Document:

EXHIBIT 10.2

 23 SEPTEMBER 2009 
 WABCO AUTOMOTIVE ITALIA SRL 
 (as Italian Seller
and Italian Servicer) 
 WABCO FINANCIAL SERVICES SPRL 
 (as Seller’s Agent)  
 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 (as Purchaser)  
  
  
 ITALIAN
RECEIVABLES PURCHASE AND 
 SERVICING AGREEMENT 
  
  
 

 
 Freshfields Bruckhaus Deringer LLP 

 CONTENTS 
  

					
	 CLAUSE
	  	PAGE
	1.	  	Definitions and Interpretation	  	1
			
	2.	  	Purchase and Sale	  	2
			
	3.	  	Offers to Sell	  	2
			
	4.	  	Acceptance	  	3
			
	5.	  	Role of Seller’s Agent	  	4
			
	6.	  	Purchase Price, Set-off and Completion	  	5
			
	7.	  	Conditions Precedent	  	7
			
	8.	  	Appointment of the Italian Servicer	  	9
			
	9.	  	Termination of the servicing mandate	  	12
			
	10.	  	Purchaser’s Notices to Debtors	  	13
			
	11.	  	Deemed Collections and Dilutions	  	13
			
	12.	  	Option to Repurchase	  	15
			
	13.	  	Representations, Warranties and Undertakings of The Italian Seller and The Italian Servicer	  	16
			
	14.	  	Reliance	  	28
			
	15.	  	Representations and Warranties of the Purchaser	  	29
			
	16.	  	Termination	  	29
			
	17.	  	Change in Circumstances	  	30
			
	18.	  	Stamp Duty, Taxes and Indemnities	  	31
			
	19.	  	Default Interest	  	33
			
	20.	  	Power of Attorney	  	34
			
	21.	  	Waivers, Remedies Cumulative	  	34
			
	22.	  	Modification	  	34
			
	23.	  	Entire Agreement	  	34
			
	24.	  	Confidentiality	  	34
			
	25.	  	Miscellaneous	  	36
			
	26.	  	Governing law and jurisdiction	  	37
		
	 Schedule 1 Terms and Conditions
	  	39
		
	     Part A - Form of Italian Seller’s Terms and Conditions
	  	39
		
	     Part B - Form of Debtor’s Terms and Conditions
	  	45

  

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	 Schedule 2 Form of Solvency and Compliance Certificate
	  	46
		
	 Schedule 3 Form of Repurchase Request
	  	48
		
	 Annex A Receivables List
	  	50
		
	 Annex B Acceptance
	  	51
		
	 Schedule 4 Form of Initial Offer Letter
	  	52
		
	 Annex A Receivables List
	  	54
		
	 Schedule 5 Form of Offer Letter
	  	55
		
	 Annex A Receivables List
	  	57
		
	 Schedule 6 Acceptance Letter of the Initial Offer Letter
	  	58
		
	 Schedule 7 Acceptance Letter of the Offer Letter
	  	60
		
	 Schedule 8 Form of Power of Attorney
	  	62
		
	 Schedule 9 Form of Italian Seller’s Payment Instruction Letter
	  	66
		
	 Schedule 10 Form of Notice of Transfer and payment instruction to debtors
	  	68

  

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 This ITALIAN RECEIVABLES PURCHASE AND SERVICING AGREEMENT is made in Paris, on 23 September 2009

 BETWEEN: 
  

	(1)	WABCO AUTOMOTIVE ITALIA S.R.L., an Italian company with its registered office at Galleria San Federico 54, CAP 10128, Torino, Italy registered with the
Commercial and Companies Registry of Turin under number 09883750151 (as Italian Seller and Italian Servicer); 

  

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

  

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

 and together with the Italian Seller and the Seller’s Agent, the Parties, and each, a Party). 
 WHEREAS 
 (A) The Italian Seller wishes to sell without recourse (pro
soluto) to the Purchaser and the Purchaser wishes to purchase without recourse (pro soluto) from the Italian Seller, under the provisions of Law 52 of 21 February 1991 (Law 52/91) all receivables, as more particularly
described herein, originated from the sale of automotive products by the Italian Seller to certain Debtors pursuant to the Contracts, together with the benefit of all related ancillary security and other rights attached thereto, if any, on the terms
and subject to the conditions of this Italian Receivables Purchase and Servicing Agreement. 
 (B) The Purchaser has agreed to delegate to the
Italian Seller the task and duties of managing, servicing and collecting, for the account of the Purchaser, all amounts due and payable under the receivables sold by the Italian Seller to the Purchaser pursuant to this Italian Receivables Purchase
and Servicing Agreement. 
 IT IS HEREBY AGREED as follows:

 1. DEFINITIONS AND INTERPRETATION 
 1.1 Capitalised terms used in this Italian Receivables Purchase and Servicing Agreement (the Agreement) including the Recitals and the
Schedules shall, except where the context otherwise requires and save where otherwise defined in this Agreement, have the meanings given to them in the Master Definitions Agreement entered into between, inter alia, the Parties on or about the
date hereof (the Master Definitions Agreement) and this Agreement shall be construed in accordance with the principles of construction set out in the Master Definitions Agreement. 
  

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 1.2 Where an obligation is expressed in this Agreement to be performed on a date, which is not a Business
Day, such date shall be postponed to the first following day that is a Business Day unless that day falls in the next month in which case that date will be the preceding day that is a Business Day. 
 1.3 Unless expressly provided for to the contrary, all references made in this Agreement to a day are references to a calendar day. 
 1.4 Unless expressly provided for to the contrary, references to time in this Agreement are to local time in Paris (France). 
 1.5 Unless expressly provided for to the contrary, all references made in this Agreement to Receivables, Relevant Receivables, Eligible Receivables, Offered
Receivables or Purchased Receivables shall include a reference to the related Ancillary Rights and Collateral Security. 
 1.6 Unless expressly
provided for to the contrary, all references made in this Agreement to Collections shall be construed as any and all Collections relating to the Italian Seller. 
 2. PURCHASE AND SALE 
 2.1 Pursuant to the
provisions of Law 52/91, the Italian Seller shall offer to assign without recourse (pro soluto) to the Purchaser on each Offer Date all of its title to and interest and rights in the Offered Receivables subject to and in accordance with the
terms and conditions of this Agreement. 
 2.2 Pursuant to the provisions of the Law 52/91 and subject to and in accordance with the terms and
conditions of this Agreement, the Purchaser shall accept to purchase the Offered Receivables from the Italian Seller without recourse (pro soluto) on the Initial Settlement Date and, thereafter, each Settlement Date, provided that the
conditions precedent set forth herein have been satisfied or waived by the Purchaser. 
 3. OFFERS TO
SELL 
 3.1 On the Initial Offer Date by no later than 2:00 p.m. (Paris time), the Seller’s Agent (in the name and on
behalf of the Italian Seller), by sending to the Purchaser by fax and then by registered mail with return receipt, a duly completed Initial Offer Letter with attached thereto an up-to-date Receivables List (both the Initial Offer Letter and the
Receivables List duly signed and initialled on each page by the Seller’s Agent in the name and on behalf of the Italian Seller), shall offer to sell and assign to the Purchaser in accordance with the provisions of Law 52/91, absolutely and
without recourse in case of default by the relevant Debtor (pro soluto), pursuant to article 1267 of the Italian Civil Code, all of the Italian Seller’s right, title, interest and benefit, in and to (but excluding, for the avoidance of
doubt, any of the Italian Seller’s obligations under) all, but not less than all, unless otherwise agreed in writing between the Parties, of the Relevant Receivables owing to it which were existing on the Initial Assessment Date, as listed in
the relevant Receivables List, at a price, for each Offered Receivable, equal to the relevant Purchase Price. 
  

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 3.2 On each Offer Date falling after the Initial Offer Date until, but excluding, the Commitment Termination
Date by no later than 2:00 p.m. (Paris time), the Seller’s Agent (in the name and on behalf of the Italian Seller), by sending to the Purchaser by fax and then by registered mail with return receipt, a duly completed Offer Letter with attached
thereto an up-to-date Receivables List (both the Offer Letter and the Receivables List duly signed and initialled on each page by the Seller’s Agent in the name and on behalf of the Italian Seller, shall offer to sell and assign to the
Purchaser in accordance with the provisions of Law 52/91, absolutely and without recourse in case of default by the relevant Debtor (pro soluto), pursuant to article 1267 of the Italian Civil Code, all of its right, title, interest and
benefit, in and to (but excluding, for the avoidance of doubt, any of its obligations under) all, but not less than all, unless otherwise agreed in writing between the Parties, of the Relevant Receivables owing to it which were in existence as of
the Assessment Date immediately preceding such Offer Date, as listed in the relevant Receivables List, at a price, for each Offered Receivable, equal to the relevant Purchase Price. 
 3.3 Each such offer to sell Offered Receivables to the Purchaser in accordance with the terms of Clauses 3.1 and 3.2 shall be referred to herein as an Offer to Sell. Each Offer to Sell shall
be irrevocable. 
 3.4 Each Offer Letter shall be substantially in the form of Schedule 4 or Schedule 5, as the case may be. 
 3.5 In addition to the Initial Offer Letter and each subsequent Offer Letter delivered pursuant to Clause 3.1 and Clause 3.2, the Seller’s Agent in the
name and on behalf of the Italian Seller shall, from and including the Closing Date until the Agreement Expiry Date, send to the Purchaser on each Business Day a computer file (or such other readable format which the Purchaser may notify to the
Seller’s Agent in writing from time to time) (the Daily Report) containing a full list of the Relevant Receivables which were existing as of the immediately preceding Business Day, showing in relation to each such Relevant
Receivable, the name and address and account number of the Debtor, the amount due, the Due Date, the invoice number and the invoice date of such receivable (such information being referred to herein as the Debtor and Receivable Data).

 4. ACCEPTANCE 
 4.1 The Purchaser shall: 
  

	(a)	on the Initial Settlement Date, subject to the Conditions Precedent set out in Clauses 7.1 and 7.2 being satisfied, accept to purchase under the provisions of Law
52/91, absolutely and without recourse in case of default by the relevant Debtor (pro soluto), pursuant to article 1267 of the Italian Civil Code, all Offered Receivables referred to in the Initial Offer Letter and in the Receivables List by
sending, by fax and then by registered mail with return receipt, to the Seller’s Agent a duly signed (and initialled on each page) Acceptance Letter, substantially in the form of Schedule 6; and 

  

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	(b)	on each Settlement Date, subject to the Conditions Precedent set out in Clauses 7.1 and 7.2 being satisfied, accept to purchase under the provisions of Law 52/91,
absolutely and without recourse in case of default by the relevant Debtor (pro soluto), pursuant to article 1267 of the Italian Civil Code, all Offered Receivables referred to in the Offer Letter and in the Receivables List delivered on the
Offer Date immediately preceding such Settlement Date by sending, by fax and then by registered mail with return receipt, to the Seller’s Agent a duly signed (and initialled on each page) Acceptance Letter, substantially in the form of Schedule
7. 

 4.2 Each Acceptance Letter delivered to the Seller’s Agent pursuant to Clause 4.1 shall constitute an acceptance by the
Purchaser to purchase from the Italian Seller all of the Italian Seller’s title to, and rights and interest in, the Offered Receivables listed in the relevant Receivables List attached to the corresponding Initial Offer Letter or Offer Letter,
as the case may be, pursuant to the terms and conditions of this Agreement. 
 4.3 The Parties acknowledge and agree that before accepting to
purchase any Offered Receivable pursuant to Clauses 4.1 and 4.2, the Purchaser shall not be required to make any independent investigation in relation to the Italian Seller, the Offered Receivables, the Debtors, the Contracts or the compliance with
the Relevant Receivables Criteria or the Eligibility Criteria, as the case may be, of any Offered Receivables, save to rely on the assumption that each of the representations and warranties given by the Italian Seller herein is true and accurate in
all material respects when rendered or deemed to be repeated. 
 5. ROLE OF
SELLER’S AGENT 
 5.1 Appointment of Seller’s Agent 
 The Italian Seller, hereby appoints the Seller’s Agent, to act as its lawful representative and agent on its behalf, and the Seller’s Agent hereby
accepts such appointment with effect from the Closing Date, to act as its true and lawful attorney (mandatario con rappresentanza) under Article 1723, second paragraph, of the Italian Civil Code, and in its name and on its behalf to deliver
the Initial Offer Letter on the Initial Offer Date and any Offer Letter on each Offer Date, on the Italian Seller’s behalf, to receive from or give to the Purchaser any notices or documents pursuant to the WABCO Transaction Documents, to
receive Acceptance Letters in the Italian Seller’s name and on the Italian Seller’s behalf and more generally to perform in the name and on behalf of the Italian Seller all steps required in relation to the assignment of the Offered
Receivables to the Purchaser, to accept payment of Purchase Price for such Offered Receivables and to make payments on its behalf, in each case in accordance with the terms of this Agreement. 
 5.2 Authority of Seller’s Agent 
 The Italian
Seller agrees that the Purchaser shall be entitled to assume without further enquiry that any action taken by the Seller’s Agent in connection with the Initial Offer Letter, any Offer Letter or the Offer to Sell contained therein, receipt of
each Acceptance Letter to purchase the Offered Receivables, receipt of the Purchase Price, 
  

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 the making of payments or otherwise in connection with this Agreement, is duly authorised and undertaken on
behalf of the Italian Seller. In particular, without limiting the foregoing and subject to Clause 6.2 below, each of the Italian Seller and the Seller’s Agent hereby acknowledges and agrees that payment, by way of set-off or otherwise, to the
Seller’s Agent as agent and on behalf of the Italian Seller of any amount by the Purchaser shall be effective as a payment in respect of the Purchase Price of Offered Receivables to the Italian Seller and shall irrevocably discharge all
obligations and liabilities of the Purchaser in connection therewith. 
 5.3 Change of Seller’s Agent 
 No change of the Seller’s Agent shall be effective as against the Purchaser unless the credit committees of each Support Facility Provider have approved
the identity of the new Seller’s Agent and the Purchaser has given its prior written consent to such change, such consent not to be unreasonably withheld. 
 6. PURCHASE PRICE, SET-OFF AND COMPLETION 
 6.1 Consideration 
 The consideration payable by the Purchaser to the Italian Seller in respect of
each Offered Receivable purchased by the Purchaser shall be the Purchase Price, which shall be equal to the Face Amount of such Offered Receivable in euro. 
 6.2 Payment of Purchase Price 
 The Parties agree that the Purchaser shall pay the Purchase Price
in respect of any and all Offered Receivables which it has accepted to purchase and in respect of which it has agreed to pay the Purchase Price under Clause 4.1 above by paying such Purchase Price on the Initial Settlement Date or the relevant
Settlement Date, as the case may be, less any amount deducted by way of set-off in accordance with Clause 6.3, by wire transfer to the Depositor’s Account. Such payment of the Purchase Price to the Depositor’s Account shall discharge the
Purchaser’s obligation to pay the Purchase Price to the Italian Seller hereunder. 
 6.3 The payment of the Purchase Price shall be made as
follows: 
  

	(a)	at least 0.5 per cent. of the Purchase Price (the Purchase Price Cash Component) shall be paid by the Purchaser by wire transfer to the account
indicated to the Purchaser by the Seller’s Agent (the Depositor’s Account). Should the total amount of the wire transfer through which the Purchase Price Cash Component is paid be higher than the amount of Purchase Price Cash
Component (such total amount including the purchase price for receivables other than the Offered Receivables originated by the Italian Seller), the specific component of such total amount to be allocated to the Purchase Price Cash Component shall be
expressly indicated in the wire transfer; 

  

	(b)	the remaining part, if any, of the Purchase Price (the Purchase Price Set-Off Component) shall be paid by the Purchaser either as indicated under letter
(a) above or, as long as the Italian Seller and the Italian Servicer are the same 

  

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	    	entity, through the set-off of the Purchase Price Set-Off Component due by the Purchaser to the Italian Seller against the Collections due by the Italian Servicer to
the Purchaser on the relevant Settlement Date. 

 6.4 Evidence of the Purchase Price 
 For the purpose of article 5 of the Law 52/91, upon receipt of payment of the Purchase Price Cash Component in accordance with the foregoing provisions, the
Seller’s Agent shall, upon request by the Purchaser, provide the necessary collaboration to the Purchaser in order for this latter to: 
  

	(a)	receive from the Seller’s Agent (or the bank where the Depositor’s Account is held) a standard bank statement (contabile bancaria) evidencing the
Purchase Price Cash Component which has been paid into the Seller’s Agent account as of the date of such payment; and 

  

	(b)	if so specified in the Purchaser’s request, obtain that the standard bank statement (contabile bancaria) referred to under (a) above, bears a date
certain at law (data certa) by any means suitable, at the Seller’s Agent discretion, for giving date certain at law (data certa) to it, being understood that all costs for the relevant formalities shall be borne exclusively by the
Seller’s Agent. 

 6.5 Set-Off 
 The Purchaser shall be entitled at all times to set off any amount owed at any time by the Italian Seller to the Purchaser, against any amount due and payable at any time by the Purchaser under this
Agreement or any WABCO Transaction Document to the Italian Seller. 
 6.6 Completion 
 Transfer of title to, and completion of the assignment of, an Offered Receivable shall take place upon the Italian Seller’s receipt of the Initial
Acceptance Letter or each Acceptance Letter (as the case may be) in accordance with Clause 4.1 and the payment of the Purchase Price in accordance with Clause 6.2 above, in respect of such Offered Receivable. 
 6.7 Completion Collections 
 The Italian Seller
agrees that in the event that any amounts in connection with an Offered Receivable are received from a Debtor at any time on or after the Business Day on which such Offered Receivable is purchased by the Purchaser pursuant to Clause 4.1 and Clause
6.2, such amounts will be for the account of and forwarded to the Purchaser. 
  

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 7. CONDITIONS PRECEDENT 
 7.1 Initial Conditions Precedent 
 This Agreement
shall come into effect subject to the following conditions precedent having being satisfied or waived by the Purchaser in writing on or prior to the Closing Date: 
  

	(a)	The Italian Seller: Wabco Automotive Italia SRL, in its capacity as the Italian Seller and the Italian Servicer having delivered the following, in form
and substance satisfactory to the Purchaser: 

  

	 	(i)	copies of the latest version of its constitutional documents (including the by-laws and the articles of association) certified by a duly authorised representative of
the Italian Seller to be a true and up to date copy of the original; 

  

	 	(ii)	officially certified up-to-date excerpts of the relevant Companies Register (visura della Camera di Commercio di Torino) in respect of the Italian Seller dated
no earlier than 15 Business Days prior to the date hereof; 

  

	 	(iii)	a court certificate certifying that the Italian Seller is not subject to any insolvency proceedings (certificato del competente Tribunale attestante la non
sottoposizione a procedure concorsuali del richiedente); 

  

	 	(iv)	copies of the resolutions of its board of directors authorising the entry into, execution, delivery and performance of, and its obligations under, the WABCO Transaction
Documents to be entered into by the Italian Seller, certified by a duly authorised representative to be a true copy as of the Closing Date, which certificate shall state that the resolutions thereby certified have not been amended, modified, revoked
or rescinded; 

  

	 	(v)	satisfactory evidence (in the form of a notarised power of attorney substantially similar to that one under Schedule 8 hereto) authorising the Sellers’ Agent
(acting through its authorised representative and/or attorney), (i) to execute, amend and deliver, as the case may be, in the name and on behalf of the Italian Seller, any certificate or other document to be executed, amended and delivered, as
the case may be pursuant to the WABCO Transaction Documents, and (ii) to perform or accept the performance, in the name and on behalf of the Italian Seller, of any activity provided for in the WABCO Transaction Documents to be carried out or
received by the Sellers’ Agent in the name and on behalf of the Italian Seller, certified by a duly authorised representative. It is agreed that, should the Sellers’ Agent (acting through its authorised representative and/or attorney)
delegate, from time to time, the powers to perform the activities under (i) and (ii) above to its officers or other employees of the Italian Seller or the Seller’s Agent, satisfactory evidence (in the form of a notarised power of
attorney) authorising, from time to time, such officers and/or employees to perform the aforementioned activities shall be delivered to the Purchaser by the Sellers’ Agent; 

  

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	 	(vi)	a certificate as to the incumbency and signature authority of the officers or other employees of the Italian Seller authorised to sign the WABCO Transaction Documents
on behalf of the Italian Seller and any certificate or other document to be delivered pursuant thereto, certified by a duly authorised representative; 

  

	 	(vii)	a completed Solvency and Compliance Certificate in the form set out in Schedule 2; and 

  

	 	(viii)	a legal opinion of Studio Carnelutti dated the Closing Date as to matters of Italian law as to due incorporation and corporate capacity of the Italian Seller,
authorisation and due execution of the WABCO Transaction Documents to which each is a party, and other customary matters; 

  

	(b)	due execution and delivery of each of the Transaction Documents by the respective parties thereto, and all documentation to be delivered therewith and fulfilment of all
conditions precedent therein; 

  

	(c)	the delivery of a legal opinion of Freshfields Bruckhaus Deringer LLP dated the Closing Date as to matters of Italian law as to the sale of the Offered Receivables, the
enforceability of the WABCO Transaction Documents governed by Italian law and other relevant matters; and 

  

	(d)	the Rating Agencies have confirmed that the funding provided by Antalis S.A. in respect of the acquisition of Purchased Receivables by the Purchaser shall not entail
the downgrading of the rating of the billets de trésorerie or Euro commercial papers assigned by Moody’s and Standard & Poor’s below P-1 or A-1 respectively or the putting on credit watch with negative implication of
this rating. 

 7.2 Conditions Precedent prior to any purchase of Offered Receivables 
 Each event listed below shall constitute a condition precedent to a purchase of any Offered Receivable pursuant to Clause 3 and 4: 
  

	(a)	on the applicable Offer Date and on the immediately following Settlement Date: 

  

	 	(i)	the representations and warranties in Clause 13.3 are correct and will be correct immediately following the payment of the Purchase Price in respect of such Offered
Receivable; 

  

	 	(ii)	the German Seller or the German Servicer not being in breach of its obligations under the German Receivables Purchase and Servicing Agreement; 

 

	 	(iii)	the French Seller or the French Servicer not being in breach of its obligations under the French Receivables Purchase and Servicing Agreement; 

 

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	 	(iv)	the Italian Seller or the Italian Servicer not being in breach of its obligations under the Italian Receivables Purchase and Servicing Agreement;

  

	 	(v)	the Seller’s Agent not being in breach of its obligations under this Agreement, the French Receivables Purchase and Servicing Agreement or the German Receivables
Purchase and Servicing Agreement; 

  

	 	(vi)	the Insurance Servicer not being in breach of its obligations under the Insurance Servicing Agreement; and 

  

	 	(vii)	no Early Amortisation Event having occurred which has not been waived, 

  

	(b)	the Purchaser’s obligation to pay the relevant Purchase Price and the terms of the relevant Offer Letter do not violate any applicable law or regulation in force;

  

	(c)	the Purchaser’s obligation to pay the relevant Purchase Price will not result in the Bank’s Funding exceeding the Maximum Amount of the Bank’s Funding;

  

	(d)	the Settlement Date referred to in the relevant Offer Letter does not fall after the Commitment Termination Date; 

  

	(e)	the Depositor is not in breach of its obligations under the Subordinated and Additional Deposits and Payments Agreement; and 

  

	(f)	on or prior to the relevant Offer Date the Italian Seller has delivered a letter in the form set out in Schedule 9 (Form of Italian Seller’s Payment Instruction
Letter) to each Debtor of Offered Receivables offered for sale on such Offer Date, in which each such Debtor is instructed to pay all Relevant Receivables owing or that may become owing by it to the Italian Purchaser Collection Account.

 7.3 Each condition precedent listed in Clauses 7.1 and 7.2 shall be referred to herein as a Condition Precedent.

 8. APPOINTMENT OF THE ITALIAN SERVICER 
 8.1 Appointment by the Purchaser 
 The Purchaser
hereby appoints the Italian Servicer as its lawful agent (mandatario con rappresentanza) pursuant to Article 1704 of the Italian Civil Code to act in the name and on behalf of the Purchaser in connection with the administration, collection
and servicing of the Purchased Receivables originated by the Italian Servicer in its capacity as Italian Seller, in accordance with the terms of this Agreement and in particular to, with effect from the Closing Date until the Agreement Expiry Date
on its behalf: 
  

	(a)	perform the servicing of the Receivables on behalf of the Purchaser (but excluding, for the avoidance of doubt, accepting any Offered Receivables on behalf of the
Purchaser); 

  

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	(b)	provide administration and reporting services in relation to the Purchased Receivables, the Ancillary Rights and the Collateral Security (if any), and the Collections
in respect thereof; 

  

	(c)	perform those other functions, duties and obligations as are set out in Clause 13.4 (oo) below or as are more particularly described herein, 

in all such cases as provided for under this Agreement and the other WABCO Transaction Documents. 
 8.2 Acceptance of Appointment 
 The Italian
Servicer hereby accepts the appointment pursuant to Clause 8.1 on the terms and subject to the conditions of this Agreement. 
 8.3 Authority of
the Italian Servicer 
 During the continuance of its appointment hereunder, the Italian Servicer shall, on the terms and subject to the
conditions of this Agreement, have the full power, authority and right to do or cause to be done any and all things which it reasonably considers necessary, desirable, convenient or incidental to the performance of the functions, duties and
obligation delegated to it hereunder. 
 8.4 Administration of Purchased Receivables and Collections 
 From, and including, the Closing Date until the Agreement Expiry Date, the Italian Servicer shall: 
  

	(a)	unless otherwise directed by the Purchaser: 

  

	 	(i)	use all reasonable efforts to ensure that any and all amounts payable by the Debtors of Purchased Receivables, or any of them, in respect of any Invoices or Contracts
related to such Purchased Receivables (and the Ancillary Rights and Collateral Security) shall be paid directly to the Italian Purchaser Collection Account; 

  

	 	(ii)	if, notwithstanding Clause 8.4(a)(i) above, any Collections are received by the Italian Seller, the Italian Servicer or the Seller’s Agent in respect of the
relevant Purchased Receivables (and the Ancillary Rights and Collateral Security), transfer, or procure that the Seller’s Agent transfers, any and all such amounts to the Italian Purchaser Collection Account, immediately upon request of the
Purchaser or, in the absence of such a request, on the immediately following Settlement Date; and 

  

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	 	(iii)	take any other action as requested by the Purchaser to cause any and all Collections to be received directly by the Purchaser only and not by the Italian Seller.

  

	(b)	implement and maintain any administrative or operating procedures (including a procedure required in order to recreate records in the event of their destruction);

  

	(c)	keep and maintain all documents, books, records and other information reasonably required for the collection of all Purchased Receivables (including any records as
required for the identification of a new Purchased Receivable on each Settlement Date and as required for the daily identification of all Collections of and adjustments to each outstanding Purchased Receivable); 

  

	(d)	devote all due care to the performance of its function, duties and obligations and the exercise of its discretions under this Agreement in respect of the Purchased
Receivables; 

  

	(e)	take or cause to be taken all such actions as may be necessary or advisable to collect each Purchased Receivable and its Ancillary Rights and Collateral Security (if
any), with care and diligence and to the same standard as it would apply if such Purchased Receivable and its Ancillary Rights and Collateral Security (if any) were owned by it, but at least to the standard a reasonable businessman would apply; and

  

	(f)	take or cause to be taken all necessary action, at its own expense, to recover all amounts due in respect of each Purchased Receivable (and its Ancillary Rights and
Collateral Security) from each corresponding Debtor in accordance with its General Policies and Procedures Manual, including (without limitation) commencing and prosecuting legal proceedings or (if the Contract requires) arbitration procedure
against the corresponding Debtor and enforcing any judgment or award obtained to the extent permissible or necessary under any applicable law, in each case in a timely fashion and with care and diligence and to the same standard it would apply if
such Purchased Receivable and its Ancillary Rights and Collateral Security (if any) were owned by it, but at least to the standard a reasonable businessman would apply. 

 8.5 Any Collections received (notwithstanding sub-paragraph 8.4(a)(i) above) by the Italian Seller, the Italian Servicer or the Seller’s Agent shall, pending their application to the Italian
Purchaser Collection Account, be held by the Italian Seller, the Italian Servicer and the Seller’s Agent for, and at the direction of, the Purchaser. 
 8.6 Appointment of Sub-servicer 
 The Italian Servicer may not without the prior written consent of
the Purchaser, such consent not to be unreasonably withheld, appoint any person as its sub-agent, sub-contractor or representative to carry out all or any material part of the services to be provided by it under this Agreement. 
  

 11 

 8.7 Liability of the Italian Servicer 
 Any appointment as referred to in Clause 8.6 above shall not in any way relieve the Italian Servicer from its obligations under this Agreement, for which it shall continue to be liable as if no such
appointment had been made and any failure by a sub-servicer to perform the services expressed to be performed by the Italian Servicer hereunder shall be treated as a breach of this Agreement by the Italian Servicer. 
 8.8 No Liability to Sub-Servicer 
 The Purchaser
shall not have any liability to a sub-servicer or any other person appointed pursuant to Clause 8.6 above whatsoever in respect of any cost, claim, charge, loss, liability, damage or expense suffered or incurred whatsoever by a sub-servicer or any
such person in connection with this Agreement. 
 8.9 Exclusion of Liability 
 The Italian Servicer shall have no liability for the obligations of any Debtor and nothing in this Agreement or any other agreement or document executed pursuant to or in connection with the WABCO
Transaction Documents shall constitute a guarantee, or similar obligation, by the Italian Servicer (in its capacity as servicer) of the performance by any Debtor owing any payment obligation in respect of a Purchased Receivable. 
 8.10 Fees of the Servicer 
 The Purchaser shall pay
to the Italian Servicer, or to the Seller’s Agent on its behalf, on the last Settlement Date of each calendar year, a fee in respect of the activities under Clauses 8.4 and 8.5 above, in an amount equal to 0.01% of the aggregate amount of the
Purchased Receivables that have been sold by the Italian Seller to the Purchaser on or prior to such Settlement Date and which are then outstanding, as calculated on the Calculation Date immediately preceding such Settlement Date. 
 9. TERMINATION OF THE SERVICING MANDATE 
 9.1 Termination by the Purchaser 
 The Purchaser may
at any time by notice in writing to the Italian Seller terminate the appointment of the Italian Servicer in respect of the functions, duties and obligations carried out by the Italian Servicer on behalf of the Purchaser under this Agreement with
effect from the date (not earlier than the date of the notice) specified in the notice. Upon any such termination of the Italian Servicer’s appointment, the appointment of any sub-servicer will immediately be terminated and Clause 8.8 shall
apply. 
 9.2 Redelivery of Records 
 Upon termination of the appointment of the Italian Servicer, the Italian Servicer shall immediately deliver or make available to (and in the meantime shall hold as fiduciary agent of) the Purchaser or as the Purchaser may direct, all
Records relating to the Purchased Receivables and all Contracts, records, books of account, papers, registers, computer tapes and discs and any duplicates thereof, statements, correspondence and 
  

 12 

 documents in its possession or under its control relating to the affairs of the Purchaser or belonging to
the Purchaser, any moneys then held by the Italian Servicer on behalf of the Purchaser and any other assets of the Purchaser and shall take such further action as the Purchaser may reasonably direct. 
 9.3 Survival of Rights and Obligations 
 With
effect from the date of termination of this Agreement, the rights and obligations of the Italian Servicer under this Agreement shall cease, all authority and power of the Italian Servicer under this Agreement shall be terminated and shall be of no
further effect and the Italian Servicer shall no longer hold itself out in any way as the agent of the Purchaser, but such termination shall be without prejudice to (a) any liabilities of the Italian Servicer to the Purchaser incurred before
the date of termination, and (b) any liabilities of the Purchaser incurred to the Italian Servicer before the date of termination. 
 10. PURCHASER’S NOTICES TO DEBTORS 
 10.1 At any
time the Purchaser may serve a notice in the form of Schedule 10 (Form of Notice of Transfer and Payment Instruction to Debtors) in accordance with any means deemed appropriate by the Purchaser on any Debtor relating to a Purchased
Receivable, and copied to the Italian Seller, for the purposes of (i) notifying the Debtor of the Purchaser’s title and ownership in the Purchased Receivables, and/or (ii) instructing each relevant Debtor to direct all future payments
in connection with the Purchased Receivable to such account as the Purchaser may deem necessary or desirable. 
 10.2 The Italian Seller hereby
irrevocably appoints the Purchaser, which accepts, as its true and lawful attorney (mandatario con rappresentanza) under Article 1723, second paragraph, of the Italian Civil Code, in its name and on its behalf to sign each notice to be
delivered to a Debtor pursuant to Clause 10.1 above. 
 11. DEEMED COLLECTIONS AND
DILUTIONS 
 11.1 Deemed Collections 
 If, at any time on or after a Transfer Date in respect of a Purchased Receivable: 
  

	(a)	the completion of the transfer of the Offered Receivables as contemplated in Clause 6.6 above ceases to result in a perfect transfer of the Purchased Receivables
concerned and all Ancillary Rights and Collateral Security related thereto; or 

  

	(b)	any of the representations and warranties set out in Clause 13.3 in respect of a Purchased Receivable proves to have been incorrect when made and remains incorrect; or

  

	(c)	such Purchased Receivable was not a Relevant Receivable at the time it was sold or, if identified as an Eligible Receivable at the time it was sold, proves not to have
been an Eligible Receivable at such time; or 

  

 13 

	(d)	any judicial or arbitration proceedings are commenced by a Debtor against the Italian Seller in connection with the sale of the goods related to any Purchased
Receivable, or the delivery or failure to deliver such goods, or the performance or the failure to perform by the Italian Seller of any of its obligations to that Debtor in relation to the existence and/or the amount of a Purchased Receivable or a
Purchased Receivable becomes irrecoverable by reason of the breach by the Italian Seller of the relevant Contract; or 

  

	(e)	any conflict, claim or dispute arises resulting from the issue, remittance, delivery or endorsement of a negotiable instrument or promissory note (excluding, for the
avoidance of doubt, a conflict, claim or dispute in relation to the Contract to which such instrument or promissory note relates) and/or the notification by the Purchaser to a Debtor of a negotiable instrument or promissory note or the acceptance by
a Debtor of a negotiable instrument or promissory note presented by the Purchaser; 

  

	(f)	a Purchased Receivable does not exist and/or has been cancelled, in whole or in part; 

  

	(g)	a claim for reduction of value added tax (VAT) validly exist; 

  

	(h)	any Contract which gives rise to a Purchased Receivable is cancelled or terminated and the relevant goods have been billed but remained to be delivered by the Italian
Seller on the termination date of such Contract; or 

  

	(i)	any exchange fees or any bank charges or other expenses are charged by a bank in connection with a payment made in relation to a Purchased Receivable,

 provided, for the avoidance of doubt, each of the above events giving rise to a Deemed Collection does not arise as a
consequence of the failure by any Debtor to pay in whole or in part any of the amounts owed by it under the relevant Purchased Receivable solely as a result of the insolvency of such Debtor after the relevant Transfer Date (each affected Purchased
Receivable, a Non-Conforming Receivable), then the Italian Seller shall, (i) on the next Settlement Date after having become aware of such Non-Conforming Receivable or (ii) immediately upon request of the Purchaser (whichever
is earlier), in respect of each Non-Conforming Receivable (except in the case where such circumstance is of the type described or otherwise envisaged in Clause 11.2(a) or 11.2(b)), pay to the Purchaser out of its own resources, (i) except in
the case of Clause 11.1(g) or Clause 11.1(i) above an amount equal to the Purchase Price paid by the Purchaser to the Italian Seller in respect of such Non-Conforming Receivable, less any Collections previously received by the Purchaser in respect
of such Non-Conforming Receivable and (ii) in the case of Clause 11.1(g) or Clause 11.1(i) above, an amount equal to the claim for reduction of value added tax, or the amount of such fees, charges or other expenses. 
  

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 11.2 Dilutions 
 If at any time: 
  

	(a)	there becomes available or arises any set-off, counterclaim, defence or deduction in respect of a Purchased Receivable or any other Receivable owing to the Italian
Seller by a Debtor; or 

  

	(b)	any Dilution occurs in relation to a Contract or an Invoice under which a Purchased Receivable or any other Receivable owing to the Italian Seller by a Debtor, arises
or in relation to any other transaction between the Italian Seller and the relevant Debtor with respect to a Purchased Receivable or any other Receivable owing to the Italian Seller by a Debtor, 

 (provided, for the avoidance of doubt, that none of the above events occurs solely as a result of the insolvency of the concerned Debtor after the relevant
Transfer Date), then the Italian Seller shall, (i) on the next Settlement Date after having become aware of such the circumstances set out under (a) and (b) above or (ii) immediately upon request of the Purchaser (whichever is
earlier), pay to the Purchaser out of its own resources an amount equal to the amount of such set-off, counterclaim, defence, deduction or Dilution. 
 11.3 Payment of any amount pursuant to Clauses 11.1 or 11.2 shall be treated as Deemed Collections. 
 12. OPTION
TO REPURCHASE 
 12.1 The Italian Seller shall have the right but not the obligation, to request to repurchase
without recourse (pro soluto) from the Purchaser one or more Purchased Receivables (excluding for the avoidance of doubt any Purchased Receivable which the Purchaser has already transferred to third parties or which has already been cashed in
full and which request the Purchaser may decline) by delivering to the Purchaser a written request (the Repurchase Request) in the form set out in Schedule 3. 
 12.2 On the Settlement Date immediately following delivery of such Repurchase Request, or, if such Settlement Date falls less than five (5) Business Days after the delivery of the Repurchase Request,
on the Settlement Date thereafter, provided that the Purchaser has countersigned and delivered to the Italian Seller such Repurchase Request specifying the Purchased Receivables which the Purchaser has agreed to retransfer without recourse (pro
soluto) to the Italian Seller, and that any conditions precedent to such repurchase stipulated by the Purchaser have been satisfied, the Italian Seller shall pay to the Purchaser the proposed purchase price of the Purchased Receivables
identified in the Repurchase Request less any Collections previously received in respect of such Purchased Receivables by the Purchaser (the Repurchase Amount). 
 12.3 Notwithstanding any provision to the contrary in this Agreement, if the Repurchase Amount corresponding to the Purchased Receivables relating to any Repurchase Request is not paid in full by the
Italian Seller on the corresponding Settlement Date, any retransfer of such Purchased Receivables shall be deemed automatically terminated (risolto), pursuant to and for all effect of article 1353 of the Italian Civil Code. Any such partial
payment shall be either returned to the Italian Seller or applied by way of set-off against any payment obligation of the Purchaser toward the Italian Seller or Italian Servicer. 
  

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 13. REPRESENTATIONS, WARRANTIES AND
UNDERTAKINGS OF THE ITALIAN SELLER AND THE ITALIAN SERVICER 
 13.1 Each of the Italian Seller and the Italian Servicer in such capacity hereby represents and warrants to the Purchaser as of the date hereof, and shall be
deemed to represent and warrant to the Purchaser on each day until the Agreement Expiry Date, that: 
  

	(a)	Status: it is a corporation duly incorporated under the laws of Italy, is not Insolvent and no steps have been taken by or (as the case may be)
towards it with a view to commencing Insolvency Proceedings; 

  

	(b)	COMI: its centre of main interests for the purposes of the Council Regulation (EC) No. 1346/2000 on insolvency proceedings is based in Italy and that
it has no establishments outside Italy; 

  

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

  

	(d)	Legal Validity: this Agreement and each other WABCO Transaction Document to which it is a party when executed by it will constitute its legal, valid and
binding obligations enforceable against it in accordance with its terms; 

  

	(e)	Information: all information furnished by it to the Purchaser for the purposes of or in connection with this Agreement or any transaction
contemplated hereby is, and all such information hereafter furnished by the Italian Seller to the Purchaser will be, true and accurate in every material respect, on the date that such information is stated or certified and does not omit to state any
fact necessary to make the statements contained therein not misleading, and it is not aware of any fact, information or circumstance the omission of which from such information or reports would affect an assessment of the rights being acquired in
relation to any Relevant Receivables, the enforceability or collectability of the Purchased Receivables or the transactions and arrangements contemplated by this Agreement and each other WABCO Transaction Document to which it is a party;

  

	(f)	Pari Passu Ranking: its obligations under this Agreement and each other WABCO Transaction Document to which it is a party are and will at all times
be direct, unconditional and general obligations which rank equally with all its 

  

 16 

 other unsecured obligations and liabilities, present or future, actual or contingent, save
for unsecured obligations and liabilities accorded preference over its other unsecured obligations and liabilities pursuant to any mandatory provision of the laws of Italy; 
  

	(g)	No Default: to the best of its knowledge, no event has occurred which constitutes, or which with the giving of notice and/or the lapse of time and/or a
relevant determination 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, in each case which could adversely affect its ability to observe or perform its obligations under or in connection with this Agreement and each other WABCO Transaction Document to which it is a party or
which, in the reasonable determination of the Purchaser, could adversely affect the interests of the Purchaser in connection with transactions contemplated by this Agreement or any other WABCO Transaction Document; 

  

	(h)	Taxes on Payments: all amounts payable by the Italian Seller, the Italian Servicer or the Seller’s Agent under the WABCO Transaction Documents may be
made free and clear of and without deduction for or on account of any Tax (other than any applicable notarial fees); 

  

	(i)	Accounts: its, and the Parent’s, most recently delivered audited financial statements or consolidated financial statements, as the case may be,
(including the income statement and balance sheet) have been prepared on a basis consistently applied in accordance with accounting principles and practices generally accepted in its jurisdiction of incorporation and give a true and fair view of its
results for the relevant period and the state of its financial condition and affairs at their date; 

  

	(j)	No Material Adverse Change: since its most recent audited financial statements, there has been no change in its business or operations which could have a
Material Adverse Effect, excluding any event or condition disclosed in writing to the Purchaser prior to the date of this Agreement or described in the most recent Form 10-Q filed with the SEC prior to the date of this Agreement;

  

	(k)	No Early Amortisation Event: no Early Amortisation Event or Potential Early Amortisation Event has occurred; 

  

	(l)	No Litigation: to the best of its knowledge, 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 have a Material Adverse Effect or which, in the reasonable determination of the Purchaser, could adversely affect the interests of the
Purchaser in connection with the transactions contemplated by this Agreement or any other WABCO Transaction Document, exists or, to the best of its knowledge, is threatened to exist at the present time, other than the European Commission
Investigation as disclosed in the most recent Form 10-Q filed by the Parent with the Securities and Exchange Commission prior to the date of this Agreement; 

  

 17 

	(m)	Business: the documents which contain or establish its constitution include provisions which give it power and authority, and all necessary corporate
authority has been obtained and action has been taken, for it to own its assets, carry on its business and operations as they are now being conducted; 

  

	(n)	Licences: it has all necessary licences for carrying on the enforcement, collection and origination of the Receivables and the performance of its
obligations under this Agreement and each other WABCO Transaction Document to which it is a party; 

  

	(o)	General Policies and Procedures Manual: its General Policies and Procedures Manual represents in all respects an accurate summary of the credit and
collection policies employed by it; 

  

	(p)	Ownership: its Parent owns and controls (whether directly or indirectly) 100% of the issued and paid up share capital and voting rights of the Italian
Seller and the Italian Servicer; 

  

	(q)	Immunity: The execution by it of each of the WABCO Transaction Documents to which it is party constitutes, and its exercise of its rights and performance
of its obligations under each such WABCO Transaction Document will constitute, private and commercial acts done and performed for private and commercial purposes; 

  

	(r)	Submission to Jurisdiction: it will not be entitled to claim immunity from suit, execution, attachment or other legal process in any proceedings taken in
the jurisdiction of its incorporation in relation to any WABCO Transaction Document; 

  

	(s)	Compliance with Laws: it carries on its business in accordance with all applicable laws and regulations where failure to do so might have a Material
Adverse Effect; 

  

	(t)	Taxes: All required returns have been delivered by it or on its behalf to the relevant taxation authorities and it is not in default in the payment of any
Taxes (save for Taxes contested in good faith), and no claim is being asserted with respect to any Taxes; 

  

	(u)	Jurisdiction/governing law: its irrevocable submission under the Master Definitions Agreement to the jurisdiction of the courts of France, its agreement
that this Agreement is governed by the laws of Italy; and its agreement not to claim any immunity to which it or its assets may be entitled, are legal, valid and binding under the laws of the jurisdiction of its incorporation; and

  

	(v)	Recognition of Foreign Judgment: any judgment obtained in The Netherlands or Belgium in legal proceedings based on or in connection with

  

 18 

 the WABCO Transaction Documents will be recognised and enforced by the courts of the
jurisdiction of its incorporation without re-examination or re-litigation of the matter thereby adjudicated. 
 13.2 Representations and
Warranties of the Seller’s Agent 
 The Seller’s Agent hereby represents and warrants to the Purchaser as of the date hereof, and shall
be deemed to be repeated to the Purchaser on the Initial Offer Date and on each Offer Date thereafter, in the terms of its representations and warranties under Clauses 13.1(a) through 13.1(v) above, but excluding Clause 13.1(o) , as if such
representations and warranties were set out in this Clause 13.2 in their entirety, except that any references therein to the “Italian Seller” or the “Italian Servicer” shall be construed as references to the “Seller’s
Agent” and any reference to “Italy” under Clauses 13.1(a), 13.1(b) and 13.1(f) shall be construed as references to Belgium for the purpose of this Clause 13.2. 
 13.3 Representations and Warranties relating to the Receivables 
 The Italian Seller hereby
represents and warrants to the Purchaser as of the date hereof, and shall be deemed to represent and warrant to the Purchaser on the Initial Offer Date and on each day until the Agreement Expiry Date, that: 
  

	(a)	Relevant Receivables: Each Offered Receivable exists and has been originated by the Italian Seller in its own name and for its own account and is a
Relevant Receivable and an Eligible Receivable; 

  

	(b)	No Attachment: none of the Offered Receivables are or have been the subject of any prior transfer or assignment, subrogation, delegation, attachment or
seizure whatsoever (whether in whole or in part), nor of any security interest, lien or encumbrance whatsoever and there exists no impediment to its assignment or transfer in accordance with the WABCO Transaction Documents; 

 

	(c)	Accuracy of Information: the information provided in respect of each Offered Receivable in the Offer Letter, the Receivables List, the Daily Report and
any related magnetic or electronic support is complete and accurate; 

  

	(d)	Good Title: the Italian Seller holds, and has at all times held since the time of origination, full and unencumbered title to, and is and has been at all
times since the time of origination the sole and unencumbered owner of, each Offered Receivable and none of the Offered Receivables have been assigned or sold by the Italian Seller to any person other than the Purchaser. 

  

	(e)	Validity of Assignment: 

  

	 	(i)	the Offered Receivables are obligations which can be transferred by way of sale and assignment, such transfer is not subject to any contractual or legal restrictions,
including, for the avoidance of doubt, any applicable data protection laws; and 

  

 19 

	 	(ii)	on completion of the sale of each Offered Receivable in accordance with this Agreement, the Purchaser will obtain full title to and ownership of such Offered Receivable
free of any Security Interest (including, for the avoidance of doubt, any retention of title claims) and such Offered Receivable will not be available to the creditors of the Italian Seller in the event of its insolvency; 

 

	(f)	Applicable Terms and Conditions: each Offered Receivable is either subject to the Italian Seller’s terms and conditions of sale set out in Schedule 1
Part A or, in the case of Offered Receivables owing by those Debtors identified in Schedule 1 Part B, to the terms and conditions set out in Schedule 1 Part B as may be amended from time to time (the Applicable Terms and Conditions);

  

	(g)	Validity of Terms and Conditions: the terms governing each Offered Receivable are set out exclusively in the Applicable Terms and Conditions and the
Applicable Terms and Conditions are legal, valid and binding and their provisions contain retention of title clauses; 

  

	(h)	Enforceability: each Offered Receivable constitutes legal, valid and binding obligations of the relevant Debtor and such obligations are
enforceable in accordance with their respective terms; 

  

	(i)	No Termination or Defence: the Contract under which an Offered Receivable arises is not and will not be subject to any right of rescission,
set-off, counterclaim, deduction or withholding whatsoever or subject to any valid Security Interest or claim of any nature in favour of any other person or other defence; 

  

	(j)	General Policies and Procedures Manual: 

  

	 	(i)	it has complied in all material respects with the Italian Seller’s General Policies and Procedures Manual (in force at such time) in entering into the Contract
under which the relevant Offered Receivable arises and in relation to the administration of each such Offered Receivable to the date on which it is purchased hereunder (which criteria have been consistently applied in the management of the business
of the Italian Seller); 

  

	 	(ii)	the terms of the relevant Contract and the related Invoice require, and it has taken all reasonable steps to require, that each relevant Debtor makes payment of each
relevant Offered Receivable to the Italian Purchaser Collection Account; and 

  

	 	(iii)	all of the Italian Seller’s operations, records and systems relating to the Offered Receivables and the Purchased Receivables are maintained at the registered
address of the Italian Seller, and are up-to-date and conform with applicable laws; 

  

	(k)	Obligations of the Purchaser: the Purchaser shall not have any obligation or liability in connection with any Purchased Receivable or the
corresponding 

  

 20 

 Contract and it cannot be required to perform any of the obligations whatsoever (including,
but not limited to, any obligation of reimbursement in favour of the relevant Debtor) of the Italian Seller (or one of its agents) under the terms of the said Contract; 
 13.4 The Italian Seller’s and the Italian Servicer’s Undertakings 
 Each of the Italian
Seller and the Italian Servicer hereby agrees and undertakes for the benefit of the Purchaser until the Agreement Expiry Date: 
  

	(a)	Provision of Financial Statements: that it shall until the Agreement Expiry Date deliver to the Purchaser as soon as the same become available, but in any
event within 180 days after the end of each financial year, its most recently audited consolidated financial statements or non-consolidated financial statements, as the case may be, (including balance sheet, profit and loss and cash flow statements)
and in each case the related auditor’s reports as are periodically published; 

  

	(b)	Litigation, arbitration and administrative proceedings: that it shall until the Agreement Expiry Date deliver to the Purchaser promptly upon becoming
aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending, and which, if adversely determined, might have a Material Adverse Effect, provided that no such disclosure shall be
required in respect of the European Commission Investigation unless the Parent fails to comply with its disclosure obligations in respect thereof pursuant to the Guarantee and Subordination Agreement; 

  

	(c)	Solvency Certificate: that it shall (i) on the Closing Date and (ii) on a half-yearly basis until the Agreement Expiry Date, deliver to
the Purchaser an executed copy of a Solvency and Compliance Certificate in the form set out in Schedule 2 and dated the date of delivery; 

  

	(d)	Compliance: that it shall comply in all respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which, to
the best of its knowledge, it may be subject; 

  

	(e)	Provision of Information: that it shall provide to the Purchaser any information, documents, records or reports relevant to an Offered Receivable, any
Debtor, any Purchased Receivable, the Italian Seller, the Italian Servicer or the financial condition of any of them to which the Purchaser is reasonably and properly entitled under this Agreement; 

  

	(f)	Provision of Invoices: that it shall, upon request, provide to the Purchaser a copy of the invoices relating to the Purchased Receivables sold;

  

	(g)	Changes to General Policies and Procedures and Other Information: that it shall: 

  

	 	(i)	notify the Purchaser of any material change to its General Policies and Procedures Manual at least 30 days prior to implementation or within such other timeframe as may
be agreed between the Purchaser and the Italian Seller; 

  

 21 

	 	(ii)	not make any material change to its General Policies and Procedures Manual without the prior written consent of the Purchaser if the proposed change or amendment would
be reasonably likely to adversely affect the collectability of the Purchased Receivables or decrease the credit quality of any newly created Purchased Receivables; and 

  

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

 

	(h)	Records: that it shall keep and maintain Records to the order of the Purchaser on a Receivable by Receivable basis. The Italian Seller shall give the
Purchaser prior written notice of any material change to its administrative and operating procedures in relation to the keeping and maintaining of Records. These records and systems shall include a capability which is acceptable to the Purchaser to
recreate Records and data in respect of the Purchased Receivables in the event of their loss, damage or destruction. The information and records shall be adequate to permit the identification of each Purchased Receivable, and the daily
identification of all Collections in respect of, and any losses in relation to, each Purchased Receivable; 

  

	(i)	Perform Contracts: that it shall, at its expense, in a timely and commercially reasonable manner, fully perform and comply with all provisions,
covenants and other undertakings required to be observed by it under each Contract relating to the Purchased Receivables; 

  

	(j)	Compliance with General Policies and Procedures Manual: that it shall comply with the applicable General Policies and Procedures Manual with regard to all
Purchased Receivables, any Collateral Security and the related Contract; 

  

	(k)	No Other Assignment: that it shall not sell, assign or otherwise dispose of, create or suffer to exist any Security Interest upon or with respect to any
goods the subject of any Purchased Receivable, any Purchased Receivables, or related Contract, Ancillary Rights or Collateral Security, or assign any right to receive income in respect thereof or attempt, purport or agree to do any of the foregoing;

  

	(l)	No waiver, etc.: that it shall not in any way extend, amend or otherwise modify the payment or any other material terms of any Purchased Receivable or of
any Contract related thereto except in its capacity as Italian Servicer and in that case only with the prior written consent of the Purchaser; 

  

 22 

	(m)	Credit Insurance Policies: that it shall: 

  

	 	(i)	materially maintain its credit insurance policies as currently in force and subscribe and maintain such other credit insurance policies as may be imposed by law or
which is customary or commercially reasonable in the Italian Seller’s business, and to comply with its contractual obligations under those credit insurance policies; 

  

	 	(ii)	inform the Purchaser prior to the expiry, or proposed modification of the terms, of the Insurance Policy (as defined in the Insurance Servicing Agreement) and any other
credit insurance policy to which it is party or from which it benefits; and 

  

	 	(iii)	not amend the terms of the Insurance Policy without the prior written consent of the Purchaser, such consent not to be unreasonably withheld; 

 

	(n)	Assist Auditors: that it shall assist the Purchaser’s auditors and provide to them such information in relation to the Purchased Receivables,
Collections and other matters in relation to this Agreement as they may reasonably request; 

  

	(o)	No Representation: that it shall not represent or purport to represent the Purchaser in Italy; 

  

	(p)	No Conclusion of Contracts: that it shall not conclude contracts in the name of or on behalf of the Purchaser on a permanent basis;

  

	(q)	No Solicitation: that it shall not solicit or act as agent for the Purchaser to solicit contracts or business for the Purchaser; 

 

	(r)	Tax Information: that it shall provide towards the Tax Administration, upon request, true and correct information regarding the conduct of its business
being in accordance with (n) to (q) above and all further information as to the non-existence of any place of effective management of the Purchaser in Italy; 

  

	(s)	Italian Data Protection Code: that it shall fully co-operate with the Purchaser in order to ensure that all the procedures and formalities from time to
time necessary in relation to the transfer and processing of all the data and information concerning the Debtors and the Purchased Receivables are made in order to comply with any applicable data protection laws and regulations, including but not
limited to, the provisions of legislative decree no. 196 of 30 June 2003 (the Italian Data Protection Code). In particular, pursuant to article 29 of the Italian Data Protection Code, the Purchaser, in its capacity as sole data
controller (autonomo titolare) of the personal data concerning the Debtors (the Data) hereby appoints the Italian Servicer as data processor (responsabile del trattamento) with reference to the processing of the Data
carried out in relation to the Purchased Receivables (the Processing Operations). The Italian Servicer hereby accepts such appointment and undertakes without limitation: (i) to individually inform in the name and on behalf of the
Purchaser each and any Debtors about the purposes and methods of the Processing Operations pursuant to Article 13 of the Italian Data Protection Code, (ii) implement, observe and apply appropriate security measures to protect the
confidentiality, 

  

 23 

	    	integrity and completeness of the Data, (iii) identify any persons in charge for the Processing Operations (incaricati del trattamento) and instruct them in
writing as to the duties that they will be asked to perform, and (iv) promptly respond to any requests filed by each and any Debtors, in accordance with the provisions of article 7 of the Italian Data Protection Code. The Italian Servicer shall
indemnify and keep the Purchaser harmless for any damages arising from any Processing Operations carried out by the Italian Servicer pursuant to this Clause 13.4(s), which will be deemed by any competent judiciary or regulatory authority (including
but not limited to the Italian data protection authority, Garante per la protezione dei dati personali) in breach of the applicable data protection laws and regulations; 

  

	(t)	Notification of Early Amortisation Event: that it shall notify the Purchaser immediately upon being notified of or becoming aware of the occurrence
of any Early Amortisation Event or Potential Early Amortisation Event; 

  

	(u)	Consents: that it shall obtain and maintain all authorisations, approvals, consents, agreements, licences, exemptions and registrations and to make
all filings or obtain all documents, including (without limitation) in relation to the protection of personal data, needed at any time for the purposes of: 

  

	 	(i)	the entry into and performance of the WABCO Transaction Documents to which it is a party; and 

  

	 	(ii)	owning its assets and carrying on its business; 

  

	(v)	Tax Payments: that it shall pay all applicable Taxes and make all relevant returns in respect of any Taxes in relation to the goods and services
supplied under the Contracts which originate the Purchased Receivables; 

  

	(w)	Further Assurance: that from time to time it will, at its own cost, at the request of the Purchaser, promptly execute and deliver all instruments and
documents, and take all further action as the Purchaser may reasonably request in order to perfect, protect or more fully evidence the Purchaser’s interest in the Purchased Receivables, Ancillary Rights and Collateral Security and any proceeds
thereof including, if requested, promptly giving notice to the relevant Debtors of the sale of the Purchased Receivables to the Purchaser; 

  

	(x)	Appropriation of Payments: if a person owing a payment obligation in respect of a Purchased Receivable makes a general payment to the Italian
Seller on account both of a Purchased Receivable and of any other moneys due for any reason whatsoever to the Italian Seller and makes no apportionment between them then such payment shall be treated as though the person had appropriated it first to
the Purchased Receivable and the proceeds of or comprised in such payment up to the full amount due or to become due in respect of the Purchased Receivable shall accordingly be the property of the Purchaser and the Italian Seller shall treat that
amount as a Collection; 

  

 24 

	(y)	Delivery of Contracts: that it shall at its own cost and expense: 

  

	 	(i)	deliver to the servicer, if different from the Italian Seller, for the benefit and in the name of the Purchaser, within five (5) Business Days after having
received a written request by such servicer, the originals of all Contracts and Invoices relating to each of the Purchased Receivables; and 

  

	 	(ii)	keep an up-to-date copy of the contents of each Contract and Invoice relating to each Purchased Receivable and provide such copy to the Purchaser or to any person
nominated by it as soon as practicably in order to allow the Purchaser to verify the compliance of any Offered Receivable or Purchased Receivable with the relevant criteria, or enable the Purchaser to enforce its rights in respect of any Purchased
Receivables; 

  

	(z)	Access: that it shall at all times, upon receipt of prior reasonable written notice, permit the Purchaser (or its auditors or duly authorised
officers, employees or agents): 

  

	 	(i)	access at all reasonable times during normal business hours to verify, audit, inspect and copy all Records and verify all information systems maintained by it relating
to the Purchased Receivables; and 

  

	 	(ii)	take such other steps as they from time to time reasonably think fit for the purpose of verifying or obtaining information concerning any of the Purchased Receivables
and to discuss matters relating to the Purchased Receivables with the auditors of the Italian Seller or any of the officers, employees or agents of the Italian Seller which have knowledge of such matters; 

  

	(aa)	Audit: that it shall, upon the Purchaser’s reasonable written request, arrange within five (5) Business Days, at the Italian Seller’s cost,
for an audit (by a qualified independent expert satisfactory to the Purchaser) of the Relevant Receivables originated by it and the collection procedures applying in relation to such Relevant Receivables; 

  

	(bb)	No Action: that it shall not take any initiative or action in respect of the Purchased Receivables, the Contracts, the sale terms and conditions
usually accepted and generally used in respect of the relevant type of business or the delivery of goods or works and/or provision of services that could affect the validity or the recoverability of the Purchased Receivables in whole or in part, or
which could harm, in any other way, the interest of the Purchaser in the Purchased Receivables or in the corresponding rights, except if and where expressly permitted by the WABCO Transaction Documents or the Italian Seller’s General Policies
and Procedures Manual; 

  

	(cc)	Insurance: that it shall insure its business and assets with insurance companies to such an extent and against such risks as companies engaged in a
similar business as it normally insure and comply with any requirements as to insurance in place arising out of its capacity as collection agent for the Purchaser in respect of the Purchased Receivables transferred by it; 

 

 25 

	(dd)	Maintenance of status: that it shall do all such things as are necessary to maintain its corporate existence and ensure that it has the right and is duly
qualified to conduct its business as it is conducted in all applicable jurisdictions; 

  

	(ee)	Receivables Lists, Offer Letters and Daily Reports: that it shall procure that all information and particulars relating to Receivables appearing in each
Receivables List, Offer Letter and Daily Report delivered by it is accurate and complete and does not omit any information and particulars which would result in any Receivables List, Offer Letter or Daily Report being misleading (and shall promptly
notify the Purchaser upon it becoming aware that this is not in any instance the case); 

  

	(ff)	Rating Agencies: that it shall promptly comply with the requirements of the Rating Agencies (as notified by the Purchaser to the Depositor) with regard to
the Purchased Receivables (including, without limitation, any requirements of the Rating Agencies relating to amendments to the WABCO Transaction Documents or the provision of further information relating to it or legal opinions);

  

	(gg)	Conduct of Business: that it shall not conduct its business in a way that might materially adversely affect the collectability of the Purchased
Receivables or otherwise have a Material Adverse Effect; 

  

	(hh)	No Requests for Formalities: that it shall refrain from requesting the Purchaser to perform any act or formality of any nature in relation to the
Purchased Receivables other than those expressly provided for under this Agreement; 

  

	(ii)	Change of Business: except with the prior written consent of the Purchaser, that it shall not abandon its business or engage in any material line of
business which is substantially different from the lines of business carried on by it as at the date of this Agreement; 

  

	(jj)	Mergers, disposals and acquisitions: that it shall not enter into any amalgamation or merger with an entity, other than the Parent or a Subsidiary of the
Parent, having a balance sheet exceeding Euro 50,000,000, or its equivalent in another currency, or similar transaction relating to assets exceeding Euro 50,000,000, or its equivalent in another currency, without the prior written consent of the
Purchaser which shall not be unreasonably withheld; 

  

	(kk)	No Dispositions: that it shall not, either in a single transaction or in a series of transactions, whether related or not and whether voluntarily or
involuntarily, sell, transfer, grant, lease or otherwise dispose of any asset or enter into any demerger or reconstruction to or with any person other than the Parent or a Subsidiary of the Parent, if to do so could reasonably be considered likely
to have a Material Adverse Effect; 

  

 26 

	(ll)	No Acquisitions: that it shall not purchase all or part of the assets of any individual, undertaking or company of an amount exceeding Euro 50,000,000, or
its equivalent in another currency, except those belonging to another entity of the Group, without the prior written consent of the Purchaser which shall not be unreasonably withheld; 

  

	(mm)	Negative Pledge: that it shall not enter into any agreement or document or may perform any other act (whether by omission or otherwise), matter or thing,
whether or not known to the Purchaser, which would, in the reasonable opinion of the Purchaser, operate to reduce, release or prejudice any of the rights and entitlements created or to be created for the benefit of the Purchaser under any of the
WABCO Transaction Documents; 

  

	(nn)	that it shall procure that the Seller’s Agent, upon receipt of payment of the Purchase Price Cash Component in accordance with Clause 6.3 and upon request by the
Purchaser, provides the collaboration required for the purposes set out under Clause 6.4 above; and 

  

	(oo)	Servicing Covenants: that it shall, in its capacity as Italian Servicer: 

  

	 	(i)	act prudently, reasonably and diligently and do all things necessary and take all reasonable steps as are within its powers and/or may be required:

  

	 	(A)	in the timely enforcement or recovery of any and all amounts due under each Purchased Receivable, and shall be no less diligent than it would have been in enforcing or
recovering due amounts under a Purchased Receivable if it had not assigned such Purchased Receivable to the Purchaser; and 

  

	 	(B)	to ensure that all Ancillary Rights and any Collateral Security remain legal, valid, binding and enforceable and are exercised in a timely fashion;

  

	 	(ii)	oppose, defend, co-defend or co-operate in any claim (threatened, pending or otherwise) any third party makes against it, the Purchaser or with respect to a Purchased
Receivable, an Ancillary Right or Collateral Security in any court, arbitral, tribunal or public or administrative body or otherwise; 

  

	 	(iii)	take all reasonable steps promptly to cause any attachment, seizure or any other enforcement measure levied or applied for against any Purchased Receivable transferred
to be released or withdrawn to the satisfaction of the Purchaser; 

  

	 	(iv)	forthwith inform the Purchaser of all security interests, rights, claims, privileges and other benefits attached to a Purchased Receivable; 

  

 27 

	 	(v)	notify the Purchaser forthwith of any inaccuracy, misstatement or omission in representations and warranties made in respect of any Offered Receivables or the Purchased
Receivables; 

  

	 	(vi)	where a Purchased Receivable is evidenced by a negotiable instrument, not endorse, deliver, release or negotiate that instrument to, or in favour of, any person except
the Purchaser; 

  

	 	(vii)	comply with any proper and lawful directions, orders and instructions which the Purchaser may from time to time give to it in connection with the performance of its
obligations under this Agreement, but only to the extent that compliance with those directions does not conflict with any provision of this Agreement; 

  

	 	(viii)	obtain and maintain all authorisations, approvals, consents, agreements, licences, exemptions and registrations and make all filings or obtain all documents, including
(without limitation) in relation to the protection of personal data, needed at any time for the purposes of: 

  

	 	(A)	the entry into and performance of the WABCO Transaction Documents to which it is a party; and 

  

	 	(B)	owning its assets and carrying on its business; 

  

	 	(ix)	promptly notify the Purchaser if it becomes aware that legal proceedings are initiated or contemplated against the Purchaser or in relation to any Purchased Receivable;

  

	 	(x)	promptly notify the Purchaser if legal proceedings are initiated against itself as the Italian Seller or the Italian Servicer which might adversely affect the
Purchaser’s ownership of, and rights, title, benefit and interest in, to and under, such Purchased Receivables, the Ancillary Rights, the Collateral Security and the Collections or any of the other rights acquired the Purchaser under this
Agreement; and 

  

	 	(xi)	keep all Tax records required by law in respect of the Purchased Receivables, including for the purposes of Value Added Tax. 

 14. RELIANCE 
 14.1 Reliance
on Representations, Warranties and Covenants 
 The Italian Seller and the Seller’s Agent acknowledge that: 
  

	(a)	the representations and warranties set out in Clauses 13.1, 13.2 and 13.3, and the covenants contained in Clause 13.4 are made with a view to inducing the Purchaser to
enter into this Agreement and the transactions contemplated hereby and have caused and will cause the Purchaser to take other actions and enter into arrangements with other persons in relation to the WABCO Transaction Documents and the Purchaser
will rely upon such representations, warranties, covenants and undertakings notwithstanding any information in fact possessed or discoverable by it; and 

  

 28 

	(b)	none of the Purchaser or any other person referred to in Clause 14.1(a) has made or will be obliged to make inquiries of or in respect of (i) any Debtor in respect
of any Offered Receivable or Purchased Receivable (ii) any Contract or other documents in respect of any Offered Receivable or Purchased Receivable; (iii) the Face Amount in respect of Purchased Receivable; (iv) the creditworthiness
or suitability of any Debtor, or any other party to any arrangement or agreement relating to any Offered Receivable or Purchased Receivable. 

 14.2 Survival 
 The representations, warranties and covenants set out in Clause 13 shall form part
of the terms of the sale and purchase of each Purchased Receivable and accordingly such representations, warranties and covenants shall remain in full force and effect until the Agreement Expiry Date notwithstanding the completion of such purchase.

 15. REPRESENTATIONS AND WARRANTIES OF THE
PURCHASER 
 15.1 The Purchaser hereby represents and warrants to the Italian Seller and the Seller’s Agent as of the
date hereof: 
  

	(a)	Status: it is a public limited liability company (naamloze vennootschap) incorporated under the laws of the Netherlands and licensed as a
credit institution under the Financial Supervision Act (Wet op het financieel toezicht) and having its registered office at Amstelplein 1, 1096 HA Amsterdam, The Netherlands registered with the Trade Register of the Chamber of Commerce at
Amsterdam, The Netherlands under n° 33 196 218; 

  

	(b)	Powers and Authorisations: the documents which contain or establish its constitution include provisions which give it power and authority, and all
necessary corporate authority has been obtained and action has been taken, for it to execute and deliver, and perform the transactions contemplated in, this Agreement and each other WABCO Transaction Document to which it is a party; and

  

	(c)	Consents: no authorisation, approval, consent, licence, exemption, registration, recording, filing or notarisation which has not been duly and
unconditionally obtained, made or taken is required in connection with its entry into, execution and delivery of, and the performance of its obligations under, this Agreement. 

 16. TERMINATION 
 16.1 This
Agreement shall and unless terminated earlier with the agreement of all Parties, terminate on the Agreement Expiry Date. 
  

 29 

 16.2 Unless expressly agreed otherwise in writing by all Parties, the termination of this Agreement in
accordance with Clause 16.1 shall not operate to discharge any Party of any liabilities, whether, present or future, actual or contingent, in respect of any representations or warranties made, or deemed to have been made, or obligations that have
been performed, or were to have been performed, or any events or circumstances that arose, prior to the Agreement Expiry Date. 
 17.
CHANGE IN CIRCUMSTANCES 
 17.1 If, as a result of: 
  

	(a)	the coming into effect after the date hereof, or any change after the date hereof in, any applicable law, regulation or regulatory requirement or any change after the
date hereof in the interpretation or application of any thereof adversely affecting the Purchaser, and/or 

  

	(b)	the compliance by the Purchaser with any applicable directive, request or requirement coming into effect after the date hereof (whether or not having the force of law)
of any central bank or any self-regulating organisation or any governmental, fiscal, monetary or other regulatory authority (including, without limitation, a directive, request or requirement which affects the manner in which the Purchaser is
required to maintain capital resources having regard to its assets, liabilities, contingent liabilities or commitments): 

  

	 	(i)	the cost incurred by the Purchaser agreeing for the purchase of Offered Receivables or otherwise giving effect to this Agreement, is or will be increased; and/or

  

	 	(ii)	any sum received or receivable by the Purchaser under this Agreement is or will be reduced; and/or 

  

	 	(iii)	the Purchaser becomes liable to make any payment on account of Tax or otherwise or is compelled or obliged to forego any interest or other return, on or calculated by
reference to the amount of the Purchased Receivables, 

 then the Purchaser shall inform the Italian Seller of such
circumstance(s), as soon as possible upon becoming aware of such circumstance(s), and shall be entitled to claim from the Italian Seller an indemnity by delivering to the Italian Seller a certificate specifying the amount of such indemnity on the
basis of detailed calculations and specifying the detailed reason(s) for such indemnity amount. 
 17.2 In the case of the occurrence of an
event referred to in Clause 17.1, the Purchaser and Italian Seller shall in good faith use their best endeavours to avoid the effects of such event. 
 17.3 In the event that the Purchaser or the Italian Seller is not able to avoid the effects of any event referred to in Clause 17.1 on or before the expiry of a period of thirty (30) calendar days from the receipt of the relevant
certificate referred to in Clause 17.1(b), the Italian Seller will have the choice to either: 
  

	(a)	bear, from such date of the coming into force of or the change in any of the events referred to in Clause 17.1 and for the entire duration of this Agreement, and pay on
(i) the following Settlement Date, or (ii) in the case of an ongoing amount, on each Settlement Date, the entire amount of the indemnity (or indemnities) indicated in the certificate(s) referred to in Clause 17.1; or

  

 30 

	(b)	refuse the solution referred to in sub-clause 17.3(a) above, in which case: 

  

	 	(i)	the Italian Seller shall pay on the following Settlement Date, the entire amount of such indemnity (or indemnities) indicated in the certificate(s) referred to in
Clause 17.1; and 

  

	 	(ii)	an Early Amortisation Event shall deemed to have occurred. 

 17.4 The provisions of this Clause 17 shall not apply to any increased cost attributable to any change in the rate of, or change in the basis of calculating, Tax on the overall net income of the Purchaser
imposed in the jurisdiction in which it is incorporated. 
 18. STAMP DUTY, TAXES
AND INDEMNITIES 
 18.1 Without prejudice to the provisions of the other WABCO Transaction Documents the
Italian Seller shall pay any stamp, documentary, transfer, excise, registration, filing and other similar duties, levies, fees or Taxes to which (i) any of the WABCO Transaction Documents or any related documents, (ii) any purchase of
Offered Receivables by the Purchaser, (iii) any transaction contemplated under the WABCO Transaction Documents and the related documents including the assignment, release, resale or re-assignment of any Purchased Receivable, as the case may be,
or (iv) the enforcement of the rights of the Purchaser may be subject or give rise and the Italian Seller shall fully indemnify the Purchaser on an after Tax basis, from and against any and all losses or liabilities which the Purchaser may
properly incur or otherwise suffer as a result of any delay in paying or omission to pay such duties, levies, fees or taxes. 
 18.2 The Italian
Seller agrees that if (i) any taxing authority levies a Tax on any payment to be made by it pursuant to this Agreement to the Purchaser, or (ii) any such payment is subject to any deduction or withholding in respect of a Tax or otherwise,
then the amount of the payment which the Italian Seller is required to make shall be grossed-up by such amount such that after deduction of the Tax so charged (or of the deduction or withholding to which the payment is subject) there shall be left a
sum equal to the amount that would otherwise be payable under this Agreement, provided that nothing in this Clause 18.2 shall be construed as creating an obligation on the part of the Italian Seller to pay any additional amounts in respect of any
Tax on the overall net income of the Purchaser. For the avoidance of doubt, if any taxing authority levies a Tax on any payment to be made by the Purchaser under this Agreement or any such payment is subject to any deduction or withholding in
respect of a Tax, the Purchaser shall not be obliged to gross-up any such payment following any such levy of Tax, deduction or withholding or pay any additional amounts to the Italian Seller in respect of such Tax. 
  

 31 

 18.3 If the Italian Seller pays any additional amount under Clause 18.1 or Clause 18.2 (an Additional
Payment) and the Purchaser effectively obtains a refund of Tax or credit against Tax on its overall net income by reason of that Additional Payment or the increased payment of which that Additional Payment forms a part (a Tax
Credit) then the Purchaser shall reimburse the Italian Seller such amount as it shall determine in its absolute discretion to be the proportion of such Tax Credit as will leave the Purchaser after that reimbursement, in no better or worse
position than it would have been in if that Additional Payment had not been required, provided that, (i) the Italian Seller is not in default under any WABCO Transaction Document to which it is a party; (ii) the Purchaser is able to
identify such Tax Credit as being attributable to such Additional Payment or the increased payment of which that Additional Payment forms a part; (iii) the Purchaser can do so without prejudicing its rights to obtain any other relief or
allowance which may be available to it hereunder or otherwise, and (iv) without prejudicing the retention of such credit or remission on a consolidated basis. 
 18.4 Nothing contained in this Agreement shall oblige the Purchaser to rearrange its tax affairs or to disclose any information regarding its tax affairs and computations. The Purchaser shall have
absolute discretion as to whether to claim any Tax Credit and, if it does so claim, the extent, order and manner in which it does so. Without prejudice to the generality of the foregoing, the Italian Seller shall not by virtue of this Clause 18, be
entitled to enquire about the Purchaser’s tax affairs. 
 18.5 Any sum set out in this Agreement as payable, or otherwise payable pursuant
to this Agreement by any Obligor to the Purchaser shall be deemed to be exclusive of any VAT which is or becomes chargeable (irrespective of whether the Obligor, or the Purchaser, is required to account for such VAT) on any supply or supplies for
which that sum (or any part thereof) is the whole or part of the consideration for VAT purposes. 
 18.6 Any sum set out in this Agreement as
payable, or otherwise payable pursuant to this Agreement by the Purchaser to any Obligor shall be inclusive of any VAT which is or becomes chargeable on any supply or supplies for which that sum (or any part thereof) is the whole or part of the
consideration for VAT purposes, and where any rule of law or the practice of any relevant tax authority in any jurisdiction would deem or treat the consideration for such supply to be other than the sum shown in this Agreement, that rule shall not
apply to affect the amount of such sum payable pursuant to this Agreement. 
 18.7 Where: 
  

	(a)	the Purchaser makes a supply to an Obligor for VAT purposes pursuant to this Agreement; 

  

	(b)	the sum which is the consideration (in whole or in part) for that supply is (or, if the consideration for that supply were in cash, would be) deemed to be exclusive of
VAT in accordance with this clause; and 

  

	(c)	the Purchaser is required to account to any relevant tax authority for any VAT chargeable on that supply, 

  

 32 

 the relevant Obligor shall pay to the Purchaser an additional amount equal to that VAT, and the Purchaser
shall provide the relevant Obligor with a valid VAT invoice in respect of that supply. 
 18.8 In relation to any supply by an Obligor to the
Purchaser that is chargeable to VAT, where the Purchaser is obliged to account to any relevant tax authority for such VAT, the consideration for such supply shall be reduced to such amount as, with the addition thereto of the VAT chargeable on such
supply, equals the original amount payable by the Purchaser. 
 18.9 The Italian Seller and the Italian Servicer shall indemnify and keep
indemnified in full on demand and on an after-tax basis the Purchaser against any cost, claim, loss, expense, liability or damages (including legal costs and out-of-pocket expenses properly and reasonably incurred), and without any set-off,
deduction or withholding whatsoever incurred or suffered by the Purchaser in connection with any breach by the Italian Seller or the Italian Servicer of the terms of this Agreement, or the performance of its obligations under this Agreement, or with
the negligence or wrongful misconduct (dolo) of the Italian Seller or the Italian Servicer (or a sub-servicer) whether arising in contract or otherwise. 
 18.10 The Italian Seller and the Italian Servicer shall indemnify and keep indemnified, the Purchaser against any cost, claim, loss, expense, liability or damages (including legal costs and out-of-pocket
expenses) incurred or otherwise suffered in connection with any claim or counterclaim or action of whatsoever nature made by a Debtor or any third party arising out of or in connection with a Contract under which a Purchased Receivable originates or
any product(s) or service(s) which are the subject of such a Contract or Purchased Receivable (including any claim or counterclaim of a customer or third party in respect of product liability, property damage, personal injury, consequential loss or
other similar claim). It is hereby expressly understood between the parties to this Agreement that, since the Purchased Receivables are sold to the Purchaser without recourse (pro soluto), the Italian Seller shall have no obligation to
indemnify the Purchaser from any direct and/or indirect damages, losses, claims, liabilities, costs and expenses arising as a consequence of the failure by any Debtor to pay in whole or in part its obligations under any of the Purchased Receivables
solely as a result of the insolvency (insolvenza) of such Debtor after the relevant Transfer Date. 
 19. DEFAULT
INTEREST 
 19.1 If any sum due and payable by the Italian Seller is not paid on the due date in accordance with the
provisions of the WABCO Transaction Documents, the Italian Seller shall automatically and without any further formalities be liable to pay to the Purchaser a late payment interest equal to (i) the unpaid sum, (ii) times the sum of the
applicable Floating Rate and 2% (two per cent) per annum, (iii) times the exact number of days between the due date of the amount referred to in (i) above and the actual payment, and divided by three hundred and sixty (360) in respect
of sums payable in Euro. 
  

 33 

 19.2 Any interest calculated in accordance with Clause 19.1 in respect of an unpaid sum shall be paid by the
Italian Seller on the date as the Purchaser may specify by written notice to the Italian Seller. 
 20. POWER
OF ATTORNEY 
 The Italian Seller shall provide the Purchaser, upon request, with any appropriate power of
attorney, if necessary, in order to better protect the Purchaser’s interest in the Purchased Receivables, Ancillary Rights and Collateral Security. 
 21. WAIVERS, REMEDIES CUMULATIVE 
 21.1 No
failure or delay by any Party in exercising any right, power or privilege under this Agreement or any WABCO Transaction Documents to which it is a party or available at law shall impair such right, power, remedy or operate as a waiver thereof. The
single or partial exercise of any right, power or remedy under this Agreement or any WABCO Transaction Documents to which it is a party or at law shall not preclude any other or further exercise thereof or the exercise of any other right, power or
remedy under this Agreement or any WABCO Transaction Documents to which it is a party or at law. 
 21.2 The rights of any Party shall not be
capable of being waived otherwise than by an express waiver in writing. 
 21.3 The rights, powers and remedies of any Party thereto provided in
this Agreement and any other WABCO Transaction Documents to which it is a Party are cumulative and may be exercised as often as they are considered appropriate and are in addition to any rights and remedies provided by law. 
 22. MODIFICATION 
 No
amendment, modification or variation of this Agreement shall be effective unless it is in writing and signed by or on behalf of each of the Parties. 
 23. ENTIRE AGREEMENT 
 This sets out the entire agreement and understanding between the Parties in
respect of the subject matter of the agreements contained herein. 
 24. CONFIDENTIALITY 
 24.1 Each Party agrees to treat all information of any kind transmitted by the other Party as confidential. The Parties agree not to divulge such information
to any other person, to ensure that their respective personnel similarly respect the confidential nature of such information and, in the case of the Purchaser, to comply with all applicable data protection laws to which, to the best of its
knowledge, it may be subject in relation to the processing of any such information, other than any processing carried out or required to be carried out on its behalf by the Italian Servicer. 
  

 34 

 24.2 None of the Parties shall, during the continuance of any of the WABCO Transaction Documents or after
the termination of any of them, disclose to any person, firm or company whatsoever any information relating to the business, finances or other matters of a confidential nature of any other Party to this Agreement of which it may in the course of its
duties under this Agreement or any of the WABCO Transaction Documents or otherwise have become possessed and all the parties shall use reasonable endeavours to prevent any such disclosure, provided however that the provisions of this Clause 24 shall
not apply: 
  

	(a)	to the disclosure of any information which is expressly permitted or required by the WABCO Transaction Documents to be transmitted to any person who is a Party to any
of the WABCO Transaction Documents or is required in relation to the transactions envisaged by the WABCO Transaction Documents (including any banks or other persons whose consent is required in relation to the execution by any party of any of the
WABCO Transaction Documents); 

  

	(b)	to the disclosure of any information already known to the recipient otherwise than as a result of entering into or negotiating any of the Transaction Documents;

  

	(c)	to the disclosure of any information which is or becomes public knowledge otherwise than as a result of the conduct of the recipient; 

  

	(d)	to the extent that the recipient is required to disclose the same pursuant to any law or order of any court or pursuant to any direction, request or requirement
(whether or not having the force of law) of any central bank or any governmental or other regulatory authority (including any official bank examiners or regulators) or stock exchanges; 

  

	(e)	to the extent that the recipient needs to disclose the same for the protection or enforcement of any of its rights under any of the Transaction Documents;

  

	(f)	in the case of the Purchaser to any banking or other regulatory or examining authorities (whether governmental or otherwise) or fiscal administration authorities, in
each case where such disclosure is requested by them and with whose requests the Purchaser has to comply under applicable law or regulation (or with whose requests banks in the relevant jurisdiction are accustomed to complying);

  

	(g)	in the case of the Purchaser, to any person which has agreed to make funds available, directly or indirectly by any means whatsoever, to the Purchaser or to any entity
refinancing the Purchaser (including in connection with this Agreement or under any financing or liquidity arrangement or guarantee) if, in each case, such disclosure is necessary for the purposes of the Purchaser performing its obligations under
the Transaction Documents or for such funds to be made available to the Purchaser or to any entity refinancing the Purchaser by that person provided that any such person undertakes to keep such information confidential; 

  

	(h)	to the disclosure of any information to any of the Rating Agencies; 

  

 35 

	(i)	to the disclosure of any information to professional advisers who receive the same under a duty of confidentiality or to any employees of a party who are engaged in the
performance of services under or in connection with any of the WABCO Transaction Documents; 

  

	(j)	to the disclosure of any information with the written consent of the Parties; and 

  

	(k)	to the disclosure of any information by the Seller’s Agent to any of its Affiliates. 

 24.3 This obligation to preserve confidentiality shall remain valid for five years from the Commitment Termination Date. 
 25. MISCELLANEOUS 
 25.1 Unless expressly provided for to the contrary, all
references made in this Agreement to a currency shall be a reference to euro and any payments to be made to or from any Party shall be made in euro. 
 25.2 The Italian Seller shall not offset, or claim the right to any set-off, counterclaim, credit, discount, allowance, right of retention or compensation, right to make any deduction, between any amounts due by it to the Purchaser and any
amounts due by the Purchaser to it, unless expressly agreed between the Italian Seller and the Purchaser. 
 25.3 Any payment by the Italian
Seller to the Purchaser, whether in respect of principal, interest, fees or any other item, shall be made for value on the date when any such payment is due under the terms of this Agreement. 
 25.4 Invalidity and Severability 
 Without
prejudice to any other provision of this Agreement, if one or more of the provisions of this Agreement is or becomes invalid, illegal or unenforceable in any respect in any jurisdiction or with respect to any Party, such invalidity, illegality or
unenforceability in such jurisdiction, shall not, to the fullest extent permitted by the applicable law, render invalid, illegal or unenforceable any other provisions of this Agreement or the affected provisions in any other jurisdiction or with
respect to any other Party or Parties to this Agreement. The Parties agree to negotiate in good faith to replace the affected provision, or portions of the said provision, with other valid and effective provisions having substantially the same
effect, having regard to the subject matter, commercial intentions and purpose of this Agreement. To the extent permitted by all applicable laws and regulations, each Party to this Agreement hereby waives any provision of laws and regulations which
would render any provision of this Agreement unlawful or unenforceable in any respect. 
  

 36 

 25.5 Notices 
 Any notice to be given by one party to any other party under, or in connection with, this Agreement shall be delivered in accordance with Clause 4 (Notices) of the Master Definitions Agreement.

 25.6 Assignment of Claims 
 Neither
the Italian Seller nor the Seller’s Agent shall be entitled to transfer any of their claims arising under this Agreement without the Purchaser’s prior written consent. 
 26. GOVERNING LAW AND JURISDICTION 
 26.1 Governing Law 
 This Agreement and any non-contractual obligations arising in connection therewith is governed by and shall be
construed in accordance with Italian law. 
 26.2 Jurisdiction 
 Each party agrees that the courts of Milan shall have exclusive jurisdiction to settle any dispute (including, without limitation, claims for set-off and counterclaim) which may arise in connection with
the creation, validity, effect, interpretation or performance of, or the legal relationships established by this Agreement and the Master Definitions Agreement to the extent that it is incorporated into this Agreement. 
 Signing Page Follows 
  

 37 

 Made in Paris, on 23 September 2009 
  

					
	 SIGNED by its duly authorised attorneys,
	  	)	  	

	 for and on behalf
	  	)	  
	 WABCO AUTOMOTIVE ITALIA SRL
	  	)	  
		  	)	  
	 Attorney
	  	)	  
		  	)	  
	 Attorney
	  	)	  
			
	 SIGNED by its duly authorised attorneys,
	  	)	  	

	 for and on behalf of
	  	)	  
	 WABCO FINANCIAL SERVICES SPRL
	  	)	  
		  	)	  
	 Attorney
	  	)	  
		  	)	  
	 Attorney
	  	)	  
			
	 SIGNED by its duly authorised attorneys,
	  	)	  	

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

  

 38 

 SCHEDULE 1 
 TERMS AND CONDITIONS 
 Part A - Form of Italian
Seller’s Terms and Conditions 
 Condizioni Generali di Vendita 
 Il conferimento di un ordine o l’accettazione di una nostra offerta valgono come accettazione delle presenti condizioni di vendita. Non si riconoscono
modifiche a tali condizioni che non siano da noi espressamente precisate per iscritto. Gli ordini e/o le modifiche d’ordine ricevuti tramite nostri agenti o rappresentanti non sono comunque vincolanti per salva nostra espressa accettazione
scritta. 
 1. OFFERTE, ORDINI ACCETTAZIONI 
 Le offerte di fornitura non sono impegnative: le ordinazioni di materiale sono impegnative solo se accettate per iscritto e nei limiti esplicitamente
indicati nell’accettazione. Le forniture sono sempre condizionate alla possibilità di approvvigionamento delle materie prime e della mano d’opera, esse sono regolate dalle presenti condizioni di vendita: nessuna variazione nel corso
della fornitura costituirà novazione del contratto. Le offerte hanno una validità di 90 giorni dalla data di emissione, salvo diversa precisazione scritta. 
 2. PREZZI 
 Si applicano i prezzi dei listini in vigore al momento di
ciascuna consegna anche in caso di forniture che avvengano in consegne ripartite, frazionate o i prezzi aggiornati secondo la clausola di revisione prezzi. L’accettazione di ordinazioni non ci preclude il diritto di effettuare revisioni di
prezzi - anche se non previamente concordate – quando queste siano motivate da aumenti dei materiali o della mano d’opera. Salvo patto contrario, i prezzi si intendono per materiale, non collaudato, non imballato, messo a disposizione
dell’acquirente nei nostri magazzini. I costi corrispondenti alla esecuzione delle operazioni predette richieste dall’acquirente saranno fatturati allo stesso. Qualunque onere fiscale o di altra natura che nasca posteriormente
all’accettazione sarà a carico dell’acquirente. 
 3. CONSEGNE 
 I termini di consegna sono indicativi. Non saremo tenuti a risarcimento o indennizzo di sorta in qualsiasi caso di ritardata o mancata consegna e di
interruzione totale o parziale della fornitura dipendenti da forza maggiore o caso fortuito rilevante, quali, ad esempio, sommovimenti interni od internazionali, eventi bellici, scioperi, serrate, irregolarità o mancanza di approvvigionamento
di materie prime, energia, mano d’opera, nonché nel caso che le merci messe a disposizione dell’acquirente presso il nostro stabilimento non vengano per qualsiasi motivo ritirate dall’acquirente stesso. In quest’ultimo
caso la consegna si intende ad ogni effetto eseguita con l’avviso di merce pronta dopo il quale tutti i rischi faranno carico all’acquirente, insieme alle spese di magazzinaggio, custodia, manutenzione, ecc. 
  

 39 

 4. TRASPORTI 
 Le merci, anche se vendute franco destino, viaggiano a rischio e pericolo dell’acquirente. Le spese per le operazioni di trasporto, assicurazione, dogana, ecc., sono a carico dell’acquirente
salvo diverso accordo scritto. 
 5. PAGAMENTI 
 Per gli acquirenti in Italia: i termini di pagamento sono a 30 giorni data fattura contro ricevuta bancaria e i versamenti devono essere effettuati presso la nostra sede di Torino. Ci riserviamo il
diritto di modificare i termini di pagamento eccezionalmente diversi da quelli sopra indicati, anche durante il corso della fornitura, dandone comunicazione all’acquirente. I pagamenti sono comunque dovuti nei modi e nei termini pattuiti, anche
nei casi indicati al paragrafo 4, di ritardato o mancato arrivo a destino della merce, di perdita totale o parziale, di avaria, di merce messa a disposizione dell’acquirente e da questi per qualsiasi motiva non ritirata. In quest’ultimo
caso la consegna si intende ad ogni effetto eseguita alla data della fattura. Decorsi 10 giorni dalla scadenza di pagamento fissata senza che questo sia stato effettuato, saremo autorizzati ad emettere tratta a vista con spese a carico
dell’acquirente. In ogni caso di ritardo nei pagamenti l’acquirente è tenuto a corrispondere, senza necessità di messa in mora, gli interessi nella misura del tasso bancario corrente. L’emissione di tratte non pregiudica
comunque la determinazione del luogo di pagamento che rimane presso la nostra Sede di Torino. Ci riserviamo la facoltà di cedere il credito rappresentato dalle fatture emesse (art. 1260 del C.C.). 
 Per gli acquirenti all’estero: i termini di pagamento sono stabiliti contro credito documentario, a vista, irrevocabile, confermato da Banca Italiana.
Qualsiasi altra forma dovrà essere concordata per iscritto. 
 6. RISOLUZIONE DEL
CONTRATTO 
 In caso di mancato adempimento di qualsiasi entità di una o più condizioni di fornitura da parte
dell’acquirente e/o quando si verificassero variazioni di qualsiasi genere nella ragione sociale, nella costituzione e/o nella capacità o solvibilità dell’acquirente il contratto potrà essere risolto di diritto, salvo
il diritto al risarcimento dei nostri danni. 
 7. RECLAMI E CONTESTAZIONI 
 Reclami riguardanti la qualità, la quantità, la specie ed il tipo della merce fornita, devono esserci comunicati per iscritto entro 8 giorni
dal ricevimento della stessa da parte dell’acquirente. Nessun reclamo, anche relativo alla qualità, potrà essere fatto valere neppure in via eccezionale, in sede giudiziaria prima del pagamento. Eventuali reclami e/o contestazioni
riguardanti una singola consegna non modificano gli obblighi contrattuali riguardo al resto della fornitura. 
 8. GARANZIA
DI FUNZIONAMENTO 
 La garanzia di funzionamento per le merci di nostra fornitura dura 12 mesi a partire dalla
data di consegna e riguarda i vizi del materiale e difetti di fabbricazione. Questa 
  

 40 

 garanzia è valida solo per una utilizzazione normale delle nostre merci e secondo le nostre norme
d’uso, essa non si applica a deterioramenti e distruzioni in particolare provocati da errore di montaggio, utilizzazioni difettose, incidenti meccanici, errori di manutenzione. La garanzia à limitata alle merci di nostra fornitura e non
può superare la riparazione o la sostituzione, a cura di nostri tecnici, del pezzo difettoso, che in caso di sostituzione resta di nostra proprietà. La riparazione, la modifica o la sostituzione di un pezzo durante il periodo di
garanzia non avrà l’effetto di proroga di tale periodo. 
 9. RESPONSABILITÀ PER
DANNI E INCIDENTI 
 Qualsiasi danno e/o incidente a cose o persone che si verifichi durante il
montaggio e/o l’utilizzazione delle merci fornite sarà interamente a carico dell’acquirente, nonostante l’eventuale presenza di nostri dipendenti. Comunque, nessuna richiesta di danni per mancato funzionamento potrà
essere presa in considerazione se esso non è verificato alla presenza di nostri funzionari. A tal fine l’acquirente dovrà darcene immediata notizia per iscritto. 
 10. DISEGNI 
 L’acquirente si impegna a non divulgare o utilizzare il
proprio eventuali nostri disegni o schermi trasmessi con l’offerta o in conseguenza dell’ordine. 
 11. COMPETENZA

 Per ogni azione o contestazione è esclusivamente competente l’autorità giudiziaria del Foro di Torino, secondo la Legge
Italiana, secondo il testo italiano delle suestese Condizioni Generali di Vendita. 
  

 41 

 [Translation] 
 General Sales Terms 
 The placement of an order or acceptance of any
other of ours is to be taken as acceptance of the present sales terms. No changes will be admitted in the said terms, unless expressly stated by us in writing. Any orders and/or changes to orders received by way of our agents or representatives are
on no account binding on us except in the case of our specific acceptance thereof in writing. 
 1. OFFERS,
ORDERS, ACCEPTANCES 
 Offers to supply shall not be binding, orders for merchandise shall be binding only if
accepted in writing and to the extent stated explicitly in the acceptance. Supplies are at all times subject to the availability of raw material and labour, and are regulated by the present sales terms: no variation during the course of the supply
shall constitute a novation of the contract. Offers will be valid for a period of 90 days from the date of issue, unless stated otherwise in writing. 
 2. PRICES 
 Prices applied will be those quoted in the price list current at the time of each delivery, even in
the case of supplies delivered in batches or instalments, or prices revised according to the price-revision clause. Acceptance of orders does not preclude our right to revise price – even when such revision may not have been agreed previously
– when these are due to increases in material costs or labour costs. Unless otherwise agreed, prices are to be intended for non-tested, non-packed material which is placed at the buyer’s disposal in our warehouse. Costs relating to the
aforesaid operations carried out at the buyer’s request will be invoiced to the same. Any expense of a fiscal or any other nature which may arise after acceptance will be charged to the buyer. 
 3. DELIVERIES 
 Delivery
terms are approximative. We shall not be liable to any compensation or indemnity in any case of delay ore failure to deliver, or total or partial interruption of supplies resulting from circumstances beyond our control or fortuitous events of a
serious nature, such as national or international revolts, warfare, strikes, lock-out, irregularity in or lack of supplies of raw material, power supply, labour, or in the event that the goods made available to the buyer. In this last event, the
delivery is to be intended as having been to all effects carried out upon notification that the goods are ready after which be borne by the buyer, as well a storage, custody and maintenance charges etc. 
 4. FREIGHT 
 Goods will
travel at the risk of the buyer even when sold free at destination (C.F.). All expenses for operations of transport, insurance, customs clearance, etc. are to be borne by the buyer, unless otherwise agreed in writing. 
  

 42 

 5. PAYMENT 
 For buyers in Italy: payment terms are 30 days from invoice date against banker’s receipt, and payments should be made to our head-office in Turin. We reserve the right to modify the terms of payment
which are exceptionally different from those stated above, even during the course of the supply, by notifying the buyer. Payments are however to be made in the manner and terms agreed, even in the event of late arrival or non-arrival of goods total
or partial loss, damage, failure on the part of the buyer, for any reason whatsoever to collect good placed at his disposal. In this last case delivery will be considered as having been made on the date of the invoice. If payment has not been made
within ten days of the due-date, we shall be authorized to issue a sight draft at the expense of the buyer. In event any of late payment the buyer will be obliged to pay interest at the current bank rate, without the need for a notice of default.
This issue of draft does not in any case after the place of payment, which shall remain our Head Office in Turin. We reserve the right dispose of the credit constituted by the invoices issued (rt. 1260 of the Italian “Codice Civile”).

 For buyers abroad: payment terms are against irrevocable documentary sight credit confirmed by an Italian Bank. Any other form of payment
must be agreed upon in writing. 
 6. DISCHARGE OF CONTRACT 
 In the case of any failure on the part of the buyer to comply to any degree with one or more of the terms of sale and/or in the capacity or solvency of the
buyer the contract may be by right discharged, with the exception of our right to compensation for our damages. 
 7.
COMPLAINTS AND DISPUTES 
 Complaints concerning the quality, quantity, kind and type of goods
supplied must be made in writing within 8 days of the receipt of the same by the buyer. No complaints, even when relating to quality, may on any account whatsoever be brought to bear in a Court of Law before payment has been made. Any complaints
and/ore disputes relating to a single delivery shall not alter the contractual obligations relating to the remaining deliveries. 
 8.
GUARANTEE OF WORKING ORDER 
 The guarantee of working order for goods supplied
by us is valid for 12 months starting from the delivery date and relates to defects in the material and manufacturing faults. This guarantee is only valid in the case of normal use of our goods and compliance with our instructions for use. It does
not apply to deterioration or damage in particular resulting from incorrect assembly, incorrect use, mechanical mishaps, improper maintenance. The guarantee only covers goods supplied by us and shall not exceed the repair or replacement, by our
technician, of the faulty part, which in case of replacement remains our property. The repair, adjustment or replacement of a part during the guarantee period shall not result in an extension of the said period. 
  

 43 

 9. LIABILITY FOR DAMAGE OR
ACCIDENTS 
 Any damage and/or accident to persons or things which may take place during the assembly and/or use of the goods
supplied shall be the total responsibility of the buyer, notwithstanding the possible presence of our employees. At all events, no claim for compensation resulting from failure to operate will be taken in consideration unless the failure has been
checked in the presence of our inspectors. To this purpose the buyer must notify us in writing immediately. 
 10. DRAWINGS

 The buyer shall undertake not to divulge or put to his own use any drawings or diagrams sent to him with the offer or as a result of the
order. 
 11. JURISDICTION 
 For any legal action or dispute the only legal authority having jurisdiction shall be that of the Law Court of Turin, according to Italian Law, as per the Italian version of these General Sales Terms.

  

 44 

 Part B - Form of Debtor’s Terms and Conditions 
 None. 
 [See overleaf] 
  

 45 

 SCHEDULE 2 
 FORM OF SOLVENCY AND COMPLIANCE CERTIFICATE 
 [Italian Seller’s letterhead] 
  

			
	 To:
	  	Société Générale Bank Nederland N.V.
		  	Amstelplein 1,
		  	1096 HA Amsterdam,
		  	The Netherlands

 [date] 
 Dear Sirs, 
 Re: Solvency Certificate 
 The definitions contained in the Italian Receivables Purchase and Servicing Agreement dated [—] (the
Agreement) entered into, inter alios, between Wabco Automotive Italia SRL (the Italian Seller) and Société Générale Bank Nederland N.V. (the Purchaser) shall apply to this
certificate. 
 I, the undersigned, being a director of Wabco Automotive Italia SRL (the Company), hereby certify on behalf of the
Company, that based on all appropriate reviews of the books and records of the Company and the Company’s accounts (both management and those required by law) which we have made or caused to be made and having duly considered the
provisions of articles 5, 66 and 67 of the Royal Decree of 16 March 1942 no. 267, as amended and supplemented from time to time, (the Bankruptcy Law), and all the relevant provisions of the Legislative Decree No. 270 of
8 July 1999 and all regulations in connection therewith as at the date hereof: 
  

	(a)	the Company is not insolvent within the meaning of article 5 of the Bankruptcy Law or unable to pay its debts as they fall due and would not become unable to do so in
consequence of the entering into the WABCO Transaction Documents, or performing any of its obligations thereunder; 

  

	(b)	no execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the Company remains unsatisfied in whole or in part and
which, if satisfied in whole, would result in the Company becoming unable to pay its debts as they fall due (insolvente); 

  

	(c)	no corporate action has been taken or is pending, no other steps have been taken and no legal proceedings have been commenced or are pending for (i) the
winding-up, liquidation, dissolution, administration or reorganisation of the Company (other than a solvent reorganisation); or (ii) the appointment of a receiver, administrative receiver or similar officer in respect of the Company and the
Company has not been wound up; 

  

 46 

	(d)	no equivalent to any of the foregoing has occurred in or under the laws of any relevant jurisdiction; 

  

	(e)	the entering into the WABCO Transaction Documents and the performance of its obligations thereunder would be made by the Company in good faith and for the purpose of
carrying on its business, and there would be reasonable grounds for believing that the transactions contemplated in the WABCO Transaction Documents would benefit the Company; and 

  

	(f)	in selling the Offered Receivables under or pursuant to the Agreement and any Offer to Sell, the Company has no desire to give a preference to any person nor is it the
purpose of the Company to put assets beyond the reach of a person who is making or may at some time make, a claim against the Company or of otherwise prejudicing the interests of such a person in relation to the claim which such person is making or
may make; 

  

	(g)	between the last closing date of its accounts and the date hereof, no event has occurred, nor any claim has been raised, or to the Company’s knowledge, is
threatened to be raised, against the Company which is likely to prevent or prohibit the execution or performance of the Agreement or which is likely to materially adversely affect the Company’s business, assets, economic or financial situation,
or the Company’s ability to perform its obligations under the Agreement; 

  

	(h)	I am not aware, as at the date hereof, of any facts or circumstances which would lead me to believe that the situations mentioned in paragraphs from (a) to
(g) above not continue for a period of at least 6 months from the date of this certificate. 

  

	(i)	the Company has observed or performed all of its undertakings, and satisfied every condition, contained in the WABCO Transaction Documents to be observed, performed or
satisfied by it, and we have no knowledge of any Early Amortisation Event or Potential Early Amortisation Event. 

 Yours
faithfully. 
  

	
	
	  
 Wabco Automotive Italia
SRL

	 By: [—]

	 As: [—]

  

 47 

 SCHEDULE 3 
 FORM OF REPURCHASE REQUEST 
 [Italian Seller’s
letterhead] 
  

			
	 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V.

	 Amstelplein 1, 1096 HA Amsterdam, The Netherlands

	 Attention:
	 	 [—]

	 Facsimile:
	 	 [—]

	 Email:
	 	 [—]

 Copy to: 
  

			
	SOCIÉTÉ GÉNÉRALE
		
	 Attention:
	 	 [—]

	 Facsimile:
	 	 [—]

	 Email:
	 	 [—]

 [date] 
 Dear Sirs, 
 Repurchase Request 
 We refer to Clause 12 (Option to Repurchase) of the Italian Receivables Purchase and Servicing Agreement (hereinafter the Agreement)
dated [date], and entered into between us, Wabco Automotive Italia SRL, as the Italian Seller, and you, Société Générale Bank Nederland N.V., as Purchaser, among others. Unless otherwise defined herein, capitalised
terms used in this Repurchase Request shall have the meanings ascribed to them in the Agreement. 
 We request to repurchase from you the
Purchased Receivables as more particularly set out Annex A, for an aggregate purchase price of [insert amount in EUR] in accordance with terms and subject to the conditions set out in Clause 12 (Option to Repurchase) of the Agreement.
We understand and acknowledge that you shall be free to accept or reject this Repurchase Request. 
 Representations and Warranties:

 We acknowledge that any repurchase of the Purchased Receivables by us that are the subject of this Repurchase Request shall be without the
benefit of any representations and warranties by you. 
  

 48 

 Acceptance and Assignment: 
 If you accept, and provided that you countersign this Repurchase Request, on the relevant Settlement Date, we shall pay you [—] [—] as the Repurchase Amount on such Settlement Date and upon such payment each Purchased Receivable identified in this Repurchase Request shall be assigned to us. 
 [Italian Seller] 
 (by its lawful
representative and agent authorised to act its behalf) 
  

					
	Wabco Financial Services SPRL
			
	 Represented by:
	 	__________________________________	 	
			
		 	__________________________________	 	[print]
			
	 Attachments:
	 		 	

  

 49 

 ANNEX A 
 RECEIVABLES LIST 
  

 50 

 ANNEX B 
 ACCEPTANCE 
 Dear Sirs, 
 We acknowledge receipt of the above Repurchase Request, and in accordance with the terms and subject to the conditions of the Agreement confirm that Société Générale Bank
Nederland N.V. hereby accepts your offer to repurchase and hereby reassigns to you, subject to payment of the Repurchase Amount, all of our right, title, interest and benefit, present and future, in and to all, but not less than all, of the
Purchased Receivables identified in the above Repurchase Request [attached as Annex A thereto] / [delivered in connection therewith]. 
 Yours
faithfully, 
 ....................................... 

			
	
	SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V.
	
	Represented by:
                                         
       [print]

  

 51 

 SCHEDULE 4 
 FORM OF INITIAL OFFER LETTER 
 [Italian Seller’s
letterhead] 
 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 Amstelplein 1, 1096 HA Amsterdam, The Netherlands 

			
	Attention:	  	[—]
	Facsimile:	  	[—]
	Email:	  	[—]
		
	Copy to:	  	

 SOCIÉTÉ GÉNÉRALE 
  

			
	Attention:	  	[—]
	Facsimile:	  	[—]
	Email:	  	[—]

 In [to be completed], on [to insert date of Initial Offer Date]

 Dear Sirs, 
 Initial Offer to
Sell 
 We refer to the Italian Receivables Purchase and Servicing Agreement (hereinafter the Agreement) dated [date],
and entered into between us, Wabco Automotive Italia Srl (the Italian Seller), Wabco Financial Services SPRL (the Seller’s Agent) and Société Générale Bank Nederland N.V. (the
Purchaser). 
 Please find below our proposal for the terms and conditions of the transfer of the receivables listed in the
Receivables List [attached as Annex A thereto] / [delivered in connection therewith] [as more particularly set out in the Daily Report delivered herewith], in accordance with the terms and subject to the conditions of the Agreement. Please note
that, in this Initial Offer Letter, capitalised terms not defined herein shall have the same meaning attributed to them in the Agreement. 
 1. TRANSFER PROPOSAL 
  

	(a)	We hereby propose to sell and assign to you pursuant to Law no. 52 of 21 February 1991, without recourse (pro soluto), pursuant to article 1267 of the
Italian Civil Code, against the Italian Seller in the case of default by the relevant Debtors (but without prejudice to the rights and remedies of the Purchaser against the Italian Seller in the event of breach or inaccuracy of any of the
representations, warranties and undertakings made or given by us in the WABCO Transaction Documents)[, with economic effect from the Initial Assessment Date,] all the Relevant Receivables (including any Ancillary Rights) as identified and
individualised in the Receivables List [attached as Annex A thereto] / [delivered in connection therewith]. 

  

 52 

	(b)	Pursuant to the operational procedure contemplated in article 3.1 of the Agreement, this Initial Offer Letter is being delivered to you in our name and on our behalf by
the Seller’s Agent. 

 2. REPRESENTATIONS, WARRANTIES AND
UNDERTAKINGS: 
 We represent and warrant that, on the date of this Initial Offer Letter (and on the Initial Settlement Date):

  

	(a)	each representation and warranty referred to in Clauses 13.1, 13.2 and 13.3 of the Agreement is true, complete, correct and accurate; and 

  

	(b)	each undertaking referred to in Clause 13.4 of the Agreement has been fully complied with by us. 

 3. ACCEPTANCE, ASSIGNMENT, SETTLEMENT AND PAYMENT INSTRUCTIONS:

  

	(a)	The acceptance of each Offered Receivable offered for purchase pursuant to this Initial Offer Letter shall take place upon receipt of the relevant Acceptance Letter
delivered to the Seller’s Agent in accordance with Clause 4.1(a) of the Agreement, 

  

	(b)	The Purchase Price for the Offered Receivables identified in the Receivables List attached hereto is Euro [—].

  

	(c)	Please, in accordance with Clause 6 of the Agreement, settle payment of the Purchase Price for the Offered Receivables identified in the Receivables List attached
hereto on the Initial Settlement Date, by crediting through a wire transfer the account No. [—] [SWIFT CODE]. 

 Please confirm your acceptance of this Initial Offer Letter by delivering to the Seller’s Agent a duly executed original of the Acceptance Letter in the form set out in Schedule 6 of the Agreement.

 Yours faithfully, 
 WABCO
Automotive Italia Srl 
 (by its lawful representative and agent authorised to act its behalf) 
 Wabco Financial Services SPRL 
 Represented
by:
                                         
                    
                                        
                      [print] 
  

 53 

 ANNEX A 
 RECEIVABLES LIST 
  

 54 

 SCHEDULE 5 
 FORM OF OFFER LETTER 
 [Italian Seller’s
letterhead] 
 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 Amstelplein 1, 1096 HA Amsterdam, The Netherlands 

			
	Attention:	  	[—]
	Facsimile:	  	[—]
	Email:	  	[—]

 Copy to: 
 SOCIÉTÉ GÉNÉRALE 

			
	Attention:	  	[—]
	Facsimile:	  	[—]
	Email:	  	[—]
		  	In [to be completed], on [Offer Date to be inserted]

 Dear Sirs, 
 Offer to Sell No. [—] 
 We refer to
the Italian Receivables Purchase and Servicing Agreement (hereinafter the Agreement) dated [date], and entered into between us, Wabco Automotive Italia Srl (the Italian Seller), Wabco Financial Services SPRL (the
Seller’s Agent) and Société Générale Bank Nederland N.V. (the Purchaser). 
 Please
find below our proposal for the terms and conditions of the transfer of the receivables listed in the Receivables List [as more particularly set out in the Daily Report delivered herewith] and [as more particularly set out in Annex A attached
herewith], in accordance with the terms and subject to the conditions of the Agreement. Please note that, in this Offer Letter, capitalised terms not defined herein shall have the same meaning attributed to them in the Agreement. 
 1. TRANSFER PROPOSAL 
  

	(a)	We hereby propose to sell and assign to you pursuant to Law no. 52 of 21 February 1991, without recourse (pro soluto), pursuant to article 1267 of the
Italian Civil Code, against the Italian Seller in the case of default by the relevant Debtors (but without prejudice to the rights and remedies of the Purchaser against the Italian Seller in the event of breach or inaccuracy of any of the
representations, warranties and undertakings made or given by us in the WABCO Transaction Documents), with economic effect from the immediately preceding Assessment Date, all the Relevant Receivables (including any Ancillary Rights) owing to the
Italian Seller which have come into existence during the Assessment Period from [—] to [—], as identified and individualised in the Receivables List
attached hereto; 

  

 55 

	(b)	Pursuant to the operational procedures contemplated in Clause 3.2 of the Agreement, this Offer Letter No. [—] is being
delivered to you in our name and on our behalf by the Seller’s Agent. 

 2. REPRESENTATIONS,
WARRANTIES AND UNDERTAKINGS: 
 We represent and warrant that, on the date of this Offer Letter
(and on the relevant Settlement Date): 
  

	(a)	each representation and warranty referred to in Clauses 13.1, 13.2 and 13.3 of the Agreement is true, complete and accurate; and 

  

	(b)	each undertaking referred to in Clause 13.4 of the Agreement has been complied with. 

 3. ACCEPTANCE, ASSIGNMENT, SETTLEMENT AND PAYMENT INSTRUCTIONS: 
  

	(a)	The acceptance of each Offered Receivable offered for purchase pursuant to this Offer Letter shall take place upon receipt of the relevant Acceptance Letter delivered
to the Seller’s Agent in accordance with Clause 4.1(b) of the Agreement, 

  

	(b)	The Purchase Price for the Offered Receivables identified in the Receivables List 

  

	(c)	attached hereto is Euro [—]. 

  

	(d)	Please, in accordance with Clause 6 of the Agreement, settle payment of the Purchase Price for the Offered Receivables identified in the Receivables List attached
hereto on the immediately following Settlement Date, by crediting through a wire transfer the account No. [—] [SWIFT CODE]. 

 Please confirm your acceptance of this Offer Letter by delivering to the Seller’s Agent a duly executed original of the Acceptance Letter in the form
set out in Schedule 7 of the Agreement. 
 Yours faithfully, 
 WABCO Automotive Italia Srl 
 (by its lawful representative and agent authorised to act its behalf)

 Wabco Financial Services SPRL 
 Represented by:
                                         
                    
                                        
                      [print] 
  

 56 

 ANNEX A 
 RECEIVABLES LIST 
  

 57 

 SCHEDULE 6 
 ACCEPTANCE LETTER OF THE INITIAL OFFER LETTER 
 [SGBN’s letterhead] 
  

					
	 To:
	  	Wabco Financial Services SPRL
		  	Chaussée de Wavre 1789, box 15, Brussels 1160, Belgium
			
		  	Attention of:	  	[—]
		  	Fax:	  	[—]
		
	 Copy to:
	  	Wabco Automotive Italia SRL
		  	Corso Pastrengo 50, 10093 Collegno, Italy
			
		  	Attention of:	  	[—]
		  	Fax:	  	[—]

 In [to be completed], on [date] 
 Dear Sirs, 
 Re: Acceptance Letter of the
Initial Offer Letter 
 We refer to the Italian Receivables Purchase and Servicing Agreement (hereinafter the Agreement) dated
[date], entered into between Wabco Automotive Italia SRL, (the Italian Seller), Wabco Financial Services SPRL, (the Seller’s Agent) and Société Générale Bank Nederland N.V., (the
Purchaser). Please note that, in this Acceptance Letter, capitalised terms not defined herein shall have the same meaning attributed to them in the Agreement. 
 We acknowledge receipt of the Initial Offer Letter with attached thereto the relevant Receivables List (made of no. [—] pages [and listing no. [— ] Offered Receivables]), which we fully and unconditionally accept, and in accordance with Clause 4.1(a) of, and subject to the conditions of the Agreement confirm that the Purchaser, hereby accepts to
purchase all of your right, title, interest and benefit, in and to (but excluding, for the avoidance of doubt, any of your obligations under) all, but not less than all, of the Relevant Receivables (including any Ancillary Rights) owing to you which
were outstanding on the immediately preceding Assessment Date, as listed in the Receivables List attached to the Initial Offer Letter. 
  

 58 

 In accordance with the Agreement, we confirm that Société Générale Bank
Nederland N.V., as Purchaser, shall discharge the Purchase Price identified in the Initial Offer Letter in respect of the Offered Receivables listed in the relevant Receivables List attached thereto in accordance with Clause 6 of the Italian
Receivables Purchase Agreement. 
 Yours faithfully. 
  

							
	  
	 		 		 	
	 Société Générale Bank Nederland N.V.
	 		 		 	
	 Represented by: [—]
	 		 		 	

  

 59 

 SCHEDULE 7 
 ACCEPTANCE LETTER OF THE OFFER LETTER 
 [SGBN
letterhead] 
  

					
	 To:
	  	Wabco Financial Services SPRL
		  	Chaussée de Wavre 1789, box 15, Brussels 1160, Belgium
			
		  	Attention of:	  	[—]
		  	Fax:	  	[—]
		
	 Copy to:
	  	Wabco Automotive Italia SRL
		  	Corso Pastrengo 50, 10093 Collegno, Italy
			
		  	Attention of:	  	[—]
		  	Fax:	  	[—]

 In [to be completed], on [date] 
 Dear Sirs, 
 Re: Acceptance Letter of the Offer
Letter No. [—] 
 We refer to the Italian Receivables Purchase and Servicing
Agreement (hereinafter the Agreement) dated [date], entered into between Wabco Automotive Italia SRL, (the Italian Seller), Wabco Financial Services SPRL, (the Seller’s Agent) and
Société Générale Bank Nederland N.V., (the Purchaser). Please note that, in this Acceptance Letter, capitalised terms not defined herein shall have the same meaning attributed to them in the Agreement.

 We acknowledge receipt of the Offer Letter No. [—] with attached thereto the relevant
Receivables List (made of no. [—] pages [and listing no. [—] Offered Receivables]), which we fully and unconditionally accept, and in accordance with
Clause 4.1(b) of, and subject to the conditions of the Agreement confirm that the Purchaser, hereby accepts to purchase all of your right, title, interest and benefit, in and to (but excluding, for the avoidance of doubt, any of your obligations
under) all, but not less than all, of the Relevant Receivables (including any Ancillary Rights) owing to you which were outstanding on the immediately preceding Assessment Date, as listed in the Receivables List attached to the Offer Letter
No. [—]. 
  

 60 

 In accordance with the Agreement, we confirm that Société Générale Bank
Nederland N.V., as Purchaser, shall discharge the Purchase Price identified in the Offer Letter No. [—] in respect of the Offered Receivables listed in the relevant Receivables List attached thereto
in accordance with Clause 6 of the Italian Receivables Purchase Agreement. 
 Yours faithfully. 
  
  

							
	  
 Société Générale Bank Nederland N.V.
	 		 		 	
	 Represented by: [—]
	 		 		 	

  

 61 

 SCHEDULE 8 
 FORM OF POWER OF ATTORNEY 
  

			
	 PROCURA SPECIALE
	  	SPECIAL POWER OF
ATTORNEY
	 	 
	 WABCO AUTOMOTIVE
ITALIA
	  	WABCO AUTOMOTIVE ITALIA
	SRL una società costituita ai sensi della legge italiana con sede legale in
Corso Pastrengo 50, 10093 Collegno (la Società), soggetta all’attività di direzione e coordinamento di [—], in persona del sig. [—], nato a [—], il [—], in qualità di [Presidente del Consiglio di Amministrazione], in forza dei
poteri ad esso conferiti in virtù dell’Atto Costitutivo e della delibera del Consiglio di Amministrazione in data [—], con il presente atto	  	SRL, an Italian company with its registered office at Galleria San Federico 54, CAP 10128, Torino, Italy (the
Company), subject to the activity of management and coordination of [—], herein represented by Mr. [—], born in [—], on [—], in his capacity as [President of the Board of Directors], duly authorised for the purposes herein by the constitutional documents of the
Company and the resolution of the Board of Directors dated [—],
	 	 
	 conferisce procura speciale
a:
	  	hereby constitutes and appoints as its special attorney-in-fact:
	 	 
	Wabco Financial Services SPRL, con sede in [—], iscritta al registro delle imprese di [—] al numero [—], in persona del legale rappresentante pro
tempore, in qualità di Seller’s Agent ai sensi dei documenti dell’Operazione;	  	Wabco Financial Services SPRL, having its registered office in [—], registered with the companies register of [—] under number [—], acting through its legal
representative pro tempore, in its capacity as Seller’s Agent pursuant to the documents of the Operation;
	 	 
	(il Procuratore)	  	(the Attorney)
	 	 
	affinché tale Procuratore – nell’ambito dell’operazione di
cartolarizzazione dei crediti commerciali pan-europea organizzata da Société Générale (l’Operazione), a cui la Società intende partecipare, unitamente ad altre società del gruppo di cui
è parte (il Gruppo), in qualità di cedente dei crediti e soggetto incaricato della relativa gestione ed incasso – in nome e per conto della Società, anche a mezzo di altra/e persona/e a cui abbia a tal fine
conferito di apposita procura speciale:	  	so that the Attorney – within the pan- European securitisation of receivables arranged by Société
Générale (the Operation), in which the Company intends to be party, together with other companies from the group to which it belongs (the Group), as assignor of credits and party charged with the relevant
management and collection – in the name and on behalf of the Company, also by means of one or more persons specially appointed by the Attorney:
	 	 
	 (1)    sottoscriva, modifichi e/o trasmetta a Société Générale Bank Nederland N.V. (SGBN), i documenti denominati Initial
	  	 (1)    execute,
amend and/or deliver to Société Générale Bank Nederland N.V. (SGBN) the documents known as Initial Offer Letter and

  

 62 

			
	          Offer Letter e Offer Letters (inclusa la relativa lista dei crediti ceduti denominata Receivables List) ai sensi del contratto denominato Italian Receivables Purchase and
Servicing Agreement ovvero qualsiasi altro documento, atto, lista o certificato (tanto in formato cartaceo che in formato elettronico) ad essi allegato o relativo;
	  	          Offer Letters (including the relevant Receivables List) pursuant to the agreement known as Italian Receivables Purchase and Servicing Agreement or any other
document, deed, list or certificate (either in paper format or in electronic format) attached or related to the same;

	 	 
	 (2)    riceva da
SGBN, in segno di accettazione dell’Initial Offer Letter e delle Offer Letters, un documento denominato Acceptance Letter ai sensi dell’Italian Receivables Purchase and Servicing Agreement;
	  	 (2)    receive from SGBN, in approval of the
Initial Offer Letter and Offer Letters, a document known as Acceptance Letter pursuant to the Italian Receivables Purchase and Servicing Agreement;

	 	 
	 (3)    riceva le
somme dovute da SGBN quale pagamento del prezzo di acquisto dei crediti commerciali ceduti dalla Società nell’ambito dell’Operazione e faccia ogni pagamento dovuto dalla Società ai sensi dell’Italian Receivables
Purchase and Servicing Agreement; e
	  	 (3)    collect any amounts due by SGBN as
payment of the purchase price of the trade receivables assigned by the Company within the Operation and make any payment due by the Company pursuant to the Italian Receivables Purchase and Servicing Agreement; and

	 	 
	 (4)    più in
generale, esegua le prestazioni che sono previste come dovute dal Seller’s Agent in nome e per conto dalla Società e riceva le prestazioni che sono previste come dovute al Seller’s Agent in nome e per conto dalla
Società ai sensi dei documenti dell’Operazione e sottoscriva qualsiasi altro atto, documento, lettera o allegato relativo e/o connesso ai documenti ed alle prestazioni di cui sopra, che si renda opportuno o necessario sottoscrivere da
parte della Società per il completamento o l’opponibilità a terzi della cessione dei crediti e/o per il buon esito dell’Operazione.
	  	 (4)    more in general, perform or accept the
performance of any activity provided for in the Operation’s documents to be carried out or received by the Seller’s Agent in the name and on behalf of the Company and execute any other act, deed, letter or attachment regarding or
connected with the documents and performances referred to above, which may become necessary or useful for completing or the enforceability against third parties of the assignment of receivables and/or for the successful completion of the Operation.

	 	 
	A tal fine, la Società conferisce al	  	For the purpose herein, the Company

  

 63 

			
	Procuratore i più ampi poteri di compiere tutto
ciò che, a suo ragionevole giudizio, sia necessario od opportuno ai fini del perfezionamento dei documenti e dell’esecuzione delle prestazioni sopra menzionati e del raggiungimento dello scopo di cui alla presente procura speciale,
inclusi a titolo esemplificativo quello di definire tutti i termini e le condizioni (anche economiche), dei suddetti documenti, dare e accettare somme in pagamento, lasciare e ricevere ampie liberatorie quietanze e in generale a compiere ogni e
qualsiasi attività ed espletare tutte le formalità e gli adempimenti che il Procuratore reputi necessarie od utili per il perfezionamento e lo svolgimento dell’Operazione.	  	grants the Attorney the powers to do all that it may in its reasonable discretion consider
necessary or expedient for the finalization of the above mentioned agreements and fulfilment of the above mentioned performances and the achievement of the purposes of this special power of attorney, including without limitation the power to
negotiate and determine the terms and conditions (including those financial) of such documents, give and accept sums in payment, issue and receive full discharges and generally speaking do anything in respect of meeting any formalities and
obligations which the Attorney may consider necessary or useful in order to finalise and carry out the Operation.
	 	 
	La Società espressamente autorizza sin d’ora il Procuratore, a suo discrezionale
giudizio, a delegare ad una o più persone funzionari e/o dipendenti della Società o del Procuratore, in tutto o in parte, l’esercizio dei poteri attribuiti al Procuratore con il presente atto, conferendo a tale/i persona/e una o
più apposite procure speciali in forma notarile.	  	The Company expressly entitles the Attorney with the right, in its sole discretion, to appoint one or more officers and/or
employees either of the Company or of the Seller’s Agent (granting them with a special notarised power of attorney) in order to exercise, in all or in part, the powers granted to the Attorney under this power of
attorney.
	 	 
	La Società rimborserà qualsiasi ragionevole spesa e terrà il Procuratore
e/o la/le persona/e a cui il Procuratore abbia a sua volta conferito procura speciale ai sensi del presente atto, indenni da qualsiasi costo, pretesa e responsabilità in cui i medesimi possano incorrere come conseguenza
dell’attività svolta nell’esercizio dei poteri loro conferiti in forza della presente procura e/o della/e procura/e speciale/i loro conferita/e dal Procuratore, salvo il caso in cui tali costi, pretese o responsabilità siano
cagionate da dolo o colpa grave del Procuratore e/o della/le persona/e a cui il Procuratore abbia a sua volta conferito procura speciale.	  	The Company undertakes to indemnify the Attorney and any person/s in turn appointed by the Attorney pursuant to this deed,
from any reasonable expense, claim or liability arising out of having acted on the basis of this power of attorney or of the power/s of attorney/ies granted them by the Attorney, except any such expense, damages or liabilities resulting from the
Attorney’s gross negligence or wilful default or from the gross negligence or wilful default of the person/s appointed by the Attorney.
	 	 
	La presente procura è retta e deve essere
interpretata in conformità al diritto italiano.	  	This power of attorney is governed by, and shall be construed in accordance with, Italian
law.

  

 64 

							
	Il tutto con promessa di aver fin d’ora per
valido e ratificato l’operato del Procuratore ai sensi della presente procura e e/o della/le persona/e a cui il Procuratore abbia a sua volta conferito procura speciale.	  	The Company hereby undertake to ratify any action taken by any of the said
Attorney for the purposes of the present power of attorney and/or person/s in turn appointed by the Attorney.
	 	 
	La presente procura avrà efficacia irrevocabile dalla data odierna fino al
Agreement Expiry Date. Alla cessazione della presente procura anche la/le procura/e speciale/i conferita/e dal Procuratore a terzi ai sensi del presente atto dovranno cessare.	  	This power of attorney shall be valid from the date hereof and shall expire on the Agreement Expiry Date. Upon
termination of this power of attorney also the power/s of attorney/ies granted by the Attorney pursuant to this deed shall cease.
	 	 
	In fede, la presente procura viene rilasciata in data [—][—] 2009.	  	This power of attorney is executed on this [—]th day of [—], 2009.

	 	 
	WABCO AUTOMOTIVE ITALIA SRL	  	WABCO AUTOMOTIVE ITALIA SRL
	  
	 	 	  	  
	  	 
	[il Presidente del Consiglio di
Amminstrazione]	  	[the President of the Board of Directors]

  

 65 

 SCHEDULE 9 
 FORM OF ITALIAN SELLER’S PAYMENT INSTRUCTION LETTER 
 [carta intestata WABCO Automotive Italia
S.r.l.] 
 [Nome 
 e indirizzo 
 Debitore ceduto] 
 [luogo], [data]

 Egregi Signori, 
 Nuove istruzioni di pagamento

 Con riferimento alla clausola 6 (Pagamenti) delle nostre Condizioni Generali di Vendita applicabili per l’Italia (inserire data),
che disciplinano le condizioni di fornitura e consegna applicabili ai nostri rapporti, osserviamo quanto segue. 
 Con la presente, Vi comunichiamo di
effettuare qualsivoglia pagamento di importi a noi dovuti esclusivamente sul conto aperto a nome di Société Générale Bank Nederland N.V. descritto qui sotto: 
  

			
		  	
		
		  	
		
		  	
		
		  	

 Resta inteso che ogni pagamento avrà efficacia liberatoria solo se effettuato sul conto sopra indicato. Non
esitate a contattarci per qualunque domanda rispetto a quanto sopra indicato. 
 Distinti saluti. 
 ______________________________ 
 in nome e per conto di WABCO
Automotive Italia S.r.l. 
 *** 
  

 66 

 [English Translation for Information Purposes] 
 [Letterhead of WABCO Automotive Italia S.r.l.] 
 [Name 
 and address 
 of
assigned Debtor] 
 [place ], [date] 
 Dear Sirs 
 Re: New payment instructions 
 We
refer to Clause 6 (Payments) of our Standard Terms and Conditions of Sale for Italy (insert date), which govern all sales and deliveries made between ourselves. 
 You are hereby instructed to make all payments in respect of all receivables owing to us exclusively to the account in the name of Société Générale Bank Nederland N.V. described below:

  

			
		  	
		
		  	
		
		  	
		
		  	

 Only payments made on the above account will have discharging effect. Please do not hesitate to contact us if you
have any questions. 
 Yours faithfully 
 ________________________ 
 for and on behalf of WABCO Automotive Italia S.r.l. 
  

 67 

 SCHEDULE 10 
 FORM OF NOTICE OF TRANSFER AND PAYMENT INSTRUCTION TO 
 DEBTORS 
 [su carta intestata di Société Générale Bank Nederland N.V.] 
 [Nome ed indirizzo 
 del debitore ceduto] 
 [c.c. 
 Indirizzo dell’Italian Seller] 
 [Luogo], [data] 
 Egregi Signori, 
 Comunicazione di avvenuta cessione del credito e istruzioni di pagamento 
 Con la presente Vi rendiamo noto che abbiamo acquistato ai sensi delle disposizioni di cui alla Legge n. 52 del 21 febbraio 1991 i crediti vantati da WABCO Automotive Italia S.r.l. (che ci legge in copia) nei Vostri confronti, del valore
complessivo di Euro [—], un elenco dei quali è allegato alla presente. 
 Resta inteso che ogni pagamento da
parte Vostra dei crediti su menzionati avrà effetto liberatorio solo ove effettuato sul conto aperto a nome di Société Générale Bank Nederland N.V. descritto qui sotto: 
  

			
		  	
		
		  	
		
		  	
		
		  	
		
	Distinti saluti.	  	

 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 ________________________ 
 Nome: [to be completed] 
 Qualifica: [to be completed] 
 *** 
  

 68 

 [English Translation for Information Purposes] 
 [on Purchaser letterhead] 
 [Name and address

 of the assigned Debtor] 
 [c.c. 
 address of the Italian Seller] 
 [Place],
[date] 
 Dear Sirs 
 Re: Notice of transfer and
payment instructions 
 We hereby inform you that we have purchased pursuant to Law no. 52 dated 21 February 1991 the receivables owed by you towards
Wabco Automotive Italia S.r.l. (which is copied herein), having an overall outstanding amount of Euro [—], a list of which is attached to this letter. 
 Only payments made in respect of the above receivables on the following account opened in the name of Société Générale Bank Nederland N.V.
will have discharging effect: 
  

			
		  	
		
		  	
		
		  	
		
		  	

 Yours faithfully 
 SOCIÉTÉ GÉNÉRALE BANK NEDERLAND N.V. 
 By:______________________ 
 Name: [to be completed] 
 Title: [to be completed] 

 

 69EXHIBIT 10.3

 23 SEPTEMBER 2009 
 WABCO FINANCIAL SERVICES SPRL 
 (as Seller’s
Agent) 
 WABCO FRANCE S.A.S. 
 (as French Seller) 
 PARIS TITRISATION 
 (as Management Company) 
 SOCIÉTÉ GÉNÉRALE 
 (as Custodian)

  
  
 FCT - VAL DUCHESSE TITRISATION 
 FRENCH RECEIVABLES PURCHASE AND SERVICING 
 AGREEMENT 
  
  
 

 
 Freshfields Bruckhaus Deringer LLP 

 CONTENTS 
  

					
	 CLAUSE
	  	PAGE
	1.	  	Definitions and Interpretation	  	2
			
	2.	  	Commitment to sell Relevant Receivables to the FCT	  	3
			
	3.	  	Offers to Sell	  	3
			
	4.	  	Acceptance	  	4
			
	5.	  	Transfer of Receivables	  	4
			
	6.	  	Role of Seller’s Agent	  	5
			
	7.	  	Purchase Price, Set-off and Completion	  	6
			
	8.	  	Conditions Precedent	  	7
			
	9.	  	Appointment of the French Servicer	  	10
			
	10.	  	Contractual Documents and Files	  	12
			
	11.	  	French Servicer Termination Event	  	13
			
	12.	  	Perfection of Assignment Against Debtors	  	14
			
	13.	  	Deemed Collections and Dilutions	  	15
			
	14.	  	Option to Repurchase	  	16
			
	15.	  	Representations, Warranties and Undertakings of the French Seller and the French Servicer	  	17
			
	16.	  	Reliance	  	29
			
	17.	  	Representations and Warranties of the Management Company and the Custodian	  	30
			
	18.	  	Liquidation of the FCT and Clean-up Offer	  	31
			
	19.	  	Limited recourse	  	32
			
	20.	  	Termination	  	33
			
	21.	  	Change in Circumstances	  	33
			
	22.	  	Stamp Duty and Taxes	  	34
			
	23.	  	Power of Attorney	  	36
			
	24.	  	Waivers, Remedies Cumulative	  	37
			
	25.	  	Modification	  	37
			
	26.	  	Entire Agreement	  	37
			
	27.	  	Miscellaneous	  	37
			
	28.	  	Governing law and jurisdiction	  	38

  

 i 

			
	 Schedule 1
	  	40
		
	 Part A - Form of French Seller’s Terms and Conditions
	  	40
		
	 Part B - Form of Debtor’s Terms and Conditions
	  	44
		
	 Schedule 2 Form of Solvency and Compliance Certificate
	  	45
		
	 Schedule 3 Form of Repurchase Request
	  	47
		
	 Schedule 4 Form of Retransfer Document
	  	50
		
	 Schedule 5 Form of Initial Transfer Offer
	  	52
		
	 Schedule 6 Form of Transfer Offer
	  	54
		
	 Schedule 7 Form of Transfer Document
	  	56
		
	 Part A - Form to be used on the Initial Offer Date
	  	56
		
	 Part B - Form to be used on each Offer Date
	  	58
		
	 Schedule 8 Form of Notice of Transfer
	  	60
		
	 Schedule 9 Form of Payment Instruction Letter
	  	64

  

 ii 

 THIS FRENCH RECEIVABLES PURCHASE AND SERVICING AGREEMENT is made on 23 September 2009 

 BETWEEN: 
  

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

  

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

  

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

  

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

 WHEREAS: 
 (A) The Management
Company and the Custodian have decided to jointly create a French fonds commun de titrisation named “FCT - Val Duchesse Titrisation” (the FCT or the French Purchaser) no later than 23 September 2009, governed by
the provisions of Articles L. 214-42-1 to L. 214-49-14 and Articles R.214-92 to R.214-114 of the French Monetary and Financial Code and the FCT Regulations dated the same date as this Agreement, for the purposes of purchasing certain Receivables
from the French Seller and issuing Units. 
 (B) The French Seller wishes to sell and the French Purchaser wishes to purchase from the French
Seller, certain receivables, as more particularly described herein, originated from the sale of automotive products by the French Seller to certain Debtors pursuant to certain Contracts, together with the benefit of all related ancillary security
and other rights attached thereto, if any, on the terms and subject to the conditions of this French Receivables Purchase and Servicing Agreement. 
  

 1 

 (C) In order to finance the Purchase Price of the Offered Receivables, the FCT will issue a Senior Unit on
the FCT Establishment Date, which shall be subscribed for by the Senior Unit Subscriber on such date. The Residual Units will be subscribed by the Senior Unit Subscriber and by Société Générale. 
 (D) The FCT has agreed to appoint the French Seller to act as French Servicer in order to carry out the task and duties of managing, servicing and
collecting, for the account of the FCT, all amounts due and payable under the receivables sold by the French Seller to the FCT pursuant to this French Receivables Purchase and Servicing Agreement. 
 IT IS HEREBY AGREED AS FOLLOWS: 
 1. DEFINITIONS AND INTERPRETATION 
 1.1 Capitalised terms used in this French Receivables Purchase and Servicing Agreement (the Agreement) including the Recitals and the Schedules shall, except where the context otherwise
requires and save where otherwise defined in this Agreement, have the meanings given to them in the Master Definitions Agreement entered into between, inter alia, the parties hereto on or about the date hereof (the Master Definitions
Agreement) and this Agreement shall be construed in accordance with the principles of construction set out in the Master Definitions Agreement. 
 1.2 Where an obligation is expressed in this Agreement to be performed on a date, which is not a Business Day, such date shall be postponed to the first following day that is a Business Day unless that
day falls in the next month in which case that date will be the preceding day that is a Business Day. 
 1.3 Unless expressly provided for to
the contrary, all references made in this Agreement to a day are references to a calendar day. 
 1.4 Unless expressly provided for to the
contrary, references to time in this Agreement are to local time in Paris (France). 
 1.5 Unless expressly provided for to the contrary, all
references made in this Agreement to Receivables, Relevant Receivables, Eligible Receivables, Offered Receivables or Purchased Receivables shall include a reference to the related Ancillary Rights and Collateral Security. 
 1.6 Unless expressly provided for to the contrary, all references made in this Agreement to Collections shall be construed as any and all Collections
relating to the French Seller. 
 1.7 References made in this Agreement to the “French Purchaser” shall be construed as references to
the “FCT”, and vice versa. Any references made in this Agreement to the “Management Company” shall be construed as a reference to the Management Company acting in the name and on behalf of the FCT. Any references made in
this Agreement to the “FCT” or to the “French Purchaser” shall be deemed references to the Management Company acting in the name and on behalf of the FCT. 
  

 2 

 2. COMMITMENT TO SELL RELEVANT
RECEIVABLES TO THE FCT 
 2.1 The French Seller agrees to sell and assign (céder)
to the French Purchaser, all of the French Seller’s right, title, interest and benefit, present and future, in and to (but excluding, for the avoidance of doubt, any of the French Seller’s obligations under) all, but not less than all,
unless otherwise agreed in writing by the parties hereto, of the Relevant Receivables together with any related Ancillary Rights and Collateral Security owing to the French Seller from and including the FCT Establishment Date to but excluding the
Commitment Termination Date, in accordance with Clause 3 (Offers to Sell). 
 2.2 Subject to the terms and conditions of this Agreement
and the FCT Regulations, the French Purchaser agrees to purchase all, but not less than all, unless otherwise agreed in writing by the parties hereto, of the Relevant Receivables offered for sale and assignment by the French Seller in accordance
with Clause 3. 
 3. OFFERS TO SELL 
 3.1 On the Initial Offer Date, the French Seller shall, by delivery, by fax or by e-mail in accordance with Clause 27.4 (Notices), of a duly completed
Initial Transfer Offer with attached thereto, or, in the case of delivery by e-mail, contained in the same e-mail, an up-to-date Receivables List by the Seller’s Agent (on behalf of the French Seller) to the French Purchaser by no later than
2.00 p.m. (Paris time) on the Initial Offer Date, offer to sell to the French Purchaser all of its right, title, interest and benefit, present and future, in and to (but excluding, for the avoidance of doubt, any of its obligations under) all, but
not less than all, unless otherwise agreed in writing by the parties hereto, of the Relevant Receivables owing to it which were existing on the Initial Assessment Date, as listed in the relevant Receivables List, at a price, for each Offered
Receivable, equal to the relevant Purchase Price. 
 3.2 On each Offer Date falling after the Initial Offer Date until, but excluding, the
Commitment Termination Date, the French Seller shall, by delivery, by fax or by e-mail in accordance with Clause 27.4 (Notices), of a duly completed Transfer Offer with attached thereto, or, in the case of delivery by e-mail, contained in the
same e-mail, an up-to-date Receivables List by the Seller’s Agent (on behalf of the French Seller) to the French Purchaser by no later than 2.00 p.m. (Paris time) on each Offer Date, offer to sell to the French Purchaser all of its right,
title, interest and benefit, present and future, in and to (but excluding, for the avoidance of doubt, any of its obligations under) all, but not less than all, unless otherwise agreed in writing by the parties hereto, of the Relevant Receivables
owing to it which were in existence as of the Assessment Date immediately preceding such Offer Date, as listed in the relevant Receivables List, at a price, for each Offered Receivable, equal to the relevant Purchase Price. 
 3.3 Each Transfer Offer shall be substantially in the form of Schedule 5 or Schedule 6, as the case may be. 
 3.4 In addition to the Initial Transfer Offer and each subsequent Transfer Offer delivered pursuant to Clause 3.1 and Clause 3.2, the Seller’s Agent in
the name and on behalf of the French Seller shall, from and including the Closing Date until the 
  

 3 

 Agreement Expiry Date, send to the Management Company on each Business Day a computer file (or such other
readable format which the French Purchaser may notify to the Seller’s Agent in writing from time to time) (the Daily Report) containing a full list of the Relevant Receivables which were existing as of the immediately preceding
Business Day, showing in relation to each such Relevant Receivable, the name and address and account number of the Debtor, the amount due, the Due Date, the invoice number and the invoice date of such receivable (such information being referred to
herein as the Debtor and Receivable Data). 
 4. ACCEPTANCE 
 4.1 The Management Company shall: 
  

	(a)	on the Initial Settlement Date, subject to the Conditions Precedent set out in Clause 8.1 and Clause 8.2 being satisfied, accept to purchase all Offered Receivables
referred to in the Initial Transfer Offer and in the Receivables List by paying the Purchase Price to the French Seller (or the Seller’s Agent) in accordance with Clause 7.2 (Payment of Purchase Price); and 

  

	(b)	on each Settlement Date, subject to the Conditions Precedent set out in Clause 8.1 and Clause 8.2 being satisfied, accept to purchase all Offered Receivables referred
to in the Transfer Offer and in the Receivables List delivered on the immediately preceding Offer Date by paying the Purchase Price to the French Seller (or the Seller’s Agent) in accordance with Clause 7.2 (Payment of Purchase Price).

 4.2 Without prejudice to the statutory and regulatory requirements of the FCT under all applicable laws and regulations, the
parties hereto acknowledge and agree that before accepting to purchase any Offered Receivable pursuant to Clause 4, neither the Management Company nor the Custodian shall be required to make any independent investigation in relation to the French
Seller, the Offered Receivables (including any Ancillary Right or Collateral Security), the Debtors, the Contracts or the compliance with the Relevant Receivables Criteria or the Eligibility Criteria, as the case may be, of any Offered Receivables,
save to rely on the assumption that each of the representations and warranties given by the French Seller herein is true and accurate in all material respects when rendered or repeated. 
 5. TRANSFER OF RECEIVABLES 
 5.1 Transfer
document 
  

	(a)	Each assignment of Offered Receivables from the French Seller to the French Purchaser shall be performed by way of delivery of a transfer document (Acte de Cession
de Créances) to the Management Company complying with Articles L. 214-42-1 et seq. and Article D.214-102 of the French Monetary and Financial Code (Code monétaire et financier). 

  

	(b)	By no later than 9:30 a.m. (Paris time) on each Settlement Date, the French Seller shall execute and send to the Management Company by fax and/or by electronic email
the duly executed and dated transfer document (Acte de 

  

 4 

	    	Cession de Créances) in the form set out in Schedule 7 which shall contain the means of identification and individualisation (moyens de
désignation et individualisation) in respect of the Relevant Receivables that are the subject of the relevant transfer document (Acte de Cession de Créances) (each, a Transfer Document).

  

	(c)	By no later than 4 p.m. (Paris time) on each Settlement Date (or on the FCT Establishment Date for the initial purchase of Relevant Receivables), the Management Company
shall deliver each Transfer Document to the Custodian, who shall keep it under its own responsibility in accordance with the provisions of the FCT Regulations and Article D.214-104 of the French Monetary and Financial Code. A copy of the executed
and dated Transfer Document shall be delivered to the Seller’s Agent. 

 5.2 Effect 
 Pursuant to the provisions of Article L. 214-43 of the French Monetary and Financial Code, the Relevant Receivables that are the subject of a Transfer
Document (and all Ancillary Rights attached thereto) shall be transferred from the French Seller to the French Purchaser by delivering to the Management Company, acting on behalf of the French Purchaser, the relevant Transfer Document. Such
transfer, as a matter of French law, shall be valid between the French Purchaser and the French Seller and enforceable against third parties (including the Debtors) without any further formalities, irrespective of the origination date, the due date
or the maturity date of the Purchased Receivables and regardless of the law governing the Purchased Receivables and the law of the country where the Debtors are located, as at the date affixed on the relevant Transfer Document (Acte de Cession de
Créances) upon its delivery to the Management Company. 
 The parties hereby expressly acknowledge and agree that the relevant
transfer of Purchased Receivables shall be automatically and without any further formality rescinded (résolu de plein droit) if the Purchase Price is not paid by the FCT in accordance with Clause 7 (Purchase Price, Set-off and
Completion). 
 5.3 No formalities in relation to Ancillary Rights or Collateral Security 
 Notwithstanding any provision in this Agreement to the contrary and in particular Clause 5.2, the parties expressly acknowledge and agree that they will not
comply with the additional specific formalities, if any, which might be required under any applicable laws and regulations for the transfer to the FCT of any Ancillary Rights or Collateral Security to be enforceable or perfected. 
 6. ROLE OF SELLER’S AGENT 
 6.1 Appointment of Seller’s Agent 
 The French
Seller hereby appoints the Seller’s Agent, to act as its lawful representative and lawful agent (mandataire) pursuant to Articles 1984 et seq. of the French Civil Code (Code civil) in its name and on its behalf, and the
Seller’s Agent hereby accepts such appointment, with effect from the FCT Establishment Date to 
  

 5 

 deliver an Initial Transfer Offer on the Initial Offer Date and a Transfer Offer on each Offer Date
thereafter on its behalf, to receive from or give to the Management Company or the Custodian any notices or documents pursuant to the WABCO Transaction Documents, to deliver Transfer Documents in its name and on its behalf and more generally to
perform in the name and on behalf of the French Seller all steps required in relation to the assignment of the Offered Receivables to the FCT in accordance with Clause 5, to accept payment of Purchase Price for such Offered Receivables and to make
payments on its behalf, in each case in accordance with the terms of this Agreement. 
 6.2 Authority of Seller’s Agent 
 The French Seller agrees that the French Purchaser shall be entitled to assume without further enquiry that any action taken by the Seller’s Agent in
connection with the Initial Transfer Offer, any Transfer Offer, receipt of Purchase Price, the making of payments or otherwise in connection with this Agreement, is duly authorised and undertaken in the name and on behalf of the French Seller. In
particular, without limiting the foregoing, each of the French Seller and the Seller’s Agent hereby acknowledges and agrees that payment, by way of set-off or otherwise, to the Seller’s Agent as agent in the name and on behalf of the
French Seller of any amount by the French Purchaser shall be effective as a payment in respect of the Purchase Price of Offered Receivables to the French Seller and shall irrevocably discharge all obligations and liabilities of the French Purchaser
in connection therewith. 
 6.3 Change of Seller’s Agent 
 6.4 No change of the Seller’s Agent shall be effective as against the FCT unless the credit committees of each Support Facility Provider have approved the identity of the new Seller’s Agent and
the Management Company, acting in the name and on behalf of the FCT, has given its prior written consent to such change, with a copy to the Custodian, such consent not to be unreasonably withheld. 
 7. PURCHASE PRICE, SET-OFF AND COMPLETION 
 7.1 Consideration 
 The consideration payable by the
FCT to the French Seller in respect of each Offered Receivable purchased by the FCT shall be the Purchase Price, which shall be equal to the Face Amount of such Offered Receivable in Euro. 
 7.2 Payment of Purchase Price 
 The parties agree
that the French Purchaser shall, on each Settlement Date, provided that it has received the relevant Transfer Document pursuant to Clause 5 (Transfer of Receivables) and subject to the Conditions Precedent set out in Clause 8.1 and Clause 8.2
being satisfied, pay the Purchase Price in respect of any and all Offered Receivables offered for sale on the immediately preceding Offer Date, less any amount deducted by way of set-off in accordance with Clause 7.3, by wire transfer to the
Depositor’s Account. Such payment of the Purchase Price to, including by way of set-off (compensation), the Depositor’s Account, shall be deemed to discharge the French Purchaser’s obligation to pay the Purchase Price to the
French Seller hereunder. 
  

 6 

 7.3 Set-Off 
 The FCT shall be entitled at all times to set off (compenser) any amount owing at any time from the French Seller, against and up to (jusqu’à concurrence de leur quotité
respective) any amount due and payable (exigible) at any time by the FCT under this Agreement or any WABCO Transaction Document to the French Seller. 
 7.4 Completion 
 Transfer of title to, and completion of the assignment of, an Offered Receivable
shall take place in accordance with the procedure described in Clause 5. 
 7.5 Completion Collections 
 The French Seller agrees that in the event that any amounts in connection with an Offered Receivable are received from a Debtor at any time on or after the
Business Day on which such Offered Receivable is purchased by the French Purchaser pursuant to Clause 5, such amounts will be for the account of and forwarded to the French Purchaser. 
 7.6 FCT Order of Priority of Payments 
 The French Seller hereby acknowledges that, pursuant to the
FCT Regulations, any amount due and payable from time to time to it shall be paid by the Management Company in accordance with the FCT Order of Priority of Payments set out in Clause 15 (Payment and Allocations) of the FCT Regulations subject
to a copy of the FCT Regulations being delivered to the French Seller. 
 8. CONDITIONS PRECEDENT

 8.1 Initial Conditions Precedent 
 This Agreement shall come into effect subject to the following conditions precedent having being satisfied or waived by the Management Company in writing on or prior to the Closing Date: 
  

	(a)	the French Seller having delivered the following, in form and substance satisfactory to the Management Company, acting in the name and on behalf of the French
Purchaser: 

  

	 	(i)	copies of the latest version of its constitutional documents certified by a duly authorised representative to be a true and up to date copy of the original;

  

	 	(ii)	copies of the resolutions of its Board of Directors authorising the entry into, execution, delivery and performance of, and its obligations under, the WABCO Transaction
Documents to be entered into by the French Seller, certified by a duly authorised representative to be a true copy as 

  

 7 

	 	    	of the Closing Date, which certificate shall state that the resolutions thereby certified have not been amended, modified, revoked or rescinded;

  

	 	(iii)	a certificate as to the incumbency and signature of the officers or other employees of the French Seller authorised to sign the WABCO Transaction Documents on behalf of
the French Seller and any certificate or other document to be delivered pursuant thereto, certified by a duly authorised representative; 

  

	 	(iv)	a completed Solvency and Compliance Certificate in the form set out in Schedule 2; and 

  

	 	(v)	a legal opinion of Barbé - Carpentier - Thibault - Groener & Associés dated the Closing Date as to matters of French law as to due incorporation
and corporate capacity of the French Seller, authorisation and due execution of the WABCO Transaction Documents to which each is a party, and other customary matters; 

  

	(b)	General: 

  

	 	(i)	due execution and delivery of each of the Transaction Documents by the respective parties thereto, and all documentation to be delivered therewith and fulfilment of all
conditions precedent therein; 

  

	 	(ii)	the delivery of a legal opinion of Freshfields Bruckhaus Deringer LLP dated the Closing Date as to matters of French law as to the assignment of the Offered Receivables
pursuant to French law, enforceability of the Transaction Documents governed by French law and other relevant matters; 

  

	 	(iii)	on or prior to the FCT Establishment Date, the Rating Agencies have confirmed that the funding provided by Antalis S.A. in respect of the acquisition of Relevant
Receivables by the FCT shall not entail the downgrading of the rating of the billets de trésorerie or Euro commercial papers assigned by Moody’s and Standard & Poor’s below P-1 or A-1 respectively or the putting on
credit watch with negative implication of this rating; and 

  

	 	(iv)	the proceeds of the subscription of Senior Units and/or the Residual Units to be issued on the FCT Establishment Date pursuant to the FCT Regulations have been credited
on the FCT Transaction Account. 

 8.2 Conditions Precedent prior to any purchase of Offered Receivables 
 Each event listed below shall constitute a condition precedent to a purchase of any Offered Receivable pursuant to Clause 5 (Transfer of Receivables):

  

	(a)	on the applicable Offer Date and on the immediately following Settlement Date: 

  

	 	(i)	the representations and warranties in Clause 15.1 (Representations and Warranties of the French Seller and French Servicer) and Clause 15.2 (Representations
and Warranties of the Seller’s Agent) are correct and will be correct immediately following the payment of the Purchase Price in respect of such Offered Receivable; 

  

 8 

	 	(ii)	the French Seller or the French Servicer not being in breach of its obligations under this Agreement; 

  

	 	(iii)	the German Seller or the German Servicer not being in breach of its obligations under the German Receivables Purchase and Servicing Agreement; 

 

	 	(iv)	the Italian Seller or the Italian Servicer not being in breach of its obligations under the Italian Receivables Purchase and Servicing Agreement;

  

	 	(v)	the Seller’s Agent not being in breach of its obligations under this Agreement, the German Receivables Purchase and Servicing Agreement or the Italian Receivables
Purchase and Servicing Agreement; 

  

	 	(vi)	the Insurance Servicer not being in breach of its obligations under the Insurance Servicing Agreement; and 

  

	 	(vii)	no Early Amortisation Event having occurred which has not been waived; 

  

	(b)	the French Purchaser’s obligation to pay the relevant Purchase Price and the terms of the relevant Transfer Offer do not violate any applicable law or regulation
in force; 

  

	(c)	the French Purchaser’s obligation to pay the relevant Purchase Price will not result in the Bank’s Funding exceeding the Maximum Amount of the Bank’s
Funding; 

  

	(d)	the Settlement Date referred to in any such Transfer Offer does not fall after the Commitment Termination Date; 

  

	(e)	the Depositor is not in breach of its obligations under the Subordinated and Additional Deposits and Payments Agreement; 

  

	(f)	the FCT can issue, if need be, one or several Units in order to obtain the financing required to fund the Purchase Price of Relevant Receivables on the next Settlement
Date, as contemplated in the FCT Regulations; and 

  

	(g)	on or prior to the applicable Offer Date the French Seller has delivered a letter in the form set out in Schedule 9 to each Debtor of Offered Receivables offered for
sale on such Offer Date, in which each such Debtor is instructed to pay all Relevant Receivables owing or that may become owing by it to the French Purchaser Collection Account. 

  

 9 

 8.3 Each condition precedent listed in Clauses 8.1 and 8.2 shall be referred to herein as a Condition
Precedent. 
 9. APPOINTMENT OF THE FRENCH SERVICER 

 9.1 Appointment by the Management Company 
 Pursuant to the provisions of Article L. 214-46 of the French Monetary and Financial Code, the French Seller, acting in its capacity as French Servicer, will continue to perform the management, servicing and collection of the Purchased
Receivables originated by it and sold to the FCT. 
 The Management Company, acting in the name and on behalf of the FCT hereby appoints the
French Servicer, with effect from the Closing Date until the Agreement Expiry Date, to act solely (conjointement et sans solidarité) on its behalf to: 
  

	(a)	perform the servicing of the Receivables on behalf of the French Purchaser (but excluding, for the avoidance of doubt, accepting any Offered Receivables on behalf of
the French Purchaser); 

  

	(b)	provide administration and reporting services in relation to the Purchased Receivables, the Ancillary Rights and the Collateral Security (if any), and the Collections
in respect thereof; and 

  

	(c)	perform those other functions, duties and obligations as are set out in Clause 15.4(ii) below or as are more particularly described herein, 

 in all such cases as provided for under this Agreement and the other Transaction Documents. 
 9.2 Acceptance of Appointment 
 The French Servicer hereby accepts the appointment pursuant to
Clause 9.1 (Appointment by the Management Company) on the terms and subject to the conditions of this Agreement. 
 9.3 Authority of the
French Servicer 
 During the continuance of its appointment hereunder, the French Servicer shall, on the terms and subject to the conditions of
this Agreement, have the full power, authority and right to do or cause to be done any and all things which it reasonably considers necessary, desirable, convenient or incidental to the performance of the functions, duties and obligation delegated
to it hereunder. 
  

 10 

 9.4 Administration of Purchased Receivables and Collections 
 From, and including, the Closing Date until the Agreement Expiry Date, the French Servicer shall: 
  

	(a)	unless otherwise directed by the French Purchaser: 

  

	 	(i)	use all reasonable efforts to ensure that any and all amounts payable by the Debtors of Purchased Receivables, or any of them, in respect of any Invoices or Contracts
related to such Purchased Receivables (and the Ancillary Rights and Collateral Security) shall be paid directly to the French Purchaser Collection Account; 

  

	 	(ii)	if, notwithstanding Clause 9.4(a)(i) above, any Collections are received by the French Seller, the French Servicer or the Seller’s Agent in respect of the relevant
Purchased Receivables (and the Ancillary Rights and Collateral Security), transfer or procure that the Seller’s Agent transfers any and all such amounts to the French Purchaser Collection Account, immediately upon request of the French
Purchaser or, in the absence of such a request, on the immediately following Settlement Date; and 

  

	 	(iii)	take any other action as requested by the French Purchaser to cause any and all Collections to be received directly by the French Purchaser only and not by the French
Seller; 

  

	(b)	implement and maintain any administrative or operating procedures (including a procedure required in order to recreate records in the event of their destruction);

  

	(c)	keep and maintain all documents, books, records and other information reasonably required for the collection of all Purchased Receivables (including any records as
required for the identification of a new Purchased Receivable on each Settlement Date and as required for the daily identification of all Collections of and adjustments to each outstanding Purchased Receivable); 

  

	(d)	devote all due care to the performance of its function, duties and obligations and the exercise of its discretions under this Agreement in respect of the Purchased
Receivables; 

  

	(e)	take or cause to be taken all such actions as may be necessary or advisable to collect each Purchased Receivable and its Ancillary Rights and Collateral Security (if
any), with care and diligence and to the same standard as it would apply if such Purchased Receivable and its Ancillary Rights and Collateral Security (if any) were owned by it; and 

  

	(f)	take or cause to be taken all necessary action, at its own expense, to recover all amounts due in respect of each Purchased Receivable (and its Ancillary Rights and
Collateral Security) from each corresponding Debtor in accordance with its General Policies and Procedures Manual, including (without limitation) commencing and conducting legal proceedings or (if the Contract requires) arbitration procedure against
the corresponding Debtor and enforcing any judgment or award obtained to the extent permissible or necessary under any applicable law, in each case in a timely fashion and with care and diligence and to the same standard it would apply if such
Purchased Receivable and its Ancillary Rights and Collateral Security (if any) were owned by it. 

  

 11 

 9.5 Any Collections received by the French Seller, the French Servicer or the Seller’s Agent shall,
pending their application to the French Purchaser Collection Account, be held by the French Seller, the French Servicer and the Seller’s Agent for, and at the direction of, the French Purchaser. 
 9.6 Appointment of Sub-servicer 
 The French
Servicer may not without the prior written consent of the French Purchaser, such consent not to be unreasonably withheld, appoint any person as its sub-agent, sub-contractor or representative to carry out all or any material part of the services to
be provided by it under this Agreement. 
 9.7 Liability of the French Servicer 
 Any appointment as referred to in Clause 9.6 shall not in any way relieve the French Servicer from its obligations under this Agreement, for which it shall continue to be liable as if no such appointment
had been made and any failure by a sub-servicer to perform the services expressed to be performed by the French Servicer hereunder shall be treated as a breach of this Agreement by the French Servicer. 
 9.8 No Liability to Sub-Servicer 
 The French
Purchaser shall not have any liability to a sub-servicer or any other person appointed pursuant to Clause 9.6 whatsoever in respect of any cost, claim, charge, loss, liability, damage or expense suffered or incurred whatsoever by a sub-servicer or
any such person in connection with this Agreement. 
 9.9 Exclusion of Liability 
 The French Servicer shall have no liability for the obligations of any Debtor and nothing in this Agreement or any other agreement or document executed pursuant to or in connection with the WABCO
Transaction Documents shall constitute a guarantee, or similar obligation, by the French Servicer (in its capacity as servicer) of the performance by any Debtor owing any payment obligation in respect of a Purchased Receivable. 
 10. CONTRACTUAL DOCUMENTS AND FILES 
 10.1 The Custodian will be responsible for the custody of the assets of the FCT. Nevertheless, the French Servicer shall act as depository of the Purchased
Receivables, in compliance with the following cumulative conditions referred to Article D.214-104 1° to 3° of the French Monetary and Financial Code: 
  

	(a)	the Custodian shall ensure, under its own liability, the custody of the Transfer Documents (Actes de Cession de Créances) evidencing the assignment of
such Purchased Receivables to the FCT; 

  

 12 

	(b)	the French Servicer shall ensure, under its own liability, the custody of the records and other agreements and instruments relating to such Purchased Receivables
(including Contracts), shall implement to that effect custody procedures and shall procure that a regular and independent internal supervision of such procedures is carried out annually; 

  

	(c)	the French Servicer shall, to the extent required by law or to preserve the rights of the FCT in relation to the Receivables or the Collections, maintain, implement and
keep records and procedures to ensure custody, as from the assignment, of documents relating to the Purchased Receivables subject to and in accordance with Article D.214-102 and Article D.214-104 of the French Monetary and Financial Code and in
respect of any documents relating to the Ancillary Rights attached to the Purchased Receivables, including in connection with their eventual amendment, release or enforcement. The French Servicer shall maintain and keep custody of such records at
the financial department of its offices located at 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly, France, and 

  

	(d)	the French Seller shall use its best endeavours to make available as soon as possible, upon reasonable and justified request (subject to 60 Business Days notice), the
agreements referred to in paragraph (b) of this Clause 10.1 to the Management Company or the Custodian. 

 10.2 Upon the
termination of the appointment of the French Servicer, the French Servicer shall, in respect of the Purchased Receivables then outstanding, immediately deliver, or procure the delivery, to the replacement servicer of the records in relation to
Purchased Receivables which shall be kept in safe custody and under its control until the Agreement Expiry Date, provided that the French Servicer shall have the right to make and retain such copies of any such records as it desires. 
 10.3 It is expressly agreed that the French Servicer shall perform its undertakings under this Clause 10 at its own cost and expense. 
 11. FRENCH SERVICER TERMINATION EVENT 
 11.1 Termination by the Management Company 
 The
Management Company may at any time by notice in writing to the French Servicer, terminate the appointment of the French Seller as French Servicer in respect of the functions, duties and obligations carried out by the French Servicer on behalf of the
FCT under this Agreement with effect automatically (de plein droit) from the date (not earlier than the date of the notice) specified in the notice. Upon any such termination of the French Servicer’s appointment the appointment of any
sub-servicer will immediately be terminated and Clause 9.8 shall apply. 
 The Management Company shall be entitled to substitute a replacement
servicer to the French Servicer in relation to the servicing of the Purchased Receivables in accordance with article L. 214-46 of the French Monetary and Financial Code. 
  

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 11.2 Replacement servicer 
 Upon the termination of the appointment of the French Servicer, the Management Company shall be entitled (but not obliged) to appoint and substitute any entity (entité) as replacement
servicer in relation to the French Servicer obligations to manage, collect and service the Purchased Receivables under this Agreement, in accordance with, and subject to, the provisions of Article L. 214-46 of the French Monetary and Financial Code.
In connection with such substitution: 
  

	(a)	the Management Company (or the replacement servicer) shall inform the Debtors of the transfer of the servicing of the Purchased Receivables to the replacement servicer
by delivering to the said Debtors a Notice of Transfer in the form set out in Schedule 8 (Form of Notice of Transfer); and 

  

	(b)	the Management Company (or replacement servicer) shall notify such Debtors, by means of such notice of transfer, to make all payments with respect to the Purchased
Receivables to the relevant FCT Transaction Account or to any new bank accounts opened in the name or for the benefit of the FCT. 

 11.3 Redelivery of Records 
 Upon termination of the appointment of the French Servicer, the French Servicer shall immediately deliver
or make available to the Management Company or the Custodian (or any person appointed by them) or as the Management Company or the Custodian may direct, all Records relating to the Purchased Receivables and all Contracts, records, books of account,
papers, records, registers, computer tapes and discs and any duplicates thereof, statements, correspondence and documents in its possession or under its control relating to the affairs of the French Purchaser or belonging to the French Purchaser,
any monies then held by the French Servicer on behalf of the French Purchaser and any other assets of the French Purchaser and shall take such further action as the Management Company or the Custodian (or any person appointed by it) may reasonably
direct. 
 11.4 Survival of Rights and Obligations 
 With effect from the date of termination of this Agreement, the rights and obligations of the French Servicer under this Agreement shall cease, all authority and power of the French Servicer under this
Agreement shall be terminated and shall be of no further effect and the French Servicer shall no longer hold itself out in any way as the agent of the FCT, but such termination shall be without prejudice to (a) any liabilities of the French
Servicer to the FCT incurred before the date of termination, and (b) any liabilities of the French Purchaser incurred to the French Servicer before the date of termination. 
 12. PERFECTION OF ASSIGNMENT AGAINST DEBTORS 
 At any time, the French Purchaser may serve a notice in the form of Schedule 8 (Form of Notice of Transfer to Debtors) in accordance with any means deemed appropriate by the French Purchaser on any
Debtor relating to a Purchased Receivable, and copied to the French Seller, for the purposes of (i) notifying the Debtor of the French Purchaser’s title and ownership in the Purchased Receivables, and/or (ii) instructing each relevant
Debtor to direct all future payments in connection with the Purchased Receivable to such account as the French Purchaser may deem necessary or desirable. 
  

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 13. DEEMED COLLECTIONS AND DILUTIONS 

 13.1 Deemed Collections 
 If, at any
time on or after a Transfer Date in respect of a Purchased Receivable: 
  

	(a)	delivery of a Transfer Document ceases to result in a perfect transfer of the Purchased Receivables concerned and all Ancillary Rights and Collateral Security related
thereto; or 

  

	(b)	any of the representations and warranties set out in Clause 15.3 in respect of a Purchased Receivable proves to have been incorrect when made and remains incorrect; or

  

	(c)	such Purchased Receivable was not a Relevant Receivable at the time it was sold or, if identified as an Eligible Receivable at the time it was sold, proves not to have
been an Eligible Receivable at such time; or 

  

	(d)	any judicial or arbitration proceedings are commenced by a Debtor against a French Seller in connection with the sale of the goods related to any Purchased Receivable,
or the delivery or failure to deliver such goods, or the performance or the failure to perform by the French Seller of any of its obligations to that Debtor in relation to the existence and/or the amount of a Purchased Receivable or a Purchased
Receivable becomes irrecoverable by reason of the breach by the French Seller of the relevant Contract; or 

  

	(e)	any conflict, claim or dispute arises resulting from the issue, remittance, delivery or endorsement of a negotiable instrument or promissory note (excluding, for the
avoidance of doubt, a conflict, claim or dispute in relation to the Contract to which such instrument or promissory note relates) and/or the notification by the French Purchaser to a Debtor of a negotiable instrument or promissory note or the
acceptance by a Debtor of a negotiable instrument or promissory note presented by the French Purchaser; 

  

	(f)	a Purchased Receivable does not exist and/or has been cancelled, in whole or in part; 

  

	(g)	a claim for reduction of value added tax does exist; 

  

	(h)	any Contract which gives rise to a Purchased Receivable is cancelled or terminated and the relevant goods have been billed but remained to be delivered by the French
Seller on the termination date of such Contract; or 

  

	(i)	any exchange fees or any bank charges or other expenses are charged by a bank in connection with a payment made in relation to a Purchased Receivable,

  

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 provided, for the avoidance of doubt, each of the above events giving rise to a Deemed Collection does not
arise as a consequence of the failure by any Debtor to pay in whole or in part any of the amounts owed by it under the relevant Purchased Receivable solely as a result of the insolvency of such Debtor after the relevant Transfer Date (each affected
Purchased Receivable, a Non-Conforming Receivable), then the French Seller shall, or shall procure that the Seller’s Agent shall, (i) on the next Settlement Date after having become aware of such Non-Conforming Receivable or
(ii) immediately upon request of the French Purchaser (whichever is earlier), in respect of each Non-Conforming Receivable (except in the case where such circumstance is of the type described or otherwise envisaged in Clause 13.2(a) or Clause
13.2(b)), pay to the French Purchaser out of its own resources, (i) except in the case of Clause 13.1(g) or Clause 13.1(i) above an amount equal to the Purchase Price paid by the French Purchaser to the French Seller in respect of such
Non-Conforming Receivable, less any Collections previously received by the French Purchaser in respect of such Non-Conforming Receivable and (ii) in the case of Clause 13.1(g) or Clause 13.1(i) above, an amount equal to the claim for reduction
of value added tax, or the amount of such fees, charges or other expenses. 
 13.2 Dilutions 
 If at any time: 
  

	(a)	there becomes available or arises any set-off, counterclaim, defence or deduction in respect of a Purchased Receivable or any other Receivable owing to the French
Seller by a Debtor; or 

  

	(b)	any Dilution occurs in relation to a Contract or an Invoice under which a Purchased Receivable or any other receivable owing to the French Seller by a Debtor, arises or
in relation to any other transaction between the French Seller and the relevant Debtor with respect to a Purchased Receivable or any other receivable owing to the French Seller by such Debtor, 

 (provided, for the avoidance of doubt, that none of the above events occurs solely as a result of the insolvency of the concerned Debtor after the relevant
Transfer Date), then the French Seller shall, or shall procure that the Seller’s Agent shall, (i) on the next Settlement Date after having become aware of such the circumstances set out under (a) and (b) above or
(ii) immediately upon request of the French Purchaser (whichever is earlier), pay to the French Purchaser and credit the FCT Transaction Account out of its own resources an amount equal to the amount of such set-off, counterclaim, defence,
deduction or Dilution. 
 13.3 Any duty of the French Seller to make payment of any amount in respect of a Purchased Receivable pursuant to
Clauses 13.1 or 13.2 shall give rise to a Deemed Collection in respect of such Purchased Receivable. 
 14. OPTION
TO REPURCHASE 
 14.1 Pursuant and subject to Article L. 214-43 of the French Monetary and Financial Code, the
French Seller shall have the right but not the obligation, to request to repurchase from the FCT one or more Purchased Receivables which have become 
  

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 due (créances échues) or which have been accelerated (créances déchues
du terme) pursuant to the meaning ascribed to each such terms in the French Monetary and Financial Code (which request, for the avoidance of doubt, the FCT may decline), by delivering to the French Purchaser a written request (the
Repurchase Request) in the form set out in Schedule 3 (Form of Repurchase Request). 
 14.2 On the Settlement Date
immediately following delivery of such Repurchase Request, or, if such Settlement Date falls less than five (5) Business Days after the delivery of the Repurchase Request, on the Settlement Date thereafter, provided that the French Purchaser
has countersigned and delivered to the French Seller such Repurchase Request and that any conditions precedent to such repurchase stipulated by the French Purchaser have been satisfied, the French Seller shall pay to the French Purchaser the Face
Amount of the Purchased Receivables identified in the Repurchase Request less any Collections previously received in respect of such Purchased Receivables by the French Purchaser (the Repurchase Amount). 
 14.3 Notwithstanding any provision to the contrary in this Agreement, if the Repurchase Amount corresponding to the Purchased Receivables relating to any
Repurchase Request is not paid in full by the French Seller on the corresponding Settlement Date, no repurchase of such Relevant Receivables shall take place on the Settlement Date and any Transfer Document (Acte de Cession de
Créances) relating thereto shall be automatically null and void. Any such partial payment shall be either returned to the French Seller or applied by way of set-off against any payment obligation of the French Seller in accordance with
Clause 7.2. 
 15. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF
THE FRENCH SELLER AND THE FRENCH SERVICER 
 15.1 Representations and Warranties of the French Seller and the French Servicer 
 The French Seller and the French Servicer in such
capacity hereby represents and warrants to the Management Company and the Custodian as of the date hereof, and shall be deemed to represent and warrant to the Management Company and the Custodian on each day until the Agreement Expiry Date that:

  

	(a)	Status: it is a corporation duly incorporated under the laws of France, is not Insolvent and has not taken any steps with a view to commencing
Insolvency Proceedings; 

  

	(b)	COMI: its centre of main interests for the purposes of the Council Regulation (EC) No. 1346/2000 on insolvency proceedings is based in France and
that it has no establishments outside France; 

  

	(c)	Powers and Authorisations: the execution, delivery and performance by the French Seller of this Agreement and the transactions contemplated hereby are
within its corporate powers, have been duly authorised by all necessary corporate action, require no action by or in respect of, or filing, recording or enrolling with, any governmental body, agency, court official or other authority, and do not
contravene, or constitute a default under, any provision of applicable law or regulation, by-laws or other constituting document of the 

  

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 French Seller as amended from time to time or of any agreement, judgment, injunction, order,
decree or other instrument biding upon the French Seller or result in the creation or imposition of any Security Interest on the assets of the French Seller (other than in favour of the French Purchaser pursuant to this Agreement); 
  

	(d)	Legal Validity: this Agreement and each other WABCO Transaction Document to which it is a party when executed by it will constitute its legal, valid and
binding obligations enforceable against it in accordance with its terms; 

  

	(e)	Information: all information furnished by the French Seller to the French Purchaser for the purposes of or in connection with this Agreement or any
transaction contemplated hereby is, and all such information hereafter furnished by the French Seller to the French Purchaser will be, true and accurate in every material respect, on the date that such information is stated or certified and does not
omit to state any fact necessary to make the statements contained therein not misleading, and it is not aware of any fact, information or circumstance the omission of which from such information or reports would affect an assessment of the rights
being acquired in relation to any Relevant Receivables, the enforceability or collectability of the Purchased Receivables or the transactions and arrangements contemplated by this Agreement and each other WABCO Transaction Document to which it is a
party; 

  

	(f)	Pari Passu Ranking: its obligations under this Agreement and each other WABCO Transaction Document to which it is a party are and will at all times
be direct, unconditional and general obligations which rank equally with all its other unsecured obligations and liabilities, present or future, actual or contingent, save for unsecured obligations and liabilities accorded preference over its other
unsecured obligations and liabilities pursuant to any mandatory provision of the laws of France; 

  

	(g)	No Default: to the best of its knowledge, no event has occurred which constitutes, or which with the giving of notice and/or the lapse of time and/or a
relevant determination 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, in each case which could adversely affect its ability to observe or perform its obligations under or in connection with this Agreement and each other WABCO Transaction Document to which it is a party or
which, in the reasonable determination of the French Purchaser, could adversely affect the interests of the French Purchaser in connection with transactions contemplated by this Agreement or any other WABCO Transaction Document;

  

	(h)	Taxes on Payments: all amounts payable by the French Seller, the French Servicer or the Seller’s Agent under the WABCO Transaction Documents may be
made free and clear of and without deduction for or on account of any Tax; 

  

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	(i)	Accounts: its, and the Parent’s, most recently delivered audited financial statements or consolidated financial statements, as the case may be,
(including the income statement and balance sheet) have been prepared on a basis consistently applied in accordance with accounting principles and practices generally accepted in its jurisdiction of incorporation and give a true and fair view of its
results for the relevant period and the state of its financial condition and affairs at their date; 

  

	(j)	No Material Adverse Change: since its most recent audited financial statements, there has been no change in its business or operations which could have a
Material Adverse Effect, excluding any event or condition disclosed in writing to the Purchaser prior to the date of this Agreement or described in the most recent Form 10-Q filed with the SEC prior to the date of this Agreement;

  

	(k)	No Early Amortisation Event: no Early Amortisation Event or Potential Early Amortisation Event has occurred; 

  

	(l)	No Litigation: to the best of its knowledge, 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 have a Material Adverse Effect or which, in the reasonable determination of the French Purchaser, could adversely affect the interests of the French
Purchaser in connection with the transactions contemplated by this Agreement or any other WABCO Transaction Document, exists or, to the best of its knowledge, is threatened to exist at the present time, other than the European Commission
Investigation as disclosed in the most recent Form 10-Q filed by the Parent with the Securities and Exchange Commission prior to the date of this Agreement; 

  

	(m)	Business: the documents which contain or establish its constitution include provisions which give it power and authority, and all necessary corporate
authority has been obtained and action has been taken, for it to own its assets, carry on its business and operations as they are now being conducted; 

  

	(n)	Licences: it has all necessary licences for carrying on the enforcement, collection and origination of the Receivables and the performance of its
obligations under this Agreement and each other WABCO Transaction Document to which it is a party; 

  

	(o)	General Policies and Procedures Manual: its General Policies and Procedures Manual represents in all respects an accurate summary of the credit and
collection policies employed by it; 

  

	(p)	Ownership: its Parent owns and controls (whether directly or indirectly) 100% of the issued and paid up share capital and voting rights of the French
Seller and the French Servicer; 

  

	(q)	Immunity : The execution by it of each of the WABCO Transaction Documents to which it is party constitutes, and its exercise of its rights and

  

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	  	performance of its obligations under each such WABCO Transaction Document will constitute, private and commercial acts done and performed for private and commercial
purposes; 

  

	(r)	Submission to Jurisdiction: it will not be entitled to claim immunity from suit, execution, attachment or other legal process in any proceedings taken in
the jurisdiction of its incorporation in relation to any WABCO Transaction Document; 

  

	(s)	Compliance with Laws: it carries on its business in accordance with all applicable laws and regulations where failure to do so might have a Material
Adverse Effect; 

  

	(t)	Taxes: All required returns have been delivered by it or on its behalf to the relevant taxation authorities and it is not in default in the payment of any
Taxes (save for Taxes contested in good faith), and no claim is being asserted with respect to any Taxes; 

  

	(u)	Jurisdiction/governing law: its irrevocable submission under the Master Definitions Agreement to the jurisdiction of the courts of France, its agreement
that this Agreement is governed by the laws of France; and its agreement not to claim any immunity to which it or its assets may be entitled, are legal, valid and binding under the laws of the jurisdiction of its incorporation; and

  

	(v)	Recognition of Foreign Judgment: any judgment obtained in The Netherlands or Belgium in legal proceedings based on or in connection with the WABCO
Transaction Documents will be recognised and enforced by the courts of the jurisdiction of its incorporation without re-examination or re-litigation of the matter thereby adjudicated. 

 15.2 Representations and Warranties of the Seller’s Agent 
 The Seller’s Agent hereby represents and warrants to the French Purchaser as of the date hereof, and shall be deemed to represent and warrant to the French Purchaser on the Initial Offer Date and on
each Offer Date thereafter, in the terms of its representations and warranties under Clauses 15.1(a) through 15.1(v) above, but excluding Clause 15.1(o), as if such representations and warranties were set out in this Clause 15.2 in their entirety,
except that any references therein to the “French Seller” or the “French Servicer” shall be construed as references to the “Seller’s Agent” and any references therein to “France” shall be construed as
references to “Belgium” for the purpose of this Clause 15.2 
 15.3 Representations and Warranties relating to the Receivables

 The French Seller hereby represents and warrants to the Management Company and to the Custodian as of the date hereof, and shall be deemed to
represent and warrant to the Management Company and to the Custodian on the Initial Offer Date and on each day until the Agreement Expiry Date, that: 
  

	(a)	Relevant Receivables: Each Offered Receivable exists and has been originated by the French Seller in its own name and for its own account and is a
Relevant Receivable and an Eligible Receivable; 

  

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	(b)	No Attachment: none of the Offered Receivables are or have been the subject of any prior transfer or assignment, subrogation, delegation, attachment or
seizure whatsoever (whether in whole or in part), nor of any security interest, lien or encumbrance whatsoever and there exists no impediment to its assignment or transfer in accordance with the WABCO Transaction Documents; 

 

	(c)	Accuracy of Information: the information provided in respect of each Offered Receivable in the Offer Letter, the Receivables List, the Daily Report and
any related disk or electronic support is complete and accurate; 

  

	(d)	Good Title: the French Seller holds, and has at all times held since the time of origination, full and unencumbered title to, and is and has been at all
times since the time of origination the sole and unencumbered owner of, each Offered Receivable and none of the Offered Receivables have been assigned or sold by the French Seller to any person other than the French Purchaser;

  

	(e)	Validity of Assignment: 

  

	 	(i)	the Offered Receivables are obligations which can be transferred by way of sale and assignment, such transfer is not subject to any contractual or legal restrictions,
including, for the avoidance of doubt, any applicable data protection laws; and 

  

	 	(ii)	on completion of the sale of each Offered Receivable in accordance with this Agreement, the French Purchaser will obtain full title to and ownership of such Offered
Receivable free of any Security Interest (including, for the avoidance of doubt, any retention of title claims) and such Offered Receivable will not be available to the creditors of the French Seller in the event of its insolvency;

  

	(f)	Applicable Terms and Conditions: each Offered Receivable is either subject to the French Seller’s terms and conditions of sale set out in Schedule 1
Part A or, in the case of Offered Receivables owing by those Debtors identified in Schedule 1 Part B, to the terms and conditions set out in Schedule 1 Part B as may be amended from time to time (the Applicable Terms and Conditions);

  

	(g)	Validity of Terms and Conditions: the terms governing each Offered Receivable are set out exclusively in the Applicable Terms and Conditions and the
Applicable Terms and Conditions are legal, valid and binding and their provisions contain retention of title clauses; 

  

	(h)	Enforceability: each Offered Receivable constitutes legal, valid and binding obligations of the relevant Debtor and such obligations are
enforceable in accordance with their respective terms; 

  

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	(i)	No Termination or Defence: the Contract under which an Offered Receivable arises is not and will not be subject to any right of rescission,
set-off, counterclaim, deduction or withholding whatsoever or subject to any valid Security Interest or claim of any nature in favour of any other person or other defence; 

  

	(j)	General Policies and Procedures Manual: 

  

	 	(i)	it has complied in all material respects with the French Seller’s General Policies and Procedures Manual (in force at such time) in entering into the Contract
under which the relevant Offered Receivable arises and in relation to the administration of each such Offered Receivable to the date on which it is purchased hereunder (which criteria have been consistently applied in the management of the business
of the French Seller); 

  

	 	(ii)	the terms of the relevant Contract and the related Invoice require, and it has taken all reasonable steps to require, that each relevant Debtor makes payment of each
relevant Offered Receivable to the French Purchaser Collection Account; and 

  

	 	(iii)	all of the French Seller’s operations, records and systems relating to the Offered Receivables and the Purchased Receivables are maintained at the registered
address of the French Seller, and are up-to-date and conform with applicable laws; 

  

	(k)	Identification: with effect from the time when an Offered Receivable is purchased on the FCT Establishment Date in respect of the first purchase of
Receivables and on any subsequent day on which the Receivables come into existence, the records and all other documents provided by the French Seller including without any limitation the Daily Report, shall identify and individualise
(désigner et individualiser) the relevant Offered Receivable existing as of the corresponding Offer Date; 

  

	(l)	Obligations of the French Purchaser: the French Purchaser shall not have any obligation or liability in connection with any Purchased Receivable or
the corresponding Contract and it cannot be required to perform any of the obligations whatsoever (including, but not limited to, any obligation of reimbursement in favour of the relevant Debtor) of the French Seller (or one of its agents) under the
terms of the said Contract. 

 15.4 The French Seller’s and French Servicer’s Undertakings 
 The French Seller and the French Servicer hereby agrees and undertakes for the benefit of the French Purchaser until the Agreement Expiry Date: 

 

	(a)	Provision of Financial Statements: that it shall until the Agreement Expiry Date deliver to the French Purchaser as soon as the same become available, but
in any event within 180 days after the end of each financial year, its most recently audited consolidated financial statements or non-consolidated 

  

 22 

	  	financial statements, as the case may be, (including balance sheet, profit and loss and cash flow statements) and in each case the related auditor’s reports as are
periodically published; 

  

	(b)	Litigation, arbitration and administrative proceedings: that it shall until the Agreement Expiry Date deliver to the French Purchaser promptly upon
becoming aware of them, details of any litigation, arbitration or administrative proceedings which are current, threatened or pending, and which, if adversely determined, might have a Material Adverse Effect, provided that no such disclosure shall
be required in respect of the European Commission Investigation unless the Parent fails to comply with its disclosure obligations in respect thereof pursuant to the Guarantee and Subordination Agreement; 

  

	(c)	Solvency Certificate: that it shall (i) on the Closing Date and (ii) on a half-yearly basis until the Agreement Expiry Date, deliver to
the French Purchaser an executed copy of a Solvency and Compliance Certificate in the form set out in Schedule 2 and dated the date of delivery; 

  

	(d)	Compliance: that it shall comply in all respects with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which, to
the best of its knowledge, it may be subject; 

  

	(e)	Provision of Information: that it shall provide to the French Purchaser any information, documents, records or reports relevant to an Offered Receivable,
any Debtor, any Purchased Receivable, the French Seller, the French Servicer or the financial condition of any of them to which the French Purchaser is reasonably and properly entitled under this Agreement; 

  

	(f)	Provision of Invoices: that it shall, upon request, provide to the French Purchaser a copy of the Invoices relating to the Purchased Receivables;

  

	(g)	Changes to General Policies and Procedures and Other Information: that it shall: 

  

	 	(i)	notify the French Purchaser of any material change to its General Policies and Procedures Manual at least 30 days prior to implementation or within such other timeframe
as may be agreed between the French Purchaser and the French Seller; 

  

	 	(ii)	not make any material change to its General Policies and Procedures Manual without the prior written consent of the French Purchaser if the proposed change or amendment
would be reasonably likely to adversely affect the collectability of the Purchased Receivables or decrease the credit quality of any newly created Purchased Receivables; and 

  

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

  

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	(h)	Records: that it shall keep and maintain Records to the order of the French Purchaser on a Receivable by Receivable basis. The French Seller shall give
the French Purchaser prior written notice of any material change to its administrative and operating procedures in relation to the keeping and maintaining of Records. These Records and the French Seller’s corresponding systems shall include a
capability which is acceptable to the French Purchaser to recreate Records and data in respect of the Purchased Receivables in the event of their loss, damage or destruction. The information and records shall be adequate to permit the identification
of each Purchased Receivable, and the daily identification of all Collections in respect of, and any losses in relation to, each Purchased Receivable; 

  

	(i)	Perform Contracts: that it shall, at its expense, in a timely and commercially reasonable manner, fully perform and comply
with all provisions, covenants and other undertakings required to be observed by it under each Contract relating to the Purchased Receivables; 

  

	(j)	Compliance with General Policies and Procedures Manual: that it shall comply with the applicable General Policies and Procedures Manual with
regard to all Purchased Receivables, any Collateral Security and the related Contract; 

  

	(k)	No Other Assignment: that it shall not sell, assign or otherwise dispose of, create or suffer to exist any Security Interest upon or with
respect to any goods the subject of any Purchased Receivable, any Purchased Receivables, Ancillary Rights or related Contract or Collateral Security, or assign any right to receive income in respect thereof or attempt, purport or agree to do any of
the foregoing; 

  

	(l)	No waiver, etc.: that it shall not in any way extend, amend or otherwise modify the payment or any other material terms of any Purchased
Receivable or of any Contract related thereto except in its capacity as French Servicer and in that case only with the prior written consent of the French Purchaser; 

  

	(m)	Assist Auditors: that it shall assist the French Purchaser’s auditors and provide to them such information in relation to the Purchased
Receivables, Collections and other matters in relation to this Agreement as they may reasonably request. 

  

	(n)	Credit Insurance Policies: that it shall 

  

	 	(i)	materially maintain its credit insurance policies as currently in force and subscribe and maintain such other credit insurance policies as may be imposed by law or
which is customary or commercially reasonable in the French Seller’s business, and to comply with its contractual obligations under those credit insurance policies; 

  

	 	(ii)	inform the French Purchaser prior to the expiry, or proposed modification of the terms, of the Insurance Policy (as defined in the Insurance Servicing Agreement) and
any other credit insurance policy to which it is party or from which it benefits; and 

  

 24 

	 	(iii)	not amend the terms of the Insurance Policy without the prior written consent of the French Purchaser, such consent not to be unreasonably withheld;

  

	(o)	Notification of Early Amortisation Event: that it shall notify the French Purchaser immediately upon being notified of or
becoming aware of the occurrence of any Early Amortisation Event or Potential Early Amortisation Event; 

  

	(p)	Consents: that it shall obtain and maintain all authorisations, approvals, consents, agreements, licences, exemptions and
registrations and to make all filings or obtain all documents, including (without limitation) in relation to the protection of personal data, needed at any time for the purposes of: 

  

	 	(i)	the entry into and performance of the WABCO Transaction Documents to which it is a party; and 

  

	 	(ii)	owning its assets and carrying on its business; 

  

	(q)	Tax Payments: that it shall pay all applicable Taxes and make all relevant returns in respect of any Taxes in relation to the
goods and services supplied under the Contracts which originate the Purchased Receivables; 

  

	(r)	Further Assurance: that from time to time it will, at its own cost, at the request of the French Purchaser, promptly execute and deliver all
instruments and documents, and take all further action as the French Purchaser may reasonably request in order to perfect, protect or more fully evidence the French Purchaser’s interest in the Purchased Receivables, Ancillary Rights and
Collateral Security and any proceeds thereof including, if requested, promptly giving notice to the relevant Debtors of the sale of the Purchased Receivables to the French Purchaser; 

  

	(s)	Appropriation of Payments: if a person owing a payment obligation in respect of a Purchased Receivable makes a general
payment to the French Seller on account both of a Purchased Receivable and of any other monies due for any reason whatsoever to the French Seller and makes no apportionment between them then such payment shall be treated as though the person had
appropriated it first to the Purchased Receivable and the proceeds of or comprised in such payment up to the full amount due or to become due in respect of the Purchased Receivable shall accordingly be the property of the French Purchaser and the
French Seller shall treat that amount as a Collection; 

  

	(t)	Delivery of Contracts: that it shall at its own cost and expense: 

  

	 	(i)	deliver to the servicer, if different from the French Seller, for the benefit and in the name of the French Purchaser, within five (5) Business Days after having
received a written request by such servicer, the originals of all Contracts and Invoices relating to each of the Purchased Receivables; and 

  

 25 

	 	(ii)	keep an up-to-date copy of the contents of each Contract and Invoice relating to each Purchased Receivable and provide such copy to the French Purchaser or to any
person nominated by it as soon as practicably in order to allow the French Purchaser to verify the compliance of any Offered Receivable or Purchased Receivable with the relevant criteria, or enable the French Purchaser to enforce its rights in
respect of any Purchased Receivables; 

  

	(u)	Access: that it shall at all times, upon receipt of prior reasonable written notice, permit the French Purchaser (or its auditors or
duly authorised officers, employees or agents): 

  

	 	(i)	access at all reasonable times during normal business hours to verify, audit, inspect and copy all Records and verify all information systems maintained by it relating
to the Purchased Receivables; and 

  

	 	(ii)	take such other steps as they from time to time reasonably think fit for the purpose of verifying or obtaining information concerning any of the Purchased Receivables
and to discuss matters relating to the Purchased Receivables with the auditors of the French Servicer or any of the officers, employees or agents of the French Servicer which have knowledge of such matters; 

  

	(v)	Audit: that it shall, upon the French Purchaser’s reasonable written request, arrange within five (5) Business Days, at the French
Seller’s cost, for an audit (by a qualified independent expert satisfactory to the French Purchaser) of the Relevant Receivables originated by it and the collection procedures applying in relation to such Relevant Receivables;

  

	(w)	No Action: that it shall not take any initiative or action in respect of the Purchased
Receivables, the Contracts, the sale terms and conditions usually accepted and generally used in respect of the relevant type of business or the delivery of goods or works and/or provision of services that could affect the validity or the
recoverability of the Purchased Receivables in whole or in part, or which could harm, in any other way, the interest of the French Purchaser in the Purchased Receivables or in the corresponding rights, except if and where expressly permitted by the
WABCO Transaction Documents or the French Seller’s General Policies and Procedures Manual; 

  

	(x)	Insurance: that it shall insure its business and assets with insurance companies to such an extent and against such risks as companies
engaged in a similar business as it normally insure and comply with any requirements as to insurance in place arising out of its capacity as collection agent for the French Purchaser in respect of the Purchased Receivables transferred by it;

  

	(y)	Maintenance of status: that it shall do all such things as are necessary to maintain its corporate existence and ensure that it has the
right and is duly qualified to conduct its business as it is conducted in all applicable jurisdictions; 

  

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	(z)	Transfer Documents and magnetic or electronic supports: that it shall procure that all information and particulars relating to
Receivables appearing in each Receivables List, Transfer Document and Daily Report delivered by it is accurate and complete and does not omit any information and particulars which would result in any Receivables List, Transfer Document or Daily
Report being misleading (and shall promptly notify the French Purchaser upon it becoming aware that this is not in any instance the case); 

  

	(aa)	Rating Agencies: that it shall promptly comply with the requirements of the Rating Agencies (as notified by the Purchaser to
the Depositor) with regard to the Purchased Receivables (including, without limitation, any requirements of the Rating Agencies relating to amendments to the WABCO Transaction Documents or the provision of further information relating to it or legal
opinions); 

  

	(bb)	Conduct of Business: that it shall not conduct its business in a way that might materially adversely affect the collectability
of the Purchased Receivables or otherwise have a Material Adverse Effect; 

  

	(cc)	No Requests for Formalities: that it shall refrain from requesting the French Purchaser to perform any act or formality of any
nature in relation to the Purchased Receivables other than those expressly provided for under this Agreement; 

  

	(dd)	Change of business: except with the prior written consent of the French Purchaser, that it shall not engage in any material
line of business which is substantially different from the lines of business carried on by it as at the date of this Agreement; 

  

	(ee)	Mergers, disposals and acquisitions: that it shall not enter into any amalgamation or merger with an entity other than the
Parent or a subsidiary of the Parent, having a balance sheet exceeding Euro 50,000,000, or its equivalent in another currency, or similar transaction relating to assets exceeding Euro 50,000,000, or its equivalent in another currency, without the
prior written consent of the French Purchaser which shall not be unreasonably withheld; 

  

	(ff)	No Dispositions: that it shall not, either in a single transaction or in a series of transactions, whether related or not and
whether voluntarily or involuntarily, sell, transfer, grant, lease or otherwise dispose of any asset or enter into any demerger or reconstruction to or with any person other than the Parent or a subsidiary of the Parent, if to do so could reasonably
be considered likely to have a Material Adverse Effect; 

  

	(gg)	No Acquisitions: that it shall not purchase all or part of the assets of any individual, undertaking or company of an amount
exceeding Euro 50,000,000, or its equivalent in another currency, except those belonging to another entity of the Group, without the prior written consent of the French Purchaser which shall not be unreasonably withheld; 

  

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	(hh)	Negative Pledge: that it shall not enter into any agreement or document or may perform any other act (whether by omission or otherwise),
matter or thing, whether or not known to the French Purchaser, which would, in the reasonable opinion of the French Purchaser, operate to reduce, release or prejudice any of the rights and entitlements created or to be created for the benefit of the
French Purchaser under any of the WABCO Transaction Documents; 

  

	(ii)	Servicing Covenants: that it shall, in its capacity as French Servicer: 

  

	 	(i)	act prudently, reasonably and diligently and do all things necessary and take all reasonable steps as are within its powers and/or may be required:

  

	 	(A)	in the timely enforcement or recovery of any and all amounts due under each Purchased Receivable; and 

  

	 	(B)	to ensure that all Ancillary Rights and any Collateral Security remain legal, valid, binding and enforceable and are exercised in a timely fashion;

  

	 	(ii)	oppose, defend, co-defend or co-operate in any claim (threatened, pending or otherwise) any third party makes against it, the French Purchaser or with respect to a
Purchased Receivable, an Ancillary Right or Collateral Security in any court, arbitral, tribunal or public or administrative body or otherwise; 

  

	 	(iii)	take all reasonable steps promptly to cause any attachment, seizure or any other enforcement measure levied or applied for against any Purchased Receivable transferred
to be released or withdrawn to the satisfaction of the French Purchaser; 

  

	 	(iv)	forthwith inform the French Purchaser of all security interests, rights, claims, privileges and other benefits attached to a Purchased Receivable;

  

	 	(v)	notify the French Purchaser forthwith of any inaccuracy, misstatement or omission in representations and warranties made in respect of any Offered Receivables or the
Purchased Receivables; 

  

	 	(vi)	where a Purchased Receivable is evidenced by a negotiable instrument, not endorse, deliver, release or negotiate that instrument to, or in favour of, any person except
the French Purchaser; 

  

	 	(vii)	comply with any proper and lawful directions, orders and instructions which the French Purchaser may from time to time give to it in connection with the performance of
its obligations under this Agreement, but only to the extent that compliance with those directions does not conflict with any provision of this Agreement; 

  

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	 	(viii)	obtain and maintain all authorisations, approvals, consents, agreements, licences, exemptions and registrations and make all filings or obtain all documents, including
(without limitation) in relation to the protection of personal data, needed at any time for the purposes of: 

  

	 	(A)	the entry into and performance of the WABCO Transaction Documents to which it is a party; and 

  

	 	(B)	owning its assets and carrying on its business; 

  

	 	(ix)	promptly notify the French Purchaser if it becomes aware that legal proceedings are initiated or contemplated against the French Purchaser or in relation to any
Purchased Receivable; 

  

	 	(x)	promptly notify the French Purchaser if legal proceedings are initiated against itself as the French Seller or the French Servicer which might adversely affect the
French Purchaser’s ownership of, and rights, title, benefit and interest in, to and under, such Purchased Receivables, the Ancillary Rights, the Collateral Security and the Collections or any of the other rights acquired the French Purchaser
under this Agreement; and 

  

	 	(xi)	keep all Tax records required by law in respect of the Purchased Receivables, including for the purposes of Value Added Tax. 

 16. RELIANCE 
 16.1 Reliance
on Representations, Warranties and Covenants 
 The French Seller and the Seller’s Agent acknowledge that: 
  

	(a)	the representations and warranties set out in Clauses 15.1 (Representations and Warranties of the French Seller and French Servicer), 15.3 (Representations and
Warranties relating to the Receivables) and 15.2 (Representations and Warranties of the Seller’s Agent) and the covenants contained in Clause 15.4 (French Seller’s and French Servicer’s Undertakings) are made with a view to inducing
the FCT to enter into this Agreement and the transactions contemplated hereby and have caused and will cause the FCT to take other actions and enter into arrangements with other persons in relation to the WABCO Transaction Documents and the French
Purchaser will rely upon such representations, warranties, covenants and undertakings notwithstanding any information in fact possessed or discoverable by it; and 

  

	(b)	none of the French Purchaser or any other person referred to in Clause 16.1 (a) has made or will be obliged to make inquiries of or in respect of (i) any
Debtor in respect of any Offered Receivable or Purchased Receivable (ii) any Contract or other documents in respect of any Offered Receivable or 

  

 29 

	  	Purchased Receivable; (iii) the Face Amount in respect of Purchased Receivable; (iv) the creditworthiness or suitability of any Debtor, or any other party to
any arrangement or agreement relating to any Offered Receivable or Purchased Receivable. 

 16.2 Survival 
 The representations, warranties and covenants set out in Clause 15 shall form part of the terms of the sale and purchase of each Purchased Receivable and
accordingly such representations, warranties and covenants shall remain in full force and effect until the Agreement Expiry Date notwithstanding the completion of such purchase. 
 17. REPRESENTATIONS AND WARRANTIES OF THE MANAGEMENT COMPANY AND
THE CUSTODIAN 
 17.1 Representations and Warranties of the Management Company 
 The Management Company hereby represents and warrants to the other parties to this Agreement as of the date hereof: 
  

	(a)	Status: it is a French société anonyme, duly incorporated and validly existing under the laws of France and licensed by
the Autorité des marchés financiers as a management company of fonds communs de créances in accordance with the Règlement Général de l’AMF; 

  

	(b)	Powers and Authorisations: the documents which contain or establish its constitution include provisions which give it power and authority, and all
necessary corporate authority has been obtained and action has been taken, for it to execute and deliver, and perform the transactions contemplated in, this Agreement and each other WABCO Transaction Document to which it is a party;

  

	(c)	Consents: no authorisation, approval, consent, licence, exemption, registration, recording, filing or notarisation which has not been duly and
unconditionally obtained, made or taken is required in connection with its entry into, execution and delivery of, and the performance of its obligations under, this Agreement; and 

  

	(d)	Legal validity: the obligations expressed to be assumed by it in this Agreement and in any WABCO Transaction Document to which it is a party are, subject
to any insolvency laws and laws affecting the rights of creditors generally, legal, valid, binding and enforceable obligations. 

 17.2 Representations and Warranties of the Custodian 
 The Custodian represents and warrants to the other parties to this Agreement as
of the date hereof: 
  

	(a)	Status: it is a French société anonyme, duly incorporated and validly existing under the laws of France and licensed in France by the
Comité des Établissements de Crédit et des Entreprises d’Investissement as a credit institution (établissement de crédit); 

  

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	(b)	Powers and Authorisations: the documents which contain or establish its constitution include provisions which give it power and authority, and all
necessary corporate authority has been obtained and action has been taken, for it to execute and deliver, and perform the transactions contemplated in, this Agreement and each other WABCO Transaction Document to which it is a party;

  

	(c)	Consents: no authorisation, approval, consent, licence, exemption, registration, recording, filing or notarisation which has not been duly and
unconditionally obtained, made or taken is required in connection with its entry into, execution and delivery of, and the performance of its obligations under, this Agreement; and 

  

	(d)	Legal validity: the obligations expressed to be assumed by it in this Agreement and in any WABCO Transaction Document to which it is a party are, subject
to any insolvency laws and laws affecting the rights of creditors generally, legal, valid, binding and enforceable obligations. 

 18. LIQUIDATION OF THE FCT AND CLEAN-UP OFFER 
 In accordance with Article L.214-49-10 of the French Monetary and Financial Code and the FCT Regulations, the FCT shall be dissolved under the conditions set out in Clause 18.1, by the Management Company
in accordance with the FCT Regulations. 
 18.1 The Management Company may or shall decide to liquidate the FCT in accordance with, and subject
to the provisions of the FCT Regulations upon the occurrence of any of the following liquidation events: 
  

	(a)	the liquidation of the FCT is in the interest of the Unitholders; 

  

	(b)	the aggregate principal outstanding amount of the unmatured Purchased Receivables (créances non échues) falls below 10 per cent of the maximum
aggregate principal outstanding amount of the unmatured Purchased Receivables acquired by the FCT since the FCT Establishment Date; 

  

	(c)	the Units issued by the FCT are held by only one Unitholder and the liquidation is requested by such Unitholder; or the Units issued by the FCT are held only by the
French Seller and the liquidation is requested by the French Seller. 

 18.2 In the event that the Management Company decides to
liquidate the FCT in accordance with the provisions of the FCT Regulations, it shall be entitled to offer to the French Seller the possibility to repurchase the outstanding Purchased Receivables in whole, but not in part, within a single
transaction. In such event, the French Seller shall have the discretionary right to refuse such proposal. 
  

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 18.3 The repurchase price applicable to the retransfer of the Purchased Receivables under this Clause 18
shall be determined at fair market value, it being specified that (i) where appropriate, some Purchased Receivables may be Defaulted Receivables and (ii) if the determination of the Purchased Receivables at fair market value equals to 1
(one) Euro, but subject to the provisions of Clause 18.4, the repurchase price of such Defaulted Receivables shall be equal to 1 (one) Euro. 
 18.4 The repurchase price as determined under Clause 18.3 shall in any event be sufficient so as to allow the Management Company to pay all principal and interest amounts due and payable in respect of the outstanding Units after the payment
of all liabilities of the FCT ranking higher in the FCT Order of Priority of Payments, failing which such retransfer of the Purchased Receivables shall not take place. 
 18.5 If the French Seller accepts the Management Company’s offer, the assignment of the Purchased Receivables shall take place on the Monthly Settlement Date immediately following that acceptance and
the French Seller shall pay the repurchase price by no later than 11.00 a.m. on such Monthly Settlement Date by crediting the relevant FCT Transaction Account with the full amount of the repurchase price and pass an irrevocable order for a wire
transfer for such purpose by no later than 11.00 a.m. on such Monthly Settlement Date. 
 18.6 If the French Seller refuses the Management
Company’s offer, the Management Company will use reasonable endeavours to assign the remaining outstanding Purchased Receivables to a credit institution or such other entity authorised by French laws and regulations to acquire the Purchased
Receivables under similar terms and conditions. 
 18.7 Any FCT Liquidation Surplus (boni de liquidation) shall be paid to the holder of
the Residual Units as final payment of principal and interest of the said Residual Units. 
 19. LIMITED
RECOURSE 
 19.1 No liability against the FCT 
 Each party hereto expressly and irrevocably waives all rights of contractual recourse (action en responsabilité contractuelle), of any form, nature, and on any ground whatsoever, which it
may have against the FCT until the Final Maturity Date in accordance with Clause 4.8 of the FCT Regulations. 
 19.2 The foregoing shall be
without prejudice to a recourse a party may have against the FCT for gross negligence (faute lourde) or wilful misconduct (dol ou faute intentionnelle). 
 19.3 In addition, pursuant to Article L. 214-49-7 I. of the French Monetary and Financial Code, the Management Company shall represent the FCT as against third parties, in particular in any legal action
or proceedings. 
  

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 20. TERMINATION 
 20.1 This Agreement shall and unless terminated earlier with the agreement of all parties, terminate on the Agreement Expiry Date. 
 20.2 Unless expressly agreed otherwise in writing by all parties hereto, the termination of this Agreement in accordance with Clause 20.1 shall not operate to discharge any party hereto of any
liabilities, whether, present or future, actual or contingent, in respect of any representations or warranties made or repeated or obligations that have been performed, or were to have been performed, or any events or circumstances that arose, prior
to the Agreement Expiry Date. 
 21. CHANGE IN CIRCUMSTANCES 
 21.1 If: 
  

	(a)	the Management Company becomes aware that a FCT Liquidation Date is likely to occur; or 

  

	(b)	if, as a result of the coming into effect after the date hereof, or any change after the date hereof in, any applicable law, regulation or regulatory requirement or any
change after the date hereof in the interpretation or application of any thereof adversely affecting the French Purchaser, and/or the compliance by the French Purchaser with any applicable directive, request or requirement coming into effect after
the date hereof (whether or not having the force of law) of any central bank or any self-regulating organisation or any governmental, fiscal, monetary or other regulatory authority (including, without limitation, a directive, request or requirement
which affects the manner in which the French Purchaser is required to maintain capital resources having regard to its assets, liabilities, contingent liabilities or commitments): 

  

	 	(i)	the cost incurred by the French Purchaser agreeing for the purchase of Offered Receivables or otherwise giving effect to this Agreement, is or will be increased; and/or

  

	 	(ii)	any sum received or receivable by the French Purchaser under this Agreement is or will be reduced; and/or 

  

	 	(iii)	the French Purchaser becomes liable to make any payment on account of tax or otherwise or is compelled or obliged to forego any interest or other return, on or
calculated by reference to the amount of the Purchased Receivables, 

 then the French Purchaser shall inform the French Seller of
such circumstance(s), as soon as possible upon becoming aware of such circumstance(s), and, in the case of paragraph (b) above, shall be entitled to claim from the French Seller an indemnity by delivering to the French Seller a certificate
specifying the amount of such indemnity on the basis of detailed calculations and specifying the detailed reason(s) for such indemnity amount. 
  

 33 

 21.2 In the case of the occurrence of an event referred to in Clause 21.1, the French Purchaser and the
French Seller shall in good faith use their best endeavours to avoid the effects of such event. 
 21.3 In the event that the French Purchaser
or the French Seller is not able to avoid the effects of any event referred to in Clause 21.1(b) on or before the expiry of a period of thirty (30) calendar days from the receipt of the relevant certificate referred to in Clause 21.1, the
French Seller will have the choice to either: 
  

	(a)	bear, from such date of the coming into force of or the change in any of the events referred to in Clause 21.1 and for the entire duration of this Agreement, and pay on
(i) the following Settlement Date, or (ii) in the case of an ongoing amount, on each Settlement Date, the entire amount of the indemnity (or indemnities) indicated in the certificate (s) referred to in Clause 21.1; or

  

	(b)	refuse the solution referred to in sub-clause (a) above, in which case: 

  

	 	(i)	the French Seller shall pay on the following Settlement Date the entire amount of such indemnity (or indemnities) indicated in the certificate(s) referred to in Clause
21.1; and 

  

	 	(ii)	an Early Amortisation Event shall be deemed to have occurred. 

 21.4 The provisions of this Clause 21 shall not apply to any increased cost attributable to any change in the rate of, or change in the basis of calculating, Tax on the overall net income of the French
Purchaser imposed in the jurisdiction in which it is incorporated. 
 22. STAMP DUTY AND
TAXES 
 22.1 Without prejudice to the provisions of the other WABCO Transaction Documents the French Seller shall pay any
stamp, documentary, transfer, excise, registration, filing and other similar duties, levies, fees or Taxes to which (i) any of the WABCO Transaction Documents or any related documents, (ii) any purchase of Offered Receivables by the French
Purchaser, (iii) any transaction contemplated under the WABCO Transaction Documents and the related documents including the assignment, release, resale or re-assignment of any Purchased Receivable, as the case may be, or (iv) the
enforcement of the rights of the French Purchaser may be subject or give rise and the French Seller shall fully indemnify the French Purchaser, from and against any and all losses or liabilities which the French Purchaser may properly incur or
otherwise suffer as a result of any delay in paying or omission to pay such duties, levies, fees or taxes. 
 22.2 The French Seller agrees that
if (i) any taxing authority levies a Tax on any payment to be made by it pursuant to this Agreement to the French Purchaser or (ii) any such payment is subject to any deduction or withholding in respect of a Tax or otherwise (as a
consequence of such payment being collected by or routed through it (as Seller’s Agent or otherwise), then the amount of the payment which the French Seller is required to make shall be grossed-up by such amount such that after deduction of the
Tax so charged (or of the deduction or withholding to which the 
  

 34 

 payment is subject) there shall be left a sum equal to the amount that would otherwise be payable under this
Agreement, provided that nothing in this Clause 22.2 shall be construed as creating an obligation on the part of the French Seller to pay any additional amounts in respect of any Tax on the overall net income of the French Purchaser. For the
avoidance of doubt, if any taxing authority levies a Tax on any payment to be made by the French Purchaser under this Agreement or any such payment is subject to any deduction or withholding in respect of a Tax, the French Purchaser shall not be
obliged to gross-up any such payment following any such levy of Tax, deduction or withholding or pay any additional amounts to the French Seller in respect of such Tax. 
 22.3 If the French Seller pays any additional amount under Clause 22.1 or Clause 22.2 (an Additional Payment) and the French Purchaser effectively obtains a refund of Tax or credit against
Tax on its overall net income by reason of that Additional Payment or the increased payment of which that Additional Payment forms a part (a Tax Credit) then the French Purchaser shall reimburse the French Seller such amount as it
shall determine in its absolute discretion to be the proportion of such Tax Credit as will leave the French Purchaser after that reimbursement, in no better or worse position than it would have been in if that Additional Payment had not been
required, provided that, (i) the French Seller is not in default under any WABCO Transaction Document to which it is a party; (ii) the French Purchaser is able to identify such Tax Credit as being attributable to such Additional Payment or
the increased payment of which that Additional Payment forms a part; (iii) the French Purchaser can do so without prejudicing its rights to obtain any other relief or allowance which may be available to it hereunder or otherwise, and
(iv) without prejudicing the retention of such credit or remission on a consolidated basis. 
 22.4 Nothing contained in this Agreement
shall oblige the French Purchaser to rearrange its tax affairs or to disclose any information regarding its tax affairs and computations. The French Purchaser shall have absolute discretion as to whether to claim any Tax Credit and, if it does so
claim, the extent, order and manner in which it does so. Without prejudice to the generality of the foregoing, the French Seller shall not by virtue of this Clause 22, be entitled to enquire about the French Purchaser’s tax affairs. 

22.5 Any sum set out in this Agreement as payable, or otherwise payable pursuant to this Agreement by any Obligor to the French Purchaser shall be deemed
to be exclusive of any VAT which is or becomes chargeable (irrespective of whether the Obligor, or the French Purchaser, is required to account for such VAT) on any supply or supplies for which that sum (or any part thereof) is the whole or part of
the consideration for VAT purposes. 
 22.6 Any sum set out in this Agreement as payable, or otherwise payable pursuant to this Agreement by the
French Purchaser to any Obligor shall be inclusive of any VAT which is or becomes chargeable on any supply or supplies for which that sum (or any part thereof) is the whole or part of the consideration for VAT purposes, and where any rule of law or
the practice of any relevant tax authority in any jurisdiction would deem or treat the consideration for such supply to be other than the sum shown in this Agreement, that rule shall not apply to affect the amount of such sum payable pursuant to
this Agreement. 
  

 35 

 22.7 Where: 
  

	(a)	the French Purchaser makes a supply to an Obligor for VAT purposes pursuant to this Agreement; 

  

	(b)	the sum which is the consideration (in whole or in part) for that supply is (or, if the consideration for that supply were in cash, would be) deemed to be exclusive of
VAT in accordance with this clause; and 

  

	(c)	the French Purchaser is required to account to any relevant tax authority for any VAT chargeable on that supply, 

 the relevant Obligor shall pay to the French Purchaser an additional amount equal to that VAT, and the French Purchaser shall provide the relevant Obligor
with a valid VAT invoice in respect of that supply. 
 22.8 In relation to any supply by an Obligor to the French Purchaser that is chargeable
to VAT, where the French Purchaser is obliged to account to any relevant tax authority for such VAT, the consideration for such supply shall be reduced to such amount as, with the addition thereto of the VAT chargeable on such supply, equals the
original amount payable by the French Purchaser. 
 22.9 The French Seller and the French Servicer shall indemnify and keep indemnified in full
on demand and on an after-tax basis the French Purchaser against any cost, claim, loss, expense, liability or damages (including legal costs and out-of-pocket expenses properly and reasonably incurred), and without any set-off, deduction or
withholding whatsoever incurred or suffered by the French Purchaser in connection with any breach by the French Seller or the French Servicer of the terms of this Agreement, or the performance of its obligations under this Agreement, or with the
negligence, fraud or wilful default of the French Seller or the French Servicer (or a sub-servicer) whether arising in contract or otherwise. 
 22.10 The French Seller and the French Servicer shall indemnify and keep indemnified, the French Purchaser against any cost, claim, loss, expense, liability or damages (including legal costs and out-of-pocket expenses) incurred or otherwise
suffered in connection with any claim or counterclaim or action of whatsoever nature made by a Debtor or any third party arising out of or in connection with a Contract under which a Purchased Receivable originates or any product(s) or service(s)
which are the subject of such a Contract or Purchased Receivable (including any claim or counterclaim of a customer or third party in respect of product liability, property damage, personal injury, consequential loss or other similar claim).

 23. POWER OF ATTORNEY 
 The French Seller shall provide the French Purchaser, upon request, with any appropriate power of attorney, if necessary, in order to better protect the French Purchaser’s interest in the Purchased
Receivables, Ancillary Rights and Collateral Security. 
  

 36 

 24. WAIVERS, REMEDIES CUMULATIVE 
 24.1 No failure or delay by any party hereto in exercising any right, power or privilege under this Agreement or any WABCO Transaction Documents to which it
is a party or available at law shall impair such right, power, remedy or operate as a waiver thereof. The single or partial exercise of any right, power or remedy under this Agreement or any WABCO Transaction Documents to which it is a party or at
law shall not preclude any other or further exercise thereof or the exercise of any other right, power or remedy under this Agreement or any WABCO Transaction Documents to which it is a party or at law. 
 24.2 The rights of any party to this Agreement shall not be capable of being waived otherwise than by an express waiver in writing. 
 24.3 The rights, powers and remedies of any party thereto provided in this Agreement and any other WABCO Transaction Documents to which it is a party are
cumulative and may be exercised as often as they are considered appropriate and are in addition to any rights and remedies provided by law. 
 25. MODIFICATION 
 25.1 No amendment, modification or variation of this Agreement shall be effective unless it is
in writing and signed by or on behalf of each of the parties to this Agreement. 
 25.2 The parties hereto agree that this Agreement may be
subject to amendments or modifications as a result of any modification coming into effect after the date hereof in respect of any applicable law, regulation or regulatory requirement, and notably tax (instruction fiscale), monetary,
regulation or regulatory requirement, which would directly or indirectly be applicable to the fonds commun de titrisation. Each of the parties hereto agrees that it shall use its best efforts to agree on modifications which would be necessary
or mandatory under such laws, regulation or requirement. In such event, the parties hereto agree that it shall be negotiated in good faith. 
 26. ENTIRE AGREEMENT 
 This sets out the entire agreement and understanding between the parties
hereto in respect of the subject matter of the agreements contained herein. 
 27. MISCELLANEOUS 
 27.1 Unless expressly provided for to the contrary, all references made in this Agreement to a currency shall be a reference to Euro and any payments to be
made to or from any party under this Agreement shall be made in Euro. 
  

 37 

 27.2 Neither the French Seller nor the Seller’s Agent shall offset, or claim the right to any set-off,
counterclaim, credit, discount, allowance, right of retention or compensation, right to make any deduction, between any amounts due by either of them to the French Purchaser and any amounts due by the French Purchaser to either of them, unless
expressly agreed between the French Seller, the Seller’s Agent and the French Purchaser. 
 27.3 Invalidity and Severability 
 Without prejudice to any other provision of this Agreement, if one or more of the provisions of this Agreement is or becomes invalid, illegal or
unenforceable in any respect in any jurisdiction or with respect to any party, such invalidity, illegality or unenforceability in such jurisdiction, shall not, to the fullest extent permitted by the applicable law, render invalid, illegal or
unenforceable any other provisions of this Agreement or the affected provisions in any other jurisdiction or with respect to any other party or parties to this Agreement. The parties hereto agree to negotiate in good faith to replace the affected
provision, or portions of the said provision, with other valid and effective provisions having substantially the same effect, having regard to the subject matter and purpose of this Agreement. To the extent permitted by all applicable laws and
regulations, each party to this Agreement hereby waives any provision of laws and regulations which would render any provision of this Agreement unlawful or unenforceable in any respect. 
 27.4 Notices 
 Any notice to be given by one party to any other party under, or in connection with,
this Agreement shall be delivered in accordance with Clause 4 (Notices) of the Master Definitions Agreement. 
 28.
GOVERNING LAW AND JURISDICTION 
 28.1 Governing Law 
 This Agreement is governed by and shall be construed in accordance with French law. 
 28.2 Jurisdiction 
 Each party hereto agrees that the competent courts of Paris shall have
exclusive jurisdiction to settle any dispute (including, without limitation, claims for set-off and counterclaim) which may arise in connection with the creation, validity, effect, interpretation or performance of, or the legal relationships
established by this Agreement and the Master Definitions Agreement to the extent that it is incorporated into this Agreement. 
  

 38 

 Made in Paris, on 23 September 2009 
  

					
	 SIGNED by
	  	)	 	

	 for and on behalf of
	  	)	 
	 WABCO FINANCIAL SERVICES SPRL
	  	)	 
		  	)	 
	 Authorised Signatory
	  	)	 	
			
	 Authorised Signatory
	  	)	 	
			
	 SIGNED by
	  	)	 	

	 for and on behalf of
	  	)	 
	 WABCO FRANCE S.A.S.
	  	)	 
		  	)	 
	 Authorised Signatory
	  	)	 	
			
	 Authorised Signatory
	  	)	 	
			
	 SIGNED by
	  	)	 	 

	 for and on behalf of
	  	)	 
	 PARIS TITRISATION
	  	)	 
	 as Management Company
	  	)	 
		  	)	 
	 Authorised Signatory
	  	)	 	
			
	 Authorised Signatory
	  	)	 	
			
	 SIGNED by
	  	)	 	 

	 for and on behalf of
	  	)	 
	 SOCIÉTÉ GÉNÉRALE
	  	)	 
		  	)	 
	 Authorised Signatory
	  	)	 
	 Authorised Signatory
	  	)	 
		  		 

  

 39 

 SCHEDULE 1 
 Part A - Form of French Seller’s Terms and Conditions 
 Conditions générales de vente 
 ARTICLE 1 - FORCE CONTRACTUELLE 
 A moins de dérogation écrite établie d’un commun accord, du seul fait qu’il passe commande d’articles figurant aux
prospectus, catalogues, tarifs et plans de la Société WABCO France, ci-après dénommée WABCO, le client accepte contractuellement les présentes conditions générales de vente et renonce
définitivement à apposer ses propres conditions générales d’achat. 
 ARTICLE 2 - MODIFICATION DES
SPÉCIFICATIONS 
 WABCO recherchant l’amélioration constante de la qualité de ses articles, se réserve
à tout moment le droit d’apporter toute modification qu’elle jugerait utile et notamment toute modification relative aux performances, formes, dimensions ou matières des articles décrits sur l’une quelconque de
ses documentations. 
 WABCO ne saurait cependant être tenu d’aucune obligation d’effectuer une quelconque modification sur ses
matériels, qu’ils soient livrés ou simplement commandés. 
 Les modifications apportées aux matériels
entre la date de la commande et celle de livraison ne peuvent constituer pour l’acheteur une cause d’annulation de la commande ou de résolution de la vente non plus qu’une cause de demande d’indemnité. 

ARTICLE 3 - PROJETS, DESSINS, MODELES, PROTOTYPES 
 Le client n’acquiert aucun droit sur les projets, dessins, plans, marques, modèles et prototypes qui restent la propriété exclusive de WABCO. Le client à qui ils ont
été éventuellement confiés s’engage à ne les divulguer, prêter ou céder en aucun cas, sauf autorisation écrite et à les restituer à la première demande. Selon leur
volume ou leur nombre, les documents ou les modèles et prototypes sont fournis gratuitement ou contre remboursement de frais d’édition ou de fabrication définis au préalable. 
 ARTICLE 4 – PRIX 
 Les prix concernent
les articles nus livrés départ usine WABCO sauf conditions complémentaires contractuelles. Les matériels et pièces détachées sont facturés au prix en vigueur au jour de la livraison.
L’acheteur acceptant par avance la variation qui serait susceptible d’intervenir, la modification intervenant entre la date de la commande et celle de la livraison ne peut constituer une cause d’annulation de la commande ou de
résolution de la vente. 
  

 40 

 ARTICLE 5 - MISE A DISPOSITION ET DÉLAIS 
 Quelles que soient la destination des articles et les conditions de leur vente, la mise à disposition est réputée effectuée dans
les usines ou magasin WABCO. 
 Les délais ne peuvent être donnés qu’à titre indicatif, malgré le souci
de satisfaire au mieux la clientèle. ils dépendent des conditions d’approvisionnement, de fabrication et de transport. Ils ne courent qu’à compter de la réception de la commande. En aucun cas, les retards dans
la livraison ne peuvent donner lieu à une indemnité ou annulation des contrats passés entre WABCO et les acheteurs. 
 De
convention expresse, tout évènement ne dépendant pas de la libre volonté de WABCO, notamment les arrêts accidentels d’approvisionnement, de production ou de transport et généralement tout fait
entraînant le chômage ou la fermeture des usines de WABCO ou celles de ses sous-traitants, autorisent la suspension et retardent l’exécution des commandes ou éventuellement leur annulation sans indemnité
d’aucune sorte et peuvent entraîner des modifications dans les prix et conditions de paiement. 
 ARTICLE 6 - EMBALLAGE ET
TRANSPORT 
 Les frais d’emballage, de transport, d’assurance et de douane sont à la charge du client sauf accord
contractuel complémentaire. Sauf demande expresse de l’acheteur lors de la commande, le mode de transport est choisi par l’expéditeur. La propriété des articles est transférée dès la
délivrance en usines WABCO; ceux-ci voyagent aux risques et périls du client destinataire auquel il appartient de vérifier leur état à l’arrivée et d’exercer éventuellement son recours
contre le transporteur, même en cas d’expédition franco. 
 ARTICLE 7 - GARANTIE 
 Sauf stipulation contraire de WABCO, la qualité des articles est garantie 24 mois à dater de leur délivrance - sauf compresseur garantis
1 an ou 100 000 Km, premier des deux termes échus - dans tous les cas où: 
 - les conditions de stockage chez le client avant mise
en service sont compatibles avec une protection correcte des articles; 
 - la matériel est soumis dans l’état où il
est tombé en panne et n’a pas fait l’objet d’une intervention extérieure au service après-vente de WABCO; 
 - un avis d’avarie est expédié dans les trois jours de l’incident. La garantie est accordée en cas de vice de fonctionnement ou de matière, à charge pour le client d’en apporter la preuve.
Elle consiste limitativement à réparer, remplacer ou modifier au frais et dans les ateliers de WABCO toute pièce reconnue défectueuse et mise de ce fait hors service. La garantie exclut les frais de démontage et de
remontage de l’appareil chez le client 
 ainsi que les frais d’emballage et de transport ou encore les frais d’immobilisation ou
de remorquage du véhicule. La garantie n’est pas accordée et la responsabilité de WABCO 
  

 41 

 ne devra pas être recherchée dans les cas de mise hors d’usage après usure normale,
détérioration ou accident provenant de négligence ou de défaut d’entretien et de surveillance, usage anormal ou impropre ne correspondant pas aux prescriptions du constructeur, modification des performances faite
sans accord écrit ou utilisation de pièces de rechange ne provenant pas des ateliers de WABCO. 
 Les pièces
remplacées ne sont pas restituées au client. Les modifications, réparations et échanges de pièces ou d’appareils effectués au titre de la garantie ne prolongent pas la durée de la garantie
accordée lors de leur vente; 
 WABCO ne sera redevable d’aucune indemnité par suite de l’immobilisation d’un
matériel faisant ou devant faire l’objet d’une réparation. 
 ARTICLE 8 - PAIEMENT 
 Les factures sont payables par quelque mode que ce soit (virement, chèque, traite acceptée, billet à ordre) au comptant sauf stipulation
contraire spécifique au client. 
 Dans l’hypothèse de paiement fractionné, le non respect de
l’échéance d’un seul effet de commerce entraînera de plein droit l’exigibilité immédiate du solde du prix et obligation au paiement par le client d’agios décomptés au taux
d’escompte de la Banque de France majoré de deux points à dater de la 1ère échéance non respectée. Ces agios seront majorés de cinq points en cas de condamnation en justice du débiteur. En
outre, les effets de commerce non échus émis sur le client, quelle que soit la fourniture à laquelle ils se rapportent, seront dès lors immédiatement exigibles. 
 Dans l’hypothèse d’acompte sur le prix, WABCO aura la faculté d’exiger soit le solde, soit de résoudre de plein droit la
vente sans aucune formalité judiciaire passé un délai de 48 heures après retour resté sans effet de l’accusé de réception d’un commandement de payer adressé au client par lettre
recommandée. 
 ARTICLE 9 - RESERVE DE PROPRIÉTÉ 
 WABCO se réserve la propriété des appareils livrés jusqu’à paiement de l’intégralité et de ses accessoires. Ne constitue pas un paiement la
remise de titres créant une obligation de payer. 
 Pendant la durée de réserve de propriété, l’acheteur
devra assurer à ses frais et diligence les appareils contre tous risques de dommages ou de responsabilité causés ou subis par eux. 
 Les appareils objets de la réserve de propriété devront, sous la responsabilité de l’acheteur, conserver de manière apparente les signes d’identification
apposés par WABCO, même en cas de montage sur des ensembles non fournis par WABCO. 
 En cas de non paiement total ou partiel du
prix à son échéance et pour quelque cause que ce soit, WABCO pourra exiger sans formalité la restitution de ses appareils aux frais, risques et périls de l’acheteur. La restitution donnera lieu au choix de
WABCO après consultation écrite de l’acheteur soit à la résiliation définitive de la vente, soit à la suspension pendant un délai à convenir d’accord entre les parties. 
  

 42 

 Dans l’hypothèse d’une revente des biens vendus avant leur complet paiement,
l’acheteur s’oblige à déléguer à WABCO le prix dû par le sous -acquéreur et à due concurrence de la créance de WABCO. 
 L’acheteur s’oblige à informer par écrit les sous-acquéreurs de l’existence de la présente clause de réserve de propriété. Il devra en
justifier à la première requête de WABCO. 
 ARTICLE 10 - ATTRIBUTION DE JURIDICTION 
 Il est stipulé entre les parties que toute contestation ou difficulté à l’occasion de l’exécution du présent
contrat comme celle concernant sa validité ou son interprétation sera de la compétence exclusive des tribunaux du ressort du siège social de WABCO France. 
 ÉCHANGE - RÉPARATION STANDARD 
 Conditions de l’échange -
Réparation standard 
 L’échange - RÉPARATION STANDARD consiste dans la fourniture d’un appareil
réparé en usine contre la remise par le client d’un appareil usagé. 
 Ces échanges sont limités
uniquement aux appareils énumérés au présent tarif. 
 Les appareils usagés doivent être rendus
complets, les corps extérieurs et les pièces principales ne doivent être ni brisés, ni soudés, ni modifiés, ni usés hors cote et notamment les taraudages des raccords doivent être intacts. Les
pièces de complément (supports, poulies, raccords) non fournies par WABCO France doivent être démontées avant remise de l’appareil usagé. WABCO France retournera aux frais de l’expéditeur le
matériel ne figurant pas au présent tarif. 
 Toutes nos autres conditions générales de vente sont applicables
à l’ÉCHANGE-RÉPARATION STANDARD. 
  

 43 

 Part B - Form of Debtor’s Terms and Conditions 
 ARVINMERITOR CVS Axles France - SAINT-PRIEST 
 not applicable 
  

 44 

 SCHEDULE 2 
 FORM OF SOLVENCY AND COMPLIANCE CERTIFICATE 
 PARIS TITRISATION

 (as Management Company) 
 17,
Cours Valmy 
 92972 Paris La Défense Cedex 
 France Fax: +33(0)1 46 92 45 96 
 Attention: Bâssine Wane / Amélie Aleonard

 SOCIÉTÉ GÉNÉRALE 
 (as Custodian) 
 17, Cours Valmy 
 92972 Paris La Défense Cedex (France) 
 Attention: Cannelle Barrier / Mathilde Picard

 Telephone: 33(0)1 42 13 94 07 / 33(0)1 42 13 47 02 
 Facsimile: 33(0)1 46 92 45 96 
 E-mail: cannelle.barrier@sgcib.com /
mathilde.picard@sgcib.com 
 Date: [            ] 
 This solvency certificate (the Certificate) is delivered to you pursuant to Clause 8.1 (a) (iv) of the French Receivables Purchase
and Servicing Agreement (the Agreement). The definitions contained in the Master Definitions Agreement dated [date] 2009 shall apply to this Certificate. 
 I, the undersigned, being director/duly authorised representative of WABCO France S.A.S. (the Company), hereby certify as of the date of this Certificate on behalf of the Company, but
without incurring any personal liability for the same, that to the best of my knowledge and based on a review of the books of the Company (i) having made all appropriate searches and investigations of the books and records of the Company, the
information held by the Registre du Commerce et des Sociétés de Bobigny on [date to be completed], and the Company’s accounts (both management and those required by law) and (ii) the officers of the Company
having duly considered the provisions of Article L. 611-1 et seq. of the French Commercial Code (Code de Commerce): 
  

	(a)	the Company is not insolvent or unable to pay its debts as they fall due (en état de cessation des paiements) when entering the WABCO Transaction
Documents (including the Transfer Document) to which it is a party; 

  

 45 

	(b)	to the best of my knowledge no execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the Company remains unsatisfied
in whole or in part, which, if satisfied in whole, would result in the Company becoming insolvent or unable to pay its debts as they fall due or entering into a state of cessation des paiements within the meaning of article L.631-1 of the
French Commercial Code (Code de Commerce); 

  

	(c)	no corporate action has been taken or is pending, no other steps have been taken and no legal proceedings have been commenced or are pending for (i) the
winding-up, liquidation, dissolution, administration or reorganisation of the Company (other than a solvent reorganisation) as regulated by Title II of Book VI of the French Code de Commerce (Code de Commerce); or (ii) the appointment of
a receiver, administrative receiver, mandataire ad hoc (within the meaning of French law), or similar officer in respect of the Company or any of its property, undertaking or assets and the Company has not been wound up;

  

	(d)	the transactions to be entered into by the Company under the WABCO Transaction Documents to which it is a party are not transactions at any undervalue within the
meaning of article L.632-1-2° of the French Commercial Code (Code de Commerce); 

  

	(e)	the sale by the Company of the Relevant Receivables under or pursuant to the Transfer Document and the French Receivables Purchase and Servicing Agreement would be made
by the Company, in good faith and for the purpose of carrying on its business, and there would be reasonable grounds for believing that such transfer would benefit the Company; 

  

	(f)	in selling the Relevant Receivables pursuant to the French Receivables Purchase and Servicing Agreement, the Company has no intent of prejudicing the interest of any of
its creditors; 

  

	(g)	having made all appropriate investigations, I am not aware of any fact which will lead to (i) any of the situations mentioned in paragraphs (a), (b), (c), (d),
(e), and (f) above, or (ii) the non-continuation of the Company’s operation for a period of at least 6 months from the date of this solvency certificate; 

  

	(h)	the Company has observed or performed all of its undertakings, and satisfied every condition, contained in the WABCO Transaction Documents to be observed, performed or
satisfied by it, and we have no knowledge of any Early Amortisation Event or Potential Early Amortisation Event. 

 Yours
faithfully, 
  
 ....................................... 
 WABCO FRANCE S.A.S. 
  

 46 

 SCHEDULE 3 
 FORM OF REPURCHASE REQUEST 
 [French Seller’s
letterhead] 
 PARIS TITRISATION 
 (as Management Company) 
 17, Cours Valmy 
 92972 Paris La Défense Cedex 
 France 
 Fax: +33(0)1 46 92 45 96 
 Attention: Bâssine
Wane / Amélie Aleonard 
 SOCIÉTÉ GÉNÉRALE 
 (as Custodian) 
 17, Cours Valmy 
 92972 Paris La Défense Cedex (France) 
 Attention: Cannelle Barrier / Mathilde Picard 
 Telephone: 33(0)1 42 13 94 07 / 33(0)1 42 13 47 02 
 Facsimile: 33(0)1 46 92 45 96 
 E-mail:
cannelle.barrier@sgcib.com / mathilde.picard@sgcib.com 
 In [to be completed], on [to be completed]

 Dear Sirs, 
 FCT - Val Duchesse
Titrisation - Repurchase Request No. [to be completed] 
 We refer to Clause 14 (Option to Repurchase) of the
French Receivables Purchase and Servicing Agreement (hereinafter the Agreement) dated [—] 2009 entered into between us, WABCO FRANCE S.A.S., as French Seller, WABCO Financial Services
SPRL, as Seller’s Agent, Paris Titrisation as Management Company, acting in the name and on behalf of the FCT and Société Générale as Custodian of the FCT. 
 Unless otherwise defined herein, capitalised terms in this letter shall have the meanings ascribed to them in the Agreement. 
 We request to repurchase from you the Purchased Receivables, in accordance with terms and subject to the conditions set out in Clause 5 (Transfer of
Receivables) and Clause 14 (Option to Repurchase) of the Agreement, the Relevant Receivables with the following financial characteristics: 
  

				
	 Repurchase Amount:
	  	[to be completed	] 
	 Number:
	  	[to be completed	] 
	 Monthly Settlement Date
	  	[to be completed	] 

  

 47 

 The Purchased Receivables are identified and individualised (désignées et
individualisées) in the attached Daily Report. 
 We understand and acknowledge that you shall be free to accept or reject this
Retransfer Request. 
 Representations and Warranties 
 We acknowledge that any repurchase of the Purchased Receivables by us that are the subject of this Repurchase Request shall be without the benefit of any representations and warranties. 
 Assignment of Relevant Receivables 
 Pursuant to Clause 5 (Transfer of Receivables) of the Agreement; the retransfer of title of such Relevant Receivables (including the Ancillary Rights) shall be performed on the relevant Monthly Settlement Date by the delivery of a
duly signed and completed retransfer document (acte de cession de créances), which retransfer document has been attached to this Repurchase Request in respect of the Relevant Receivables, in accordance with Articles L. 214-43 et
seq. and Article D.214-102 of the French Monetary and Financial Code (Code monétaire et financier). 
 Settlement and
Payment Instructions: 
 The payment of the Repurchase Amount corresponding to the Purchased Receivables shall be made in accordance with
Clause 14 of the Agreement. 
 If you accept, and provided that you countersign the Repurchase Request and sign the retransfer document, on the
relevant Monthly Settlement Date, we shall pay you by crediting to the FCT Transaction Account in an amount equal to EUR [—] as the Repurchase Amount on such Monthly Settlement Date. 
 Yours faithfully, 
  
 ....................................... 

	
	
	 WABCO FRANCE S.A.S.

	 as French Seller

	 Represented by

	
	 Name:

	 Title:

  

 48 

	
	 .......................................
  
 WABCO FRANCE S.A.S.

	as French Seller
	Represented by
	
	Name:
	Title:
	
	Countersigned by the FCT
	
	 .......................................
 Represented by the Management Company

	
	Attachment:    retransfer document (acte de cession de créance)

  

 49 

 SCHEDULE 4 
 FORM OF RETRANSFER DOCUMENT 
 ACTE DE CESSION DE
CRÉANCES 
 Date de signature et de remise de l’Acte de Cession de Créances (Transfer Document) au Cessionnaire:
le [date] 
 Conformément aux dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier,

 Le fonds commun de titrisation FCT – Val Duchesse Titrisation, dont le Règlement (FCT Regulations) a été
signé en date du [—] 2009 (le Cédant), représenté par Paris Titrisation, une société anonyme immatriculée au Registre du Commerce et des
Sociétés de Nanterre sous le numéro 379 014 095, dont le siège social est situé 17, Cours Valmy, 92972 Paris La Défense (France) et représenté par [à compléter],
dûment habilité aux fins des présentes (la Société de Gestion), 
 cède sans garantie ni
recours quelconques autres que l’existence des créances et des garanties qui s’y attachent et ceux prévus respectivement dans une convention de cession et de gestion de créances intitulée “French
Receivables Purchase and Servicing Agreement” (la Convention) en date du [—] 2009 selon les modalités et obligations décrites dans la Convention, 
 à WABCO FRANCE S.A.S., dont le siège social est situé 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly, France, (le
Cessionnaire), 
 les créances suivantes: 
 un lot de [insérer le nombre de créances ] Créances (Relevant Receivables) ayant donné lieu à l’émission de factures pour un montant global en
principal égal à € [à compléter ]. 
 Les créances faisant l’objet de la présente
cession sont désignées et identifiées dans la liste de Créances (Receivables List) ci-joint. 
 La
présente cession de créances est soumise aux dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier ainsi qu’aux dispositions des Articles R.214-92 à R.214-114. 
 Cet acte et le Fichier Informatique (the Daily Report) sont établis en un seul exemplaire original et remis par la Société de
Gestion au Cessionnaire qui en donnera reçu. 
  

 50 

			
	 FCT - VAL DUCHESSE TITRISATION
	 	)
	 en qualité de Cédant,
	 	)
	 représenté par la Société de Gestion
	 	)
		 	)
	 Nom :
	 	)
	 Fonction :
	 	)

  

			
	 SOCIÉTÉ GÉNÉRALE
	 	)
	 en qualité de Dépositaire
	 	)
	 représenté par
	 	)
		 	)
	 Nom :
	 	)
	 Fonction :
	 	)

  

			
	 Bon pour reçu de
	 	
	  
 WABCO FRANCE
S.A.S.
	 	)
	 en qualité de Cessionnaire,
	 	)
	 représenté par :
	 	)
		 	)
	 Nom :
	 	)
	 Fonction :
	 	)

  

			
	 Bon pour reçu de
	 	
		
	 WABCO FRANCE S.A.S.
	 	)
	 en qualité de Cessionnaire,
	 	)
	 représenté par :
	 	)
		 	)
	 Nom :
	 	)
	 Fonction :
	 	)

 Annexe: Fichier Informatique (Daily Report) 
  

 51 

 SCHEDULE 5 
 FORM OF INITIAL TRANSFER OFFER 
 PROJET D’ACTE
DE CESSION DE CRÉANCES 
 Date de signature et de remise de l’Acte de Cession de Créances (Transfer Document) au
Cessionnaire: le [date] 
 Conformément aux dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et
financier, 
 WABCO FRANCE S.A.S., dont le siège social est situé 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly,
France, (le Cédant), 
 cède sans garantie ni recours quelconques autres que l’existence des créances et
des garanties qui s’y attachent et ceux prévus respectivement dans une convention de cession et de gestion de créances intitulée “French Receivables Purchase and Servicing Agreement” (la
Convention) en date du [—] 2009 selon les modalités et obligations décrites dans la Convention, 
 au fonds commun de titrisation FCT - Val Duchesse Titrisation, dont le Règlement (FCT Regulations) a été signé en date du [—
] 2009 (le Cessionnaire), représenté par Paris Titrisation, une société anonyme immatriculée au Registre du Commerce et des Sociétés de Nanterre sous le numéro 379 014 095,
dont le siège social est situé 17, Cours Valmy, 92972 Paris La Défense (France) et représenté par [à compléter], dûment habilité aux fins des présentes (la
Société de Gestion), 
 les créances suivantes: 
 un lot de [insérer le nombre de créances ] Créances (Relevant Receivables) ayant donné lieu à l’émission de factures pour un montant global en
principal égal à € [à compléter ]. 
 Les créances faisant l’objet de la présente
cession sont désignées et identifiées dans la liste de Créances (Receivables List) [ci-joint][jointe à l’offre de transfert initiale (Initial Transfer Offer) en date du [date]].

 La personne morale dépositaire des actifs du Cessionnaire est SOCIÉTÉ GÉNÉRALE, société
anonyme immatriculée au Registre du Commerce et des Sociétés de Paris sous le numéro 552 120 222, dont le siège social est situé au 29, boulevard Haussmann, 75009 Paris (France), et représentée
par [à compléter] (le Dépositaire). 
 La présente cession de créances est soumise aux
dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier ainsi qu’aux dispositions des Articles R.214-92 to R.214-114. 
  

 52 

 Elle emporte l’obligation pour le Cédant en sa qualité d’établissement
chargé du recouvrement de procéder, à la demande du Cessionnaire, à la conservation des créances dans les conditions définies à l’Article D.214-104 du Code monétaire et financier ainsi
qu’à tout acte nécessaire à la conservation des sûretés, des garanties et des accessoires attachés à ces créances, à leur modification éventuelle, à leur mise en jeu,
à leur mainlevée et à leur exécution forcée. 
 Cet Acte de Cession de Créances (Transfer
Document) est établi en un seul exemplaire original et remis au Cessionnaire. Le Dépositaire en donnera reçu. 
  

			
	 FCT - VAL DUCHESSE TITRISATION
	  	)
	 en qualité de Cessionnaire,
	  	)
	 représenté par la Société de Gestion
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 WABCO FRANCE S.A.S.
	  	)
	 en qualité de Cédant,
	  	)
	 représenté par:
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 WABCO FRANCE S.A.S.
	  	)
	 en qualité de Cédant,
	  	)
	 représenté par:
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 Bon pour reçu de
	  	
		
	 SOCIÉTÉ GÉNÉRALE
	  	)
	 en qualité de Dépositaire,
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)

 Annexe à l’Offre de Transfert Initiale: Liste de Créances (Receivables
List) 
  

 53 

 SCHEDULE 6 
 FORM OF TRANSFER OFFER 
 PROJET D’ACTE DE
CESSION DE CRÉANCES 
 Date de signature et de remise de l’Acte de Cession de Créances (Transfer Document) au
Cessionnaire : le [date] 
 Conformément aux dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et
financier, 
 WABCO FRANCE S.A.S., dont le siège social est situé 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly,
France, (le Cédant), 
 cède sans garantie ni recours quelconques autres que l’existence des créances et
des garanties qui s’y attachent et ceux prévus respectivement dans une convention de cession et de gestion de créances intitulée “French Receivables Purchase and Servicing Agreement” (la
Convention) en date du [—] 2009 selon les modalités et obligations décrites dans la Convention, 
 au fonds commun de titrisation FCT - Val Duchesse Titrisation, dont le Règlement (FCT Regulations) a été signé en date du [—
] 2009 (le Cessionnaire), représenté par Paris Titrisation, une société anonyme immatriculée au Registre du Commerce et des Sociétés de Nanterre sous le numéro 379 014 095,
dont le siège social est situé 17, Cours Valmy, 92972 Paris La Défense (France) et représenté par [à compléter], dûment habilité aux fins des présentes (la
Société de Gestion), 
 les créances suivantes: 
 un lot de [insérer le nombre de créances ] Créances (Relevant Receivables) ayant donné lieu à l’émission de factures pour un montant global en
principal égal à € [à compléter ]. 
 Les créances faisant l’objet de la présente
cession sont désignées et identifiées dans la liste de Créances (Receivables List) [ci-joint][jointe à l’offre de transfert (Transfer Offer) en date du [date]]. 
 La personne morale dépositaire des actifs du Cessionnaire est SOCIÉTÉ GÉNÉRALE, société anonyme
immatriculée au Registre du Commerce et des Sociétés de Paris sous le numéro 552 120 222, dont le siège social est situé au 29, boulevard Haussmann, 75009 Paris (France), et représentée par
[à compléter] (le Dépositaire). 
 La présente cession de créances est soumise aux
dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier ainsi qu’aux dispositions de l’Article R.214-92 à R.214-114 du Code monétaire et financier. 
  

 54 

 Elle emporte l’obligation pour le Cédant en sa qualité d’établissement
chargé du recouvrement de procéder, à la demande du Cessionnaire, à la conservation des créances dans les conditions définies à l’Article D.214-104 du Code monétaire et financier ainsi
qu’à tout acte nécessaire à la conservation des sûretés, des garanties et des accessoires attachés à ces créances, à leur modification éventuelle, à leur mise en jeu,
à leur mainlevée et à leur exécution forcée. 
 Cet Acte de Cession de Créances (Transfer
Document) est établi en un seul exemplaire original et remis au Cessionnaire. Le Dépositaire en donnera reçu. 
  

			
	 FCT - VAL DUCHESSE TITRISATION
	  	)
	 en qualité de Cessionnaire,
	  	)
	 représenté par la Société de Gestion
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 WABCO FRANCE S.A.S.
	  	)
	 en qualité de Cédant,
	  	)
	 représenté par:
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 WABCO FRANCE S.A.S.
	  	)
	 en qualité de Cédant,
	  	)
	 représenté par:
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 Bon pour reçu de
	  	
		
	 SOCIÉTÉ GÉNÉRALE
	  	)
	 en qualité de Dépositaire
	  	)
		  	)
	 Nom:
	  	)
	 Fonction:
	  	)

 Annexe à l’Offre de Transfert: Liste de Créances (Receivables List)

  

 55 

 SCHEDULE 7 
 FORM OF TRANSFER DOCUMENT 
 Part A - Form to be used
on the Initial Offer Date 
 ACTE DE CESSION DE CRÉANCES 
 Date de signature et de remise de l’Acte de Cession de Créances (Transfer Document) au Cessionnaire : le [date] 
 Conformément aux dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier,  
 WABCO FRANCE S.A.S., dont le siège social est situé 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly, France, (le
Cédant), 
 cède sans garantie ni recours quelconques autres que l’existence des créances et des
garanties qui s’y attachent et ceux prévus respectivement dans une convention de cession et de gestion de créances intitulée “French Receivables Purchase and Servicing Agreement” (la
Convention) en date du [—] 2009 selon les modalités et obligations décrites dans la Convention, 
 au fonds commun de titrisation FCT - Val Duchesse Titrisation, dont le Règlement (FCT Regulations) a été signé en date du [—
] 2009 (le Cessionnaire), représenté par Paris Titrisation, une société anonyme immatriculée au Registre du Commerce et des Sociétés de Nanterre sous le numéro 379 014 095,
dont le siège social est situé 17, Cours Valmy, 92972 Paris La Défense (France) et représenté par [à compléter], dûment habilité aux fins des présentes (la
Société de Gestion), 
 les créances suivantes: 
 un lot de [insérer le nombre de créances ] Créances (Relevant Receivables) ayant donné lieu à l’émission de factures pour un montant global en
principal égal à € [à compléter ]. 
 Les créances faisant l’objet de la présente
cession sont désignées et identifiées dans la liste de Créances (Receivables List) [ci-joint][jointe à l’offre de transfert initiale (Initial Transfer Offer) en date du [date]].

 La personne morale dépositaire des actifs du Cessionnaire est SOCIÉTÉ GÉNÉRALE, société
anonyme immatriculée au Registre du Commerce et des Sociétés de Paris sous le numéro 552 120 222, dont le siège social est situé au 29, boulevard Haussmann, 75009 Paris (France), et représentée
par [à compléter] (le Dépositaire). 
 La présente cession de créances est soumise aux
dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier ainsi qu’aux dispositions de l’Article R.214-92 à R.214-114 du Code monétaire et financier. 
  

 56 

 Elle emporte l’obligation pour le Cédant en sa qualité d’établissement
chargé du recouvrement de procéder, à la demande du Cessionnaire, à la conservation des créances dans les conditions définies à l’Article D.214-104 du Code monétaire et financier ainsi
qu’à tout acte nécessaire à la conservation des sûretés, des garanties et des accessoires attachés à ces créances, à leur modification éventuelle, à leur mise en jeu,
à leur mainlevée et à leur exécution forcée. 
 Cet Acte de Cession de Créances (Transfer
Document) est établi en un seul exemplaire original et remis au Cessionnaire. Le Dépositaire en donnera reçu. 
  

			
	 FCT - VAL DUCHESSE TITRISATION
	  	)
	 en qualité de Cessionnaire,
	  	)
	 représenté par la Société de Gestion
	  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 WABCO FRANCE S.A.S.
	  	)
	 en qualité de Cédant,
	  	)
	 représenté par:
	  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 WABCO FRANCE S.A.S.
	  	)
	 en qualité de Cédant,
	  	)
	 représenté par:
	  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		  	)
	 représenté par:
	  	)
	 Nom:
	  	)
	 Fonction:
	  	)
		
	 Bon pour reçu de
	  	
		
	 SOCIÉTÉ GÉNÉRALE
	  	)
	 en qualité de Dépositaire
	  	)
	 Nom:
	  	)
	 Fonction:
	  	)

 [Annexe à l’Acte de Cession de Créances (Transfer Document): Liste de
Créances (Receivables List)] 
  

 57 

 Part B - Form to be used on each Offer Date 
 ACTE DE CESSION DE CRÉANCES 
 Date de signature et de remise de l’Acte de Cession de Créances (Transfer Document) au Cessionnaire: le [date] 
 Conformément aux dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier, 
 WABCO
FRANCE S.A.S., dont le siège social est situé 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly, France, (le Cédant), 
 cède sans garantie ni recours quelconques autres que l’existence des créances et des garanties qui s’y attachent et ceux prévus respectivement dans une convention de cession
et de gestion de créances intitulée “French Receivables Purchase and Servicing Agreement” (la Convention) en date du [—] 2009 selon les modalités
et obligations décrites dans la Convention, 
 au fonds commun de titrisation FCT - Val Duchesse Titrisation, dont le Règlement
(FCT Regulations) a été signé en date du [—] 2009 (le Cessionnaire), représenté par Paris Titrisation, une société anonyme
immatriculée au Registre du Commerce et des Sociétés de Nanterre sous le numéro 379 014 095, dont le siège social est situé 17, Cours Valmy, 92972 Paris La Défense (France) et représenté
par [à compléter], dûment habilité aux fins des présentes (la Société de Gestion), 
 les créances suivantes: 
 un lot de [insérer le nombre de créances ]
Créances (Relevant Receivables) ayant donné lieu à l’émission de factures pour un montant global en principal égal à € [à compléter ]. 
 Les créances faisant l’objet de la présente cession sont désignées et identifiées dans la liste de Créances
(Receivables List) [ci-joint][jointe à l’offre de transfert initiale (Initial Transfer Offer) en date du [date]]. 
 La personne morale dépositaire des actifs du Cessionnaire est SOCIÉTÉ GÉNÉRALE, société anonyme immatriculée au Registre du Commerce et des Sociétés de Paris sous le
numéro 552 120 222, dont le siège social est situé au 29, boulevard Haussmann, 75009 Paris (France), et représentée par [à compléter] (le Dépositaire). 
 La présente cession de créances est soumise aux dispositions des Articles L. 214-43 à L. 214-48 du Code monétaire et financier
ainsi qu’aux dispositions de l’Article R.214-92 à R.214-114 du Code monétaire et financier. 
 Elle emporte
l’obligation pour le Cédant en sa qualité d’établissement chargé du recouvrement de procéder, à la demande du Cessionnaire, à la conservation des créances dans les conditions
définies par les dispositions réglementaires applicables aux fonds communs de titrisation du Code monétaire et financier ainsi qu’à tout acte 
  

 58 

 nécessaire à la conservation des sûretés, des garanties et des accessoires
attachés à ces créances, à leur modification éventuelle, à leur mise en jeu, à leur mainlevée et à leur exécution forcée. 
 Cet Acte de Cession de Créances (Transfer Document) est établi en un seul exemplaire original et remis au Cessionnaire. Le
Dépositaire en donnera reçu. 
  

					
	FCT - VAL DUCHESSE TITRISATION	  	)	  	
	en qualité de Cessionnaire,	  	)	  	
	représenté par la Société de Gestion	  	)	  	
		  	)	  	
	Nom :	  	)	  	
	Fonction :	  	)	  	
			
	WABCO FRANCE S.A.S.	  	)	  	
	en qualité de Cédant,	  	)	  	
	représenté par :	  	)	  	
		  	)	  	
	Nom :	  	)	  	
	Fonction :	  	)	  	
			
	WABCO FRANCE S.A.S.	  	)	  	
	en qualité de Cédant,	  	)	  	
	représenté par :	  	)	  	
		  	)	  	
	Nom :	  	)	  	
	Fonction :	  	)	  	
			
	Bon pour reçu de	  		  	
			
	SOCIÉTÉ GÉNÉRALE	  	)	  	
	en qualité de Dépositaire	  	)	  	
		  	)	  	
	Nom :	  	)	  	
	Fonction :	  	)	  	

 [Annexe à l’Acte de Cession de Créances (Transfer Document): Liste de
Créances (Receivables List)] 
  

 59 

 SCHEDULE 8 
 FORM OF NOTICE OF TRANSFER 
 [sur papier
à en-tête de la Société de Gestion/ Gestionnaire de Substitution]  
  

	
	 Paris, le [date]

	
	 [Nom du débiteur cédé

	 (« Assigned Debtor »)]

	
	 [Adresse]

 Lettre recommandée avec accusé de réception 
 FCT - Val Duchesse Titrisation- Notification d’instructions de paiement 
 Madame, Monsieur, 
 Nous vous informons que, en vertu d’un contrat de cession et de gestion de
créances en date du [—] 2009, WABCO FRANCE S.A.S. au capital de 27.000.000 euros ayant son siège social au 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly, France (le
Cédant), a cédé au fonds commun de titrisation FCT - Val Duchesse Titrisation représenté par Paris Titrisation, une société anonyme immatriculée au Registre du Commerce et des
Sociétés de Paris sous le numéro 379 014 095 agréée en sa qualité de société de gestion par l’Autorité des Marchés Financiers, dont le siège social est situé
17, Cours Valmy, 92800 Puteaux (le Cessionnaire), conformément aux dispositions des Articles L. 214-42-1 et suivants du Code monétaire et financier, les créances désignées ci-dessous dont vous
êtes redevable envers le Cédant (les Créances Cédées). 
 Désignation des
Créances Cédées: 
 [Liste des Créances Cédées à insérer] 
 En conséquence, nous vous demandons de n’effectuer aucun paiement au titre des Créances Cédées autrement qu’entre nos
mains à compter de la réception par vous de la présente notification (la Notification) conformément aux indications mentionnées ci-dessous. 
  

 60 

 Tout règlement au titre des Créances Cédées par virement devra être
effectué sur le compte bancaire du Cessionnaire dont les coordonnées sont précisées ci-dessous : 
 Compte
bancaire du Cessionnaire : 
  

			
	 Banque :
	  	[à compléter]
	 Numéro de compte :
	  	[à compléter]
	 Code banque :
	  	[à compléter]
	 Code guichet :
	  	[à compléter]
	 Clé RIB :
	  	[à compléter]

 Tout règlement au titre des Créances Cédées par chèque devra
être libellé à l’ordre du Cessionnaire. 
 Les billets à ordre, lettres de change et traites relatifs aux
Créances Cédées devront être souscrits ou émis à l’ordre du Cessionnaire. 
 Nous attirons votre
attention sur le fait que seuls seront libératoires les paiements effectués conformément aux indications ci-dessus. Vous vous exposeriez à payer deux fois la même somme si votre paiement n’est pas
effectué strictement comme indiqué ci-dessus. 
 Vous devrez, à compter de la réception de la présente
notification, considérer [nom du gestionnaire de substitution], dont les coordonnées figurent ci-dessous, comme votre seul interlocuteur habilité à traiter avec vous toute question relative au paiement des
Créances Cédées. 
  

			
	 Nom :
	  	[à compléter]
	 Adresse :
	  	[à compléter]
		
	 Télécopie :
	  	[à compléter]
	 Téléphone :
	  	[à compléter]

 Nous vous prions également d’informer [nom du gestionnaire de substitution] sans
délai directement de toute exception au paiement des Créances Cédées que vous pourriez opposer. 
 Nous vous prions
d’agréer, Madame, Monsieur, l’expression de nos salutations distinguées. 
  
 ................................. 
 PARIS TITRISATION

 Représentée par: 
  

 61 

 Translation for Information Purposes 
 [Letterhead of the Management Company/ Replacement Servicer] 
  

	
	 Paris, —

	
	 [Name of the Assigned Debtor]

	
	 [Address]

 Registered Mail with acknowledgment of receipt 
 FCT - Val Duchesse Titrisation - Notice of payment instructions 
 Dear Sirs, 
 We hereby notify you that, pursuant to the provisions of a receivables purchase and
servicing agreement dated [date] 2009, WABCO France S.A.S. with a share capital of [—] euros, having its registered address at 44 Avenue Aristide Briand, BP 12, 77410 Claye Souilly, France,
registered with the Trade and Companies Register of Bobigny (Registre du Commerce et des Sociétés de Bobigny) (France) under number 334 367 497 (the Seller) has assigned to the fonds commun de titrisation
FCT - Val Duchesse Titrisation represented by Paris Titrisation (a société anonyme registered with the Trade and Companies Register of Paris (France) under number 379 014 095, whose registered office is located at 17, Cours
Valmy, 92972 Paris La Défense (France) (the French Purchaser), in accordance with Articles L. 214- 42-1 et seq. of the French Monetary and Financial Code, the following receivables identified below (the Purchased
Receivables): 
 Identification of the Purchased Receivables: 
 [List of the Purchased Receivables to be inserted] 
 As a result, we would hereby request
that any payment be made under the Purchased Receivables to WABCO France S.A.S should be stopped and exclusively made in favour of us upon receipt by you of this notice (the Notice) in accordance with the following and in accordance
with the instructions provided for below. 
  

 62 

 Unless and until we issue any further notice directing otherwise all payments by wire transfer in respect of
the abovementioned Receivables should continue to be made exclusively to the French Purchaser’s bank account with the following references: 
 Bank Account of the French Purchaser: 
  

			
	 Bank:
	  	[to be completed]
	 Account n°:
	  	[to be completed]
	 Bank Code:
	  	[to be completed]
	 Branch Code:
	  	[to be completed]
	 Key:
	  	[to be completed]

 All payment by cheque shall be made to the order of the French Purchaser. 
 Promissory notes and bills of exchange in relation to the Purchased Receivables shall be signed and issued to the order of the French Purchaser. 

We draw your attention to the fact that any payments made in accordance with the instructions contained in this Notice shall constitute a valid discharge
of your obligations under the Purchased Receivables. Otherwise, you could be requested to pay twice the same sum in the event your payment is not strictly directed in accordance with this Notice. 
 You shall consider, as of the date of the this Notice, [name of the Replacement Servicer] as your sole contact entitled to handle with you any matter
relating to the payment of the Purchased Receivables. 
  

			
	 Name :
	  	[to be completed]
	 Address :
	  	[to be completed]
		
	 Fax:
	  	[to be completed]
	 Telephone:
	  	[to be completed]

 We hereby request you to inform [name of the Replacement Servicer] directly and without any
delay of any defences you may wish to invoke in respect of any payment under the Purchased Receivables. 
 Yours faithfully, 
 ................................. 
 PARIS TITRISATION 
 Represented by : 
  

 63 

 SCHEDULE 9 
 FORM OF PAYMENT INSTRUCTION LETTER 
 [sur papier
à en-tête de Wabco France S.A.S] 
 [—], le
[—date—] 
 [nom du Débiteur] 
 [—adresse—] 
 Objet :             Indication
de paiement. 
 Madame, Monsieur, 
 Nous vous réferrons au[x] [contrat intitulé « nom du contrat » conclu entre nous le [—] / conditions générales de vente conclues entre nous le
[—]] (le Contrat). 
 Nous vous informons qu’à compter de la
réception par vous de la présente notification, le règlement de toute somme dont vous êtes redevable envers nous en vertu du Contrat devra être effectué par virement sur le compte bancaire dont les
coordonnées sont précisées ci-dessous : 
 Compte bancaire : 
 Banque :             [—] 
 N° de compte :             [—] 

Nom du compte : Wabco France – FCT Account 
 Titulaire du compte : FCT Val Duchesse – Titrisation 
 Code banque : [—]

 Code guichet : [—] 
 Clé RIB :         [—] 
 Nous vous prions d’agréer, Madame, Monsieur, l’expression de nos salutations distinguées. 
 [WABCO FRANCE S.A.S] 
 Nom : [—] 
 Fonction :     [—]

  

 64

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