  

	12.	COVENANTS 

 At all times from the date hereof until
all Receivables have been duly paid by the relevant Debtors to the Purchaser: 
  

 - 23 - 

	 	(a)	the Seller shall provide the Purchaser upon request with a copy of its latest audited annual accounts; 

  

	 	(b)	the Seller shall comply in all respects with all laws, rules, regulations, orders, writs, judgements, injunctions, decrees or awards to which, to the best of its knowledge, it may
be subject, and which could reasonably be regarded as material in the context of the transactions contemplated by this Agreement; 

  

	 	(c)	the Seller shall provide the Purchaser with all information to which the Purchaser is reasonably and properly entitled pursuant to this Agreement; 

  

	 	(d)	upon request, the Seller shall provide the Purchaser with a copy of the invoices relating to the Receivables sold; 

  

	 	(e)	the Seller shall furnish to or notify the Purchaser of: 

  

	 	(i)	prior to implementation, any change in or amendment to the Credit and Collection Policies which the Seller does not in its reasonable opinion consider to be material;

  

	 	(ii)	any material change in or amendment to the Credit and Collection Policies for approval prior to implementation, such approval not to be unreasonably withheld; if such approval is
not given by the Purchaser, no such change or amendment of the Credit or Collection Policies will be implemented; and 

  

	 	(iii)	such other information (including non-financial information) as the Purchaser may from time to time reasonably request; 

  

	 	(f)	the Seller shall keep and maintain adequate Records on a Receivable by Receivable basis. The Seller shall give the Purchaser notice of any material change to its administrative and
operating procedures in relation to the keeping and maintaining of Records; 

  

	 	(g)	the Seller shall, at its expense, in a timely and commercially reasonable, manner fully perform and comply with all provisions, covenants and other promises required to be observed
by it under the contracts related to the Sold Receivables as if interests in the Sold Receivables had not been assigned and sold hereunder; 

  

	 	(h)	the Seller shall comply with the Credit and Collection Policies with regard to all Receivables, any Related Security and the related Contract as if interests in the Receivables had
not been or were not to be sold hereunder; 

  

 - 24 - 

	 	(i)	the Seller shall not sell, assign or otherwise dispose of, or create or suffer to exist any encumbrance upon or with respect to any goods the subject of any Sold Receivable, any
Sold Receivable or related Contract or security, or assign any right to receive income in respect thereof or attempt, purport or agree to do any of the foregoing; 

  

	 	(j)	the Seller shall not in any way extend, amend or otherwise modify the material terms of any Sold Receivable or amend, modify or waive any material term or condition of any Contract
related thereto. For the avoidance of doubt, it is further understood between the parties hereto that the Seller shall in no manner whatsoever be entitled to act as a representative of any kind of the Purchaser; 

  

	 	(k)	the Seller shall assist the Purchaser’s auditors and provide information to them upon request; 

  

	 	(1)	the Seller shall not change the nature of its business; 

  

	 	(m)	the Seller shall not assume any management functions including, without limitation, factual management functions (faktische Geschäftsleitung) or day to day management
functions (Tagesgeschäft) of the Purchaser; 

  

	 	(n)	the Seller shall not represent or purport to represent the Purchaser in Germany; 

  

	 	(o)	the Seller shall not conduct the business (Geschäftbesorgen) of the Purchaser on a permanent basis (nachhaltig) and is not subject to the instructions of the
Purchaser; 

  

	 	(p)	the Seller shall not conclude contracts in the name of or on behalf of the Purchaser on a permanent basis (nachhaltig); 

  

	 	(q)	the Seller shall not solicit or act as agent for the Purchaser to solicit contracts or business for the Purchaser; and 

  

	 	(r)	the Seller shall provide towards the Tax Administration, upon request, information regarding the conduct of its business being in accordance with (m) to (q) above and all
further information as to the non-existence of any place of factual management. 

  

	13.	TERMINATION AND DEFAULT 

  

	13.1	The Seller may at any time terminate this Agreement with 5 calendar days notice. 

  

	13.2	An Event of Default shall occur if: 

  

 - 25 - 

	 	(a)	any party fails to pay any sum due from it hereunder at the time, in the currency and in the manner specified herein, subject to a 5 calendar day grace period;

  

	 	(b)	(in respect of the Seller) any representation or warranty made by the Seller in Clauses 10.1, 10.2 or 10.3 is or proves to have been materially incorrect or misleading when given;

  

	 	(c)	(in respect of the Purchaser) any representation or warranty made by the Purchaser in Clause 11 is or proves to have been materially incorrect when given; 

 

	 	(d)	any party fails duly to perform or comply with any other obligation expressed to be assumed by it in this Agreement (in particular, without limitation, it fails to comply with any
of the covenants set out in Clause 12) and such failure is not remedied within three calendar days after the other party has given notice thereof to such party; 

  

	 	(e)	any indebtedness of any party in an aggregate amount of at least USD 1,000,000 (in words: one million US dollars) is not paid when due, any such indebtedness is declared to be or
otherwise becomes due and payable prior to its specified maturity, or any creditor or creditors become entitled to declare any such indebtedness due and payable prior to its specified maturity; 

  

	 	(f)	any party is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of its
indebtedness, or makes a general assignment for the benefit of or a composition with its creditors; 

  

	 	(g)	any party is subject to legal proceedings for an Insolvency Event, is dissolved or enters in liquidation, or an Insolvency Officer is appointed in relation to it, or any similar
event occurs under the laws of any jurisdiction; 

  

	 	(h)	any party takes any corporate or other action with a view to any of the events set out in the preceding paragraph; 

  

	 	(i)	the Termination Date or a Termination Event occurs under the RPA; 

  

	 	(j)	an Event of Default (as defined in the Loan Agreement) has occurred under the Loan Agreement; 

  

	 	(k)	any material adverse change occurs in the financial position or the collection procedures of the Seller ; 

  

 - 26 - 

	 	(l)	there is a default by the Seller in respect of any of its payment obligations to third parties in aggregate in excess of USD 1,000,000 or its equivalent at any time;or

  

	 	(m)	the Seller is no longer a subsidiary (directly or indirectly) of Wabco Holdings Inc. 

  

	13.3	This Agreement shall automatically terminate without any further declaration being necessary upon the occurrence of any Event of Default referred to under Clauses 13.2(e), or
13.2(f). If any other Event of Default shall occur and be continuing in respect of either party, the other party may immediately terminate this Agreement by notice to such party. Additionally, the Seller shall have the right to terminate this
Agreement immediately upon written notice to the Purchaser if a court or taxing authority in the jurisdiction in which the Seller is organised or primarily does business determines that this Agreement or any arrangement substantially similar to this
Agreement either (a) constitutes a security arrangement rather than a true sale or (b) otherwise involves an actual or deemed payment by the Seller upon which a withholding tax is due. In such an event the outstanding Nominal Amount of all
Sold Receivables shall be considered to be a Deemed Collection and the provisions of Clauses 8.1, 8.2, 8.3 and 8.4 shall apply. 

  

	13.4	The termination of this Agreement means that no further sales of Receivables may take place, but, except as otherwise provided in Clause 13.3, shall not otherwise affect the rights
and obligations of the parties hereunder and / or the Servicing Agreement. 

  

	14.	TAXES, INCREASED COSTS AND INDEMNITIES 

  

	14.1	 The Seller shall pay all stamp duty, registration and other taxes (but for the avoidance of doubt excluding income taxes and franchise taxes other than such taxes
resulting solely from the activities of the Seller under the Transaction Documents), to which this Agreement or any judgement given in connection herewith may at any time become subject subsequent to the date of this Agreement and, from time to time
on demand of the Purchaser, immediately indemnify the Purchaser against any liabilities, costs, claims and expenses resulting from any failure to pay or any delay in paying any such tax, except those penalties and interest charges that are due to
the negligence or wilful misconduct of the Purchaser or its agents, provided that in the case of any payment relating to the Euro Standby Letter of Credit Agreement, the Seller shall only be required to pay (a) amounts payable solely in respect
of, or as a result of, the transaction contemplated by this Agreement and the funding thereof and (b) such proportion of any general cost equal to the proportion which the L/C Portion relating to the transaction contemplated in this Agreement
bears 

  

 - 27 - 

	 	 
to the then Available L/C Portion (both terms as defined in the Euro Standby Letter of Credit Agreement). In the case of any payment relating to the Euro
Programme Enhancement Facility Agreement, the Seller shall only be required to pay (i) amounts payable solely in respect of, or as a result of, the transactions contemplated by this Agreement and the funding thereof and (ii) such
proportion of any general cost equal to the proportion which the Euro Programme Enhancement Facility Portion relating to the transaction contemplated in this Agreement bears to the then Available Programme Enhancement Facility Portion. The Purchaser
shall, as soon as it becomes aware that any such stamp duty, registration or other taxes may become due, inform the Seller of the same. If the Seller shall request, Purchaser shall contest, or permit Seller to contest on Purchaser’s behalf (in
either case at the expense of Seller) any such stamp duty, registration or other taxes that the Seller reasonably believes is not lawfully owed. The Purchaser and the Seller shall cooperate to the extent practicable, and the Purchaser shall
endeavour to take such measures as shall be practicable, with a view to lawfully mitigate any such stamp duty, registration or other taxes and expenses. In the event that the Purchaser receives a refund of any stamp duty, registration or other taxes
for which the Seller has made an indemnification payment to the Purchaser under this Clause 14.1, the Purchaser will immediately pay such refund to the Seller, inclusive of any interest thereon received from the relevant taxing authority.

  

	14.2	All payments to be made by the Seller to the Purchaser hereunder shall be made free and clear of and without deduction for or on account of any tax unless the Seller is required to
make such a payment subject to the deduction or withholding of any tax, in which case the sum payable by the Seller in respect of which such deduction or withholding is required to be made shall be increased to the extent necessary to ensure that,
after the making of such deduction or withholding, the Purchaser receives and retains (free from any liability in respect of any such deduction or withholding) a net sum equal to the sum which it would have received and so retained had no such
deduction or withholding been made or required to be made. If the Purchaser shall be entitled to exemption from or reduction of an applicable withholding tax, the Purchaser will provide to the Seller such documentation as is required under the laws
of the relevant taxing jurisdiction to avail of said withholding tax exemption or reduction. 

  

	14.3	 If the Seller makes any deduction or withholding and an increased payment becomes payable under Clause 14.2 then, if the Purchaser has been granted by any relevant
tax authority a credit or refund in respect of such payment, the Purchaser shall (to the extent that it can do so without prejudice to the retention of the amount of that credit or refund or any other credit or refund and to the extent that it is
not unlawful or contrary to any official directive of the government (or any taxing or other authority or agency thereof) of the country 

  

 - 28 - 

	 	 
concerned with such credit or refund for it to do so and to the extent that an actual pecuniary benefit is acquired by the Purchaser from such credit or
refund) pay to the Seller such sum as the Purchaser shall in its absolute discretion determine and notify to the Seller to be equal to the proportion of that credit or refund which will leave the Purchaser (after such payment) in no better or worse
position than it would have been if no such deduction or withholding had been required. The Purchaser shall have an absolute discretion as to the order and manner in which it claims any credits or refunds available to it and the manner in which it
arranges its tax affairs and it shall not be obliged to disclose to the Seller any information regarding its tax affairs or computations nor to take any action to procure any such credit or refund. Any payment made under this Clause 14.3 shall be
conclusive evidence of the amount due to the Seller and shall, in the absence of any manifest or material error, be accepted by the Seller in full and final settlement of its rights of reimbursement hereunder in respect of the relevant payment,
deduction or withholding. 

  

	14.4	If the Seller is required to pay a withholding tax and the Purchaser determines that (i) a tax credit is attributable to that withholding tax payment; and (ii) it has
obtained and utilised that tax credit the Purchaser shall pay an amount to the Seller which the Purchaser determines will leave it (after that payment) in the same after-tax position as it would have been in had said withholding tax not been
payable. 

  

	14.5	The Seller shall from time to time on demand of the Purchaser reimburse the Purchaser for all sums payable by the Purchaser to the Onwards Purchaser under Clause 13.4 of the RPA.
The Purchaser shall, as soon as it becomes aware that any amounts referred to in the previous sentence may become due, inform the Seller of the same. The Purchaser and the Seller shall co-operate to the extent practicable with a view to lawfully
mitigating liability for such amounts. 

  

	14.6	If the Purchaser receives an inquiry from or is notified of an examination by any taxing authority (“Tax Audit”) or becomes aware of any matter (whether or not such
matter is a Tax Audit) which might give rise to a Relevant Claim: 

  

	 	(a)	it shall immediately give notice to the Seller of the matter and shall consult with the Seller with respect to the matter, and with respect to a Tax Audit, permit Seller to
participate in the Tax Audit, provided that such participation shall be limited only to matters that might give rise to a Relevant Claim; 

  

	 	(h)	it shall: 

  

	 	(i)	 take any action and institute any proceedings, and give any information and assistance, as the Seller may reasonably request 

  

 - 29 - 

	 	 
to avoid, dispute, resist, appeal, compromise, defend, remedy or mitigate the matter at all stages before and after such matter gives rise to a Relevant
Claim; or 

  

	 	(ii)	in connection with proceedings related to the matter or Relevant Claim, use advisers nominated by the Seller and, if the Seller requests, allow the Seller the exclusive conduct of
the proceedings, 

 in each case, on the basis that the Seller shall fully indemnify the Purchaser on demand against all
reasonable costs incurred as a result of a request or nomination by the Seller; and 
  

	 	(c)	it shall not admit liability in respect of, or compromise or settle, the matter or Relevant Claim without the prior written consent of the Seller (not to be unreasonably withheld or
delayed). 

  

	14.7	Any demand made by the Purchaser under Clause 14 shall be accompanied by a statement, duly certified by an officer of the Purchaser, giving reasonable particulars of the claim for
reimbursement which shall be relied upon and agreed as authoritative by the Seller. 

  

	14.8	The Purchaser hereby agrees promptly to notify the Seller if it becomes aware of any circumstances which could reasonably be expected to lead to a claim on the part of the Purchaser
under Clause 14. 

  

	14.9	Without limiting any other rights which the Purchaser may have hereunder or under any applicable law, the Seller hereby agrees to immediately indemnify the Purchaser, TAPCO and
their respective officers, directors and agents or any assignee, from and against any and all damages, losses, claims, liabilities, reasonably incurred costs and expenses (excluding, for the avoidance of doubt, any tax on income or profits and any
franchise taxes, other than such taxes resulting solely from the activities of the Seller under the Transaction Documents), including, without limitation, reasonably incurred attorneys’ fees (if any), and disbursements including any
irrecoverable value added tax thereon (all of the foregoing being collectively referred to as “Indemnified Amounts”) awarded against or incurred by any of them resulting as a consequence of: 

  

	 	(a)	reliance on any representation or warranty made by the Seller (or any officer of the Seller) under or in connection with this Agreement, any Monthly Report or any other information
or report delivered by the Seller, which shall have been materially false, incorrect or omitting of any material fact at the time made or deemed made; 

  

 - 30 - 

	 	(b)	the failure by the Seller (or any officer of the Seller) to comply with any applicable law, rule or regulation with respect to any Sold Receivable, Related Security or the related
Contract, or the non-conformity of any Sold Receivable, Related Security or the related Contract with any such applicable law, rule or regulation; 

  

	 	(c)	any dispute, claim, offset or defence (other than the effects of the bankruptcy of the Debtor) of any Debtor to the payment of any Sold Receivable (including, without limitation, a
defence based on such Sold Receivable or the related Contract or the Related Security not being a legal, valid and binding obligation of such Debtor enforceable against it in accordance with its terms, or any claim resulting from the Receivables
being governed by the general business terms of the Debtor, or any other claim resulting from the sale of the goods related to such Receivable or the failure to perform any obligations related to such goods or the failure to perform any obligations
related to any applicable laws, rules or regulations in respect thereof; 

  

	 	(d)	any material product liability claims or material personal injury or property damage suit or other similar or related claims or action of whatever sort arising out of or in
connection with the goods which are the subject of any Sold Receivable; 

  

	 	(e)	any disclosure of false, misleading or incomplete information regarding the Debtors by the Seller to the Purchaser or TAPCO or the supply of any Contracts, Records and all other
related documents to the Purchaser or TAPCO, provided that there shall be no obligation to indemnify with respect to information, contracts or records not generated by the Seller or any of its affiliates; 

  

	 	(f)	any claim arising from collection activities conducted by the Seller, including, without limitation, any failure by the Seller, whether as Seller or in its capacity as Servicer, to
transfer any Collection to the Operating account; 

  

	 	(g)	any related indemnities given by TAPCO in each of the Facilities, to the extent that the same relate to the Sold Receivables or the-transactions contemplated in this Agreement,

 excluding, however, (i) Indemnified Amounts to the extent resulting from the gross negligence or wilful misconduct,
fraud, illegal act, breach of contract or fiduciary duty on the part of the Purchaser or TAPCO or their agents, (ii) Indemnified Amounts arising out of the failure of any Debtor to pay amounts lawfully owed in respect of a Sold Receivable, or
(iii) Indemnified Amounts resulting from the re-characterisation of the purchase of the Sold Receivables as another type of transaction or the absence of a true sale of the Sold Receivables. 
  

 - 31 - 

	14.10	Promptly after receipt by the Purchaser of notice of any claim or the commencement of any action or proceedings with respect to which an amount described in Clause 14.1 or 14.2 or
an Indemnified Amount may become payable, the Purchaser will notify the Seller in writing of such a claim or of the commencement of such action. The Seller shall be entitled at its own expense to assume, in the name of the Purchaser, the defence of
any claim, action or proceeding of which it has received notice (whether such notice is received from the Purchaser, a taxing jurisdiction or other claimant or a third party) with respect to which an amount described in Clause 14.1 or 14.2 or an
Indemnified Amount may become payable and shall be entitled (at its own expense) to take, in the name of the Purchaser, such action as the Seller shall see fit to defend or avoid liability for any such amount described in Clause 14.1 or 14.2 or
Indemnified Amount or to recover the same from any third party. The Purchaser shall cooperate fully with the Seller to bring to fruition the rights granted by the Purchaser in the previous sentence, including without limitation, providing all
authorizations and powers of attorney required for the Seller to carry out the actions described therein. 

  

	15.	ASSIGNMENTS AND TRANSFERS 

  

	15.1	The Seller shall not be entitled to assign or transfer all or any of its rights, benefits and obligations hereunder. 

  

	15.2	The Purchaser may at any time transfer all or part of its rights under this Agreement and the Receivables purchased by it to any third party, upon prompt written notice to the
Seller. 

  

	16.	CONFIDENTIALITY 

 The Purchaser may not disclose any
information which the Purchaser should have reason to believe is proprietary to the Seller, without the expressed written consent of the Seller and Wabco Holdings Inc., other than: 
  

	 	(a)	to employees, officers or agents of any of TAPCO, ABN AMRO Bank N.V., the Banks under the Facilities, the Issuer, the Rating Agencies and the Dealers under the Dealer Agreements
(but not, for the avoidance of doubt, holders of commercial paper issued thereunder); 

  

	 	(b)	in connection with any proceedings arising out of or in connection with this Agreement, any Funding Agreement, each of the Facilities or the preservation or maintenance of its
rights thereunder; 

  

 - 32 - 

	 	(c)	if required to do so by an order of a court of competent jurisdiction whether in pursuance of any procedure for discovering documents or otherwise; 

  

	 	(d)	pursuant to any law or regulation or requirement of any governmental agency in accordance with which that party is required or accustomed to act; 

  

	 	(e)	to any governmental, banking or taxation authority or competent jurisdiction; 

  

	 	(f)	to its auditors or legal or other professional advisers; 

 Provided that the above restriction shall not apply to: 
  

	 	(i)	employees or officers or agents of any of the parties referred to in (i) above, any part of whose functions are or may be in any way related to this Agreement;

  

	 	(ii)	information already known to a recipient otherwise than in breach of this Clause; 

  

	 	(iii)	information also received from another source on terms not requiring it to be kept confidential; and 

  

	 	(iv)	information which is or becomes publicly available otherwise than in breach of this Clause. 

  

	17.	CONTRACT FOR THE BENEFIT FOR THIRD PARTIES (ECHTER VERTRAG ZUGUNSTEN DRITTER) 

 The Purchaser and the Seller make all representations and warranties, covenants and obligations for the benefit of the Onward Purchaser as third party
beneficiary within the meaning of a contract for the benefit of third parties under Section 328 German Civil Code (Bürgerliches Gesetzbuch—echter Vertrag zugunsten Dritter) and the Onward Purchaser shall, subject to the terms
and conditions hereof, have the benefit of all representations and warranties, covenants and obligations of the Seller hereunder. 
  

	18.	NO LIABILITY, NO PETITION AND LIMITED RECOURSE 

  

	18.1	 No recourse under any obligation, covenant, or agreement of the Purchaser contained in this Agreement shall be had against any shareholder, officer or director of
the Purchaser, the Onward Purchaser or the Issuer as such, by the enforcement of any assessment or by any proceeding, by virtue of any statute or otherwise; it being expressly agreed and understood that this Agreement is a corporate obligation of
the Purchaser and no liability shall attach to or be 

  

 - 33 - 

	 	 
incurred by the shareholders, officers, agents or directors of the Purchaser, the Onward Purchaser or the Issuer as such, or any of them, under or by reason
of any of the obligations, covenants or agreements of such Purchaser contained in this Agreement, or implied therefrom, and that any and all personal liability for breaches by the Purchaser of any of such obligations, covenants or agreements, either
at law or by statute or constitution, of every such shareholder, officer, agent or director is hereby expressly waived by the Seller as a condition of and consideration for the execution of this Agreement save for liability arising as a result of
gross negligence (grobe Fahrlässigkeit), wilful default (Vorsatz) or fraud (Betrug) on the part of such shareholder, officer, and/or director. 

  

	18.2	The Seller hereby agrees that it shall not, until the expiry of one year and one day after the payment of all sums outstanding and owing under the latest maturing note under the
CP Programme: 

  

	 	(a)	take any corporate action or other steps or legal proceedings for the winding-up, dissolution or re-organisation of or for the appointment of a receiver, administrator,
administrative receiver, trustee, liquidator, sequestrator or similar officer of the Purchaser, the Onward Purchaser or Issuer or of any or all the Purchaser’s, the Onward Purchaser’s or Issuer’s revenues and assets; or

  

	 	(b)	have any right to take any steps for the purpose of obtaining payment of any amounts payable to it under this Agreement by the Purchaser, the Onward Purchaser or the Issuer and
shall not until such time take any steps to recover any debts whatsoever owing to it by the Purchaser or Issuer. 

  

	18.3	Without prejudice and subject to Clauses 18.1 and 18.2, the Seller acknowledges that its recourse against the Purchaser in respect of any matter provided herein shall always be
limited at any time to the assets of the Purchaser, and subject to the orders of priority (if any) set out in agreements the Purchaser entered into in the context of the purchase of Receivables hereunder or the financing of such purchase.

  

	19.	WAIVER 

  

	19.1	No failure on the part of the Purchaser to exercise, or delay on its part in exercising, any right shall operate as a waiver thereof, nor shall any single or partial exercise by the
Purchaser of any right preclude any further or other exercise of such right or the exercise by the Purchaser of any other right. 

  

	19.2	The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies provided by law. 

  

 - 34 - 

	19.3	No claim by the Purchaser for recission, termination or damages against the Seller or any other person under this Agreement or under law shall be subject to any right of the Seller
or such other person to (a) subsequent performance (Nacherfüllung/Nachbesserung) and/or (b) any grace period (Fristsetzung), unless expressly agreed by the Purchaser. 

  

	20.	PARTIAL INVALIDITY 

 Without prejudice to any other
provision hereof, if one or more provisions hereof is or becomes invalid, illegal or unenforceable in any respect in any jurisdiction or with respect to any party such invalidity, illegality or unenforceability in such jurisdiction or with respect
to such party or parties shall not, to the fullest extent permitted by applicable law, render invalid, illegal or unenforceable such provision or provisions in any other jurisdiction or with respect to any other party or parties hereto. Such
invalid, illegal or unenforceable provision shall be replaced by the parties with a provision which comes as close as reasonably possible to the commercial intentions of the invalid, illegal or unenforceable provision. 
  

	21.	NOTICES AND AMENDMENTS 

  

	21.1	Each communication to be made hereunder shall, (except expressly permitted otherwise) be made in writing but, unless otherwise stated, may be made by facsimile or letter.

  

	21.2	Any communication or document to be made or delivered by any one person to another pursuant to this Agreement shall (unless that other person has by fifteen calendar days’
written notice to the other specified another address) be made or delivered to that other person at the address identified in Schedule 2 to this Agreement and shall be deemed to have been made or delivered (in the case of any communication made by
facsimile) when despatched or (in the case of any communication made by letter) when left at that address. Any communication sent by facsimile shall be promptly confirmed by letter but the non-delivery or non-receipt of any such letter shall not
affect the validity of the original facsimile communication. 

  

	21.3	Each communication and document made or delivered hereunder shall be in English. 

  

	22.	APPLICABLE LAW AND JURISDICTION 

  

	22.1	This Agreement shall be governed by German law. 

  

	22.2	Each of the parties hereto irrevocably agrees that the courts of Frankfurt am Main shall have exclusive jurisdiction to hear and determine any suit, action or proceeding, and to
settle any disputes, which may arise out of or in connection with this Agreement and, for such purposes, irrevocably submits to the jurisdiction of such courts. 

  

 - 35 - 

	22.3	Each of the parties hereto irrevocably waives any objection which it might now or hereafter have to the courts referred to in Clause 22.2 being nominated as the forum to hear and
determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with this Agreement and agrees not to claim that any such court is not a convenient or appropriate forum. 

  

	23.	FACSIMILE AND COUNTERPARTS 

 This Agreement may be
executed by facsimile and in one or more counterparts. 
  

 - 36 - 

 SCHEDULE 1 
 GENERAL TERMS AND CONDITIONS OF THE SELLER 
  

	1.0	Basic Terms and Conditions 

  

	1.1	These Standard Terms and Conditions of Sale and Delivery (hereinafter referred to as “WABCO-AGB”) only extend to contracts with business men (natural persons or legal
entities or all forms of partnership entities with separate legal personality, which enter into the agreement in the course of their self-employed or independent business, § 14 German Civil Code (Bürgerliches Gesetzbuch)), public law
entities or public law entities with special public funds. 

  

	1.2	Our quotations are subject to change without notice. The conclusion of any sale or delivery agreement is subject to our acknowledgement of order. 

  

	1.3	Our WABCO-AGB constitute an integral part of each sale or delivery we conclude, namely any offer, declaration of acceptance or acknowledgement of orders. Alterations and supplements
to the WABCO-AGB require our express written acknowledgement in order to be legally valid. 

  

	1.4	The WABCO-AGB shall exclusively apply, save as varied by express agreement accepted in writing by both parties. Any standard terms of business proposed by the Buyer and as regards
the content conflicting to or different from the WABCO-AGB shall already hereby be objected to and will not be binding upon us unless assented in writing. 

  

	1.5	The quantity, quality and description of and any specification for the goods shall be those set out in our quotation (if accepted by the Buyer) or the Buyer’s order (if
accepted by us). The Buyer shall as a matter of principle be responsible for insuring the accuracy of the terms of any order submitted by the Buyer. Apart from that, the Buyer shall be responsible for giving us any necessary information relating to
the goods within a sufficient time to enable us to perform the contract in accordance with its terms. 

  

	2.0	Prices 

  

	2.1	Our prices are for deliveries ex works or warehouse, excluding packaging. Packaging will be charged for at cost price, and will not be taken back. Where we agree to deliver the
goods otherwise then at the Buyer’s premises, the Buyer shall be liable to pay our charges for transport, packaging and insurance. 

  

	2.2	All prices are stated in EURO plus the respective statutory value added tax. 

  

	2.3	We reserve the right, by giving notice to the Buyer at any time before delivery, to increase the price of the goods to reflect increase in the costs to us which is due to any factor
beyond the control of us (such as foreign exchange fluctuation, currency regulation, alteration of duties, significant increase in the costs of materials or other cots of manufacture) or any change in delivery dates. 

  

	3.0	Delivery and transfer of risk 

  

	3.1	Unless otherwise specifically agreed with the Buyer, details on date and/or time of delivery are based on the departure of the ordered goods from the WABCO factory and are not
binding. 

  

	3.2	To the extent that they have an impact on the production and delivery of the delivery item, acts of God, industrial disputes and other occurrences with no fault of WABCO involved
shall entitle us to extend the delivery deadline appropriately. This shall also apply in the event that the aforementioned occurrences take place at a time at which we are in default. 

  

	3.3	In the event that we are in default the Buyer shall be entitled to withdraw from the supply and/or delivery agreement after expiry of a reasonable grace period.

  

	3.4	The risk shall be transferred to the Buyer at latest on dispatch of the delivery item, even if partial deliveries are being made or if we have undertaken to provide other
performances such as, for example, delivery free domicile or payment of transport/shipping costs. 

  

	3.5	Partial deliveries shall be permissible. 

  

 - 37 - 

	4.0	Payment 

  

	4.1	Payments shall be made within 30 days of the date of invoice and without any deduction of any kind to a payment centre to be specified by our company; the date of receipt of payment
shall be decisive. 

  

	4.2	If the Buyer fails to make any payment on the due date—without prejudice to any other rights or remedy available to us—we shall at our discretion be entitled to:

  

	 	-	suspend any further deliveries to the Buyer; or 

  

	 	-	charge the Buyer interest on the amount unpaid, at the rate of 8 per cent per annum above Base Interest Rate until payment in full is made or 

  

	 	-	rescind from the contract, if the Buyer has not fulfilled his payment obligations within a reasonable additional grace period or if such grace period should be legally superfluous
for specific reasons. 

  

	4.3	Payment shall preferably be effected by bank transfer. The acceptance of bills or cheques shall require our consent. No cheque or bill of exchange will be considered as fulfilment
of the payment obligation. International deliveries shall be subject to the opening of a irrevocable/confirmed letter of credit by the Buyer’s bank (or any bank acceptable to us). Any letter of credit will be issued in accordance with the
Uniform Customs and Practice for Documentary Credits, 1993 revision, ICC publication no. 500. 

  

	4.4	We shall be entitled to demand for cash on delivery. 

  

	4.5	We shall be entitled to demand advance payment or the furnishing of collateral in respect of all transactions currently in progress in the event that the Buyer’s ability to pay
should diminish after conclusion of contract or if it should subsequently come to our attention that there are doubts as to the Buyer’s liquidity. If the Buyer is in arrears, any and all payments he owes to us—including those which have
been deferred—shall become immediately payable. Other legal claims over and beyond this shall remain unaffected. 

  

	4.6	The Buyer may only withhold payments or offset against any counterclaims if such counterclaims have been legally established or are indisputed. 

  

	5.0	Reservation of ownership 

  

	5.1	We reserve the ownership of any and all goods we deliver until they have been paid for in full. 

  

	5.2	Before having paid for it in full, the Buyer may neither pledge nor assign the delivery item as security. The Buyer shall inform us in writing without delay in the event of seizure
or any other such action on the part of third parties in order to enable us to seek a court injunction in accordance with § 771 of the German Code of Civil Procedure. If the Buyer fails to do so in due time he will be held liable for any
damages caused. 

  

	5.3	The Buyer shall be entitled to resell the delivery item within the framework of proper business activity. The Buyer herewith and now assigns to us all receivables to the amount of
the invoice value of the reserved goods which arise to him vis-à-vis the purchaser or third parties. Even after such assignment the Buyer shall remain authorised to collect such receivables provided he acts in accordance with the contract and
is not subject to insolvency. Our entitlement to collect such receivables ourselves shall remain unaffected. We undertake to refrain from collecting such receivables provided that the Buyer meets his payment obligations to us in due form and is not
subject to insolvency. If this is not the case we may then demand that the Buyer discloses to us the assigned claims and the related debtors, provides us with all details to enable collection, hands over the relevant documentation and notifies the
debtors of this assignment. 

  

	5.4	If reserved goods are processed or altered, even together with other items that do not belong to us, then we shall be entitled to co-ownership of the new item according to the
proportion of the invoice value of the reserved item vis-a-vis the value of the new item at the time of such processing or alteration. The Buyer shall store all items regarding which we have co-ownership for us at no cost. 

 

	5.5	If the value of the collateral provided to us should in total exceed the claims for which the collateral has been provided by more than 20 per cent then we shall
be obliged to release collateral to such extent, if requested by the Buyer. It is our choice which collateral shall be released. 

  

 - 38 - 

	6.0	Liability 

 To the exclusion of any further claims
we shall be liable for defects in the supplied items as follows: 
  

	6.1	The warranty period for original WABCO parts is 24 months as from the passing of the risk (according to 3.4). 

  

	6.2	The right of removal of faults yielded to the Buyer is primary to the right of correction (in other words subsequent improvement or delivery of a substitute). We have the choice
between subsequent improvement or subsequent delivery. Parts we replace shall pass into our possession. Should the subsequent improvement or substitute delivery fail, the Buyer may at his own choice demand reduction of the price or rescind from the
contract. 

  

	6.3	We are only liable for damages resulting from our gross negligence or wilful misconduct of our legal representatives or our other vicarious agents (so called
“Erfüllungsgehilfen”). Our liability for simple negligence, including the simple negligence of our legal representatives or other vicarious agents is expressly excluded. 

 Our liability for damages according to the applicable statutory law based on an express guarantee assumed by us or the culpable infringement of one of our
essential contractual obligations (so called “wesentliche Vertragspflichten”) shall remain unaffected by the above mentioned limitations on our liability as does our liability based on the culpable injury to life and limb or physical
health of a person, the German Produkthaftungsgesetz (German Product Liability Law) or other liability provisions mandatory under German law. 
  

	6.4	Complaints about recognisable defects as well as those concerning incomplete or incorrect deliveries shall be asserted well grounded in writing and in accordance with § 377
German Commercial Code (Handelsgesetzbuch). Complaints about hidden defects shall be asserted in the aforementioned form and in accordance with § 377 German Commercial Code (Handelsgesetzbuch). 

  

	6.4	Our warranty does not apply to defects which are attributable to circumstances for which we cannot be held liable. Such circumstances include, for example, non-compliance with
installation and/or operating instructions, maintenance errors, inappropriate or improper use, incorrect or negligent handling, normal wear and tear as well as improper interference with the delivery item on the part of the Buyer or third parties.

  

	6.5	Parts complained about are to be submitted to us carefully packed and with closed connections. 

  

	7.0	Use of software 

 On his purchase of items requiring
software for their operation or on his purchase of software as such, the Buyer is, without separate charge, granted the right to use the software provided by us with the capability characteristics provided for by us, but only for the operation of
the items supplied or specified by us. All other rights pertaining to the software shall remain with us. This, for example, means that the Buyer is in particular not entitled to reproduce in any type or form software originating from us without our
prior written consent or to make it available or accessible to any third parties not authorised accordingly by us, as long as the Buyer does not resell the item to a third party and in this context must enable the third party the use of the
software. 
  

	8.0	Conditions of replacement 

  

	8.1	If an appliance is returned to us without any cost to ourselves, the Buyer may then obtain a replacement appliance within the framework of and subject to the respective conditions
of our replacement scheme. Repairs to our appliances are not be carried out by ourselves. 

  

	8.2	Original replacement appliances are marked with a red type plate. Such plates generally have a “7” as last digit of the appliance number. Original replacement appliances
are subject to these WABCO-AGB. 

  

	9.0	Miscellaneous clauses 

  

	9.1	We reserve the right to improve or modify any of the products without prior notice, provided that such improvement or modification shall not effect the form and function of the
product. 

  

	9.2	Any specification, sales literature, quotation etc. shall be strictly confidential and must not be made available to third parties. 

  

 - 39 - 

	10.0	Applicable law, place of fulfilment, place of jurisdiction 

  

	10.1	These terms and conditions are exclusively subject to the law of the Federal Republic of Germany, excluding the provisions of the United Nations Convention on Contracts for the
International Sale of Goods (CISC) and any conflict of law provisions that would require application of another law. 

  

	10.2	Place of fulfilment shall be the headquarters of the invoicing party. 

  

	10.3	In the case of any disputes arising from or in connection with the contractual relationship we shall—if the Buyer is a businessman, a public law entity or a public law entity
with special public funds—be entitled to submit to the court responsible for our headquarters (Hanover). Additionally, we shall have the right to bring a claim before the court of the Buyer’s registered seat of business or at our
discretion before any other court being competent according to any national or international law. 

  

 - 40 - 

 SCHEDULE 2 
 ADDRESSES FOR NOTICE 
  

			
	 TO THE SELLER:

	
	 WABCO Fahrzeugsysteme GmbH
 c/o WABCO Europe Sprl
 Chaussee de Wavre 1789
 1160 Bruxelles
 Belgium

		
	 Attn.:
	 	Malcolm Gilbert/Jef Van Osta
	 Fax:
	 	+32 2 663 98 95
	
	 TO THE PURCHASER:

	
	 WABCO CO FUNDING SPRL

	 Rue de Genval 20
 1301 Bierges
 Belgium

		
	 Attn.:
	 	Paul Chardome
	 Fax:
	 	+32 1 620 0820
	
	 WITH A COPY TO:

	
	 ABN AMRO Bank N.V.

	 Gustav Mahlerlaan 10
 1082 PP Amsterdam
 The Netherlands

		
	 Attn.:
	 	Tuncay Sevincer
	 Fax
	 	+31 20 628 46 66

  

 - 41 - 

 SCHEDULE 3 
 FORM OF OFFER, SCHEDULE TO OFFER AND ACCEPTANCE 
 Part 1 
 Form of Offer 
  

	To:	Wabco Funding SPRL 

  

	From:	WABCO Fahrzeugsysteme GmbH 

  

	Dated:	[—] 

 Dear Sirs, 
  

	1.	We refer to a receivables sale agreement (such agreement, as from time to time amended, supplemented or novated being herein called the “Receivables Sale Agreement”)
dated on or about 28 April 2008 and originally made between yourselves as Purchaser and ourselves as Seller. 

  

	2.	Terms defined in the Receivables Sale Agreement shall bear the same meaning herein. 

  

	3.	We hereby offer to sell, to assign and to transfer to you, pursuant to the Receivables Sale Agreement, the Receivables listed in the Schedule hereto and the Related Security at a
Purchase Price calculated in accordance with the Receivables Sale Agreement and notify you that: 

 (a) 
  

	 	(i)	the aggregate Nominal Amount of all the offered Receivables, calculated as at the date hereof, is [—]; 

  

	 	(ii)	the Purchase Price in respect of all the offered Receivables, calculated as at the date hereof, is [—]; and 

  

	 	(b)	the Purchase Price is to be paid into account no. [specify number] in the name of [specify account name] at [specify bank name and address].

  

 - 42 - 

 This Offer constitutes an irrevocable offer by us binding upon us to assign and to sell to you the
ownership interest in the Receivables and Related Security referred to in this Offer. By virtue of making this Offer we confirm and repeat the representations and warranties given to you under Clause 10, in particular, without limitation, in
relation to the Receivables the subject of this Offer we repeat all representations and confirm all warranties set forth under Clause 10.3 of the Receivables Sale Agreement. 
  

			
		 	Yours faithfully,
		
		 	  

		 	 for and on behalf of
 WABCO Fahrzeugsysteme
GmbH

  

 - 43 - 

 Part 2 
 SCHEDULE TO OFFER: LIST OF RECEIVABLES AND RELATED 
 SECURITY 
  

 - 44 - 

 Part 3 
 Form of Acceptance of Offer of Receivables 
  

	To:	WABCO Fahrzeugsysteme GmbH as Seller 

  

	From:	Wabco Funding SPRL as Purchaser 

  

	Dated:	[insert date] 

 Dear Sirs 
  

	1.	We refer to your letter dated [insert date] in relation to a receivables sale agreement (such receivables sale agreement, as from time to time amended, supplemented or
novated being herein called the “Receivables Sale Agreement”) dated on or about 28 April 2008 and originally made between ourselves as Purchaser and yourselves as Seller (that letter being herein called the
“Offer”). 

  

	2.	Terms defined in the Receivables Sale Agreement shall bear the same meaning herein. 

  

	3.	We hereby accept to purchase from you, pursuant to the Receivables Sale Agreement, the Receivables and the Related Security at the Purchase Price calculated in accordance with the
Receivables Sale Agreement and confirm that we will pay the Purchase Price in the amount of [insert amount and currency] less any set-offs made pursuant to Clause 4 below, into account no. [insert account number] in the name of
[Seller] at [insert name of bank], bank sorting code No. [insert] on [specify actual Purchase Date]. 

  

	4.	We hereby set-off the Purchase Price in the amount of [—] against payment obligations of the Servicer against resulting under and from
[Drafting Note: specify reason for set-off and why Purchaser has the right to set off the claim for disbursements of Collections: i.e. because TAPCO has allowed it to set off its Purchase Price payment obligation
against the Seller’s/ Servicer’s obligation to pay out collections from time to time]. 

  

 - 45 - 

	5.	We hereby confirm our acceptance of the assignment of the Receivables and the Related Security specified in your Offer. 

  

	
	Yours faithfully,
	
	  

	 for and on behalf of
 Wabco Funding
SPRL

	Name:
	Title:

  

 - 46 - 

 PART 4 
 Form of Receipt of the Purchase Price 
  

	To:	Wabco Funding SPRL 

  

	From:	WABCO Fahrzeugsysteme GmbH 

  

	Dated:	[—] 

 Dear Sirs, 
  

	1.	We refer to your [letter dated [insert date] [Drafting Note: in relation to all purchases subsequent to the first purchase / payment
[Drafting Note: in relation to the first purchase]] in relation to our offer under Clause 2 of a receivables sale agreement (such receivables sale agreement, as from time to time amended,
supplemented or novated being herein called the “Receivables Sale Agreement”) dated on or about 28 April 2008 and originally made between ourselves as Purchaser and yourselves as Seller (that letter being herein called
the “Acceptance”). 

  

	2.	Terms defined in the Receivables Sale Agreement shall bear the same meaning herein. 

  

	3.	We hereby acknowledge receipt of the Purchase Price in the amount of [—] on the [specify date] in respect of the
Receivables identified in the offer dated [—], calculated in accordance with the Receivables Sale Agreement [less the amount of [—] which was set off by you as per your
acceptance in accordance with the Receivables Sale Agreement Drafting Note: set-off probably not applicable in relation to first purchase]. 

  

	
	Yours faithfully,
	
	  

	 for and on behalf of
 WABCO Fahrzeugsysteme
GmbH

  

 - 47 - 

 SCHEDULE 4 
 OFFICER CERTIFICATE 
 [Paper head of WABCO Fahrzeugsysteme GmbH] 
 [Date] 
 TO WHOM IT MAY CONCERN

 This is to certify that we have, pursuant to a Receivables Sale Agreement dated on or about 28 April 2008, sold our receivables to Wabco Funding
SPRL. 
 If you receive notification of the sale of receivables pursuant to the above-mentioned Agreement, please follow the instructions of Wabco Funding
SPRL and make any payments owed by you to us as directed by them. 
 Made on [—]. 
  

	
	WABCO Fahrzeugsysteme GmbH
	
	  

	Name:
	
	Title:

  

 - 48 - 

 SCHEDULE 5 
 CONDITIONS PRECEDENT 
  

	1.	Confirmation of ABN AMRO that the “know your client procedures” has been successfully completed in relation to the Seller. 

  

	2.	Delivery of copies of a resolution of the Seller’s managing director(s) (Geschäftsführer), and any other necessary corporate documents, approving this
Agreement and the other documents to be delivered by the Seller and the transactions contemplated hereunder or a letter confirming that no such resolution or corporate document or other document is necessary to approve such agreements or documents
(in respect of the first Purchase only). 

  

	3.	Delivery of 

  

	 	(a)	a certificate of the Seller substantially in the form of Schedule 6 hereto executed by its managing director(s) (Geschäftsführer) certifying the names and
signatures of the officers authorised on behalf of the Seller to make Offers and to fulfil the other obligations contemplated under this Agreement and any other documents to be delivered by the Seller hereunder, on which certificate the Purchaser
may conclusively rely until such time as the Purchaser shall receive from the Seller a revised certificate meeting the requirements of this paragraph 3 and 

  

	 	(b)	an officially certified and updated excerpt from the Commercial Register (Handelsregister) relating to the Seller indicating the names of the managing director(s)
(Geschäftsführer) of the Seller and their authority to sign on behalf of the Seller individually or otherwise (in respect of the first Purchase only) which is not older than 15 calendar days from the date hereof.

  

	4.	a legal opinion by the internal legal department of the Seller confirming that the entering into of this Agreement by the Seller and the transactions contemplated thereby does not
conflict with such statutes and that it is legal and binding upon the Seller. 

  

	5.	A legal opinion as to German law from Clifford Chance Frankfurt in form and substance acceptable to the Purchaser. 

  

	6.	Copy of the latest audited annual and semi annual (if any) financial statements of the Seller. 

  

	7.	Copy of any other statements or contracts the Purchaser deems necessary with regard to Receivables offered from time to time for Purchase hereunder. 

  

 - 49 - 

	8.	Delivery to the Purchaser of a duly signed solvency certificate in respect of the Seller. 

  

 - 50 - 

 SCHEDULE 6 
 AUTHORITIES TO REPRESENT AND SIGN 
 For the purposes of the Receivables Sale Agreement dated on or about
28 April 2008 and entered into between WABCO Fahrzeugsysteme GMBH and Wabco Funding SPRL the (“Receivables Sale Agreement”) on which this Sixth Schedule is based, the following authorities to represent and sign, as
notified by ourselves, shall be valid for business transactions with Wabco Funding SPRL and Tulip Asset Purchase Company B.V. under the Receivables Sale Agreement and all agreements relating thereto until they shall have been revoked by ourselves in
writing vis-à-vis Wabco Funding SPRL and Tulip Asset Purchase Company B.V. The persons hereby notified by ourselves to Wabco Funding SPRL and Tulip Asset Purchase Company B.V. shall further be entitled, until written revocation of authorities
by ourselves, to give or enter into any declarations or actions related to the implementation, settlement and enforcement of the Receivables Sale Agreement. Any of the persons set out below shall be entitled to represent the Seller to this extent
individually (Einzelvollmacht). 
  

									
	 1.
	 	[—]	 	  
	 		 	  

		 		 		 		 	(specimen signature)
					
	 2.
	 	[—]	 	  
	 		 	  

		 		 		 		 	(specimen signature)
					
	 3.
	 	[—]	 	  
	 		 	  

		 		 		 		 	(specimen signature)

  

 - 51 - 

 EXECUTION PAGE 
 Made in three originals on 28 April 2008. 
 SELLER: 
  

									
	WABCO Fahrzeugsysteme GmbH	 		 		 	
			
	  
	 		 	  

	Name:	 	MALCOLM GILBERT	 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 PURCHASER: 
  

									
	 WABCO FUNDING SPRL
	 		 		 	
			
	  
	 		 	  

	Name:	 		 		 	Name:	 	
	Title:	 	Manager	 		 	Title:	 	

  

 - 52 -

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