Document:

Unassociated Document

Exhibit 10.1

 

 

AMENDMENT NO. 1 TO THE

CREDIT AGREEMENT

 

Dated as of November 6, 2012

 

AMENDMENT NO. 1 TO THE CREDIT AGREEMENT (this “Amendment”), dated as of November 6, 2012 among The Interpublic Group of Companies, Inc., a Delaware corporation (the “Company”), the banks, financial institutions and other institutional lenders parties to the Credit Agreement referred to below (collectively, the “Lenders”) and Citibank, N.A., as administrative agent (the “Agent”) for the Lenders.

 

PRELIMINARY STATEMENTS:

 

(1)           The Company, the Lenders and the Agent have entered into a Credit Agreement dated as of July 18, 2008, amended and restated as of April 23, 2010 and further amended and restated as of May 31, 2011 (as so amended and restated, the “Credit Agreement”).  Capitalized terms used in this Amendment and not otherwise defined in this Amendment shall have the same meanings as specified in the Credit Agreement.

 

(2)           The Company, the Required Lenders and the Agent have agreed to amend the Credit Agreement as hereinafter set forth.

 

AGREEMENTS:

 

SECTION 1. Amendments to the Credit Agreement.  The Credit Agreement is, effective as of the date set forth above and subject to the satisfaction of the conditions precedent set forth in Section 2, hereby amended as follows:

 

(a) Section 1.01 is amended by adding the following proviso to the end of the definition of “Total Debt”:

 

“; provided, that Total Debt determined as of any date or for any period from and including November 5, 2012 through and including August 15, 2013 shall not include any Disregarded Debt outstanding as of such date or during such period, as the case may be.”

 

(b) Section 1.01 is amended by adding the following new defined terms in their appropriate alphabetical order:

 

“Disregarded Debt” means, as of any date, outstanding Debt of the Company of up to $800,000,000 in aggregate principal amount under any New Senior Notes; provided, that the outstanding principal amount of Disregarded Debt shall be deemed reduced (but not below $0) as at any date of determination by the aggregate amount by which the outstanding principal amount of any of (i) the Company’s 4.75% Convertible Senior Notes due 2023 and (ii) the Company’s 10.00% Senior Unsecured Notes due 2017 has been reduced from the aggregate principal amount of such notes outstanding as of November 5, 2012.  

 

  

  

  

“New Senior Notes” means any senior notes of the Company issued at any time between November 5, 2012 and August 15, 2013.

 

SECTION 2. Conditions of Effectiveness.  This Amendment shall become effective as of the date the Agent shall have received counterparts of this Amendment executed by the Company and the Required Lenders or, as to any of the Lenders, advice satisfactory to the Agent that such Lender has executed this Amendment, but only if such date is on or prior to November 21, 2012.

 

SECTION 3. Representations and Warranties of the Company.  The Company represents and warrants as follows:

 

(a) The representations and warranties contained in Section 4.01 of the Credit Agreement are correct on and as of the effective date of this Amendment, as though made on and as of such date.

 

(b) No event has occurred and is continuing that constitutes a Default.

 

                (c) The execution, delivery and performance by the Company of this Amendment and the Credit Agreement and each of the Notes, as amended hereby, are within the Company’s corporate powers, have been duly authorized by all necessary corporate action, and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the certificate of incorporation of the Company or of any judgment, injunction, order, decree, material agreement or other instrument binding upon the Company or result in the creation or imposition of any Lien on any asset of the Company or any of its Consolidated Subsidiaries.

 

                (d) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery and performance by the Company of this Amendment or the Credit Agreement and the Notes, as amended hereby.

 

                (e) This Amendment has been duly executed and delivered by the Company.  This Amendment and each of the Credit Agreement and the Notes, as amended hereby, are legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the rights of creditors generally and subject to general principles of equity.

 

                (f) There is no action, suit, investigation, litigation or proceeding pending against, or to the knowledge of the Company, threatened against the Company or any of its Consolidated Subsidiaries before any court or arbitrator or any governmental body, agency or official in which there is a significant probability of an adverse decision that purports to affect the legality, validity or enforceability of this Amendment, the Credit Agreement or any Note or the consummation of the transactions contemplated hereby.

 

  

  

  

 

SECTION 4. Reference to and Effect on the Credit Agreement and the Notes.  (a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import referring to the Credit Agreement, and each reference in the Notes to “the Credit Agreement”, “thereunder,” “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

 

(b)           The Credit Agreement and the Notes, as specifically amended by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

 

(c)           The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement, or constitute a waiver of any provision of the Credit Agreement.

 

SECTION 5. Costs and Expenses.  The Company agrees to pay on demand all reasonable costs and expenses of the Agent in connection with the preparation, execution, delivery and administration, modification and amendment of this Amendment and the other instruments and documents to be delivered hereunder (including, without limitation, the reasonable fees and expenses of counsel for the Agent) in accordance with the terms of Section 9.04 of the Credit Agreement.

 

SECTION 6. Execution in Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page to this Amendment by telecopier shall be effective as delivery of a manually executed counterpart of this Amendment.

 

SECTION 7. Governing Law.  This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without giving effect to conflicts of law provisions that might require the application of the laws of a different jurisdiction.

 

 

[Signature pages follow]

 

  

  

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, effective as of the date first above written.

 

 

	 	 	THE INTERPUBLIC GROUP OF COMPANIES, INC., as Company
	 	 	 	 
	 	 	
By: /s/ Ellen Johnson

	 	 	
Name:

	
Ellen Johnson

	 	 	
Title:

	
Senior Vice President & Treasurer

	 	 	 	 

 

	 	 	
CITIBANK, N.A., as Agent, as Lender and as Issuing Bank

	 	 	 	 
	 	 	
By:  /s/ Shannon A. Sweeney

	 	 	
Name:

	

Shannon A. Sweeney

	 	 	
Title:

	

Vice President

	 	 	 	 

 

 

	
  

	
Lenders:

 

	 	 	
JPMORGAN CHASE BANK, N.A.

	 	 	 	 
	 	 	
By:  /s/ Helene P. Sprung

	 	 	
Name:

	

Helene P. Sprung

	 	 	
Title:

	

Senior Vice President

	 	 	 	 

 

 

	 	 	

HSBC BANK USA, NATIONAL ASSOCIATION

	 	 	 	 
	 	 	
By:  /s/ Thomas Rogers

	 	 	
Name:

	

Thomas Rogers

	 	 	
Title:

	

Senior Vice President

	 	 	 	 

 

 

	 	 	

UBS LOAN FINANCE LLC

	 	 	 	 
	 	 	
By:  /s/ Irja R. Otsa

	 	 	
Name:

	

Irja R. Otsa

	 	 	
Title:

	

Associate Director

	 	 	 	 

 

 

	 	 	
By:  /s/  /s/ Kenneth Chin

	 	 	
Name:

	

Kenneth Chin

	 	 	
Title:

	

Associate Director

	 	 	 	 

	
 

	
Signature page to

Amendment No. 1

	  

  

  

  

 

	
  

	
MORGAN STANLEY BANK, N.A.

 

	
  

	
By:

	
  /s/ Daniel Sweeney

	 

	
  

	
Name:

	
Daniel Sweeney

	
  

	
Title:

	
Authorized Signatory

 

	
  

	
MORGAN STANLEY SENIOR FUNDING, INC.

 

	
  

	
By:

	
  /s/ Daniel Sweeney

	 

	
  

	
Name:

	
Daniel Sweeney

	
  

	
Title:

	
Authorized Signatory

 

 

	
  

	
BANK OF AMERICA, N.A.

 

	
  

	
By:

	
  /s/ Jana L. Baker

	 

	
  

	
Name:

	
Jana L. Baker

	
  

	
Title:

	
Vice President

 

 

	
  

	
BANCO BILBAO VIZCAYA ARGENTARIA, S.A., NEW YORK BRANCH

 

	
  

	
By:

	
  /s/ Mathias Rosenthal

	 

	
 

	
Name:

	
Mathias Rosenthal

	
  

	
Title:

	
Associate

 

 

	
  

	
By:

	
  /s/ Paul A. Rodriguez

	 

	
  

	
Name:

	
Paul A. Rodriguez

	
  

	
Title:

	
Vice President

 

 

	
  

	
ING BANK N.V., DUBLIN BRANCH

 

	
  

	
By:

	
  /s/ Aidan Neill

	 

	
  

	
Name:

	
Aidan Neill

	
  

	
Title:

	
Director

 

 

	
  

	
By:

	
  /s/ Padraig Matthews

	 

	
  

	
Name:

	
Padraig Matthews

	
  

	
Title:

	
Vice President

 

	
 

	
Signature page to

Amendment No. 1

	  

  

  

  

	
  

	
GOLDMAN SACHS LENDING PARTNERS LLC

 

	
  

	
By:

	
  /s/ Michelle Latzoni

	 

	
  

	
Name:

	
Michelle Latzoni

	
  

	
Title:

	
Authorized Signatory

 

 

	
  

	
WELLS FARGO BANK, NATIONAL ASSOCIATION

 

	
  

	
By:

	
  /s/ Craig DeSousa

	 

	
  

	
Name:

	
Craig DeSousa

	
  

	
Title:

	
Senior Vice President

 

 

	
  

	
LLOYDS TSB BANK PLC

 

	
  

	
By:

	
  /s/ Candi Obrentz

	 

	
  

	
Name:

	
Candi Obrentz

	
  

	
Title:

	
Vice President – O013

 

 

	
  

	
By:

	
  /s/ Stephen Giacolone

	 

	
  

	
Name:

	
Stephen Giacolone

	
  

	
Title:

	
Assistant Vice President – G011

 

 

	
  

	
ROYAL BANK OF CANADA

 

	
  

	
By:

	
  /s/ Kamran Khan

	 

	
  

	
Name:

	
Kamran Khan

	
  

	
Title:

	
Authorized Signatory

 

 

	
  

	
THE GOVERNOR AND COMPANY OF THE BANK OF IRELAND

 

	
  

	
By:   ___________________

	
  

	
Name:

	
  

	
Title:

 

 

	
  

	
By:   ___________________

	
  

	
Name:

	
  

	
Title:

 

	
 

	
Signature page to

Amendment No. 1

	  

  

  

  

	
  

	
UNION BANK, N.A.

 

	
  

	
By:

	
  /s/ Michael Ball

	 

	
  

	
Name:

	
Michael Ball

	
  

	
Title:

	
Vice President

 

	
 

	
Signature page to

Amendment No. 1October 2012 Amendment to Receivables

AMENDMENT NO. 2 TO RECEIVABLES PURCHASE AGREEMENT
This AMENDMENT NO. 2 TO Receivables Purchase Agreement dated as of November 1, 2012, is among:
(a)    BWA Receivables Corporation, a Delaware corporation (“Seller”),
(b)    BorgWarner Inc., a Delaware corporation (“BWI”), as initial Collection Agent and as Performance Guarantor,
(c)    Wells Fargo Bank, N.A., successor by merger to Wachovia Bank, National Association (“Wells Fargo” or a “Purchaser” and, together with its successors and assigns, the “Purchasers”), and
(d)    Wells Fargo Bank, N.A., successor by merger to Wachovia Bank, National Association, in its capacity as Administrative Agent for the Purchasers (in such capacity, together with its successors and assigns, the “Administrative Agent”).
PRELIMINARY STATEMENT
Seller, BWI, Wells Fargo and the Administrative Agent are parties to that certain Receivables Purchase Agreement dated as of December 21, 2009 (as amended from time to time, the “Agreement;” capitalized terms used and not otherwise defined herein being used with the meanings attributed thereto in the Agreement).  Seller has requested that Wells Fargo make certain amendments to the facility evidenced by the Agreement, and Wells Fargo and the Administrative Agent are willing to agree to such amendments on the terms, and subject to the conditions hereinafter set forth.
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.  Amendments.
1.1.    Section 5.1(a)(i)(B) of the Agreement is hereby amended to delete “audited” where it appears and to substitute in lieu thereof “unaudited.”
1.2.    Schedule A to the Agreement is hereby amended to delete “$80,000,000” in each place where it appears and to substitute in lieu thereof “$110,000,000.”
1.3.    The definition of “Dilution Reserve” set forth in Exhibit I to the Agreement is hereby amended to delete “2.00” where it appears and to substitute in lieu thereof “1.50.”
1.4.    The definition of “Eligible Receivable” set forth in Exhibit I to the Agreement is hereby amended and restated in its entirety to read as follows:

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“Eligible Receivable” means a Receivable:
(a)    the Obligor of which (i) if a natural person, is a resident of the United States or Canada  or, if a corporation or other business organization, is organized under the laws of  the United States of Canada or any political subdivision thereof or has its chief executive office in the United States or Canada; (ii) is not an Affiliate of any of the parties hereto; or (iii) is not a government or a governmental subdivision or agency (unless the Assignment of Claims Act of 1940, as amended, has been complied with),
(b)    which is not a Defaulted Receivable or owing from an Obligor as to which more than 50% of the aggregate Outstanding Balance of all Receivables owing from such Obligor are Defaulted Receivables,
(c)    which by its terms is due and payable within 65 days of the original billing date therefor, 
(d)    which is an “account” or a “payment intangible” as defined in section 9-102 of the UCC of all applicable jurisdictions,
(e)    which is denominated and payable only in United States dollars in the United States,
(f)    which arises under a Contract, invoice or other written contractual obligation which, together with such Receivable, is in full force and effect and constitutes the legal, valid and binding obligation of the related Obligor enforceable against such Obligor in accordance with its terms,
(g)    which arises under a Contract, invoice or other written contractual obligation that contains an obligation to pay a specified sum of money, contingent only upon the sale of goods or the provision of services by the applicable Originator,
(h)    which, together with the Contract related thereto, does not contravene any law, rule or regulation applicable thereto (including, without limitation, any law, rule and regulation relating to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy) and with respect to which no part of the Contract related thereto is in violation of any such law, rule or regulation,
(i)    which satisfies in all material respects all applicable requirements of the Credit and Collection Policy,
(j)    which was generated in the ordinary course of the applicable Originator's business,
(k)    which arises solely from the sale of goods or the provision of services to the related Obligor by the applicable Originator, and not by any 

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other Person that is not an Originator (in whole or in part),
(l)    as to which the Administrative Agent has not notified Seller that the Administrative Agent has determined, acting reasonably, that such Receivable or class of Receivables is not acceptable as an Eligible Receivable, including, without limitation, because such Receivable arises under a Contract that is not acceptable to the Administrative Agent, acting reasonably,
(m)    which is not subject to (i) any right of rescission or set-off, or (ii) any currently asserted counterclaim or other defense (including defenses arising out of violations of usury laws) of the applicable Obligor against any Originator or any other Adverse Claim, and the Obligor thereon holds no right as against any Originator to cause any Originator to repurchase the goods or merchandise the sale of which shall have given rise to such Receivable (except with respect to sale discounts effected pursuant to the Contract, or defective goods returned in accordance with the terms of the Contract); provided, however, that if such dispute, offset, counterclaim or defense affects only a portion of the Outstanding Balance of such Receivable, then such Receivable may be deemed an Eligible Receivable to the extent of the portion of such Outstanding Balance which is not so affected, and provided, further, that Receivables of any Obligor which has any accounts payable by the applicable Originator (thus giving rise to a potential offset against such Receivables) may be treated as Eligible Receivables to the extent that the Obligor of such Receivables has agreed pursuant to a written agreement in form and substance satisfactory to the Administrative Agent, that such Receivables shall not be subject to such offset,
(n)    as to which the applicable Originator has satisfied and fully performed all obligations on its part with respect to such Receivable required to be fulfilled by it, and no further action is required to be performed by any Person with respect thereto other than payment thereon by the applicable Obligor,
(o)    as to which all right, title and interest to and in which has been validly transferred by the applicable Originator directly or indirectly to Seller pursuant to one or both of the Purchase Agreement, and Seller has good and marketable title thereto free and clear of any adverse claim, and
(p)    payable into a Lock-Box or Lock-Box Account that is the subject to a Lock-Box Agreement.
1.5.    The definition of “Facility Termination Date” set forth in Exhibit I to the Agreement is hereby amended to delete “December 21, 2012” where it appears and to substitute in lieu thereof “October 31, 2014.”
1.6.    The definition of “LIBOR Market Index Rate” set forth in Exhibit I to the Agreement is hereby amended and restated in its entirety to read as follows:
“LIBOR Market Index Rate” means, for any day, the one-month Eurodollar Rate for U.S. dollar deposits as reported on the Reuters Screen 

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LIBOR01 Page or any other page that may replace such page from time to time for the purpose of displaying offered rates of leading banks for London interbank deposits in United States dollars, as of 11:00 a.m. (London time) on such date, or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate changes.
1.7.    The definition of “Loss Reserve” set forth in Exhibit I to the Agreement is hereby amended to delete “2.00” where it appears and to substitute in lieu thereof “1.50.”
1.8.    The definition of “Purchase Limit” set forth in Exhibit I to the Agreement is hereby amended to delete “$80,000,000” where it appears and to substitute in lieu thereof “$110,000,000.”
1.9.    The definition of “Required Reserve Factor Floor” set forth in Exhibit I to the Agreement is hereby amended to delete “21.00” where it appears and to substitute in lieu thereof “17.00.”
1.10.    Exhibit IV to the Agreement is hereby amended and restated in its entirety to read as set forth in Annex A to this Amendment.
Section 2.  Representations.  In order to induce the Administrative Agent and the Purchaser to enter into this Amendment, each of the Seller Parties hereby represents and warrants to them as follows:  (a) after giving effect to this Amendment, each of such Seller Party's representations and warranties set forth in Article III of the Agreement is true and correct in all material respects on and as of the date hereof as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall remain true and correct in all material respects as of such earlier date, (b) the execution and delivery by such Seller Party of this Amendment and the performance of its obligations under the Agreement as amended hereby are within its corporate powers and authority and have been duly authorized by all necessary corporate action on its part, (c) this Amendment has been duly executed and delivered by such Seller Party, (d) the execution and delivery by such Seller Party of this Amendment and the performance of its obligations under the Agreement as amended hereby not contravene or violate (i) its Organic Documents, (ii) any law, rule or regulation applicable to it, (iii) any restrictions under any material agreement, contract or instrument to which it is a party or by which it or any of its property is bound, or (iv) any order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and (e) this Amendment constitutes the legal, valid and binding obligation of such Seller Party enforceable against such Seller Party in accordance with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors' rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
Section 3.  Conditions Precedent.  This Amendment shall become effective as of the date hereof upon receipt by the Administrative Agent's counsel of (a) counterparts hereof, duly executed by each of the parties hereto, (b) counterparts of a second amended and restated 

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Fee Letter, duly executed by the Administrative Agent and Seller, and payment of the Arrangement Fee (under and as defined therein), and (c) payment in full of its legal fees associated with this Amendment and the other Transaction Documents.
Section 4.  Miscellaneous.
4.1.    CHOICE OF LAW.
 THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW WHICH SHALL APPLY HERETO).
4.2.    CONSENT TO JURISDICTION.
EACH SELLER PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE AGREEMENT AS AMENDED HEREBY, AND EACH SELLER PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION.  ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST THE ADMINISTRATIVE AGENT OR ANY PURCHASER OR ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR THE AGREEMENT AS AMENDED HEREBY SHALL BE BROUGHT ONLY IN A COURT IN THE BOROUGH OF MANHATTAN, NEW YORK.
4.3.    WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT OR THE AGREEMENT AS AMENDED HEREBY OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.
4.4.    Ratification; Binding Effect.  Except as expressly amended hereby, the Agreement remains unaltered and in full force and effect, and BWI hereby ratifies and reaffirms its obligations under the Performance Undertaking.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns (including any trustee in bankruptcy).  

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4.5.    Counterparts; Severability.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Any provisions of this Amendment which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date hereof.

BWA Receivables Corporation, as Seller

By:    /s/ Thomas McGill                                
Name:  Thomas McGill
Title: President

BORGWARNER INC., as the Collection Agent and as Performance Guarantor

By:    /s/ James Hohenadel                            
Name:  James Hohenadel
Tile:  Assistant Treasurer

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WELLS FARGO BANK, N.A., 
individually as a Purchaser and as Administrative Agent

By:    /s/ Michael J. Landry                                
Name: Michael J. Landry
Title: Vice President

8

Annex A

Exhibit IV
Lock-Boxes and Lock-Box Accounts

9

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