Document:

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                                                                  EXHIBIT 10.45

                                 14 AUGUST 2006

                         VISTEON FINANCIAL CENTRE P.L.C.
                       (AS MASTER PURCHASER AND AS ISSUER)

                 THE FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1
                          (AS LENDERS AND NOTEHOLDERS)

                   THE LAW DEBENTURE TRUST CORPORATION P.L.C.
                              (AS SECURITY TRUSTEE)

                           CITIBANK INTERNATIONAL PLC
                               (AS FUNDING AGENT)

                               VISTEON UK LIMITED
                              (AS MASTER SERVICER)

                                   ----------

                           VARIABLE FUNDING AGREEMENT

                                   ----------

                     (SEAL) FRESHFIELDS BRUCKHAUS DERINGER

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                                    CONTENTS

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CLAUSE                                                                      PAGE
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<S>                                                                         <C>
1.    INTERPRETATION.....................................................     1
2.    THE VARIABLE FUNDING FACILITY......................................     2
3.    PURPOSE............................................................     3
4.    CONDITIONS PRECEDENT...............................................     4
5.    UTILISATION OF THE VARIABLE FUNDING FACILITY.......................     5
6.    CONSTITUTION OF EACH NOTE..........................................     8
7.    PAYMENTS...........................................................     9
8.    FEES...............................................................    10
9.    REPRESENTATIONS AND WARRANTIES.....................................    11
10.   TAXES..............................................................    13
11.   INDEMNITY FOR OTHER AMOUNTS........................................    16
12.   ILLEGALITY AND MITIGATION..........................................    18
13.   NO LIABILITY.......................................................    19
14.   NO PETITION........................................................    19
15.   LIMITED RECOURSE...................................................    20
16.   BENEFIT OF AGREEMENT...............................................    20
17.   EVIDENCE OF DEBT...................................................    20
18.   FUNDING AGENT......................................................    21
19.   COUNTERPARTS.......................................................    26
20.   RIGHTS OF THIRDS PARTIES...........................................    27
21.   GOVERNING LAW......................................................    27
22.   JURISDICTION.......................................................    27
SCHEDULE 1...............................................................    33
   THE LENDERS AND NOTEHOLDERS...........................................    33
SCHEDULE 2 FORM OF NOTE..................................................    35
SCHEDULE 3 TERMS AND CONDITIONS..........................................    37
SCHEDULE 4 FORM OF NOTE TRANSFER.........................................    48
SCHEDULE 5 FORM OF NOTEHOLDER ACCESSION LETTER...........................    51
SCHEDULE 6 REPRESENTATIONS AND WARRANTIES OF THE ISSUER..................    53
SCHEDULE 7 FORMS OF FUNDING REQUEST......................................    56
</TABLE>

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<TABLE>
<S>                                                                         <C>
   PART A - FORM OF INITIAL FUNDING REQUEST..............................    56
   PART B - FORM OF FURTHER FUNDING REQUEST..............................    58
SCHEDULE 8 CALCULATION OF REFERENCE RATE.................................    60
</TABLE>
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THIS AGREEMENT is made on 14 August 2006

BETWEEN

(1)  VISTEON FINANCIAL CENTRE P.L.C., a company incorporated in Ireland,
     registered in Ireland with the Companies Registration Office with number
     423820, whose registered office is at First Floor, 7 Exchange Place,
     International Financial Services Centre, Dublin 1, Ireland (the MASTER
     PURCHASER and, in its capacity as issuer of the Notes, the ISSUER);

(2)  THE FINANCIAL INSTITUTIONS LISTED IN SCHEDULE 1, (each a LENDER, and in
     their capacity as holders of Notes, each a NOTEHOLDER and together with any
     other person who shall accede to this Agreement as a Lender collectively,
     the LENDERS and together with any other person who shall accede to this
     Agreement as a Noteholder collectively, the NOTEHOLDERS);

(3)  THE LAW DEBENTURE TRUST CORPORATION P.L.C., a company incorporated in
     England and Wales with limited liability whose registered office is at
     Fifth Floor, 100 Wood Street, London EC2V 7EX (the SECURITY TRUSTEE);

(4)  CITIBANK INTERNATIONAL PLC, a company incorporated in England and Wales
     with limited liability whose registered office is at Citigroup Centre,
     Canada Square, Canary Wharf, London E14 5LB (the FUNDING Agent); and

(5)  VISTEON UK LIMITED, a company incorporated in England and Wales with
     registered number 03935326 whose registered office is at Endeavour Drive,
     Basildon, Essex SS14 3WF, England (the MASTER SERVICER),

(together the PARTIES).

NOW IT IS HEREBY AGREED as follows:

1.   INTERPRETATION

1.1 Capitalised terms in this Agreement shall, except where the context
otherwise requires and save where otherwise defined herein, bear the meanings
ascribed to them in the Master Definitions and Framework Deed (the FRAMEWORK
DEED) executed by, among others, each of the parties hereto dated on or about
the date hereof (as the same may be amended, varied or supplemented from time to
time with the consent of the parties thereto unless, in relation to any such
amendment, variation or supplement, such persons expressly state in writing that
such amendment, variation or supplement is not to apply hereto) and this
Agreement shall be construed in accordance with the principles of construction
set out therein.

1.2 In addition, the provisions set out in Clauses 3 to 6 and 12 to 28 of the
Framework Deed (the FRAMEWORK PROVISIONS) shall be expressly and specifically
incorporated into this Agreement, as though they were set out in full in this
Agreement. In the event of any conflict between the provisions of this Agreement
and the Framework Provisions, the provisions of this Agreement shall prevail.

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1.3 This Agreement is the Variable Funding Agreement referred to in the
Framework Deed.

1.4 The Security Trustee has agreed to become a party to this Agreement solely
for the better enforcement and preservation of its rights, to receive benefit of
the representations, warranties, covenants, undertakings, indemnities and other
obligations expressed to be in its favour hereunder and to agree amendments to
this Agreement. The parties hereto acknowledge and agree that the Security
Trustee shall not assume any obligation or incur any liability whatsoever to any
Party by virtue of the provisions contained in this Agreement.

2.   THE VARIABLE FUNDING FACILITY

GRANT OF THE VARIABLE FUNDING FACILITY

2.1 The Lenders hereby grant to the Issuer upon and subject to the terms and
conditions of this Agreement a committed note issuance facility in each of the
Agreed Currencies from, and including, the Funding Date to, but excluding the
Variable Funding Facility Termination Date pursuant to which the Master
Purchaser shall issue Notes to the Lenders denominated in EUR, USD and GBP
provided that the aggregate USD Equivalent of the Principal Amount Outstanding
of all Notes shall at all times be limited to the lesser of:

     (i)  the Variable Funding Facility Limit; and

     (ii) the product of the Net Receivables Pool Balance calculated as at the
          immediately preceding Determination Date (or prior to the First
          Determination Date, as at the Funding Date) multiplied by the Adjusted
          Advance Rate Percentage,

     (the NOTE PROGRAMME LIMIT).

SECURITY

2.2 It is hereby acknowledged and agreed upon a Lender making a payment of
Initial Subscription Price following receipt by it of an Initial Funding Request
in respect of a Note in accordance with this Agreement, it:

(a)  shall become a beneficiary of the security created by or pursuant to the
     Master Purchaser Deed of Charge in respect of all sums payable to it (or to
     the Funding Agent on its behalf) under this Agreement and in its capacity
     as a Noteholder; and

(b)  shall be bound by the terms of the Master Purchaser Deed of Charge;

OBLIGATIONS OF LENDERS AND NOTEHOLDER SEVERAL

2.3 The rights and obligations of each of the Lenders and the Noteholders under
this Agreement and the Notes are several. Failure of a Lender or a Noteholder to
perform its obligations under this Agreement or under any Note shall neither:

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(a)  result in any other Lender or Noteholder incurring any liability
     whatsoever; nor

(b)  relieve any other Lender or Noteholder from any of its obligations under
     this Agreement or the Notes.

SEPARATENESS OF DEBTS

2.4 The aggregate of the amounts due to each Noteholder under this Agreement and
the Notes owned by such Noteholder at any time is a separate and independent
debt and each Noteholder shall have the right (expect as otherwise provided in
the Master Purchaser Deed of Charge and the other Transaction Documents) to
protect and enforce its rights under the Transaction Documents and it shall not
be necessary for any other Noteholder to be joined as an additional party in any
proceedings to this end.

3.   PURPOSE

PURPOSE

3.1 The Variable Funding Facility is intended to provide the Issuer with
financing to fund:

(a)  in part, the payment of the Purchase Price in respect of the Purchased
     Receivables;

(b)  to enable the Issuer to refinance certain amounts due and payable under the
     Subordinated VLN Facility; and

(c)  in part, the payment of the initial subscription price and any further
     subscription price for the FCC Units,

provided that where any Further Subscription Price payable under the Variable
Funding Facility is payable on a day other than a Settlement Date such Further
Subscription Price shall be applied solely in repayment of principal outstanding
in respect of the Subordinated VLNs denominated in the Agreed Currency in which
such Further Subscription Price is to be paid and accordingly, the Issuer shall
apply all amounts raised by it under the Variable Funding Facility only for such
purposes and always in accordance with the Master Purchaser Deed of Charge.

NO OBLIGATION TO MONITOR USE OF PROCEEDS

3.2 Without in any way affecting the obligations of the Issuer, no other Party
is bound to monitor or verify the application of amounts raised by the Issuer
under this Agreement.

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4.   CONDITIONS PRECEDENT

CONDITIONS PRECEDENT TO ISSUE

4.1 The entitlement of the Issuer to issue and the obligations of a Lender to
fund a Note under this Agreement shall be subject in all respects to Clause 18
(Conditions Precedent) of the Framework Deed.

CONDITIONS PRECEDENT TO EACH ADVANCE

4.2 The Issuer shall not deliver an Initial Funding Request or a Further Funding
Request and a Lender shall not have any obligation to make payment of any
Initial Subscription Price or Further Subscription Price unless the following
conditions precedent are satisfied on the date on which the notice is delivered
and, where applicable, the date on which the payment of the Initial Subscription
Price or the Further Subscription Price is to be made:

(a)  the conditions specified in Clause 17 (Initial Conditions Precedent) of the
     Framework Deed shall have been satisfied as of the Funding Date;

(b)  no Termination Event or Potential Termination Event shall have occurred and
     be continuing;

(c)  the date on which the Initial Subscription Price or Further Subscription
     Price is required to be paid falls on a Business Day during the period from
     (and including) the Funding Date to (but excluding) the Variable Funding
     Facility Termination Date; and

(d)  in the relevant calendar month in which such Further Funding Request is
     made, no more than three other requests for funding have been made and in
     respect of which Initial Subscription Price or Further Subscription Price
     has been paid;

(e)  all representations and warranties set out in Schedule 6 are true and
     correct, both before and after giving effect to the Initial Funding Request
     or Further Funding Request (as the case may be);

(f)  the aggregate USD Equivalent of the Principal Amount Outstanding of all
     Notes, after giving effect to the requested increase, does not exceed the
     Note Programme Limit as at such Determination Date;

(g)  the aggregate Principal Amount Outstanding of all USD Notes, after giving
     effect to the requested increase, does not exceed the Maximum USD Available
     Amount calculated as at the Determination Date immediately preceding the
     most recent Settlement Date;

(h)  the aggregate Principal Amount Outstanding of all EUR Notes, after giving
     effect to the requested increase, does not exceed the Maximum EUR Available
     Amount calculated as at the Determination Date immediately preceding the
     most recent Settlement Date;

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(i)  the aggregate Principal Amount Outstanding of all GBP Notes, after giving
     effect to the requested increase, does not exceed the Maximum GBP Available
     Amount as at the Determination Date immediately preceding the most recent
     Settlement Date;

(j)  in relation to a Further Funding Request such Further Funding Request is
     for an aggregate USD Equivalent amount which when aggregated with the
     aggregate USD Equivalent of the amount of all other Further Funding
     Requests made for funding on the same date is not less than USD5,000,000.

(k)  where the Further Subscription Price is to be paid on a day other than a
     Settlement Date that the application of such Further Subscription Price in
     repayment of principal outstanding under the Subordinated VLNs in
     accordance with Clause 3.1 will not result in the aggregate Subordinated
     VLN Principal Amount Outstanding of the Subordinated VLNs denominated in
     the Agreed Currency in which such Further Subscription Price is to be paid
     to be less than the applicable Subordinated VLN Required Amount calculated
     as at the Determination Date immediately preceding the most recent
     Settlement Date.

5.   UTILISATION OF THE VARIABLE FUNDING FACILITY

INITIAL FUNDING REQUEST

5.1 The Issuer may make a request for funding in respect of the Notes of a
particular Agreed Currency to the Lenders by delivering an Initial Funding
Request to the Funding Agent (copied to the Collateral Monitoring Agent) by no
later than the close of business on the day falling three Business Days prior to
the Funding Date. The Funding Agent shall, promptly upon receipt thereof, send a
copy of any Initial Funding Request received by it in accordance with this
Clause 5.1 to each of the Noteholders.

5.2 Each Initial Funding Request delivered by the Issuer pursuant to Clause 5.1
must specify:

(a)  the currency in which the Notes to be issued are to be denominated which
     shall be an Agreed Currency;

(b)  the aggregate par value of the Notes to be issued in the relevant Agreed
     Currency;

(c)  the Initial Subscription Price for each Lender which shall be not less than
     USD 1,000 per Lender in relation to an Initial Funding Request made in
     respect of USD Notes, not less than EUR 1,000 per Lender in relation to an
     Initial Funding Request made in respect of EUR Notes and not less than GBP
     1,000 per Lender in relation to an Initial Funding Request made in respect
     of GBP Notes; and

(d)  the Final Maturity Date of the Notes to be issued (which shall be a date no
     later than the date falling 5 years after the Closing Date).

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5.3 Following receipt of an Initial Funding Request made in accordance with
Clauses 5.1 and 5.2 and subject always to Clause 4, each Lender shall (i)
subscribe for a Note denominated in the Agreed Currency specified in the Initial
Funding Request with a par value equal to that Lender's Initial Subscription
Price specified in the Initial Funding Request and (ii) pay to the Funding Agent
(for the account of the Issuer) by no later than 11 a.m. (London time) (or in
relation to any Initial Subscription Price payable in USD, by no later than 11
a.m. (New York time)) on the Funding Date that Lender's Initial Subscription
Price and the Funding Agent shall pay the amount received from each Lender to or
to the order of the Issuer by no later than 1 p.m. (London time) (or in relation
to any such amounts payable in USD, by no later than 1 p.m. (New York time)).
Upon receipt from the Funding Agent of such amounts, the Issuer shall issue to
each Lender a Note denominated in the applicable Agreed Currency as stated in
the Initial Funding Request with a par value on issue equal to the Initial
Subscription Price so paid by that Lender.

FURTHER FUNDING REQUEST

5.4 Subject to the satisfaction of the conditions precedent referred to in
Clause 4.2, the Issuer (or the Master Servicer on its behalf) may request an
increase in the par value of the Notes issued in a particular Agreed Currency by
delivering a signed and completed Further Funding Request to the Funding Agent
(copied to the Collateral Monitoring Agent) by no later than the close of
business on any Funding Request Date. The Funding Agent shall, promptly upon
receipt thereof, send a copy of any Further Funding Request received by it in
accordance with this Clause 5.4 to each of the Noteholders.

5.5 Each Further Funding Request delivered by the Issuer or the Master Servicer
as the case may be, pursuant to Clause 5.4 must specify:

(a)  the aggregate amount by which the par value of the Notes of the relevant
     Agreed Currency shall be increased;

(b)  the Further Subscription Price for each Noteholder; and

(c)  the date on which the Further Subscription Price is payable (being a date
     no earlier than the third Business Day following the date of delivery of
     the Further Funding Request).

5.6 Following receipt of a Further Funding Request made in accordance with
Clauses 5.4 and 5.5, each Noteholder shall pay the Further Subscription Price as
specified in the Further Funding Request to be payable by such Noteholder to the
Funding Agent (for the account of the Issuer) by no later than 11:00 a.m. London
time on the date specified for such payment in the Further Funding Request and
the Funding Agent shall pay the amount received from each Noteholder to or to
the order of the Issuer by no later than 1 p.m. (London time) (or in relation to
any such amounts payable in USD, by no later than 1 p.m. (New York time)).

5.7 The Issuer hereby instructs the Master Servicer, on its behalf to make such
Further Funding Requests during the Securitisation Availability Period as the
Master Servicer may in its absolute discretion determine provided that each such
Further

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Funding Request and the funding requested thereby complies in all respects with
the terms of Clauses 4.2 and 5.5 and the other provisions of this Agreement.

ALL FUNDING REQUESTS

5.8 The Issuer acknowledges and agrees that delivery of an Initial Funding
Request or a Further Funding Request pursuant to this Clause 5 (including, for
the avoidance of doubt by the Master Servicer on behalf of the Issuer) shall
constitute an irrevocable agreement by the Issuer binding upon it:

(a)  (i)  to accept the payment of the Initial Subscription Price or the Further
          Subscription Price described in it in the Agreed Currency and on the
          date stated in the notice; and

     (ii) in the case of a Further Funding Request to an increase in the
          Principal Amount Outstanding of the relevant Notes in accordance with
          Clause 5.5; and

(b)  a representation by the Issuer that each of the conditions precedent
     described in Clause 4 have been satisfied.

5.9 If the Funding Agent makes a payment in respect of Further Subscription
Price to the Issuer in accordance with Clause 5.6, the Principal Amount
Outstanding of the relevant Note, subject to Clause 5.10, shall be increased
automatically by the amount of the Further Subscription Price paid without the
need for any further action by the Funding Agent, any Noteholder or the Issuer
by the amount of that payment.

5.10 Each Note shall evidence the outstanding indebtedness owed by the Issuer to
the relevant Noteholder in respect of that Note from time to time. The Issuer
authorises each Noteholder to record on the Grid attached to each Note held by
it (or, at its option, in its internal books and records):

(a)  the date and amount of the funding of:

     (i)  the initial Principal Amount Outstanding of the Note; and

     (ii) each increase in the Principal Amount Outstanding of the Note; and

(b)  the date and amount of each repayment of the principal amount represented
     by the Note and corresponding reduction in its Principal Amount
     Outstanding,

provided that the failure to record, or any error in recording, any of these
matters on the Grid or in the internal books or records referred to above shall
not adversely affect the right of the Noteholder to receive principal and
interest in respect of its Note to the extent there is sufficient evidence
otherwise available to prove the obligations of the Issuer to make such
payments.

5.11 If a payment of Further Subscription Price is made Issuer in accordance
with Clause 5.6, and the relevant Master Purchaser Transaction Account is not
credited for value as of 11:00 a.m. London time on that day (or, in relation to
payments to be

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made in USD as of 11.00 a.m. New York time on that day) with the amount which is
required to be advanced on that day by the Subordinated VLN Facility Provider
pursuant to the Subordinated VLN Facility in order that the principal amount
outstanding of each Subordinated VLN is not less than its respective Required
Subordinated VLN Amount then there will be no increase in the Principal Amount
Outstanding of that Note on account of such payment of Further Subscription
Price made by such Noteholder and the Issuer will return that payment to the
Funding Agent on the same day, if reasonably practicable, and otherwise on the
next Business Day, by transfer to the relevant Noteholder Account. Upon receipt
from the Issuer, the Funding Agent will return any amounts so returned to the
relevant Noteholder.

6.   CONSTITUTION OF EACH NOTE

6.1 The Issuer hereby constitutes each Note and covenants in favour of each
Lender and each Noteholder that it will duly perform and comply with the
obligations expressed to be undertaken by it in each Note and in the Conditions
(and for this purpose any reference in the Conditions to any obligation or
payment under or in respect of a Note shall be construed to include a reference
to any obligation or payment under or pursuant to this provision).

6.2 Each Note issued by the Issuer pursuant to this Agreement shall be:

(a)  in definitive registered form in the form set out in Schedule 2 or in such
     other form as may from time to time be agreed between the Issuer, the
     Funding Agent, the Security Trustee and the relevant Noteholder and
     executed by, or on behalf of, the Issuer;

(b)  denominated in an Agreed Currency and shall be the same currency in which
     the Receivables which are or are proposed to be purchased with the proceeds
     of the issue of such Notes are denominated; and

(c)  transferable, subject to Clause 11.8 and Condition 2.

6.3 The Issuer covenants with each Lender that it will register that Lender in
the Register as the holder of each Note subscribed by it in accordance with
Clause 5.3 (or, in the case of an Additional Lender (as defined in Clause 20 of
the Framework Deed) issued to it in accordance with Clause 20 of the Framework
Deed) immediately upon issue thereof and as the sole person with right to
payment of principal of, and interest on, such Note and covenants with each
Noteholder that it will register each person who has duly executed in compliance
with Condition 2 a Note Transfer in substantially the form contained in Schedule
4 and a Noteholder Accession Letter in substantially the form contained in
Schedule 5 in the Register as the holder of each Note transferred to it promptly
upon delivery to the Issuer of such Note Transfer and Noteholder Accession
Letter and as the sole person with the right to payment of principal of, and
interest on, the relevant Note. The Register shall be held and maintained by, or
on behalf of, the Issuer in the Republic of Ireland. The Issuer undertakes that
it shall promptly notify the Funding Agent of any transfer of any Note
registered pursuant to this Clause 6.3.

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6.4 Subject to Condition 2, the registered holder of a Note may request an
exchange of such Note for two or more substitute Notes denominated in the same
currency as the Initial Note and having an aggregate principal amount
outstanding equal to the Principal Amount Outstanding of the initial Note by
delivering the initial Note to the Registrar (copied to the Funding Agent) with
its written request therefor which shall specify the name, address, payment
details and the respective principal amounts of the Notes applicable to each
person to be registered as a registered holder of each such substitute Note. If
the initial Note is to be exchanged for substitute Notes, the Issuer shall cause
the delivery of such substitute Notes to the registered holders thereof within
thirty (30) days after the registered holder of the initial Note shall have
delivered its request therefor.

7.   PAYMENTS

7.1 The currency of account in respect of the Notes and payment for each and
every sum at any time payable by the Issuer in respect of the Notes or under
this Agreement is as follows:

(a)  EUR, in respect of the EUR Notes;

(b)  GBP, in respect of the GBP Notes; and

(c)  USD in respect of the USD Notes.

7.2 On each date on which this Agreement requires an amount denominated in an
Agreed Currency to be paid by a Noteholder hereunder, such Noteholder shall make
the same available to the Funding Agent by payment in such Agreed Currency and
in immediately available cleared funds to such account as the Funding Agent
specifies for this purpose. On each date on which this Agreement requires an
amount denominated in an Agreed Currency to be paid by the Funding Agent to the
Issuer hereunder, the Funding Agent shall make the same available to the Issuer
by payment in such Agreed Currency and in immediately available cleared funds to
the Master Purchase Transaction Account denominated in such Agreed Currency.

7.3 All payments to be made by the Issuer hereunder or in respect of the Notes,
whether on account of principal, interest, fees or otherwise, shall be made
without set-off or counterclaim and shall be made prior to 11:00 a.m. London
time (or, in relation to payment to be made in USD prior to 11.00 a.m. New York
time), on the due date thereof to the Funding Agent Account denominated in the
Agreed Currency in which the payment is to be made and in immediately available
funds. Payments received by the Funding Agent from the Issuer after 11:00 a.m.
London time (or, in relation to payments made in USD after 11.00 a.m. New York
time), shall be deemed to have been made on the next Business Day, unless
otherwise agreed to by the Funding Agent. Upon receipt of any such payment from
the Issuer, the Funding Agent shall as soon as practicable pay the applicable
amount to the Noteholder Account of each relevant Noteholder denominated in the
Agreed Currency in which the payment is to be made in immediately available
funds. Notwithstanding anything herein to the contrary, if any payment due from
the Issuer hereunder becomes due and payable on a day other than a Business Day,
the payment date thereof shall be extended to the next succeeding Business Day
and interest shall accrue thereon at the

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applicable rate during such extension. To the extent that (i) the Issuer makes a
payment to the Funding Agent or (ii) the Funding Agent or any Noteholder
receives or is deemed to have received any payment or proceeds for application
to an obligation under this Agreement or in respect of the Notes, which payment
or proceeds or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid to a trustee,
liquidator, examiner, receiver or any other party under any bankruptcy or
insolvency law, state or federal law, common law, or for equitable cause, then,
to the extent such payment or proceeds are set aside, the obligation or part
thereof intended to be satisfied shall be revived and continue in full force and
effect, as if such payment or proceeds had not been received or deemed received
by the Funding Agent or that Noteholder (as applicable).

7.4 On each Determination Date the Funding Agent shall determine and notify the
Issuer and the Noteholders of the relevant Reference Rate applicable to interest
payments in respect of the Notes during the Interest Period ending on the second
Interest Payment Date following that Determination Date and the amount of
interest that will have accrued on the Notes during that Interest Period from
and including the first day of such Interest Period to but excluding the last
day of such Interest Period.

7.5 Each determination by the Funding Agent of the applicable Reference Rate and
interest payable shall be conclusive and binding on the Issuer and the other
parties to this Agreement in the absence of manifest error.

7.6 Where a sum is to be paid to the Funding Agent under this Agreement for or
on behalf of another Party, the Funding Agent is not obliged to pay that sum to
that other Party until it has been able to establish to its satisfaction that it
has actually received that sum.

7.7 If the Funding Agent pays an amount to another Party and it proves to be the
case that the Funding Agent had not actually received that amount, then the
Party to whom that amount was paid by the Funding Agent shall on demand refund
the same to the Funding Agent together with interest on that amount from the
date of payment to the date of receipt by the Funding Agent, calculated by the
Funding Agent to reflect its cost of funds.

8.   FEES

8.1 The Issuer will pay to the Funding Agent, for the account of the Lenders,
the Commitment Fee monthly in arrears on each Monthly Settlement Date.

8.2 Upon the accession of any other Lender to this Agreement, the Issuer will
pay to such Lender or as it directs such programme fee (if any) as shall be
agreed with such Lender on the terms of such accession.

8.3 The Issuer will pay to the Funding Agent, for its own account, in USD the
Annual Administrative Agent's Fee (as set out in the Fee Letter). Such fee shall
be payable annually in advance on the Closing Date and thereafter annually in
advance for so long as any obligation of the Master Purchaser to any Finance
Party shall

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remain outstanding or any Lender or Noteholder shall have any commitment under
the Variable Funding Agreement or any Note.

9.   REPRESENTATIONS AND WARRANTIES

BY THE ISSUER

9.1 The Issuer represents and warrants to and agrees with each Lender and each
Noteholder on the date of this Agreement and on each Settlement Date that each
of the statements set out in Schedule 6 to this Agreement is true and accurate
by reference to the facts and circumstances existing at the relevant Settlement
Date and the Issuer undertakes to notify the Funding Agent, each Lender and each
Noteholder as soon as it becomes aware of any breach of the representations and
warranties set out in Schedule 6.

9.2 The Issuer hereby covenants in favour of each Lender and each Noteholder
that it will duly perform and comply with the obligations expressed to be
undertaken by it in the Transaction Documents.

9.3 The Issuer hereby covenants in favour of each Lender and each Noteholder
that it shall:

(a)  obtain, comply with the terms of and do all that is necessary to maintain
     in full force and effect all authorisations, approvals, licences and
     consents required in or by the laws and regulations of Ireland and any
     other applicable law to enable it lawfully to enter into and perform its
     obligations under each of the Transaction Documents or to ensure the
     legality, validity, enforceability or, subject to the compliance with
     applicable procedural rules, admissibility in evidence in Ireland in all
     material respects of each; and

(b)  promptly inform each Lender and each Noteholder of the occurrence of any
     event which is or may become (with the passage of time, the giving of
     notice, the making of any determination or any combination thereof in any
     of the Agreed Currencies) a Master Purchaser Event of Default and, upon
     receipt of a written request to that effect from a Lender or a Noteholder,
     confirm to such Lender or Noteholder (as the case may be) that, save as
     previously notified to such Lender or Noteholder (as the case may be) or as
     notified in such confirmation, no such event has occurred.

9.4 The Issuer hereby covenants with each Lender and each Noteholder, not, save
to the extent as permitted or contemplated by the Transaction Documents, to:

(a)  have any employees or premises; or

(b)  pay any dividends or make any distributions in respect of its share capital
     or issue any additional shares; or

(c)  consolidate or merge with any other person or convey or transfer its
     properties or assets substantially in their entirety to any person except
     as permitted or contemplated by the Transaction Documents; or

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(d)  incur, create, assume or suffer to exist or otherwise become or be liable
     in respect of any indebtedness whether present or future other than
     indebtedness in respect of taxes, assessments or governmental charges not
     yet overdue or administration, corporate or secretarial expenses, or
     indebtedness incurred, created or assumed with the prior consent of each
     Lender and each Noteholder, it being understood that the Issuer will incur
     present and future indebtedness under the Subordinated VLN Facility, to
     which each Lender and each Noteholder hereby consents; or

(e)  make, incur, assume or suffer to exist any loan, advance or guarantee
     (including any indemnity) to any person (other than in respect of the FCC
     Units); or

(f)  sell, transfer, release or otherwise dispose of any of, or grant options,
     warrants or other rights in respect to, any of its assets to any person
     without the prior consent of each Lender and each Noteholder (other than
     payments of amounts of a type permitted under paragraph (d) above); or

(g)  have an interest in any bank account, other than the Master Purchaser
     Transaction Accounts and those other accounts specified or contemplated in
     the Transaction Documents; or

(h)  have any subsidiaries; or

(i)  carry on any business other than that which is contemplated or necessitated
     by the operation of the Transaction Documents.

BY THE FINANCE PARTIES

9.5 Each Noteholder represents and warrants in favour of the Funding Agent that
it will promptly inform the Issuer of any change in the identity of any of its
Noteholder Accounts.

9.6 Each Finance Party represents and warrants to, and covenants with, the
Master Purchaser that:

(a)  it will not make any offer in Ireland in circumstances that would require
     the publication of a prospectus in respect of the Notes (and the offer
     thereof) in accordance with the Prospectus (Directive 2003/71/EC)
     Regulations 2005;

(b)  the Notes will not be the subject of a local offer (within the meaning of
     section 38(1) of the Investment Funds, Companies and Miscellaneous
     Provisions Act 2005 of Ireland); and

(c)  the Notes will not be offered other than in compliance with all applicable
     provisions of the Investment Intermediaries Acts 1995 to 2000 of Ireland
     (as amended).

9.7 The Funding Agent and each Lender and Noteholder represents and warrants in
favour of the Master Purchaser on each Interest Payment Date that it is
beneficially

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entitled to all payments made to it under the Notes and the Transaction
Documents to which it is a party; and that it is either (A) an Irish Qualifying
Lender; or (B) a person which is resident for the purpose of income or corporate
income tax in a territory that has a double taxation treaty with Ireland, under
the laws of that territory, or in a Member State of the European Communities
(other than Ireland), under the laws of that Member State; or (C) a US company,
provided that the US company is incorporated in the US and subject to tax in the
US on its worldwide income; or (D) a US LLC, provided that the ultimate
recipients of the interest are resident in a territory that has a double
taxation treaty with Ireland, under the laws of that territory, or in a Member
State of the European Communities (other than Ireland) under the laws of that
Member State and the business conducted through the LLC is so structured for
market reasons and not for tax avoidance purposes; provided that in the case of
each of (B), (C) and (D), that where the person is a company, it does not
provide its commitment through or in connection with a branch or agency in
Ireland.

9.8 Each Noteholder represents and warrants that (i) it is either (x) not a US
Person and is acquiring Notes for its own account or for the account or benefit
exclusively of non-US Persons or (y) an Accredited Investor acquiring the Notes
for its own account and not with a view towards, or for resale in connection
with, the public sale or distribution thereof, except in accordance with a
transaction exempt from registration under the Securities Act (PROVIDED that in
making the foregoing representation, such Noteholder does not agree to hold its
Notes for any minimum or other specific term and reserves the right to dispose
of the Notes at any time pursuant to an exemption from the registration
requirements of the Securities Act) and (ii) it understands that the Notes are
being offered and sold to in reliance on specific exemptions from the
registration requirements of the United States Federal and state securities laws
and that the Issuer is relying in part upon the truth and accuracy of the
representation made pursuant to clause (i) and the other representations,
warranties, agreements, acknowledgments and understandings of such Noteholder
set forth in this Agreement in order to determine the availability of such
exemptions.

CONSEQUENCES OF BREACH

9.9 If there is a Master Purchaser Event of Default, each Lender shall be
released and discharged from any obligation to make any further subscription for
Notes which it may have assumed as a consequence of the acceptance of any
Funding Request prior to the occurrence of such Master Purchaser Event of
Default.

10.  TAXES

PAYMENT WITHOUT WITHHOLDING

10.1 All sums payable to the Funding Agent or to a Noteholder in respect of any
Note and all other sums payable by the Issuer to any person party to this
Agreement in any capacity (each such Noteholder and each such person an AFFECTED
PERSON) shall be paid free and clear of, and without withholding or deduction
for, or on account of, any Tax unless the Issuer is required by law to make such
a payment subject to the withholding or deduction of Tax, in which case, the sum
payable by the Issuer in respect of which such withholding or deduction is
required to be made shall, subject to Clause 10.5 (unless the relevant
Noteholder shall have been indemnified by

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a Seller in respect of such deduction or withholding pursuant to Clause 10.7 of
the Framework Deed and unless such withholding or deduction arises as a result
of a breach by the Funding Agent or by the applicable Noteholder of the
representations and warranties given by it in Clause 9.7), be increased to the
extent necessary to ensure that, after the making of such withholding or
deduction, the relevant Affected Person (subject to, in the case of payment by
the Issuer, the relevant Master Purchaser Priorities of Payments), 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 withholding or deduction been made or required to be made.

NOTICE OF OBLIGATION TO WITHHOLD

10.2 If, at any time, the Issuer is required by law to make any withholding or
deduction from any sum payable by it in respect of any Note or under this
Agreement, (or if thereafter there is any change in the rate at which or the
manner in which such withholding or deduction is calculated), the Issuer (or the
MP Cash Manager on its behalf) shall promptly notify the applicable Noteholder
and the Funding Agent.

PAYMENT OF WITHHOLDING

10.3 If the Issuer makes any payment hereunder in respect of which it is
required to make any withholding or deduction of Tax, it shall pay the full
amount required to be withheld or deducted to the relevant taxation or other
authority within the time allowed for payment to the applicable authority. An
original receipt (or a certified copy thereof) issued by such authority or other
evidence reasonably satisfactory to the Affected Person shall be evidence of the
payment to such authority of all amounts so required to be withheld or deducted
in respect of such payment and the Issuer shall deliver such receipt to such
Affected Person within thirty (30) days after it has made such payment or when
such receipt is available (whichever is later).

REIMBURSEMENT OF TAX CREDIT

10.4 If and to the extent that the Issuer pays any additional amount under
Clause 10.1 in respect of any Tax and the relevant Affected Person receives and
retains the benefit of a refund of Tax or credit or other relief against Tax
otherwise payable by it which is attributable to such Tax (a TAX CREDIT), that
Affected Person shall, to the extent it can do so without prejudice to the
retention of the amount of the credit, reimburse to the Issuer such amount as it
shall at its own absolute discretion, acting reasonably, determine will leave
that Affected Person after that reimbursement, in no better or worse position
than it would have been if payment of the relevant additional amount had not
been required (taking account of any interest paid or credited in respect of the
Tax). The relevant Affected Person shall make reasonable efforts to identify any
available Tax Credits, but shall not be under any obligation to make such claim
and, if it does so claim, it shall have absolute discretion as to the extent,
order and manner in which it does so and in which refunds, reliefs and credits
are to be regarded as used for these purposes. The relevant Affected Person
shall not be obliged to disclose any information regarding its tax affairs or
computations to the Issuer and its certificate as to the amount to be reimbursed
shall, in the absence of manifest error, be conclusive.

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AFTER TAX AMOUNT

10.5 In the event that any taxing authority seeks to charge to Tax any sum paid
to an Affected Person (other than any Tax assessed on the Noteholder under the
law of the jurisdiction of incorporation of the relevant Affected Person or of
the jurisdiction of the office through which the relevant Affected Person is
acting in connection with this Agreement), if that Tax is imposed on or
calculated by reference to the net income received or receivable (but not any
sum deemed to be received or receivable) by the relevant Affected Person)) as a
result of the indemnities or other obligations contained in this Agreement or
the relevant Note then the amount so payable shall be grossed up by such amount
as will ensure that after payment of the Tax so charged there shall be left a
sum equal to the amount that would otherwise be payable under such indemnity or
obligation.

DEFAULT INTEREST

10.6 If the Issuer fails to pay any sum payable by it to any of the Security
Trustee, the Funding Agent, any Lender, any Noteholder or any other Affected
Person under this Agreement or a Note when due, the Issuer shall pay interest on
such sum to the relevant party from the date when it became due and payable to
the date of payment at the Default Rate as from time to time applicable (both
before and after any judgment obtained under the relevant Transaction Document).

COSTS AND EXPENSES

10.7 Without prejudice to the provisions of any other Transaction Document, to
the extent that the same has not been satisfied in full by a Seller pursuant to
Clause 10.7 of the Framework Deed, the Issuer shall on demand pay by way of
indemnity on a full after Tax basis all costs, claims, fees, liabilities, losses
and damages and expenses (including legal and out of pocket expenses) suffered
or otherwise incurred (provided that, in the case of (a) below and other than in
relation to the Security Trustee, such legal and out of pocket expenses have
been reasonably incurred) by each Lender, each Noteholder, the Security Trustee
and the Funding Agent in connection with:

(a)  any variation, consent or approval, or any steps taken with a view to any
     variation, consent or approval, in each case relating to or in connection
     with any of the Transaction Documents or any related document which was
     requested by the Parent, any Seller, any Servicer or the Lenders; and

(b)  the preservation or enforcement of, or any action taken to preserve or
     enforce, any of their rights under any of the Transaction Documents or any
     related documents,

and (for the avoidance of doubt) the Issuer shall, subject to Clause 10.4 and to
the extent imposed by a Relevant Jurisdiction, pay to each Lender, each
Noteholder, the Security Trustee and the Funding Agent such amount as shall
represent any value added tax, sales tax, purchase tax or other similar taxes or
duties associated with such costs, fees and expenses (if any) howsoever charged
to, or suffered by, such Lender, Noteholder, the Security Trustee or the Funding
Agent.

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11.  INDEMNITY FOR OTHER AMOUNTS

INCREASED COSTS INDEMNITY

11.1 Without prejudice to the provisions of any other Transaction Document, to
the extent that the same have not been satisfied in full by the Parent or a
Seller pursuant to Clause 7 of the Framework Deed, if any Change in Law shall:

(a)  impose, modify or deem applicable any reserve, special deposit or similar
     requirement against assets of, deposits with or for the account of, or
     credit extended by, any Lender or Noteholder; or

(b)  impose on any Lender or Noteholder or the London interbank market any other
     condition affecting the Variable Funding Agreement or any Notes or any
     commitment or participation by that Lender or Noteholder thereunder;

and the result of any of the foregoing shall be to increase the cost to such
Lender or Noteholder of making of any funding available pursuant to the Variable
Funding Agreement or any Note or in holding any Note (or of maintaining its
obligation to provide any funding pursuant to the Variable Funding Agreement or
any Note or to reduce the amount of any sum received or receivable by such
Lender or Noteholder under any Transaction Document (whether of principal,
interest or otherwise), then the Master Purchaser will pay to such Lender or
Noteholder, as the case may be, such additional amount or amounts as will
compensate such Lender or Noteholder as the case may be, for such additional
costs incurred or reduction suffered.

11.2 If any Lender or Noteholder determines that any Change in Law regarding
capital requirements has or would have the effect of reducing the rate of return
on such Lender's or Noteholder's capital or on the capital of such Lender's or
Noteholder's holding company, if any, as a consequence of the Variable Funding
Agreement or the Notes held by it, to a level below that which such Lender or
Noteholder or such Lender's or Noteholder's holding company could have achieved
but for such Change in Law (taking into consideration such Lender's or
Noteholder's policies and the policies of such Lender's or Noteholder's holding
company with respect to capital adequacy), then to the extent that the same have
not been satisfied in full by the Parent or a Seller pursuant to Clause 7 of the
Framework Deed from time to time the Master Purchaser will pay to such Lender or
Noteholder, as the case may be, such additional amount or amounts as will
compensate such Lender or Noteholder or such Lender's or Noteholder's holding
company for any such reduction suffered.

11.3 Subject to the applicable Master Purchaser Priorities of Payments, the
Issuer shall pay to the Lender or the Noteholder within 10 days of demand by the
Lender or the Noteholder, such amount payable under Clause 11.1 as stated in a
certificate of the Lender or the Noteholder accompanying its demand, setting out
the amount of such increased cost or reduction in return (which certificate,
absent manifest error, shall be conclusive and binding for all purposes).

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DUTIES AND TAXES

11.4 Without prejudice to the provisions of any other Transaction Document other
than as set out in Condition 2.6, the Issuer agrees with each Lender, each
Noteholder and each other Affected Person that it shall pay any stamp,
documentary, transfer, excise, registration, filing and other similar duties,
levies, fees or other similar taxes to which:

(a)  this Agreement, a Note or any transaction contemplated under this Agreement
     or a Note; or

(b)  the enforcement of the rights of each Lender, each Noteholder and each
     other Affected Person under this Agreement or the Note,

may be subject or give rise and the Issuer, subject to the applicable Master
Purchaser Priority of Payments, shall fully indemnify each Lender, each
Noteholder and each other Affected Person, on a joint and several and after Tax
basis, from and against any losses or liabilities which any of them may properly
incur or otherwise suffer as a result of any delay in paying or omission to pay
such duties, levies, fees or taxes.

VALUE ADDED TAX AND SALES TAX

11.5 Any amounts stated in this Agreement or a Note to be payable, or payable in
connection with this Agreement or a Note, by the Issuer (the PAYMENT AMOUNTS)
are exclusive of value added tax, sales tax, purchase tax or other similar taxes
or duties arising under the laws of any Relevant Jurisdiction and accordingly,
to the extent that any such taxes arise in respect of any such payments under
the laws of such jurisdictions, the Issuer, subject to the applicable Master
Purchaser Priorities of Payments, shall, in addition, pay any amount properly
charged in respect of any such taxes or duties. For the avoidance of doubt,
Payment Amounts are inclusive of value added tax, sales tax, purchase tax or any
similar taxes or duties arising under the laws of any jurisdiction other than a
Relevant Jurisdiction and the Issuer shall have no obligation to pay additional
amounts in respect of such taxes and duties under the laws of such other
jurisdictions.

CURRENCY INDEMNITY

11.6 If any sum due from the Issuer in respect of a Note or under this Agreement
or any order or judgment given or made in relation to any such sum has to be
converted from the currency (the FIRST CURRENCY) in which the same is payable
hereunder or under such order or judgment into another currency (the SECOND
CURRENCY) for the purpose of:

(a)  making or filing a claim or proof against the Issuer;

(b)  obtaining an order or judgment in any court or other tribunal; or

(c)  enforcing any order or judgment given or made in relation to any such sum,

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the Issuer, subject to the applicable Master Purchaser Priorities of Payments,
shall indemnify, on an after Tax basis, and hold harmless each Lender, each
Noteholder and any other Affected Person from and against any loss suffered as a
result of any discrepancy between (i) the rate of exchange used for such purpose
to convert the sum in question from the first currency into the second currency
and (ii) the rate or rates of exchange at which the Lender or the Noteholder or
such other Affected Person may in the ordinary course of business purchase the
first currency with the second currency upon receipt of a sum paid to it in
satisfaction, in whole or in part, of any such order, judgment, claim or proof.

INDEMNITY AGAINST BREACH

11.7 The Issuer shall indemnify and keep indemnified each Lender, each
Noteholder and any other party to this Agreement on an after Tax basis, in an
amount equal to any cost, claim, loss, expense, liability or damages (including
legal costs and out of pocket expenses) incurred or otherwise suffered by it in
connection with any breach by the Issuer of this Agreement, any Note and any
other Transaction Document and the Issuer subject to the applicable Master
Purchaser Priorities of Payments shall on demand pay to each Lender, each
Noteholder and any other party to this Agreement, without any set off, deduction
or withholding whatsoever, the amount of any such cost, claim, loss, expense,
liability or damages so suffered or incurred.

TRANSFERS AND CHANGES IN THE NOTEHOLDER

11.8 The Issuer shall not have any obligation to make any payment pursuant to
Clauses 11.1 to 11.7 to any transferee of any Note except in each case to the
extent that:

(a)  the Issuer has countersigned the applicable Note Transfer; and

(b)  the transferee executes the Noteholder Accession Letter in or substantially
     in the form set out in Schedule 5 to this Agreement.

INDEMNITIES AND MITIGATION

11.9 Any person making (or entitled to make) a claim pursuant to Clauses 11.1 to
11.7 shall in consultation with the Issuer, take all reasonable steps to
mitigate any circumstances which arise and which would result in any amount
becoming payable under or pursuant to, Clause 11.1 to Clause 11.7, and shall
exercise whatever rights it has to require an Affected Person to so mitigate,
provided that this sentence does not in any way limit the obligations of the
Issuer under Clause 11.1 to Clause 11.7.

12.  ILLEGALITY AND MITIGATION

12.1 If at any time it becomes unlawful in any relevant jurisdiction for a
Lender or a Noteholder to give effect to any of its obligations as contemplated
by this Agreement or to maintain, make, or fund a Note or to allow a Note to
remain outstanding, it shall, as soon as reasonably practicable after becoming
aware of that fact, deliver to the Issuer and the Security Trustee and the
Sellers notice to that effect

                                                                         Page 18

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and the relevant Lender as Noteholder shall, as soon as reasonably practicable
upon becoming aware of that fact, take such steps as may reasonably be open, but
without incurring unreasonable costs, to it to mitigate the effects of such
circumstances, including the transfer of its rights and obligations hereunder
and under any Note to any Affiliate of such Lender (provided that such transfer
or the assumption of such rights and obligations by such Affiliate would not be
unlawful) or to another entity agreed by the Issuer, the Funding Agent and the
Security Trustee and the Seller as being acceptable to it, such agreement not to
be unreasonably withheld or delayed.

12.2 If such illegality cannot be avoided in accordance with Clause 12.1 within
such time period as the relevant Lender or Noteholder shall in its absolute
discretion determine to be permissible, the Variable Funding Facility Limit
shall be reduced by an amount equal to that Lender's or Noteholder's Maximum
Commitment Amount and the Commitment Proportion and the Maximum Commitment
Amount applicable to that Lender or Noteholder shall be reduced to zero. Upon
any such reduction of the Variable Funding Facility Limit each other Lender and
Noteholder's Commitment Proportion shall be recalculated to equal the fraction
(expressed as a percentage) calculated by dividing that Lender or Noteholder's
Maximum Commitment Amount by the reduced Variable Funding Facility Limit. For
the avoidance of doubt nothing in this Clause 12 shall increase any Lender's or
Noteholder's Maximum Commitment Amount.

13.  NO LIABILITY

No recourse under any obligation, covenant, or agreement of a Lender (whether in
its capacity as a Noteholder or otherwise) or the Issuer contained in this
Agreement or any Note shall be had against any shareholder, officer, trustee or
director of either a Lender or the Issuer as the case may be, by the enforcement
of any assessment or by any proceeding, by virtue of any statute or otherwise,
it being expressly agreed and understood that each obligation, covenant and
agreement of either a Lender, a Noteholder or the Issuer under this Agreement or
any other Transaction Document is a corporate obligation and no personal
liability shall attach to or be incurred by the shareholders, officers,
trustees, agents, employees or directors of either a Lender, a Noteholder or the
Issuer as such, or any of them, or implied therefor, and that any and all
personal liability for breaches by such party of any such obligations, covenants
or agreements, either at law or by statute or constitution, of every such
shareholder, officer, trustee, agent, employee or director is hereby expressly
waived by the other parties as a condition of and consideration for the
execution of this Agreement.

14.  NO PETITION

Each party hereto (other than the Security Trustee) hereby undertakes to the
Issuer that it shall not, nor shall any party on its behalf, at any time
institute against, or join any person in instituting against the Issuer or any
or all of the revenues and assets of the Issuer any bankruptcy, winding up,
re-organisation, examination, arrangement, insolvency or liquidation proceeding
or other proceeding under any similar law nor petition for the appointment of a
receiver, administrator, examiner, administrative receiver, trustee, liquidator,
sequestrator or similar officer of it nor participate in any ex parte
proceedings.

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15.  LIMITED RECOURSE

Notwithstanding any other provision of this Agreement and the other Transaction
Documents, each Party agrees and acknowledges with the Issuer that, save as
otherwise provided for in any Transaction Document:

(a)  it will have recourse in respect of any amount, claim or obligation due or
     owing to it by the Issuer (the CLAIMS) only to the extent of available
     funds pursuant to the applicable Master Purchaser Priorities of Payments
     and subject to the provisos therein, which, following enforcement of the
     security interests created under the Master Purchaser Deed of Charge shall
     be applied by the Security Trustee, subject to and in accordance with the
     terms thereof and after all other prior ranking claims in respect thereof
     have been satisfied and discharged in full; and

(b)  following the application of funds following enforcement of the security
     interests created under the Master Purchaser Deed of Charge, subject to and
     in accordance with each of the Master Purchaser Post-Enforcement Priorities
     of Payments, the Issuer will have no assets available for payment of its
     obligations under this Agreement, any Note, the Master Purchaser Deed of
     Charge and the other Transaction Documents other than as provided for
     pursuant to the Master Purchaser Deed of Charge, and that any Claims will
     accordingly be extinguished to the extent of any shortfall; and

(c)  the obligations of the Issuer under this Agreement, each Note, the Master
     Purchaser Deed of Charge and the other Transaction Documents will not be
     obligations or responsibilities of, or guaranteed by, any other person or
     entity.

16.  BENEFIT OF AGREEMENT

16.1 This Agreement shall be binding upon and enure to the benefit of each Party
and its or any subsequent successors and permitted assigns.

16.2 The Issuer shall not be entitled to assign or transfer all or part of its
rights and benefits or obligations hereunder other than to the Security Trustee
pursuant to the Master Purchaser Deed of Charge.

16.3 Provided that such transfer shall not result in any increased liability of
the Issuer relating to the withholding of tax payable in respect of the relevant
Note, each Lender shall be entitled to transfer a Note to another party,
provided however, that a Note may not be transferred to any person other than an
Institutional Investor and provided further that such transfer is made in
accordance with Clauses 19.4 and 19.5 of the Framework Deed.

17.  EVIDENCE OF DEBT

Each Lender shall maintain, in accordance with usual accounting practice,
accounts evidencing the amounts from time to time owing to it hereunder and in
its capacity as a Noteholder (including in respect of the Principal Amount
Outstanding and any other sums due in respect of a Note at any time it is the
Noteholder). In any legal action or

                                                                         Page 20

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proceeding arising out of or in connection with this Agreement or a Note, the
entries made in such accounts shall, in the absence of manifest error, be prima
facie evidence of the existence and amounts of the obligations of the Issuer
therein recorded.

18.  FUNDING AGENT

APPOINTMENT OF THE FUNDING AGENT

18.1 (a)  Each of the Lenders and the Noteholders appoints the Funding Agent to
          act as its agent under and in connection with the Transaction
          Documents.

(b)  Each of the Lenders and the Noteholders authorise the Funding Agent to
     exercise the rights, powers, authorities and discretions specifically given
     to the Funding Agent under or in connection with the Transaction Documents
     together with any other incidental rights, powers, authorities and
     discretions.

DUTIES OF THE FUNDING AGENT

18.2 (a)  The Funding Agent shall promptly forward to a Lender or a Noteholder
          the original or a copy of any document which is delivered to the
          Funding Agent by any other party pursuant to the Transaction
          Documents.

(b)  Except where a Transaction Document specifically provides otherwise, the
     Funding Agent is not obliged to review or check the adequacy, accuracy or
     completeness of any document it forwards to any Lender or Noteholder.

(c)  If the Funding Agent receives notice from a Party, describing a Master
     Purchaser Event of Default and stating that the circumstance described is a
     Master Purchaser Event of Default, it shall promptly notify the other
     Lenders and Noteholders.

(d)  If the Funding Agent is aware of the non-payment of any principal,
     interest, commitment fee or other fee payable to a Lender or a Noteholder
     under this Agreement or any Note it shall promptly notify the other Lenders
     and Noteholders.

(e)  The Funding Agent's duties under the Transaction Documents are solely
     mechanical and administrative in nature.

NO FIDUCIARY DUTIES

18.3 (a)  Nothing in this Agreement constitutes the Funding Agent as a trustee
          or fiduciary of any other person.

(b)  The Funding Agent shall not be bound to account to any Lender or Noteholder
     for any sum or the profit element of any sum received by it for its own
     account.

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BUSINESS WITH THE GROUP

18.4 The Funding Agent may accept deposits from, lend money to and generally
engage in any kind of banking or other business with any member of the Visteon
Group.

RIGHTS AND DISCRETIONS

18.5 (a)  The Funding Agent may rely on:

          (i)  any representation, notice or document believed by it to be
               genuine, correct and appropriately authorised; and

          (ii) any statement made by a director, authorised signatory or
               employee of any person regarding any matters which may reasonably
               be assumed to be within his knowledge or within his power to
               verify.

(b)  The Funding Agent may assume (unless it has received notice to the contrary
     in its capacity as agent for the Lenders and the Noteholders) that:

          (i)  no Master Purchaser Event of Default, Cash Control Event,
               Termination Event or Servicer Default has occurred;

          (ii) any right, power, authority or discretion vested in any Party has
               not been exercised;

(c)  The Funding Agent may engage, pay for and rely on the advice or services of
     any lawyers, accountants, surveyors or other experts.

(d)  The Funding Agent may act in relation to the Transaction Documents through
     its personnel and agents.

(e)  The Funding Agent may disclose to any other Party any information it
     reasonably believes it has received as Funding Agent under this Agreement.

(f)  Notwithstanding any other provision of any Transaction Document to the
     contrary, the Funding Agent shall not be obliged to do or omit to do
     anything if it would or might in its reasonable opinion constitute a breach
     of any law or regulation or a breach of a fiduciary duty or duty of
     confidentiality.

MAJORITY LENDERS' INSTRUCTIONS

18.6 (a)  Unless a contrary indication appears in a Transaction Document, the
          Funding Agent shall (i) exercise any right, power, authority or
          discretion vested in it as Funding Agent in accordance with any
          instructions given to it by the Majority Lenders (or, if so instructed
          by the Majority Lenders, refrain from exercising any right, power,
          authority or discretion vested in it as Funding Agent) and (ii) not be
          liable for any act (or omission) if it acts (or refrains from taking
          any action) in accordance with an instruction of the Majority Lenders.

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(b)  Unless a contrary indication appears in a Transaction Document, any
     instructions given by the Majority Lenders will be binding on all the other
     Lenders and Noteholders.

(c)  The Funding Agent may refrain from acting in accordance with the
     instructions of the Majority Lenders (or, if appropriate, the Lenders or
     Noteholders) until it has received such security as it may require for any
     cost, loss or liability (together with any associated VAT) which it may
     incur in complying with the instructions.

(d)  In the absence of instructions from the Majority Lenders, (or, if
     appropriate, the Lenders or Noteholders) the Funding Agent may act (or
     refrain from taking action) as it considers to be in the best interest of
     the Lenders and the Noteholders.

(e)  The Funding Agent is not authorised to act on behalf of a Lender or a
     Noteholder (without first obtaining that Lender's or Noteholder's consent)
     in any legal or arbitration proceedings relating to any Transaction
     Document. This paragraph (e) shall not apply to any legal or arbitration
     proceeding relating to the perfection, preservation or protection of rights
     under the Security Documents or enforcement of the Security Documents or
     the Encumbrances created thereby.

RESPONSIBILITY FOR DOCUMENTATION

18.7 The Funding Agent is not, nor shall be, responsible:

(a)  for the adequacy, accuracy and/or completeness of any information (whether
     oral or written) supplied by the Collateral Monitoring Agent, the Security
     Trustee, the Master Purchaser, any Seller, any Servicer, the Subordinated
     VLN Facility Provider or any other person given in or in connection with
     any Transaction Document or the transactions contemplated in the
     Transaction Documents; or

(b)  for the legality, validity, effectiveness, adequacy or enforceability of
     any Transaction Document or any Encumbrances created thereby or any other
     agreement, arrangement or document entered into, made or executed in
     anticipation of or in connection with any Transaction Document.

EXCLUSION OF LIABILITY

18.8 (a)  Without limiting paragraph (b) below, the Funding Agent will not be
          liable for any action taken by it under or in connection with any
          Transaction Document unless directly caused by its gross negligence or
          wilful misconduct.

(b)  No Party (other than the Funding Agent) may take any proceedings against
     any officer, employee or agent of the Funding Agent in respect of any claim
     it might have against the Funding Agent or in respect of any act or
     omission of any kind by that officer, employee or agent in relation to any
     Transaction

                                                                         Page 23

<PAGE>

     Document and any officer, employee or agent of the Funding Agent may rely
     on and have the right to enforce this Clause pursuant to the Contracts
     (Rights of Third Parties) Act 1999.

(c)  The Funding Agent will not be liable for any delay (or any related
     consequences) in crediting an account with an amount required under the
     Transaction Documents to be paid by the Funding Agent if the Funding Agent
     has taken all necessary steps as soon as reasonably practicable to comply
     with the regulations or operating procedures of any recognised clearing or
     settlement system used by the Funding Agent for that purpose.

(d)  Nothing in this Agreement shall oblige the Funding Agent to carry out any
     "know your customer" or other checks in relation to any person on behalf of
     any Lender or Noteholder and each Lender and Noteholder confirms to the
     Funding Agent that it is solely responsible for any such checks it is
     required to carry out and that it may not rely on any statement in relation
     to such checks made by the Funding Agent.

LENDERS' AND NOTEHOLDERS' INDEMNITY TO THE FUNDING AGENT

18.9 Each Lender and Noteholder shall indemnify the Funding Agent, within three
Business Days of demand, against that Lender and Noteholder's Commitment
Proportion of any cost, loss or liability incurred by the Funding Agent
(otherwise than by reason of the Funding Agent's gross negligence or wilful
misconduct) in acting as Funding Agent under the Transaction Documents (unless
the Funding Agent has been reimbursed by the Master Purchaser, a Seller, a
Servicer or the Parent pursuant to a Transaction Document).

RESIGNATION OF THE FUNDING AGENT

18.10(a)  The Funding Agent may resign and appoint one of its Affiliates as
          successor by giving notice to the Lenders, the Noteholders, the
          Security Trustee and the Issuer.

(b)  Alternatively the Funding Agent may resign by giving notice to the Lenders,
     the Noteholders, the Security Trustee and the Issuer, in which case the
     Majority Lenders (after consultation with the Issuer) may appoint a
     successor Funding Agent.

(c)  If the Majority Lenders have not appointed a successor Funding Agent in
     accordance with paragraph (b) above within 30 days after notice of
     resignation was given, the Funding Agent (after consultation with the
     Issuer) may appoint a successor Funding Agent.

(d)  The retiring Funding Agent shall, at its own cost, make available to the
     successor Funding Agent such documents and records and provide such
     assistance as the successor Funding Agent may reasonably request for the
     purposes of performing its functions as Funding Agent under the Transaction
     Documents.

                                                                         Page 24

<PAGE>

(e)  The Funding Agent's resignation notice shall only take effect upon the
     appointment of a successor.

(f)  Upon the appointment of a successor, the retiring Funding Agent shall be
     discharged from any further obligation in respect of the Transaction
     Documents but shall remain entitled to the benefit of this Clause 18. Its
     successor and each of the other Parties shall have the same rights and
     obligations amongst themselves as they would have had if such successor had
     been an original Party.

(g)  After consultation with the Issuer, the Majority Lenders may, by notice to
     the Funding Agent, require it to resign in accordance with paragraph (b)
     above. In this event, the Funding Agent shall resign in accordance with
     paragraph (b) above.

CONFIDENTIALITY

18.11(a)  In acting as Funding Agent for the Lenders and the Noteholders, the
          Funding Agent shall be regarded as acting through its agency division
          which shall be treated as a separate entity from any other of its
          divisions or departments.

(b)  If information is received by another division or department of the Funding
     Agent, it may be treated as confidential to that division or department and
     the Funding Agent shall not be deemed to have notice of it.

(c)  Notwithstanding any other provision of any Transaction Document to the
     contrary, the Funding Agent shall not be obliged to disclose to any other
     person (i) any confidential information or (ii) any other information if
     the disclosure would or might in its reasonable opinion constitute a breach
     of any law or a breach of a fiduciary duty.

CREDIT APPRAISAL BY THE LENDERS AND NOTEHOLDERS

18.12 Each Lender and Noteholder confirms to the Funding Agent that it has been,
and will continue to be, solely responsible for making its own independent
appraisal and investigation of all risks arising under or in connection with any
Transaction Document including but not limited to:

(a)  the financial condition, status and nature of each member of the Visteon
     Group;

(b)  the legality, validity, effectiveness, adequacy or enforceability of any
     Transaction Document and any Encumbrances created thereby and any other
     agreement, arrangement or document entered into, made or executed in
     anticipation of, under or in connection with any Transaction Document;

(c)  whether that Lender or Noteholder has recourse, and the nature and extent
     of that recourse, against any party or any of its respective assets under
     or in connection with any Transaction Document or the transactions
     contemplated

                                                                         Page 25

<PAGE>

     by the Transaction Documents or any other agreement, arrangement or
     document entered into, made or executed in anticipation of, under or in
     connection with any Transaction Document;

(d)  the adequacy, accuracy and/or completeness of any information provided by
     any person under or in connection with any Transaction Document, the
     transactions contemplated by the Transaction Documents or any other
     agreement, arrangement or document entered into, made or executed in
     anticipation of, under or in connection with any Transaction Document; and

(e)  the right or title of any person in or to, or the value or sufficiency of
     any part of the Master Purchaser Secured Property, the priority of any of
     the security interest granted pursuant to the Master Purchaser Security
     Documents or the existence of any Encumbrances affecting the Master
     Purchaser Secured Property.

DEDUCTION FROM AMOUNTS PAYABLE BY THE FUNDING AGENT

18.13 If any Party owes an amount to the Funding Agent under the Transaction
Documents, the Funding Agent may, after giving notice to that Party, deduct an
amount not exceeding that amount from any payment to that Party which the
Funding Agent would otherwise be obliged to make under the Transaction Documents
and apply the amount deducted in or towards satisfaction of the amount owed. For
the purposes of the Transaction Documents that Party shall be regarded as having
received any amount so deducted.

CONDUCT OF BUSINESS BY THE FINANCE PARTIES

18.14 No provision of this Agreement will:

(a)  interfere with the right of the Funding Agent, Lender or Noteholder to
     arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

(b)  oblige the Funding Agent, Lender or Noteholder to investigate or claim any
     credit, relief, remission or repayment available to it or the extent, order
     and manner of any claim; or

(c)  oblige the Funding Agent, Lender or Noteholder to disclose any information
     relating to its affairs (tax or otherwise) or any computations in respect
     of Tax.

19.  COUNTERPARTS

This Agreement may be executed in any number of counterparts and by the parties
to it on separate counterparts, each of which shall be an original but all of
which together shall constitute one and the same instrument.

                                                                         Page 26

<PAGE>

20.  RIGHTS OF THIRDS PARTIES

Save as expressly provided herein, a person who is not a party to this Agreement
shall have no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce any of its terms.

21.  GOVERNING LAW

This Agreement is governed by, and shall be construed in accordance with English
law.

22.  JURISDICTION

The provisions of Clause 4 of the Framework Deed shall apply to this Agreement
on the basis set out therein.

                                                                         Page 27
<PAGE>

THIS AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE BEGINNING OF THIS
AGREEMENT.

THE MASTER PURCHASER AND THE ISSUER

SIGNED by MARK FILER                )   MARK FILER
for and on behalf of                )   ATTORNEY
VISTEON FINANCIAL CENTRE P.L.C.     )

THE LENDERS AND NOTEHOLDERS

SIGNED by ROBIN WARD                )   ROBIN WARD
for and on behalf of                )   DIRECTOR
CITIBANK, N.A.                      )

SIGNED by ANDREW SANTACROCE         )   ANDREW SANTACROCE
and MATTHEW JOLLY                   )   DIRECTOR
for and on behalf of                )
UBS AG, LONDON BRANCH               )   MATTHEW JOLLY
                                        EXECUTIVE DIRECTOR

SIGNED by HUBERT CHARVET            )   HUBERT CHARVET
and FABIENNE DAULNE                 )
for and on behalf of                )   FABIENNE DAULNE
BNP PARIBAS                         )

                                                                         Page 28

<PAGE>

SIGNED by DEIRDRE GEOGHEGAN         )   DEIRDRE GEOGHEGAN
AND PAUL OWENS                      )   HEAD OF OFFSHORE GROUP
for and on behalf of                )
BNP PARIBAS, DUBLIN BRANCH          )   PAUL OWENS

SIGNED by ROBERT P. KELLAS          )   ROBERT P. KELLAS
for and on behalf of                )   VICE PRESIDENT
JPMORGAN CHASE BANK, N.A.           )

SIGNED by ROBERT J. LUND            )   ROBERT J. LUND
for and on behalf of                )
BANK OF AMERICA, N.A.               )

                                                                         Page 29

<PAGE>

SIGNED by MARK E. GLEASON           )   MARK E. GLEASON
AND RIANKA MOHAN                    )   DIRECTOR
for and on behalf of                )
CREDIT SUISSE, CAYMAN ISLANDS       )   RIANKA MOHAN
BRANCH                              )   ASSOCIATE

SIGNED by JAMIE PRATT               )   JAMIE PRATT
and CHUNG CHUI WAN                  )   DIRECTOR
for and on behalf of                )
DEUTSCHE BANK AG LONDON             )   CHUNG CHUI WAN
                                    )   VICE PRESIDENT

SIGNED by DAVID CSATARI             )   DAVID CSATARI
for and on behalf of                )   VICE PRESIDENT
THE BANK OF NEW YORK                )

                                                                         Page 30

<PAGE>

SIGNED by LAURA DIXON               )   LAURA DIXON
for and on behalf of                )   VICE PRESIDENT
WACHOVIA CAPITAL FINANCE            )
CORPORATION (CENTRAL)               )

SIGNED by MANUEL BORGES             )   MANUEL BORGES
for and on behalf of                )   VICE PRESIDENT
CIT GROUP/BUSINESS CREDIT, INC.     )

THE SECURITY TRUSTEE

SIGNED by BILL ROWLAND              )   BILL ROWLAND
for and on behalf of                )
THE LAW DEBENTURE TRUST             )
CORPORATION P.L.C.                  )

THE FUNDING AGENT

SIGNED by MARIE VICTORIA TACARDON   )   MARIE VICTORIA
for and on behalf of                )   TACARDON
CITIBANK INTERNATIONAL PLC          )

                                                                         Page 31

<PAGE>

THE MASTER SERVICER

SIGNED by SAMRAD NAZER              )   SAMRAD NAZER
for and on behalf of                )
VISTEON UK LIMITED                  )

                                                                         Page 32

<PAGE>

                                   SCHEDULE 2

                                  FORM OF NOTE

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS
OF ANY STATE OR OTHER JURISDICTION, AND ACCORDINGLY MAY NOT BE OFFERED, SOLD,
ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OF AMERICA, OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S
UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS.

                         VISTEON FINANCIAL CENTRE P.L.C.

(incorporated in Ireland with limited liability; registered number 423820) (the
                                     ISSUER)

            EUR [_____]/ GBP [_____]/ USD [_____] NOTE DUE 20[_____]

                       issued to: [INSERT NOTEHOLDER NAME]

                                   (the NOTE)

This Note has been constituted by the Issuer pursuant to a Variable Funding
Agreement (the VARIABLE FUNDING AGREEMENT) dated 14 August 2006 between the
Issuer, certain financial institutions (as the LENDERS), The Law Debenture Trust
Corporation p.l.c. (as SECURITY TRUSTEE) and Citibank International plc (as the
FUNDING AGENT) and is subject to, and with the benefit of, the attached terms
and conditions (the CONDITIONS) and the Variable Funding Agreement.

Capitalised terms used and not otherwise defined in this Note have the
respective meanings specified in the Variable Funding Agreement.

The Issuer, for value received, promises, in accordance with the Conditions to
pay to the registered holder of this Note on the Final Maturity Date the
Principal Amount Outstanding on that date as shown on the Grid attached to this
Note or otherwise recorded in the books and records of the Noteholder, together
with accrued interest in accordance with the Conditions and any additional
amounts payable thereunder.

Upon any redemption or increase of the Principal Amount Outstanding of the Note
in accordance with the Conditions, the Issuer shall procure that the amount so
redeemed be recorded on the Grid.

This Note is in registered form and is transferable in part.

                                                                         Page 35

<PAGE>

AS WITNESS the signature of a duly authorised officer on behalf of the Issuer

SIGNED, SEALED and DELIVERED as a   )
DEED by                             )
as duly authorised attorney         )
for and on behalf of                )
VISTEON FINANCIAL CENTRE P.L.C.     )
in the presence of:                 )

Witness:
         ----------------------------
Name:
      -------------------------------
Address:
         ----------------------------

ISSUED in [_____] on [_____] 2006

                                                                         Page 36

<PAGE>

                                   SCHEDULE 3

                              TERMS AND CONDITIONS

The following is the text of the terms and conditions of the Notes which
(subject to completion and amendment) will be attached to each Note.

The [EUR [_____]/ GBP [_____]/ USD [_____]] (initial par value) Note (the NOTE
and together with each other note issued by the Issuer pursuant to the Variable
Funding Agreement, the NOTES) due 20[_____] of VISTEON FINANCIAL CENTRE P.L.C.
(the ISSUER) is constituted by a variable funding agreement dated 14 August 2006
between the Issuer, certain financial institutions named therein (as the LENDERS
and in their capacity as holders of the Notes the NOTEHOLDER and together with
any other person who shall accede to the variable funding agreement as a Lender
collectively, the LENDERS and together with any other person who shall accede to
the variable funding agreement as a Noteholder collectively, the NOTEHOLDERS),
The Law Debenture Trust Corporation p.l.c. (as SECURITY TRUSTEE) and Citibank
International plc (as FUNDING AGENT) (the VARIABLE FUNDING AGREEMENT). Certain
provisions of these Conditions are summaries of the Variable Funding Agreement
and are subject to its detailed provisions thereof. The Noteholder (as defined
below) is bound by, and is deemed to have notice of, all the provisions of the
Variable Funding Agreement applicable to it. Terms defined in the Variable
Funding Agreement (including by cross reference or incorporation) shall, unless
otherwise defined herein or the context requires otherwise bear the same
meanings in these terms and conditions.

1.   FORM, DENOMINATION AND STATUS

FORM AND DENOMINATION

1.1 The Note is in definitive registered form with the initial par value of [EUR
[_____]/ GBP [_____]/ USD [_____]] and thereafter in such other amount as may
from time to time be recorded in the Grid attached to the Note or in the books
and records of the Noteholder.

STATUS

1.2 The Note constitutes a direct, secured and unconditional obligation of the
Issuer.

2.   TITLE AND TRANSFERS

TITLE

2.1 The Issuer or the Corporate Administrator on its behalf (in such capacity,
the REGISTRAR) will cause to be kept, at the specified office of the Registrar
in Ireland, a register (the REGISTER) on which shall be entered the names and
addresses of the holders of each of the Notes from time to time.

                                                                         Page 37

<PAGE>

2.2 Title to the Note will pass by and upon registration of transfers in the
Register. In these Conditions the HOLDER of the Note or the NOTEHOLDER means the
person in whose name such Note is for the time being registered in the Register.
Registration of ownership of the Note shall be conclusive evidence (in the
absence of manifest error) of absolute ownership of the Note.

TRANSFERS

2.3 Subject to Conditions 2.6 and 2.7 below, the Note may be transferred in
whole (but not in part, except as provided in Condition 2.5 below) upon
surrender of the Note at the specified office of the Registrar, with the form of
transfer set out in Schedule 4 to the Variable Funding Agreement duly completed
and signed by or on behalf of the transferor and the Issuer and together with
such evidence as the Registrar may reasonably require to prove:

(a)  the title of the transferor;

(b)  the authority of the individuals who have executed the form of transfer;

(c)  the payment of any stamp duty payable on such transfer;

(d)  that: that the transferee is either (x) not a US Person and is acquiring
     Notes for its own account or for the account or benefit exclusively of
     non-US Persons outside the United States in an offshore transaction (as
     defined in Regulation S) in accordance with Regulation S or (y) an
     Accredited Investor acquiring the Notes for its own account and not with a
     view towards, or for resale in connection with, the public sale or
     distribution thereof, except in accordance with a transaction exempt from
     registration under the Securities Act; and

(e)  that the transferee is:

          (i)  (A) an Irish Qualifying Lender; or

               (B)  a person which is resident in a territory that has a double
                    taxation treaty with Ireland, under the laws of that
                    territory, or in a Member State of the European Communities
                    (other than Ireland), under the laws of that Member State;
                    or

               (C)  a US company, provided that the US company is incorporated
                    in the US and subject to tax in the US on its worldwide
                    income; or

               (D)  a US LLC, provided that the ultimate recipients of the
                    interest are resident in a territory that has a double
                    taxation treaty with Ireland, under the laws of that
                    territory, or in a Member State of the European Communities
                    (other than Ireland) under the laws of that Member State and
                    the business conducted through the LLC is so structured for
                    market reasons and not for tax avoidance purposes;

                                                                         Page 38

<PAGE>

               provided that in the case of each of (B), (C) and (D), that where
               the person is a company, it does not provide its commitment
               through or in connection with a branch or agency in Ireland; and

          (ii) a person to whom the Note may be transferred in accordance with
               Conditions 2.9 to 2.12,

PROVIDED THAT NO NOTE MAY BE TRANSFERRED TO ANY PERSON UNTIL THE TRANSFEREE
EXECUTES:

1.   the Noteholder Accession Letter in or substantially in the form set out in
     Schedule 5 to the Variable Funding Agreement; and

2.   if the transferee is not a party to the Framework Deed and the Master
     Purchaser Deed of Charge, a deed of accession to the Framework Deed
     substantially in the form set out in Schedule 6 to the Framework Deed and a
     deed of accession to the Master Purchaser Deed of Charge substantially in
     the form set out in Schedule 2 to the Master Purchaser Deed of Charge,

AND PROVIDED FURTHER THAT:

on the date on which any transfer is to take place the transferor of a Note in
an Agreed Currency also transfers to the same transferee the Relevant Proportion
of the Notes of each other Agreed Currency held by the transferor (where
RELEVANT PROPORTION means the fraction expressed as a percentage calculated by
dividing (i) the Principal Amount Outstanding to be transferred to the
transferee by (ii) the Principal Amount Outstanding of all Notes denominated in
the same Agreed Currency as the Note to be transferred held by the transferor
immediately prior to the proposed transfer).

REGISTRATION AND DELIVERY OF THE NOTE

2.4 Within three (3) Business Days of the surrender of the Note in accordance
with Condition 2.3 above (or such longer period as may be required to comply
with any applicable fiscal or other laws or regulations), the Registrar will
register the transfer in question and deliver at the Registrar's specified
office a new Note or (at the request, cost and risk of the Transferee) send by
uninsured first class mail to such address as the Transferee may specify for the
purpose.

2.5 The registered holder of the Note may request an exchange of the Note for
two or more substitute Notes having an aggregate principal amount outstanding
equal to the Principal Amount Outstanding of the initial Note by delivering the
initial Note to the Registrar with its written request therefor which shall
specify the name, address, payment details and the respective principal amounts
of the Notes applicable to each person to be registered as a registered holder
of each such substitute Note. If the initial Note is to be exchanged for
substitute Notes, the Issuer shall cause the delivery of such substitute Notes
to the registered holders thereof within 30 days after the registered holder of
the initial Note shall have delivered its request therefor.

                                                                         Page 39

<PAGE>

NO CHARGE

2.6 Noteholders will not be required to bear the costs and expenses of effecting
any registration of transfer as provided above, except for any costs or expenses
of delivery other than by regular mail and except that the Issuer will require
the payment by a transferee Noteholder of a sum sufficient to cover any stamp
duty, tax or other governmental charge that may be imposed in relation to the
registration.

CLOSED PERIODS

2.7 No Noteholder may require a transfer to be registered during the period of
three (3) Business Days ending on the due date for any payment in respect of the
Note.

REGISTRAR

2.8 The Issuer reserves the right at any time with the consent of the Security
Trustee to vary or terminate the appointment of, or resign as, the Registrar and
to appoint another Registrar. Notice of any resignation, termination or
appointment and of any changes in specified offices will be given to the
Noteholders promptly by the Issuer in accordance with the Framework Deed.

RESTRICTIONS ON TRANSFEREES

2.9 The Note may not be transferred to any person other than an Institutional
Investor. The Note may only be transferred to a person that is either (x) not a
US Person and is acquiring this Note for its own account or for the account or
benefit exclusively of non-US Persons or (y) an Accredited Investor acquiring
the Note for its own account and not with a view towards, or for resale in
connection with, the public sale or distribution thereof, except in accordance
with a transaction exempt from registration under the Securities Act.

2.10 The Note may not be offered or sold to any person in the United Kingdom in
circumstances which require a prospectus to be made available to the public
pursuant to Part VI of the Financial and Services Market Act 2000.

2.11 The Note may not be:

(a)  offered in Ireland in circumstances that would require the publication of a
     prospectus in respect of the Notes (and the offer thereof) in accordance
     with the Prospectus (Directive 2003/71/EC) Regulations 2005;

(b)  the subject of a local offer (within the meaning of section 38(1) of the
     Investment Funds, Companies and Miscellaneous Provisions Act 2005 of
     Ireland); and

(c)  offered other than in compliance with all applicable provisions of the
     Investment Intermediaries Acts 1995 to 2000 of Ireland (as amended).

                                                                         Page 40

<PAGE>

2.12 The Note may only be transferred to a person who is, or will upon transfer
of the Note become, a party to the Variable Funding Agreement as a Lender and a
Noteholder and where that person's Maximum Commitment Amount thereunder is not
less than USD 10,000,000.

2.13 Any transfer to a person other than as permitted in this Condition 2 shall
be null and void.

2.14 All Notes will bear a legend substantially to the following effect:

     "THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
     SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES
     LAWS OF ANY STATE OR OTHER JURISDICTION, AND ACCORDINGLY MAY NOT BE
     OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED
     STATES OF AMERICA, OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
     (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN
     EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
     APPLICABLE STATE SECURITIES LAWS."

3.   INTEREST

INTEREST PAYMENT DATES AND INTEREST PERIODS

3.1 The Note bears interest on its Principal Amount Outstanding from (and
including), the Funding Date, to (but excluding) the date on which the Principal
Amount Outstanding is paid in full.

3.2 Interest on the Note is payable in arrears on each Interest Payment Date in
respect of the Interest Period (and, in the case of any Further Subscription
Price paid in respect of the Note during such Interest Period other than on the
Interest Payment Date on which such Interest Period commences, the Short
Interest Period applicable thereto) ending on that Interest Payment Date.
Interest with respect to each Interest Period shall accrue from (and including)
the first day of such Interest Period to (but excluding) the last day of such
Interest Period. Interest with respect to each Short Interest Period shall
accrue from (and including) the first day of such Short Interest Period to (but
excluding) the last day of such Short Interest Period.

3.3 Subject to Condition 7, interest shall cease to accrue on the Note as from
(and including) the Final Maturity Date or the date on which the Principal
Amount Outstanding is declared immediately due and payable in accordance with
Condition 6 unless, upon due presentation payment of principal due is improperly
withheld or refused, in which case it will continue to bear interest in
accordance with this Condition 3 (after as well as before judgement) at the rate
from time to time applicable to the Note until the moneys in respect thereof
have been received by the Noteholder and notice to that effect is given in
accordance with the Framework Deed.

                                                                         Page 41

<PAGE>

RATE OF INTEREST

3.4 The Note will bear interest at the Reference Rate calculated in accordance
with Schedule 8 of the Variable Funding Agreement for the respective Interest
Period (the NOTE INTEREST RATE).

CALCULATION OF INTEREST AMOUNT

3.5 The amount of interest due in respect of the Note in respect of an Interest
Period (the INTEREST AMOUNT) shall be calculated by the Funding Agent by
applying the Note Interest Rate for such Interest Period to the Principal Amount
Outstanding of the Note on the Determination Date falling in such Interest
Period, multiplying the product by [[the actual number of days in such Interest
Period divided by 365](1) /[the actual number of days in such Interest Period
divided by 360](2) / [the actual number of days in such Interest Period divided
by 360](3)].

PAYMENT OF INTEREST

3.6 The applicable Interest Amount will be payable in respect of the Note for
each Interest Period.

4.   REDEMPTION

OPTIONAL REDEMPTION

4.1 The Note may be redeemed at the option of the Issuer in whole (or in part)
at its Principal Amount Outstanding (or a proportion thereof) on any Settlement
Date by the Issuer giving at least three (3) Business Days' written notice to
the Noteholder and to the Funding Agent prior to the relevant Settlement Date
provided always that each other Note in issue denominated in the same Agreed
Currency is also redeemed by the Issuer on such Settlement Date by the same
proportion of their respective Principal Amounts Outstanding.

MANDATORY REDEMPTION IN PART ON SETTLEMENT DATE

4.2 The Issuer shall redeem in part, pari passu and pro rata according to the
respective Principal Amount Outstanding of each Note, the Notes on each
Settlement Date in an aggregate amount equal to the pro rata amount (calculated
by reference to the USD Equivalent Principal Amount Outstanding of such Notes as
a proportion of the aggregate USD Equivalent of the Principal Amount Outstanding
of all Notes outstanding) of the [EUR Equivalent of](4) / [GBP Equivalent of](5)
the amount by which the aggregate USD Equivalent of the Principal Amount
Outstanding of all

----------
(1)  Include if Note is denominated in GBP.

(2)  Include if Note is denominated in USD.

(3)  Include if Note is denominated in EUR.

(4)  Include if Note is denominated in EUR.

(5)  Include if Note is denominated in GBP.

                                                                         Page 42

<PAGE>

Notes as at the Determination Date immediately preceding the relevant Settlement
Date exceeds the Note Programme Limit calculated as at such Determination Date
provided that no such amount shall be repayable to the extent that, prior to the
Programme Termination Date, such repayment would result in the Principal Amount
Outstanding of the Note being less than [EUR]/[USD]/[GBP](6)1,000.

MANDATORY REDEMPTION FOLLOWING PROGRAMME TERMINATION DATE

4.3 Following the Programme Termination Date, the Notes will, on each Settlement
Date thereafter, be subject to pro rata mandatory redemption in an aggregate
amount equal to the lower of (a) the aggregate Principal Amount Outstanding of
all Notes and (b) the Master Purchaser Available Funds remaining after
satisfaction in full of all amounts ranking in priority to payment of principal
in respect of the Notes in the applicable Master Purchaser Priorities of
Payments (each such payment, together with any payment pursuant to Conditions
4.1 and 4.2 being a NOTE PRINCIPAL PAYMENT).

DETERMINATIONS AND CALCULATIONS

4.4 Following a Note Principal Payment, the Funding Agent (acting for and on
behalf of the Issuer) shall determine the new Principal Amount Outstanding of
the Note on the basis of the Grid, or the books and records of the Noteholder as
certified by the Noteholder to the Funding Agent, as applicable. Each
determination by the Funding Agent (acting for and behalf of the Issuer) of the
amount of the Principal Amount Outstanding of the Note shall (in the absence of
wilful default, bad faith or manifest error) be final and binding on all
persons. The Issuer will cause each determination of the new Principal Amount
Outstanding of the Note to be reflected in the Grid.

REDEMPTION DUE TO TAX

4.5 If the Issuer is required by law to make any withholding or deduction from
any amounts payable to the Noteholder in respect of the Note and the Issuer
informs the Noteholder that it is unwilling or unable to increase any payments
in respect of the Note in accordance with Clause 10 of the Variable Funding
Agreement, the Noteholder may, by giving not less than twenty (20) Business
Days' notice to the Issuer or such shorter period agreed with the Issuer (which
notice shall be irrevocable), require the Issuer to redeem the Note, subject to
available funds, in whole at its Principal Amount Outstanding.

REDEMPTION ON MATURITY

4.6 If not otherwise redeemed and cancelled, the Note will be redeemed (subject
to available funds) at its Principal Amount Outstanding on the Final Maturity
Date.

----------
(6)  Delete as applicable.

                                                                         Page 43

<PAGE>

PURCHASE

4.7 The Issuer shall not be entitled to purchase the Note at any time.

CANCELLATION

4.8 If the Note is redeemed in full pursuant to the foregoing provisions it will
be cancelled forthwith and may not be resold or reissued.

5.   MASTER PURCHASER EVENT OF DEFAULT

MASTER PURCHASER EVENT OF DEFAULT

5.1 Each of the following events is a MASTER PURCHASER EVENT OF DEFAULT:

(a)  the Issuer fails to make any payment when due in respect of any Note or the
     Variable Funding Agreement and such failure is not remedied within five (5)
     Business Days of the Funding Agent serving notice on the Issuer requiring
     such default to be remedied; or

(b)  any representation or warranty by the Issuer in the Transaction Documents
     was materially incorrect on the date it was made; or

(c)  the Issuer fails to perform or comply with any one or more of its
     obligations under any Note, the Variable Funding Agreement (other than an
     obligation for payment to which paragraph (a) above applies), or any
     condition attached to any waiver or consent given under either of a Note or
     the Variable Funding Agreement and such default has a material adverse
     affect on the Noteholder and continues for five (5) Business Days after
     written notice has been given by the Funding Agent requiring the Issuer to
     remedy the same (except where (in the reasonable opinion of the Noteholder)
     such failure is not capable of remedy, where no such notice shall be
     required); or

(d)  a distress, execution or other legal process is levied, enforced or sued
     out upon or against any of the property and assets of the Issuer; or

(e)  the Issuer asserts in writing that any Note or the Variable Funding
     Agreement is not valid and binding on it; or

(f)  any court governmental authority or agency having jurisdiction over the
     Issuer or any of its property or assets finds or rules that any material
     provision of either of any Note or the Variable Funding Agreement is not
     valid and binding on the Issuer; or

(g)  all or a substantial part of the undertakings, assets and revenues of the
     Issuer is condemned, seized or otherwise appropriated by any person acting
     under the authority of any national, regional or local government or the
     Issuer is prevented by any such person from exercising normal control over
     all or any substantial part of its undertaking, assets and revenues; or

(h)  the occurrence of a Related Debt Termination Event.

                                                                         Page 44

<PAGE>

COVENANT OF THE ISSUER

5.2 So long as any amount remains outstanding under a Note, the Issuer or the
Funding Agent will promptly upon becoming aware of any Master Purchaser Event of
Default (with respect of any of the Agreed Currencies) give notice in writing
thereof to each Noteholder together with details of the steps (if any) which the
Issuer is taking or proposing to take to remedy such Master Purchaser Event of
Default.

6.   EFFECT OF ENFORCEMENT EVENT

6.1 At any time after:

(a)  the occurrence of a Master Purchaser Event of Default; or

(b)  the failure on the Final Maturity Date of the Noteholder to have received
     the Principal Amount Outstanding of the Note in full together with any
     amount of interest and other amounts calculated in respect thereof,

(each an ENFORCEMENT EVENT) and without prejudice to its rights of enforcement
in relation to the Master Purchaser Deed of Charge but subject always to Clause
9 thereof, the Noteholder may declare by written notice to the Issuer (copied to
the Security Trustee and the Funding Agent) that the Principal Amount
Outstanding of the Note to be immediately due and payable together with accrued
interest thereon and any other sums then owed by the Issuer hereunder. If any
such written declaration is served upon the Issuer (copied to the Security
Trustee and the Funding Agent) by the Noteholder, the Security Trustee on behalf
of the Master Purchaser Secured Creditors may subject always to the provisions
of the Master Purchaser Deed of Charge at any time after the occurrence of the
relevant Enforcement Event, enforce the Master Purchaser Deed of Charge, or take
proceedings against the Issuer to enforce payment of the Note together with
accrued interest.

6.2 A Noteholder may, at its option, by notice in writing to the Issuer (copied
to the Security Trustee) withdraw any notice previously given under Condition
6.1 whereupon such notice shall cease to have effect.

6.3 After realisation of the Master Purchaser Secured Property and distribution
of the net proceeds thereof, the Noteholder may not take any further steps in
respect of the Note against the Issuer or any of its assets to recover any sums
unpaid in respect of the Note and all claims against the Issuer in respect of
any such unpaid sum shall be extinguished.

7.   DEFAULT INTEREST

If the Issuer fails to pay any amount payable under the Note or the Variable
Funding Agreement by the Issuer to the Noteholder when due, the Issuer shall pay
interest on such sum from the date when it became due and payable to the date of
payment at the Default Rate (both before and after any judgement obtained under
this Note or the Variable Funding Agreement).

                                                                         Page 45

<PAGE>

8.   REPLACEMENT OF NOTE

If a Note issued and outstanding at any time is lost, stolen, mutilated, defaced
or destroyed, it may be replaced at the specified office of the Issuer, subject
to all applicable laws, upon payment by the claimant of the expenses incurred in
connection with such replacement and on such terms as to evidence, security,
indemnity and otherwise as the Issuer may reasonably require. Mutilated or
defaced Notes must be surrendered before replacements will be issued.

9.   REMEDIES AND WAIVERS

No failure by any Noteholder to exercise, nor any delay by the Noteholder in
exercising any right or remedy in respect of the Note 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. The rights and remedies herein provided are cumulative and not exclusive
of any other rights or remedies (whether provided by law or otherwise).

10.  PARTIAL INVALIDITY

If, at any time, any provision hereof is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction neither the
legality, validity or enforceability of the remaining provisions hereof nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction shall in any way be affected or impaired thereby.

11.  GOVERNING LAW

These Conditions and the Note are governed by, and shall be construed in
accordance with English law. The provisions of Clause 4 of the Framework Deed
shall apply to this Note.

12.  MODIFICATION

Any modification to these Conditions must be agreed in writing between the
Issuer and the Noteholder and will be binding on all future Noteholders.

                                                                         Page 46
<PAGE>

                                  THE SCHEDULE

                                      GRID

                    FOR RECORDING INCREASES AND REDUCTIONS IN
                  THE PRINCIPAL AMOUNT OUTSTANDING OF THE NOTE

<TABLE>
<CAPTION>
                 PRINCIPAL AMOUNT   AMOUNT OF    DATE OF   AMOUNT OF    DATE OF
DATE OF CHANGE      OUTSTANDING      INCREASE   INCREASE   REDUCTION   REDUCTION
--------------   ----------------   ---------   --------   ---------   ---------
<S>              <C>                <C>         <C>        <C>         <C>
On issue         [EUR [_____] /         --         --          --          --
                 GBP [_____] /
                 USD [_____]]
</TABLE>

                                                                         Page 47

<PAGE>

                                   SCHEDULE 4

                              FORM OF NOTE TRANSFER

For value received ___________________________________ (the TRANSFEROR) hereby
transfer(s) on the Transfer Date (as defined below) to _________________________
________________________________________________________________________________
________________________________________________________________________________
_______________________________________________________________ (the TRANSFEREE)

(Please print or type name and address of Transferee)

this Note (which has a Principal Amount Outstanding of [EUR [_____]/ GBP
[_____]/ USD [_____]] at the date of this transfer) and all rights hereunder,
hereby irrevocably constituting and appointing [_____] as attorney to transfer
such Note in the relevant Register maintained by or on behalf of the Issuer with
full power of substitution.

TRANSFER DATE means _________________________________ (insert effective date for
transfer)

By its transfer hereof, the Transferor represents that it is transferring this
Note, and has offered this Note for transfer only (i) to a non-U.S. person
acquiring this Note for its own account or for the account or benefit
exclusively of non-U.S. persons and (ii) outside the United States in an
offshore transaction in compliance with Regulation S (REGULATION S) under the
U.S. Securities Act of 1933, as amended (the SECURITIES ACT) or (iii) pursuant
to another exemption from the registration requirements of the Securities Act
and any applicable State securities laws.

                                       Signature of Transferor
                                                               -----------------

                                                               -----------------

We hereby accept this Note (which has a Principal Amount Outstanding at the date
of this transfer) and agree to be bound by the Conditions of this Note. By its
acquisition hereof, the Transferee represents that:

(a)  (i) it is either (x) not a US Person and is acquiring this Note for its own
     account or for the account or benefit exclusively of non-US Persons outside
     the United States in an offshore transaction (as defined in Regulation S)
     in accordance with Regulation S or (y) an Accredited Investor acquiring
     this Note for its own account and not with a view towards, or for resale in
     connection with, the public sale or distribution thereof, except in
     accordance with a transaction exempt from registration under the Securities
     Act and (ii) it understands that the Notes are being offered and sold to in
     reliance on specific exemptions from the registration requirements of the
     United States Federal and state securities laws and that the Issuer is
     relying in part upon the truth

                                                                         Page 48

<PAGE>

     and accuracy of the representation made pursuant to clause (i) and the
     other representations, warranties, agreements, acknowledgments and
     understandings of such Transferee set forth in the Variable Funding
     Agreement in order to determine the availability of such exemptions;

(b)  it is an Irish Qualifying Lender or:

          (i)  a person which is resident in a territory that has a double
               taxation treaty with Ireland, under the laws of that territory,
               or in a Member State of the European Communities (other than
               Ireland), under the laws of that Member State; or

          (ii) a US company, provided that the US company is incorporated in the
               US and subject to tax in the US on its worldwide income; or

          (iii) a US LLC, provided that the ultimate recipients of the interest
               are resident in a territory that has a double taxation treaty
               with Ireland, under the laws of that territory, or in a Member
               State of the European Communities (other than Ireland) under the
               laws of that Member State and the business conducted through the
               LLC is so structured for market reasons and not for tax avoidance
               purposes;

     provided that in the case of each of (i), (ii) and (iii), that where the
     person is a company, it does not provide its commitment through or in
     connection with a branch or agency in Ireland;

(c)  it is a person to whom this Note may be transferred in accordance with
     Condition 2.9 to 2.11;

(d)  it has executed a Noteholder Accession Letter in or substantially in the
     form set out in Schedule 5 to the Variable Funding Agreement;

(e)  if it is not a party to the Framework Deed or the Master Purchaser Deed of
     Charge, it has executed a deed of accession thereto in or substantially in
     the form contained therein.

Following transfer of the Note, the Commitment Proportion of the Transferor for
the purposes of the Transaction Documents shall from the date of this transfer
be [-] per cent. and the Commitment Proportion of the Transferee for the
purposes of the Transaction Documents shall from the date of this transfer be
[-] per cent.

Following transfer of the Note, the Maximum Commitment Amount applicable to the
Transferor for the purposes of the Transaction Documents shall from the date of
this transfer be USD [-]. and the Maximum Commitment Amount of the Transferee
for the purposes of the Transaction Documents shall from the date of this
transfer be USD [-].

                                    Signature(s) of transferee
                                                               -----------------

                                                               -----------------

                                                                         Page 49

<PAGE>

VISTEON FINANCIAL CENTRE P.L.C. hereby approves the transfer.

                                                               -----------------

                                    Signature of VISTEON FINANCIAL CENTRE P.L.C.

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

The Registrar hereby approves the transfer.

                                        Signature of Registrar
                                                               -----------------

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

The Funding Agent hereby approves the transfer.

                     Signature of CITIBANK INTERNATIONAL PLC
                                                               -----------------

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

N.B.:

1. This form of transfer must be accompanied by such documents, evidence and
information as may be required pursuant to the Conditions.

2. This form of transfer must be executed under the hand of the transferor and
the transferee or, if the transferee is a corporation, under the hand of two of
its officers duly authorised in writing and, the document so authorising such
officers must be delivered with the form of transfer.

3. This transfer will be subject to the payment by the transferor of any stamp
duty, tax or other governmental charge as is referred to in Condition 2.6.

                                                                         Page 50

<PAGE>

                                   SCHEDULE 5

                       FORM OF NOTEHOLDER ACCESSION LETTER

[DATE]

To: VISTEON FINANCIAL CENTRE P.L.C. (the ISSUER)

[AND OTHER PARTIES]

We refer to the Variable Funding Agreement (the VARIABLE FUNDING AGREEMENT)
dated 14 August 2006 between the Issuer, [_____],[_____]and [_____].

Terms defined in, or incorporated by reference into, the Variable Funding
Agreement shall have the same meanings herein as therein.

We confirm that we are in receipt of the following documents and have found them
to our satisfaction:

(a)  a copy of the Variable Funding Agreement;

(b)  a copy of the Framework Deed;

(c)  a copy of the Master Purchaser Deed of Charge; and

(d)  a copy of current versions of all other Transaction Documents as we have
     requested.

For the purposes of Clause 6 of the Framework Deed our notice details are as
follows:

[insert name, address, telephone, facsimile and attention].

[_____], being the current registered holder, is proposing to transfer to us in
accordance with Condition 2.3 of the Note.

In consideration of our accession to the Variable Funding Agreement pursuant to
this letter, we hereby undertake with effect from the date hereof, for the
benefit of the Issuer and each of the other parties to the Variable Funding
Agreement, that, in relation our holding of the Note, we will perform and comply
with all the duties and obligations expressed to be assumed by a Noteholder
under the Variable Funding Agreement and the Master Purchaser Deed of Charge and
will have the benefit of all the provisions of the Variable Funding Agreement
and the Master Purchaser Deed of Charge as if we were named in it as a Lender
and a Noteholder.

                                                                         Page 51

<PAGE>

In addition, we hereby make each of the representations and warranties to be
made by each Noteholder pursuant to Clauses 9.5 through 9.8 of the Variable
Funding Agreement.

This letter is governed by, and shall be construed in accordance with, English
law.

Signed by

THE ACCEDING NOTEHOLDER

SIGNED by                             )
for and on behalf of                  )
[_____]                               )

THE MASTER PURCHASER AND THE ISSUER

SIGNED by                             )
for and on behalf of                  )
VISTEON FINANCIAL CENTRE P.L.C.       )

THE LENDERS AND NOTEHOLDERS

SIGNED by                             )
for and on behalf of                  )
[_____]                               )
[insert as applicable]

THE SECURITY TRUSTEE

SIGNED by                             )
for and on behalf of                  )
THE LAW DEBENTURE TRUST               )
CORPORATION P.L.C.                    )

THE FUNDING AGENT

SIGNED by                             )
for and on behalf of                  )
CITIBANK INTERNATIONAL PLC            )

                                                                         Page 52

<PAGE>

                                   SCHEDULE 6

                  REPRESENTATIONS AND WARRANTIES OF THE ISSUER

(a)  STATUS: it is duly incorporated with limited liability and validly existing
     under the laws of its country of incorporation;

(b)  POWERS AND AUTHORISATIONS: the documents which contain or establish its
     constitution include provisions which give power, and all necessary
     corporate authority has been obtained and action taken, for it to own its
     assets, carry on its business and operations as they are now being
     conducted and to sign and deliver, and perform the transactions
     contemplated in, the Transaction Documents to which it is a party;

(c)  LEGAL VALIDITY: its obligations under the Transaction Documents constitute,
     or when executed by it will constitute, its legal, valid and binding
     obligations enforceable against it in accordance with their respective
     terms, except as enforceability may be limited by applicable bankruptcy,
     insolvency, examination, reorganisation, moratorium or similar laws
     affecting the enforcement of creditors' rights generally and by general
     equitable principles (whether enforcement is sought by proceedings in
     equity or at law);

(d)  NON-VIOLATION: the execution, signing and delivery of the Transaction
     Documents to which it is a party and the performance of any of the
     transactions contemplated in any of them do not and will not contravene or
     breach or constitute a default under or conflict or be inconsistent with or
     cause to be exceeded any limitation on it or the powers of its directors
     imposed by or contained in:

          (i)  any law, statute, decree, rule or regulation to which it or any
               of its assets or revenues is subject or of any order, judgment,
               injunction, decree, resolution, determination or award of any
               court or any judicial, administrative, or governmental authority
               or organisation which applies to it or any of its assets or
               revenues; or

          (ii) any agreement, indenture, mortgage, deed of trust, bond, or any
               other document, instrument or obligation to which it is a party
               or by which any of its assets or revenues is bound or affected;
               or

          (iii) any document which contains or establishes its constitution;

(e)  CONSENTS: save in respect of:

          (i)  the registration of the Master Purchaser Deed of Charge with the
               Registrar of Companies in accordance with the ruling in Re
               Slavenburg and the provisions of Chapter I of Part XII of the
               Companies Act 1985;

                                                                         Page 53

<PAGE>

          (ii) the delivery of all necessary particulars of the security created
               pursuant to the Master Purchaser Security Documents in the
               prescribed form to the Registrar of Companies in Ireland within
               21 days of the creation of such security in accordance with
               section 99 of the Companies Act, 1963 (as amended) of Ireland;

          (iii) the delivery of the particulars of such security (constituting a
               fixed charge over book debts) to the Revenue Commissioners in
               Ireland in accordance with section 1001 of the Taxes
               Consolidation Act, 1997 (as amended) of Ireland; and

          (iv) the stamping by the Revenue Commissioners in Ireland of the
               original of the Master Purchaser Deed of Charge with E630,
               each counterpart thereof with E12.50 and any of the Master
               Purchaser Security Documents that are collateral thereto with
               E12.50 in respect of Irish stamp duty,

          no authorisation, approval, consent, licence, exemption, registration,
          recording, filing or notarisation and no payment of any duty or tax
          and no other action whatsoever which has not been duly and
          unconditionally obtained, made or taken is required to ensure:

               (A)  the creation, validity, legality, enforceability or priority
                    of its rights, liabilities and obligations under the
                    Transaction Documents; or

               (B)  the effective sale and transfer of Receivables to it
                    pursuant to the Master Receivables Purchase Agreement; or

               (C)  to perform its obligations under the Transaction Documents.

(f)  SOLVENCY: it is solvent and able to pay its debts as they fall due and has
     not suspended or threatened to suspend making payments (whether of
     principal or interest) with respect to all or any class of its debts and
     will not become insolvent or unable to pay its debts in consequence of any
     contract concluded by it for the purchase of any Receivables under the
     Transaction Documents or any other obligation or transaction contemplated
     in the Transaction Documents;

(g)  INSOLVENCY PROCEDURES: no corporate action has been taken or is pending, no
     other steps have been taken (whether out of court or otherwise) and no
     legal proceedings have been commenced or are threatened or are pending for
     (i) its bankruptcy, liquidation, suspension of payments, controlled
     management, winding-up, liquidation, dissolution, administration,
     examinership or reorganisation; or (ii) it to enter into any composition or
     arrangement with its creditors; or (iii) the appointment of a receiver,
     administrative receiver, trustee or similar officer in respect of it or any
     of its property, undertaking or assets. No event equivalent to any of the
     foregoing has occurred in or under the laws of any relevant jurisdiction;

                                                                         Page 54

<PAGE>

(h)  NO LITIGATION: no litigation to which it is a party or which any third
     party has brought against it in any court, arbitral tribunal or public or
     administrative body or otherwise and which, if adversely determined, could
     reasonably be expected to have a Material Adverse Effect on its ability to
     perform its obligations under the terms of the relevant Transaction
     Document exists or is threatened to exist at the present time;

(i)  FINANCIAL STATEMENTS: its audited financial statements for its most
     recently-ended financial year have been prepared in accordance with
     generally accepted accounting principles, consistently applied, and present
     a true and fair view of its financial condition on such date and the
     results of its operations for the financial year ended on such date;

(j)  SECURITY: the Master Purchaser Security Documents create the Encumbrances
     they purport to create and are not liable to be avoided or otherwise set
     aside on the occurrence of an event of insolvency in respect of the Issuer
     or otherwise;

(k)  NO ADVERSE CLAIM OVER THE MASTER PURCHASER SECURED PROPERTY: no Encumbrance
     exists over any Master Purchaser Secured Property other than the security
     created under the Master Purchaser Security Documents; and

(l)  ACTIVITIES: the Issuer has not engaged in any activities since the date of
     its incorporation other than those incidental to its incorporation and its
     entry into and exercise of its rights and performance of its obligations
     under the Transaction Documents to which it is a party.

                                                                         Page 55

<PAGE>

                                   SCHEDULE 7

                            FORMS OF FUNDING REQUEST

                    PART A - FORM OF INITIAL FUNDING REQUEST

To:   CITIBANK INTERNATIONAL PLC (the FUNDING AGENT)

cc:   [insert Lenders]

      CITICORP USA, INC. (the COLLATERAL MONITORING AGENT)

From: VISTEON FINANCIAL CENTRE P.L.C.

Date: [Funding Request Date]

Dear Sirs

                    [EUR/GBP/USD](7) INITIAL FUNDING REQUEST

1. We refer to the Variable Funding Agreement (as from time to time amended,
supplemented or novated) dated 14 August 2006 (the VARIABLE FUNDING AGREEMENT)
and made between, inter alios, ourselves and yourselves.

2. Terms defined in (or incorporated by reference into) the Variable Funding
Agreement bear the same meaning herein.

3. We hereby request that the Lenders subscribe for the Notes denominated in
[EUR/GBP]/USD](8) with an aggregate initial par value of [EUR [_____]/ GBP
[_____]/ USD [_____]].

4. The Final Maturity Date of the Notes will be 20[__].

5. The Initial Subscription Price applicable to each Lender as follows:

<TABLE>
<CAPTION>
 LENDER   COMMITMENT PROPORTION   INITIAL SUBSCRIPTION PRICE
-------   ---------------------   --------------------------
<S>       <C>                     <C>
[_____]          [_____]                    [_____]

[_____]          [_____]                    [_____]
</TABLE>

----------
(7)  Delete as applicable.

(8)  Delete as applicable.

                                                                         Page 56

<PAGE>

6. We warrant that each of the representations referred to in Schedule 6 of the
Variable Funding Agreement is true on and as of the date of this Initial Funding
Request.

Yours faithfully

-------------------------------------
for and on behalf of
VISTEON FINANCIAL CENTRE P.L.C.

                                                                         Page 57

<PAGE>

                    PART B - FORM OF FURTHER FUNDING REQUEST

To:   CITIBANK INTERNATIONAL PLC (the FUNDING AGENT)

cc:   [insert Noteholders]

      CITICORP USA, INC. (the COLLATERAL MONITORING AGENT)

From: [VISTEON UK LIMITED ON BEHALF OF] VISTEON FINANCIAL CENTRE P.L.C.

Date: [Funding Request Date]

Dear Sirs

                    [EUR/USD/GBP](9) FURTHER FUNDING REQUEST

1. We refer to the Variable Funding Agreement (as from time to the amended,
supplemented or novated) dated 14 August 2006 (the VARIABLE FUNDING AGREEMENT)
and made between, inter alios, ourselves and yourselves, and to the
[EUR/GBP/USD](10) Notes issued thereunder.

2. Terms defined in (or incorporated by reference into) the Variable Funding
Agreement bear the same meaning herein.

3. We wish to increase the aggregate Principal Amount Outstanding of the
[EUR/GBP/USD](11) Notes by [EUR [_____]/ GBP [_____]/ USD [_____]] on [_____]
(the next Settlement Date).

4. The Further Subscription Price applicable to each Noteholder as follows:

<TABLE>
<CAPTION>
NOTEHOLDER   COMMITMENT PROPORTION   FURTHER SUBSCRIPTION PRICE
----------   ---------------------   --------------------------
<S>          <C>                     <C>
  [_____]           [_____]                    [_____]
  [_____]           [_____]                    [_____]
</TABLE>

----------
(9)  Delete as applicable.

(10) Delete as applicable.

(11) Delete as applicable.

                                                                         Page 58

<PAGE>

5. The date for payment of each Further Subscription Price will be [_____].

6. [We warrant that each of the representations referred to in Schedule 6 of the
Variable Funding Agreement is true on and as of the date of this Further Funding
Request.]

Yours faithfully

-------------------------------------
for and on behalf of
[VISTEON UK LIMITED ON BEHALF OF]
VISTEON FINANCIAL CENTRE P.L.C.

                                                                         Page 59

<PAGE>

                                   SCHEDULE 8

                          CALCULATION OF REFERENCE RATE

1.   GENERAL

(a)  The calculation of the Reference Rate in respect of each Interest Period
     or, as the case may be, Short Interest Period. will be undertaken by the
     Funding Agent in accordance with the requirements of this Schedule. The
     Funding Agent agrees to notify the Issuer and each of the Noteholders of
     each calculated Reference Rate by not later than 12 noon London time on the
     day falling two (2) Business Days prior to each Interest Payment Date, or,
     in the case of a Reference Rate in relation to a Short Interest Period, the
     date on which such Short Interest Period begins (in respect of the
     Reference Rate applicable to the USD Notes and the EUR Notes) and by no
     later than 12 noon London time on each Interest Payment Date, or, in the
     case of a Reference Rate in relation to a Short Interest Period, the date
     on which such Short Interest Period begins (in respect of the Reference
     Rate applicable to the GBP Notes).

(b)  Terms defined in the Variable Funding Agreement shall unless otherwise
     defined herein, have the same meaning when used in this Schedule.

2.   REFERENCE RATE

The REFERENCE RATE shall (subject to Clause 20.4 of the Framework Deed) mean in
respect of each Interest Period and each Short Interest Period:

(a)  if there is no Termination Event,

          (i)  in respect of the USD Notes, the aggregate of 2.25 per cent per
               annum and USD LIBOR;

          (ii) in respect of the EUR Notes, the aggregate of 2.25 per cent. per
               annum and EURIBOR; and

          (iii) in respect of the GBP Notes, the aggregate of 2.25 per cent. per
               annum and GBP LIBOR

(b)  if there is a Termination Event has occurred and has not been waived and in
     respect of which notice has been given to the Parent, the rate for the
     period corresponding to such Interest Period, or, as the case may be, Short
     Interest Period as calculated in accordance with paragraph (a) above plus
     2.00 per cent. per annum.

                                                                         Page 60<PAGE>

                                                                   EXHIBIT 10.46

                                 14 AUGUST 2006

                        VISTEON NETHERLANDS FINANCE B.V.
                     (AS SUBORDINATED VLN FACILITY PROVIDER)

                         VISTEON FINANCIAL CENTRE P.L.C.
                              (AS MASTER PURCHASER)

                   THE LAW DEBENTURE TRUST CORPORATION P.L.C.
                              (AS SECURITY TRUSTEE)

                           CITIBANK INTERNATIONAL PLC
                               (AS FUNDING AGENT)

                                   ----------

                            SUBORDINATED VLN FACILITY
                                   AGREEMENT

                                   ----------

                     (SEAL) FRESHFIELDS BRUCKHAUS DERINGER

<PAGE>

                                    CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                      PAGE
------                                                                      ----
<S>                                                                         <C>
1.  INTERPRETATION.......................................................     1
2.  THE SUBORDINATED VLN FACILITY........................................     2
3.  PURPOSE..............................................................     2
4.  CONDITIONS PRECEDENT TO ISSUE........................................     3
5.  UTILISATION OF THE SUBORDINATED VLN FACILITY.........................     3
6.  APPLICATION OF ADVANCES..............................................     5
7.  CONSTITUTION OF EACH SUBORDINATED VLN................................     6
8.  PAYMENTS.............................................................     6
9.  REPRESENTATIONS AND WARRANTIES.......................................     7
10. ILLEGALITY AND MITIGATION............................................    10
11. NO LIABILITY AND NO PETITION.........................................    10
12. NO PETITION..........................................................    11
13. LIMITED RECOURSE.....................................................    11
14. BENEFIT OF AGREEMENT.................................................    12
15. EVIDENCE OF DEBT.....................................................    12
16. COUNTERPARTS.........................................................    12
17. RIGHTS OF THIRD PARTIES..............................................    12
18. GOVERNING LAW........................................................    12
19. JURISDICTION.........................................................    12
SCHEDULE 1 FORM OF SUBORDINATED VLN......................................    14
SCHEDULE 2 TERMS AND CONDITIONS..........................................    19
SCHEDULE 3 FORM OF SUBORDINATED VLN HOLDER ACCESSION LETTER..............    31
SCHEDULE 4 REPRESENTATIONS AND WARRANTIES OF THE MASTER PURCHASER........    34
SCHEDULE 5 FORM OF SUBORDINATED VLN INITIAL FUNDING REQUEST..............    37
SCHEDULE 6 REPRESENTATIONS AND WARRANTIES OF THE  SUBORDINATED VLN
   FACILITY PROVIDER.....................................................    38
</TABLE>

                                                                               I
<PAGE>

THIS AGREEMENT is made on 14 August 2006

BETWEEN

(1)  VISTEON NETHERLANDS FINANCE B.V., a private company with limited liability,
     incorporated and existing under the laws of the Netherlands, having its
     corporate seat at Rotterdam, the Netherlands and having its offices at
     Weena 340, 3012 NJ Rotterdam, the Netherlands (the SUBORDINATED VLN
     FACILITY PROVIDER);

(2)  VISTEON FINANCIAL CENTRE P.L.C., a company incorporated in Ireland,
     registered in Ireland with the Companies Registration Office with number
     423820, whose registered office is at First Floor, 7 Exchange Place,
     International Financial Services Centre, Dublin 1, Ireland (the MASTER
     PURCHASER);

(3)  THE LAW DEBENTURE TRUST CORPORATION P.L.C., a company incorporated in
     England and Wales with limited liability whose registered office is at
     Fifth Floor, 100 Wood Street, London EC2V 7EX (the SECURITY TRUSTEE); and

(4)  CITIBANK INTERNATIONAL PLC, a company incorporated in England and Wales
     whose registered office is at Citigroup Centre, Canada Square, Canary
     Wharf, London E14 5LB (the FUNDING AGENT),

(together the PARTIES).

NOW IT IS HEREBY AGREED as follows:

1. INTERPRETATION

1.1 Capitalised terms in this Agreement shall, except where the context
otherwise requires and save where otherwise defined herein, bear the meanings
ascribed to them in the Master Definitions and Framework Deed (the FRAMEWORK
DEED) executed by, among others, each of the parties hereto dated on or about
the date hereof (as the same may be amended, varied or supplemented from time to
time with the consent of the parties thereto unless, in relation to any such
amendment, variation or supplement, such persons expressly state in writing that
such amendment, variation or supplement is not to apply hereto) and this
Agreement shall be construed in accordance with the principles of construction
set out therein.

1.2 In addition, the provisions set out in Clauses 3 to 6 and 12 to 28 of the
Framework Deed (the FRAMEWORK PROVISIONS) shall be expressly and specifically
incorporated into this Agreement, as though they were set out in full in this
Agreement. In the event of any conflict between the provisions of this Agreement
and the Framework Provisions, the provisions of this Agreement shall prevail.

1.3 This Agreement is the Subordinated VLN Facility Agreement referred to in the
Framework Deed.

<PAGE>

1.4 The Security Trustee has agreed to become a party to this Agreement solely
for the better enforcement and preservation of its rights, to receive benefit of
the representations, warranties, covenants, undertakings, indemnities and other
obligations expressed to be in its favour hereunder and to agree amendments to
this Agreement. The parties hereto acknowledge and agree that the Security
Trustee shall not assume any obligation or incur any liability whatsoever to any
Party by virtue of the provisions contained in this Agreement.

2. THE SUBORDINATED VLN FACILITY

GRANT OF THE SUBORDINATED VLN FACILITY

2.1 The Subordinated VLN Facility Provider hereby grants to the Master Purchaser
upon and subject to the terms and conditions of this Agreement a committed note
issuance facility in each of the Agreed Currencies pursuant to which the Master
Purchaser shall issue to the Subordinated VLN Facility Provider:

(a)  a Subordinated VLN denominated in Euro (the EUR SUBORDINATED VLN);

(b)  a Subordinated VLN denominated in Sterling (the GBP SUBORDINATED VLN); and

(c)  a Subordinated VLN denominated in US Dollars (the USD SUBORDINATED VLN),

upon and subject to the terms and conditions of this Agreement.

SECURITY

2.2 It is hereby acknowledged and agreed that upon the Subordinated VLN Facility
Provider making a payment of Subordinated VLN Initial Subscription Price
following receipt by it of a Subordinated VLN Initial Funding Request for a
Subordinated VLN in accordance with this Agreement, it:

(a)  shall become a beneficiary of the security created by or pursuant to the
     Master Purchaser Deed of Charge in respect of all sums payable to it under
     this Agreement and in its capacity as Subordinated VLN Holder; and

(b)  shall be bound by the terms of the Master Purchaser Deed of Charge.

3. PURPOSE

PURPOSE

3.1 The Subordinated VLN Facility is intended to provide the Master Purchaser
with financing to fund:

(a)  in part, the payment of the Purchase Price in respect of the Purchased
     Receivables;

                                                                          Page 2

<PAGE>

(b)  to enable the Issuer to repay advances made under the Variable Funding
     Agreement and the Notes from time to time; and

(c)  in part, the payment of the initial subscription price and any further
     subscription price for the FCC Units,

and accordingly, the Master Purchaser shall apply all amounts raised by it under
the Subordinated VLN Facility only for such purposes.

NO OBLIGATION TO MONITOR USE OF PROCEEDS

3.2 Without in any way affecting the obligations of the Master Purchaser, the
Subordinated VLN Facility Provider is not bound to monitor or verify the
application of amounts raised by the Master Purchaser under this Agreement.

4. CONDITIONS PRECEDENT TO ISSUE

The entitlement of the Master Purchaser to issue and the obligations of the
Subordinated VLN Facility Provider to fund the Subordinated VLNs under this
Agreement shall be subject in all respects to Clause 18 (Conditions Precedent)
of the Framework Deed.

5. UTILISATION OF THE SUBORDINATED VLN FACILITY

SUBORDINATED VLN INITIAL FUNDING REQUEST

5.1 The Master Purchaser shall make a request for funding in respect of the
Subordinated VLNs to the Subordinated VLN Facility Provider by delivering the
Subordinated VLN Initial Funding Request to the Subordinated VLN Facility
Provider on or before the Funding Date.

5.2 The Subordinated VLN Initial Funding Request delivered by the Master
Purchaser pursuant to Clause 5.1 must specify:

(a)  the initial par value of each Subordinated VLN; and

(b)  the Subordinated VLN Initial Subscription Price of each Subordinated VLN
     (the aggregate USD Equivalent of which shall not be less than the Aggregate
     Subordinated VLN Required Amount calculated as at the Funding Date).

5.3 Upon receipt of the Subordinated VLN Initial Funding Request made in
accordance with Clause 5.1, the Subordinated VLN Facility Provider shall (i)
subscribe for a Subordinated VLN in each Agreed Currency with a par value equal
to the Subordinated VLN Required Amount for that Agreed Currency as at the
Funding Date and (ii) pay to, or to the order of, the Master Purchaser by no
later than 11.00 a.m. London time (or in relation to any Subordinated VLN
Subscription Price payable in USD, by no later than 11.00 a.m. (New York time))
on the Funding Date the Subordinated VLN Subscription Price in respect of each
Subordinated VLN stated in the Subordinated VLN Initial Funding Request to be
subscribed for by that Subordinated VLN Facility Provider.

                                                                          Page 3

<PAGE>

5.4 Delivery of a Subordinated VLN Initial Funding Request pursuant to this
Clause 5 shall constitute:

(a)  an irrevocable agreement by the Master Purchaser binding upon it to accept
     the payment of each Subordinated VLN Initial Subscription Price described
     in it on the Funding Date; and

(b)  a representation by the Master Purchaser that the conditions precedent
     described in Clause 4 have been satisfied.

FURTHER SUBORDINATED ADVANCES

5.5 USD SUBORDINATED VLNS: The Subordinated VLN Facility Provider shall, on each
Settlement Date during the Securitisation Availability Period, make a further
advance to the Master Purchaser in respect of the USD Subordinated VLN held by
it in an amount equal to the amount by which:

(a)  the USD Subordinated VLN Required Amount on the Determination Date
     immediately preceding such Settlement Date; exceeds

(b)  the aggregate Subordinated VLN Principal Amount Outstanding of the USD VLNs
     as at such Determination Date, or

such other higher amount as shall otherwise be shown as required in respect of
the USD Subordinated VLN in any Servicer Report,

(each such advance, a USD FURTHER SUBORDINATED ADVANCE).

5.6 EUR SUBORDINATED VLNS: The Subordinated VLN Facility Provider shall, on each
Settlement Date during the Securitisation Availability Period, make a further
advance to the Master Purchaser in respect of the EUR Subordinated VLN held by
it in an amount equal to the amount by which:

(a)  the EUR Subordinated VLN Required Amount on the Determination Date
     immediately preceding such Settlement Date; exceeds

(b)  the aggregate Subordinated VLN Principal Amount Outstanding of the EUR
     Subordinated VLN as at such Determination Date, or

such other higher amount as shall otherwise be shown as required in respect of
the EUR Subordinated VLNs in any Servicer Report,

(each such advance, a EUR FURTHER SUBORDINATED ADVANCE).

5.7 GBP SUBORDINATED VLNS: The Subordinated VLN Facility Provider shall, on each
Settlement Date during the Securitisation Availability Period, make a further
advance to the Master Purchaser in respect of the GBP Subordinated VLN held by
it in an amount equal to the amount by which:

(a)  the GBP Subordinated VLN Required Amount on the Determination Date
     immediately preceding such Settlement Date; exceeds

                                                                          Page 4

<PAGE>

(b)  the aggregate Subordinated VLN Principal Amount Outstanding of the GBP
     Subordinated VLNs as at such Determination Date, or

such other higher amount as shall otherwise be shown as required in respect of
the GBP Subordinated VLN in any Servicer Report,

(each such advance, a GBP FURTHER SUBORDINATED ADVANCE and, together with any
USD Further Subordinated Advances and EUR Further Subordinated Advances, the
FURTHER SUBORDINATED ADVANCES).

5.8 Upon payment by the Subordinated VLN Facility Provider of any Further
Subordinated Advance, the Subordinated VLN Principal Amount Outstanding of the
relevant Subordinated VLN shall be increased automatically by the amount of the
Further Subordinated Advance made by the Subordinated VLN Facility Provider in
the applicable Agreed Currency without the need for any further action by the
Subordinated VLN Holder or the Master Purchaser by the amount of such payments.

5.9 Each Subordinated VLN shall evidence the outstanding indebtedness owed by
the Master Purchaser to the relevant Subordinated VLN Holder in respect of that
Subordinated VLN from time to time. The Master Purchaser authorises and
instructs the Subordinated VLN Holder to record on the Grid attached to each
Subordinated VLN held by it and also authorises and instructs the Subordinated
VLN Facility Provider (which instruction the Subordinated VLN Facility Provider
hereby acknowledges and undertakes so to do) to record in its internal books and
records:

(a)  the date and amount of the funding of:

          (i)  the initial Subordinated VLN Principal Amount Outstanding of that
               Subordinated VLN; and

          (ii) each increase in the Subordinated VLN Principal Amount
               Outstanding of that Subordinated VLN; and

(b)  the date and amount of each repayment of the principal amount represented
     by the Subordinated VLN and corresponding reduction in its Subordinated VLN
     Principal Amount Outstanding,

provided that the failure to record, or any error in recording, any of these
matters on the Grid or in the internal books or records referred to above shall
not adversely affect the right of the Subordinated VLN Holder to receive
principal and interest in respect of its Subordinated VLN to the extent there is
sufficient evidence otherwise available to determine the then current
Subordinated VLN Principal Amount Outstanding of that Subordinated VLN.

6. APPLICATION OF ADVANCES

The obligation of the Subordinated VLN Facility Provider to fund any increase in
the Subordinated VLN Principal Amount Outstanding of any Subordinated VLN in
accordance with Clause 5.4, Clause 5.5 or Clause 5.6 on any Settlement Date
shall be satisfied by a payment by the Subordinated VLN Facility Provider of the
applicable

                                                                          Page 5

<PAGE>

amount of the Further Subordinated Advance to the Master Purchaser Transaction
Account denominated in the applicable Agreed Currency on the relevant Settlement
Date.

7. CONSTITUTION OF EACH SUBORDINATED VLN

7.1 The Master Purchaser hereby constitutes each Subordinated VLN and covenants
in favour of the Subordinated VLN Facility Provider (and any successor
Subordinated VLN Holder) that it will duly perform and comply with the
obligations expressed to be undertaken by it in each Subordinated VLN and in the
Subordinated VLN Conditions (and for this purpose any reference in the
Subordinated VLN Conditions to any obligation or payment under or in respect of
a Subordinated VLN shall be construed to include a reference to any obligation
or payment under or pursuant to this provision).

7.2 Each Subordinated VLN issued by the Master Purchaser pursuant to this
Agreement shall be:

(a)  in definitive registered form in the form set out in Schedule 1 or in such
     other form as may from time to time be agreed between the Master Purchaser,
     the relevant Subordinated VLN Holder, the Security Trustee and the Funding
     Agent and executed by, or on behalf of, the Master Purchaser; and

(b)  denominated in an Agreed Currency and shall be the same currency in which
     the Receivables which are or are proposed to be purchased with the proceeds
     of the issue of such Subordinated VLNs are denominated; and

(c)  subject to Clause 7.3 and Subordinated VLN Condition 2, transferable.

7.3 The Subordinated VLN shall only be transferable if each of the Master
Purchaser, the Collateral Monitoring Agent, the Funding Agent and the Security
Trustee shall have given their prior written consent thereto.

7.4 The Master Purchaser covenants with the Subordinated VLN Facility Provider
that it will register the Subordinated VLN Facility Provider as the Subordinated
VLN Holder in the Register in respect of each Subordinated VLN subscribed by it
immediately upon issue thereof and as the sole person with rights to payment of
principal of, and interest on, such Subordinated VLN. The Register shall be held
and maintained by or on behalf of the Master Purchaser in Ireland.

8. PAYMENTS

8.1 The currency of account in respect of the Subordinated VLNs and payment for
each and every sum at any time payable by the Issuer in respect of the
Subordinated VLN or under this Agreement is as follows:

(a)  EUR, in respect of the EUR Subordinated VLNs;

(b)  GBP, in respect of the GBP Subordinated VLNs; and

                                                                          Page 6

<PAGE>

(c)  USD, in respect of the USD Subordinated VLNs.

8.2 On each date on which this Agreement requires an amount denominated in an
Agreed Currency to be paid by the Subordinated VLN Facility Provider hereunder,
the Subordinated VLN Facility Provider shall make the same available to the
Master Purchaser by payment in such Agreed Currency and in immediately available
cleared funds to the Master Purchaser Transaction Account denominated in the
applicable Agreed Currency.

8.3 On each date on which this Agreement or the Subordinated VLN Conditions of
any Subordinated VLN require an amount denominated in an Agreed Currency to be
paid by the Master Purchaser, the Master Purchaser shall make the same available
to the Subordinated VLN Facility Provider as Subordinated VLN Holder by payment
in such Agreed Currency and in immediately available, freely transferable,
cleared funds to the Subordinated VLN Facility Provider's Subordinated VLN
Holder Account denominated in the Agreed Currency in which the payment is to be
made.

8.4 The calculation of the Subordinated VLN Interest Rate (as defined in
Subordinated VLN Condition 3.4) in respect of each Subordinated VLN will be
undertaken by the Funding Agent. The Funding Agent agrees to notify the Master
Purchaser and the Subordinated VLN Facility Provider of each Subordinated VLN
Interest Rate by no later than 12 noon London time on the day falling two (2)
Business Days prior to each Monthly Settlement Date (in respect of the
Subordinated VLN Interest Rate applicable to the USD Subordinated VLN and the
EUR Subordinated VLN) and by no later than 12 noon London time on each Monthly
Settlement Date (in respect of the Subordinated VLN Interest Rate applicable to
the GBP Subordinated VLN).

9. REPRESENTATIONS AND WARRANTIES

BY THE MASTER PURCHASER

9.1 The Master Purchaser represents and warrants to and agrees with the
Subordinated VLN Facility Provider on the date of this Agreement and on each
Settlement Date that each of the statements set out in Schedule 4 to this
Agreement is true and accurate by reference to the facts and circumstances then
existing and the Master Purchaser undertakes to notify the Funding Agent and the
Subordinated VLN Facility Provider (and any successor Subordinated VLN Holder)
as soon as it becomes aware of any breach of the representations and warranties
set out in Schedule 4.

9.2 The Master Purchaser hereby covenants in favour of the Subordinated VLN
Facility Provider (and any successor Subordinated VLN Holder) that it shall:

(a)  obtain, comply with the terms of and do all that is necessary to maintain
     in full force and effect all authorisations, approvals licences and
     consents required in or by the laws and regulations of Ireland and any
     other applicable law to enable it lawfully to enter into and perform its
     obligations under each of the Transaction Documents or to ensure the
     legality, validity, enforceability or,

                                                                          Page 7

<PAGE>

     subject to the compliance with applicable procedural rules, admissibility
     in evidence in Ireland in all material respects of each; and

(b)  promptly inform the Subordinated VLN Facility Provider and each
     Subordinated VLN Holder of the occurrence of any event which is or may
     become (with the passage of time, the giving of notice, the making of any
     determination or any combination thereof) a Master Purchaser Event of
     Default and, upon receipt of a written request to that effect from the
     Subordinated VLN Facility Provider or a Subordinated VLN Holder, confirm to
     the Subordinated VLN Facility Provider or a Subordinated VLN Holder (as the
     case may be) that, save as previously notified to the Subordinated VLN
     Facility Provider or Subordinated VLN Holder (as the case may be) or as
     notified in such confirmation, no such event has occurred.

9.3 The Master Purchaser hereby covenants with the Subordinated VLN Facility
Provider (and any successor Subordinated VLN Holder) and save to the extent as
permitted or contemplated by the Transaction Documents not to:

(a)  have any employees or premises; or

(b)  pay any dividends or make any distributions in respect of its share capital
     or issue any additional shares; or

(c)  consolidate or merge with any other person or convey or transfer its
     properties or assets substantially in their entirety to any person except
     as permitted or contemplated by the Transaction Documents; or

(d)  incur, create, assume or suffer to exist or otherwise become or be liable
     in respect of any indebtedness whether present or future other than
     indebtedness in respect of taxes, assessments or governmental charges not
     yet overdue or administration, corporate or secretarial expenses, or
     indebtedness incurred, created or assumed with the prior consent of the
     Subordinated VLN Facility Provider, it being understood that the Master
     Purchaser will incur present and future indebtedness under the Notes and
     the Variable Funding Agreement to which the Subordinated VLN Facility
     Provider hereby consents; or

(e)  make, incur, assume or suffer to exist any loan, advance or guarantee
     (including any indemnity) to any person (other than in respect of the FCC
     Units); or

(f)  sell, transfer, release or otherwise dispose of any of, or grant options,
     warrants or other rights in respect to, any of its assets to any person
     without the prior consent of the Subordinated VLN Facility Provider (other
     than payments of amounts of a type permitted under paragraph (d) above); or

(g)  have an interest in any bank account, other than the Master Purchaser
     Transaction Accounts and those other accounts specified or contemplated in
     the Transaction Documents; or

(h)  have any subsidiaries; or

                                                                          Page 8

<PAGE>

(i)  carry on any business other than that which is contemplated or necessitated
     by the operation of the Transaction Documents.

BY THE SUBORDINATED VLN FACILITY PROVIDER

9.4 The Subordinated VLN Facility Provider hereby represents and warrants in
favour of the Master Purchaser on the date of this Agreement and on the Funding
Date in the terms set out in Schedule 6 with reference to the facts and
circumstances then subsisting.

9.5 The Subordinated VLN Facility Provider hereby represents and warrants to,
and covenants with, the Master Purchaser:

(a)  it will not make any offer in Ireland in circumstances that would require
     the publication of a prospectus in respect of the Subordinated VLNs (and
     the offer thereof) in accordance with the Prospectus (Directive 2003/71/EC)
     Regulations 2005;

(b)  the Subordinated VLNs will not be the subject of a local offer (within the
     meaning of section 38(1) of the Investment Funds, Companies and
     Miscellaneous Provisions Act 2005 of Ireland); and

(c)  the Subordinated VLNs will not be offered other than in compliance with all
     applicable provisions of the Investment Intermediaries Acts 1995 to 2000 of
     Ireland (as amended).

9.6 The Subordinated VLN Facility Provider hereby undertakes to the Master
Purchaser that for so long as it is a Subordinated VLN Holder, it will promptly
inform the Master Purchaser of any change in the identity of its Subordinated
VLN Holder Accounts.

9.7 The Subordinated VLN Facility Provider represents and warrants in favour of
the Master Purchaser on the date of this Agreement and on each Interest Payment
Date that it is a company which is resident in a territory that has a double
taxation treaty with Ireland, under the laws of that territory, or in a Member
State of the European Communities (other than Ireland), under the laws of that
Member State and it does not provide its commitment through or in connection
with a branch or agency in Ireland.

9.8 The Subordinated VLN Facility Provider represents and warrants that (i) it
is either (x) not a US Person and is acquiring the Subordinated VLNs for its own
account or for the account or benefit exclusively of non-US Persons or (y) an
Accredited Investor acquiring the Subordinated VLNs for its own account and not
with a view towards, or for resale in connection with, the public sale or
distribution thereof, except in accordance with a transaction exempt from
registration under the Securities Act (PROVIDED that in making the foregoing
representation, the Subordinated VLN Facility Provider does not agree to hold
its Subordinated VLNs for any minimum or other specific term and reserves the
right to dispose of the Subordinated VLNs (subject always to the provisions of
this Agreement and the Subordinated VLN Conditions) at any time pursuant to an
exemption from the

                                                                          Page 9

<PAGE>

registration requirements of the Securities Act) and (ii) it understands that
the Subordinated VLNs are being offered and sold to in reliance on specific
exemptions from the registration requirements of the United States Federal and
state securities laws and that the Master Purchaser is relying in part upon the
truth and accuracy of the representation made pursuant to (i) above and the
other representations, warranties, agreements, acknowledgments and
understandings of the Subordinated VLN Facility Provider set forth in this
Agreement and the Subordinated VLN Conditions in order to determine the
availability of such exemptions.

CONSEQUENCES OF BREACH

9.9 If the Subordinated VLN Facility Provider (or any successor Subordinated VLN
Holder) becomes aware of any breach of the covenants, representations and
warranties given by the Master Purchaser under Clause 9.1, it shall be entitled
(but not bound) by notice to the Master Purchaser to elect to treat such breach
as releasing and discharging it from its obligations under this Agreement on or
after that date PROVIDED THAT the Subordinated VLN Facility Provider shall not
be entitled so to elect unless a Termination Event shall have occurred and not
been waived or cured and in any event shall not be permitted or entitled to take
any action or exercise any remedy unless all amounts outstanding under the Notes
and the Variable Funding Agreement and all amounts ranking higher in the
applicable Master Purchaser Priorities of Payments have been paid or discharged
in full.

10. ILLEGALITY AND MITIGATION

10.1 If at any time it becomes unlawful for the Subordinated VLN Facility
Provider to maintain, make, or fund a Subordinated VLN or to allow a
Subordinated VLN to remain outstanding, it shall, as soon as reasonably
practicable after becoming aware of that fact, deliver to the Master Purchaser
and to the Funding Agent (copied to the Security Trustee) a certificate to that
effect, and unless such illegality is avoided in accordance with Clause 10.2,
then subject to Clause 10.2, the applicable Subordinated VLN will become
immediately repayable at the amount of its Subordinated VLN Principal Amount
Outstanding plus any accrued interest.

10.2 If circumstances arise which would (with the giving of any requisite notice
or certificate or the lapse of time or the making of any determination or the
satisfaction of any other condition) result in an event specified in Clause 10.1
occurring, the Subordinated VLN Facility Provider shall, as soon as reasonably
practicable upon becoming aware of that fact, notify the Master Purchaser, the
Funding Agent, the Collateral Monitoring Agent and the Security Trustee and take
such steps as may reasonably be open to it to mitigate the effects of such
circumstances, including the transfer of its rights and obligations hereunder to
another entity agreed by the Master Purchaser, the Collateral Monitoring Agent,
the Funding Agent and the Security Trustee as being acceptable to it, such
agreement not to be unreasonably withheld or delayed.

11. NO LIABILITY AND NO PETITION

11.1 No recourse under any obligation, covenant, or agreement of the Master
Purchaser contained in this Agreement or any Subordinated VLN shall be had
against

                                                                         Page 10

<PAGE>

any shareholder, officer, trustee or director of the Master Purchaser, by the
enforcement of any assessment or by any proceeding, by virtue of any statute or
otherwise, it being expressly agreed and understood that each obligation,
covenant and agreement of the Master Purchaser under this Agreement or any other
Transaction Document is a corporate obligation and no personal liability shall
attach to or be incurred by the shareholders, officers, trustees, agents,
employees or directors of the Master Purchaser as such, or any of them, or
implied therefore, and that any and all personal liability for breaches by such
party of any such obligations, covenants or agreements, either at law or by
statute or constitution, of every such shareholder, officer, trustee, agent,
employee or director is hereby expressly waived by the other parties as a
condition of and consideration for the execution of this Agreement.

12. NO PETITION

12.1 The Subordinated VLN Facility Provider hereby undertakes to the Master
Purchaser that it shall not, nor shall any party on its behalf, at any time
institute against, or join any person in instituting against the Master
Purchaser or any or all of the revenues or assets of the Master Purchaser any
bankruptcy, winding up, re-organisation, examination, arrangement, insolvency or
liquidation proceeding or other proceeding under any similar law nor petition
for the appointment of a receiver, administrator, examiner, administrative
receiver, trustee, liquidator, sequestrator or similar officer of it nor
participate in any ex parte proceedings.

13. LIMITED RECOURSE

13.1 Notwithstanding any other provision of this Agreement and the other
Transaction Documents, each Party agrees and acknowledges with the Master
Purchaser that, save as otherwise provided for in any Transaction Document:

(a)  it will only have recourse in respect of any amount, claim or obligation
     due or owing to it by the Master Purchaser (the CLAIMS) only to the extent
     of available funds pursuant to the applicable Master Purchaser Priorities
     of Payments and subject to the provisos therein, which shall be applied by
     the Security Trustee, subject to and in accordance with the terms thereof
     and after all other prior ranking claims in respect thereof have been
     satisfied and discharged in full; and

(b)  following the application of funds following enforcement of the security
     interests created under the Master Purchaser Deed of Charge, subject to and
     in accordance with the Master Purchaser Post-Enforcement Priorities of
     Payments, the Master Purchaser will have no assets available for payment of
     its obligations under this Agreement, the Subordinated VLNs, the Master
     Purchaser Deed of Charge and the other Transaction Documents other than as
     provided for pursuant to the Master Purchaser Deed of Charge, and that any
     Claims will accordingly be extinguished to the extent of any shortfall; and

(c)  the obligations of the Master Purchaser under this Agreement, each
     Subordinated VLN, the Master Purchaser Deed of Charge and the other
     Transaction Documents will not be obligations or responsibilities of, or
     guaranteed by, any other person or entity.

                                                                         Page 11

<PAGE>

14. BENEFIT OF AGREEMENT

14.1 This Agreement shall be binding upon and enure to the benefit of each Party
and its or any subsequent successors and permitted assigns.

14.2 Other than pursuant to the Master Purchaser Deed of Charge, the Master
Purchaser shall not be entitled to assign or transfer all or part of its rights
and benefits or obligations hereunder.

14.3 The Subordinated VLN Facility Provider shall not be entitled to assign or
transfer all or part of any of its rights and benefits or obligations hereunder
or to transfer any Subordinated VLN to another party unless the Master
Purchaser, the Collateral Monitoring Agent, the Funding Agent and the Security
Trustee have given their prior written consent.

15. EVIDENCE OF DEBT

The Subordinated VLN Facility Provider shall maintain, in accordance with usual
accounting practice, accounts evidencing the amounts from time to time owing to
it hereunder and in its capacity as Subordinated VLN Holder (including in
respect of the Subordinated VLN Principal Amount Outstanding and any other sums
due in respect of any Subordinated VLN at any time it is a Subordinated VLN
Holder).

16. COUNTERPARTS

This Agreement may be executed in any number of counterparts and by the parties
to it on separate counterparts, each of which shall be an original but all of
which together shall constitute one and the same instrument.

17. RIGHTS OF THIRD PARTIES

A person who is not a party to this Agreement shall have no right under the
Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.

18. GOVERNING LAW

This Agreement is governed by, and shall be construed in accordance with English
law.

19. JURISDICTION

The provisions of Clause 4 of the Framework Deed shall apply to this Agreement
on the basis set out therein.

THIS AGREEMENT HAS BEEN ENTERED INTO ON THE DATE STATED AT THE BEGINNING OF THIS
AGREEMENT.

                                                                         Page 12

<PAGE>

THE SUBORDINATED VLN FACILITY PROVIDER

SIGNED by BRIAN P. CASEY            )  BRIAN P. CASEY
for and on behalf of                )
VISTEON NETHERLANDS                 )
FINANCE B.V.                        )

THE MASTER PURCHASER

SIGNED by MARK FILER                )  MARK FILER
for and on behalf of                )
VISTEON FINANCIAL CENTRE P.L.C.     )

THE SECURITY TRUSTEE

SIGNED by BILL ROWLAND              )  BILL ROWLAND
for and on behalf of                )
THE LAW DEBENTURE TRUST             )
CORPORATION P.L.C.                  )

THE FUNDING AGENT

SIGNED by MARIE VICTORIA TACARDON   )  MARIE VICTORIA
for and on behalf of                )  TACARDON
CITIBANK INTERNATIONAL PLC          )

                                                                         Page 13

<PAGE>

                                   SCHEDULE 1

                            FORM OF SUBORDINATED VLN

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES LAWS
OF ANY STATE OR OTHER JURISDICTION, AND ACCORDINGLY MAY NOT BE OFFERED, SOLD,
ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OF AMERICA, OR
TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS (AS DEFINED IN REGULATION S
UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN EXEMPTION IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS.

                         VISTEON FINANCIAL CENTRE P.L.C.
  (incorporated in the Republic of Ireland with limited liability; registered
                                 number 423820)

                             (the MASTER PURCHASER)

            [EUR [_____]/GBP [_____]/USD [_____]] NOTE DUE 20[_____]

           issued to: [INSERT SUBORDINATED VLN FACILITY PROVIDER NAME]

                             (the SUBORDINATED VLN)

This Subordinated VLN has been constituted by the Master Purchaser pursuant to a
Subordinated VLN Facility Agreement (the SUBORDINATED VLN FACILITY AGREEMENT)
dated 14 August 2006 between the Master Purchaser, Visteon Netherlands Finance
B.V. (as the SUBORDINATED VLN FACILITY PROVIDER), The Law Debenture Trust
Corporation p.l.c. (as SECURITY TRUSTEE) and Citibank International plc (as
FUNDING AGENT) and is subject to, and with the benefit of, the attached terms
and conditions (the SUBORDINATED VLN CONDITIONS) and the Subordinated VLN
Facility Agreement.

Capitalised terms used and not otherwise defined in this Subordinated VLN have
the respective meanings specified in the Subordinated VLN Facility Agreement.

The Master Purchaser, for value received, promises, in accordance with the
Subordinated VLN Conditions to pay to the registered holder of this Subordinated
VLN on the Subordinated VLN Final Maturity Date the Subordinated VLN Principal
Amount Outstanding on that date as shown on the Grid attached to this
Subordinated VLN or otherwise recorded in the books and records of the
Subordinated VLN Facility Provider and confirmed in the relevant Servicer
Report, together with accrued interest in accordance with the Subordinated VLN
Conditions and any additional amounts payable thereunder.

Upon any redemption or increase of the Subordinated VLN Principal Amount
Outstanding of the Subordinated VLN in accordance with the Subordinated VLN
Conditions, the Master Purchaser shall procure that the amount so redeemed be

                                                                         Page 14

<PAGE>

recorded on the Subordinated VLN Grid and in the books and records of the
Subordinated VLN Holder and the relevant Servicer Report.

This Subordinated VLN is in registered form and is transferable in whole (but
not in part) only in accordance with Condition 2 and the Subordinated VLN
Facility Agreement.

AS WITNESS the signature of a duly authorised officer on behalf of the Master
Purchaser

SIGNED, SEALED and DELIVERED as a   )
DEED by                             )
as duly authorised attorney         )
for and on behalf of                )
VISTEON FINANCIAL CENTRE P.L.C.     )
in the presence of:                 )

Witness:
        -----------------------------
Name:
      -------------------------------
Address:
         ----------------------------

ISSUED in [Ireland] on [_____] 2006

                                                                         Page 15
<PAGE>

                              FORM OF NOTE TRANSFER

For value received ____________________________ (the TRANSFEROR) hereby
transfer(s) on the Transfer Date (as defined below) to

________________________________________________________________________________

________________________________________________________________________________

_______________________________________________________________ (the TRANSFEREE)

(Please print or type name and address of transferee)

this Subordinated VLN (which has a Subordinated VLN Principal Amount Outstanding
of [EUR [_____]/ GBP [_____]/USD [_____]] at the date of this transfer) and all
rights hereunder, hereby irrevocably constituting and appointing [_____] as
attorney to transfer such Subordinated VLN in the relevant Register maintained
by or on behalf of the Master Purchaser with full power of substitution.

TRANSFER DATE means _____________________________ (insert effective date for
transfer).

By its transfer hereof, the transferor represents that:

(1)  it is transferring this Subordinated VLN, and has offered this Subordinated
     VLN for transfer only (i) to a non-U.S. person acquiring this Subordinated
     VLN for its own account or for the account or benefit exclusively of
     non-U.S. persons and (ii) outside the United States in an offshore
     transaction in compliance with Regulation S (REGULATION S) under the U.S.
     Securities Act of 1933, as amended (the SECURITIES ACT) or (iii) pursuant
     to another exemption from the registration requirements of the Securities
     Act and any applicable State securities laws;

(2)  it has obtained the prior written consent of the Master Purchaser, the
     Funding Agent and the Collateral Monitoring Agent to such transfer (a
     signed original of each such consent being delivered herewith to the
     Registrar).

                                        Signature of transferor
                                                                ----------------

                                                                ----------------

We hereby accept this Subordinated VLN (which has a Subordinated VLN Principal
Amount Outstanding at the date of this transfer) and agree to be bound by the
Subordinated VLN Conditions of this Subordinated VLN. By its acquisition hereof,
the transferee represents that:

(a)  (i) it is either (x) not a US Person and is acquiring this Subordinated VLN
     for its own account or for the account or benefit exclusively of non-US
     Persons outside the United States in an offshore transaction (as defined in
     Regulation S) in accordance with Regulation S or (y) an Accredited Investor
     acquiring this Subordinated VLN for its own account and not with a view
     towards, or for resale in connection with, the public sale or distribution
     thereof, except in

                                                                         Page 16

<PAGE>

     accordance with a transaction exempt from registration under the Securities
     Act and (ii) it understands that the Subordinated VLNs are being offered
     and sold to in reliance on specific exemptions from the registration
     requirements of the United States Federal and state securities laws and
     that the Issuer is relying in part upon the truth and accuracy of the
     representation made pursuant to clause (i) and the other representations,
     warranties, agreements, acknowledgments and understandings of such
     Transferee set forth in the Subordinated VLN Facility Agreement in order to
     determine the availability of such exemptions;

(b)  it is:

          (i)  a person which is resident in a territory that has a double
               taxation treaty with Ireland, under the laws of that territory,
               or in a Member State of the European Communities (other than
               Ireland), under the laws of that Member State; or

          (ii) a US company, provided that the US company is incorporated in the
               US and subject to tax in the US on its worldwide income; or

          (iii) a US LLC, provided that the ultimate recipients of the interest
               are resident in a territory that has a double taxation treaty
               with Ireland, under the laws of that territory, or in a Member
               State of the European Communities (other than Ireland) under the
               laws of that Member State and the business conducted through the
               LLC is so structured for market reasons and not for tax avoidance
               purposes,

          provided that in the case of each of (i), (ii) and (iii), that where
          the person is a company, it does not provide its commitment through or
          in connection with a branch or agency in Ireland;

(c)  it is a person to whom this Subordinated VLN may be transferred in
     accordance with Condition 2.8 and 2.9; and

(d)  it has executed a Subordinated VLN Holder Accession Letter in or
     substantially in the form set out in Schedule 3 to the Subordinated VLN
     Facility Agreement.

                                     Signature(s) of transferee
                                                                ----------------

                                                                ----------------

VISTEON FINANCIAL CENTRE P.L.C. hereby approves the transfer.

                                                                ----------------
                                    Signature of VISTEON FINANCIAL CENTRE P.L.C.

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

                                                                         Page 17

<PAGE>

The Registrar hereby approves the transfer.

                                         Signature of Registrar
                                                                ----------------

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

N.B.:

1. This form of transfer must be accompanied by such documents, evidence and
information as may be required pursuant to the Subordinated VLN Conditions.

2. This form of transfer must be executed under the hand of the transferor and
the transferee or, if the transferee is a corporation, under the hand of two of
its officers duly authorised in writing and, the document so authorising such
officers must be delivered with the form of transfer.

3. This transfer will be subject to the payment by the transferor of any stamp
duty, tax or other governmental charge as is referred to in Subordinated VLN
Condition 2.5.

                                                                         Page 18

<PAGE>

                                   SCHEDULE 2

                              TERMS AND CONDITIONS

The following is the text of the terms and conditions of the Subordinated VLNs
which (subject to completion and amendment) will be attached to each
Subordinated VLN.

The [EUR [_____]/ GBP [_____]/USD [_____]] (initial par value) Note (the
SUBORDINATED VLN, and together with each other note issued by the Master
Purchaser pursuant to the Subordinated VLN Facility Provider, the SUBORDINATED
VLNS) due 20[_____] of VISTEON FINANCIAL CENTRE P.L.C. (the MASTER PURCHASER) is
constituted by a variable funding agreement dated 14 August 2006 between the
Master Purchaser, Visteon Netherlands Finance B.V. (the SUBORDINATED VLN
FACILITY PROVIDER), The Law Debenture Trust Corporation p.l.c. (the SECURITY
TRUSTEE) and Citibank International plc (as FUNDING AGENT) (the Subordinated VLN
Facility Agreement). Certain provisions of these Subordinated VLN Conditions are
summaries of the Subordinated VLN Facility Agreement and are subject to its
detailed provisions including without limitation the provisions of Clauses 11,
12 and 13 thereof. The Subordinated VLN Holder (as defined below) is bound by,
and is deemed to have notice of, all the provisions of the Subordinated VLN
Facility Agreement applicable to it. Terms defined in the Subordinated VLN
Facility Agreement (including by cross reference or incorporation) shall, unless
otherwise defined herein or the context requires otherwise bear the same
meanings in these terms and conditions.

1. FORM, DENOMINATION AND STATUS

FORM AND DENOMINATION

1.1 The Subordinated VLN is in definitive registered form with the initial par
value of [EUR [_____]/GBP [_____]/USD [_____]] and thereafter in such other
amount as may from time to time be recorded in the Subordinated VLN Grid
attached to the Subordinated VLN or as recorded on behalf of the Master
Purchaser in the books and records of the Subordinated VLN Facility Provider.

STATUS

1.2 The Subordinated VLN constitutes a direct, secured (on a subordinated basis)
and unconditional obligation of the Master Purchaser.

2. TITLE AND TRANSFERS

TITLE

2.1 The Master Purchaser or the Corporate Administrator on its behalf (in such
capacity, the REGISTRAR) will cause to be kept, at the specified office of the
Registrar in Ireland, a register (the REGISTER) on which shall be entered the
names and addresses of the holders of each of the Subordinated VLNs from time to
time.

                                                                         Page 19

<PAGE>

2.2 Title to the Subordinated VLN will pass by and upon registration of
transfers in the Register. In these Subordinated VLN Conditions the HOLDER of
the Subordinated VLN or the SUBORDINATED VLN HOLDER means the person in whose
name such Subordinated VLN is for the time being registered in the Register.
Registration of ownership of the Subordinated VLN shall be conclusive evidence
(in the absence of manifest error) of absolute ownership of the Subordinated
VLN.

TRANSFERS

2.3 Subject to Subordinated VLN Conditions 2.6 and 2.7 below, the Subordinated
VLN may be transferred in whole (but not in part) upon surrender of the
Subordinated VLN at the specified office of the Registrar, with the form of
transfer endorsed on the Subordinated VLN duly completed and signed by or on
behalf of the transferor and the Master Purchaser and together with such
evidence as the Registrar may reasonably require to prove:

(a)  the title of the transferor;

(b)  the authority of the individuals who have executed the form of transfer;

(c)  the payment of any stamp duty payable on such transfer;

(d)  that the transferee is either (x) not a US Person and is acquiring the
     Subordinated VLN for its own account or for the account or benefit
     exclusively of non-US Persons outside the United States in an offshore
     transaction (as defined in Regulation S) in accordance with Regulation S or
     (y) an Accredited Investor acquiring the Subordinated VLN for its own
     account and not with a view towards, or for resale in connection with, the
     public sale or distribution thereof, except in accordance with a
     transaction exempt from registration under the Securities Act; and

(e)  that the transferee is:

          (i)  a person which is resident in a territory that has a double
               taxation treaty with Ireland, under the laws of that territory,
               or in a Member State of the European Communities (other than
               Ireland), under the laws of that Member State; or

          (ii) a US company, provided that the US company is incorporated in the
               US and subject to tax in the US on its worldwide income; or

          (iii) a US LLC, provided that the ultimate recipients of the interest
               are resident in a territory that has a double taxation treaty
               with Ireland, under the laws of that territory, or in a Member
               State of the European Communities (other than Ireland) under the
               laws of that Member State and the business conducted through the
               LLC is so structured for market reasons and not for tax avoidance
               purposes;

                                                                         Page 20

<PAGE>

               provided that in the case of each of (i), (ii) and (iii), that
               where the person is a company, it does not provide its commitment
               through or in connection with a branch or agency in Ireland; and

          (iv) a person to whom the Subordinated VLN may be transferred in
               accordance with Subordinated VLN Conditions 2.8 to 2.10
               (inclusive) below.

PROVIDED THAT NO SUBORDINATED VLN MAY BE TRANSFERRED TO ANY PERSON AND ANY
PURPORTED TRANSFER SHALL BE OF NO EFFECT UNLESS AND UNTIL:

1.   the prior written consent of each of the Master Purchaser, the Funding
     Agent and the Collateral Monitoring Agent has been obtained; and

2.   the transferee has executed a Subordinated VLN Holder Accession Letter in
     or substantially in the form set out in Schedule 3 to the Subordinated VLN
     Facility Agreement.

REGISTRATION AND DELIVERY OF THE SUBORDINATED VLN

2.4 Within 5 Business Days of the surrender of the Subordinated VLN in
accordance with Subordinated VLN Condition 2.3 above (or such longer period as
may be required to comply with any applicable fiscal or other laws or
regulations), the Registrar will register the transfer in question and deliver
at the Registrar's specified office a new Subordinated VLN or (at the request,
cost and risk of the transferee) send by uninsured first class mail to such
address as the transferee may specify for the purpose.

NO CHARGE

2.5 Subordinated VLN Holders will not be required to bear the costs and expenses
of effecting any registration of transfer as provided above, except for any
costs or expenses of delivery other than by regular mail and except that the
Master Purchaser will require the payment by a transferee Subordinated VLN
Holder of a sum sufficient to cover any stamp duty, tax or other governmental
charge that may be imposed in relation to the registration.

CLOSED PERIODS

2.6 No Subordinated VLN Holder may require a transfer to be registered during
the period of three (3) Business Days ending on the due date for any payment in
respect of the Subordinated VLN.

REGISTRAR

2.7 The Master Purchaser reserves the right at any time with the consent of the
Security Trustee to vary or terminate the appointment of, or resign as, the
Registrar and to appoint another Registrar. Notice of any resignation,
termination or appointment and of any changes in specified offices will be given
to the Subordinated

                                                                         Page 21

<PAGE>

VLN Holders promptly by the Master Purchaser in accordance with the Framework
Deed.

RESTRICTIONS ON TRANSFEREES

2.8 The Subordinated VLN may not be offered or sold to any person in the United
Kingdom in circumstances which would require a prospectus to be made available
to the public pursuant to Part VI of the Financial Services and Market Act 2000.

2.9 The Subordinated VLN may not be:

(a)  offered in Ireland in circumstances that would require the publication of a
     prospectus in respect of the Subordinated VLNs (and the offer thereof) in
     accordance with the Prospectus (Directive 2003/71/EC) Regulations 2005;

(b)  the subject of a local offer (within the meaning of section 38(1) of the
     Investment Funds, Companies and Miscellaneous Provisions Act 2005 of
     Ireland); and

(c)  offered other than in compliance with all applicable provisions of the
     Investment Intermediaries Acts 1995 to 2000 of Ireland (as amended).

2.10 This Subordinated VLN may only be transferred to a person that is either
(x) not a US Person and is acquiring this Subordinated VLN for its own account
or for the account or benefit exclusively of non-US Persons or (y) an Accredited
Investor acquiring this Subordinated VLN for its own account and not with a view
towards, or for resale in connection with, the public sale or distribution
thereof, except in accordance with a transaction exempt from registration under
the Securities Act.

2.11 Any transfer to a person other than as permitted in this Condition 2 shall
be null and void.

2.12 The Subordinated VLN will bear a legend substantially to the following
effect:

     "THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES
     SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR THE SECURITIES
     LAWS OF ANY STATE OR OTHER JURISDICTION, AND ACCORDINGLY MAY NOT BE
     OFFERED, SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED
     STATES OF AMERICA, OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
     (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) EXCEPT PURSUANT TO AN
     EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY
     APPLICABLE STATE SECURITIES LAWS."

                                                                         Page 22

<PAGE>

3. INTEREST

SETTLEMENT DATES AND INTEREST PERIODS

3.1 The Subordinated VLN bears interest on its Subordinated VLN Principal Amount
Outstanding from (and including) the Funding Date, to (but excluding) the date
on which its Subordinated VLN Principal Amount Outstanding is paid in full.

3.2 Interest on the Subordinated VLN is payable in arrears on each Monthly
Settlement Date in respect of the Interest Period ending on that Monthly
Settlement Date. Interest with respect to each Interest Period shall accrue from
(and including) the first day of such Interest Period to (but excluding) the
last day of such Interest Period. If any Settlement Date would otherwise fall on
a day which is not a Business Day, it shall be postponed to the next day which
is a Business Day unless it would thereby fall into the next calendar month in
which event the Settlement Date shall be the immediately preceding business day.

3.3 Interest shall cease to accrue on the Subordinated VLN as from (and
including) the Subordinated VLN Final Maturity Date or the date on which a
Subordinated VLN Termination Event has occurred and be continuing unless, upon
due presentation payment of principal due is improperly withheld or refused, in
which case it will continue to bear interest in accordance with this
Subordinated VLN Condition 3 (after as well as before judgement) at the rate
from time to time applicable to the Subordinated VLN until the moneys in respect
thereof have been received by the Subordinated VLN Holder and notice to that
effect is given in accordance with the Framework Deed.

RATE OF INTEREST

3.4 The Subordinated VLN will bear interest on the Subordinated Loan Principal
Amount Outstanding at the rate equal to the aggregate of 4.00 per cent. per
annum and [USD LIBOR]/[GBP LIBOR]/[EURIBOR](1) (the SUBORDINATED VLN INTEREST
RATE).

PAYMENT OF INTEREST

3.5 Subject to Subordinated VLN Condition 10 an amount of interest calculated in
accordance with Subordinated VLN Condition 3.6 (the INTEREST AMOUNT) will be
payable in respect of the Subordinated Loan Principal Amount Outstanding in
arrears on the Monthly Settlement Date in respect of the Interest Period ending
on (but excluding) that Monthly Settlement Date.

CALCULATION OF INTEREST AMOUNT

3.6 The Interest Amount for the Subordinated VLN in respect of an Interest
Period shall be calculated by the Funding Agent by applying the Subordinated VLN
Interest Rate for such Interest Period to the then Subordinated VLN Principal
Amount Outstanding of the Subordinated VLN, multiplying the product by [[the
actual number

----------
(1)  Delete as applicable.

                                                                         Page 23

<PAGE>

of days in such Interest Period divided by 365](2) /[the actual number of days
in such Interest Period divided by 360](3) / [the actual number of days in such
Interest Period divided by 360](4)].

4. REDEMPTION

OPTIONAL REDEMPTION

4.1 The Subordinated VLN may be redeemed at the option of the Master Purchaser
(with the prior written consent of the Security Trustee) in whole (or in part)
at its Subordinated VLN Principal Amount Outstanding (or a proportion thereof)
on any Settlement Date by the Master Purchaser giving at least ten (10) Business
Days' written notice to the Subordinated VLN Facility Provider prior to the
relevant Settlement Date.

MANDATORY REDEMPTION

4.2 On each Settlement Date, the Subordinated VLN will be subject to mandatory
redemption in part in an amount equal to the amount (if any) by which its
Subordinated VLN Principal Amount Outstanding on that date exceeds the
[EUR/GBP/USD](5) Subordinated VLN Required Amount as at such date provided that
no such amount shall be repayable to the extent that, prior to the Programme
Termination Date, such repayment would result in the Subordinated VLN Principal
Amount Outstanding of the Subordinated VLN being less then [EUR]/[USD]/[GBP]
1,000.

4.3 If a payment of Further Subscription Price is paid to the Master Purchaser
(as Issuer) on a date other than a Settlement Date in respect of Notes
denominated in the same Agreed Currency as the Subordinated VLN, the
Subordinated VLN will on the date of payment of such Further Subscription Price
be subject to mandatory redemption in part in an amount equal to the amount of
such Further Subscription Price multiplied by the fraction calculated by
dividing the Subordinated VLN Principal Amount Outstanding of the Subordinated
VLN by the aggregate of the Subordinated VLN Principal Amount Outstanding of all
Subordinated VLNs denominated in that Agreed Currency.

4.4 Following the Programme Termination Date, the Subordinated VLN will, on each
Settlement Date thereafter, be subject to mandatory redemption in an amount
equal to the lower of (a) its Subordinated VLN Principal Amount Outstanding and
(b) the Master Purchaser Available Funds remaining after satisfaction in full of
all amounts ranking in priority to payment of principal in respect of the
Subordinated VLN in the applicable Master Purchaser Priorities of Payments (each
such payment together with any redemption payment made or to be made in
accordance with

----------
(2)  Include if Note is denominated in GBP.

(3)  Include if Note is denominated in USD.

(4)  Include if Note is denominated in EUR.

(5)  Delete as applicable.

                                                                         Page 24

<PAGE>

Subordinated VLN Conditions 4.1, 4.2, and 4.3 a SUBORDINATED VLN PRINCIPAL
PAYMENT)

DETERMINATIONS AND CALCULATIONS

4.5 Following a Subordinated VLN Principal Payment, the Funding Agent (acting
for and on behalf of the Master Purchaser) shall determine the new Subordinated
VLN Principal Amount Outstanding of the Subordinated VLN on the basis of the
Subordinated VLN Grid and the books and records of the Subordinated VLN Facility
Provider. Each determination by the Funding Agent (acting for and behalf of the
Master Purchaser) of the amount of such Subordinated VLN Principal Amount
Outstanding shall (in the absence of wilful default, bad faith or manifest
error) be final and binding on all persons. The Master Purchaser will cause each
determination of such new Subordinated VLN Principal Amount Outstanding to be
reflected in the Subordinated VLN Grid and the books and records of the
Subordinated VLN Facility Provider.

REDEMPTION ON MATURITY

4.6 If not otherwise redeemed and cancelled, the Subordinated VLN will be
redeemed (subject to available funds) at its then Subordinated VLN Principal
Amount Outstanding on the Subordinated Note Final Maturity Date. The
Subordinated VLN may be redeemed in whole or in part prior to such date in
accordance with Subordinated VLN Conditions 4.1 and 4.2, but without prejudice
to Subordinated VLN Condition 6.

PURCHASE

4.7 The Master Purchaser shall not be entitled to purchase the Subordinated VLN
at any time.

CANCELLATION

4.8 If the Subordinated VLN is redeemed in full pursuant to the foregoing
provisions it will be cancelled forthwith and may not be resold or reissued.

EXTENSION OF MATURITY

4.9 The Master Purchaser may request the Subordinated VLN Holder to agree to an
extension of the Subordinated Note Final Maturity Date and if, in the
Subordinated VLN Holder's sole discretion, the Subordinated VLN Holder agrees to
such request in writing, the date agreed shall thereafter be the "Subordinated
VLN Final Maturity Date".

5. TAXES

PAYMENT WITHOUT WITHHOLDING

5.1 All sums payable to the Subordinated VLN Holder in respect of the
Subordinated VLN shall be paid free and clear of, and without withholding or

                                                                         Page 25

<PAGE>

deduction for, or on account of, any Tax unless the Master Purchaser is required
by law to make such a payment subject to the withholding or deduction of Tax.

NOTICE OF OBLIGATION TO WITHHOLD

5.2 If, at any time, the Master Purchaser is required by law to make any
withholding or deduction from any sum payable by it in respect of the
Subordinated VLN (or if thereafter there is any change in the rate at which or
the manner in which such withholding or deduction is calculated), the Master
Purchaser shall promptly notify the Subordinated VLN Holder.

PAYMENT OF WITHHOLDING

5.3 If the Master Purchaser makes any payment hereunder in respect of which it
is required to make any withholding or deduction of Tax, it shall pay the full
amount required to be withheld or deducted to the relevant taxation or other
authority within the time allowed for payment to the applicable authority. An
original receipt (or a certified copy thereof) issued by such authority or other
evidence reasonably satisfactory to the Subordinated VLN Holder shall be
evidence of the payment to such authority of all amounts so required to be
withheld or deducted in respect of such payment and the Master Purchaser shall
deliver such receipt to such Subordinated VLN Holder within thirty (30) days
after it has made such payment or when such receipt is available (whichever is
later).

6. SUBORDINATED VLN TERMINATION EVENTS

SUBORDINATED VLN TERMINATION EVENTS

6.1 Each of the following events is a SUBORDINATED VLN TERMINATION EVENT in
respect of the Subordinated VLN:

(a)  a Termination Event has occurred and has not been waived; and

(b)  any Subordinated VLN becomes repayable, subject always to Clause 10.2 of
     the Subordinated VLN Facility Agreement, in accordance with Clause 10.1 of
     the Subordinated VLN Facility Agreement.

COVENANT OF THE MASTER PURCHASER

6.2 So long as any amount remains outstanding under the Subordinated VLN, the
Master Purchaser or the Funding Agent will promptly upon becoming aware of any
Subordinated VLN Termination Event in respect of the Subordinated VLN give
notice in writing thereof to the Subordinated VLN Holder.

7. EFFECT OF SUBORDINATED VLN TERMINATION EVENT

7.1 At any time after:

(a)  the occurrence of a Subordinated VLN Termination Event; or

                                                                         Page 26

<PAGE>

(b)  the failure on the Subordinated VLN Final Maturity Date of the Subordinated
     VLN Holder to have received the Subordinated VLN Principal Amount
     Outstanding of the Subordinated VLN in full together with any amount of
     interest and other amounts calculated in respect thereof,

and without prejudice to its rights of enforcement in relation to the Master
Purchaser Deed of Charge, and PROVIDED ALWAYS that the Notes issued under the
Variable Funding Agreement shall have become due and payable or shall have been
redeemed in full, the Subordinated VLN Holder may declare by written notice to
the Master Purchaser (copied to the Security Trustee) the Subordinated VLN
Principal Amount Outstanding of the Subordinated VLN to be immediately due and
payable together with accrued interest thereon and any other sums then owed by
the Master Purchaser hereunder. Any amounts then payable will be paid in
accordance with the terms of the Master Purchaser Deed of Charge. The security
under the Master Purchaser Deed of Charge will become enforceable only as
provided in the Master Purchaser Deed of Charge.

7.2 A Subordinated VLN Holder may, at its option, by notice in writing to the
Master Purchaser (copied to the Security Trustee) withdraw any notice previously
given under Subordinated VLN Condition 7.1 whereupon such notice shall cease to
have effect.

7.3 After realisation of the Master Purchaser Secured Property and distribution
of the net proceeds thereof by the Security Trustee in each case in accordance
with the provisions of the Master Purchaser Deed of Charge, the Subordinated VLN
Holder may not take any further steps against the Master Purchaser or any of its
assets to recover any sums unpaid in respect of the Subordinated VLN and all
claims against the Master Purchaser in respect of any such unpaid sum shall be
extinguished.

8. PAYMENTS AND CALCULATIONS

8.1 On each date on which these Subordinated VLN Conditions require an amount to
be paid by the Master Purchaser in respect of the Subordinated VLN, the Master
Purchaser shall make the same available to the Subordinated VLN Holder by
payment in [EUR/GBP/USD](6) and in immediately available cleared funds to the
Subordinated VLN Holder's [EUR/GBP/USD](7) Account.

8.2 If the date on which any payment is to be made under the Subordinated VLN
Conditions is not a Business Day then the Subordinated VLN Holder shall not be
entitled to payment of such amount until the next following Business Day and
shall not be entitled to any further interest or other payment in respect of any
such delay.

8.3 All payments due and payable by the Master Purchaser in accordance with
these Subordinated VLN Conditions shall only be made to the extent that it has

----------
(6)  Delete as applicable.

(7)  Delete as applicable.

                                                                         Page 27

<PAGE>

sufficient funds available to it in accordance with the terms of the Master
Purchaser Deed of Charge.

9. REPLACEMENT OF NOTE

If a Subordinated VLN issued and outstanding at any time is lost, stolen,
mutilated, defaced or destroyed, it may be replaced at the specified office of
the Master Purchaser, subject to all applicable laws, upon payment by the
claimant of the expenses incurred in connection with such replacement and on
such terms as to evidence, security, indemnity and otherwise as the Master
Purchaser may reasonably require. Mutilated or defaced Notes must be surrendered
before replacements will be issued.

10. CALCULATION OF INTEREST DUE AND PAYABLE

10.1 Interest on the Subordinated VLN shall be payable in accordance with the
provisions of Subordinated VLN Condition 3, subject to the terms in this
Subordinated VLN Condition 10.

10.2 In the event that Master Purchaser Available Funds on any Settlement Date
for application in or towards the payment of interest and principal which is,
other than by virtue of this Subordinated VLN Condition, due on the Subordinated
VLN on such Settlement Date are not sufficient to satisfy in full the aggregate
amount of interest and principal which is, other than by virtue of this
Subordinated VLN Condition, due on the Subordinated VLN on such Settlement Date
(such aggregate amount of unpaid interest and principal being referred to in
this Subordinated VLN Condition as the RESIDUAL AMOUNT) then the Residual Amount
shall not be due and payable on such Settlement Date, but the Master Purchaser
shall create a provision in its accounts equal to the Residual Amount, and such
shortfall shall accrue interest during each Interest Period for which it remains
outstanding at the rate of interest applicable to the Subordinated VLN (as
determined pursuant to these Subordinated VLN Conditions) for such Interest
Period, the Residual Amount and such shortfall and accrued interest thereon
shall be aggregated with the amount of, and treated for the purposes of this
Subordinated VLN Condition as if it were interest due, subject to this
Subordinated VLN Condition on the Subordinated VLN on the next succeeding
Settlement Date.

11. REMEDIES AND WAIVERS

No failure by the Subordinated VLN Holder to exercise, nor any delay by the
Subordinated VLN Holder in exercising any right or remedy in respect of the
Subordinated VLN 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. The rights and remedies
herein provided are cumulative and not exclusive of any other rights or remedies
(whether provided by law or otherwise).

12. PARTIAL INVALIDITY

If, at any time, any provision hereof is or becomes illegal, invalid or
unenforceable in any respect under the law of any jurisdiction neither the
legality, validity or

                                                                         Page 28

<PAGE>

enforceability of the remaining provisions hereof nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction shall
in any way be affected or impaired thereby.

13. GOVERNING LAW

These Subordinated VLN Conditions and the Subordinated VLN are governed by, and
shall be construed in accordance with English law. The provisions of Clause 4 of
the Framework Deed shall apply to this Subordinated VLN.

14. MODIFICATION

Any modification to these Subordinated VLN Conditions must be agreed in writing
between the Master Purchaser, the Subordinated VLN Holder, the Funding Agent and
the Security Trustee and will be binding on all future Subordinated VLN Holders.

                                                                         Page 29
<PAGE>

                                  THE SCHEDULE

                                      GRID

                    FOR RECORDING INCREASES AND REDUCTIONS IN
    THE SUBORDINATED VLN PRINCIPAL AMOUNT OUTSTANDING OF THE SUBORDINATED VLN

<TABLE>
<CAPTION>
                 SUBORDINATED VLN
                 PRINCIPAL AMOUNT   AMOUNT OF    DATE OF   AMOUNT OF    DATE OF
DATE OF CHANGE      OUTSTANDING      INCREASE   INCREASE   REDUCTION   REDUCTION
--------------   ----------------   ---------   --------   ---------   ---------
<S>              <C>                <C>         <C>        <C>         <C>
On issue         [EUR [_____]/
                 GBP [_____]/USD
                 [_____]]                  --         --          --          --
</TABLE>

                                                                         Page 30

<PAGE>

                                   SCHEDULE 3

                FORM OF SUBORDINATED VLN HOLDER ACCESSION LETTER

[Date] ____________

To: VISTEON FINANCIAL CENTRE P.L.C.
    (the MASTER PURCHASER)

[and other parties]

We refer to the Subordinated VLN Facility Agreement (the SUBORDINATED VLN
FACILITY AGREEMENT) dated 14 August 2006 between the Master Purchaser, Visteon
Netherlands Finance B.V. (the SUBORDINATED VLN FACILITY PROVIDER), The Law
Debenture Trust Corporation p.l.c. (the SECURITY TRUSTEE) and Citibank
International plc (as FUNDING AGENT).

Terms defined in, or incorporated by reference into, the Subordinated VLN
Facility Agreement shall have the same meanings herein as therein.

We confirm that we are in receipt of the following documents and have found them
to our satisfaction:

(a)  a copy of the Subordinated VLN Facility Agreement;

(b)  a copy of the Framework Deed;

(c)  a copy of the Master Purchaser Deed of Charge; and

(d)  a copy of current versions of all other Transaction Documents as we have
     requested.

For the purposes of Clause 6 of the Framework Deed our notice details are as
follows:

________________________________________________________________________________
[insert name, address, telephone, facsimile and attention].

[_____], being the current registered holder, is proposing to transfer to us in
accordance with Subordinated VLN Condition 2.3 of the Subordinated VLN.

In consideration of our accession to the Subordinated VLN Facility Agreement
pursuant to this letter, we hereby undertake with effect from the date hereof,
for the benefit of the Master Purchaser and each of the other parties to the
Subordinated VLN Facility Agreement, that, in relation to our holding of the
Subordinated VLN, we will perform and comply with all the duties and obligations
expressed to be assumed by the Subordinated VLN Holder under the Subordinated
VLN Facility Agreement and the Master Purchaser Deed of Charge and will have the
benefit of all the provisions of

                                                                         Page 31

<PAGE>

the Subordinated VLN Facility Agreement and the Master Purchaser Deed of Charge
as if we were named in it as the Subordinated VLN Holder.

In addition, we hereby make each of the representations and warranties to be
made by each Subordinated VLN Facility Provider pursuant to Clauses 9.4 through
9.8 of the Subordinated VLN Facility Agreement.

This letter is governed by, and shall be construed in accordance with, English
law.

Signed by

THE ACCEDING SUBORDINATED VLN FACILITY PROVIDER

SIGNED by                    )
for and on behalf of         )
[_____]                      )

THE EXISTING SUBORDINATED VLN FACILITY PROVIDER

SIGNED by                    )
for and on behalf of         )
[_____]                      )

THE MASTER PURCHASER

SIGNED by                    )
for and on behalf of         )
VISTEON FINANCIAL CENTRE     )
PLC                          )

THE SECURITY TRUSTEE

SIGNED by                    )
for and on behalf of         )
THE LAW DEBENTURE TRUST      )
CORPORATION P.L.C.           )

                                                                         Page 32

<PAGE>

THE FUNDING AGENT

SIGNED by                    )
for and on behalf of         )
CITIBANK INTERNATIONAL PLC   )

                                                                         Page 33

<PAGE>

                                   SCHEDULE 4

             REPRESENTATIONS AND WARRANTIES OF THE MASTER PURCHASER

(a)  STATUS: it is duly incorporated with limited liability and validly existing
     under the laws of Ireland;

(b)  POWERS AND AUTHORISATIONS: the documents which contain or establish its
     constitution include provisions which give power, and all necessary
     corporate authority has been obtained and action taken, for it to own its
     assets, carry on its business and operations as they are now being
     conducted and to sign and deliver, and perform the transactions
     contemplated in, the Transaction Documents to which it is a party;

(c)  LEGAL VALIDITY: its obligations under the Transaction Documents constitute,
     or when executed by it will constitute, its legal, valid and binding
     obligations enforceable against it in accordance with their respective
     terms, except as enforceability may be limited by applicable bankruptcy,
     insolvency, reorganisation, moratorium or similar laws affecting the
     enforcement of creditors' rights generally and by general equitable
     principles (whether enforcement is sought by proceedings in equity or at
     law);

(d)  NON-VIOLATION: the execution, signing and delivery of the Transaction
     Documents to which it is a party and the performance of any of the
     transactions contemplated in any of them do not and will not contravene or
     breach or constitute a default under or conflict or be inconsistent with or
     cause to be exceeded any limitation on it or the powers of its directors
     imposed by or contained in:

     (i)  any law, statute, decree, rule or regulation to which it or any of its
          assets or revenues is subject or of any order, judgment, injunction,
          decree, resolution, determination or award of any court or any
          judicial, administrative, or governmental authority or organisation
          which applies to it or any of its assets or revenues; or

     (ii) any agreement, indenture, mortgage, deed of trust, bond, or any other
          document, instrument or obligation to which it is a party or by which
          any of its assets or revenues is bound or affected; or

     (iii) any document which contains or establishes its constitution;

(e)  CONSENTS: save in respect of:

     (i)  the registration of the Master Purchaser Deed of Charge with the
          Registrar of Companies in accordance with the ruling in Re Slavenburg
          and the provisions of Chapter I of Part XII of the Companies Act 1985;

     (ii) the delivery of all necessary particulars of the security created
          pursuant to the Master Purchaser Security Documents in the prescribed
          form to

                                                                         Page 34

<PAGE>

          the Registrar of Companies in Ireland within 21 days of the creation
          of such security in accordance with section 99 of the Companies Act,
          1963 (as amended) of Ireland;

     (iii) the delivery of the particulars of such security (constituting a
          fixed charge over book debts) to the Revenue Commissioners in Ireland
          in accordance with section 1001 of the Taxes Consolidation Act, 1997
          (as amended) of Ireland and

     (iv) the stamping by the Revenue Commissioners in Ireland of the original
          of the Master Purchaser Deed of Charge with E630, each counterpart
          thereof with E12.50 and any of the Master Purchaser Security Documents
          that are collateral thereto with E12.50 in respect of Irish Stamp
          Duty,

          no authorisation, approval, consent, exemption, registration,
          recording or filing and no payment of any duty or tax and no other
          action whatsoever which has not been duly and unconditionally
          obtained, made or taken or which is expressly provided in the
          Transaction Documents as is only being required to be obtained, made
          or taken at a particular time or in certain circumstances is required
          to ensure:

          (A)  the creation, validity, legality, enforceability or priority of
               its liabilities and obligations or of the rights of the
               Subordinated VLN Facility Provider against it under the
               Transaction Documents; or

          (B)  to perform its obligations under the Transaction Documents; or

          (C)  to issue the Subordinated VLN;

(f)  SOLVENCY: it is solvent and able to pay its debts as they fall due and has
     not suspended or threatened to suspend making payments (whether of
     principal or interest) with respect to all or any class of its debts and
     will not become insolvent or unable to pay its debts in consequence of any
     obligation or transaction contemplated in the Transaction Documents;

(g)  INSOLVENCY PROCEDURES: no corporate action has been taken or is pending, no
     other steps have been taken (whether out of court or otherwise) and no
     legal proceedings have been commenced or are threatened or are pending for
     (i) its bankruptcy, liquidation, suspension of payments, controlled
     management, winding-up, liquidation, dissolution, administration,
     examinership or reorganisation; or (ii) it to enter into any composition or
     arrangement with its creditors; or (iii) the appointment of a receiver,
     administrative receiver, trustee or similar officer in respect of it or any
     of its property, undertaking or assets. No event equivalent to any of the
     foregoing has occurred in or under the laws of any relevant jurisdiction;

(h)  NO LITIGATION: no litigation to which it is a party or which any third
     party has brought against it in any court, arbitral tribunal or public or
     administrative

                                                                         Page 35

<PAGE>

     body or otherwise and which, if adversely determined, could reasonably be
     expected to have a Material Adverse Effect on its ability to perform its
     obligations under the terms of the relevant Transaction Document exists or
     is threatened to exist at the present time; and

(i)  FINANCIAL STATEMENTS: its audited financial statements for its most
     recently-ended financial year have been prepared in accordance with
     generally accepted accounting principles, consistently applied, and present
     a true and fair view of its financial condition on such date and the
     results of its operations for the financial year ended on such date;

(j)  SECURITY: the Master Purchaser Security Documents create the Encumbrances
     they purport to create and are not liable to be avoided or otherwise set
     aside on the occurrence of an event of insolvency in respect of the Master
     Purchaser or otherwise;

(k)  NO ADVERSE CLAIM OVER THE MASTER PURCHASER SECURED PROPERTY: no Encumbrance
     exists over any Master Purchaser Secured Property other than the security
     created under the Master Purchaser Security Documents; and

(l)  ACTIVITIES: the Master Purchaser has not engaged in any activities since
     the date of its incorporation other than those incidental to its
     incorporation and its entry into and exercise of its rights and performance
     of its obligations under the Transaction Documents to which it is a party.

                                                                         Page 36

<PAGE>

                                   SCHEDULE 5

                FORM OF SUBORDINATED VLN INITIAL FUNDING REQUEST

To: VISTEON NETHERLANDS FINANCE B.V.

From: VISTEON FINANCIAL CENTRE P.L.C.

Date: [_____] 2006

Dear Sirs

                    SUBORDINATED VLN INITIAL FUNDING REQUEST

1. We refer to the Subordinated VLN Facility Agreement (as from time to time
amended, supplemented or novated) dated 14 August 2006 (the SUBORDINATED VLN
FACILITY AGREEMENT) and made between, inter alios, ourselves and yourselves.

2. Terms defined in (or incorporated by reference into) the Subordinated VLN
Facility Agreement bear the same meaning herein.

3. We hereby request that you subscribe for:

(a)  a EUR Subordinated VLN with an initial par value, and for a Subordinated
     VLN Initial Subscription Price, of EUR [_____];

(b)  a USD Subordinated VLN with an initial par value, and for a Subordinated
     VLN Initial Subscription Price, of USD [_____]; and

(c)  a GBP Subordinated VLN with an initial par value, and for a Subordinated
     VLN Initial Subscription Price, of GBP [_____].

4. The Subordinated VLN Final Maturity Date of the Subordinated VLNs will be
20[_____].

5. We warrant that each of the representations referred to in Schedule 4 of the
Subordinated VLN Facility Agreement is true on and as of the date of this
Subordinated VLN Initial Funding Request.

Yours faithfully

------------------------------------
for and on behalf of
VISTEON FINANCIAL CENTRE P.L.C.

                                                                         Page 37

<PAGE>

                                   SCHEDULE 6

                      REPRESENTATIONS AND WARRANTIES OF THE
                       SUBORDINATED VLN FACILITY PROVIDER

(a)  STATUS: it is duly incorporated with limited liability and validly existing
     under the laws of its jurisdiction of incorporation and is duly qualified
     to do business (unless the failure to so qualify would not have a material
     and adverse effect on its ability to observe or perform its obligations
     under the Transaction Documents to which it is a party) in every
     jurisdiction where the nature of its business requires it to be so
     qualified;

(b)  CAPACITY AND AUTHORISATION: the execution, delivery and performance by it
     of this Agreement and each other Transaction Document to which it is a
     party and any other documents to be delivered by it hereunder (i) are
     within its corporate powers, (ii) have been duly authorised by all
     necessary corporate action, (iii) do not contravene (a) its articles of
     association, (b) any law, rule or regulation applicable to it, (c) any
     contractual restriction binding on or affecting it or its property (unless
     such contravention would not have a Material Adverse Affect) or (d) any
     order, writ, judgement, award, injunction or decree binding on or affecting
     it or its property; and it has duly executed and delivered this Agreement
     and each other Transaction Document to which it is a party;

(c)  CONSENTS: no authorisation or approval or other action by, and no notice to
     or filing with, any governmental authority or regulatory body is required
     for the due execution, delivery and performance by it of this Agreement or
     any other Transaction Document to which it is a party or any other document
     to be delivered by it hereunder, except for filings of the Security
     Trustee's security interests and related actions;

(d)  LEGAL VALIDITY: this Agreement and any other Transaction Document to which
     it is a party constitutes its legal, valid and binding obligations
     enforceable against it in accordance with its terms subject to applicable
     bankruptcy, insolvency, moratorium or other similar laws affecting the
     rights of creditors generally;

(e)  NO DEFAULT: no event has occurred which constitutes, or which with the
     giving of notice or the lapse of time or the making of a relevant
     determination, or some combination of such criteria, would constitute, a
     contravention of, or default under, any such law, statute, decree rule,
     regulation, order, judgment, injunction, decree, resolution, determination
     or award or any agreement, document or instrument by which it or any of its
     assets is bound or affected, being a contravention or default which could
     reasonably be expected to materially and adversely to affect its ability to
     observe or perform its obligations under the Transaction Documents to which
     it is a party;

(f)  SOLVENCY: it is solvent and able and expects to be able to pay its debts as
     they fall due and has not suspended or threatened to suspend making
     payments (whether of principal or interest) with respect to all or any
     class of its debts

                                                                         Page 38
<PAGE>

     and will not become insolvent or unable to pay its debts in consequence of
     any other obligation or transaction contemplated in the Transaction
     Documents to which it is a party;

(g)  SUSPECT PERIOD:

     (i)  the transactions undertaken by it as described in the Transaction
          Documents to which it is a party are transactions at an arm's length
          consideration and will not be transactions at an undervalue within the
          meaning of the insolvency laws of its jurisdiction of incorporation;

     (ii) in entering into the transactions as described in the Transaction
          Documents to which it is a party, it is acting without the intent to
          defraud its creditors within the meaning of the insolvency laws of its
          jurisdiction of incorporation;

     (iii) in entering into the transactions as described in the Transaction
          Documents to which it is a party, its purpose was not to put assets
          beyond the reach of a person who is making, or may at some future time
          make, a claim against it or of otherwise prejudicing the interests of
          such a person in relation to the claim which he is making or may make;
          and

     (iv) it is entering into the transactions as described in the Transaction
          Documents to which it is a party (including all obligations to be
          assumed by it in connection therewith) in good faith and for the
          purpose of carrying on its business.

(h)  NO LITIGATION: no actual, pending or (to the best of its knowledge)
     threatened investigation, proceedings or litigation to which it is a party
     or which any third party has brought against it in any court, arbitral
     tribunal or public or administrative body or otherwise in relation to the
     validity of the Agreement in any of the Transaction Documents or the
     transactions thereunder and which, if adversely determined will have a
     material adverse effect on its ability to perform its obligations under the
     terms of the relevant Transaction Documents exists at the present time;

(i)  INSOLVENCY PROCEDURES: no corporate action has been taken or is pending,
     and, to the knowledge of the Subordinated VLN Facility Provider, no other
     steps have been taken and no legal proceedings have been commenced or are
     threatened or are pending for:

     (i)  its winding-up, bankruptcy, suspension of payments, liquidation,
          dissolution, administration or reorganisation; or

     (ii) it to enter into any composition or arrangement with its creditors; or

     (iii) the appointment of a receiver, administrative receiver, trustee or
          similar officer in respect of it or any of its property, undertaking
          or assets.

                                                                         Page 39

<PAGE>

          No event equivalent to any of the foregoing has occurred in or under
          the laws of any relevant jurisdiction; and

                                                                         Page 40

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