<SUBMISSION>
<ACCESSION-NUMBER>0000950123-09-073477
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>4
<PERIOD>20091221
<ITEMS>1.01
<ITEMS>9.01
<FILING-DATE>20091228
<DATE-OF-FILING-DATE-CHANGE>20091228
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>BORGWARNER INC
<CIK>0000908255
<ASSIGNED-SIC>3714
<IRS-NUMBER>133404508
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12162
<FILM-NUMBER>091260849
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3850 HAMLIN RD.
<CITY>AUBURN HILLS
<STATE>MI
<ZIP>48326
<PHONE>2487549200
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3850 HAMLIN RD.
<CITY>AUBURN HILLS
<STATE>MI
<ZIP>48326
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>BORG WARNER AUTOMOTIVE INC
<DATE-CHANGED>19930628
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c55243e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>








<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>
Date of Report (Date of earliest event reported): December&nbsp;21, 2009</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>BORGWARNER INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">
(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware<BR>
(State or other jurisdiction <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-12162<BR>
(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13-3404508<BR>
(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
3850 Hamlin Road, Auburn Hills, Michigan 48326<BR>

(Address of principal executive offices) (Zip Code)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
Registrant&#146;s telephone number, including area code: (248)&nbsp;754-9200</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt">
(Former name or former address, if changed since last report)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;1.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Entry Into a Material Definitive Agreement</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;21, 2009 BWA Receivables Corporation, a wholly-owned subsidiary of BorgWarner
Inc., as buyer (&#147;BWARC&#148;), and BorgWarner Emissions Systems Inc., BorgWarner Morse TEC Inc.,
BorgWarner Powdered Metals Inc., BorgWarner Thermal Systems Inc., BorgWarner TorqTransfer Systems
Inc., BorgWarner Transmission Systems Inc., and BorgWarner Turbo Systems Inc., all wholly-owned
subsidiaries of BorgWarner Inc. (the &#147;Originators&#148;), entered into a Receivables Sale Agreement (the
&#147;Receivables Sale Agreement&#148;). The Receivables Sale Agreement provides for the sale and assignment
by the Originators of all of their right, title and interest in and to all of their receivables to
BWARC. The transactions between the Originators and BWARC pursuant to
the Receivables Sale
Agreement is intended to be a true sale of receivables from the Originators to BWARC, providing
BWARC with the full benefits of ownership of the receivables and is not intended to be a loan
secured receivables.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;21, 2009, BWARC, as seller, BorgWarner Inc., as the collection agent, the
purchasers from time to time party thereto (the &#147;Purchasers&#148;) and Wachovia Bank, National
Association, as Administrative Agent, entered into a Receivables Purchase Agreement (the
&#147;Receivables Purchase Agreement&#148;, and together with the Receivables Sale Agreement, the
&#147;Receivables Facility&#148;). The Receivables Purchase Agreement provides for the sale by BWARC to the
Purchasers of certain eligible receivable interests up to a maximum of $50,000,000 at any one time
outstanding. The termination date of the Receivables Purchase Agreement is the earlier of December
21, 2012, the &#147;amortization date&#148; (as defined in the Receivables Purchase Agreement), and (iii)&nbsp;the
scheduled maturity date of the Credit Agreement (as defined below),
as amended, restated or extended from time to time (or any replacement
indebtedness, the proceeds of which are used to refinance such Credit Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;21, 2009, in connection with the establishment of the Receivables Facility, and in
order to facilitate the operation of the Receivables Facility, BorgWarner Inc., as borrower,
certain subsidiaries of BorgWarner Inc., Bank of America, N.A., as Administrative Agent, the
Co-Syndication Agents named therein, the Documentation Agents named therein and the Lenders parties
thereto, entered into a letter agreement that amended the Credit Agreement (the &#147;Letter
Agreement&#148;). As used herein, &#147;Credit Agreement&#148; means that certain Credit Agreement dated July&nbsp;22,
2004 as amended by (i)&nbsp;Amendment No.1 and Consent Agreement dated as of April&nbsp;30, 2009 among
BorgWarner Inc., as borrower, Bank of America, N. A., as Administrative Agent, the Co-Syndication
Agents named therein, the Documentation Agents named therein and the Lenders parties thereto, (ii)
Amendment No.&nbsp;2 dated as of August&nbsp;11, 2009 among BorgWarner Inc., as borrower, the Guarantors, the
Lenders, and Bank of America, N.A., as Administrative Agent, Issuing Bank and Swingline Lender, and
(iii)&nbsp;Amendment No.&nbsp;3 dated as of October&nbsp;23, 2009 among BorgWarner Inc., as borrower, the
Guarantors, the Lenders, and Bank of America, N.A., as Administrative Agent, Issuing Bank and
Swingline Lender. In addition to amending the Credit Agreement to facilitate the operation of the
Receivables Facility, the Letter Agreement amended the Credit Agreement to provide that
consolidated total debt, as defined in the Credit Agreement, shall not include the Receivables
Facility irrespective of whether the Receivables Facility is treated as indebtedness in accordance
with generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The descriptions of (i)&nbsp;the Receivables Sale Agreement, (ii)&nbsp;the Receivables Purchase
Agreement, and (iii)&nbsp;the Letter Agreement are qualified in their entirety by reference to the full
text of the Receivables Sale Agreement, the Receivables Purchase Agreement and the Letter
Agreement, the forms of which are attached hereto as Exhibits 10.1, 10.2 and 10.3, respectively,
and are incorporated herein by this reference.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Financial Statements and Exhibits</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Exhibits. The following exhibits are being filed as part of this Report.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Receivables Sale Agreement dated as of December&nbsp;21, 2009 among
BorgWarner Emissions Systems Inc., BorgWarner Morse TEC Inc.,
BorgWarner Powdered Metals Inc., BorgWarner Thermal Systems Inc.,
BorgWarner TorqTransfer Systems Inc., BorgWarner Transmission
Systems Inc., BorgWarner Turbo Systems Inc., and BWA Receivables
Corporation.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Receivables Purchase Agreement dated as of December&nbsp;21, 2009 among
BWA Receivables Corporation, as seller, BorgWarner Inc., as the
collection agent, the purchasers from time to time party thereto,
and Wachovia Bank, National Association, as administrative agent.*</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Letter Agreement dated as of December&nbsp;21, 2009 among BorgWarner
Inc., as borrower, certain subsidiaries of BorgWarner Inc., Bank
of America, N.A., as Administrative Agent, the Co-Syndication
Agents named therein, the Documentation Agents named therein and
the Lenders parties thereto.*</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
<div align="left" style="font-size: 10pt">*&nbsp;&nbsp;Filed herewith.</div>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BORGWARNER INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">Date:      December 21, 2009&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ John J. Gasparovic
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">John J. Gasparovic&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Its:                   Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c55243exv10w1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.1</B>

</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>









<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS">Receivables Sale Agreement</FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">dated as of December&nbsp;21, 2009
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><I>Among</I></FONT>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BorgWarner Emissions Systems Inc.</FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BorgWarner Morse Tec Inc.</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BorgWarner Powdered Metals Inc.</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BorgWarner Thermal Systems Inc.</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BorgWarner TorqTransfer Systems Inc.</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BorgWarner Transmission Systems Inc.</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BorgWarner Turbo Systems Inc.</FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><I>And</I></FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">BWA Receivables Corporation</FONT>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Table of Contents</B></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE I DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Defined Terms</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Terms</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computation of Time Periods</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE II PURCHASE AND SETTLEMENTS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Sale and Conveyance</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Purchase Price; Duty to Record</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Administration of Receivables</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Buyer&#146;s Rights</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.5 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Protection of Ownership Interest of the Buyer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contractual Payment Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Servicing Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE III REPRESENTATIONS AND WARRANTIES</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.1 </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Representations and Warranties of Each of the Originators</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Reaffirmation of Representations and Warranties by Each of the Originators</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Representations and Warranties of the Buyer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE IV CONDITIONS PRECEDENT AND SUBSEQUENT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions to Closing</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Other Transaction Documents</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Material Adverse Change</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE V COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Affirmative Covenants of Each of the Originators</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Negative Covenants of Each of the Originators</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE VI MISCELLANEOUS</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Term of Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignment of Receivables Sale Agreement and Performance Undertaking</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Waiver; Remedies</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.4</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments, etc</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.5</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.6</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law; Submission to Jurisdiction; Integration</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.7</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability; Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.8</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignment</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.9</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Headings</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver of Jury Trial</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.11</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Costs and Expenses</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.12</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Partnership or Joint Venture</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.13</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Proceedings</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Exhibits</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>

</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;A
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Credit and Collection Policy</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;B
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Form of Notes</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;C
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Originator Accounts</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;D
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule of Places of Business of Originators and Location of Records</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Exhibit&nbsp;E
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Corporate Names; Trade Names; Assumed Names</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Receivables Sale Agreement</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS">Receivables Sale Agreement</FONT> (this <B><I>&#147;Agreement&#148;</I></B>), dated as of December&nbsp;21, 2009, by and
among BorgWarner Emissions Systems Inc., a Delaware corporation (<B><I>&#147;BES&#148;</I></B>), BorgWarner Morse TEC Inc.,
a Delaware corporation (<B><I>&#147;TEC&#148;</I></B>), BorgWarner Powdered Metals Inc., a Delaware corporation (<B><I>&#147;BPM&#148;</I></B>),
BorgWarner Thermal Systems Inc., a Delaware corporation (<B><I>&#147;Thermal&#148;</I></B>), BorgWarner TorqTransfer
Systems Inc., a Delaware corporation (<B><I>&#147;Torq&#148;</I></B>), BorgWarner Transmission Systems Inc., a Delaware
corporation (<B><I>&#147;BTS&#148;</I></B>), BorgWarner Turbo Systems Inc., a Delaware corporation (<B><I>&#147;Turbo&#148; </I></B>and
collectively with BES, TEC, BPM, Thermal, Torq and BTS, the <B><I>&#147;Originators&#148;</I></B>) and BWA Receivables
Corporation, a Delaware corporation (the <B><I>&#147;Buyer&#148;</I></B>).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Preliminary Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Originators desires to sell and assign all of its right, title and interest in and
to, among other things, all of its receivables, and the Buyer desires to purchase such property
subject to the terms and conditions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Originators and the Buyer intend this transaction to be a true sale of receivables from
the Originators to the Buyer, providing the Buyer with the full benefits of ownership of the
receivables, and do not intend this transaction to be a loan secured by receivables.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I<BR>
DEFINITIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;1.1 </I><B><I>Certain Defined Terms</I></B>. As used in this Agreement, the following terms shall have
the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Agreement&#148; </I></B>has the meaning ascribed to such term in the introduction hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Assignee&#148; </I></B>means the Administrative Agent, for the benefit of the Purchasers, as assignee of
the Borrower of a 100% all right, title and interest in the Purchased Assets with respect to each
of the Originators pursuant to the Receivables Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Buyer&#148; </I></B>has the meaning given to it in the introduction hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Buyer Account&#148; </I></B>means the account number means Account No.&nbsp;50-17750 at JPMorgan Chase Bank,
Chicago, IL USA, ABA# 071-000-013, Swift Code: CHASUS33, or such other account as may be designated
by the Buyer from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Collection</I></B>&#148; means, with respect to each Receivable, any cash collections or other cash
proceeds of such Receivable, including any Finance Charges paid and any cash proceeds of Related
Security with respect to such Receivable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Contract</I></B>&#148; means, with respect to any indebtedness or payment obligation, any and all
instruments, agreements, leases, invoices or other writings pursuant to which such indebtedness or
payment obligation arises or that evidence such indebtedness or payment obligation.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Credit and Collection Policy&#148; </I></B>means, with respect to each Originator, such Originator&#146;s
credit and collection policy and practices relating to the Receivables originated by such
Originator and the Contracts that give rise to or evidence such Receivables existing on the date
hereof and attached hereto as Exhibit&nbsp;A, as modified in writing from time to time in accordance
with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Determination Date&#148; </I></B>means, with respect to any Receivable, the later to occur of (i)&nbsp;the date
hereof and (ii)&nbsp;the date such Receivable is created.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Excluded Receivable&#148; </I></B>means, as of the date hereof, a Receivable (i)&nbsp;as to which any payment,
or part thereof, has remained unpaid for more than ninety (90)&nbsp;days from the original due date for
such payment; (ii)&nbsp;as to which the obligor thereof has taken any action, or suffered any event to
occur, that would constitute an Insolvency Event; or (iii)&nbsp;that, consistent with the objective
criteria of the applicable Credit and Collection Policy, has been or should be written off the
applicable Originator&#146;s books as uncollectible.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Insolvency Event&#148; </I></B>means, with respect to any Person, (i)&nbsp;such Person or any of its
Subsidiaries shall generally not pay its debts as such debts become due or shall admit in writing
its inability to pay its debts generally or shall make a general assignment for the benefit of
creditors; or any proceeding shall be instituted by or against such Person or any of its
Subsidiaries seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under
any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
entry of an order for relief or the appointment of a receiver, trustee or other similar official
for it or any substantial part of its property or (ii)&nbsp;such Person or any of its Subsidiaries shall
take any corporate action to authorize any of the actions set forth in clause (i)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;LMIR&#148; </I></B>has the meaning given to it in the Receivables Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Monthly Settlement Date&#148; </I></B>means the twenty-fifth (25th) day of each month (or, if such day is
not a Business Day, the next-succeeding Business Day).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Note&#148; </I></B>means each of those certain grid-form revolving promissory notes, each of which is in
substantially the form of Exhibit&nbsp;B.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;OFAC&#148; </I></B>means the U.S. Department of Treasury&#146;s Office of Foreign Assets Control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase&#148; </I></B>means, with respect to each Originator, the purchase hereunder by the Buyer from
such Originator of the Purchased Assets with respect to such Originator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase Price&#148; </I></B>means, with respect to each Originator, the fair market value payment made or
to be made by the Buyer to such Originator pursuant to Section&nbsp;2.2 as consideration for the sale of
the Purchased Assets with respect to such Originator hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchased Assets&#148; </I></B>means, with respect to each Originator, collectively, each and every
Purchased Receivable originated by such Originator and all Related Purchased Rights with respect to
each such Purchased Receivable.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchased Receivables&#148; </I></B>means, with respect to each Originator, each and every Receivable
originated by such Originator now existing or hereafter arising, other than any Receivable that
arises on or after the Termination Date with respect to such Originator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Receivables Purchase Agreement&#148; </I></B>means the Receivables Purchase Agreement, dated as of the
date hereof, among BorgWarner Inc., as Collection Agent, the Administrative Agent, the Purchasers
thereunder and the Buyer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Related Purchased Rights&#148; </I></B>means, with respect to any Receivable, (i)&nbsp;all Related Security
with respect to such Receivable, (ii)&nbsp;each and every Collection with respect to such Receivable,
and (iii)&nbsp;all proceeds of any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Related Security</I></B>&#148; means, with respect to any Receivables originated by any Originator: (i)
all of the applicable Originator&#146;s right, title and interest (including any security interest) in
goods (including returned goods), if any, the sale or lease of which by such Originator gave rise
to such Receivable, and all insurance contracts with respect thereto; (ii)&nbsp;all other security
interests or liens and property subject thereto from time to time, if any, purporting to secure
payment of such Receivable, whether pursuant to the contract related to such Receivable or
otherwise, together with all financing statements signed by an Obligor describing any collateral
securing such Receivable; (iii)&nbsp;all Guaranties, letters of credit, insurance and other agreements
or arrangements of whatever character from time to time supporting or securing payment of such
Receivable whether pursuant to the Contract related to such Receivable or otherwise; (iv)&nbsp;all
service contracts and other contracts and agreements related to such Receivable; and (v)&nbsp;all
Records related to such Receivable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Originators&#148; </I></B>has the meaning given to it in the introduction hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Originator Account&#148; </I></B>means, with respect to each Originator, the bank account listed opposite
the name of such Originator on Exhibit&nbsp;C or such other account as may be designated by such
Originator from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Sanctioned Country&#148; </I></B>means a country subject to a sanctions program identified on the list
maintained by OFAC and available at <U>http://www.treas.gov/offices/eotffc/ofac/sanctions/index.html</U>, or as otherwise published from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Sanctioned Person&#148; </I></B>means (a)&nbsp;a person named on the list of Specially Designated Nationals or
Blocked Persons maintained by OFAC available at <U>http://www.treas.gov/offices/eotffc/ofac/sdn/index.html</U>, or as otherwise published from time to time, or (b) (i)&nbsp;an agency
of the government of a Sanctioned Country, (ii)&nbsp;an organization controlled by a Sanctioned Country,
or (iii)&nbsp;a person resident in a Sanctioned Country, to the extent subject to a sanctions program
administered by OFAC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Settlement Period&#148; </I></B>means, with respect to any Monthly Settlement Date, the immediately
preceding calendar month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Termination Date&#148; </I></B>means, with respect to each Originator, the earliest to occur of (i)&nbsp;the
date of the occurrence of an Insolvency Event with respect to such Originator, (ii)&nbsp;that Business
Day designated by such Originator as the Termination Date by prior written notice to the Buyer and
the Assignee and (iii)&nbsp;that Business Day designated by the Buyer as the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Termination Date with respect to such Originator at any time by prior written notice to such
Originator and the Assignee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;1.2 </I><B><I>Other Terms</I></B>. All capitalized terms used herein, and not specifically defined
herein, shall have the meaning ascribed to such term in the Receivables Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise specified in this Agreement, all references in this Agreement (i)&nbsp;to any
Person (other than the Buyer or the Originators) shall be deemed to include such Person&#146;s
successors and assigns, and (ii)&nbsp;to any law, agreement, statute or contract specifically defined or
referred to in this Agreement shall be deemed references to such law, agreement, statute or
contract as the same may be supplemented, amended, waived, consolidated, replaced or modified from
time to time, but only to the extent permitted by, and effected in accordance with, the terms
thereof. The words <B><I>&#147;herein,&#148; &#147;hereof&#148; </I></B>and <B><I>&#147;hereunder&#148; </I></B>and words of similar import, when used in
this Agreement, shall refer to this Agreement as a whole and not to any provision of this
Agreement, and references to <B><I>&#147;Article,&#148; &#147;Section,&#148; &#147;paragraph,&#148; &#147;Exhibit,&#148; &#147;Schedule&#148; </I></B>and
<B><I>&#147;Appendix&#148; </I></B>are references to this Agreement unless otherwise specified. Whenever the context so
requires, words importing any gender include the other gender. Any of the defined terms may,
unless the context otherwise requires, be used in the singular or the plural depending on the
reference; the singular includes the plural and the plural includes the singular. The word <B><I>&#147;or&#148;</I></B>
shall not be exclusive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, all accounting terms not otherwise defined in this Agreement
shall have the meanings assigned them in conformity with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, all terms used in Article&nbsp;9 of the UCC and not specifically
defined in this Agreement shall be defined herein and in the Transaction Documents as such terms
are defined in the UCC as in effect in the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, each reference to this Agreement, any other Transaction
Document, or any other agreement shall be a reference to such agreement together with all exhibits,
schedules, attachments and appendices thereto, in each case as amended, restated, supplemented or
otherwise modified from time to time in accordance with the terms thereof and hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References to <B><I>&#147;writing&#148; </I></B>include telecopying, printing, typing, lithography and other means of
reproducing words in a tangible visible form including computer generated information accessible in
tangible visible form. References to <B><I>&#147;written&#148; </I></B>include faxed, printed, typed, lithographed and
other means of reproducing words or symbols in a tangible visible form consistent with the
preceding sentence. The words <B><I>&#147;including,&#148; &#147;includes&#148; </I></B>and <B><I>&#147;include&#148; </I></B>shall be deemed to be followed
by the words <B><I>&#147;without limitation&#148;</I></B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;1.3 </I><B><I>Computation of Time Periods</I></B>. Unless otherwise expressly provided herein, any
period of time ending on a day which is not a Business Day shall end on the next succeeding
Business Day. Unless otherwise stated in this Agreement, in the computation of a period of time
from a specified date to a later specified date, the word <B><I>&#147;from&#148; </I></B>means <B><I>&#147;from and including&#148; </I></B>and the
words <B><I>&#147;to&#148; </I></B>and <B><I>&#147;until&#148; </I></B>each means <B><I>&#147;to but excluding.&#148;</I></B>
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
PURCHASE AND SETTLEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;2.1 </I><B><I>Sale and Conveyance</I></B>. (a)&nbsp;Each Originator hereby sells, assigns and conveys to
the Buyer, and the Buyer hereby acquires from each Originator, all of each such Originator&#146;s right,
title and interest in and to the Purchased Assets with respect to such Originator. None of the
Buyer, the Administrative Agent or the Purchasers shall have any obligation or liability to any
Obligor, customer or client of any Originators (including the obligation to perform any of the
obligations of any Originator under any Receivable or Contract). No such obligation or liability
is intended and none is assumed and any assumption therefor is hereby disclaimed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In the event that the sale of the Purchased Assets pursuant to this Section&nbsp;2.1 is
considered to be a financing for any applicable legal purpose, each Originator shall be deemed to
have granted to the Buyer, and each Originator hereby grants to the Buyer, a first priority,
continuing security interest in all of such Originator&#146;s right, title and interest in and to the
Purchased Assets to secure the claims of the Buyer in and to the Purchased Assets. To secure all
of each of the Originator&#146;s obligations under this Agreement or any other Transaction Document,
whether now or hereafter existing, due or to become due, direct or indirect, each Originator hereby
grants to the Buyer a security interest in all of such Originator&#146;s right, title and interest now
or hereafter existing in and to the Purchased Assets. The Buyer shall have, with respect to the
property described in this Section&nbsp;2.1(b), and in addition to all the other rights and remedies
available to the Buyer, all the rights and remedies of a secured party under any applicable UCC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;2.2 </I><B><I>Purchase Price; Duty to Record</I></B>. (b)&nbsp;The Purchase Price payable to each
Originator for the Purchased Assets with respect to such Originator shall be an amount equal to the
fair market value of such Purchased Assets, which each Originator and the Buyer hereby agree is
equal to the sum of (i)&nbsp;the product of (x)&nbsp;the Outstanding Balance of each Purchased Receivable
(other than an Excluded Receivable) that is part of such Purchased Assets as of the Determination
Date for such Receivable <B><I>plus </I></B>(ii)&nbsp;thirty percent (30%) of the aggregate Outstanding Balance of all
Excluded Receivables that are part of such Purchased Assets as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Payments with respect to the Purchase Price due to each Originator pursuant to subsection
(a)&nbsp;above shall be made monthly with respect to each Originator until the Termination Date with
respect to such Originator by making a deposit into the applicable Originator Account in
immediately available funds from monies then held by the Buyer, solely to the extent that such
monies do not constitute Collections that are required to be distributed to the Assignee pursuant
to the Receivables Purchase Agreement or necessary as part of a reserve for accrued and unaccrued
liabilities of the Buyer with respect to other obligations of the Buyer (which reserve shall be in
an amount determined by the Buyer or as required by the Assignee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Buyer and each Originator shall each independently take all necessary action to record
properly this sales transaction and reflect the Buyer&#146;s ownership of the Purchased Assets with
respect to each such Originator on their respective books and records.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;2.3 </I><B><I>Administration of Receivables</I></B>. (c)&nbsp;Consistent with the Buyer&#146;s ownership of the
Purchased Assets with respect to each Originator, the Buyer shall have all rights to and shall be
solely responsible for servicing, administering and collecting the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Receivables that are part of such Purchased Assets. The Buyer may appoint any Person as its
agent to perform such services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Originator shall, on the date hereof and as each new Receivable is originated by it,
deliver to the Buyer (or the Buyer&#146;s agent appointed pursuant to Section&nbsp;2.7) all Records and
evidence of the creation of each and every Receivable, including Contracts relating to each such
Receivable and Related Security, and all other documentation with respect to the Purchased Assets
with respect to such Originator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Originator shall direct all Obligors to make all payments with respect to any
Receivable originated by such Originator to the Buyer (or the Buyer&#146;s agent appointed pursuant to
Section&nbsp;2.7). If any Originator receives any Collections or payments with respect to any
Receivable, such Originator shall (i)&nbsp;segregate all cash, checks and other instruments received by
it from time to time with respect to any Receivable in a manner acceptable to the Buyer and (ii)
immediately remit all such Collections or payments, including all such cash, checks and
instruments, duly endorsed or with duly executed instruments of transfer, to the Buyer (or its
agent appointed pursuant to Section&nbsp;2.7).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Originator hereby authorizes the Buyer (or the Buyer&#146;s agent or assignee) to notify
the respective Obligors, or any of them, of its ownership interest in the Purchased Assets with
respect to such Originator at any time. Each Originator also hereby authorizes the Buyer (or the
Buyer&#146;s agent or assignee) to notify the respective Obligors, or any of them, of its assignment of
an interest in the Purchased Assets with respect to such Originator to the Assignee pursuant to the
terms set forth in Article&nbsp;VI of the Receivables Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Originator hereby agrees that the Buyer shall have the absolute and unlimited right,
itself or through its agent, to commence or settle any legal action to enforce collection of any
Purchased Receivable originated by such Originator or to foreclose upon or repossess any Related
Security with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Originator hereby grants to the Buyer an irrevocable power of attorney, with full
power of substitution, coupled with an interest, to take in the name of such Originator all steps
necessary or advisable to endorse, negotiate or otherwise realize on any item constituting proceeds
of any Receivable originated by such Originator. Without limiting the generality of the foregoing,
each Originator hereby authorizes the Buyer to take any and all steps in the name of such
Originator and on behalf of such Originator necessary or desirable, in the determination of the
Buyer, to collect any and all amounts or portions thereof due under any and all Receivables,
including endorsing the name of such Originator on checks and other instruments representing
Collections and enforcing any such Receivable, any Related Security and the related Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Any payment by an Obligor in respect of any indebtedness owed by it to any Originator
shall, except as otherwise specified by such Obligor or otherwise required by contract or law, and
unless otherwise instructed by the Buyer, be applied by such Originator as a Collection of any
Purchased Receivable of such Obligor owed to such Originator (starting with the oldest such
Receivable) to the extent of any amounts then due and payable thereunder before being applied to
any other indebtedness owed to such Originator by such Obligor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;With respect to (A)&nbsp;the creation of the Receivables and (B)&nbsp;the servicing, administering
and collecting of the Receivables (to the extent such Originator is appointed to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">perform such functions pursuant to Section&nbsp;2.7), each Originator shall exercise the same care
and diligence that it would exercise in handling similar matters for its own account and will
comply at all times in all material respects with the terms of the Transaction Documents,
applicable laws, rules and regulations and good business policies, practices, procedures and
internal controls in effect at such time generally.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;2.4 </I><B><I>The Buyer&#146;s Rights</I></B>. (d)&nbsp;The Buyer (or its successors or assigns) shall retain,
and use for its own benefit, the Collections and other proceeds of all Receivables, including any
Finance Charges thereon, and no Originator shall have any interest of any nature in or to any such
Collections or other proceeds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Buyer shall have no obligation to account for, to replace, to substitute or to return
all or any portion of the Purchased Assets with respect to any Originator to such Originator,
without regard to whether the Collections and other proceeds included in such Purchased Assets are
in excess of the Purchase Price paid for such Purchased Assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Buyer shall have the unrestricted right to further assign, transfer, deliver,
hypothecate, subdivide or otherwise deal with all or any portion of the Purchased Assets with
respect to any Originator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Buyer (or its successors or assigns) shall have the sole right to retain any gains or
profits created by buying, selling or holding all or any portion of the Purchased Assets with
respect to any Originator purchased by it hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;2.5 </I><B><I>Protection of Ownership Interest of the Buyer</I></B>. Each Originator agrees that from
time to time, at its expense, it will promptly execute and deliver all instruments and documents
and take all action that the Buyer may request in order to perfect or protect the Buyer&#146;s ownership
interest in the Purchased Assets with respect to such Originator or to enable the Buyer to exercise
or enforce any of its rights hereunder. Without limiting the generality of the foregoing, each
Originator will (i)&nbsp;on or prior to the date hereof (and promptly upon any changes or additions at
any time and from time to time thereafter), mark its master data processing records and other books
and records relating to the Purchased Assets with respect to such Originator with a legend
describing the Buyer&#146;s ownership interest therein (and the assignment by the Buyer thereof to the
Assignee) and (ii)&nbsp;upon the request of the Buyer, (a)&nbsp;mark each Contract with a legend describing
the Buyer&#146;s ownership interest in the Purchased Assets with respect to such Originator (and the
assignment by the Buyer thereof to the Assignee), (b)&nbsp;execute and file such financing or
continuation statements or amendments thereto or assignments thereof as may be requested by the
Buyer and (c)&nbsp;deliver to the Buyer or its designee all Contracts and Records (including all
multiple originals of any such Contract) relating to the Purchased Assets with respect to such
Originator, with any appropriate endorsement or assignment requested by the Buyer. To the fullest
extent permitted by applicable law, the Buyer shall be permitted to sign and file continuation
statements relating to the Purchased Assets with respect to each Originator and amendments thereto
and assignments thereof without the applicable Originator&#146;s signature. Carbon, photographic or
other reproduction of this Agreement or any financing statement shall be sufficient as a financing
statement. No Originator shall change its name, identity or corporate structure (within the
meaning of Section&nbsp;9-402(7) of any applicable enactment of the UCC) or relocate its chief executive
office or any office or location where Records are kept unless it shall have: (i)&nbsp;given the Buyer
and the Assignee at least fifteen (15)&nbsp;days prior notice thereof, (ii)&nbsp;delivered to the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Buyer and the Assignee all financing statements, instruments and other documents requested by the Buyer or the Assignee in
connection with such change or relocation and (iii)&nbsp;if Records are relocated to an off-site
data-processing or storage facility, delivered to the Buyer a direction letter executed by such
Originator authorizing the Buyer and the Assignee (including successors of the Assignee) to, and
directing third-party warehousemen to allow the Buyer and the Assignee to, inspect and make copies
from the Records maintained at such facility. Each Originator shall at all times maintain its
chief executive offices within a jurisdiction in the United States (other than the states of
Florida, Louisiana, Maryland and Tennessee) and in which Article&nbsp;9 of the UCC is in effect, and in
the event it moves its chief executive office to a location that may charge taxes, fees, costs,
expenses or other charges to perfect an interest in the Purchased Assets with respect to such
Originator, such Originator shall pay all taxes, fees, costs, expenses and other charges associated
with perfecting the Buyer&#146;s ownership interest in the Purchased Assets with respect to such
Originator and any other costs and expenses incurred in order to maintain the enforceability of
this Agreement and the ownership interest of the Buyer in the Purchased Assets with respect to such
Originator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;2.6 </I><B><I>Contractual Payment Obligations</I></B>. Notwithstanding any limitation on recourse
contained in this Agreement, each Originator hereby consents and agrees as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If on any day the Outstanding Balance of a Receivable originated by any Originator
is either (i)&nbsp;reduced or cancelled as a result of any defective or rejected goods or
services, any cash discount or any adjustment by such Originator or (ii)&nbsp;reduced or
cancelled as a result of a setoff in respect of any claim by any Person (whether such claim
arises out of the same or a related transaction or an unrelated transaction), such
Originator hereby agrees to pay to the Buyer on such day the amount of such reduction in the
Outstanding Balance or, if such Receivable is cancelled, the amount of the Outstanding
Balance of such Receivable in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If on any day any of the representations or warranties made or deemed made by any
Originator in Article&nbsp;III is no longer true with respect to a Receivable originated by such
Originator, such Originator shall pay to the Buyer on such day the Outstanding Balance of
such Receivable in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;2.7 </I><B><I>Servicing Agent</I></B>. (e)&nbsp;Until the Buyer (or the Assignee pursuant to the
Receivables Purchase Agreement) gives contrary notice, the Buyer hereby appoints each Originator as
its agent (and as sub-collection agent under the<FONT style="font-variant: SMALL-CAPS"> </FONT>terms of the Receivables Purchase
Agreement) with respect to the servicing, administering and collecting of the Receivables
originated by such Originator, and each such Originator hereby accepts such appointment and agrees
to perform in accordance with the applicable terms and conditions of the Receivables Purchase
Agreement. Each Originator hereby further agrees not to voluntarily resign as agent for the Buyer
in connection with such servicing, administering and collecting functions. Each of the Originators
hereby acknowledges that the Buyer can replace such Originator as its agent (and sub-collection
agent) at any time for any reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;As servicing agent for the Buyer, each Originator shall take all actions necessary or
advisable to collect each Receivable originated by such Originator with care and diligence and to
perform all other servicing activities related to such Receivables as are required by the
Collection Agent pursuant to Article&nbsp;II and VII of the Receivables Purchase Agreement. Without
limiting the generality of the foregoing, each Originator hereby agrees to provide such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reports and other information with respect to the Receivables originated by such Originator
required to be furnished by the Collection Agent pursuant to the Receivables Purchase Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In consideration for each Originator&#146;s services pursuant to this Section&nbsp;2.7, the Buyer
shall pay to each Originator a cash fee of One Hundred Dollars ($100) per month payable on the
Monthly Settlement Date with respect to the immediately preceding month. The parties hereto hereby
agree that the servicing fee payable to each Originator pursuant to the immediately preceding
sentence constitutes a fair market value fee for the servicing functions required hereby.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
REPRESENTATIONS AND WARRANTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;3.1 </I><B><I>Representations and Warranties of Each of the Originators</I></B>. Each of the
Originators hereby represents and warrants to the Buyer that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B><I>Corporate Existence and Power</I></B>. Each of the Originators is a corporation duly
organized, validly existing and in good standing under the laws of its state of
incorporation and has all corporate power and all governmental licenses, authorizations,
consents and approvals required to carry on its business in each jurisdiction in which its
business is now conducted, except where failure to obtain such licenses, authorizations,
consents and approvals would not have (i)&nbsp;an adverse effect on its ability to perform its
obligations hereunder, (ii)&nbsp;an adverse effect on the enforceability hereof or (iii)&nbsp;a
material adverse effect on the enforceability or collectibility of any Receivable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <B><I>Corporate and Governmental Authorization; Contravention</I></B>. The execution, and
performance by each of the Originators of this Agreement are within its corporate powers,
have been duly authorized by all necessary corporate action, require no action by or in
respect of, or filing with, any Governmental Authority (except as contemplated by Section
2.5) and do not contravene, or constitute a default under, any provision of applicable law
or regulation or of any such Originator&#146;s certificate or articles of incorporation or
by-laws or of any agreement, judgment, injunction, order, decree or other instrument binding
upon it or result in the creation or imposition of any lien or other Adverse Claim on assets
of any such Originator or any of its Subsidiaries (except as contemplated by Section&nbsp;2.5).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <B><I>Binding Effect</I></B>. This Agreement and any other document signed in connection
herewith constitutes the legal, valid and binding obligations of each of the Originators,
enforceable against each such Originator in accordance with its terms, except to the extent
that such enforcement may be limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors&#146; rights generally or by general principles of equity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <B><I>Perfection</I></B>. Immediately preceding the Purchase from each Originator hereunder, each
of the Originators shall be the owner of all of the Purchased Assets purported to be sold,
free and clear of any Adverse Claims and each sale hereunder shall constitute a valid sale,
transfer and assignment of all of the Originator&#146;s right, title and interest in, to and
under the Purchased Assets, free and clear of any Adverse Claims. On
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">or prior to the date hereof and prior to the generation by any Originator of any new
Receivable, all financing statements and other documents required to be recorded or filed in
order to perfect and protect the Buyer&#146;s ownership interest in the Purchased Assets with
respect to such Originator against all creditors of and purchasers from such Originator will
have been duly filed in each filing office necessary for such purpose, and all filing fees
and taxes, if any, payable in connection with such filings shall have been paid in full.
Notwithstanding the foregoing, nothing in this subsection (d)&nbsp;shall constitute a
representation with respect to any Receivable the Obligor of which is a government or
governmental subdivision or agency to the extent that such representation requires
compliance with any federal laws of the United States of America relating to the transfer or
perfection of such Receivable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <B><I>Creation of Receivables</I></B>. Each of the Originators has utilized at least the same
degree of care and diligence in the creation of the Receivables originated by such
Originator and sold hereunder as such Originator would utilize or has utilized and would
apply or has applied with respect to the creation of receivables originated by such
Originator and not sold hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <B><I>Accuracy of Information</I></B>. All information heretofore furnished by each of the
Originators to the Buyer for purposes of or in connection with this Agreement or any
transaction or agreement contemplated hereby is, and all such information hereafter
furnished by each of the Originators to the Buyer will be, true and accurate in every
material respect and will not omit any information necessary to make the statements therein
not misleading on the date such information is stated or certified.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <B><I>Actions, Suits</I></B>. There are no actions, suits or proceedings pending, or to the
knowledge of any of the Originators threatened, against or affecting any Originator or any
Affiliate of any Originator, or any of their respective properties, in or before any
Governmental Authority, arbitrator or other body that may materially adversely affect the
collectibility of any Receivable or the ability to perform hereunder or transfer the
Purchased Assets to the Buyer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <B><I>Credit and Collection Policy</I></B>. Each of the Originators has complied in all material
respects with its Credit and Collection Policy in regard to each Receivable and related
Contract, and since September&nbsp;30, 2009, there has been no material change in any such Credit
and Collection Policy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <B><I>Enforceability of Contracts</I></B>. Each Contract with respect to any Receivable is
effective to create, and has created, a legal, valid and binding obligation of the related
Obligor to pay the Outstanding Balance of the Receivable created thereunder, enforceable
against the Obligor in accordance with its terms, without being subject to any defense,
deduction, offset or counterclaim and the Originator has fully performed its obligations
under such Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <B><I>Compliance with Laws</I></B>. Each Receivable, together with the Contract related thereto,
does not contravene any laws, rules or regulations applicable thereto or to the Originator
(including laws, rules and regulations relating to usury, disclosure, truth in lending, fair
credit billing, fair credit reporting, equal credit opportunity, fair debt
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">collection practices, trade practices, consumer protection and privacy), and no part of
any such Contract, is in violation of any such law, rule or regulation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <B><I>Use of Proceeds</I></B>. No proceeds of the Purchase from any Originator will be used by
such Originator to acquire any security in any transaction that is subject to Section&nbsp;13 or
14 of the Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <B><I>Place of Business</I></B>. The chief place of business and chief executive office of each
of the Originators are located at the address of such Originator set forth on the signature
pages of this Agreement, and such offices have been so located for six (6)&nbsp;months prior to
the date hereof; the offices where each of the Originators keeps all Records are located at
the addresses described on Exhibit&nbsp;D or such other locations of which the Buyer has been
given notice in accordance with Section&nbsp;2.5 and where all actions required by Section&nbsp;2.5
have been completed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <B><I>Good Title</I></B>. Upon the Purchase from each Originator and upon the creation of each
new Receivable, the Buyer shall have a valid and perfected first priority ownership interest
in each item comprising the Purchased Assets with respect to each such Originator as it
exists at the time of the Purchase from such Originator or such creation, free and clear at
all such times of any Adverse Claim. Notwithstanding the foregoing, nothing in this
subsection (m)&nbsp;shall constitute a representation with respect to any Receivable the Obligor
of which is a government or governmental subdivision or agency to the extent that such
representation requires compliance with any federal laws of the United States of America
relating to the transfer or perfection of such Receivable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <B><I>Names</I></B>. Except as described in Exhibit&nbsp;E, no Originator has used any corporate
names, tradenames or assumed names in the five years prior to the date hereof other than its
name set forth on the signature pages of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <B><I>Assignability and Confidentiality</I></B>. Each Receivable arises under a Contract that
(A)&nbsp;does not<FONT style="font-variant: SMALL-CAPS"> </FONT>require the Obligor under such Contract to consent to the transfer,
sale or assignment of the rights of the applicable Originator under such Contract and (B)
does not contain a confidentiality provision that purports to restrict the ability of the
Buyer to exercise its rights under this Agreement, including its right to review the
Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <B><I>Bulk Sales, Margin Regulations, No Fraudulent Conveyance, Investment Company.</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No transaction contemplated hereby requires compliance with or will become
subject to avoidance under any bulk sales act or similar law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No use of funds obtained by any Originator hereunder will conflict with or
contravene any of Regulations T, U and X of the Federal Reserve Board in effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No purchase hereunder from any Originator constitutes a fraudulent
transfer or conveyance under any United States federal or applicable
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">state bankruptcy or insolvency laws or is otherwise void or voidable under such
or similar laws or principles or for any other reason.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each Originator is not an <B><I>&#147;investment company&#148; </I></B>requested or required to be
registered under the Investment Company Act of 1940, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <B><I>OFAC</I></B>. None of such Originator nor any of its Subsidiaries or Affiliates (a)&nbsp;is a
Sanctioned Person, (b)&nbsp;does business in a Sanctioned Country or with a Sanctioned Person in
violation of the economic sanctions of the United States administered by OFAC or (c)&nbsp;does
business in such country or with any such agency, organization or person, in violation of
the economic sanctions of the United States administered by OFAC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;3.2 </I><B><I>Reaffirmation of Representations and Warranties by Each of the Originators</I></B>. On
each day that a new Receivable is created, and when sold to the Buyer hereunder by accepting
payment therefor pursuant to Section&nbsp;2.2, each of the Originators shall be deemed to have certified
that all representations and warranties set forth in Section&nbsp;3.1 are true and correct on and as of
such day, as though made on and as of such day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;3.3 </I><B><I>Representations and Warranties of the Buyer</I></B>. The Buyer represents and warrants
to each Originator that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B><I>Corporate Existence and Power</I></B>. The Buyer is a corporation duly organized, validly
existing and in good standing under the laws of its state of incorporation and has all
corporate power and all governmental licenses, authorizations, consents and approvals
required to carry on its business in each jurisdiction in which its business is now
conducted, except where failure to obtain such licenses, authorizations, consents and
approvals would not have (i)&nbsp;an adverse effect on its ability to perform its obligations
hereunder or (ii)&nbsp;an adverse effect on the enforceability hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <B><I>Corporate and Governmental Authorization; Contravention</I></B>. The execution, delivery
and performance by the Buyer of this Agreement are within its corporate powers, have been
duly authorized by all necessary corporate action, require no action by or in respect of, or
filing with, any governmental body, agency or official (except as contemplated by Section
2.5) and do not contravene, or constitute a default under, any provision of applicable law,
rule or regulation or of the Buyer&#146;s certificate or articles of incorporation or by-laws or
of any agreement, judgment, injunction, order, decree or other instrument binding upon the
Buyer or result in the creation or imposition of any lien or other Adverse Claim on assets
of the Buyer or any of its Subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <B><I>Binding Effect</I></B>. This Agreement constitutes the legal, valid and binding obligation
of the Buyer, enforceable against the Buyer in accordance with its terms, except to the
extent that such enforcement may be limited by bankruptcy, insolvency or similar laws
affecting the enforcement of creditors&#146; rights generally or by general principles of equity.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
CONDITIONS PRECEDENT AND SUBSEQUENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;4.1 </I><B><I>Conditions to Closing</I></B>. On or prior to the date of execution hereof, each of the
Originators shall deliver to the Buyer or the Buyer shall deliver to each of the Originators, as
the case may be, the following documents and instruments, all of which shall be in form and
substance acceptable to the Buyer and each of the Originators:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Originals of proper financing statement amendments, if any, necessary to release
all Adverse Claims of any Person in the Purchased Assets with respect to each of the
Originators previously granted by any Originator.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executed copies of (i)&nbsp;all consents from and authorizations by any Persons, and
(ii)&nbsp;all waivers and amendments to existing credit facilities that are necessary in
connection with this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the resolutions of the board of directors of the Buyer and each of the
Originators, certified by its secretary or assistant secretary, approving this Agreement and
the other documents to be delivered by it hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The certificate or articles of incorporation of the Buyer and each of the
Originators, certified by the Secretary of State of Delaware.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Good standing certificates for the Buyer and each of the Originators issued by the
Secretaries of State of each jurisdiction where it has material operations and its state of
incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A certificate of the secretary or assistant secretary of the Buyer and each of the
Originators certifying (i)&nbsp;the names and signatures of the officers authorized on its behalf
to execute this Agreement and any other documents to be delivered by it hereunder (on which
certificate the other parties may conclusively rely until such time as the other parties
shall receive from it a revised certificate meeting the requirements of this subsection (f))
and (ii)&nbsp;a copy of its by-laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Originals of proper UCC financing statements with respect to each Originator naming
the Buyer as original secured party and the Administrative Agent as total assignee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Opinions of each Originator&#146;s counsel covering such corporate, UCC, true sale and
substantive non-consolidation matters as Buyer or the Assignee may reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;4.2 </I><B><I>Other Transaction Documents. </I></B>As an additional condition precedent, all conditions
precedent to the execution, delivery and effectiveness of the other Transaction Documents have been
fulfilled.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;4.3 </I><B><I>No Material Adverse Change</I></B>. As an additional condition precedent, there shall be
no material adverse change in the financial condition of any Originator or any material adverse
change which would affect the enforceability of any Contract or Receivable or its collectability.
</DIV>

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</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;5.1 </I><B><I>Affirmative Covenants of Each of the Originators</I></B>. Each of the Originators (in
its role as the Originator hereunder and in its role as servicing agent (and sub-collection agent)
pursuant to Section&nbsp;2.7) hereby covenants, undertakes and agrees that at all times on and after the
date hereof, unless the Buyer shall otherwise consent in writing:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B><I>General Information</I></B>. Each of the Originators shall furnish to the Buyer and to
each Assignee such information as the Buyer or any Assignee may from time to time reasonably
request. Each of the Originators will preserve and maintain their corporate existence duly
incorporated, validly existing and in good standing and will keep and maintain all requisite
authority and licenses necessary or desirable to conduct and carry on its business in
substantially the same manner as it is presently conducted. Each Originator will pay when
due all taxes, assessments or governmental charges and levies upon it or its income, profits
or property, except those which are being contested in good faith by appropriate proceedings
and with respect to which adequate reserves have been set aside.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <B><I>Compliance with Laws</I></B>. Each of the Originators will comply with all laws, rules,
regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be
subject, to the extent that such compliance could have an affect on the collectibility of
any Receivable or the enforceability of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <B><I>Furnishing of Information and Inspection of Records</I></B>. Each of the Originators will
furnish to the Buyer from time to time such information with respect to the Receivables as
the Buyer shall request, including listings identifying the Obligor and the Outstanding
Balance for each Receivable. Each of the Originators will permit, at any time and from time
to time during regular business hours, the Buyer, the Assignee, the Administrative Agent or
any Purchaser (solely under the conditions set forth for the Assignee, the Administrative
Agent or any Purchaser with respect to the Borrower pursuant to Section&nbsp;6.1(e) of the
Receivables Purchase Agreement), or agents or representatives of any of the foregoing, (i)
to examine and make copies of and abstracts from all Records in its possession as agent for
the Buyer pursuant to Section&nbsp;2.3(b) and (ii)&nbsp;to visit the offices and properties of each of
the Originators for the purpose of examining such Records, and to discuss matters relating
to Receivables or the applicable Originator&#146;s performance hereunder with any of the officers
or employees of the applicable Originator having knowledge of such matters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <B><I>Keeping of Records and Books</I></B>. Each of the Originators will maintain and implement
administrative and operating procedures (including an ability to recreate records evidencing
Receivables in the event of the destruction of the originals thereof), and keep and maintain
all documents, books, records and other information reasonably necessary or advisable for
the collection of all Receivables (including records adequate to permit the immediate
identification of each new Receivable and all Collections of and adjustments to each
existing Receivable). Each of the Originators will give the Buyer notice of any material
change in the administrative and operating procedures referred to in the previous sentence,
which change shall not have a material adverse effect on the collectibility of any
Receivable.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <B><I>Performance and Compliance with Receivables and Contracts</I></B>. Each of the Originators
will at its expense timely and fully perform and comply with all provisions, covenants and
other promises required to be observed by it under the Contracts related to the Receivables.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <B><I>Credit and Collection Policy</I></B>. Each of the Originators will comply with its Credit
and Collection Policy in regard to each Receivable originated by it and the related
Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;5.2 </I><B><I>Negative Covenants of Each of the Originators</I></B>. On and after the date hereof,
unless the Buyer shall otherwise consent in writing:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B><I>Sales and Liens Relating to Receivables</I></B>. Except as otherwise provided herein, no
Originator will transfer, convey, sell, assign (by operation of law or otherwise) or
otherwise dispose of, or create or suffer to exist any Adverse Claim upon (including the
filing of any financing statement) or with respect to, any inventory or goods (other than
sales in the ordinary course of business), the sale of which may give rise to a Receivable
or upon or with respect to any Receivable or related Contract, or upon or with respect to
any account to which any Collections of any Receivable are sent, or assign any right to
receive proceeds or income in respect thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <B><I>Extension or Amendment of Receivables</I></B>. Except as otherwise permitted in its role
as a sub-collection agent pursuant to Article&nbsp;VII of the Receivables Purchase Agreement, no
Originator shall extend, amend or otherwise modify the terms of any Receivable, or amend,
modify or waive any term or condition of any Contract related thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <B><I>Change in Business or Credit and Collection Policy</I></B>. No Originator shall make any
change in the character of its business or in its Credit and Collection Policy, which change
would, in either case, impair the collectibility of any Receivable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <B><I>Accounting of Sales</I></B>. No Originator shall prepare any financial statements that
shall account for the transactions contemplated hereby in any manner other than as a sale of
Receivables by such Originator to the Buyer, nor shall any Originator in any other respect
account for or treat the transactions contemplated hereby (including, but not limited to,
for accounting and tax purposes) in any manner other than as a sale of Receivables by such
Originator to the Buyer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <B><I>Cooperation. </I></B>Each Originator will cooperate with any successor agent or
sub-collection agent designated to service the receivables, will transfer all necessary
Records and provide access to facilities, systems (including computer hardware and software
if permitted or not prohibited by the applicable contract) to process the Records and
collect the Receivables in a prudent and orderly fashion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <B><I>Accounting. </I></B>Each Originator shall prepare its financial statements in accordance
with GAAP and shall account for the transactions hereunder as a sale of the Purchased
Assets.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.1 </I><B><I>Term of Agreement</I></B>. This Agreement shall terminate upon the later to occur of (i)
the termination of the Receivables Purchase Agreement in accordance with the terms thereof or (ii)
the indefeasible payment in full of all obligations owed by the Originators or the Buyer to the
other hereunder; <B><I>notwithstanding the foregoing, however, </I></B>the rights and remedies of the Buyer and
the Originators with respect to any representation and warranty made or deemed to be made by the
other party pursuant to this Agreement, as well as any other provision hereof which by its own
terms is to survive the termination of this Agreement, shall be continuing and shall survive any
termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.2 </I><B><I>Assignment of Receivables Sale Agreement and Performance Undertaking</I></B>. The
Originators each hereby acknowledge that on the date hereof the Buyer has assigned all of its
right, title and interest in, to and under this Agreement and the Performance Undertaking to the
Administrative Agent for the benefit of the Purchasers pursuant to the Receivables Purchase
Agreement, and the Administrative Agent and the Purchasers shall be deemed to be third party
beneficiaries hereof. The Originators each hereby further acknowledge that all provisions of this
Agreement and of the Performance Undertaking shall inure to the benefit of the Administrative Agent
and the Purchasers, including with respect to the enforcement of any provision hereof (to the
extent set forth in the Receivables Purchase Agreement), but that neither the Administrative Agent
nor any Purchaser shall have any obligations or duties under this Agreement or under the
Performance Undertaking. The Originators hereby further acknowledge that the execution and
performance of this Agreement are conditions precedent for the Administrative Agent and the
Purchasers to enter into the Receivables Purchase Agreement, and the agreement of the
Administrative Agent and the Purchasers to enter into the Receivables Purchase Agreement will
directly or indirectly benefit the Originators and constitutes good and valuable consideration for
the rights and remedies of the Administrative Agent and each Purchaser with respect hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.3 </I><B><I>No Waiver; Remedies</I></B>. No failure or delay on the part of any party in exercising
any power, right or remedy under this Agreement shall operate as a waiver thereof; nor shall any
single or partial exercise of any such power, right or remedy preclude any other further exercise
thereof or the exercise of any other power, right or remedy. The rights and remedies provided in
this Agreement are cumulative and nonexclusive of any rights or remedies provided by law. Any
waiver of this Agreement shall be effective only in the specific instance and for the specific
purpose for which given.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.4 </I><B><I>Amendments, etc. </I></B>No amendment, supplement, modification or waiver of any
provision of this Agreement nor consent to any departure by any party therefrom shall in any event
be effective unless the same shall be in writing and signed by each Originator and the Buyer and
consented to by the Assignee and the Required Purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.5 </I><B><I>Notices</I></B>. All communications, demands and notices provided for hereunder shall be
in writing (including bank wire, telex, telecopy or electronic facsimile transmission or similar
writing) and shall be given to the applicable party at its address, telecopy number or telex number
set forth on the signature page hereof or at such other address, telecopy number or telex number as
such Person may hereafter specify for the purposes of notice to such Person. Each such notice or
other communication shall be effective (i)&nbsp;if given by telecopy,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">upon the receipt thereof, (ii)&nbsp;if given by telex, when such telex is transmitted to the telex
number specified in this Section&nbsp;6.5 and the appropriate answerback is received, (iii)&nbsp;if given by
mail, three (3)&nbsp;Business Days after the time such communication is deposited in the mails with
first-class postage prepaid, or (iv)&nbsp;if given by any other means, when received at the address
specified in this Section&nbsp;6.5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.6 </I><B><I>Governing Law; Submission to Jurisdiction; Integration</I></B>. This Agreement shall be
governed by and construed in accordance with the internal laws (and not the law of conflicts) of
the State of New York. Each of the Buyer and the Originators hereby submits to the nonexclusive
jurisdiction of the United States District Court for the Southern District of New York and of any
New York State Court sitting in New York, New York for purposes of all legal proceedings arising
out of or relating to this Agreement or the transactions contemplated hereby. Each of the Buyer
and the Originators hereby irrevocably waives, to the fullest extent it may effectively do so, any
objection that it may now or hereafter have to the laying of the venue of any such proceeding
brought in such a court and any claim that any such proceeding brought in such a court has been
brought in an inconvenient forum. Nothing in this Section&nbsp;6.6 shall affect the right of any Person
to bring any action or proceeding against the Buyer or any Originator or its respective property in
the courts of other jurisdictions. This Agreement contains the final and complete integration of
all prior expressions by the parties hereto with respect to the subject matter hereof and shall
constitute the entire agreement among the parties hereto with respect to the subject matter hereof,
superseding all prior oral or written understandings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.7 </I><B><I>Severability; Counterparts</I></B>. This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement. Any provisions of this Agreement which are prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.8 </I><B><I>Assignment</I></B>. This Agreement shall (i)&nbsp;be binding upon the Buyer and each
Originator and their respective successors and assigns and (ii)&nbsp;inure to the benefit of and be
enforceable by the Assignee for the benefit of the Purchasers to the extent set forth in the
Receivables Purchase Agreement and their respective successors, transferees and assigns; <B><I>provided,
however, </I></B>that the obligations of each Originator hereunder may not be assigned or delegated without
the prior written consent of the Assignee and the Required Banks, and any such purported assignment
or delegation absent such consent shall be void.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.9 </I><B><I>Headings</I></B>. Article and Section headings used herein are for convenience and
reference only, are not part of this Agreement and are not to affect the construction of, or to be
taken into consideration in interpreting, this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.10 </I><B><I>Waiver of Jury Trial</I></B>. Each of the parties hereto hereby irrevocably waives all
right to a trial by jury in any action, proceeding or counterclaim arising out of or relating to
this Agreement or the transactions contemplated hereby.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.11 </I><B><I>Costs and Expenses</I></B>. Each Originator shall pay its costs and expenses hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.12 </I><B><I>No Partnership or Joint Venture</I></B>. Nothing contained in this Agreement shall be
deemed or construed by the parties hereto or by any third person to create the relationship of
principal and agent or of partnership or of joint venture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;6.13 </I><B><I>No Proceedings</I></B>. Each of the Originators agrees that none of them will institute
against the Buyer, or join any other Person in instituting against the Buyer, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any
federal or state bankruptcy or similar law prior to the date which is one year and one day after
the last day on which the Buyer purchased any Purchased Asset hereunder The provisions of this
Section&nbsp;6.13 shall survive the termination of this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS">In</FONT> <FONT style="font-variant: SMALL-CAPS">Witness</FONT> <FONT style="font-variant: SMALL-CAPS">Whereof</FONT>, the parties hereto have caused this Agreement
to be executed and delivered by their duly authorized officers as of the date first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BorgWarner Emissions Systems Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="left">Title:&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Address:            3850 Hamlin Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auburn Hills, MI 48326 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:  President <br>
Telephone:  (248) 754-9200 <br>
Telecopy:  &nbsp;&nbsp;(248) 754-0888&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BorgWarner Morse TEC Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Title:&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Address:              800 Warren Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ithaca, New York 14850 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: President <br>
Telephone:  (607) 257-6700 <br>
Telecopy:  &nbsp;&nbsp;(607) 257-4778&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<FONT style="font-variant: SMALL-CAPS">BorgWarner Powdered Metals Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Title:&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Address:                   32059 Schoolcraft <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Livonia, MI 48150 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: President <br>
Telephone:  (734) 261-5322 <br>
Telecopy:  &nbsp;&nbsp;(734) 261-9281&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BorgWarner Thermal Systems Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="left">Title:&nbsp;</TD>
<TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Address:                3850 Hamlin Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auburn Hills, MI 48326<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: President <br>

Telephone:  (607) 257-6700 <br>
Telecopy:  &nbsp;&nbsp;(607) 257-4778&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BorgWarner TorqTransfer Systems Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="left">Title:&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Address:                   3850 Hamlin Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auburn Hills, MI 48326 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:  President <br>
Telephone:  (248) 754-9200 <br>
Telecopy:  &nbsp;&nbsp;(248) 754-0888&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BorgWarner Transmission Systems Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="left">Title:&nbsp;</TD>
<TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Address:                    3800 Hamlin Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auburn Hills, MI 48326 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:  President <br>
Telephone:  (630) 620-3680 <br>
Telecopy:  &nbsp;&nbsp;(630) 620-3663&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BorgWarner Turbo Systems Inc.</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="left">Title:&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Address:                 3850 Hamlin Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auburn Hills, MI 48326 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:  President <br>
Telephone:  (248) 754-9200 <br>
Telecopy:  &nbsp;&nbsp;(248) 754-0888
</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD>
</TR>


<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BWA Receivables Corporation</FONT>&nbsp;
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="left">Title:&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap>Address:               3850 Hamlin Road <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auburn Hills, MI 48326 <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:  Vice President and Treasurer <br>
Telephone:  (248) 754-9200 <br>
Telecopy:  &nbsp;&nbsp;(248) 754-0888&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->-20-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;A</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>To</B></FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Receivables Sale Agreement</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Credit and Collection Policy</B></FONT>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;B</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>to</B></FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Receivables Sale Agreement</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Revolving Subordinated Promissory Note</B></FONT>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">December&nbsp;21, 2009
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS">For</FONT> <FONT style="font-variant: SMALL-CAPS">Value</FONT> <FONT style="font-variant: SMALL-CAPS">Received</FONT>,
BWA Receivables Corporation, a Delaware
corporation (<B><I>&#147;Borrower&#148;</I></B>), hereby promises to pay to the order of <B>&#091;Name of Originator&#093;</B>, a Delaware
corporation (<B><I>&#147;Lender&#148;</I></B>), at the principal office of Lender at <B>&#091;Insert Address&#093;</B>, or at such other
place as Lender may designate from time to time, the unpaid principal amount hereof, together with
accrued interest thereon at a floating rate per annum equal to the LMIR (which rate shall not
exceed the maximum rate permitted by applicable law), in lawful money of the United States of
America and in immediately available funds, on the sixtieth (60th) day after the &#147;Termination Date&#148;
with respect to Lender described in the <FONT style="font-variant: SMALL-CAPS">Receivables Sale Agreement</FONT> referred to below or,
if such sixtieth (60th) day is not a Business Day, on the first Business Day thereafter (such
sixtieth (60th) day or later Business Day being referred to as the <B><I>&#147;Maturity Date&#148;</I></B>). Except as
otherwise defined herein, capitalized terms used herein and defined in the Receivables Sale
Agreement dated as of December&nbsp;21, 2009 between Borrower and the Originators party thereto (as
amended, modified or supplemented from time to time the <B><I>&#147;Receivables Sale Agreement&#148;</I></B>) shall be used
herein as so defined. This note is one of the &#147;Notes&#148; referred to in the Receivables Sale
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Interest</U>. Interest shall be computed hereunder for the actual number of days
elapsed on the basis of a year consisting of three hundred sixty-five (365)&nbsp;days. All accrued
interest on the principal amount of this Note will be due and payable on the twenty-fifth (25th)
day of each month or, if such twenty-fifth (25th) day is not a Business Day, the next succeeding
Business Day, with interest accrued thereon until such next succeeding Business Day, beginning on
January&nbsp;25, 2010; <B><I>provided, however</I></B>, that on or prior to the Maturity Date, unless Lender instructs
Borrower otherwise, such interest may be paid by means of an increase in the amount of the unpaid
principal amount hereof by an amount equal to the interest being so paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Principal</U>. The principal amount of this Note shall be initially established and
adjusted from time to time in accordance with the terms and conditions of the Receivables Sale
Agreement (the terms and conditions of which are hereby incorporated in this Note by this
reference) and the terms of this Note. Lender shall record the initial principal amount of this
Note, all adjustments thereto and all payments thereof on Schedule&nbsp;1 annexed hereto and made a part
hereof, or on a continuation thereof which shall be attached hereto and made a part hereof, and any
such recordation shall, absent manifest error, constitute <B><I>prima facie </I></B>evidence of the information
so recorded; <B><I>provided, however</I></B>, that the failure to so record shall not limit the obligations of
Borrower hereunder or under the Receivables Sale Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Subordination</U>. Borrower and, by its acceptance of this Note, Lender hereby
acknowledge and agree that any and all payments made in respect of this Note are and shall
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">remain subordinate and junior in right of payment to all Aggregate Unpaids (as defined in the
Receivables Purchase Agreement hereinafter described) owed to Wachovia Bank, National Association,
as Administrative Agent (together with its successors in such capacity, the <B><I>&#147;Administrative Agent&#148;</I></B>)
for itself and various other purchasers from time to time party thereto (the <B><I>&#147;Purchasers&#148; </I></B>or
<B><I>&#147;Senior Interest Holders&#148;</I></B>), pursuant that certain Receivables Purchase Agreement dated as of
December&nbsp;21, 2009 by and among Borrower, the Purchasers and the Administrative Agent, BorgWarner
Inc. as collection agent (as amended, restated or otherwise modified from time to time, the
<B><I>&#147;Receivables Purchase Agreement&#148;</I></B>). Borrower shall, subject to the terms of this Section&nbsp;3, have
the right to pay all or any part of the unpaid principal amount of this Note without premium or
penalty at any time; <B><I>provided, </I></B>that interest shall be paid on the amount repaid to and including
the date of repayment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of any dissolution, winding up, liquidation, readjustment, reorganization or
other similar event relating to Borrower, whether voluntary or involuntary, partial or complete,
and whether in bankruptcy, insolvency or receivership proceedings, or upon an assignment for the
benefit of creditors, or any other marshaling of the assets and liabilities of Borrower or any sale
of all or substantially all of the assets of Borrower (such proceedings being herein collectively
called <B><I>&#147;Bankruptcy Proceedings&#148;</I></B>), the Senior Interest shall first be paid and performed in full and
in cash before the Lender shall be entitled to receive and to retain any payment or distribution in
respect to this Note. In order to implement the foregoing, in accepting this Note, the Lender
hereby irrevocably agrees that the Administrative Agent, in the name of the Lender or otherwise,
may demand, sue for, collect, receive and receipt for any and all such payments or distributions,
and file, prove and vote or consent in any such Bankruptcy Proceedings with respect to any and all
claims of the Lender relating to this Note, in each case until the Senior Interests shall have been
paid and performed in full and in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Lender receives any payment or other distribution of any kind or
character from Borrower or from other source whatsoever, in respect of this Note, other than as
expressly permitted by the terms of this Note, such payment or other distribution shall be received
for the sole benefit of the Senior Interest Holders and shall be turned over by the Lender to the
Administrative Agent (for the benefit of the Senior Interest Holders) forthwith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any payments or distributions received by the Senior Interest Holders in
respect of this Note, while any Bankruptcy Proceedings are pending the Lender shall not be
subrogated to the then existing rights of the Senior Interest Holders in respect of the Senior
Interests until the Senior Interests have been paid and performed in full and in cash. Upon
payment in full of the Aggregate Unpaids and termination of the commitments under the Receivables
Purchase Agreement (the <B><I>&#147;Final Payout Date&#148;</I></B>), the Lender shall be subrogated to the then existing
rights of the Senior Interest Holders, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accepting this Note, the Lender agrees that (i)&nbsp;the Lender shall not, until the Senior Interest
has been paid and performed in full and in cash, transfer, pledge or assign, or commence legal
proceedings to enforce or collect this Note or any rights in respect hereof; (ii)&nbsp;the Lender shall
not, without the advance written consent of the Administrative Agent, commence, or join with any
other Person in commencing, any Bankruptcy Proceedings with respect to Borrower until at least one
year and one day shall have passed since the Final Payout Date shall have occurred; (iii)&nbsp;if, at
any time, any payment (in whole or in part) of any Senior Interest is rescinded or must be restored
or returned by a Senior Interest Holder (whether in connection with Bankruptcy
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->B-2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proceedings or otherwise), these provisions shall continue to be effective or shall be reinstated,
as the case may be, as though such payment had not been made; (iv)&nbsp;the Lender waives: (x)&nbsp;notice
of acceptance of these provisions by any of the Senior Interest Holders; (y)&nbsp;notice of the
existence, creation, non-payment or non-performance of all or any of the Senior Interests; and (z)
all diligence in enforcement, collection or protection of, or realization upon, the Senior
Interests, or any thereof, or any security therefor; (v)&nbsp;these provisions constitute a continuing
offer from the holder of this Note to all Persons who become the holders of, or who continue to
hold, Senior Interests, and these provisions are made for the benefit of the Senior Interest
Holders, and the Administrative Agent or the Purchaser may proceed to enforce such provisions on
behalf of each of such Persons; (vi)&nbsp;the Lender will not (A)&nbsp;institute against, join any other
Person in instituting against or take any action, direct or indirect, in furtherance or
contemplation of instituting against, Borrower any bankruptcy, insolvency, winding up, dissolution,
receivership, conservatorship or other similar proceeding or action or(B) exercise any right of
set-off or recoupment, or assert any counterclaim, against Borrower, in each case so long as there
shall not have elapsed one year and one day since the Final Payout Date has occurred; and (vii)&nbsp;the
Lender expressly recognizes and agrees that the obligations represented by this Note are not
secured by any interest in any of the assets of Borrower, including, without limitation, any
Receivables or Related Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provisions set forth in this Section&nbsp;3 are intended solely for the purpose of defining the
relative rights of the Lender, on the one hand, and the Senior Interest Holders on the other hand.
Nothing contained in this Note is intended to or shall impair, as between Borrower, its creditors
(other than the Senior Interest Holders) and the Lender, Borrower&#146;s obligation, which is
unconditional and absolute, to pay the Lender the principal of and interest on this Note as and
when the same shall become due and payable in accordance with the terms hereof or to affect then
relative rights of the Lender and creditors of Borrower (other than the Senior Interest Holders).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Waivers</U>. Borrower hereby waives presentment, diligence, notice of dishonor,
payment, demand, protest, notice of protest, notice of nonpayment and all other demands and notices
of every kind in connection with the delivery, acceptance, performance and enforcement of this Note
and, to the full extent permitted by law, the right to plead any statute of limitations as a
defense to any demands hereunder. Borrower and, by its acceptance of this Note, Lender also assent
to extension of the time of payment, forbearance or other indulgence without notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Successors and Assigns; Governing</U> Law. This Note applies to, inures to the
benefit of, and binds the successors and assigns of, Borrower and Lender. Lender may not assign
any duties or obligations hereunder without the prior written consent of Borrower and the
Administrative Agent and any attempted pledge or assignment in contravention of this Section&nbsp;5
shall be null and void <I>ab initio</I>. <FONT style="font-variant: SMALL-CAPS">This</FONT>
 <FONT style="font-variant: SMALL-CAPS">Note</FONT> <FONT style="font-variant: SMALL-CAPS">is</FONT>
 <FONT style="font-variant: SMALL-CAPS">made</FONT>
<FONT style="font-variant: SMALL-CAPS">under</FONT>,
 <FONT style="font-variant: SMALL-CAPS">and</FONT>
<FONT style="font-variant: SMALL-CAPS">all</FONT> <FONT style="font-variant: SMALL-CAPS">questions</FONT>
 <FONT style="font-variant:SMALL-CAPS">concerning</FONT> <FONT style="font-variant: SMALL-CAPS">the</FONT>
<FONT style="font-variant: SMALL-CAPS">construction</FONT>, <FONT style="font-variant: SMALL-CAPS">validity</FONT>
 <FONT style="font-variant: SMALL-CAPS">and</FONT> <FONT style="font-variant: SMALL-CAPS">interpretation</FONT> <FONT
style="font-variant: SMALL-CAPS">of</FONT>
<FONT style="font-variant: SMALL-CAPS">this</FONT>
 <FONT style="font-variant: SMALL-CAPS">Note</FONT>
 <FONT style="font-variant: SMALL-CAPS">shall</FONT>
<FONT style="font-variant: SMALL-CAPS">be</FONT> <FONT style="font-variant:SMALL-CAPS">governed</FONT>
 <FONT style="font-variant: SMALL-CAPS">by</FONT>,
 <FONT style="font-variant: SMALL-CAPS">the</FONT>
<FONT style="font-variant: SMALL-CAPS">internal</FONT> <FONT style="font-variant: SMALL-CAPS">laws</FONT>
<FONT style="font-variant: SMALL-CAPS">of</FONT> <FONT style="font-variant: SMALL-CAPS">the</FONT>
<FONT style="font-variant:SMALL-CAPS">State</FONT>
 <FONT style="font-variant: SMALL-CAPS">of</FONT> <FONT style="font-variant: SMALL-CAPS">New York</FONT>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Cancellation</U>. On the first Business Day after the Maturity Date at the close of
business of which all principal and accrued interest owing on this Note have been paid in full,
this Note will be surrendered to Borrower for cancellation.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->B-3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-variant: SMALL-CAPS">In</FONT> <FONT style="font-variant: SMALL-CAPS">Witness</FONT> <FONT style="font-variant: SMALL-CAPS">Whereof</FONT>, Borrower has executed and delivered this Note
by its duly authorized officer as of the day hereof.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><FONT style="font-variant: SMALL-CAPS">BWA Receivables Corporation</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->B-4<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Schedule&nbsp;1</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>To Revolving Promissory Note</B></FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Unpaid</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Increase </FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Decrease </FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Principal</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Principal</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Principal</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Amount&nbsp;after </FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Reason for</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS"> Notation</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-variant: SMALL-CAPS">Date</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Amount</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Amount</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Adjustment</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Adjustment</FONT><SUP style="font-size: 85%; vertical-align: text-top">*</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Made by</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Describe, or use appropriate code specified below:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>A = increase in lieu of cash payment of interest</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>B = increase/decrease pursuant to Section&nbsp;2.2 of the Receivables Sale Agreement</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>C = decrease due to payment of principal</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;C</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>To</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Receivables Sale Agreement</B></FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Listing of Originators&#146; Accounts</B></FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>&#091;On file with the Administrative Agent&#093;</B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;D</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>To</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Receivables Sale Agreement</B></FONT>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>List of Principal Places of Business and Location of Records</B></FONT>
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Emissions Systems</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner Morse</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BorgWarner Powdered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BorgWarner Thermal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>TorqTransfer Systems</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner Transmission</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>BorgWarner Turbo</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>TEC Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Metals Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Chief Executive Office:</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Chief Executive Office:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Chief Executive Office:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Chief Executive Office:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Chief Executive Office:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Chief Executive Office:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Chief Executive Office:</I></B>
</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="top">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3850 Hamlin Rd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">800 Warren Rd.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">3850 Hamlin Rd.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">3850 Hamlin Rd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 3850 Hamlin Rd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3850 Hamlin Rd.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">3850 Hamlin Rd.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Auburn Hills, MI 48326
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ithaca, NY 14850
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Auburn Hills, MI 48326
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Auburn Hills, MI 48326
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Auburn Hills, MI 48326</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Auburn Hills, MI 48326</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Auburn Hills, MI 48326
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Prior to March&nbsp;2005:</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Prior to March&nbsp;2005:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Prior to March&nbsp;2005:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Prior to March&nbsp;2005:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Prior to March&nbsp;2005:</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Prior to March&nbsp;2005:</I></B>
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">200 Michigan Ave.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">200 Michigan Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">200 Michigan Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">200 Michigan Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">200 Michigan Ave. Chicago,
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">200 Michigan Ave.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chicago, IL 60604
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Chicago, IL 60604
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Chicago, IL 60604
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chicago, IL 60604
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IL 60604
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Chicago, IL 60604
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Receivables</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Receivables</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Receivables</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Receivables</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Receivables</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Receivables Address(es):</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Receivables</I></B>
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><I>Address(es):</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Address(es):</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Address(es):</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Address(es):</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>Address(es):</I></B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 S. 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top"><B><I>Address(es):</I></B>
</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1350 Franklin Grove
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">800 Warren Rd.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">32059 Schoolcraft
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">1100 Wright St.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">15545 Wells Highway
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bellwood, IL 60104
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">1849 Brevard Rd.
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ithaca, NY 14850
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Livonia, MI 48150
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Cadillac, MI 49601
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seneca, SC 29678
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Arden, NC 28704
</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dixon, IL 61021
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">300 S. Maple St.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">40 Crane Crk Ind Prk
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11230 FM 349
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Frankfort, IL 60423</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Fletcher, NC 28732
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Longview, TX 75603</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->D-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Exhibit&nbsp;E</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>to</B></FONT><BR>
<FONT style="font-variant: SMALL-CAPS"><B>Receivables Sale Agreement</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Corporate Names; Trade Names; Assumed Names; Assumed Names</B></FONT>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Emissions Systems</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner Morse</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner Powdered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner Thermal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>TorqTransfer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Transmission</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner Turbo</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>TEC Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Metals Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">BorgWarner Turbo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BorgWarner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BorgWarner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BorgWarner
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>BorgWarner Turbo </TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#038; Emissions Systems
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Emissions/Thermal Systems
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Drivetrain Systems
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Drivetrain Systems
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#038; Emissions Systems</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BorgWarner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TYPE>EX-10.2
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<FILENAME>c55243exv10w2.htm
<DESCRIPTION>EX-10.2
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 10.2</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECEIVABLES PURCHASE AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Dated as of December&nbsp;21, 2009</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B><I>among</I></B></FONT>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>BWA RECEIVABLES CORPORATION, </B><FONT style="font-variant: SMALL-CAPS"><B>as Seller,</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BORGWARNER INC.,<FONT style="font-variant: SMALL-CAPS"> as the Collection Agent,</FONT></B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>THE PURCHASERS FROM TIME TO TIME PARTY HERETO</B></FONT>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B><I>and</I></B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>WACHOVIA BANK, NATIONAL ASSOCIATION, as Administrative Agent</B></FONT>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="font-variant: SMALL-CAPS"><B>Table of Contents</B></FONT>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>PAGE</B></U>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I. PURCHASE ARRANGEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.1 Purchase Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.2 Increases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.3 Reductions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.4 Payment Requirements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.5 Deemed Collections</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.6 Yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.7 Suspension of the LMIR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II. PAYMENTS AND COLLECTIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.1 Reinvestments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.2 Settlement on Monthly Payment Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.3 Settlement on Capital Settlement Dates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.4 Payment Rescission</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.5 Clean-up Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III. REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.1 Representations and Warranties of Seller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.2 Representations and Warranties of the Collection Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV. CONDITIONS OF PURCHASES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.1 Conditions Precedent to Initial Purchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.2 Conditions Precedent to All Purchases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V. COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.1 Affirmative Covenants of Seller Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.2 Negative Covenants of Seller Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI. ADMINISTRATION AND COLLECTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.1 Designation of the Collection Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.2 Duties of the Collection Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.3 Lock-Box Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.4 Responsibilities of Seller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.5 Reports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.6 Servicing Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII. AMORTIZATION EVENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.1 Amortization Events</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.2 Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII. INDEMNIFICATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.1 Indemnities by Seller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
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<DIV align="center">
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    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.2 Indemnities by the Collection Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.3 Increased Cost and Reduced Return</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.4 Other Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX. THE ADMINISTRATIVE AGENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
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    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.1 Appointment.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.2 Delegation of Duties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.3 Exculpatory Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.4 Reliance by the Administrative Agent and the Purchasers.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.5 Notice of Amortization Events</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.6 Non-Reliance on the Administrative Agent and Other Purchasers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.7 Indemnification of Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.8 Administrative Agent in its Individual Capacity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.9 Successor Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.10 UCC Filings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X. ASSIGNMENTS; PARTICIPATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.1 Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.2 Participations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XI. GRANT OF SECURITY INTEREST</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.1 Grant of Security Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XII. MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.1 Waivers and Amendments.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.2 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.3 Ratable Payments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.4 Protection of Ownership and Security Interests.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.5 Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.6 Limitation of Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.7 CHOICE OF LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.8 CONSENT TO JURISDICTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.9 WAIVER OF JURY TRIAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.10 Integration; Binding Effect; Survival of Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.11 Counterparts; Severability; Section&nbsp;References</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;12.12 PATRIOT Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>EXHIBITS AND SCHEDULES</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;II-A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Purchase Notice</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;II-B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Reduction Notice</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seller&#146;s Chief Executive Office, Principal Place of Business,
Records Locations, Federal Taxpayer ID Number and
Organizational ID Number</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lock-Boxes and Lock-Box Accounts</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;V
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Compliance Certificate</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;VI
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Assignment Agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;VII
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Credit and Collection Policy</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;VIII
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Interim Report</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;IX
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Monthly Report</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;X
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Performance Undertaking</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;XI
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Seller Corporate Names; Trade Names; Assumed Names</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;A
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commitments</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;B
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Closing Documents</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECEIVABLES PURCHASE AGREEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>THIS RECEIVABLES PURCHASE AGREEMENT </I></B>dated as of December <FONT style="font-variant: SMALL-CAPS">21<B>,</B></FONT> 2009, is among:</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BWA Receivables Corporation, a Delaware corporation (<B><I>&#147;Seller&#148;</I></B>),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BorgWarner Inc., a Delaware corporation (<B><I>&#147;BWI&#148;</I></B>), as initial Collection Agent,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Wachovia Bank, National Association (<B><I>&#147;Wachovia&#148; </I></B>or a &#147;<B><I>Purchaser</I></B>&#148; and, together with
its successors and assigns, the &#147;<B><I>Purchasers</I></B>&#148;), and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Wachovia Bank, National Association, in its capacity as Administrative Agent for the
Purchasers (in such capacity, together with its successors and assigns, the <B><I>&#147;Administrative
Agent&#148;</I></B>).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Unless defined elsewhere herein, capitalized terms used in this Agreement shall have the meanings
assigned to such terms in </I></B><U><B><I>Exhibit&nbsp;I</I></B></U><B><I>.</I></B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>PRELIMINARY STATEMENTS</I></B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seller desires to transfer and assign Receivable Interests to the Purchasers from time
to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the terms and subject to the conditions set forth herein, each Purchaser severally
agrees to purchase its Percentage of each Receivable Interest from Seller from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wachovia Bank, National Association has been requested and is willing to act as
Administrative Agent on behalf of the Purchasers in accordance with the terms hereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PURCHASE ARRANGEMENTS</B>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1. <U>Purchase Facility</U>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On the terms and subject to the conditions set forth in this Agreement, including, without
limitation, the conditions set forth in <U>Article&nbsp;IV</U>, from time to time prior to the Facility
Termination Date, Seller may sell Receivable Interests to the Purchasers by delivering to the
Administrative Agent and the Purchasers not later than 12:00 noon (New York City time) on the
Business Day prior to the proposed Purchase Date an irrevocable written notice in the form set
forth as <U>Exhibit&nbsp;II-A</U> hereto (a <B><I>&#147;Purchase Notice&#148;</I></B>) in accordance with <U>Section&nbsp;1.2</U>.
Upon receipt of a Purchase Notice, each of the Purchasers severally agrees to purchase its
Percentage of such Receivable Interest, on the terms and subject to the conditions hereof; <B><I>provided</I></B>
that (i)&nbsp;at no time may the aggregate Capital of any Purchaser at any one time outstanding exceed
the lesser of (A)&nbsp;the amount of such Purchaser&#146;s Commitment hereunder, and (B)&nbsp;such Purchaser&#146;s
Percentage of the difference between the Net Pool Balance and the Required Reserve, and (ii)&nbsp;in no
event shall the Aggregate Capital outstanding hereunder exceed the lesser of (x)&nbsp;the Purchase Limit
and (y)&nbsp;the difference between the Net Pool Balance and the Required Reserve. Each Purchaser&#146;s
several Commitment shall automatically terminate on the Facility Termination Date.</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Seller may, upon at least five (5)&nbsp;Business Days&#146; notice to the Administrative Agent and
each Purchaser, terminate in whole or reduce in part, ratably amongst the Purchasers in accordance
with their respective Percentages, the unused portion of the Purchase Limit; <B><I>provided </I></B>that each
partial reduction of the Purchase Limit shall be in an aggregate amount equal to $1,000,000 or a
larger integral multiple of $500,000.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2. <U>Increases</U>. If, on any Business Day prior to the Facility Termination Date,
there is Investment Availability, Seller (or Collection Agent, on Seller&#146;s behalf) may, if desired,
request an Incremental Purchase in accordance with this <U>Section&nbsp;1.2</U>. Seller (or Collection
Agent, on Seller&#146;s behalf) shall provide each Purchaser with a Purchase Notice by 12:00 noon (New
York City time) on the Business Day prior to each such Incremental Purchase. Each Purchase Notice
shall be subject to <U>Section&nbsp;4.2</U> hereof and, except as set forth below, shall be irrevocable
and shall specify the requested Purchase Price (which shall be at least $1,000,000 or a larger
integral multiple of $100,000) and the Purchase Date (which shall be a Business Day). On the date
of each Incremental Purchase, upon satisfaction of the applicable conditions precedent set forth in
<U>Article&nbsp;VI</U>, each Purchaser shall initiate a wire transfer to the Facility Account, in
immediately available funds, no later than 3:00 p.m. (New York City time), in an amount equal to
its Percentage of the Purchase Price of the Receivable Interest then being purchased.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.3. <U>Reductions</U>. Seller shall provide the Administrative Agent and each Purchaser
with irrevocable prior written notice in the form of <U>Exhibit&nbsp;II-B</U> hereto (each, a
<B><I>&#147;Reduction Notice&#148;</I></B>) of any proposed reduction of Aggregate Capital not later than 11:00&nbsp;a.m. (New
York City time) on a Business Day. Such Reduction Notice shall designate (a)&nbsp;the Business Day (the
<B><I>&#147;Proposed Reduction Date&#148;</I></B>) upon which such reduction of Aggregate Capital shall occur, and (b)&nbsp;the
amount of Aggregate Capital to be reduced (the <B><I>&#147;Aggregate Reduction&#148;</I></B>) which shall be not less than
$1,000,000 or a larger integral multiple of $100,000 and shall be distributed ratably to the
Receivable Interests of each Purchaser in accordance with the amount of Capital (if any) owing to
each Purchaser. Only one (1)&nbsp;Reduction Notice shall be outstanding at any time.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.4. <U>Payment Requirements</U>. Each Seller Party shall initiate a wire transfer of
amounts to be paid or deposited by it pursuant to any provision of this Agreement no later than
1:00 p.m. (New York City time) on the day when due in immediately available funds. If such amounts
are payable to the Administrative Agent or to Wachovia, they shall be paid to the Administrative
Agent&#146;s Account. All computations of Yield and <I>per annum </I>Fees under the Transaction Documents
shall be made on the basis of a year of three hundred sixty (360)&nbsp;days for the actual number of
days elapsed. If any amount hereunder shall be payable on a day which is not a Business Day, such
amount shall be payable on the next succeeding Business Day.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.5. <U>Deemed Collections</U>. Upon the occurrence of any Dilution, Seller shall be
deemed to have received a Deemed Collection and such Deemed Collection shall be immediately applied
to reduce the Net Pool Balance by the amount of such Deemed Collection. To the extent the effect
of such Deemed Collection on the Net Pool Balance shall cause an Investment Excess, the Seller
shall, at the Seller&#146;s election, deliver to the Collection Agent either (a)&nbsp;immediately available
funds, or (b)&nbsp;additional Receivable Interests, in an amount equal to the lesser of (i)&nbsp;the sum of
all Deemed Collections deemed received by Seller and (ii)&nbsp;an amount necessary to eliminate such
Investment Excess, and in each case, the Collection Agent shall remit the same to the
Administrative Agent pursuant to <U>Article&nbsp;II</U>.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.6. <U>Yield</U>. The Capital of each Receivable Interest shall accrue Yield for each
day at then applicable Yield Rate. Yield shall be payable monthly in arrears on each Monthly
Payment Date.</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.7. <U>Suspension of the LMIR</U>. If any Purchaser determines that (a)&nbsp;funding any
Receivable Interest at the LMIR would violate any applicable law, rule, regulation, or directive of
any governmental or regulatory authority, whether or not having the force of law, or (b)&nbsp;such LMIR
does not accurately reflect the cost of acquiring or maintaining such Receivable Interest, then
such Purchaser may suspend the availability of such LMIR, and such Purchaser&#146;s Capital shall
thereafter accrue Yield at such Purchaser&#146;s Alternative Rate.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>PAYMENTS AND COLLECTIONS</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1. <U>Reinvestments</U>. Prior to the Facility Termination Date, all Collections and
Deemed Collections shall be held in trust by the Collection Agent either (a)&nbsp;for the payment of any
accrued and unpaid Aggregate Unpaids and Servicing Fees or (b)&nbsp;for a Reinvestment as provided in
this <U>Section&nbsp;2.1</U>. If at any time prior to the Facility Termination Date any Collections or
Deemed Collections are received by the Collection Agent, except to the extent that Required Amounts
or Servicing Fees are then due and owing, Seller hereby requests and each Purchaser hereby
severally agrees to make, simultaneously with such receipt, a reinvestment (each, a <B><I>&#147;Reinvestment&#148;</I></B>)
with such Purchaser&#146;s share of the balance of each and every Collection and Deemed Collection
received by the Collection Agent such that after giving effect to such Reinvestment, the
outstanding Capital of each Purchaser immediately after such receipt and corresponding Reinvestment
shall be equal to the amount of its Capital immediately prior to such receipt and the aggregate of
the Receivable Interests does not exceed 100%.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2. <U>Settlement on Monthly Payment Dates</U>. On each Monthly Payment Date, the
Collection Agent shall (a)&nbsp;deduct from Collections and Deemed Collections and retain an amount
equal to its Servicing Fee plus (without duplication) if the Collection Agent is not an Affiliate
of Seller, the Collection Agent&#146;s reasonable and properly documented costs and expenses in
connection with servicing the Receivables during the Calculation Period (or portion thereof) then
most recently ended, and (b)&nbsp;remit to the Administrative Agent&#146;s Account all other Collections and
all Deemed Collections received during such Calculation Period (or portion thereof) which have not
been subject to a prior Reinvestment for distribution and application in the following order of
priority:</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>first, </I></B>to the Administrative Agent, in reimbursement of its costs of collection and
enforcement of this Agreement, if any;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>second, </I></B>to the Purchasers, in payment of all accrued and unpaid Yield and Fees then due
and owing,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>third, </I></B>if applicable, to the Purchasers in payment of any Investment Excess,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>fourth, </I></B>if a Reduction Notice has been given pursuant to <U>Section&nbsp;1.3</U>, to the
Purchasers, in payment of Aggregate Capital in the amount of the Aggregate Reduction,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>fifth, </I></B>to the Purchasers, in payment of all other Required Amounts, if any, that are
then due and owing to them,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>sixth, </I></B>unless the Facility Termination Date has occurred, to the Seller, as the proceeds
of a Reinvestment,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>seventh, </I></B>unless the Facility Termination Date has occurred, if any Transfer Notice has
been given, to the Seller, in payment of the Purchase Price for any Incremental Transfer
described therein,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>eighth, </I></B>if the Facility Termination Date has occurred, to the Purchasers in payment of
all other Aggregate Unpaids, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>ninth, </I></B>to the Seller.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Collections applied to the payment of Aggregate Unpaids shall be distributed in accordance with the
aforementioned provisions, giving effect to each of the priorities set forth above in this
<U>Section&nbsp;2.2</U>, and shall be shared ratably (within each priority) among the intended
recipients in accordance with the amount of such Aggregate Unpaids owing to each of them in respect
of each such priority. So long as it gives effect to the priorities set forth above, the
Collection Agent may net amounts due to Seller under the clauses above against amounts due and
owing to the Administrative Agent and the Purchasers and transfer to the Administrative Agent&#146;s
Account only the net amount due and owing to the Administrative Agent and the Purchasers.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3. <U>Settlement on Capital Settlement Dates</U>. On each Capital Settlement Date which
is not also a Monthly Payment Date on which any Aggregate Capital is outstanding, the Seller
Parties shall turnover to the Administrative Agent an amount equal to any Investment Excess for
distribution to the Purchasers in accordance with their respective Percentages.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4. <U>Payment Rescission</U>. No payment of any of the Aggregate Unpaids shall be
considered paid or applied hereunder to the extent that, at any time, all or any portion of such
payment or application is rescinded by application of law or judicial authority, or must otherwise
be returned or refunded for any reason. Seller shall remain obligated for the amount of any
payment or application so rescinded, returned or refunded, and shall promptly pay to the applicable
Purchaser or the Administrative Agent the full amount thereof together with any Yield thereon from
the date of any such rescission, return or refunding.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5. <U>Clean-up Option</U>. At any time while the Aggregate Capital outstanding is less
than 10% of the Purchase Limit, Seller shall have the right (after providing at least five (5)
Business Days&#146; prior written notice to the Administrative Agent and the Purchasers) to repurchase
all, but not less than all, of the Receivable Interests. The purchase price in respect thereof
shall be an amount equal to the Aggregate Unpaids through the date of such repurchase, payable in
immediately available funds. Such repurchase shall be without representation, warranty or recourse
of any kind by, on the part of, or against the Administrative Agent or any Purchaser except for a
representation and warranty that the reconveyance to Seller is being made free and clear of any
Adverse Claim created by the Administrative Agent or the applicable Purchaser. On the date of
repurchase of the Receivable Interests pursuant to this Section, the Commitments of the Purchasers
shall automatically terminate.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REPRESENTATIONS AND WARRANTIES</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1. <U>Representations and Warranties of Seller</U>. Seller hereby represents and
warrants to the Administrative Agent and the Purchasers as of the date hereof and as of the date of
each Incremental Purchase and Reinvestment that:</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Existence and Power</U>. Seller is duly organized, validly existing and in good
standing under the laws of the State of Delaware. Seller is duly qualified to do business and is
in good standing as a foreign corporation, and has and holds all corporate power and all
governmental licenses, authorizations, consents and approvals required to carry on its business in
each jurisdiction in which its business is conducted except where the failure to so qualify or so
hold could not reasonably be expected to have a Material Adverse Effect.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Power and Authority; Due Authorization, Execution and Delivery</U>. The execution and
delivery by Seller of this Agreement and each other Transaction Document to which it is a party,
the performance of its obligations hereunder and thereunder and the use of the proceeds of the
Purchases made hereunder, are within its corporate powers and authority and have been duly
authorized by all necessary corporate action on its part. This Agreement and each other
Transaction Document to which Seller is a party has been duly executed and delivered by Seller.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>No Conflict</U>. The execution and delivery by Seller of this Agreement and each
other Transaction Document to which it is a party, and the performance of its obligations hereunder
and thereunder do not contravene or violate (i)&nbsp;its Organic Documents, (ii)&nbsp;any law, rule or
regulation applicable to it, (iii)&nbsp;any restrictions under any material agreement, contract or
instrument to which it is a party or by which it or any of its property is bound, or (iv)&nbsp;any
order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and
do not result in the creation or imposition of any Adverse Claim on assets of Seller (except as
created hereunder) except, in any case, where such contravention or violation could not reasonably
be expected to have a Material Adverse Effect; and no transaction contemplated hereby requires
compliance with any bulk sales act or similar law.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Governmental Authorization</U>. Other than the filing of the financing statements
required hereunder, no authorization or approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body is required for the due execution and delivery
by Seller of this Agreement and each other Transaction Document to which it is a party and the
performance of its obligations hereunder and thereunder.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Actions, Suits</U>. (i)&nbsp;There are no actions, suits or proceedings pending, or to the
best of Seller&#146;s knowledge, threatened, against or affecting Seller, or any of its properties, in
or before any court, arbitrator or other body, that could reasonably be expected to have a Material
Adverse Effect, and (ii)&nbsp;Seller is not in default with respect to any order of any court,
arbitrator or governmental body.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Binding Effect</U>. This Agreement and each other Transaction Document to which
Seller is a party constitute the legal, valid and binding obligations of Seller enforceable against
Seller in accordance with their respective terms, except as such enforcement may be limited by
applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting
creditors&#146; rights generally and by general principles of equity (regardless of whether enforcement
is sought in a proceeding in equity or at law).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Accuracy of Information</U>. All information (other than projections) heretofore
furnished by Seller or by any Authorized Officer of an Originator to the Administrative Agent or
any of the Purchasers for purposes of or in connection with this Agreement, any of the other
Transaction Documents or any transaction contemplated hereby or thereby is, and all such
information hereafter furnished by Seller or any such Authorized Officer to the Administrative
Agent or any of the Purchasers will be, true and accurate in every material respect on the date
such information is stated or certified and does not and will not contain any material</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">misstatement of fact or omit to state a material fact or any fact necessary to make the
statements contained therein not misleading.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Use of Proceeds</U>. Seller will not use the proceeds of any Purchase hereunder (i)
for a purpose that violates, or would be inconsistent with, Regulation&nbsp;T, U or X promulgated by the
Board of Governors of the Federal Reserve System from time to time or (ii)&nbsp;to acquire any security
in any transaction which is subject to Section&nbsp;12, 13 or 14 of the Securities Exchange Act of 1934,
as amended.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Good Title</U>. Immediately prior to each Purchase hereunder, Seller shall be the
legal and beneficial owner of the Receivables and Related Security with respect thereto, free and
clear of any Adverse Claim, except as created by the Transaction Documents. There have been duly
filed all financing statements or other similar instruments or documents necessary under the UCC
(or any comparable law) of all appropriate jurisdictions to perfect Seller&#146;s ownership interest in
each Receivable, its Collections and the Related Security.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>Perfection</U>. Assuming the filing of the financing statements approved by Seller on
the date hereof (which will be filed by the Administrative Agent or its representatives), this
Agreement, together with the filing of such financing statements, is effective to, and shall, upon
each Purchase hereunder, transfer to the Administrative Agent for the benefit of the relevant
Purchaser or Purchasers (and the Administrative Agent for the benefit of such Purchaser or
Purchasers shall acquire from Seller) a valid and perfected first priority undivided percentage
ownership or security interest in each Receivable existing or hereafter arising and in all other
Collateral, free and clear of any Adverse Claim, except as created by the Transactions Documents.
In accordance with the preceding sentence, the Administrative Agent confirms that it or its
representatives have duly filed all financing statements or other similar instruments or documents
necessary under the UCC (or any comparable law) of all appropriate jurisdictions to perfect the
Administrative Agent&#146;s (on behalf of the Purchasers) ownership or security interest in the
Collateral.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <U>Places of Business and Locations of Records</U>. The principal places of business and
chief executive office of Seller and the offices where it keeps all of its Records are located at
the address(es) listed on <U>Exhibit&nbsp;III</U> or such other locations of which the Administrative
Agent and the Purchasers have been notified in accordance with <U>Section&nbsp;5.2(a)</U> in
jurisdictions where all action required by <U>Section&nbsp;12.4(a)</U> has been taken and completed.
Seller&#146;s Federal Employer Identification Number and Organizational Identification Number are
correctly set forth on <U>Exhibit&nbsp;III</U>.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <U>Collections</U>. The conditions and requirements set forth in <U>Section&nbsp;5.1(j)</U>
and <U>Section&nbsp;6.2</U> have at all times been satisfied and duly performed. The names and
addresses of all Lock-Box Banks, together with the account numbers of the Lock-Box Accounts of
Seller at each Lock-Box Bank and the post office box number of each Lock-Box, are listed on
<U>Exhibit&nbsp;IV</U>. Seller has not granted any Person, other than the Administrative Agent as
contemplated by this Agreement, control of any Lock-Box Account, or the right to take control of
any such Lock-Box Account at a future time or upon the occurrence of a future event. Each of the
Lock-Box Banks has been duly instructed to wire all available funds in the Lock-Box Accounts on
each Business Day to the Administrative Agent&#146;s Account.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <U>Material Adverse Effect</U>. Since September&nbsp;30, 2009, no event has occurred that
would have a Material Adverse Effect.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <U>Names</U>. Except as stated on Exhibit&nbsp;XI, in the past five (5)&nbsp;years, Seller has not
used any corporate names, trade names or assumed names other than the name in which it has executed
this Agreement.</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <U>Ownership of Seller</U>. BWI owns, directly or indirectly, 100% of the issued and
outstanding Capital Securities of all classes of Seller, free and clear of any Adverse Claim. Such
Capital Securities are validly issued, fully paid and nonassessable, and that there are no options,
warrants or other rights to acquire Capital Securities of Seller.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <U>Not an Investment Company</U>. Seller is not an &#147;investment company&#148; within the
meaning of the Investment Company Act of 1940, as amended, or any successor statute.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <U>Compliance with Law</U>. Seller has complied in all respects with all applicable
laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may
be subject, except where the failure to so comply could not reasonably be expected to have a
Material Adverse Effect. Each Receivable, together with the Contract related thereto, does not
contravene any laws, rules or regulations applicable thereto (including, without limitation, laws,
rules and regulations relating to truth in lending, fair credit billing, fair credit reporting,
equal credit opportunity, fair debt collection practices and privacy), and no part of such Contract
is in violation of any such law, rule or regulation, except, in each case, where such contravention
or violation could not reasonably be expected to have a Material Adverse Effect.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <U>Compliance with Credit and Collection Policy</U>. Seller has complied in all material
respects with the Credit and Collection Policy with regard to each Receivable and the related
Contract, and has not made any material change to such Credit and Collection Policy.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <U>Payments to Applicable Originators</U>. With respect to each Receivable, Seller has
given reasonably equivalent value to the applicable Originator in consideration therefor and such
transfer was not made for or on account of an antecedent debt. No transfer by any Originator of
any Receivable under the Sale Agreement is or may be voidable under any section of the Bankruptcy
Reform Act of 1978 (11 U.S.C. &#167;&#167; 101 et seq.), as amended.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <U>Enforceability of Contracts</U>. Each Contract with respect to each Eligible
Receivable is effective to create, and has created, a legal, valid and binding obligation of the
related Obligor to pay the Outstanding Balance of the Eligible Receivable created thereunder and
any accrued interest thereon, enforceable against the Obligor in accordance with its terms, except
as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other
similar laws relating to or limiting creditors&#146; rights generally and by general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <U>Eligible Receivables</U>. Each Receivable included in the Net Pool Balance on a
Monthly Report as an Eligible Receivable was an Eligible Receivable as of the last day of the
period covered by such Monthly Report.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <U>No Investment Excess</U>. Seller has determined that, immediately after giving effect
to each Purchase hereunder, no Investment Excess exists.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <U>Financial Information</U>. All balance sheets, all statements of income and of cash
flow and all other financial information of Seller and each of Performance Guarantor and its
Subsidiaries (other than projections) furnished to Administrative Agent or any Purchaser and
described in <U>Section&nbsp;5.1</U> have been and will be prepared in accordance with GAAP
consistently applied, and do or will present fairly the consolidated financial condition of the
Persons covered thereby as at the dates thereof and the results of their operations for the periods
then ended; provided that unaudited financial statements of Seller and each of Performance</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Guarantor and its Subsidiaries have been prepared without footnotes, without reliance on any
physical inventory and are subject to year-end adjustments. Any projections furnished by Seller or
by any Authorized Officer of an Originator to the Administrative Agent or any of the Purchasers for
purposes of or in connection with this Agreement were prepared in good faith based upon estimates
and assumptions stated therein which, at the time of preparation, were believed to be reasonable.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <U>OFAC</U>. Seller is not a Person (i)&nbsp;whose property or interest in property is
blocked or subject to blocking pursuant to Section&nbsp;1 of Executive Order 13224 of September&nbsp;23, 2001
Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or
Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii)&nbsp;who engages in any dealings or transactions
prohibited by Section&nbsp;2 of such executive order, or is otherwise associated with any such person in
any manner violative of Section&nbsp;2, or (iii)&nbsp;on the list of Specially Designated Nationals and
Blocked Persons or subject to the limitations or prohibitions under any other U.S. Department of
Treasury&#146;s Office of Foreign Assets Control regulation or executive order.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) <U>Patriot Act</U>. Seller is in compliance, in all material respects, with the USA
Patriot Act (Title 111 of Pub. L. 107-56 (signed into law October&nbsp;26, 2001)) (the &#147;<B><I>Act</I></B>&#148;). No part
of the proceeds of the Purchases will be used, directly or indirectly, for any payments to any
governmental official or employee, political party, official of a political party, candidate for
political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt
Practices Act of 1977, as amended.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.2. <U>Representations and Warranties of the Collection Agent</U>. The Collection Agent
hereby represents and warrants to the Administrative Agent and the Purchasers as of the date hereof
and as of each Purchase Date that:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Existence and Power</U>. The Collection Agent is duly organized, validly existing and
in good standing under the laws of the State of Delaware. The Collection Agent is duly qualified
to do business and is in good standing as a foreign corporation, and has and holds all corporate
power and all governmental licenses, authorizations, consents and approvals required to carry on
its business in each jurisdiction in which its business is conducted except where the failure to so
qualify or so hold could not reasonably be expected to have a Material Adverse Effect.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Power and Authority; Due Authorization, Execution and Delivery</U>. The execution and
delivery by the Collection Agent of this Agreement and each other Transaction Document to which it
is a party, the performance of its obligations hereunder and thereunder, are within its corporate
powers and authority and have been duly authorized by all necessary corporate action on its part.
This Agreement and each other Transaction Document to which the Collection Agent is a party has
been duly executed and delivered by the Collection Agent.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>No Conflict</U>. The execution and delivery by the Collection Agent of this Agreement
and each other Transaction Document to which it is a party, and the performance of its obligations
hereunder and thereunder do not contravene or violate (i)&nbsp;its Organic Documents, (ii)&nbsp;any law, rule
or regulation applicable to it, (iii)&nbsp;any restrictions under any material agreement, contract or
instrument to which it is a party or by which it or any of its property is bound, or (iv)&nbsp;any
order, writ, judgment, award, injunction or decree binding on or affecting it or its property, and
do not result in the creation or imposition of any Adverse Claim on assets of the Collection Agent
(except as created hereunder) except, in any case, where such contravention or violation could not
reasonably be expected to have a Material Adverse Effect; and no transaction contemplated hereby
requires compliance with any bulk sales act or similar law.</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Governmental Authorization</U>. No authorization or approval or other action by, and
no notice to or filing with, any governmental authority or regulatory body is required for the due
execution and delivery by the Collection Agent of this Agreement and each other Transaction
Document to which it is a party and the performance of its obligations hereunder and thereunder.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Actions, Suits</U>. (i)&nbsp;There are no actions, suits or proceedings pending, or to the
best of the Collection Agent&#146;s knowledge, threatened, against or affecting the Collection Agent, or
any of its properties, in or before any court, arbitrator or other body, that could reasonably be
expected to have a Material Adverse Effect, and (ii)&nbsp;the Collection Agent is not in default with
respect to any order of any court, arbitrator or governmental body.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Binding Effect</U>. This Agreement and each other Transaction Document to which the
Collection Agent is a party constitute the legal, valid and binding obligations of the Collection
Agent enforceable against the Collection Agent in accordance with their respective terms, except as
such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other
similar laws relating to or limiting creditors&#146; rights generally and by general principles of
equity (regardless of whether enforcement is sought in a proceeding in equity or at law).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Accuracy of Information</U>. All information (other than projections) heretofore
furnished by the Collection Agent or by any Authorized Officer of an Originator to the
Administrative Agent or any of the Purchasers for purposes of or in connection with this Agreement,
any of the other Transaction Documents or any transaction contemplated hereby or thereby is, and
all such information hereafter furnished by the Collection Agent or any such Authorized Officer to
the Administrative Agent or any of the Purchasers will be, true and accurate in every material
respect on the date such information is stated or certified and does not and will not contain any
material misstatement of fact or omit to state a material fact or any fact necessary to make the
statements contained therein not misleading.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Collections</U>. The conditions and requirements set forth in <U>Section&nbsp;5.1(j)</U>
and <U>Section&nbsp;6.2</U> have at all times been satisfied and duly performed.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Material Adverse Effect</U>. Since September&nbsp;30, 2009, no event has occurred that
would have a Material Adverse Effect.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>Not an Investment Company</U>. The Collection Agent is not an &#147;investment company&#148;
within the meaning of the Investment Company Act of 1940, as amended, or any successor statute.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <U>Compliance with Law</U>. The Collection Agent has complied in all respects with all
applicable laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to
which it may be subject, except where the failure to so comply could not reasonably be expected to
have a Material Adverse Effect.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <U>Compliance with Credit and Collection Policy</U>. The Collection Agent has complied
in all material respects with the Credit and Collection Policy with regard to each Receivable and
the related Contract, and has not made any material change to such Credit and Collection Policy.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <U>OFAC</U>. Neither the Collection Agent nor any Originator nor any Subsidiary of any
Originator is a Person (i)&nbsp;whose property or interest in property is blocked or subject to blocking
pursuant to Section&nbsp;1 of Executive Order 13224 of September&nbsp;23, 2001 Blocking Property and
Prohibiting Transactions</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)),
(ii)&nbsp;engages in any dealings or transactions prohibited by Section&nbsp;2 of such executive order, or is
otherwise associated with any such person in any manner violative of Section&nbsp;2, or (iii)&nbsp;on the
list of Specially Designated Nationals and Blocked Persons or subject to the limitations or
prohibitions under any other U.S. Department of Treasury&#146;s Office of Foreign Assets Control
regulation or executive order.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <U>Patriot Act</U>. Each of the Collection Agent, the Originators and their respective
Subsidiaries is in compliance, in all material respects, with the Act. No part of the proceeds of
the Receivables will be used, directly or indirectly, by any of the foregoing for any payments to
any governmental official or employee, political party, official of a political party, candidate
for political office, or anyone else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt
Practices Act of 1977, as amended.</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONDITIONS OF PURCHASES</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1. <U>Conditions Precedent to Initial Purchase</U>. The initial Purchase under this
Agreement is subject to the conditions precedent that (a)&nbsp;the Administrative Agent shall have
received on or before the date of such Purchase those documents listed on Schedule&nbsp;B, and (b)&nbsp;the
Administrative Agent and each of the Purchasers shall have received all Fees and expenses required
to be paid on such date pursuant to the terms of this Agreement and the Fee Letter.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2. <U>Conditions Precedent to All Purchases</U>. Each Incremental Purchase and each
Reinvestment shall be subject to the further conditions precedent that (a)&nbsp;the Collection Agent
shall have delivered to the Administrative Agent and the Purchasers on or prior to the date of such
Purchase, in form satisfactory to the Administrative Agent, all Settlement Reports as and when due
under <U>Section&nbsp;6.5</U>; (b)&nbsp;the Facility Termination Date shall not have occurred; and (c)&nbsp;the
Administrative Agent and the Purchasers shall have received such other approvals, opinions or
documents as it may reasonably request and (d)&nbsp;on the applicable Purchase Date, the following
statements shall be true (and acceptance of the proceeds of such Purchase shall be deemed a
representation and warranty by Seller that such statements are then true):</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties set forth in <U>Article&nbsp;III</U> are true and
correct in all material respects on and as of the date of such Purchase as though made on and
as of such date, except to the extent such representations and warranties expressly relate to
an earlier date, in which case such representations and warranties shall remain true and
correct in all material respects as of such earlier date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no event has occurred and is continuing, or would result from such Purchase, that
will constitute an Amortization Event or a Potential Amortization Event; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Investment Excess exists or will result from such Purchase.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>COVENANTS</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1. <U>Affirmative Covenants of Seller Parties</U>. Until the date on which the
Aggregate Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance
with its terms:</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Financial Reporting</U>. Such Seller Party will maintain, for itself and each of its
Subsidiaries, a system of accounting established and administered in accordance with GAAP, and
furnish or cause to be furnished to the Administrative Agent and each Purchaser:</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Annual Reporting.</U> As soon as available and in any event within ninety (90)
days after the end of each Fiscal Year, (A)&nbsp;a copy of the consolidated balance sheet of
Performance Guarantor and its Subsidiaries, and the related consolidated statements of income
and cash flow of Performance Guarantor and its Subsidiaries for such Fiscal Year, setting
forth in comparative form the figures for the immediately preceding Fiscal Year, audited
(without any Impermissible Qualification) by a &#147;Big Four&#148; accounting firm or other
independent public accountants acceptable to the Administrative Agent, together with (B)
comparable audited annual financial statements of Seller.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <U>Quarterly Reporting</U>. As soon as available and in any event within
forty-five (45)&nbsp;days after the end of each of the first three Fiscal Quarters of each Fiscal
Year, (A)&nbsp;an unaudited consolidated balance sheet of Performance Guarantor and its
Subsidiaries as of the end of such Fiscal Quarter and consolidated statements of income and
cash flow of Performance Guarantor and its Subsidiaries for such Fiscal Quarter and for the
period commencing at the end of the previous Fiscal Year and ending with the end of such
Fiscal Quarter, and including (in each case), in comparative form the figures for the
corresponding Fiscal Quarter in, and year to date portion of, the immediately preceding
Fiscal Year, certified as complete and correct by the chief financial or accounting
Authorized Officer of Performance Guarantor (subject to normal year-end audit adjustments),
together with (B)&nbsp;comparable unaudited quarterly financial statements of Seller.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <U>Compliance Certificate</U>. Together with the financial statements required
hereunder, a compliance certificate in substantially the form of <U>Exhibit&nbsp;V</U> signed by
the applicable Seller Party&#146;s Authorized Officer and dated the date of such annual financial
statement or such quarterly financial statement, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <U>Shareholders Statements and Reports</U>. Promptly upon the furnishing thereof
to the shareholders of Performance Guarantor, copies of all financial statements, reports and
proxy statements so furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <U>S.E.C. Filings</U>. Promptly upon the filing thereof, copies of all
registration statements (other than any registration statements on Form S-8 or its
equivalent) and any reports on Form 10-K or 10-Q which Performance Guarantor files with the
SEC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <U>Copies of Notices</U>. Promptly upon its receipt of any notice, request for
consent, financial statements, certification, report or other communication under or in
connection with any Transaction Document from any Originator or any Lock-Box Bank, copies of
the same.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <U>Senior Credit Agreement Notices</U>. Promptly upon furnishing thereof to the
&#147;Administrative Agent&#148; or any &#147;Lender&#148; under and as defined in the Senior Credit Agreement,
copies of all reports, notices compliance certificates and other information required to be
delivered pursuant to the Senior Credit Agreement including, without limitation, all
information described in sections 5.1(c)-(g) of the Senior Credit Agreement (in each case
without duplication of any of the items described above in this <U>Section&nbsp;5.1(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <U>Other Information</U><I>. </I>Promptly, from time to time, such other information,
documents, records or reports relating to the Receivables or the financial condition,
operations, prospects or business of such Seller Party as the Administrative Agent or any
Purchaser may from time to time reasonably request in order to protect the interests of the
Administrative Agent and the Purchasers under or as contemplated by this Agreement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reports and financial statements required to be delivered pursuant to clauses (i), (ii), (iv)&nbsp;and
(v)&nbsp;of this <U>Section&nbsp;5.1(a)</U> shall be deemed to have been delivered on the date on which
Performance Guarantor posts such reports, or reports containing such financial statements, on
Performance Guarantor&#146;s website on the Internet at www.borgwarner.com or when such reports, or
reports containing such financial statements, are posted on the SEC&#146;s website at www.sec.gov.
Seller will promptly notify the Administrative Agent in writing of such posting (which may be
provided by email).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Notices</U>. Such Seller Party will notify the Administrative Agent and each
Purchaser in writing of any of the following promptly upon learning of the occurrence thereof,
describing the same and, if applicable, the steps being taken with respect thereto:</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Amortization Events or Potential Amortization Events</U>. The occurrence of
each Amortization Event and each Potential Amortization Event, by a statement of an
Authorized Officer of such Seller Party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <U>Judgment and Proceedings</U>. (A) (1)&nbsp;The entry of any judgment or decree
against the Collection Agent or any of its respective Subsidiaries (other than Seller) if the
aggregate amount of all judgments and decrees then outstanding against the Collection Agent
and such Subsidiaries exceeds $50,000,000 after deducting (x)&nbsp;the amount with respect to
which the Collection Agent or any such Subsidiary is insured and with respect to which the
insurer has acknowledged responsibility, and (y)&nbsp;the amount for which the Collection Agent or
any such Subsidiary is otherwise indemnified if the terms of such indemnification are
satisfactory to the Administrative Agent and each Purchaser, and (2)&nbsp;the institution of any
litigation, arbitration proceeding or governmental proceeding against Seller or the
Collection Agent which, individually or in the aggregate, could reasonably be expected to
have a Material Adverse Effect; and (B)&nbsp;the entry of any judgment or decree against Seller if
the aggregate amount of all judgments and decrees then outstanding against Seller exceeds
$13,474 after deducting (x)&nbsp;the amount with respect to which Seller is insured and with
respect to which the insurer has acknowledged responsibility, and (y)&nbsp;the amount for which
Seller is otherwise indemnified if the terms of such indemnification are satisfactory to the
Administrative Agent and each Purchaser.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <U>Material Adverse Effect</U>. The occurrence of any event or condition that
has had, or could reasonably be expected to have, a Material Adverse Effect<B>.</B>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <U>Defaults Under Other Agreements</U>. The occurrence of a default or an event
of default under any other financing arrangement relating to a line of credit or Indebtedness
in excess of $50,000,000 in aggregate principal amount pursuant to which any Originator is a
debtor or an obligor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <U>Termination Events and Potential Termination Events</U>. The occurrence of a
Termination Event or Potential Termination Event under the Sale Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <U>Change of Independent Director</U>. At least 10&nbsp;days prior to any proposed
change of the sole (or, as applicable, the sole remaining) Independent Director for any
reason other than death or incapacity of the incumbent director, notice of such proposed
change together with a certificate of Seller certifying that the proposed replacement
director satisfies the criteria set forth in the definition of &#147;<B><I>Independent Director</I></B>&#148; and
requesting the Administrative Agent&#146;s written acknowledgement that in its reasonable
judgment, the designated replacement satisfies such criteria. As soon as reasonably
practicable but in any event within 10&nbsp;days after any Seller Party receives notice of the
death or incapacity of the sole (or, as applicable, the sole remaining) incumbent Independent
Director, notice of the proposed replacement director together with a certificate of Seller
certifying that the proposed replacement director satisfies the criteria set forth in the
definition of &#147;<B><I>Independent Director</I></B>&#148; and requesting the Administrative Agent&#146;s written
acknowledgement that in its reasonable judgment, the designated replacement satisfies such
criteria.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Compliance with Laws and Preservation of Legal Existence</U>. Such Seller Party will
comply in all respects with all applicable laws, rules, regulations, orders, writs, judgments,
injunctions, decrees or awards to which it may be subject, except where the failure to so comply
could not reasonably be expected to have a Material Adverse Effect. Such Seller Party will
preserve and maintain its legal existence, rights, franchises and privileges in the jurisdiction of
its organization, and qualify and remain qualified in good standing as a foreign corporation in
each jurisdiction where its business is conducted, except where the failure to so preserve and
maintain or qualify could not reasonably be expected to have a Material Adverse Effect.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Audits</U>. Such Seller Party will furnish to the Administrative Agent and each
Purchaser from time to time such information with respect to it and the Receivables as the
Administrative Agent or any of the Purchasers may reasonably request. Such Seller Party will, from
time to time during regular business hours as requested by the Administrative Agent or any
Purchaser upon reasonable notice and at the sole cost of such Seller Party, permit the
Administrative Agent and each of the Purchasers, or their respective agents or representatives (and
shall cause each Originator to permit the Administrative Agent and each of the Purchasers or their
respective agents or representatives): (i)&nbsp;to examine and make copies of and abstracts from all
Records in the possession or under the control of such Person relating to the Receivables and the
Related Security, including, without limitation, the related Contracts, and (ii)&nbsp;to visit the
offices and properties of such Person for the purpose of examining such materials described in
clause (i)&nbsp;above, and to discuss matters relating to such Person&#146;s financial condition or the
Receivables and the Related Security or any Person&#146;s performance under any of the Transaction
Documents or any Person&#146;s performance under the Contracts and, in each case, with any of the
officers or employees of Seller or the Collection Agent having knowledge of such matters (each such
visit, a <B><I>&#147;Review&#148;</I></B>). After completion of a post-closing field exam, it is anticipated that field
exam frequency will be annually, but any Purchaser may reasonably request more frequent exams.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Keeping and Marking of Records and Books.</U></DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Collection Agent will (and will cause each Originator to) maintain and implement
administrative and operating procedures (including, without limitation, an ability to
recreate
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">records evidencing Receivables in the event of the destruction of the originals
thereof), and keep and maintain all documents, books, records and other information
reasonably necessary or advisable for the collection of all Receivables (including, without
limitation, records adequate to permit the immediate identification of each new Receivable
and all Collections of and adjustments to each existing Receivable). The Collection Agent
will (and will cause each Originator to) give the Administrative Agent and each Purchaser
notice of any material change in the administrative and operating procedures referred to in
the previous sentence.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Collection Agent will (and will cause each other Originator to) (A)&nbsp;on or prior
to the date hereof, make a notation in its books and records relating to the Receivables,
acceptable to the Administrative Agent and each Purchaser, describing the Receivable
Interests and (B)&nbsp;upon the request of the Administrative Agent or any of the Purchasers
following the occurrence and during continuation of an Amortization Event, deliver to the
Administrative Agent all invoices included in the Contracts (including, without limitation,
all multiple originals of any such invoice) relating to the Receivables.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Compliance with Contracts and Credit and Collection Policy</U>. The Collection Agent
will (and will cause each other Originator to) timely and fully (i)&nbsp;perform and comply in all
material respects with all provisions, covenants and other promises required to be observed by it
under the Contracts related to the Receivables, and (ii)&nbsp;comply in all material respects with the
Credit and Collection Policy in regard to each Receivable and the related Contract.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Performance and Enforcement of</U> the Sale Agreement and the Performance
Undertaking. Seller will, and will require each of the Originators to, perform each of their
respective obligations and undertakings under and pursuant to the Sale Agreement. Seller will
purchase Receivables under the Sale Agreement in strict compliance with the terms thereof and will
vigorously enforce the rights and remedies accorded to it as purchaser under the Sale Agreement.
Seller will take all actions to perfect and enforce its rights and interests (and the rights and
interests of the Administrative Agent and the Purchasers as assignees of Seller) under the Sale
Agreement and the Performance Undertaking as the Administrative Agent and any Purchaser may from
time to time reasonably request, including, without limitation, making claims to which it may be
entitled under any indemnity, reimbursement or similar provision contained in the Sale Agreement.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Ownership</U>. Seller will (or will require each Originator to) take all necessary
action to (i)&nbsp;vest legal and equitable title to the Receivables, the Related Security and the
Collections irrevocably in Seller, free and clear of any Adverse Claims other than Adverse Claims
in favor of the Administrative Agent and the Purchasers (including, without limitation, the filing
of all financing statements or other similar instruments or documents necessary under the UCC (or
any comparable law) of all appropriate jurisdictions to perfect Seller&#146;s interest in such
Receivables, Related Security and Collections and such other action to perfect, protect or more
fully evidence the interest of Seller therein as the Administrative Agent and any Purchaser may
reasonably request), and (ii)&nbsp;establish and maintain, in favor of the Administrative Agent, for the
benefit of the Purchasers, a valid and perfected first priority ownership interest (and/or a valid
and perfected first priority security interest) in the Collateral to the full extent contemplated
herein, free and clear of any Adverse Claims other than Adverse Claims in favor of the
Administrative Agent for the benefit of the Purchasers (including, without limitation, the filing
of all financing statements or other similar instruments or documents necessary under the UCC (or
any comparable law) of all appropriate jurisdictions to perfect the Administrative Agent&#146;s (for the
benefit of the Purchasers) interest in the Collateral and such other action to perfect, protect or
more fully evidence the interest of the Administrative Agent for the benefit of the Purchasers as
the Administrative Agent or any Purchaser may reasonably request).</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Separateness</U>. Seller acknowledges that the Administrative Agent and the
Purchasers are entering into the transactions contemplated by this Agreement in reliance upon
Seller&#146;s identity as a legal entity that is separate from each of the Originators and their
respective other Affiliates (each, a <B><I>&#147;BorgWarner Entity&#148;</I></B>). Therefore, from and after the date of
execution and delivery of this Agreement, Seller shall take all reasonable steps, including,
without limitation, all steps that the Administrative Agent or any Purchaser may from time to time
reasonably request, to maintain Seller&#146;s identity as a separate legal entity and to make it
manifest to third parties that Seller is an entity with assets and liabilities distinct from those
of the other BorgWarner Entities and not just a division thereof. Without limiting the generality
of the foregoing and in addition to the other covenants set forth herein, except as herein
specifically otherwise provided, Seller will:</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) compensate all employees, consultants and agents directly, from the Seller&#146;s bank
accounts, for services provided to the Seller by such employees, consultants and agents and,
to the extent any employee, consultant or agent of the Seller is also an employee, consultant
or agent of any other Borg-Warner Entity, allocate the compensation of such employee,
consultant or agent between the Seller and such Borg-Warner Entity on a basis which reflects
the services rendered to the Seller and such Borg-Warner Entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) clearly identify and occupy space that is separate and distinct from any space
occupied by any other Borg-Warner Entity even if such space is leased or subleased from, or
is on or near premises occupied by, any other Borg-Warner Entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) have separate stationery and other business forms;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) conduct its business solely in its own name through its duly authorized officers or
agents including, without limitation, in all oral and written communications such as letters,
invoices, purchase orders, contracts, statements and applications;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) make independent decisions with respect to its daily business and affairs and not be
controlled in making such decisions by any other Borg-Warner Entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) allocate all overhead expenses (including, without limitation, telephone and other
utility charges) for items shared between the Seller and any other Borg-Warner Entity on the
basis of actual use to the extent practicable and, to the extent such allocation is not
practicable, on a basis reasonably related to actual use;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) at all times maintain at least one Independent Director;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) maintain its certificate of incorporation in conformity with this Agreement, such
that (A)&nbsp;it does not amend, restate, supplement or otherwise modify such Organic Document in
any respect that would impair its ability to comply with the terms or provisions of any of
the Transaction Documents, including, without limitation, this <U>Section&nbsp;5.1(i)</U>; and
(B)&nbsp;it provides for the notice, Seller certification and Administrative Agent&#146;s written
acknowledgement specified in <U>Section&nbsp;5.1(b)(vi)</U> hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) ensure that all corporate actions with respect to (i)&nbsp;the filing for any petition
of bankruptcy of the Seller, (ii)&nbsp;transactions with Affiliates of the Seller and (iii)
compensation of officers of the Seller, are duly authorized by unanimous vote of its board of
directors (and duly authorized by its stockholders when necessary);
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintain complete and correct books and records of account and minutes of meetings
and other proceedings of its stockholder and board of directors;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) maintain its financial, corporate and other books and records separate from those
of any other Borg-Warner Entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) prepare its financial statements separately from those of other Borg-Warner
Entities and insure that any consolidated financial statements of any other Borg-Warner
Entity that include the Seller have detailed notes clearly stating that the Seller is a
separate corporate entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) maintain bank accounts that are separate from those of any other Borg-Warner
Entity and not commingle funds (other than minor amounts representing less than 5% of total
monthly deposits in such bank accounts) or other assets of Seller with those of any other
Borg-Warner Entity;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) pay operating expenses and liabilities from its own funds and not permit any other
Borg-Warner Entity to pay any of the Seller&#146;s operating expenses or liabilities (except
pursuant to allocation arrangements that comply with the requirements of clause (ii)&nbsp;above);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) maintain adequate capitalization in light of its business and purpose and in any
event maintain at all times the Required Capital Condition and refrain from making any
dividend, distribution, redemption of capital stock or payment of any subordinated
indebtedness which would cause such Required Capital Condition to cease to be so maintained;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) not hold itself out or permit itself to be held out as having agreed to pay or as
being liable for the debts of any other Borg-Warner Entity nor will it hold any other
Borg-Warner Entity out or permit any other Borg-Warner Entity to be held out as having agreed
to pay or as being liable for the debts of the Seller nor will it fail to correct any known
misrepresentation with respect to the foregoing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) not operate or purport to operate as an integrated, single economic unit with one
or more of the other Borg-Warner Entities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) not seek or obtain credit or incur any obligation to any third party based upon
the assets of one or more of the other Borg-Warner Entities or induce any such third party to
reasonably rely on the creditworthiness of one or more of the other Borg-Warner Entities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) not guaranty or otherwise become liable with respect to indebtedness of any other
Borg-Warner Entity nor permit guaranties or liability by any other Borg-Warner Entity of the
indebtedness of the Seller (except as contemplated by the Performance Undertaking and this
Agreement);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) maintain an arm&#146;s-length relationship with each other Borg-Warner Entity,
including, without limitation, payment of an arm&#146;s-length servicing fee for any
receivables-servicing functions performed by any other Borg-Warner Entity on behalf of the
Seller;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) not, directly or indirectly, be named and shall not enter into any agreement to be
named as a direct or contingent beneficiary or loss payee on any insurance policy covering
the property of any other Borg-Warner Entity; and
</DIV>


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</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) take such other actions as are necessary on its part to ensure that the facts and
assumptions set forth in the opinion issued by Miller Canfield Paddock &#038; Stone P.L.L.C., as
counsel for the Purchaser, in connection with the closing or initial purchase under the Sale
Agreement and relating to substantive consolidation issues, and in the certificates
accompanying such opinion, remain true and correct in all material respects at all times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>Collections</U>. Such Seller Party will cause (1)&nbsp;all proceeds from all Lock-Boxes to
be directly deposited by a Lock-Box Bank into a Lock-Box Account and (2)&nbsp;each Lock-Box and Lock-Box
Account to be subject at all times to a Lock-Box Agreement that is in full force and effect. In the
event any payments relating to Receivables are remitted directly to Seller or any Affiliate of
Seller, Seller will remit (or will cause all such payments to be remitted) directly to a Lock-Box
Bank and deposited into a Lock-Box Account within one (1)&nbsp;Business Day following receipt thereof,
and, at all times prior to such remittance, Seller will itself hold or, if applicable, will cause
such payments to be held in trust for the exclusive benefit of the Administrative Agent and the
Purchasers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>Taxes</U>. Such Seller Party will file all tax returns and reports required by law to
be filed by it and will promptly pay all taxes and governmental charges at any time owing, except
any such taxes which are not yet delinquent or are being diligently contested in good faith by
appropriate proceedings and for which adequate reserves in accordance with GAAP shall have been set
aside on its books. Seller will pay when due any taxes payable in connection with the Receivables,
exclusive of taxes on or measured by income or gross receipts of the Administrative Agent or any of
the Purchasers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<U>Insurance</U>. Seller will maintain in effect, or cause to be maintained in effect,
at Seller&#146;s own expense, such casualty and liability insurance as Seller shall deem appropriate in
its good faith business judgment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<U>Payment to Originators</U>. With respect to any Receivable purchased by Seller from
the applicable Originator, such purchase shall be effected under, and in strict compliance with the
terms of, the Sale Agreement, including, without limitation, the terms relating to the amount and
timing of payments to be made to the applicable Originator in respect of the purchase price for
such Receivable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2. <U>Negative Covenants of Seller Parties</U>. Until the date on which the Aggregate
Unpaids have been indefeasibly paid in full and this Agreement terminates in accordance with its
terms:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Name Change, Offices and Records</U>. Seller will not change its name, identity or
legal structure (within the meaning of Section&nbsp;9-507(c) of any applicable enactment of the UCC) or
relocate its chief executive office or any office where Records are kept unless it shall have: (i)
given the Administrative Agent and each Purchaser at least ten (10)&nbsp;days&#146; prior written notice
thereof and (ii)&nbsp;delivered to the Administrative Agent all financing statements, instruments and
other documents reasonably requested by the Administrative Agent or any Purchaser in connection
with such change or relocation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Change in Payment Instructions to Obligors</U>. Except as may be required by the
Administrative Agent pursuant to <U>Section&nbsp;8.2(b)</U>, such Seller Party will not add or
terminate any bank as a Lock-Box Bank, or make any change in the instructions to Obligors regarding
payments to be made to any Lock-Box or Lock-Box Account, unless the Administrative Agent and the
Purchasers shall have received, at least ten (10)&nbsp;days before the proposed effective date therefor,
(i)&nbsp;written notice of such addition, termination or change and (ii)&nbsp;with respect to the addition of
a Lock-Box Bank or a Lock-Box Account or Lock-Box, an executed Lock-Box Agreement with respect to
the new Lock-Box Account or Lock-Box; <B><I>provided, however,</I></B>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that the Collection Agent may make changes in instructions to Obligors regarding payments if
such new instructions require such Obligor to make payments to another existing Lock-Box Account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Modifications to Contracts and Credit and Collection Policy</U>. No Seller Party
will, and no Seller Party will permit any Originator to, make any change to the Credit and
Collection Policy that could reasonably be expected to decrease the credit quality of any newly
created Receivables or materially adversely affect the collectibility of the Receivables. Except
as provided in <U>Section&nbsp;8.2(d)</U>, no Seller Party will, or will permit any Originator to,
extend, amend or otherwise modify the terms of any Receivable or any terms of any Contract related
to such Receivable in any material respect other than in accordance with the Credit and Collection
Policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Sales, Liens</U>. Other than the ownership and security interests contemplated by the
Transaction Documents, Seller will not sell, assign (by operation of law or otherwise) or otherwise
dispose of, or grant any option with respect to, or create or suffer to exist any Adverse Claim
upon (including, without limitation, the filing of any financing statement) or with respect to, any
Receivable, Related Security or Collections, or upon or with respect to any Contract under which
any Receivable arises, or any Lock-Box or Lock-Box Account, or assign any right to receive income
with respect thereto (other than, in each case, the creation of the interests therein in favor of
the Administrative Agent and the Purchasers provided for herein), and Seller will defend the right,
title and interest of the Administrative Agent and the Purchasers in, to and under any of the
foregoing property, against all claims of third parties claiming through or under Seller or any
Originator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Termination of Sale Agreement</U>. Seller will not terminate the Sale Agreement or
send any written notice to any Originator in respect thereof, without the prior written consent of
the Administrative Agent and the Purchasers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Restricted Junior Payments</U>. From and after the occurrence of any Amortization
Event, Seller will not make any Restricted Junior Payment while any Aggregate Unpaids remain
outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Seller Indebtedness</U>. Except as contemplated by the Transaction Documents, Seller
will not incur or permit to exist any Indebtedness or liability on account of deposits except: (i)
the Aggregate Unpaids, (ii)&nbsp;the Subordinated Loans, and (iii)&nbsp;other current accounts payable
arising in the ordinary course of business and not overdue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Prohibition on Additional Negative Pledges</U>. Seller will not (and will not
authorize any Originator to) enter into or assume any agreement (other than this Agreement and the
other Transaction Documents) prohibiting the creation or assumption of any Adverse Claim upon the
Collateral except as contemplated by the Transaction Documents, or otherwise prohibiting or
restricting any transaction contemplated hereby or by the other Transaction Documents. Seller will
not (and will not authorize any Originator to) enter into or assume any agreement creating any
Adverse Claim upon the Subordinated Notes.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ADMINISTRATION AND COLLECTION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1. <U>Designation of the Collection Agent.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The servicing, administration and collection of the Receivables shall be conducted by such
Person (the <B><I>&#147;Collection Agent&#148;</I></B>) so designated from time to time in accordance with this <U>Section
8.1</U>. BWI is hereby designated as, and hereby agrees to perform the duties and obligations of,
the Collection Agent pursuant to the terms of this Agreement. At any time after the occurrence of
an Amortization Event, the Administrative Agent and the Purchasers may at any time designate as the
Collection Agent any Person to succeed BWI or any successor Collection Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;BWI may delegate to the Originators, as sub-Collection Agents of the Collection Agent,
certain of its duties and responsibilities as the Collection Agent hereunder in respect of the
Receivables originated by such Originators. Without the prior written consent of the Purchasers,
the Collection Agent shall not be permitted to delegate any of its duties or responsibilities as
the Collection Agent to any Person other than (i)&nbsp;the other Originators, and (ii)&nbsp;with respect to
certain Charged-Off Receivables, outside collection agencies in accordance with its customary
practices. Seller shall not be permitted to further delegate to any other Person any of the duties
or responsibilities of the Collection Agent delegated to it by BWI. If at any time following the
occurrence of an Amortization Event, the Purchasers shall designate as the Collection Agent any
Person other than BWI, all duties and responsibilities theretofore delegated by BWI to Seller or
any Originator may, at the discretion of any of the Administrative Agent, be terminated forthwith
on notice given by the Administrative Agent or any Purchaser to the Administrative Agent or the
other Purchaser, as applicable, BWI and to Seller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding the foregoing subsection (b), (i)&nbsp;the Collection Agent shall be and remain
primarily liable to the Administrative Agent and the Purchasers for the full and prompt performance
of all duties and responsibilities of the Collection Agent hereunder and (ii)&nbsp;the Administrative
Agent and the Purchasers shall be entitled to deal exclusively with the Collection Agent in matters
relating to the discharge by the Collection Agent of its duties and responsibilities hereunder.
The Administrative Agent and the Purchasers shall not be required to give notice, demand or other
communication to any Person other than the Collection Agent in order for communication to the
Collection Agent and its sub-Collection Agent or other delegate with respect thereto to be
accomplished. The Collection Agent, at all times that it is the Collection Agent, shall be
responsible for providing any sub-Collection Agent or other delegate of the Collection Agent with
any notice given to the Collection Agent under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2. <U>Duties of the Collection Agent.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Collection Agent shall take or cause to be taken all such actions as may be necessary
or advisable to collect each Receivable from time to time, all in accordance with applicable laws,
rules and regulations, with reasonable care and diligence, and in accordance with the Credit and
Collection Policy of each respective Originator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Collection Agent will instruct all Obligors to pay all Collections directly to a
Lock-Box or Lock-Box Account. The Collection Agent shall effect a Lock-Box Agreement in form
reasonably acceptable to the Administrative Agent with respect to each Lock-Box and Lock-Box
Account. In the case of any remittances received in any Lock-Box or Lock-Box Account that shall
have been identified, to the satisfaction of the Collection Agent, to not constitute Collections or
other proceeds of the Collateral, the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Collection Agent shall promptly remit such items to the Person identified to it as being the
owner of such remittances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Collection Agent shall administer the Collections in accordance with the procedures
described herein and in <U>Article&nbsp;II</U>. The Collection Agent shall set aside and hold in trust
for the account of Seller and the Purchasers their respective shares of the Collections (or such
funds or other assets arising therefrom) in accordance with <U>Article&nbsp;II</U>. The Collection
Agent shall segregate, in a manner acceptable to the Administrative Agent and the Purchasers, all
cash, checks and other instruments received by it from time to time constituting Collections from
the general funds of the Collection Agent or Seller prior to the remittance thereof in accordance
with <U>Article&nbsp;II</U>. The Collection Agent shall segregate and deposit with a bank designated
by the Administrative Agent all Collections of Receivables on the Business Day received by the
Collection Agent, duly endorsed or with duly executed instruments of transfer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Collection Agent may, in accordance with the Credit and Collection Policy, extend the
maturity of any Receivable or adjust the Outstanding Balance of any Receivable as the Collection
Agent determines to be appropriate to maximize Collections thereof; <B><I>provided, however, </I></B>that such
extension or adjustment shall not alter the status of such Receivable as a Delinquent Receivable,
Defaulted Receivable or Charged-Off Receivable or limit the rights of the Administrative Agent or
the Purchasers under this Agreement. Notwithstanding anything to the contrary contained herein,
following the occurrence and during continuation of an Amortization Event, the Administrative Agent
shall have the absolute and unlimited right to direct the Collection Agent to commence or settle
any legal action with respect to any Receivable or to foreclose upon or repossess any Related
Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Collection Agent shall hold in trust for Seller and the Purchasers all Records that
(i)&nbsp;evidence or relate to the Receivables, the related Contracts and Related Security or (ii)&nbsp;are
otherwise necessary or desirable to collect the Receivables and shall, as soon as practicable upon
demand of the Administrative Agent, deliver or make available to the Administrative Agent all such
Records, at a place selected by the Administrative Agent. The Collection Agent shall, as soon as
practicable following receipt thereof turn over to Seller any cash collections or other cash
proceeds payable to Seller not constituting Collections on Receivables. The Collection Agent
shall, from time to time at the request of any Purchaser, furnish to the Purchasers (promptly after
any such request) a calculation of the amounts set aside for the Purchasers pursuant to <U>Article
II</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Any payment by an Obligor in respect of any indebtedness owed by it to an Originator or
Seller shall, except as otherwise specified by such Obligor or otherwise required by Contract or
law and unless otherwise instructed by the Administrative Agent, be applied as a Collection of any
Receivable of such Obligor (starting with the oldest such Receivable) to the extent of any amounts
then due and payable thereunder before being applied to any other receivable or other obligation of
such Obligor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3. <U>Lock-Box Accounts</U>. Subject to the terms of the applicable Lock-Box Agreement,
Seller hereby transfers to the Administrative Agent for the benefit of the Purchasers the exclusive
ownership and control of each Lock-Box and Lock-Box Account. Seller hereby authorizes the
Administrative Agent, and agrees that the Administrative Agent shall be entitled after the
occurrence of an Amortization Event to (a)&nbsp;endorse Seller&#146;s name on checks and other instruments
representing Collections, (b)&nbsp;enforce the Receivables, the related Contracts and the Related
Security and (c)&nbsp;take such action as shall be necessary or desirable to cause all cash, checks and
other instruments constituting Collections of Receivables to come into the possession of the
Administrative Agent rather than Seller.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4. <U>Responsibilities of Seller</U>. Anything herein to the contrary notwithstanding,
the exercise by the Administrative Agent and the Purchasers of their rights hereunder shall not
release the Collection Agent, any Originator or Seller from any of their duties or obligations with
respect to any Receivables or under the related Contracts. The Purchasers shall have no obligation
or liability with respect to any Receivables or related Contracts, nor shall any of them be
obligated to perform the obligations of Seller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5. <U>Reports</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On each Interim Reporting Date (if any), the Collection Agent shall prepare and deliver
not later than 11:00&nbsp;a.m. (New York City time) to the Administrative Agent and the Purchasers an
Interim Report in the form of <U>Exhibit&nbsp;VII</U> I hereto (appropriately completed and executed).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;On each Monthly Reporting Date, the Collection Agent shall prepare and deliver not later
than 11:00&nbsp;a.m. (New York City time) to the Administrative Agent and the Purchasers, a Monthly
Report for the calendar month then most recently ended in the form of <U>Exhibit&nbsp;IX</U> hereto
(appropriately completed and executed).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At such times as the Administrative Agent or any Purchaser shall reasonably request, the
Collection Agent shall prepare and deliver not later than 11:00&nbsp;a.m. (New York City time) to the
Administrative Agent and the Purchasers a listing by Obligor of all Receivables together with an
aging of such Receivables.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6. <U>Servicing Fees</U>. In consideration of BWI&#146;s agreement to act as the Collection
Agent hereunder, so long as BWI shall continue to perform as the Collection Agent hereunder, BWI
shall be paid a fee (the <B><I>&#147;Servicing Fee&#148;</I></B>) on each Monthly Payment Date, in arrears for the
immediately preceding Calculation Period, equal to 1.0% per annum of the average aggregate
Outstanding Balance of all Receivables during such period. At any time while the Collection Agent
is not an Affiliate of Seller, the Servicing Fee shall be computed at such rate per annum as the
Administrative Agent and the substitute the Collection Agent may mutually agree.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMORTIZATION EVENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1. <U>Amortization Events</U>. The occurrence of any one or more of the following
events shall constitute an <B><I>&#147;Amortization Event&#148;:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(i)&nbsp;Any Seller Party shall fail to make any payment or deposit of Capital required to be
paid to a Purchaser, the Administrative Agent or an Indemnified Party under this Agreement or any
other Transaction Document to which it is a party and such failure continues for one (1)&nbsp;Business
Day after the date when the same was required to be made; or (ii)&nbsp;any Seller Party shall fail to
make any payment or deposit of any other amount required to be paid to a Purchaser, the
Administrative Agent or an Indemnified Party under this Agreement or any other Transaction Document
to which it is a party and such failure continues for two (2)&nbsp;Business Days after the date when the
same was required to be made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Seller Party shall fail to perform or observe any covenant contained in any provision
of <U>Section&nbsp;5.2</U> or <U>Section&nbsp;6.5</U>.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any Seller Party shall fail to perform or observe any other covenant, agreement or other
obligation hereunder (other than as referred to in another paragraph of this <U>Section&nbsp;7.1</U>)
or any other Transaction Document to which it is a party and such failure shall continue for five
(5)&nbsp;consecutive Business Days following the earlier to occur of (i)&nbsp;notice from the Administrative
Agent or any Purchaser of such non-performance or non-observance, or (ii)&nbsp;the date on which an
Authorized Officer of such Seller Party otherwise becomes aware of such non-performance or
non-observance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any representation, warranty, certification or statement made by any Seller Party in this
Agreement, any other Transaction Document or in any other document required to be delivered
pursuant hereto or thereto shall prove to have been incorrect when made or deemed made in any
material respect; <B><I>provided that </I></B>the materiality threshold in this subsection shall not be
applicable with respect to any representation or warranty which itself contains a materiality
threshold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Performance Guarantor shall fail to observe any covenant contained in <U>Section&nbsp;6.1</U>
of the Senior Credit Agreement regardless of whether the same is waived by the lenders party to the
Senior Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;(i)&nbsp;Seller shall fail to pay any principal of or premium or interest on any of its
Indebtedness which is outstanding when the same becomes due and payable (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue
after the applicable grace period, if any, specified in the agreement or instrument relating to
such Indebtedness; or any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Indebtedness and shall continue after the applicable grace period,
if any, specified in such agreement or instrument, if the effect of such event or condition is to
accelerate, or permit the acceleration of, the maturity of such Indebtedness; or any such
Indebtedness shall be declared to be due and payable, or required to be prepaid (other than by a
regularly scheduled required prepayment), redeemed, purchased or defeased, or an offer to repay,
redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to
the stated maturity thereof; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;any Originator shall fail to pay any principal of or premium or interest on any of its
Material Indebtedness which is outstanding when the same becomes due and payable (whether by
scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall
continue after the applicable grace period, if any, specified in the agreement or instrument
relating to such Material Indebtedness; or any other event shall occur or condition shall exist
under any agreement or instrument relating to any such Material Indebtedness and shall continue
after the applicable grace period, if any, specified in such agreement or instrument, if the effect
of such event or condition is to accelerate, or permit the acceleration of, the maturity of such
Material Indebtedness; or any such Material Indebtedness shall be declared to be due and payable,
or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed,
purchased or defeased, or an offer to repay, redeem, purchase or defease such Material Indebtedness
shall be required to be made, in each case prior to the stated maturity thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;(i)&nbsp;Seller, any Originator or any other Subsidiary shall generally not pay its debts as
such debts become due or shall admit in writing its inability to pay its debts generally or shall
make a general assignment for the benefit of creditors; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;any proceeding shall be instituted by or against Seller seeking to adjudicate it bankrupt
or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment,
protection, relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">relief of debtors, or seeking the entry of an order for relief or the appointment of a
receiver, trustee or other similar official for it or any substantial part of its property, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;(A)&nbsp;any proceeding shall be instituted by any Originator or any Subsidiary (other than
Seller) seeking to adjudicate it bankrupt or insolvent, or seeking liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under
any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
entry of an order for relief or the appointment of a receiver, trustee or other similar official
for it or any substantial part of its property, or (B)&nbsp;any proceeding shall be instituted against
any Originator or any Subsidiary (other than Seller) seeking to adjudicate it bankrupt or
insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of it or its debts under any law relating to bankruptcy, insolvency or
reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment
of a receiver, trustee or other similar official for it or any substantial part of its property
and, unless such proceeding is consented to or acquiesced in by such Originator or such Subsidiary,
such proceeding of the type described in this clause (B)&nbsp;remains undismissed, unvacated or unstayed
for a period of thirty (30)&nbsp;days, or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;Seller, any Originator or any Subsidiary shall take any corporate action to authorize any
of the actions set forth in clauses (i), (ii)&nbsp;or (iii)&nbsp;above in this subsection (g).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;As at the end of any calendar month:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the average of the Delinquency Ratios for the three months then most recently ended
shall exceed 4.75%;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the average of the Default Ratios for the three months then most recently ended
shall exceed 3.50%; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the average of the Dilution Ratios for the three months then most recently ended
shall exceed 6.25%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;A Change of Control shall occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;(i)&nbsp;One or more final judgments for the payment of money in an amount in excess of
$13,474, individually or in the aggregate, shall be entered against Seller or (ii)&nbsp;one or more
final judgments for the payment of money in an amount in excess of $50,000,000, individually or in
the aggregate, shall be entered against any Originator on claims not covered by insurance or as to
which the insurance carrier has denied its responsibility, and such judgment shall continue
unsatisfied and in effect for thirty (30)&nbsp;consecutive days without a stay of execution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;The Sale Agreement shall be terminated, or any Originator shall for any reason cease to
transfer, or cease to have the legal capacity to transfer, or otherwise be incapable of selling
Receivables to Seller under the Sale Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The Performance Undertaking shall cease to be effective or to be the legally valid,
binding and enforceable obligation of Performance Guarantor, or Performance Guarantor shall contest
in any proceeding in any court or any mediation or arbitral proceeding such effectiveness,
validity, binding nature or enforceability of its obligations thereunder.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;This Agreement shall terminate in whole or in part (except in accordance with its terms),
or shall cease to be effective or to be the legally valid, binding and enforceable obligation of
Seller, or any Originator shall directly or indirectly contest in any manner such effectiveness,
validity, binding nature or enforceability, or the Administrative Agent for the benefit of the
Purchasers shall cease to have a valid and perfected first priority security interest in the
Receivables, the Related Security and the Collections with respect thereto and the Lock-Box
Accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;On any Settlement Date, after giving effect to the turnover and application of Collections
and Recourse Amounts, the Aggregate Capital shall exceed the Purchase Limit or an Investment Excess
shall be continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;The Internal Revenue Service shall file notice of a lien pursuant to Section&nbsp;6323 of the
Tax Code with regard to any of the Receivables or Related Security and such lien shall not have
been released within seven (7)&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;The PBGC shall file notice of a lien pursuant to Section&nbsp;4068 of ERISA with respect to any
of the Receivables or Related Security and such lien shall not have been released within seven (7)
days; or any of the following events shall occur with respect to any Pension Plan: (i)&nbsp;the
institution of any steps by Performance Guarantor, any member of its Controlled Group or any other
Person to terminate a Pension Plan if, as a result of such termination, Performance Guarantor or
any such member could be required to make a contribution to such Pension Plan, or could reasonably
expect to incur a liability or obligation to such Pension Plan, in excess of $50,000,000; of (ii)&nbsp;a
contribution failure occurs with respect to any Pension Plan sufficient to give rise to a lien
under section 302(f) of ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;Any event shall occur which has, or could be reasonably expected to have a Material
Adverse Effect of the types described in clauses (b)&nbsp;through (e)&nbsp;of the definition of <B><I>&#147;Material
Adverse Effect&#148;</I></B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2. <U>Remedies</U>. Upon the occurrence and during the continuation of an Amortization
Event, the Administrative Agent may, and upon the direction of the Purchaser, shall, take any of
the following actions: (i)&nbsp;replace the Person then acting as the Collection Agent, (ii)&nbsp;declare
the Amortization Date to have occurred, whereupon the Amortization Date shall forthwith occur,
without demand, protest or further notice of any kind, all of which are hereby expressly waived by
each Seller Party; <B><I>provided, however, </I></B>that upon the occurrence of an Amortization Event described
in <U>Section&nbsp;7.1(g)(ii)</U> or <U>(iii)</U>, or of an actual or deemed entry of an order for
relief with respect to any Seller Party under the Federal Bankruptcy Code, the Amortization Date
shall automatically occur, without demand, protest or any notice of any kind, all of which are
hereby expressly waived by each Seller Party, and (iii)&nbsp;notify Obligors of the Administrative
Agent&#146;s and Purchasers&#146; interest in the Receivables. The aforementioned rights and remedies shall
be without limitation, and shall be in addition to all other rights and remedies of the
Administrative Agent and the Purchasers otherwise available under any other provision of this
Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly
preserved, including, without limitation, all rights and remedies provided under the UCC, all of
which rights shall be cumulative.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INDEMNIFICATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1. <U>Indemnities by Seller</U>. (a)&nbsp;Without limiting any other rights that the
Administrative Agent or any Purchaser may have hereunder or under applicable law, Seller hereby
agrees to
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">indemnify (and pay upon demand to) the Administrative Agent and each of the Purchasers and their
respective assigns, officers, directors, agents and employees (each an <B><I>&#147;Indemnified Party&#148;</I></B>) from
and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all
other amounts payable, including reasonable fees and disbursements of external counsel (all of the
foregoing being collectively referred to as <B><I>&#147;Indemnified Amounts&#148;</I></B>) awarded against or incurred by
any of them arising out of or as a result of this Agreement or the acquisition, either directly or
indirectly, by the Administrative Agent or any Purchaser of an interest in the Receivables
<B><I>excluding, however, </I></B>in all of the foregoing instances:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(A)&nbsp;Indemnified Amounts to the extent a final judgment of a court of competent
jurisdiction holds that such Indemnified Amounts resulted from gross negligence or
willful misconduct on the part of an Indemnified Party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(B)&nbsp;Indemnified Amounts to the extent the same include losses in respect of
Receivables that are uncollectible on account of the insolvency, bankruptcy or lack of
creditworthiness or financial inability or unwillingness to pay (other than a dispute
giving rise to a Dilution) of the related Obligor; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(C)&nbsp;taxes imposed by the jurisdiction in which such Indemnified Party&#146;s principal
executive office is located, on or measured by the overall net income of such
Indemnified Party to the extent that the computation of such taxes is consistent with
the characterization for income tax purposes of the acquisition by the Purchasers of
Receivable Interests as a loan or loans by the Purchasers to Seller secured by the
Collateral;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>provided, however, </I></B>that nothing contained in this sentence shall limit the liability of Seller or
limit the recourse of the Purchasers to Seller for amounts otherwise specifically provided to be
paid by Seller under the terms of this Agreement. Without limiting the generality of the foregoing
indemnification, Seller shall indemnify the Indemnified Parties for Indemnified Amounts (including,
without limitation, losses in respect of uncollectible Receivables, regardless of whether
reimbursement therefor would constitute recourse to Seller) relating to or resulting from:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any representation or warranty made by any Seller Party, the Performance Guarantor
or any Originator (or any officers of any such Person) under or in connection with this
Agreement, any other Transaction Document or any other information or report required to be
delivered by any such Person pursuant hereto or thereto, which shall have been false or
incorrect in any material respect when made or deemed made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by any Seller Party or any Originator to comply with any applicable
law, rule or regulation with respect to any Receivable or Contract related thereto, or the
nonconformity of any Receivable or Contract included therein with any such applicable law,
rule or regulation or any failure of any Originator to keep or perform any of its
obligations, express or implied, with respect to any Contract;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure of any Seller Party, any Originator or the Performance Guarantor to
perform its duties, covenants or other obligations in accordance with the provisions of any
Transaction Document to which it is a party;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any environmental liability, products liability, personal injury or damage suit, or
other similar claim arising out of or in connection with merchandise, insurance or services
that are the subject of any Contract or any Receivable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any dispute, claim, offset or defense (other than discharge in bankruptcy of the
Obligor) of the Obligor to the payment of any Receivable (including, without limitation, a
defense based on such Receivable or the related Contract not being a legal, valid and binding
obligation of such Obligor enforceable against it in accordance with its terms), or any other
claim resulting from the sale of the merchandise or service related to such Receivable or the
furnishing or failure to furnish such merchandise or services;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the commingling of Collections of Receivables at any time with other funds;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any investigation, litigation or proceeding related to or arising from this
Agreement or any other Transaction Document, the transactions contemplated hereby, the use of
the proceeds of a Purchase, the ownership of the Receivable Interests or any other
investigation, litigation or proceeding relating to any Seller Party or any Originator in
which any Indemnified Party becomes involved as a result of any of the transactions
contemplated hereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any inability to litigate any claim against any Obligor in respect of any
Receivable as a result of such Obligor being immune from civil and commercial law and suit on
the grounds of sovereignty or otherwise from any legal action, suit or proceeding;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any Amortization Event described in <U>Section&nbsp;7.1(g)</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any failure of Seller to acquire and maintain legal and equitable title to, and
ownership of any Receivable and the Related Security and Collections with respect thereto
from any Originator, free and clear of any Adverse Claim (other than as created hereunder);
or any failure of Seller to give reasonably equivalent value to the applicable Originator
under the Sale Agreement in consideration of the transfer by it of any Receivable, or any
attempt by any Person to void such transfer under statutory provisions or common law or
equitable action;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any failure to vest and maintain vested in the Administrative Agent for the benefit
of the Purchasers legal and equitable title to, and ownership of, a first priority perfected
undivided percentage ownership interest (to the extent of the Receivable Interests
contemplated hereunder) or security interest in the Collateral, free and clear of any Adverse
Claim (except as created by the Transaction Documents);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the failure to have filed, or any delay in filing, financing statements or other
similar instruments or documents under the UCC of any applicable jurisdiction or other
applicable laws with respect to any Collateral, whether on the date hereof or at any
subsequent time, except to the extent such failure or delay is caused by the Administrative
Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any action or omission by any Seller Party which reduces or impairs the rights of
the Administrative Agent or the Purchasers with respect to any Collateral or the value of any
Collateral;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any attempt by any Person to void any Purchase or the security interest in the
Collateral granted hereunder, whether under statutory provision, common law or equitable
action; and
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the failure of any Receivable included in the calculation of the Net Pool Balance
as an Eligible Receivable to be an Eligible Receivable at the time so included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;After receipt by an Indemnified Party of notice of any investigative, administrative or
judicial proceeding (collectively, a <B><I>&#147;Proceeding&#148;</I></B>) involving such Indemnified Party, such
Indemnified Party shall, if a claim in respect thereof is to be made against Seller hereunder,
promptly notify Seller in writing, and in reasonable detail, of such Proceeding. Upon receipt of
notice from an Indemnified Party seeking indemnification hereunder with respect to any such
Proceeding, Seller shall be entitled to assume the defense of any such Proceeding with counsel
reasonably satisfactory to the Administrative Agent. Upon Seller&#146;s assumption of the defense of
any such Proceeding, the Indemnified Party shall have the right to participate in such Proceeding
and to retain its own counsel but Seller shall not be liable for any legal expenses of other
counsel subsequently incurred by such Indemnified Party in connection with the defense thereof
unless (x)&nbsp;Seller agrees in writing to pay such fees and expenses, (y)&nbsp;Seller fail to employ
counsel reasonably satisfactory to the Administrative Agent in a timely manner, or (z)&nbsp;the
Indemnified Party shall have been advised by counsel that there are actual or potential conflicting
interests between Seller, on the one hand, and the Indemnified Party, on the other hand, including
situations in which there are one or more legal defenses available to the Indemnified Party that
are different from or additional to those available to Seller; <B><I>provided, however, </I></B>that Seller shall
not in any event be responsible hereunder for the fees and expenses of more than one counsel (plus
local counsel, where necessary) for all Indemnified Parties in connection with any Proceeding.
Seller shall have the sole authority to settle any claim for monetary damages and, if Seller
chooses not to assume the defense of any such Proceeding, no Indemnified Party will consent to a
settlement of, or the entry of any judgment arising from, any Proceeding without Seller&#146;s prior
written consent, which shall not be unreasonably withheld or delayed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2. <U>Indemnities by the Collection Agent</U>. (a)&nbsp;Without limiting any other rights
that the Administrative Agent or any Purchaser may have hereunder or under applicable law, the
Collection Agent hereby agrees to indemnify (and pay upon demand to) each Indemnified Party from
and against any and all damages, losses, claims, taxes, liabilities, costs, expenses and for all
other amounts payable, including reasonable fees and disbursements of external counsel (all of the
foregoing being collectively referred to as <B><I>&#147;Collection Agent Indemnified Amounts&#148;</I></B>) awarded against
or incurred by any of them arising out of or as a result of the Collection Agent&#146;s failure to duly
and punctually perform its obligations under this Agreement <B><I>excluding, however, </I></B>in all of the
foregoing instances:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(A)&nbsp;Collection Agent Indemnified Amounts to the extent a final judgment of a court of
competent jurisdiction holds that such Collection Agent Indemnified Amounts resulted
from gross negligence or willful misconduct on the part of an Indemnified Party; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(B)&nbsp;Collection Agent Indemnified Amounts to the extent the same includes losses in
respect of Receivables that are uncollectible on account of the insolvency, bankruptcy
or lack of creditworthiness or financial inability or unwillingness to pay (other than
a dispute giving rise to a Dilution) of the related Obligor;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>provided, however, </I></B>that nothing contained in this sentence shall limit the liability of the
Collection Agent or limit the recourse of the Purchasers to the Collection Agent for Collections
received by the Collection Agent and required to be remitted by it under the terms of this
Agreement. Without limiting the generality of the foregoing indemnification, the Collection Agent
shall indemnify the Indemnified Parties for Collection Agent Indemnified Amounts (including,
without limitation, losses in respect of uncollectible Receivables, regardless of whether
reimbursement therefor would constitute recourse to the Collection Agent) relating to or resulting
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any representation or warranty made by the Collection Agent (or any officers of the
Collection Agent) under or in connection with this Agreement, any other Transaction Document
or any other information or report delivered by any such Person pursuant hereto or thereto,
which shall have been false or incorrect in any material respect when made or deemed made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the failure by the Collection Agent to comply with any applicable law, rule or
regulation with respect to the collection of any Receivable or Related Security;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any failure of the Collection Agent to perform its duties, covenants or other
obligations in accordance with the provisions of this Agreement or any other Transaction
Document;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the commingling by the Collection Agent of Collections of Receivables or funds or
other assets arising therefrom at any time with other funds;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any investigation, litigation or proceeding relating to the Collection Agent in
which any Indemnified Party becomes involved as a result of any of the transactions
contemplated hereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any Amortization Event of the described in <U>Section&nbsp;7.1(g)</U> with respect to
the Collection Agent; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any action or omission by the Collection Agent relating to its obligations
hereunder which reduces or impairs the rights of the Administrative Agent or the Purchasers
with respect to any Receivable or the value of any such Receivable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;After receipt by an Indemnified Party of notice of any Proceedings involving such
Indemnified Party, such Indemnified Party shall, if a claim in respect thereof is to be made
against Collection Agent hereunder, promptly notify the Collection Agent in writing, and in
reasonable detail, of such Proceeding. Upon receipt of notice from an Indemnified Party seeking
indemnification hereunder with respect to any such Proceeding, the Collection Agent shall be
entitled to assume the defense of any such Proceeding with counsel reasonably satisfactory to the
Administrative Agent. Upon the Collection Agent&#146;s assumption of the defense of any such
Proceeding, the Indemnified Party shall have the right to participate in such Proceeding and to
retain its own counsel but the Collection Agent shall not be liable for any legal expenses of other
counsel subsequently incurred by such Indemnified Party in connection with the defense thereof
unless (x)&nbsp;the Collection Agent agrees in writing to pay such fees and expenses, (y)&nbsp;the Collection
Agent fail to employ counsel reasonably satisfactory to the Administrative Agent in a timely
manner, or (z)&nbsp;the Indemnified Party shall have been advised by counsel that there are actual or
potential conflicting interests between the Collection Agent, on the one hand, and the Indemnified
Party, on the other hand, including situations in which there are one or more legal defenses
available to the Indemnified Party that are different from or additional to those available to the
Collection Agent; <B><I>provided, however, </I></B>that the Collection Agent shall not in any event be
responsible hereunder for the fees and expenses of more than one counsel (plus local counsel, where
necessary) for all Indemnified Parties in connection with any Proceeding. The Collection Agent
shall have the sole authority to settle any claim for monetary damages and, if the Collection Agent
chooses not to assume the defense of any such Proceeding, no Indemnified Party will consent to a
settlement of, or the entry of any judgment arising from, any Proceeding without the Collection
Agent&#146;s prior written consent, which shall not be unreasonably withheld or delayed.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3. <U>Increased Cost and Reduced Return</U>. If after the date hereof, any Purchaser
shall be charged any fee, expense or increased cost on account of the adoption of any applicable
law, rule or regulation (including any applicable law, rule or regulation regarding capital
adequacy), any accounting principles or any change in any of the foregoing, or any change in the
interpretation or administration thereof by the Financial Accounting Standards Board, any
governmental authority, any central bank or any comparable agency charged with the interpretation
or administration thereof, or compliance with any request or directive (whether or not having the
force of law) of any such authority or agency: (i)&nbsp;that subjects any Purchaser to any charge or
withholding on or with respect to this Agreement or a Purchaser&#146;s obligations hereunder, or on or
with respect to the Receivables, or changes the basis of taxation of payments to any Purchaser of
any amounts payable hereunder (except for changes in the rate of tax on the overall net income of a
Purchaser or taxes excluded by <U>Section&nbsp;8.1</U>) or (ii)&nbsp;that imposes, modifies or deems
applicable any reserve, assessment, insurance charge, special deposit or similar requirement
against assets of, deposits with or for the account of a Purchaser, or credit extended by a
Purchaser pursuant to this Agreement or (iii)&nbsp;that imposes any other condition the result of which
is to increase the cost to a Purchaser of performing its obligations hereunder, or to reduce the
rate of return on a Purchaser&#146;s capital as a consequence of its obligations hereunder, or to reduce
the amount of any sum received or receivable by a Purchaser under this Agreement or to require any
payment calculated by reference to the amount of interests or loans held or interest received by
it, then, upon demand by the applicable Purchaser, Seller shall pay to such Purchaser, such amounts
charged to such Purchaser or such amounts to otherwise compensate such Purchaser for such increased
cost or such reduction. Notwithstanding the foregoing, no Purchaser that is not organized under
the laws of the United States of America, or a state thereof, shall be entitled to reimbursement or
compensation hereunder unless and until it has delivered to Seller two (2)&nbsp;duly completed and
signed originals of United States Internal Revenue Service Form W-8BEN or W-8ECI, as applicable,
certifying in either case that such Purchaser is entitled to receive payments under this Agreement
without deduction or withholding of any United States federal income taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4. <U>Other Costs and Expenses</U>. Seller shall pay to the Administrative Agent and
the Purchasers on demand all reasonable costs and out-of-pocket expenses in connection with the
preparation, execution, delivery and administration of this Agreement, the transactions
contemplated hereby and the other documents to be delivered hereunder, including without
limitation, the cost of Purchasers&#146; auditors auditing the books, records and procedures of Seller,
reasonable fees and out-of-pocket expenses of external legal counsel for the Administrative Agent
and the Purchasers with respect thereto and with respect to advising the Administrative Agent and
the Purchasers as to their respective rights and remedies under this Agreement. Seller shall pay
to the Administrative Agent and the Purchasers on demand any and all reasonable costs and
out-of-pocket expenses of the Administrative Agent and the Purchasers, if any, including reasonable
external counsel fees and out-of-pocket expenses in connection with the enforcement of this
Agreement and the other documents delivered hereunder and in connection with any restructuring or
workout of this Agreement or such documents, or the administration of this Agreement following an
Amortization Event.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE ADMINISTRATIVE AGENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1. <U>Appointment.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Purchaser hereby irrevocably designates and appoints Wachovia Bank, National
Association, as Administrative Agent hereunder, and authorizes the Administrative Agent to take
such action on its behalf under the provisions of the Transaction Documents and to exercise such
powers and perform such
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">duties as are expressly delegated to the Administrative Agent by the terms of the Transaction
Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding
any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have
any duties or responsibilities, except those expressly set forth herein, or any fiduciary
relationship with any Purchaser, and no implied covenants, functions, responsibilities, duties,
obligations or liabilities on the part of the Administrative Agent shall be read into this
Agreement or otherwise exist against the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The provisions of this <U>Article&nbsp;IX</U> are solely for the benefit of the Administrative
Agent and the Purchasers, and neither of Seller Parties shall have any rights as a third-party
beneficiary or otherwise under any of the provisions of this <U>Article&nbsp;IX</U>, except that this
<U>Article&nbsp;IX</U> shall not affect any obligations which the Administrative Agent or any Purchaser
may have to either of Seller Parties under the other provisions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In performing its functions and duties hereunder, the Administrative Agent shall act
solely as the Administrative Agent of the Purchasers and does not assume nor shall be deemed to
have assumed any obligation or relationship of trust or agency with or for either of Seller Parties
or any of their respective successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2. <U>Delegation of Duties</U>. The Administrative Agent may execute any of its duties
under the applicable Transaction Documents by or through agents or attorneys-in-fact and shall be
entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative
Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact
selected by it with reasonable care.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.3. <U>Exculpatory Provisions</U>. Neither the Administrative Agent nor any of its
directors, officers, agents or employees shall be (i)&nbsp;liable for any action lawfully taken or
omitted to be taken by it or them or any Person described in <U>Section&nbsp;9.2</U> under or in
connection with the Transaction Documents (except for its, their or such Person&#146;s own bad faith,
gross negligence or willful misconduct), or (ii)&nbsp;responsible in any manner to any of the Purchasers
or other agents for any recitals, statements, representations or warranties made by Seller
contained in any Transaction Document or in any certificate, report, statement or other document
referred to or provided for in, or received under or in connection with, any Transaction Document
or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other document furnished in connection herewith, or for any failure of either of
Seller Parties to perform its respective obligations hereunder, or for the satisfaction of any
condition specified in <U>Article&nbsp;IV</U>, except receipt of items required to be delivered to the
Administrative Agent. The Administrative Agent shall not be under any obligation to any Purchaser
to ascertain or to inquire as to the observance or performance of any of the agreements or
covenants contained in, or conditions of, any Transaction Document, or to inspect the properties,
books or records of Seller Parties. This <U>Section&nbsp;9.3</U> is intended solely to govern the
relationship between the Administrative Agent on the one hand and the Purchasers on the other.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.4. <U>Reliance by the Administrative Agent and the Purchasers.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent and each Purchaser shall in all cases be entitled to rely, and
shall be fully protected in relying, upon any note, writing, resolution, notice, consent,
certificate, affidavit, letter, cablegram, telegram, telecopy, telex or teletype message,
statement, order or other document or conversation believed by it to be genuine and correct and to
have been signed, sent or made by the proper Person or Persons and upon advice and statements of
legal counsel (including, without limitation, counsel to Seller Parties), independent accountants
and other experts selected by the Administrative Agent or such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchaser. The Administrative Agent shall in all cases be fully justified in failing or
refusing to take any action under this Agreement or any other document furnished in connection
herewith unless it shall first receive such advice or concurrence of each Purchaser (except where
another provision of this Agreement specifically authorizes the Administrative Agent to take action
based on the instructions of either Purchaser).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any action taken by the Administrative Agent in accordance with <U>Section&nbsp;9.4(a)</U>
shall be binding upon all Purchasers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.5. <U>Notice of Amortization Events</U>. Neither the Administrative Agent nor any
Purchaser shall be deemed to have knowledge or notice of the occurrence of any Amortization Event
or Potential Amortization Event unless it has received notice from the Administrative Agent or
another Purchaser, as applicable, or a Seller Party referring to this Agreement, stating that an
Amortization Event or Potential Amortization Event has occurred hereunder and describing such
Amortization Event or Potential Amortization Event. In the event that the Administrative Agent or
any Purchaser receives such a notice, it shall promptly give notice thereof to the Administrative
Agent and the other Purchasers, as applicable. The Administrative Agent shall take such action
with respect to such Amortization Event or Potential Amortization Event as shall be directed by any
Purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.6. <U>Non-Reliance on the Administrative Agent and Other Purchasers</U>. Each of the
Purchasers expressly acknowledges that neither the Administrative Agent, nor any of the
Administrative Agent&#146;s officers, directors, employees, agents, attorneys-in-fact or affiliates has
made any representations or warranties to it and that no act by the Administrative Agent hereafter
taken, including, without limitation, any review of the affairs of Seller Parties, shall be deemed
to constitute any representation or warranty by the Administrative Agent. Each of the Purchasers
also represents and warrants to the Administrative Agent and the other Purchasers that it has,
independently and without reliance upon any such Person (or any of their Affiliates) and based on
such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, prospects, financial and other conditions
and creditworthiness of Seller Parties and made its own decision to enter into this Agreement.
Each of the Purchasers also represents that it will, independently and without reliance upon the
Administrative Agent or any other Purchaser, and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit analysis, appraisals and
decisions in taking or not taking action under this Agreement, and to make such investigation as it
deems necessary to inform itself as to the business, operations, property, prospects, financial and
other condition and creditworthiness of Seller Parties. Neither the Administrative Agent nor any
Purchaser, nor any of their respective Affiliates, shall have any duty or responsibility to provide
any party to this Agreement with any credit or other information concerning the business,
operations, property, prospects, financial and other condition or creditworthiness of Seller
Parties which may come into the possession of such Person or any of its respective officers,
directors, employees, agents, attorneys-in-fact or affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.7. <U>Indemnification of Administrative Agent</U>. Each Purchaser agrees to indemnify
the Administrative Agent and its officers, directors, employees, representatives and agents (to the
extent not reimbursed by Seller Parties and without limiting the obligation of Seller Parties to do
so), ratably in accordance with their respective Percentages or Capital, from and against any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever (including, without limitation, the
reasonable fees and disbursements of counsel for the Administrative Agent or such Person in
connection with any investigative, administrative or judicial proceeding commenced or threatened,
whether or not the Administrative Agent in its capacity as Administrative Agent or such Person
shall be designated a party thereto) that may at any time be imposed on, incurred by or asserted
against the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administrative Agent or such Person as a result of, or arising out of, or in any way related to or
by reason of, any of the transactions contemplated hereunder or the execution, delivery or
performance of this Agreement or any other document furnished in connection herewith (but excluding
any such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting solely from the bad faith, gross negligence or willful
misconduct of the Administrative Agent or such Person as finally determined by a court of competent
jurisdiction).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.8. <U>Administrative Agent in its Individual Capacity</U>. The Administrative Agent in
its individual capacity and its affiliates may make loans to, accept deposits from and generally
engage in any kind of business with the Seller Parties and their Affiliates as though the
Administrative Agent were not the Administrative Agent hereunder. With respect to its Receivable
Interests, if any, the Administrative Agent shall have the same rights and powers under this
Agreement as any Purchaser and may exercise the same as though it were not the Administrative
Agent, and the terms &#147;Purchaser&#148; and &#147;Purchasers&#148; shall include the Administrative Agent in its
individual capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.9. <U>Successor Administrative Agent</U>. The Administrative Agent, upon five (5)&nbsp;days&#146;
notice to the Seller Parties and the Purchasers, may voluntarily resign and may be removed at any
time, with or without cause, by the Purchasers. If the Administrative Agent shall voluntarily
resign or be removed as Administrative Agent under this Agreement, then the Purchasers during such
five-day (5)&nbsp;period shall appoint, with the consent of Seller from among the remaining Purchasers,
a successor Administrative Agent, whereupon such successor Administrative Agent shall succeed to
the rights, powers and duties of the Administrative Agent and the term &#147;Administrative Agent&#148; shall
mean such successor Administrative Agent, effective upon its appointment, and the former
Administrative Agent&#146;s rights, powers and duties as Administrative Agent shall be terminated,
without any other or further act or deed on the part of such former Administrative Agent or any of
the parties to this Agreement. Upon resignation or replacement of any Administrative Agent in
accordance with this <U>Section&nbsp;9.9</U>, the retiring Administrative Agent shall execute or
authorize the filing of such UCC-3 assignments and amendments, and assignments and amendments of
the Transaction Documents, as may be necessary to give effect to its replacement by a successor
Administrative Agent. After any retiring Administrative Agent&#146;s resignation hereunder as
Administrative Agent, the provisions of <U>Article&nbsp;VIII</U> and this <U>Article&nbsp;IX</U> shall
inure to its benefit as to any actions taken or omitted to be taken by it while it was
Administrative Agent under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.10. <U>UCC Filings</U>. Each of the Purchasers hereby expressly recognizes and agrees
that the Administrative Agent may be designated as the secured party of record on the various UCC
filings required to be made under this Agreement and the party entitled to amend, release and
terminate the UCC filings under the Sale Agreement in order to perfect their respective interests
in the Receivables, Collections and Related Security, that such designation shall be for
administrative convenience only in creating a record or nominee holder to take certain actions
hereunder on behalf of the Purchasers and that such listing will not affect in any way the status
of the Purchasers as the true parties in interest with respect to the Receivable Interests. In
addition, such listing shall impose no duties on the Administrative Agent other than those
expressly and specifically undertaken in accordance with this <U>Article&nbsp;IX</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ASSIGNMENTS; PARTICIPATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.1. <U>Assignments</U>. Any Purchaser may at any time and from time to time, with the
prior written consent of Administrative Agent, assign to one or more Eligible Assignees (each, an
<B><I>&#147;Assignee</I></B>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Purchaser&#148;</I></B>) all or any part of its rights and obligations under this Agreement pursuant to an
assignment agreement, substantially in the form set forth in <U>Exhibit&nbsp;VI</U> hereto (the
<B><I>&#147;Assignment Agreement&#148;</I></B>) executed by such Assignee Purchaser and such selling Purchaser. So long as
no Amortization Event shall have occurred and be continuing, the consent of Seller (which consent
shall not be unreasonably withheld or delayed) shall be required prior to the effectiveness of any
such assignment other than to an existing Purchaser. Upon delivery of the executed Assignment
Agreement to the Administrative Agent, such selling Purchaser shall be released from its
obligations hereunder to the extent of such assignment. Thereafter the Assignee Purchaser shall
for all purposes be a Purchaser party to this Agreement and shall have all the rights and
obligations of a Purchaser under this Agreement to the same extent as if it were an original party
hereto and thereto, and no further consent or action by Seller, the Purchasers or the
Administrative Agent shall be required. Neither Seller nor the Collection Agent shall have the
right to assign its rights or obligations under this Agreement. Purchasers may not assign all or
any part of their rights or obligations under this Agreement other than as permitted by this
<U>Section&nbsp;10.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.2. <U>Participations</U>. Any Purchaser may, in the ordinary course of its business at
any time sell to one or more Persons (each a <B><I>&#147;Participant&#148;</I></B>) participating interests in its
Commitment and its Receivable Interests. Notwithstanding any such sale by a Purchaser of a
participating interest to a Participant, such Purchaser&#146;s rights and obligations under this
Agreement shall remain unchanged, such Purchaser shall remain solely responsible for the
performance of its obligations hereunder, and each of the parties hereto shall continue to deal
solely and directly with such Purchaser in connection with such Purchaser&#146;s rights and obligations
under this Agreement. Each Purchaser agrees that any agreement between such Purchaser and any such
Participant in respect of such participating interest shall not restrict such Purchaser&#146;s right to
agree to any amendment, supplement, waiver or modification to this Agreement, except for any
amendment, supplement, waiver or modification described in <U>Section&nbsp;12.1(b)(i)</U>.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>GRANT OF SECURITY INTEREST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.1. <U>Grant of Security Interest</U>. In addition to any ownership interest which the
Administrative Agent may from time to time acquire pursuant hereto, Seller hereby grants to the
Administrative Agent for the ratable benefit of the Purchasers a continuing security interest in
all of Seller&#146;s right, title and interest in, to and under all Receivables now existing or
hereafter arising, the Collections, each Lock-Box, each Lock-Box Account, all Related Security, all
other rights and payments relating to such Receivables, and all proceeds of any of the foregoing
(collectively, the <B><I>&#147;Collateral&#148;</I></B>), prior to all other liens on and security interests therein to
secure the prompt and complete payment of the Aggregate Unpaids and the performance of all of
Seller&#146;s obligations under the Transaction Documents. The Administrative Agent is hereby
authorized to file a financing statement naming Seller as the debtor and/or seller and describing
the collateral covered thereby as &#147;all personal property and the proceeds thereof&#148;, &#147;all assets and
the proceeds thereof&#148; or words of similar effect. The Administrative Agent and the Purchasers
shall have, in addition to the rights and remedies that they may have under this Agreement, all
other rights and remedies provided to a secured creditor under the UCC and other applicable law,
which rights and remedies shall be cumulative
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XII.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MISCELLANEOUS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.1. <U>Waivers and Amendments.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No failure or delay on the part of the Administrative Agent or any Purchaser in exercising
any power, right or remedy under this Agreement shall operate as a waiver thereof, nor shall any
single or partial exercise of any such power, right or remedy preclude any other further exercise
thereof or the exercise of any other power, right or remedy. The rights and remedies herein
provided shall be cumulative and nonexclusive of any rights or remedies provided by law. Any
waiver of this Agreement shall be effective only in the specific instance and for the specific
purpose for which given.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No provision of this Agreement may be amended, supplemented, modified or waived except in
writing in accordance with the provisions of this <U>Section&nbsp;12.1(b)</U>. This Agreement and the
provisions hereof may only be amended, supplemented, modified or waived in a writing signed the
Purchasers, Seller and the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the foregoing, (i)&nbsp;without the consent of the Purchasers, but with the consent of
Seller, the Administrative Agent may amend this Agreement solely to add additional Persons as
Purchasers hereunder and (ii)&nbsp;the Administrative Agent and the Purchasers may enter into
amendments to modify any of the terms or provisions of <U>Article&nbsp;IX</U> or <U>Article&nbsp;X</U> of
this Agreement without the consent of Seller, provided that (x)&nbsp;such amendment has no negative
impact upon Seller, and (y)&nbsp;unless an Amortization Event has occurred and is continuing, Seller
shall have the right to consent to the appointment of a successor Administrative Agent, which
consent shall not be unreasonably withheld or delayed. Any modification or waiver made in
accordance with this <U>Section&nbsp;12.1</U> shall apply to each of the Purchasers equally and shall
be binding upon Seller, the Purchasers and the Administrative Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.2. <U>Notices</U>. Except as provided in this <U>Section&nbsp;12.2</U>, all communications
and notices provided for hereunder shall be in writing (including bank wire, telecopy or electronic
facsimile transmission or similar writing) and shall be given to the other parties hereto at their
respective addresses or telecopy numbers set forth on the signature pages hereof or at such other
address or telecopy number as such Person may hereafter specify for the purpose of notice to each
of the other parties hereto. Each such notice or other communication shall be effective (a)&nbsp;if
given by telecopy, upon the receipt thereof, (b)&nbsp;if given by mail, three (3)&nbsp;Business Days after
the time such communication is deposited in the mail with first class postage prepaid or (c)&nbsp;if
given by any other means, when received at the address specified in this <U>Section&nbsp;12.2</U>.
Seller hereby authorizes the Purchasers to effect Purchases and Yield Rate selections based on
telephonic notices made by any Person whom the Administrative Agent in good faith believes to be
acting on behalf of Seller. Seller agrees to deliver promptly to the Administrative Agent a
written confirmation of each telephonic notice signed by an authorized officer of Seller; <B><I>provided,
however, </I></B>the absence of such confirmation shall not affect the validity of such notice. If the
written confirmation differs from the action taken by the Administrative Agent, the records of the
Administrative Agent shall govern absent manifest error.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.3. <U>Ratable Payments</U>. If any Purchaser, whether by setoff or otherwise, has
payment made to it with respect to any portion of the Aggregate Unpaids owing to such Purchaser
(other than payments received pursuant to <U>Section&nbsp;8.3</U> or <U>8.4</U>) in a greater
proportion than that received by any other Purchaser entitled to receive a ratable share of such
Aggregate Unpaids, such Purchaser agrees, promptly upon demand, to purchase for cash without
recourse or warranty a portion of such Aggregate Unpaids held by the other
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"> Purchasers so that after such purchase each Purchaser will hold its ratable proportion of such
Aggregate Unpaids; provided that if all or any portion of such excess amount is thereafter
recovered from such Purchaser, such purchase shall be rescinded and the purchase price restored to
the extent of such recovery, but without interest.</div>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.4. <U>Protection of Ownership and Security Interests.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Seller agrees that from time to time, at its expense, it will promptly execute and deliver
all instruments and documents, and take all actions, that may be necessary or desirable, or that
the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the
Purchasers&#146; ownership of the Receivable Interests or its security interest in the Collateral, or to
enable the Administrative Agent or the Purchasers to exercise and enforce their rights and remedies
hereunder. At any time after the occurrence of an Amortization Event, the Administrative Agent
may, or the Administrative Agent may direct Seller or the Collection Agent to, notify the Obligors
of Receivables, at Seller&#146;s expense, of the ownership or security interests of the Purchasers under
this Agreement and may also direct that payments of all amounts due or that become due under any or
all Receivables be made directly to the Administrative Agent or its designee. Seller or the
Collection Agent (as applicable) shall, at any Purchaser&#146;s request, withhold the identity of such
Purchaser in any such notification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Seller Party fails to perform any of its obligations hereunder, the Administrative
Agent or any Purchaser may (but shall not be required to) perform, or cause performance of, such
obligations, and the Administrative Agent&#146;s or such Purchaser&#146;s costs and expenses incurred in
connection therewith shall be payable by Seller as provided in <U>Section&nbsp;8.4</U>. Each Seller
Party irrevocably authorizes the Administrative Agent at any time and from time to time in the sole
discretion of the Administrative Agent, and appoints the Administrative Agent as its
attorney-in-fact, to act on behalf of such Seller Party (i)&nbsp;to execute on behalf of Seller as
debtor and to file financing statements necessary or desirable in the Administrative Agent&#146;s sole
discretion to perfect and to maintain the perfection and priority of the interest of the Purchasers
in the Receivables, including, financing statements describing as the collateral covered thereby
&#147;all of debtor&#146;s personal property or assets&#148; or words to that effect, not withstanding that such
wording may be broader in scope than the Receivables described in this Agreement and (ii)&nbsp;to file a
carbon, photographic or other reproduction of this Agreement or any financing statement with
respect to the Receivables as a financing statement in such offices as the Administrative Agent in
its sole discretion deems necessary or desirable to perfect and to maintain the perfection and
priority of the interests of the Purchasers in the Receivables. This appointment is coupled with
an interest and is irrevocable.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.5. <U>Confidentiality</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each of the parties hereto shall maintain and shall cause each of its employees and
officers to maintain the confidentiality of the Fee Letter and the other confidential or
proprietary information with respect to the Originators, the Administrative Agent, the Purchasers
and their respective businesses obtained by it or them in connection with the structuring,
negotiating and execution of the transactions contemplated herein, except that such party and its
directors, officers and employees may disclose such information (i)&nbsp;to such party&#146;s external
accountants, attorneys, investors, potential investors and credit enhancers and the agents or
advisors of such Persons and (ii)&nbsp;as required by any applicable law or regulation or by any court,
regulatory body or agency having jurisdiction over such party (including, without limitation, the
filing of this Agreement with the SEC as an exhibit to an annual or quarterly report under the
Securities Exchange Act of 1934); and <U>provided</U>, <U>further</U>, that such party shall have
no obligation of confidentiality in respect of any information which may be generally available to
the public or becomes available to the public through no fault of such party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Anything herein to the contrary notwithstanding, each Originator hereby consents to the
disclosure of any nonpublic information with respect to it (i)&nbsp;to the Administrative Agent and each
of the Purchasers, (ii)&nbsp;to any prospective or actual assignee or participant of the Administrative
Agent or any of the Purchasers, and (iii)&nbsp;to any rating agency, and to any officers, directors,
employees, outside accountants, advisors and attorneys of any of the foregoing, provided each such
Person is advised of the confidential nature of such information and, in the case of a Person
described in clause (ii)&nbsp;above, agrees to be bound by the provisions of this <U>Section&nbsp;12.5</U>.
In addition, the Administrative Agent and the Purchasers may disclose any such nonpublic
information pursuant to any law, rule, regulation, direction, request or order of any judicial,
administrative or regulatory authority or proceedings (whether or not having the force or effect of
law) although each of them shall use commercially reasonable efforts to ensure, to the extent
permitted given the circumstances, that any such information which is so disclosed is kept
confidential.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.6. <U>Limitation of Liability</U>. Except with respect to any claim arising out of the
willful misconduct or gross negligence of the Administrative Agent or any Purchaser, no claim may
be made by any Seller Party or any other Person against the Administrative Agent or any Purchaser
or their respective Affiliates, directors, officers, employees, attorneys or agents for any
special, indirect, consequential or punitive damages in respect of any claim for breach of Contract
or any other theory of liability arising out of or related to the transactions contemplated by this
Agreement, or any act, omission or event occurring in connection therewith; and each Seller Party
hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not
accrued and whether or not known or suspected to exist in its favor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.7. <U>CHOICE OF LAW</U>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW
WHICH SHALL APPLY HERETO) EXCEPT TO THE EXTENT THAT THE PERFECTION OF THE ADMINISTRATIVE AGENT&#146;S
SECURITY INTEREST IN THE COLLATERAL OR REMEDIES HEREUNDER IN RESPECT THEREOF ARE GOVERNED BY THE
LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.8. <U>CONSENT TO JURISDICTION</U>. EACH SELLER PARTY HEREBY IRREVOCABLY SUBMITS TO THE
NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT SITTING IN THE BOROUGH OF
MANHATTAN, NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">DOCUMENT EXECUTED BY SUCH PERSON PURSUANT TO THIS AGREEMENT AND EACH SELLER PARTY HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS
TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS
AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY
PURCHASER TO BRING PROCEEDINGS AGAINST ANY SELLER PARTY IN THE COURTS OF ANY OTHER JURISDICTION.
ANY JUDICIAL PROCEEDING BY ANY SELLER PARTY AGAINST THE ADMINISTRATIVE AGENT OR ANY PURCHASER OR
ANY AFFILIATE OF THE ADMINISTRATIVE AGENT OR ANY PURCHASER INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY DOCUMENT
EXECUTED BY SUCH SELLER PARTY PURSUANT TO THIS AGREEMENT SHALL BE BROUGHT ONLY IN A COURT IN THE
BOROUGH OF MANHATTAN, NEW YORK.</div>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.9. <U>WAIVER OF JURY TRIAL</U>. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, ANY
DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AGREEMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.10. <U>Integration; Binding Effect; Survival of Terms</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Agreement and each other Transaction Document contain the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter
hereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter hereof superseding all prior oral or written understandings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;This Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns (including any trustee in bankruptcy). This
Agreement shall create and constitute the continuing obligations of the parties hereto in
accordance with its terms and shall remain in full force and effect until terminated in accordance
with its terms; <B><I>provided, however, </I></B>that the rights and remedies with respect to (i)&nbsp;any breach of
any representation and warranty made by any Seller Party pursuant to <U>Article&nbsp;V</U>, (ii)&nbsp;the
indemnification and payment provisions of <U>Article&nbsp;VIII</U>, and <U>Sections&nbsp;12.6</U> through
and including <U>12.9</U> shall be continuing and shall survive any termination of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.11. <U>Counterparts; Severability; Section&nbsp;References</U>. This Agreement may be
executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same Agreement. Any provisions of this Agreement which are
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Unless otherwise expressly
indicated, all references herein to <B><I>&#147;Article,&#148; &#147;Section,&#148; &#147;Schedule&#148; </I></B>or <B><I>&#147;Exhibit&#148; </I></B>shall mean
articles and sections of, and schedules and exhibits to, this Agreement.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12.12. <U>PATRIOT Act</U>. Each Purchaser that is subject to the requirements of the Act
hereby notifies Seller and the Collection Agent that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies the Seller Parties, the
Originators and their respective Subsidiaries, which information includes the name and address of
Seller, the Originators their respective Subsidiaries and other information that will allow such
Purchasers to identify such parties in accordance with the Act.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><I>&#091;Signature Pages Follow&#093;</I>
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>IN WITNESS WHEREOF, </I></B>the parties hereto have caused this Agreement to be executed and delivered
by their duly authorized officers as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BWA RECEIVABLES CORPORATION</B>,<FONT style="font-variant: SMALL-CAPS"> as Seller</FONT></div>



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Address:</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3850 Hamlin Road<BR>
Auburn Hills, MI 48326<BR>
Attention: President<BR>
Facsimile No. (248)&nbsp;373-5174

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BORGWARNER INC.,</B><FONT style="font-variant: SMALL-CAPS"> as the Collection Agent</FONT>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
<TR>    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Address:</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3850 Hamlin Road<BR>
Auburn Hills, MI 48326<BR>
Attention: Treasurer<BR>
Facsimile No. (248)&nbsp;754-0888

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left" nowrap><FONT style="font-variant: SMALL-CAPS">WACHOVIA BANK, NATIONAL ASSOCIATION, </FONT><BR>
<FONT style="font-variant: SMALL-CAPS">individually as a Purchaser and as Administrative Agent</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><I>Address:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wachovia Bank, National Association</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6 Concourse Parkway, Suite&nbsp;1450</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Michael Landry</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: (404)&nbsp;732-0820</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax: &nbsp;&nbsp;&nbsp;&nbsp;(404)&nbsp;732-0801</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>



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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used and not otherwise defined herein, are used with the meanings attributed
thereto in Agreement or, if not defined therein, in the Sale Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, as used in this Agreement, the following terms shall have the following meanings
(such meanings to be equally applicable to both the singular and plural forms of the terms
defined):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Act&#148; </I></B>has the meaning specified in <U>Section&nbsp;3.1(v)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Adjusted Dilution Ratio&#148; </I></B>means, at any time, the rolling average of the Dilution Ratio for
the 12 Calculation Periods then most recently ended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Adverse Claim&#148; </I></B>means a lien, security interest, charge or encumbrance, or other right or
claim in, of or on any Person&#146;s assets or properties in favor of any other Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Administrative Agent&#148; </I></B>has the meaning set forth in the preamble to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Administrative Agent&#146;s Account&#148; </I></B>means account no. 2070482789126, account name: Leverage
Finance &#151; NC, at Wachovia Bank, National Association, ABA No.&nbsp;053000219, Reference: BWA
Receivables Corporation, or any other account or accounts as the Administrative Agent may indicate
from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Affiliate&#148; </I></B>means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person or any
Subsidiary of such Person. A Person shall be deemed to control another Person if the controlling
Person owns 10% or more of any class of voting securities of the controlled Person or possesses,
directly or indirectly, the power to direct or cause the direction of the management or policies of
the controlled Person, whether through ownership of stock, by Contract or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Aggregate Capital&#148; </I></B>means, on any date of determination, the aggregate amount of Capital of
all Receivable Interests outstanding on such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Aggregate Reduction&#148; </I></B>has the meaning specified in <U>Section&nbsp;1.3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Aggregate Unpaids&#148; </I></B>means, at any time, the sum of the Aggregate Capital and all Required
Amounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Agreement&#148; </I></B>means this Receivables Purchase Agreement, as it may be amended, restated,
supplemented or otherwise modified and in effect from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Alternate Base Rate&#148; </I></B>means, for any day, a rate <I>per annum </I>equal to the sum of (a)&nbsp;the higher
as of such day of (i)&nbsp;the Prime Rate, or (ii)&nbsp;one-half of one percent (0.50%) above the Federal
Funds Rate, <B><I>plus </I></B>(b)&nbsp;the Applicable Margin. For purposes of determining the Alternate Base Rate
for any day, changes in the Prime Rate or the Federal Funds Rate shall be effective on the date of
each such change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Alternative Rate&#148; </I></B>means, for each Purchaser for any day, a rate <I>per annum </I>equal to (a)&nbsp;the
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alternative Base Rate, or (b)&nbsp;such other rate as such Purchaser and Seller may agree upon
taking into account such Purchaser&#146;s cost of funds and anticipated rate of return.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Amortization Date&#148; </I></B>means the earliest to occur of (a)&nbsp;immediately prior to the occurrence of
an Amortization Event set forth in <U>Section&nbsp;7.1(g)</U>, (b)&nbsp;the Business Day specified in a
written notice from the Administrative Agent or any Purchaser following the occurrence and during
continuation of any other Amortization Event, and (c)&nbsp;the date which is five (5)&nbsp;Business Days
after the Administrative Agent&#146;s receipt of written notice from Seller that it wishes to terminate
the facility evidenced by this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Amortization Event&#148; </I></B>has the meaning specified in <U>Section&nbsp;7.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Applicable Margin&#148; </I></B>has the meaning specified in the Fee Letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Assignee Purchaser&#148; </I></B>has the meaning set forth in <U>Section&nbsp;10.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Assignment Agreement&#148; </I></B>has the meaning set forth in <U>Section&nbsp;10.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Authorized Officer&#148; </I></B>means, with respect to any Person, its chief executive officer,
president, corporate controller, treasurer, assistant treasurer, chief financial officer or
secretary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Business Day&#148; </I></B>means any day on which banks are not authorized or required to close in New
York, New York or Atlanta, Georgia, and, if the applicable Business Day relates to any computation
or payment to be made with respect to the LMIR, any day on which dealings in dollar deposits are
carried on in the London interbank market.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;BWI&#148; </I></B>has the meaning set forth in the preamble to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Calculation Period&#148; </I></B>means a calendar month.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Capital&#148; </I></B>of any Receivable Interest means, at any time, (A)&nbsp;the Purchase Price of such
Receivable Interest minus (B)&nbsp;the sum of the aggregate amount of Collections and other payments
received by the Administrative Agent which in each case are applied to reduce such Capital in
accordance with the terms and conditions of this Agreement; <U>provided</U> that such Capital
shall be restored in the amount of any Collections or other payments so received and applied if at
any time the distribution of such Collections or payments are rescinded, returned or refunded for
any reason.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Capital Securities&#148; </I></B>means, with respect to any Person, all shares, interests, participations
or other equivalents (however designated, whether voting or non-voting) of such Person&#146;s capital,
whether now outstanding or hereafter issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Capital Settlement Date&#148; </I></B>means the Business Day after any Settlement Report revealing an
Investment Excess is delivered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Change of Control&#148; </I></B>means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any person or group (within the meaning of Sections 13(d) and 14(d) under the Exchange
Act), shall become the ultimate &#147;beneficial owner&#148; (as defined in Rules&nbsp;13d-3 and 13d-5 under the
Exchange Act) of, or enter into contracts or arrangements whereby they will acquire or control,
directly or indirectly, Capital Securities or Voting Securities representing 25% or more of the
Capital Securities or Voting Securities
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of Performance Guarantor on a fully diluted basis;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;during any period of up to 24 consecutive months, individuals who at the beginning of such
period constituted the Board of Directors of Performance Guarantor (together with any new directors
whose election to such Board or whose nomination for election by the stockholders of Performance
Guarantor was approved by a vote of at least two-thirds of the directors then still in office who
were either directors at the beginning of such period or whose election or nomination for election
was previously so approved) cease for any reason to constitute a majority of the Board of Directors
of Performance Guarantor then in office; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the shareholders of Performance Guarantor approve a plan of complete liquidation of
Performance Guarantor or an agreement or agreements for the sale or disposition by Performance
Guarantor of all or substantially all of Performance Guarantor&#146;s assets; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;any Originator, the Collection Agent or Seller ceases to be a wholly owned Subsidiary of
Performance Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Charged-Off Receivable&#148; </I></B>means a Receivable: (a)&nbsp;as to which the Obligor thereof has taken any
action, or suffered any event to occur, of the type described in <U>Section&nbsp;7.1(g)</U> (as if
references to Seller Party therein refer to such Obligor); (b)&nbsp;as to which the Obligor thereof, if
a natural person, is deceased, (c)&nbsp;which, consistent with the Credit and Collection Policy, would
be written off Seller&#146;s books as uncollectible, or (d)&nbsp;which has been identified by Seller as
uncollectible.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Collateral&#148; </I></B>has the meaning specified in <U>Section&nbsp;11.1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Collection Agent&#148; </I></B>means at any time the Person (which may be the Administrative Agent) then
authorized pursuant to Article&nbsp;VI to service, administer and collect Receivables.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Collections&#148; </I></B>means, with respect to any Receivable, all cash collections and other cash
proceeds in respect of such Receivable, including, without limitation, all yield, Finance Charges
or other related amounts accruing in respect thereof and all cash proceeds of Related Security with
respect to such Receivable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Commitment&#148; </I></B>means, for each Purchaser, the commitment of such Purchaser to purchase
Receivable Interests from Seller, in an amount not to exceed (a)&nbsp;in the aggregate, the amount set
forth opposite such Purchaser&#146;s name on <U>Schedule&nbsp;A</U> to this Agreement, as such amount may be
modified in accordance with the terms hereof and (b)&nbsp;with respect to any individual Purchase
hereunder, its Percentage of the Purchase Price therefor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Concentration Limit&#148; </I></B>means, at any time, in relation to the aggregate outstanding principal
balance of Receivables owed by any single Obligor and its Affiliates (if any), the applicable
concentration limit shall be determined as follows for Obligors who have short term unsecured debt
ratings currently assigned to them by S&#038;P and Moody&#146;s (or in the absence thereof, the equivalent
long term unsecured senior debt ratings), the applicable concentration limit shall be determined
according to the following table:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Allowable % of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">S&#038;P Rating</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000">Moody&#146;s Rating</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Eligible Receivables</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="middle"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A-1&#043;&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle">P-1
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="middle">&nbsp;</TD>
    <TD align="right" valign="middle">10&#95;</TD>
    <TD nowrap valign="middle">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="middle"><DIV style="margin-left:0px; text-indent:-0px">A-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle">P-1
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="middle">&nbsp;</TD>
    <TD align="right" valign="middle">8</TD>
    <TD nowrap valign="middle">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="middle"><DIV style="margin-left:0px; text-indent:-0px">A-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle">P-2
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="middle">&nbsp;</TD>
    <TD align="right" valign="middle">6</TD>
    <TD nowrap valign="middle">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Allowable % of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">S&#038;P Rating</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Moody&#146;s Rating</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Eligible Receivables</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="middle"><DIV style="margin-left:0px; text-indent:-0px">A-3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle">P-3
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="middle">&nbsp;</TD>
    <TD align="right" valign="middle">4</TD>
    <TD nowrap valign="middle">%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="middle"><DIV style="margin-left:0px; text-indent:-0px">Below A-3 or Not
Rated by either S&#038;P
or Moody&#146;s
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle">Below P-3 or Not
Rated by either S&#038;P
or Moody&#146;s
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="middle">&nbsp;</TD>
    <TD align="right" valign="middle">4</TD>
    <TD nowrap valign="middle">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">; <B><I>provided, however, </I></B>that (i)&nbsp;if any Obligor has a split rating, the applicable rating will be
the lower of the two, (ii)&nbsp;if any Obligor is not rated by either S&#038;P or Moody&#146;s, the applicable
Concentration Limit shall be the one set forth in the last line of the table above, and (iii)
subject to the Administrative Agent&#146;s sole discretion and/or an increase in the Required Reserve
Factor Floor, upon Seller&#146;s request from time to time, the Administrative Agent may agree to a
higher percentage of Eligible Receivables for a particular Obligor and its Affiliates (each such
higher percentage, a <B><I>&#147;Special Concentration Limit&#148;</I></B>), it being understood that any Special
Concentration Limit may be cancelled by the Administrative Agent upon not less than five (5)
Business Days&#146; written notice to Seller.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Contract&#148; </I></B>means, with respect to any Receivable, any and all instruments, agreements,
invoices or other writings pursuant to which such Receivable arises or which evidences such
Receivable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Controlled Group&#148; </I></B>means the Performance Guarantor and its ERISA Affiliates (under and as
defined in the Senior Credit Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Credit and Collection Policy&#148; </I></B>means the Originators&#146; credit and collection policies and
practices relating to Contracts and Receivables existing on the date hereof and summarized in
<U>Exhibit&nbsp;VII</U> hereto, as modified from time to time in accordance with this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Cut-Off Date&#148; </I></B>means the last day of a Calculation Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Days Sales Outstanding&#148; </I></B>means, as of any day, an amount equal to the product of (a)&nbsp;91,
multiplied by (b)&nbsp;the amount obtained by dividing (i)&nbsp;the aggregate Outstanding Balance of all
Receivables as of the most recent Cut-Off Date, by (ii)&nbsp;the aggregate amount of Receivables created
during the three (3)&nbsp;Calculation Periods including and immediately preceding such Cut-Off Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Deemed Collections&#148; </I></B>means the aggregate of all amounts Seller shall have been deemed to have
received as a Collection of a Receivable. Seller shall be deemed to have received a Collection of
a Receivable if any Dilution occurs with respect to such Receivable. The amount of the Collection
which Seller shall be deemed to have received shall equal, in the case of <U>clauses (a)-(d)</U>
of the definition of <B><I>&#147;Dilution,&#148; </I></B>the amount by which the Outstanding Balance of such Receivable was
reduced as a result thereof and, in the case of <U>clause (e)</U> of the definition of <B><I>&#147;Dilution,&#148;</I></B>
the Outstanding Balance of such Receivable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Default Horizon Ratio&#148; </I></B>means, as of any Cut-Off Date, the ratio (expressed as a decimal)
computed by dividing (i)&nbsp;the aggregate sales generated by the Originators during the last four
months ending on such Cut-Off Date (or such other period as the Administrative Agent may determine
based on a Review), by (ii)&nbsp;the Net Pool Balance as of such Cut-off Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Default Ratio&#148; </I></B>means, as of any Cut-Off Date, the ratio (expressed as a percentage) computed
by dividing (a)&nbsp;the total amount of Receivables, which became Defaulted Receivables during the
month that includes such Cut-Off Date, by (b)&nbsp;the aggregate sales generated by the Originators
during the month occurring three months prior to the month ending on such Cut-Off Date.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Defaulted Receivable&#148; </I></B>means a Receivable: (a)&nbsp;as to which the obligor thereof has suffered
an event of bankruptcy; (b)&nbsp;which, consistent with the Originators&#146; credit and collection policies,
should be written off as uncollectible; or (c)&nbsp;as to which any payment, or part thereof, remains
unpaid for 61&nbsp;days or more from the original due date for such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Delinquency Ratio&#148; </I></B>means, at any time, a percentage equal to (a)&nbsp;the aggregate outstanding
principal balance of all Receivables that were Delinquent Receivables at such time divided by (b)
the aggregate outstanding principal balance of all Receivables at such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Delinquent Receivable&#148; </I></B>means a Receivable as to which any payment, or part thereof, remains
unpaid for 31-60&nbsp;days from the original due date for such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Dilution&#148; </I></B>means the amount of any reduction or cancellation of the outstanding principal
balance of a Receivable due to (a)&nbsp;any defective or rejected goods or services, any cash discount
or any other adjustment by any Originator or any Affiliate thereof (other than as a result of any
Collections), or as a result of any governmental or regulatory action, (b)&nbsp;any setoff in respect of
any claim by the Obligor thereof (whether such claim arises out of the same or a related or an
unrelated transaction), (c)&nbsp;any rebate or refund, (d)&nbsp;any misstatement of the amount thereof, or
(e)&nbsp;any misrepresentation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Dilution Horizon Ratio&#148; </I></B>means, as of any Cut-off Date, a ratio (expressed as a decimal),
computed by dividing (a)&nbsp;the aggregate sales generated by the Originators during the two months
ending on such Cut-Off Date (or such other period as the Administrative Agent may determine based
on a Review), by (b)&nbsp;the Net Pool Balance as of such Cut-Off Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Dilution Ratio&#148; </I></B>means, as of any Cut-Off Date, a ratio (expressed as a percentage), computed
by dividing (a)&nbsp;the total amount of decreases in outstanding principal balances due to Dilution
during the month ending on such Cut-Off Date, by (b)&nbsp;the aggregate sales generated by the
Originators during the month ending two months prior to such Cut-Off Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Dilution Reserve&#148; </I></B>means, for any month, the product (expressed as a percentage) of: (a)&nbsp;the
sum of (i)&nbsp;2.00 <I>times </I>the Adjusted Dilution Ratio as of the immediately preceding Cut-Off Date,
<I>plus </I>(ii)&nbsp;the Dilution Volatility Component as of the immediately preceding Cut-Off Date, <I>times </I>(b)
the Dilution Horizon Ratio as of the immediately preceding Cut-Off Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Dilution Volatility Component&#148; </I></B>means the product (expressed as a percentage) of (i)&nbsp;the
difference between (a)&nbsp;the highest monthly rolling average Dilution Ratio over the past 12&nbsp;months
and (b)&nbsp;the Adjusted Dilution Ratio, and (ii)&nbsp;a fraction, the numerator of which is equal to the
amount calculated in (i)(a) of this definition and the denominator of which is equal to the amount
calculated in (i)(b) of this definition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Eligible Assignee&#148; </I></B>means any bank or other financial institution having a combined capital
and surplus of at least $250,000,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Eligible Receivable&#148; </I></B>means a Receivable:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Obligor of which (i)&nbsp;if a natural person, is a resident of the United States or, if a
corporation or other business organization, is organized under the laws of the United States or
any political subdivision thereof or has its chief executive office in the United States; (ii)&nbsp;is
not an Affiliate of any of the parties hereto; or (iii)&nbsp;is not a government or a governmental
subdivision or agency (unless the Assignment of
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Claims Act of 1940, as amended, has been complied with),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;which is not a Defaulted Receivable or owing from an Obligor as to which more than 50% of
the aggregate Outstanding Balance of all Receivables owing from such Obligor are Defaulted
Receivables,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;which by its terms is due and payable within 65&nbsp;days of the original billing date
therefor,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;which is an &#147;account&#148; or a &#147;payment intangible&#148; as defined in section 9-102 of the UCC of
all applicable jurisdictions,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;which is denominated and payable only in United States dollars in the United States,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;which arises under a Contract, invoice or other written contractual obligation which,
together with such Receivable, is in full force and effect and constitutes the legal, valid and
binding obligation of the related Obligor enforceable against such Obligor in accordance with its
terms,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;which arises under a Contract, invoice or other written contractual obligation that
contains an obligation to pay a specified sum of money, contingent only upon the sale of goods or
the provision of services by the applicable Originator,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;which, together with the Contract related thereto, does not contravene any law, rule or
regulation applicable thereto (including, without limitation, any law, rule and regulation relating
to truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair
debt collection practices and privacy) and with respect to which no part of the Contract related
thereto is in violation of any such law, rule or regulation,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;which satisfies in all material respects all applicable requirements of the Credit and
Collection Policy,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;which was generated in the ordinary course of the applicable Originator&#146;s business,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;which arises solely from the sale of goods or the provision of services to the related
Obligor by the applicable Originator, and not by any other Person that is not an Originator (in
whole or in part),
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;as to which the Administrative Agent has not notified Seller that the Administrative Agent
has determined, acting reasonably, that such Receivable or class of Receivables is not acceptable
as an Eligible Receivable, including, without limitation, because such Receivable arises under a
Contract that is not acceptable to the Administrative Agent, acting reasonably,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;which is not subject to (i)&nbsp;any right of rescission or set-off, or (ii)&nbsp;any currently
asserted counterclaim or other defense (including defenses arising out of violations of usury laws)
of the applicable Obligor against any Originator or any other Adverse Claim, and the Obligor
thereon holds no right as against any Originator to cause any Originator to repurchase the goods or
merchandise the sale of which shall have given rise to such Receivable (except with respect to sale
discounts effected pursuant to the Contract, or defective goods returned in accordance with the
terms of the Contract); <B><I>provided</I></B>, <B><I>however</I></B>, that if such dispute, offset, counterclaim or defense
affects only a portion of the Outstanding Balance of such Receivable, then such Receivable may be
deemed an Eligible Receivable to the extent of the portion of such Outstanding Balance which is not
so affected, and <B><I>provided</I></B>, <B><I>further</I></B>, that Receivables of any Obligor which has any accounts payable
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by the applicable Originator (thus giving rise to a potential offset against such Receivables)
may be treated as Eligible Receivables to the extent that the Obligor of such Receivables has
agreed pursuant to a written agreement in form and substance satisfactory to the Administrative
Agent, that such Receivables shall not be subject to such offset,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;as to which the applicable Originator has satisfied and fully performed all obligations on
its part with respect to such Receivable required to be fulfilled by it, and no further action is
required to be performed by any Person with respect thereto other than payment thereon by the
applicable Obligor,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;as to which all right, title and interest to and in which has been validly transferred by
the applicable Originator directly or indirectly to Seller pursuant to one or both of the Purchase
Agreement, and Seller has good and marketable title thereto free and clear of any adverse claim,
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;payable into a Lock-Box or Lock-Box Account that is the subject to a Lock-Box Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;ERISA&#148; </I></B>means the Employee Retirement Income Security Act of 1974, as amended, and any
successor statute thereto of similar import, together with the regulations thereunder, in each case
as in effect from time to time. References to sections of ERISA also refer to any successor
sections thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Facility Account&#148; </I></B>means Seller&#146;s account no. 8765-118171 at Bank of America, 100 W. 33rd St
New York, NY 10001, ABA #026 009 593, SWIFT: BOFAUS3N, or such other account as may be designated
by the Seller in writing from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Facility Termination Date&#148; </I></B>means the earliest of (i)&nbsp;December <FONT style="font-variant: SMALL-CAPS">21<B>,</B></FONT> 2012, (ii)&nbsp;the
Amortization Date, and (iii)&nbsp;the scheduled maturity date (as amended or extended from time to time)
of the revolver under the Senior Credit Agreement (or any replacement Indebtedness, the proceeds of
which are used to refinance such revolving credit facility).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Federal Bankruptcy Code&#148; </I></B>means Title 11 of the United States Code entitled &#147;Bankruptcy,&#148; as
amended and any successor statute thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Federal Funds Rate&#148; </I></B>means, for any period, a fluctuating interest rate <I>per annum </I>for each day
during such period equal to (i)&nbsp;the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers, as
published for such day (or, if such day is not a Business Day, for the preceding Business Day) by
the Federal Reserve Bank of New York in the Composite Closing Quotations for U.S. Government
Securities; or (ii)&nbsp;if such rate is not so published for any day which is a Business Day, the
average of the quotations at approximately 11:30&nbsp;a.m. (New York City time) for such day on such
transactions received by the Administrative Agent from three federal funds brokers of recognized
standing selected by it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Fee Letter&#148; </I></B>means that certain Fee Letter dated as of December <FONT style="font-variant: SMALL-CAPS">21<B>,</B></FONT> 2009 by and among
Seller, the Administrative Agent and Wachovia, as the same may be amended, restated or otherwise
modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Fees&#148; </I></B>means, collectively, any fees payable pursuant to the Fee Letter.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Finance Charges&#148; </I></B>means, with respect to a Contract, any finance, interest, late payment
charges or similar charges owing by an Obligor pursuant to such Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Fiscal Quarter&#148; </I></B>means a quarter ending on the last day of March, June, September or December.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Fiscal Year&#148; </I></B>means any period of twelve consecutive calendar months ending on December&nbsp;31;
references to a Fiscal Year with a number corresponding to any calendar year (e.g., the <B><I>&#147;2009
Fiscal Year&#148;</I></B>) refer to the Fiscal Year ending on December&nbsp;31 of such calendar year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;GAAP&#148; </I></B>means generally accepted accounting principles in effect in the United States of
America from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Impermissible Qualification&#148; </I></B>means any qualification or exception to the opinion or
certification of any independent public accountant as to any financial statement of the Performance
Guarantor:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;which is of a &#147;going concern&#148; or similar nature;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;which relates to the limited scope of examination of matters relevant to such financial
statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;which relates to the treatment or classification of any item in such financial statement
and which, if adjusted in the manner deemed appropriate by the Performance Guarantor&#146;s independent
public accountants, would have the effect of causing an Amortization Event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Incremental Purchase&#148; </I></B>means a purchase of a Receivable Interest that increases the total
outstanding Aggregate Capital hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Indebtedness&#148; </I></B>has the meaning specified in the Senior Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Independent Director&#148; </I></B>means a member of the Board of Directors of Seller who (a)&nbsp;shall not
have been at the time of such Person&#146;s appointment or at any time during the preceding five years
and shall not be as long as such person is a director of Seller, (i)&nbsp;a director, officer, employee,
partner, shareholder, member, manager or affiliate of any of the following persons (collectively,
the <B><I>&#147;Independent Parties&#148;</I></B>): the Collection Agent, any Originator, or any of their respective
Subsidiaries or Affiliates (other than Seller), (ii)&nbsp;a supplier to any of the Independent Parties
or Seller, (iii)&nbsp;a Person controlling or under common control with any partner, shareholder,
member, manager, Affiliate or supplier of any of the Independent Parties or Seller, or (iv)&nbsp;a
member of the immediate family of any director, officer, employee, partner, shareholder, member,
manager, affiliate or supplier of any of the Independent Parties or Seller; (b)&nbsp;has prior
experience as an independent director for a corporation or limited liability company whose charter
documents required the unanimous consent of all independent directors thereof before such
corporation or limited liability company could consent to the institution of bankruptcy or
insolvency proceedings against it or could file a petition seeking relief under any applicable
federal or state law relating to bankruptcy and (c)&nbsp;has at least three years of employment
experience with one or more entities that provide, in the ordinary course of their respective
businesses, advisory, management or placement services to issuers of securitization or structured
finance instruments, agreements or securities. To the fullest extent permitted by applicable law,
including the General Corporation Law of the State of Delaware as in effect from time to time, the
Independent Director&#146;s fiduciary duty in respect of any decision on any matter requiring the
unanimous vote of the Seller&#146;s board of directors (including the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Independent Director) shall be to Seller (including its creditors) rather than solely to
Seller&#146;s shareholders. In furtherance of the foregoing, when voting on matters subject to the vote
of the Board of Directors, including any matter requiring the unanimous vote of the Seller&#146;s board
of directors (including the Independent Director), notwithstanding that Seller is not then
insolvent, the Independent Director shall take into account the interests of the creditors of
Seller as well as the interests of Seller.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Interim Report&#148; </I></B>means a report in substantially the form of <U>Exhibit&nbsp;VIII</U> hereto
(appropriately completed), furnished by the Collection Agent to the Administrative Agent and the
Purchasers pursuant to <U>Section&nbsp;6.5</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Interim Reporting Date&#148; </I></B>means any Business Day (other than a Monthly Reporting Date)
specified by the Administrative Agent upon reasonable prior notice to the Seller Parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Investment Availability&#148; </I></B>means, on any Business Day, that the Aggregate Capital outstanding
hereunder is less than the lesser of (i)&nbsp;the Purchase Limit and (ii)&nbsp;the difference between the Net
Pool Balance and the Required Reserves.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Investment Excess&#148; </I></B>means, on any Business Day, that (a)&nbsp;the Aggregate Capital outstanding
hereunder exceeds the lesser of (i)&nbsp;the Purchase Limit and (ii)&nbsp;the difference between the Net Pool
Balance and the Required Reserve, or (b)&nbsp;the aggregate of the Receivable Interests exceeds 100%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>LIBOR Market Index Rate</I></B>&#148; means, for any day, the three-month Eurodollar Rate for U.S. dollar
deposits as reported on the Reuters Screen LIBOR01 Page or any other page that may replace such
page from time to time for the purpose of displaying offered rates of leading banks for London
interbank deposits in United States dollars, as of 11:00&nbsp;a.m. (London time) on such date, or if
such day is not a Business Day, then the immediately preceding Business Day (or if not so reported,
then as determined by the Administrative Agent from another recognized source for interbank
quotation), in each case, changing when and as such rate changes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Lien</I></B>&#148; means any security interest, mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or otherwise), charge against or interest in property, or
other priority or preferential arrangement of any kind or nature whatsoever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;LMIR&#148; </I></B>means, on any date of determination, a rate per annum equal to the LIBOR Market Index
Rate plus the Applicable Margin.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Lock-Box&#148; </I></B>means each locked postal box with respect to which a bank who has executed a
Lock-Box Agreement has been granted exclusive access for the purpose of retrieving and processing
payments made on the Receivables and which is listed on <U>Exhibit&nbsp;IV</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Lock-Box Account&#148; </I></B>means each concentration account, depositary account, lock-box account or
similar account in which any Collections are collected or deposited and which is listed on
<U>Exhibit&nbsp;IV</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Lock-Box Agreement&#148; </I></B>means an agreement among Seller, the Administrative Agent and a Lock-Box
Bank perfecting the Administrative Agent&#146;s security interest in one or more Lock-Box Accounts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Lock-Box Bank&#148; </I></B>means, at any time, any of the banks holding one or more Lock-Box Accounts.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Loss Reserve&#148; </I></B>means, for any Calculation Period, the product (expressed as a percentage) of
(a)&nbsp;2.00, <B>times </B>(b)&nbsp;the highest three-month rolling average Default Ratio during the 12 Calculation
Periods ending on the immediately preceding Cut-Off Date, <B>times </B>(c)&nbsp;the Default Horizon Ratio as of
the immediately preceding Cut-Off Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Material Adverse Effect&#148; </I></B>means a material adverse effect on (a)&nbsp;the financial condition or
operations of (i)&nbsp;Seller, or (ii)&nbsp;Performance Guarantor and its Subsidiaries, taken as a whole, (b)
the ability of any Seller Party to perform its obligations under this Agreement or the ability of
Performance Guarantor to perform its obligations under the Performance Undertaking, (c)&nbsp;the
legality, validity or enforceability of this Agreement or any other Transaction Document, (d)&nbsp;the
Administrative Agent&#146;s or any Purchaser&#146;s interest in any material portion of the Receivables, the
Related Security or the Collections with respect thereto, or (e)&nbsp;the collectibility of any material
portion of the Receivables.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Material Indebtedness&#148; </I></B>means Indebtedness in excess of $50,000,000 in aggregate principal
amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Monthly Payment Date&#148; </I></B>means the first Business Day after each Monthly Reporting Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Monthly Report&#148; </I></B>means a report in substantially the form of <U>Exhibit&nbsp;IX</U> hereto
(appropriately completed), furnished by the Collection Agent to the Administrative Agent and the
Purchasers pursuant to <U>Section&nbsp;6.5</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Monthly Reporting Date&#148; </I></B>means the 18th day of each month hereafter (or, if any such day is
not a Business Day, the next succeeding Business Day thereafter).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Moody&#146;s&#148; </I></B>means Moody&#146;s Investors Service, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Net Pool Balance&#148; </I></B>means, at any time, the aggregate Outstanding Balance of all Eligible
Receivables at such time reduced by the aggregate amount by which the Outstanding Balance of all
Eligible Receivables of each category described in clauses (i), (ii)&nbsp;and (iii)&nbsp;of the definition of
&#147;Concentration Limit&#148; exceeds the Concentration Limit or Special Concentration Limit for such
category.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Obligor&#148; </I></B>means a Person obligated to make payments pursuant to a Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Organic Document&#148; </I></B>means, relative to any Person, its certificate or articles of
incorporation, its by-laws, its partnership agreement, its memorandum and articles of association,
its limited liability company agreement and/or operating agreement, share designations or similar
organization documents and all shareholder agreements, voting trusts and similar arrangements
applicable to any of its authorized Capital Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Originator&#148; </I></B>means each of BorgWarner Emissions Systems Inc., a Delaware corporation,
BorgWarner Morse TEC Inc., a Delaware corporation, BorgWarner Powdered Metals Inc., a Delaware
corporation, BorgWarner Thermal Systems Inc., a Delaware corporation, BorgWarner TorqTransfer
Systems Inc., a Delaware corporation, BorgWarner Transmission Systems Inc., a Delaware corporation,
BorgWarner Turbo Systems Inc., a Delaware corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Outstanding Balance&#148; </I></B>of any Receivable at any time means then outstanding principal balance
thereof.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Participant&#148; </I></B>has the meaning set forth in <U>Section&nbsp;10.2</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;PBGC&#148; </I></B>means the Pension Benefit Guaranty Corporation and any Person succeeding to any or all
of its functions under ERISA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Pension Plan&#148; </I></B>means a &#147;Plan,&#148; as such term is defined in the Senior Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Percentage&#148; </I></B>means, as to any Purchaser, the ratio (expressed as a percentage) of its
Commitment to the aggregate of all Commitments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Performance Guarantor&#148; </I></B>means BWI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Performance Undertaking&#148; </I></B>means a performance undertaking in the form of <U>Exhibit&nbsp;X</U>
hereto, duly executed by the Performance Guarantor in favor of the Seller.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Person&#148; </I></B>means an individual, partnership, corporation (including a business trust), limited
liability company, joint stock company, trust, unincorporated association, joint venture or other
entity, or a government or any political subdivision or agency thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Potential Amortization Event&#148; </I></B>means an event which, with the passage of any applicable cure
period or the giving of notice, or both, would constitute an Amortization Event. .
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Prime Rate&#148; </I></B>means a rate <I>per annum </I>equal to the prime rate of interest announced from time to
time by Wachovia (which is not necessarily the lowest rate charged to any customer), changing when
and as said prime rate changes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Proposed Reduction Date&#148; </I></B>has the meaning specified in <U>Section&nbsp;1.3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase&#148; </I></B>means an Incremental Purchase or a Reinvestment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase Date&#148; </I></B>means the Business Day on which a Purchase occurs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase Limit&#148; </I></B>means $50,000,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase Notice&#148; </I></B>has the meaning set forth in <U>Section&nbsp;1.1(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase Price&#148; </I></B>means, with respect to any Incremental Purchase of a Receivable Interest, the
amount paid to Seller for such Receivable Interest which shall not exceed the least of (i)&nbsp;the
amount requested by Seller in the applicable Purchase Notice, (ii)&nbsp;the unused portion of the
Purchase on the applicable purchase date and (iii)&nbsp;the excess, if any, of the Net Pool Balance
(less the Required Reserve) on the applicable purchase date over the aggregate outstanding amount
of Aggregate Capital determined as of the date of the most recent Settlement Report, taking into
account such proposed Incremental Purchase.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchasers&#148; </I></B>has the meaning set forth in the preamble to this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Receivable&#148; </I></B>means the indebtedness and other obligations owed (at the time it arises, and
before giving effect to any transfer or conveyance contemplated under the Transaction Documents) to
an Originator, whether constituting an account, chattel paper, an instrument or a general
intangible, arising from the sale of goods or provision of services by such Originator and
includes, without limitation, the obligation to
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pay any Finance Charges with respect thereto. Indebtedness and other rights and obligations
arising from any one transaction, including, without limitation, indebtedness and other rights and
obligations represented by an individual invoice, shall constitute a Receivable separate from a
Receivable consisting of the indebtedness and other rights and obligations arising from any other
transaction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Receivable Interest&#148; </I></B>means, at any time, an undivided percentage interest (computed as s et
forth below) associated with a designated amount of Capital, selected pursuant to the terms and
conditions hereof in (i)&nbsp;each Receivable arising prior to the time of the most recent computation
or recomputation of such undivided interest, (ii)&nbsp;all Related Security with respect to each such
Receivable, and (iii)&nbsp;all Collections with respect to, and other proceeds of, each such Receivable.
Each such undivided percentage interest shall equal:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">C &#043; RR
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: -10pt">
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 0pt">
NPB
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><I>where:</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Capital of such Receivable Interest.</TD>
</TR>

<TR><Td>&nbsp;</Td></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NPB
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Net Pool Balance</TD>
</TR>

<TR><Td>&nbsp;</Td></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">RR
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">=
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">the Required Reserve.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Such undivided percentage interest shall be initially computed on its date of purchase.
Thereafter, until the Facility Termination Date, each Receivable Interest shall be automatically
recomputed (or deemed to be recomputed) on each day prior to the Facility Termination Date. The
variable percentage represented by any Receivable Interest as computed (or deemed recomputed) as of
the close of the Business Day immediately preceding the Facility Termination Date shall remain
constant at all times thereafter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Records&#148; </I></B>means, with respect to any Receivable, all Contracts and other documents, books,
records and other information (including, without limitation, computer programs, tapes, disks,
punch cards, data processing software and related property and rights) relating to such Receivable,
any Related Security therefor and the related Obligor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Reduction Notice&#148; </I></B>has the meaning set forth in <U>Section&nbsp;1.3</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Reinvestment&#148; </I></B>has the meaning set forth in <U>Section&nbsp;2.1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Related Security&#148; </I></B>means, with respect to any Receivable:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;all right, title and interest (if any) in the goods, the sale of which gave rise to
such Receivable, and any and all insurance contracts with respect thereto,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;all other security interests or liens and property subject thereto from time to
time, if any, purporting to secure payment of such Receivable, whether pursuant to the
invoice related to such Receivable or otherwise, together with all financing statements and
security agreements describing any collateral securing such Receivable,
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left:2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;all guaranties, insurance and other supporting obligations, agreements or
arrangements of whatever character from time to time supporting or securing payment of such
Receivable whether pursuant to the invoice related to such Receivable or otherwise,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;all Records related to such Receivables,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;all right, title and interest in, to and under the Sale Agreement and the
Performance Undertaking, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;all proceeds of any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When used in this Agreement, the term <B><I>&#147;Related Security&#148; </I></B>shall also include all right, title and
interest of Seller in, to and under the Sale Agreement and the Performance Undertaking, and the
proceeds of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Required Amounts&#148; </I></B>means, on any date of determination, collectively, the sum of (a)&nbsp;any
Investment Excess that then exists, plus (b)&nbsp;all accrued and unpaid Yield and Fees, the Indemnified
Amounts, the Collection Agent Indemnified Amounts, any Investment Excess and any and all other
amounts (other than Aggregate Capital) payable to the Administrative Agent or the Purchasers under
the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Required Capital Condition&#148; </I></B>means, on any date of determination, that Seller&#146;s assets exceed
its liabilities (including, without limitation, the Aggregate Unpaids and the Subordinated Loans)
by an amount equal to not less than 3% of the Outstanding Balance of the Receivables.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Required Reserve&#148; </I></B>means, on any day during a month, the product of (a)&nbsp;the greater of (i)&nbsp;the
Required Reserve Factor Floor and (ii)&nbsp;the sum of the Loss Reserve, the Yield Reserve, the Dilution
Reserve and the Servicing Reserve, times (b)&nbsp;the Net Pool Balance as of the Cut-Off Date
immediately preceding such month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Required Reserve Factor Floor&#148; </I></B>means, for any month, the sum (expressed as a percentage) of
(a)&nbsp;21.00% <B><I>plus </I></B>(b)&nbsp;the product of the Adjusted Dilution Ratio and the Dilution Horizon Ratio, in
each case, as of the immediately preceding Cut-Off Date, <B><I>plus </I></B>(c)&nbsp;the Yield Reserve, <B><I>plus </I></B>(d)&nbsp;the
Servicing Reserve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Restricted Junior Payment&#148; </I></B>means (i)&nbsp;any dividend or other distribution, direct or indirect,
on account of any shares of any class of capital stock of Seller now or hereafter outstanding,
except a dividend payable solely in shares of that class of stock or in any junior class of stock
of Seller, (ii)&nbsp;any redemption, retirement, sinking fund or similar payment, purchase or other
acquisition for value, direct or indirect, of any shares of any class of capital stock of Seller
now or hereafter outstanding, (iii)&nbsp;any payment or prepayment of principal of, premium, if any, or
interest, fees or other charges on or with respect to, and any redemption, purchase, retirement,
defeasance, sinking fund or similar payment and any claim for rescission with respect to the
Subordinated Loans, (iv)&nbsp;any payment made to redeem, purchase, repurchase or retire, or to obtain
the surrender of, any outstanding warrants, options or other rights to acquire shares of any class
of capital stock of Seller now or hereafter outstanding, and (v)&nbsp;any payment of management fees by
Seller (except for reasonable management fees to an Originator or its Affiliates in reimbursement
of actual management services performed).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Review&#148; </I></B>shall have the meaning specified in Section&nbsp;5.1(d) of this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Sale Agreement&#148; </I></B>means that certain Receivables Sale Agreement, dated as of December&nbsp;21, 2009,
by and between the Originators, as sellers, and BWA Receivables Corporation, as purchaser, as the
same may be amended, restated or otherwise modified from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;S&#038;P&#148; </I></B>means Standard &#038; Poor&#146;s, a division of the McGraw Hill Companies, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;SEC&#148; </I></B>means the Securities and Exchange Commission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Seller&#148; </I></B>has the meaning set forth in the preamble to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Seller Parties&#148; </I></B>means, collectively, (a)&nbsp;Seller, and (b)&nbsp;at any time that BWI is acting as
the Collection Agent or the Performance Guarantor, BWI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Senior Credit Agreement&#148; </I></B>means that certain Credit Agreement dated as of July&nbsp;22, 2004 (as
amended through Amendment No.&nbsp;1 and Consent dated as of April&nbsp;30, 2009), by and among BWI, as
borrower, the lenders from time to time party thereto, Bank of America, as administrative agent,
Deutsche Bank Securities Inc. and Citibank, N.A., as co-syndication agents, and Morgan Stanley
Bank, N.A. and Keybank National Association, as documentation agents, as the same is in effect on
the date hereof and without regard to any subsequent amendment, waiver or modification that impacts
<U>Section&nbsp;6.1</U> thereof (or any defined term used in such section) unless the Administrative
Agent hereunder has given its express prior written consent thereto) and whether or not such
agreement remains in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Servicing Fee&#148; </I></B>has the meaning set forth in <U>Section&nbsp;6.6</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Servicing Reserve&#148; </I></B>means, the product (expressed as a percentage) of (a)&nbsp;1%, times (b)&nbsp;a
fraction, the numerator of which is the highest Days Sales Outstanding for the most recent 12
months and the denominator of which is 360.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Settlement Date&#148; </I></B>means either a Monthly Payment Date or a Capital Settlement Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Settlement Report&#148; </I></B>means a Monthly Report or an Interim Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Subordinated Loan&#148; </I></B>means each loan or advance evidenced by a Subordinated Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Subordinated Note&#148; </I></B>means each &#147;Note&#148; under and as defined in the Sale Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Subsidiary&#148; </I></B>of a Person means (i)&nbsp;any corporation more than 50% of the outstanding securities
having ordinary voting power of which shall at the time be owned or controlled, directly or
indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more
of its Subsidiaries, or (ii)&nbsp;any partnership, association, limited liability company, joint venture
or similar business organization more than 50% of the ownership interests having ordinary voting
power of which shall at the time be so owned or controlled. Unless otherwise expressly provided,
all references herein to a &#147;Subsidiary&#148; shall mean a Subsidiary of BWI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Termination Event&#148; </I></B>has the meaning specified in the Sale Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Transaction Documents&#148; </I></B>means, collectively, this Agreement, each Purchase Notice, the Sale
Agreement, each Lock-Box Agreement, the Fee Letter, any Subordinated Note issued pursuant to the
Sale Agreement, and all other instruments, documents and agreements required to be executed and
delivered pursuant hereto.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;UCC&#148; </I></B>means the Uniform Commercial Code as from time to time in effect in the specified
jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Voting Securities&#148; </I></B>means, with respect to any Person, Capital Securities of any class or kind
ordinarily having the power to vote for the election of directors, managers or other voting members
of the governing body of such Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Wachovia&#148; </I></B>has the meaning set forth in the preamble to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Yield&#148; </I></B>means for each day for each Purchaser, an amount equal to the product of the
applicable Yield Rate multiplied by the Capital of such Purchaser, annualized on a 360-day basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Yield Rate&#148; </I></B>means, on any day, a rate per annum equal to the LMIR (or, if the LMIR is not
available to the applicable Purchaser, such Purchaser&#146;s Alternative Rate).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Yield Reserve&#148; </I></B>means for any Calculation Period, the product (expressed as a percentage) of
(i)&nbsp;the sum of (a)&nbsp;the Applicable Margin plus (b)&nbsp;the product of 1.5 times the Alternate Base Rate
as of the immediately preceding Cut-Off Date times (ii)&nbsp;a fraction, the numerator of which is the
highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of
which is 360.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>All accounting terms not specifically defined herein shall be construed in accordance with GAAP.
All terms used in Article&nbsp;9 of the UCC in the State of New York, and not specifically defined
herein, are used herein as defined in such Article&nbsp;9.</I></B>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT II-A<BR>
FORM OF PURCHASE NOTICE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;Date&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wachovia Bank, National Association, as Agent<BR>
6 Concourse Parkway, Suite&nbsp;1450<BR>
Atlanta, GA 30328

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Michael Landry
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Re: PURCHASE NOTICE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is hereby made to the Receivables Purchase Agreement dated as of December&nbsp;21, 2009 (the
<B><I>&#147;Receivables Purchase Agreement&#148;</I></B>), among BWA Receivables Corporation, a Delaware corporation
(<B><I>&#147;Seller&#148;</I></B>), BorgWarner Inc., a Delaware corporation, as initial Collection Agent, and Wachovia
Bank, National Association, individually (a &#147;<B><I>Purchaser</I></B>&#148; and, together with its successors and
assigns, the &#147;<B><I>Purchasers</I></B>&#148;) and as Administrative Agent for the Purchasers (in such capacity,
together with its successors and assigns, the <B><I>&#147;Administrative Agent&#148;</I></B>). Capitalized terms used
herein shall have the meanings assigned to such terms in the Receivables Purchase Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Administrative Agent and the Purchasers are hereby notified of the following Incremental
Purchase:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Purchase Price:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Wachovia&#146;s Percentage of Purchase Price:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(___</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#091;Other Purchaser&#146;s Percentage of the Purchase Price:&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(___</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Purchase Date:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please credit the Purchase Price in immediately available funds to the following account:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Account Name&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Account No.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Bank Name &#038; Address&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;ABA #&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Telephone advice to: &#091;Name&#093; @ tel. no. (&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ) &#95;&#95;&#95;&#95;&#95;&#95;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Incremental Purchase to be made on the above-specified Purchase Date, Seller
hereby certifies that the following statements are true on the date hereof, and will be true on the
Purchase Date (before and after giving effect to the proposed Incremental Purchase):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties set forth in <U>Article&nbsp;III</U> of the
Receivables Purchase Agreement are true and correct in all material respects on and as
of the date of such Purchase as though made on and as of such date, except to the
extent such representations and warranties expressly relate to an earlier date, in
which case such representations and warranties shall remain true and correct in all
material respects as of such earlier date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no event has occurred and is continuing, or would result from the proposed
Incremental Purchase, that will constitute an Amortization Event or a Potential
Amortization Event;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Facility Termination Date has not occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no Investment Excess exists or will result from such Purchase; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Collection Agent shall have delivered to the Administrative Agent and the
Purchasers on or prior to the date of such Purchase, in form satisfactory to the
Administrative Agent, all Settlement Reports as and when due under <U>Section&nbsp;6.5</U>
of the Receivables Purchase Agreement.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
BWA RECEIVABLES CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="1" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT II-B<BR>
FORM OF REDUCTION NOTICE
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;Date&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Wachovia Bank, National Association, as Agent<BR>
6 Concourse Parkway, Suite&nbsp;1450<BR>
Atlanta, GA 30328

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: Michael Landry
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Re: REDUCTION NOTICE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reference is hereby made to the Receivables Purchase Agreement dated as of December&nbsp;21, 2009 (the
<B><I>&#147;Receivables Purchase Agreement&#148;</I></B>), among BWA Receivables Corporation, a Delaware corporation
(<B><I>&#147;Seller&#148;</I></B>), BorgWarner Inc., a Delaware corporation, as initial Collection Agent, and Wachovia
Bank, National Association, individually (a &#147;<B><I>Purchaser</I></B>&#148; and, together with its successors and
assigns, the &#147;<B><I>Purchasers</I></B>&#148;) and as Administrative Agent for the Purchasers (in such capacity,
together with its successors and assigns, the <B><I>&#147;Administrative Agent&#148;</I></B>). Capitalized terms used
herein shall have the meanings assigned to such terms in the Receivables Purchase Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Administrative Agent and the Purchasers are hereby notified of the following Aggregate
Reduction:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Aggregate Reduction:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Wachovia&#146;s Percentage thereof:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(&#151;</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#091;Other Purchaser&#146;s Percentage of thereof:&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(&#151;</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Proposed Reduction Date:</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
BWA RECEIVABLES CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT III<BR>
SELLER&#146;S CHIEF EXECUTIVE OFFICE, PRINCIPAL PLACE OF BUSINESS, RECORDS LOCATIONS,<BR>
FEDERAL TAXPAYER ID NUMBER AND ORGANIZATIONAL ID NUMBER
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>Name of Seller</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>State of</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>Address of Chief</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>Incorporation</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>Executive Office and</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>Organization</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>Federal Employee</B></FONT></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Location of Records</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Number</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Identification Number</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BWA Receivables Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware: 2318307
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3857741</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Executive Office:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3850 Hamlin Road</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Auburn Hills, MI 48326</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location of Records:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Same as above</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>



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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT IV<BR>
LOCK-BOXES AND LOCK-BOX ACCOUNTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><FONT style="font-variant: SMALL-CAPS"><B>Corresponding Account</B></font></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Lock-Box Bank Name</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>Post Office Box Address</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT V<BR>
FORM OF COMPLIANCE CERTIFICATE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To: Each of the Purchasers and Wachovia Bank, National Association, as Administrative Agent
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Compliance Certificate is furnished pursuant to that certain Receivables Purchase Agreement
dated as of December&nbsp;21, 2009 (as amended, restated or otherwise modified from time to time, the
<B><I>&#147;Agreement&#148;</I></B>), among BWA Receivables Corporation, a Delaware corporation (<B><I>&#147;Seller&#148;</I></B>), BorgWarner
Inc., a Delaware corporation (the <B><I>&#147;Collection Agent&#148;</I></B>), and Wachovia Bank, National Association,
individually and as Administrative Agent. Capitalized terms used herein shall have the meanings
assigned to such terms in the Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">THE UNDERSIGNED HEREBY CERTIFIES THAT:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
am the duly elected &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; of &#091;Seller/Collection Agent&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed the terms of the Agreement and I have made, or have caused to be made under my
supervision, a detailed review of the transactions and condition of &#091;Seller/Collection Agent and
its Subsidiaries&#093; during the accounting period covered by the attached financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of my knowledge, no event has occurred which constitutes an Amortization Event or
Potential Amortization Event, as each such term is defined under the Agreement, &#091;during or at the
end of the accounting period covered by the attached financial statements or&#093;<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> as of the
date of this Certificate, except as set forth in <U>paragraph (D)</U> below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Described below are the exceptions, if any, to <U>paragraph (C)</U> by listing, in detail,
the nature of the condition or event, the period during which it has existed and the action which
&#091;Seller/Collection Agent&#093; has taken, is taking, or proposes to take with respect to each such
condition or event: &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing certifications, together with the financial statements delivered with this
Certificate, are made and delivered this
&#95;&#95;&#95;&#95;&#95;&#95; day of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 200&#95;&#95;.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR>
<BR>
&#091;Name&#093;<BR>
<BR>
<BR>
On behalf of &#091;Seller/Collection Agent&#093;, in &#091;his/her&#093;<BR>
capacity as &#091;title&#093; thereof.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><I>NOT APPLICABLE TO COMPLIANCE CERTIFICATE DELIVERED PRIOR TO INITIAL PURCHASE.</I></TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT VI<BR>
&#091;FORM OF&#093; ASSIGNMENT AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This
<B><I>ASSIGNMENT AGREEMENT </I></B>(this <B><I>&#147;Assignment Agreement&#148;</I></B>) is entered into as of the &#95;&#95;&#95; day of
&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, &#95;&#95;&#95;, by and between
 &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95; (<B><I>&#147;Assignor&#148;</I></B>) and &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;
(<B><I>&#147;Assignee&#148;</I></B>).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRELIMINARY STATEMENTS</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Assignment Agreement is being executed and delivered in accordance with <U>Section
12.1</U> of that certain Receivables Purchase Agreement dated as of December&nbsp;21, 2009 (as amended,
restated or otherwise modified from time to time, the <B>&#147;Purchase Agreement&#148;</B>), among BWA Receivables
Corporation, a Delaware corporation (<B>&#147;Seller&#148;</B>), BorgWarner Inc., a Delaware corporation, as initial
Collection Agent, and Wachovia Bank, National Association, individually (a &#147;<B>Purchaser</B>&#148; and,
together with its successors and assigns, the &#147;<B>Purchasers</B>&#148;) and as Administrative Agent for the
Purchasers (in such capacity, together with its successors and assigns, the <B>&#147;Administrative
Agent&#148;</B>). Capitalized terms used and not otherwise defined herein are used with the meanings set
forth or incorporated by reference in the Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignor is a Purchaser party to the Purchase Agreement, and Assignee wishes to become a
Purchaser thereunder; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assignor is selling and assigning to Assignee an undivided &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;% (the <B>&#147;Transferred
Percentage&#148;</B>) interest in all of Assignor&#146;s rights and obligations under the Purchase Agreement and
the other Transaction Documents, including, without limitation, Assignor&#146;s Commitment and (if
applicable) the Capital of Assignor&#146;s Receivable Interests as set forth herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parties hereto hereby agree as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sale, transfer and assignment effected by this Assignment Agreement shall become
effective (the <B><I>&#147;Effective Date&#148;</I></B>) &#091;two (2)&nbsp;Business Days&#093; following the date on which a written
notice of effectiveness hereof (<B><I>&#147;Effective Notice&#148;</I></B>) is delivered by the applicable Purchaser to the
Assignee. From and after the Effective Date, Assignee shall be a Purchaser party to the Purchase
Agreement for all purposes thereof as if Assignee were an original party thereto and Assignee
agrees to be bound by all of the terms and provisions contained therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Assignor has no outstanding Capital under the Purchase Agreement on the Effective Date,
Assignor shall be deemed to have hereby transferred and assigned to Assignee, without recourse,
representation or warranty (except as provided in <U>paragraph 6</U> below), and the Assignee
shall be deemed to have hereby irrevocably taken, received and assumed from Assignor, the
Transferred Percentage of Assignor&#146;s Commitment and all rights and obligations associated therewith
under the terms of the Purchase Agreement, including, without limitation, the Transferred
Percentage of Assignor&#146;s future funding obligations under <U>Section&nbsp;1.1</U> of the Purchase
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Assignor has any outstanding Capital under the Purchase Agreement, at or before 12:00 noon,
local time of Assignor, on the Effective Date Assignee shall pay to Assignor, in immediately
available funds, an amount equal to the sum of (i)&nbsp;the Transferred Percentage of the outstanding
Capital of Assignor&#146;s Receivable Interests (such amount, being hereinafter referred to as the <B><I>&#147;Assignee&#146;s Capital&#148;</I></B>); (ii)&nbsp;all accrued but unpaid (whether or
not then due) Yield attributable to Assignee&#146;s Capital; and (iii)&nbsp;accruing but unpaid fees and
other costs and expenses payable in respect of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assignee&#146;s Capital for the period commencing upon each date such unpaid amounts commence accruing, to and including the Effective Date; whereupon,
Assignor shall be deemed to have sold, transferred and assigned to Assignee, without recourse,
representation or warranty (except as provided in <U>paragraph 6</U> below), and Assignee shall be
deemed to have hereby irrevocably taken, received and assumed from Assignor, the Transferred
Percentage of Assignor&#146;s Commitment and the Capital of Assignor&#146;s Receivable Interests (if
applicable) and all related rights and obligations under the Purchase Agreement and the Transaction
Documents, including, without limitation, the Transferred Percentage of Assignor&#146;s future funding
obligations under <U>Section&nbsp;1.1</U> of the Purchase Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with the execution and delivery hereof, Assignor will provide to Assignee copies
of all documents requested by Assignee which were delivered to Assignor pursuant to the Purchase
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the parties to this Assignment Agreement agrees that at any time and from time to time
upon the written request of any other party, it will execute and deliver such further documents and
do such further acts and things as such other party may reasonably request in order to effect the
purposes of this Assignment Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By executing and delivering this Assignment Agreement, Assignor and Assignee confirm to and
agree with each other, and the other Purchasers as follows: (a)&nbsp;other than the representation and
warranty that it has not created any Adverse Claim upon any interest being transferred hereunder,
Assignor makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made by any other Person in or in connection with the
Purchase Agreement, or the other Transaction Documents or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Purchase Agreement or any other instrument
or document furnished pursuant thereto or the perfection, priority, condition, value or sufficiency
of any Collateral; (b)&nbsp;Assignor makes no representation or warranty and assumes no responsibility
with respect to the financial condition of Assignee, Seller, any Obligor, any Affiliate of Seller
or the performance or observance by Seller, any Obligor or any Affiliate of Seller of any of their
respective obligations under the Transaction Documents or any other instrument or document
furnished pursuant thereto or in connection therewith; (c)&nbsp;Assignee confirms that it has received a
copy of the Purchase Agreement and copies of such other Transaction Documents, and other documents
and information as it has requested and deemed appropriate to make its own credit analysis and
decision to enter into this Assignment Agreement; (d)&nbsp;Assignee will, independently and without
reliance upon Agent, any Purchaser or Seller and based on such documents and information as it
shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Purchase Agreement and the other Transaction Documents; (e)&nbsp;Assignee
appoints and authorizes Agent to take such action as agent on its behalf and to exercise such
powers under the Transaction Documents as are delegated to Agent by the terms thereof, together
with such powers as are reasonably incidental thereto; and (f)&nbsp;Assignee agrees that it will perform
in accordance with their terms all of the obligations which, by the terms of the Purchase Agreement
and the other Transaction Documents, are required to be performed by it as a Purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Schedule&nbsp;I</U> hereto sets forth the revised Commitment of Assignor and the Commitment of
Assignee, as well as administrative information with respect to Assignee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IN WITNESS WHEREOF, the parties hereto have caused this Assignment Agreement to be executed by
their respective duly authorized officers of the date hereof.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;ASSIGNOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;ASSIGNEE&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE I TO ASSIGNMENT AGREEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>LIST OF LENDING OFFICES, ADDRESSES</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FOR NOTICES AND COMMITMENT AMOUNTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Date: _____________, ______</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Transferred Percentage:____________%</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>A-1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>A-2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>B-1</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Commitment (prior</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Commitment (after</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>to giving effect to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>giving effect to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Assignment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Assignment</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Outstanding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="3" style="border-bottom: 1px solid #000000"><B>Assignor</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Agreement)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Agreement)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Capital (if any)</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>A-2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>B-1</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Commitment (after</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>giving effect to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>the Assignment</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Outstanding</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="3" style="border-bottom: 1px solid #000000"><B>Assignee</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Agreement)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Capital (if any)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Address for Notices</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;____________________
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#95;&#95;&#95;____________________
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phone:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fax:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT VII<BR>
CREDIT AND COLLECTION POLICY
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>








<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT VIII<BR>
FORM OF INTERIM REPORT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BWA Receivables Corporation Interim Servicer Report<BR>
For the &#091;Day/Week&#093; Ended:<BR>
XX/XX/XXXX<BR>
(Page 1)<BR>
($)
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Borrowing Base</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>AGING SCHEDULE</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1-30 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">31-60 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">61-90 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">91-120 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">121&#043; DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Credits in Agings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Aging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>INELIGIBLES</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ineligibles (as a % determined by the most current MSR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>EXCESS CONCENTRATIONS</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Short Term</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Excess</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Obligor Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Debt Rating</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Allowable %</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Total Receivables</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">% of Total</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Receivables</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Total</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="right">(a)&nbsp;Excess % of Total AR<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="right">(b)&nbsp;Excess % of Total AR (taken from the most current MSR)<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt">
    <TD colspan="5" align="right">The greater of (a)&nbsp;or (b)&nbsp;times the Total Aging<BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>NET POOL BALANCE:</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>REQUIRED RESERVE:</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Required Reserve % (taken from the most current MSR)&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>

</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>BORROWING BASE:</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby represents and warrants that the foregoing
is a true and accurate accounting with respect to outstanding
receivables as of MMMM DD, 20YY is in accordance with the
Receivable Purchase Agreement dated December &#91;&nbsp;&#93;, 2009 and that
all representations and warranties related to such Agreement are
restated and reaffirmed.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: &nbsp; Vice President and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT IX<BR>
FORM OF MONTHLY REPORT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BWA Receivables Monthly Servicer Report<BR>
For the Month Ended:<BR>
MM/DD/YYYY<BR>
(Page 1)<BR>
($)
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>A/R
ROLLFORWARD</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Beginning Balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Add: Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Add: Miscellaneous Billings/Debits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:65px; text-indent:-15px">Less: Net Collections &#151; Includes Non A/R Cash (-)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:65px; text-indent:-15px">Less: Credits (-)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:65px; text-indent:-15px">Less: Bad Debt Write-offs &#062; 60&nbsp;days (-)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Add: Other Adjustments (&#043;/-)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Add: Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:65px; text-indent:-15px">Less: Unapplied Cash (-)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:65px; text-indent:-15px">Less: Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><u>EOM AR
Balance</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">AGING SCHEDULE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="5" style="border-bottom: 1px solid #000000">% of Total Aging</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Current</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Current Month</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">1 Month Prior</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">2 Months Prior</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">Current
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">1-30 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">31-60 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">61-90 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">91-120 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">121&#043; Days Past Due</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">Total Aging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:45px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>A/R
RECONCILIATIONS</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Calculated Ending A/R</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Reported Ending A/R</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Difference</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Calculated Ending A/R</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Aging</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Difference</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px"><u>INELIGIBLES</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Defaulted Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Intercompany A/R &#060; 61 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Government Receivables &#060; 61 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Foreign, Including Canada &#060; 61 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Retroactive Price Billings &#060; 61 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Tooling Invoices &#060; 61 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cross-Aged (&#091;50%&#093;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">AP Offsets (Contra)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Receivables with terms &#062; 65&nbsp;days</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Other Ineligibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Bankrupt Obligors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Credits &#062; 60 DPD</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Rollfoward to Aging Variance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total Ineligibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><B>Eligible Receivables</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD nowrap colspan="2" align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BWA Receivables Monthly Servicer Report<BR>
For the Month Ended:<BR>
MM/DD/YYYY<BR>
(Page 2)<BR>
($)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Current Month</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">One Month Prior</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Two Months Prior</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>EXCESS CARVEOUTS</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Excess Concentrations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>BORROWING BASE</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total A/R</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Total Ineligibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Eligible Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Total Excess Carveouts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>NET POOL BALANCE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>RESERVES</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dilution Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Yield Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Servicing Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Dynamic Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserve Floor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Required Reserve %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Required Reserve $(RR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>FUNDING AVAILABILITY</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net Pool Balance (NPB)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less: Required Reserve</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>BORROWING BASE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current Outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase Availability or Required Paydown</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Purchase or (Paydown) at Settlement</DIV><DIV align=right style="margin-top:-10pt">(INPUT)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><u>TRIGGER COMPLIANCE</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid  #000000">Compliance Test</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid  #000000">Compliance Level</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acid Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3M Delinquency Trigger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3M Default Ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3M Dilution Ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><u>EXCESS CONCENTRATIONS</u></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Obligor Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Short Term Debt Rating</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Allowable %</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Total Receivables</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">% of Total</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Excess Receivables</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Total</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="right" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned hereby represents and warrants that the
foregoing is a true and accurate accounting with respect to
outstanding receivables as of November&nbsp;30, 2009 is in
accordance with the Receivables Purchase Agreement dated
December XX, 2009 and that all representations and warranties
related to such Agreement are restated and reaffirmed.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signed:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: &nbsp; Vice President and Treasurer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT X<BR>
&#091;FORM OF&#093; PERFORMANCE UNDERTAKING
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>THIS PERFORMANCE UNDERTAKING </I></B>(this &#147;<B><I>Undertaking</I></B>&#148;), dated as of December&nbsp;21, 2009, is
executed
by BorgWarner Inc., a Delaware corporation (the &#147;<B><I>Provider</I></B>&#148;), in favor of BWA Receivables
Corporation, a Delaware corporation (together with its successors and assigns, &#147;<B><I>Recipient</I></B>&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">RECITALS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;BorgWarner Emissions Systems Inc., a Delaware corporation (<B><I>&#147;BES&#148;</I></B>), BorgWarner Morse TEC
Inc., a Delaware corporation (<B><I>&#147;TEC&#148;</I></B>), BorgWarner Powdered Metals Inc., a Delaware corporation
(<B><I>&#147;BPM&#148;</I></B>), BorgWarner Thermal Systems Inc., a Delaware corporation (<B><I>&#147;Thermal&#148;</I></B>), BorgWarner
TorqTransfer Systems Inc., a Delaware corporation (<B><I>&#147;Torq&#148;</I></B>), BorgWarner Transmission Systems Inc., a
Delaware corporation (<B><I>&#147;BTS&#148;</I></B>), BorgWarner Turbo Systems Inc., a Delaware corporation (together with
BES, TEC, BPM, Thermal, Torq and BTS, the <B><I>&#147;Originators&#148;</I></B>) and Recipient have entered into a
Receivables Sale Agreement, dated as of December&nbsp;21, 2009 (as amended, restated or otherwise
modified from time to time, the &#147;<B><I>Sale Agreement</I></B>&#148;), pursuant to which the Originators, subject to
the terms and conditions contained therein, are selling their right, title and interest in certain
of their accounts receivable to Recipient.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Each of the Originators is a Subsidiary of Provider, and Provider is expected to receive
substantial direct and indirect benefits from the sale of accounts by the Originators to the
Recipient pursuant to the Sale Agreement (which benefits are hereby acknowledged).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;As an inducement for Recipient to purchase the Originators&#146; accounts pursuant to the Sale
Agreement, Provider has agreed to guaranty the due and punctual performance by the Originators of
their respective obligations under the Sale Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Provider wishes to guaranty the due and punctual performance by the Originators of their
respective obligations to Recipient under or in respect of the Sale Agreement as provided herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>NOW, THEREFORE, </I></B>Provider hereby agrees as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Definitions</U>. Capitalized terms used herein and not defined herein shall
have the respective meanings assigned thereto in the Sale Agreement or the Purchase Agreement (as
hereinafter defined). In addition:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Agreements&#148; </I></B>means, collectively, the Sale Agreement and the Purchase Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Contractual Obligation</I></B>&#148; of any Person shall mean any provision of any security issued by such
Person or of any agreement, instrument or undertaking under which such Person is obligated or by
which it or any of the property owned by it is bound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Obligations</I></B>&#148; means, collectively, all covenants, agreements, terms, conditions and
indemnities to be performed and observed by any Originator under and pursuant to the Sale Agreement
and each other document executed and delivered by such Originator pursuant to the Sale Agreement,
including, without limitation, the due and punctual payment of all sums which are or may become due
and owing by such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Originator under the Sale Agreement, whether for fees, expenses (including
counsel fees), indemnified amounts or otherwise, whether upon any termination or for any other
reason.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;Purchase Agreement&#148; </I></B>means that certain Receivables Purchase Agreement dated as of December
21, 2009, among Recipient, as Seller, Provider, as initial Collection Agent, and Wachovia Bank,
National Association, individually (a &#147;<B><I>Purchaser</I></B>&#148; and, together with its successors and assigns,
the &#147;<B><I>Purchasers</I></B>&#148;) and as Administrative Agent for the Purchasers (in such capacity, together with
its successors and assigns, the <B><I>&#147;Administrative Agent&#148;</I></B>), as the same may be amended, restated or
otherwise modified from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B><I>Requirement of Law</I></B>&#148; for any Person shall mean the articles or certificate of incorporation
and bylaws or other organizational or governing documents of such Person, and any law, treaty, rule
or regulation, or determination of an arbitrator or a court or other governmental authority, in
each case applicable to or binding upon such Person or any of its property or to which such Person
or any of its property is subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Guaranty of Performance of Obligations</U>. Provider hereby guarantees to
Recipient, the full and punctual payment and performance by the Originators of their respective
Obligations. This Undertaking is an absolute, unconditional and continuing undertaking of the full
and punctual performance of all of the Obligations under the Agreements and each other document
executed and delivered by any Originator pursuant to the Agreements and is in no way conditioned
upon any requirement that Recipient first attempt to collect any amounts owing by any Originator to
Recipient, the Administrative Agent, or the Purchasers from any other Person or resort to any
collateral security, any balance of any deposit account or credit on the books of Recipient, the
Administrative Agent, or any Purchaser in favor of any Originator or any other Person or other
means of obtaining payment. Should any Originator default in the payment or performance of any of
the Obligations, Recipient (or its assigns) may cause the immediate performance by Provider of the
Obligations of such Originator and cause any payment Obligations to become forthwith due and
payable to Recipient (or its assigns), without demand or notice of any nature (other than as
expressly provided herein), all of which are hereby expressly waived by Provider. Notwithstanding
the foregoing, this Undertaking is not a guarantee of the collection of any of the Receivables and
Provider shall not be responsible for any Obligations to the extent the failure to perform such
Obligations by any Originator results from Receivables being uncollectible on account of the
insolvency, bankruptcy or lack of creditworthiness of the related Obligor; <U>provided</U>, that
nothing herein shall relieve any Originator from performing in full its Obligations or Provider of
its undertaking hereunder with respect to the full performance of such duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Provider&#146;s Further Agreements to Pay</U>. Provider further agrees, as the
principal obligor and not as a guarantor only, to pay to Recipient (and its assigns), forthwith
upon demand in funds immediately available to Recipient, all reasonable costs and expenses
(including court costs and legal expenses) incurred or expended by Recipient in connection with the
Obligations, this Undertaking and the enforcement thereof, together with interest on amounts
recoverable under this Undertaking from the time when such amounts become due until payment, at a
rate of interest (computed for the actual number of days elapsed based on a 360&nbsp;day year) equal to
the Yield Rate per annum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Waivers by Provider</U>. Provider waives notice of acceptance of this
Undertaking, notice of any action taken or omitted by Recipient (or its assigns) in reliance on
this Undertaking, and any requirement that Recipient (or its assigns) be diligent or prompt in
making demands under this Undertaking, giving notice of any Termination Event, Amortization Event,
other default or omission by any Originator or asserting any other rights of Recipient under this
Undertaking. Provider warrants that it has adequate means to obtain from each Originator, on a
continuing basis, information concerning the financial condition of such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Originator, and that it is not relying on Recipient to provide such information, now or in the future. Provider also
irrevocably waives all defenses (i)&nbsp;that at any time may be available in respect of the Obligations
by virtue of any statute of limitations, valuation, stay, moratorium law or other similar law now
or hereafter in effect or (ii)&nbsp;that arise under the law of suretyship, including impairment of
collateral. Recipient (and its assigns) shall be at liberty, without giving notice to or obtaining
the assent of Provider and without relieving Provider of any liability under this Undertaking, to
deal with each Originator and with each other party who now is or after the date hereof becomes
liable in any manner for any of the Obligations, in such manner as Recipient in its sole discretion
deems fit, and to this end Provider agrees that the validity and enforceability of this
Undertaking, including without limitation, the provisions of <U>Section&nbsp;7</U> hereof, shall not be
impaired or affected by any of the following: (a)&nbsp;any extension, modification or renewal of, or
indulgence with respect to, or substitutions for, the Obligations or any part thereof or any
agreement relating thereto at any time; (b)&nbsp;any failure or omission to enforce any right, power or
remedy with respect to the Obligations or any part thereof or any agreement relating thereto, or
any collateral securing the Obligations or any part thereof; (c)&nbsp;any waiver of any right, power or
remedy or of any Termination Event, Potential Termination Event, or default with respect to the
Obligations or any part thereof or any agreement relating thereto; (d)&nbsp;any release, surrender,
compromise, settlement, waiver, subordination or modification, with or without consideration, of
any other obligation of any person or entity with respect to the Obligations or any part thereof;
(e)&nbsp;the enforceability or validity of the Obligations or any part thereof or the genuineness,
enforceability or validity of any agreement relating thereto or with respect to the Obligations or
any part thereof; (f)&nbsp;the application of payments received from any source to the payment of any
payment Obligations or any part thereof or amounts which are not covered by this Undertaking even
though Recipient (or its assigns) might lawfully have elected to apply such payments to any part or
all of the payment Obligations or to amounts which are not covered by this Undertaking; (g)&nbsp;the
existence of any claim, setoff or other rights which Provider may have at any time against any
Originator in connection herewith or any unrelated transaction; (h)&nbsp;any assignment or transfer of
the Obligations or any part thereof; or (i)&nbsp;any failure on the part of any Originator to perform or
comply with any term of the Agreements or any other document executed in connection therewith or
delivered thereunder, all whether or not Provider shall have had notice or knowledge of any act or
omission referred to in the foregoing clauses (a)&nbsp;through (i)&nbsp;of this <U>Section&nbsp;4</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Unenforceability of Obligations Against Originators</U>. Notwithstanding (a)
any change of ownership of any Originator or the insolvency, bankruptcy or any other change in the
legal status of any Originator; (b)&nbsp;the change in or the imposition of any law, decree, regulation
or other governmental act which does or might impair, delay or in any way affect the validity,
enforceability or the payment when due of the Obligations; (c)&nbsp;the failure of any Originator or
Provider to maintain in full force, validity or effect or to obtain or renew when required all
governmental and other approvals, licenses or consents required in connection with the Obligations
or this Undertaking, or to take any other action required in connection with the performance of all
obligations pursuant to the Obligations or this Undertaking; or (d)&nbsp;if any of the moneys included
in the Obligations have become irrecoverable from the applicable Originator for any other reason
other than final payment in full of the payment Obligations in accordance with their terms, this
Undertaking shall nevertheless be binding on Provider. This Undertaking shall be in addition to
any other guaranty or other security for the Obligations, and it shall not be rendered unenforceable by the invalidity of any such other
guaranty or security. In the event that acceleration of the time for payment of any of the
Obligations is stayed upon the insolvency, bankruptcy or reorganization of any Originator or for
any other reason with respect to any Originator, all such amounts then due and owing with respect
to the Obligations under the terms of the Agreements, or any other agreement evidencing, securing
or otherwise executed in connection with the Obligations, shall be immediately due and payable by
Provider.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Representations and Warranties</U>. Provider hereby represents and warrants
to Recipient that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Organizational Existence; Compliance with Law</U>. The Provider (i)&nbsp;is duly
organized, validly existing, and in good standing under the laws of the jurisdiction of its
organization, (ii)&nbsp;has the corporate or other organizational power and authority and the legal
right to own and operate its property and to conduct its business, (iii)&nbsp;is duly qualified as a
foreign corporation or other organization and in good standing under the laws of each jurisdiction
where its ownership of property or the conduct of its business requires such qualification, except
where a failure to be so qualified would not have a Material Adverse Effect, and (iv)&nbsp;is in
compliance with all Requirements of Law except where the failure to be in compliance would not have
a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Organizational Power; Authorization</U>. The Provider has the corporate or other
organizational power and authority to make, deliver and perform this Undertaking and has taken all
necessary corporate or other organizational action to authorize the execution, delivery and
performance of this Undertaking. No consent or authorization of, or filing with, any Person
(including, without limitation, any governmental authority) is required in connection with the
execution, delivery or performance by the Provider, or the validity or enforceability against the
Provider of this Undertaking, other than such consents, authorizations or filings which have been
made or obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Enforceable Obligations</U>. This Undertaking has been duly executed and delivered,
and this Undertaking constitutes legal, valid and binding obligations of the Provider, enforceable
against it in accordance with its terms, except as may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors&#146;
rights generally and by general principles of equity. The execution and delivery of this
Undertaking do not result in the creation or imposition of any Adverse Claim on assets of Provider.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>No Material Litigation</U>. No litigation, investigations or proceedings of or before
any courts, tribunals, arbitrators or governmental authorities are pending or, to the knowledge of
the Provider, threatened by or against the Provider or any of its Subsidiaries, or against any of
their respective properties or revenues, existing or future (a)&nbsp;with respect to this Undertaking or
any of the transactions contemplated hereby, or (b)&nbsp;which, if adversely determined, would
reasonably be expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>No Legal Bar</U>. The execution, delivery and performance by the Provider of this
Undertaking will not violate any material Requirement of Law or cause a breach or default under any
of its material Contractual Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Disclosure and Material Adverse Effect</U>. No representation or warranty contained
in this Undertaking or in any other document furnished from time to time pursuant to the terms of
this Undertaking, contains or will contain any untrue statement of a material fact or omits or will
omit to state any material fact necessary to make the statements herein or therein not misleading
as of the date made or deemed to be made. Except as may be set forth herein, there is no fact
known to the Provider or any of its Subsidiaries which has had, or is reasonably expected to have,
a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Compliance with Law</U>. Provider is in compliance with all Requirements of Law,
except where the failure to be in compliance would not have a Material Adverse Effect.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Financial Condition</U>. On the date hereof and after giving effect to the
transactions contemplated by the Transaction Documents, (i)&nbsp;the assets of the Provider and its
Subsidiaries, at fair valuation and based on their present fair saleable value, will exceed the
Provider&#146;s or such Subsidiary&#146;s debts, including contingent liabilities, (ii)&nbsp;the remaining capital
of the Provider or such Subsidiary will not be unreasonably small to conduct the Provider&#146;s or such
Subsidiary&#146;s business, and (iii)&nbsp;neither the Provider nor any of its Subsidiaries will have
incurred debts, or have intended to incur debts, beyond its ability to pay such debts as they
mature. For purposes of this <U>Section&nbsp;6(h)</U>, &#147;debt&#148; means any liability on a claim, and
&#147;claim&#148; means (a)&nbsp;the right to payment, whether or not such right is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal,
equitable, secured or unsecured, or (b)&nbsp;the right to an equitable remedy for breach of performance
if such breach gives rise to a right to payment, whether or not such right to an equitable remedy
is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or
unsecured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Payment of Taxes and Claims, Etc</U>. The Provider has, and has caused each of its
Subsidiaries to, pay (i)&nbsp;all taxes, assessments and governmental charges imposed upon it or upon
its property, and (ii)&nbsp;all claims (including, without limitation, claims for labor, materials,
supplies or services) which might, if unpaid, become an Adverse Claim upon its property, unless, in
each case, the validity or amount thereof is being contested in good faith by appropriate
proceedings and adequate reserves have been maintained with respect thereto in accordance with
GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Covenants</U>. The Provider hereby covenants and agrees for the benefit of
the Recipient and its assigns, until all of the Obligations have been satisfied in full and the
Purchase Agreement has been terminated, as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Financial Reporting</U>. It will maintain a system of accounting established and
administered in accordance with generally accepted accounting principles, and furnish to the
Administrative Agent:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;within 90&nbsp;days after the end of each fiscal year of the Provider, its audited consolidated
balance sheet and related statements of operations, stockholders&#146; equity and cash flows as of the
end of and for such year, setting forth in each case in comparative form the figures for the
previous fiscal year, all reported on by PricewaterhouseCoopers LLP, or other independent public
accountants of recognized national standing (without a &#147;going concern&#148; or like qualification or
exception and without any qualification or exception as to the scope of such audit) to the effect
that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Provider and its
consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;within 45&nbsp;days after the end of each of the first three fiscal quarters of each fiscal
year of the Provider, its consolidated balance sheet and related statements of operations,
stockholders&#146; equity and cash flows as of the end of and for such fiscal quarter and the then
elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for
the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the
previous fiscal year, all certified by one of its Financial Officers (as defined in the Senior
Credit Agreement) as presenting fairly in all material respects the financial condition and results
of operations of the Provider and its consolidated Subsidiaries on a consolidated basis in
accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the
absence of footnotes;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;concurrently with any delivery of financial statements under clause (i)&nbsp;or (ii)&nbsp;above, a
certificate of a Financial Officer of the Provider (A)&nbsp;certifying as to whether a Default (as
defined in the Senior
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit Agreement) has occurred and, if a Default has occurred, specifying the
details thereof and any action taken or proposed to be taken with respect thereto, (B)&nbsp;setting
forth reasonably detailed calculations demonstrating compliance with Section&nbsp;6.1 of the Senior
Credit Agreement and (C)&nbsp;stating whether any change in GAAP or in the application thereof has
occurred since the date of the audited financial statements referred to in Section&nbsp;3.4 of the
Senior Credit Agreement and, if any such change has occurred, specifying the effect of such change
on the financial statements accompanying such certificate;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;concurrently with any delivery of financial statements under clause (i)&nbsp;above, a
certificate of the accounting firm that reported on such financial statements stating whether they
obtained knowledge during the course of their examination of such financial statements of any
Default, which certificate may be limited to the extent required by accounting rules or guidelines;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;promptly after the same become publicly available, copies of all periodic and other
financial reports, proxy statements and other financial materials filed by the Provider or any
Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to
any or all of the functions of said Commission, or with any national securities exchange, or
distributed by the Provider to its shareholders generally, as the case may be;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;promptly following any request therefor, such other information regarding the operations,
business affairs and financial condition of the Provider or any Subsidiary, or compliance with the
terms of this Undertaking or any other Transaction Document to which it is a party, as the
Administrative Agent or any Purchaser may reasonably request;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;as soon as available, but in any event no later than February&nbsp;15, 2010, an annual
business plan and budget of the Provider and its Subsidiaries on a consolidated basis, including
forecasts prepared by management of the Provider, in form satisfactory to the Administrative Agent
and the Required Purchasers, of consolidated balance sheets and statements of income or operations
and cash flows of the Provider and its Subsidiaries for the fiscal year ending December&nbsp;31, 2010;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;promptly upon its receipt of any notice, request for consent, financial statements,
certification, report or other communication, from any Person, under or in connection with any
Transaction Document or the Senior Credit Agreement, copies of the same; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;with reasonable promptness, such other information about Provider and its Subsidiaries as
the Administrative Agent or any Purchaser may reasonably request from time to time.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reports and financial statements required to be delivered pursuant to clauses (i), (ii), (iv)&nbsp;and
(v)&nbsp;of this <U>Section&nbsp;5.1(a)</U> shall be deemed to have been delivered on the date on which the
Provider posts such reports, or reports containing such financial statements, on the Provider&#146;s
website on the Internet at www.borgwarner.com or when such reports, or reports containing such
financial statements, are posted on the SEC&#146;s website at www.sec.gov. Provider will promptly
notify the Recipient and the Administrative Agent in writing of such posting (which may be provided
by email).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Notices</U>. Until all of the Obligations have been indefeasibly paid and performed
in full and until all other obligations of the Provider under this Performance Undertaking have
been performed, the Provider agrees that it shall notify the Administrative Agent in writing of any
of the following promptly upon learning of the occurrence thereof, describing the same and, if
applicable, the steps being taken with respect thereto:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The occurrence of a default or an event of default under any other material
agreement on which the Provider is a debtor or an obligor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The occurrence of any event or condition that has, or could reasonably be
expected
to have, a Material Adverse Effect on the Provider.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Financial Covenants</U>. Provider shall observe each of the covenants contained in
Section&nbsp;6.1 of the Senior Credit Agreement as in effect on the date of this Agreement and as
hereafter amended with the Administrative Agent&#146;s written consent, regardless of whether such
Senior Credit Agreement remains in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Compliance with Laws and Preservation of Corporate Existence</U>. The Provider agrees
to, and to cause each of its Subsidiaries to, comply with all Requirements of Law and Contractual
Obligations applicable to or binding on any of them, except where failure to so comply would not
result in a Material Adverse Effect. The Provider will preserve and maintain its corporate
existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify
and remain qualified in good standing as a foreign corporation in each jurisdiction where its
business is conducted except where the failure to so qualify or so hold could not reasonably be
expected to have a Material Adverse Effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Field Exams</U>. The Provider will, and will cause the Originators to, furnish to
Recipient, the Administrative Agent and each Purchaser from time to time such information with
respect to it and the Receivables as any of them may reasonably request. The Provider will, from
time to time during regular business hours as requested by the Recipient, the Administrative Agent
or any Purchaser upon reasonable notice and at the sole cost of the Provider, permit the Recipient,
the Administrative Agent and each of the Purchasers, or their respective agents or representatives
(and shall cause each Originator to permit the Recipient, the Administrative Agent and each of the
Purchasers or their respective agents or representatives): (i)&nbsp;to examine and make copies of and
abstracts from all Records in the possession or under the control of such Person relating
to the Receivables and the Related Security, including, without limitation, the related
Contracts, and (ii)&nbsp;to visit the offices and properties of such Person for the purpose of examining
such materials described in clause (i)&nbsp;above, and to discuss matters relating to such Person&#146;s
financial condition or the Receivables and the Related Security or any Person&#146;s performance under
any of the Transaction Documents or any Person&#146;s performance under the Contracts and, in each case,
with any of the officers or employees of Seller or the Collection Agent having knowledge of such
matters. After completion of a post-closing field exam, it is anticipated that field exam
frequency will be annually, but the Recipient or any Purchaser may reasonably request more frequent
exams.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Insurance</U>. The Provider will maintain or cause to be maintained with financially
sound and reputable insurers, insurance with respect to its properties and business, and the
properties and business of its Subsidiaries, against loss or damage of the kinds customarily
insured against by reputable companies in the same or similar businesses, such insurance to be of
such types and in such amounts as is customary for such companies under similar circumstances;
provided, however, that in any event the Provider shall use its best efforts to maintain, or cause
to be maintained, insurance in amounts and with coverages not materially less favorable to the
Provider or any of its Subsidiaries as in effect on the date of this Undertaking.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Subrogation; Subordination</U>. Notwithstanding anything to the contrary
contained herein, until the Obligations are paid in full, Provider: (a)&nbsp;will not enforce or
otherwise exercise any right of subrogation to any of the rights of Recipient, the Administrative
Agent or any Purchaser against any Originator, (b)&nbsp;hereby waives all rights of subrogation (whether
contractual, under Section&nbsp;509 of the United States Bankruptcy Code, at law or in equity or
otherwise) to the claims of Recipient, the Administrative Agent and the Purchasers against any
Originator and all contractual, statutory or legal or equitable rights of contribution,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">reimbursement, indemnification and similar rights and &#147;claims&#148; (as that term is defined in the
United States Bankruptcy Code) which Provider might now have or hereafter acquire against any
Originator that arise from the existence or performance of Provider&#146;s obligations hereunder, (c)
will not claim any setoff, recoupment or counterclaim against any Originator in respect of any
liability of Provider to such Originator and (d)&nbsp;waives any benefit of and any right to participate
in any collateral security which may be held by the Administrative Agent or the Purchasers. The
payment of any amounts due with respect to any indebtedness of any Originator now or hereafter owed
to Provider is hereby subordinated to the prior payment in full of all of the Obligations.
Provider agrees that, after the occurrence of any default in the payment or performance of any of
the Obligations, Provider will not demand, sue for or otherwise attempt to collect any such
indebtedness of any Originator to Provider until all of the Obligations shall have been paid and
performed in full. If, notwithstanding the foregoing sentence, Provider shall collect, enforce or
receive any amounts in respect of such indebtedness while any Obligations are still unperformed or
outstanding, such amounts shall be collected, enforced and received by Provider as trustee for
Recipient (and its assigns) and be paid over to Recipient (or its assigns) on account of the
Obligations without affecting in any manner the liability of Provider under the other provisions of
this Undertaking. The provisions of this <U>Section&nbsp;8</U> shall be supplemental to and not in
derogation of any rights and remedies of Recipient under any separate subordination agreement which
Recipient may at any time and from time to time enter into with Provider.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Termination of Performance Undertaking</U>. Provider&#146;s obligations hereunder
shall continue in full force and effect until all Obligations are finally paid and satisfied in
full and the Sale Agreement is terminated, <U>provided</U> that this Undertaking shall continue to
be effective or shall be reinstated, as the case may be, if at any time payment or other
satisfaction of any of the Obligations is rescinded or must otherwise be restored or returned upon
the bankruptcy, insolvency, or reorganization of any Originator or otherwise, as though such payment
had not been made or other satisfaction occurred, whether or not Recipient
(or its assigns) is in possession of this Undertaking. No invalidity, irregularity or
unenforceability by reason of the federal bankruptcy code or any insolvency or other similar law,
or any law or order of any government or agency thereof purporting to reduce, amend or otherwise
affect the Obligations shall impair, affect, be a defense to or claim against the obligations of
Provider under this Undertaking.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Effect of Bankruptcy</U>. This Performance Undertaking shall survive the
insolvency of any Originator and the commencement of any case or proceeding by or against any
Originator under the federal bankruptcy code or other federal, state or other applicable
bankruptcy, insolvency or reorganization statutes. No automatic stay under the federal bankruptcy
code with respect to any Originator or other federal, state or other applicable bankruptcy,
insolvency or reorganization statutes to which such Originator is subject shall postpone the
obligations of Provider under this Undertaking.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Setoff</U>. Regardless of the other means of obtaining payment of any of the
Obligations, Recipient (and its assigns) is hereby authorized at any time and from time to time,
without notice to Provider (any such notice being expressly waived by Provider) and to the fullest
extent permitted by law, to set off and apply any deposits and other sums against the obligations
of Provider under this Undertaking, whether or not Recipient (or any such assign) shall have made
any demand under this Undertaking and although such Obligations may be contingent or unmatured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Taxes</U>. All payments to be made by Provider hereunder shall be made free
and clear of any deduction or withholding. If Provider is required by law to make any deduction or
withholding on account of tax or otherwise from any such payment, the sum due from it in respect of
such payment shall be increased to the extent necessary to ensure that, after the making of such
deduction or withholding, Recipient
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">receive a net sum equal to the sum which they would have
received had no deduction or withholding been made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;13. <U>Further Assurances</U>. Provider agrees that it will from time to time, at
the request of Recipient (or its assigns), provide information relating to the business and affairs
of Provider as Recipient may reasonably request. Provider also agrees to do all such things and
execute all such documents as Recipient (or its assigns) may reasonably consider necessary or
desirable to give full effect to this Undertaking and to perfect and preserve the rights and powers
of Recipient hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;14. <U>Successors and Assigns</U>. This Performance Undertaking shall be binding
upon Provider, its successors and permitted assigns, and shall inure to the benefit of and be
enforceable by Recipient and its successors and assigns. Provider may not assign or transfer any
of its obligations hereunder without the prior written consent of each of Recipient and the
Administrative Agent. Without limiting the generality of the foregoing sentence, Recipient may
assign or otherwise transfer the Agreements, any other documents executed in connection therewith
or delivered thereunder or any other agreement or note held by them evidencing, securing or
otherwise executed in connection with the Obligations, or sell participations in any interest
therein, to any other entity or other person, and such other entity or other person shall thereupon
become vested, to the extent set forth in the agreement evidencing such assignment, transfer or
participation, with all the rights in respect thereof granted to the Beneficiaries herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;15. <U>Amendments and Waivers</U>. No amendment or waiver of any provision of this
Undertaking nor consent to any departure by Provider therefrom shall be effective unless the same
shall be in writing and signed by Recipient, the Administrative Agent and Provider. No failure on
the part of Recipient to exercise, and no delay in exercising, any right hereunder shall operate as
a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any
other or further exercise thereof or the exercise of any other right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16. <U>Notices</U>. All notices and other communications provided for hereunder
shall be made in writing and shall be addressed as follows: if to Provider, at the address set
forth beneath its signature hereto, and if to Recipient, at the addresses set forth beneath its
signature hereto, or at such other addresses as each of Provider or any Recipient may designate in
writing to the other. Each such notice or other communication shall be effective (1)&nbsp;if given by
telecopy, upon the receipt thereof, (2)&nbsp;if given by mail, three (3)&nbsp;Business Days after the time
such communication is deposited in the mail with first class postage prepaid or (3)&nbsp;if given by any
other means, when received at the address specified in this <U>Section&nbsp;16</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17. <U>GOVERNING LAW</U>. THIS UNDERTAKING SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;18. <U>CONSENT TO JURISDICTION</U>. EACH OF PROVIDER AND RECIPIENT HEREBY
IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK
STATE COURT SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, NEW YORK, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS UNDERTAKING, THE AGREEMENTS OR ANY OTHER DOCUMENT
EXECUTED IN CONNECTION THEREWITH OR DELIVERED THEREUNDER AND EACH OF PROVIDER AND RECIPIENT HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS
TO THE
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS
AN INCONVENIENT FORUM.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;19. <U>Bankruptcy Petition</U>. Provider hereby covenants and agrees that, prior to
the date that is one year and one day after the payment in full of all outstanding senior
Indebtedness of any Conduit or the Borrower, it will not institute against, or join any other
Person in instituting against, any Conduit or the Borrower any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of
the United States or any state of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;20. <U>Miscellaneous</U>. This Undertaking constitutes the entire agreement of
Provider with respect to the matters set forth herein. The rights and remedies herein provided are
cumulative and not exclusive of any remedies provided by law or any other agreement, and this
Undertaking shall be in addition to any other guaranty of or collateral security for any of the
Obligations. The provisions of this Undertaking are severable, and in any action or proceeding
involving any state corporate law, or any state or federal bankruptcy, insolvency, reorganization
or other law affecting the rights of creditors generally, if the obligations of Provider hereunder
would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the
amount of Provider&#146;s liability under this Undertaking, then, notwithstanding any other provision of
this Undertaking to the contrary, the amount of such liability shall, without any further action by
Provider or Recipient, be automatically limited and reduced to the highest amount that is valid and
enforceable as determined in such action or proceeding. Any provisions of this Undertaking which
are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. Unless otherwise specified,
references herein to &#147;Section&#148; shall mean a reference to sections of this Undertaking.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>IN WITNESS WHEREOF, </I></B>the Provider has caused this Undertaking to be executed and delivered as
of the date first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BORGWARNER INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B><I>Address for Notices:</I></B><BR>
<BR>
<BR>
BorgWarner Inc.<BR>
3850 Hamlin Road<BR>
Auburn Hills, MI 48326<BR>
Attn: Treasurer<BR>
Phone: (248)&nbsp;754-9200<BR>
Fax: (248)&nbsp;754-0888<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT XI<BR>
<FONT style="font-variant: SMALL-CAPS">Corporate Names; Trade Names; Assumed Names; Assumed Names</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BorgWarner</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Emissions Systems</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Morse TEC</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Powdered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Thermal Systems</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>TorqTransfer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Transmission</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Turbo</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Metals Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Systems Inc.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BorgWarner Turbo &#038;<BR>
Emissions Systems
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BorgWarner<BR>
Emissions/Thermal<BR>
Systems
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BorgWarner<BR>
Drivetrain Systems
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BorgWarner<BR>
Drivetrain Systems
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BorgWarner Turbo &#038;<BR>
Emissions Systems</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BorgWarner <BR>
Emissions/Thermal <BR>
Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BorgWarner <BR>
Air/Fluid Systems</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE A<BR>
COMMITMENTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>PURCHASER</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>COMMITMENT</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Wachovia Bank, National Association</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS"> <B>Aggregate Commitment</B></FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE B<BR>
CLOSING DOCUMENTS
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>c55243exv10w3.htm
<DESCRIPTION>EX-10.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>
EXHIBIT 10.3</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">December&nbsp;21, 2009

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BorgWarner Inc.<BR>
3850 Hamlin Road<BR>
Auburn Hills, Michigan 48326<BR>
Attention: General Counsel

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Attention: John J. Gasparovic, General Counsel and Secretary

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to that certain Credit Agreement dated as of July&nbsp;22, 2004 (as
amended by (a)&nbsp;that certain Amendment No.&nbsp;1 and Consent Agreement dated as of April&nbsp;30, 2009, (b)
that certain Amendment No.&nbsp;2 dated as of August&nbsp;11, 2009, and (c)&nbsp;that certain Amendment No.&nbsp;3 and
Consent dated as of October&nbsp;23, 2009 and as further amended, restated, supplemented or otherwise
modified, the &#147;<U>Credit Agreement</U>&#148;), among BorgWarner Inc., a Delaware corporation (the
&#147;<U>Borrower</U>&#148;), the several banks and other financial institutions from time to time parties
hereto (the &#147;<U>Lenders</U>&#148;), and Bank of America, N.A., as Administrative Agent (in such
capacity, the &#147;<U>Administrative Agent</U>&#148;), Issuing Bank and Swingline Lender. Except as
otherwise specified in this agreement (this &#147;<U>Letter Agreement</U>&#148;), all capitalized undefined
terms used herein shall have the meanings assigned thereto in the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is also made to (a)&nbsp;that certain Receivables Sale Agreement, dated as of December
21, 2009 (the &#147;<U>Receivables Sale Agreement</U>&#148;), by and among (i)&nbsp;BorgWarner Emissions Systems
Inc., a Delaware corporation, BorgWarner Morse TEC Inc., a Delaware corporation, BorgWarner
Powdered Metals Inc., a Delaware corporation, BorgWarner Thermal Systems Inc., a Delaware
corporation, BorgWarner TorqTransfer Systems Inc., a Delaware corporation, BorgWarner Transmission
Systems Inc., a Delaware corporation, BorgWarner Turbo Systems Inc., a Delaware corporation,
collectively as originators and (ii)&nbsp;BWA Receivables Corporation, a Delaware corporation, as buyer
and (b)&nbsp;that certain Receivables Purchase Agreement dated as of December&nbsp;21, 2009 (the
&#147;<U>Receivables Purchase Agreement</U>&#148; and together with the Receivables Sale Agreement, the
&#147;<U>2009 Receivables Documents</U>&#148;) among BWA Receivables Corporation, a Delaware corporation, as
seller, BorgWarner Inc., a Delaware corporation, as initial collection agent, Wachovia Bank,
National Association, as purchaser and Wachovia Bank, National Association, as administrative
agent, copies of which are attached hereto as <U>Exhibit&nbsp;A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in the Credit Agreement or any other Loan Document to the contrary,
each of the parties hereto agrees that <U>Section&nbsp;6.6</U> of the Credit Agreement is hereby
modified to permit the Disposition of accounts receivable and assets supporting the obligations
under such transferred accounts receivable in each case in connection with any Receivables Facility
that is permitted under the Credit Agreement. The parties hereto further agree that Consolidated
Total Debt shall not include any Receivables Facility that is permitted under the Credit Agreement
irrespective of whether such Receivables Facility is treated as indebtedness in accordance with
GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective upon the execution hereof by the Required Lenders, the Administrative Agent and each
Loan Party and the Lenders&#146; receipt of the final 2009 Receivables Documents and the completion of
the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Disposition of the accounts receivables subject to the Receivables Facility evidenced by the
2009 Receivables Documents, the Administrative Agent hereby unconditionally and irrevocably
releases and discharges:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Lien granted under the Security Agreement that is applicable to the accounts
receivable sold or transferred to BWA Receivables Corporation by BorgWarner Emissions
Systems Inc., BorgWarner Morse TEC Inc., BorgWarner Powdered Metals Inc., BorgWarner Thermal
Systems Inc., BorgWarner TorqTransfer Systems Inc., BorgWarner Transmission Systems Inc.,
and BorgWarner Turbo Systems Inc. pursuant to the Receivables Sale Agreement (and such
assets supporting the obligations under such transferred accounts receivable as are
reasonably required to be subject to such Lien and constitute &#147;Purchased Assets&#148; (as defined
in the Receivables Sale Agreement)), but only to the extent such accounts
receivable and supporting obligations are actually sold pursuant to and
in accordance with the Receivables Purchase Agreement, it being understood and agreed that
this release is a partial release and shall not effect the Administrative Agent&#146;s Liens on
any other Collateral, including, without limitation, (i)&nbsp;any machinery or equipment of the
Borrower or any Guarantor or (ii)&nbsp;to any inventory or goods of the Borrower or any Guarantor
that has not been sold or transferred and given rise to an account receivable transferred by
BWA Receivables Corporation pursuant to the Receivables Purchase Agreement); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BWA Receivables Corporation from its obligations under the Guaranty Agreement and
the Security Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Loan Parties hereto and BWA Receivables Corporation represents and warrants that
(a)&nbsp;BWA Receivables Corporation (i)&nbsp;does not and shall not own or hold any assets other than the
Purchased Assets (as defined in the Receivables Sale Agreement), or conduct any operations, other
than those reasonably necessary to comply with the terms of the 2009 Receivables Documents, and
(ii)&nbsp;does not currently have, and will not incur, assume or suffer to exist, any Indebtedness other
than Indebtedness under the terms of the Receivables Facility evidenced by the 2009 Receivables
Documents, with aggregate outstandings at no time exceeding the maximum amounts set forth in the
definition of Receivables Facility in the Credit Agreement and (b)&nbsp;the release of BWA Receivables
Corporation from the Guaranty as contemplated herein does not constitute a release of all or
substantially all of the value of the Guaranty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the terms hereof and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the Administrative Agent and
each of the Lenders party hereto each hereby agrees to the modifications set forth in this Letter
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided herein, the Credit Agreement and the other Loan Documents (and
each of the guaranties set forth therein and the security interests granted therein) shall remain
unmodified and in full force and effect. This Letter Agreement shall not be deemed (a)&nbsp;to be a
waiver of, or consent to, a modification or amendment of, any other term or condition of the Credit
Agreement or any other Loan Document, (b)&nbsp;to prejudice any other right or rights which the
Administrative Agent or the Lenders may now have or may have in the future under or in connection
with the Credit Agreement or the other Loan Documents or any of the instruments or agreements
referred to therein, as the same may be amended, restated, supplemented or otherwise modified from
time to time, (c)&nbsp;to be a commitment or any
other undertaking or expression of any willingness to engage in any further discussion with
the Borrower or any other Person with respect to any waiver, amendment, modification or any other
change to the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of
the Lenders or the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administrative Agent, or any of them, under or with respect to any such
documents or (d)&nbsp;to be a waiver of, or consent to or a modification or amendment of, any other term
or condition of any other agreement by and among the Loan Parties or any Loan Party, on the one
hand, and the Administrative Agent or any other Lender, on the other hand. References in the
Credit Agreement to &#147;this Agreement&#148; (and indirect references such as &#147;hereunder&#148;, &#147;hereby&#148;,
&#147;herein&#148;, and &#147;hereof&#148;) and in any Loan Document to the Credit Agreement shall be deemed to be
references to the Credit Agreement as modified hereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Letter Agreement shall be effective upon the execution hereof by the Required Lenders,
the Administrative Agent and each Loan Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By its execution hereof, each Loan Party, on a joint and several basis, hereby represents and
warrants that after giving effect to this Letter Agreement, (a)&nbsp;each of the representations and
warranties set forth in the Credit Agreement and the other Loan Documents is true and correct as of
the date hereof as if fully set forth herein, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct as
of such earlier date, (b)&nbsp;no Default or Event of Default has occurred and is continuing as of the
date hereof or would result after giving effect to the transactions contemplated hereunder, (c)
that such Person has all requisite power and authority and has taken all necessary corporate or
other action to authorize the execution, delivery and performance of this Letter Agreement and each
other document executed in connection herewith to which it is a party in accordance with their
respective terms, and (d)&nbsp;this Letter Agreement and each other document executed in connection
herewith has been duly executed and delivered by the duly authorized officers of each Loan Party,
and each such document constitutes the legal, valid and binding obligation of such Loan Party,
enforceable in accordance with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Letter Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Letter Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Letter Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS LETTER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK WITHOUT REGARD TO ITS CONFLICTS OF LAW PRINCIPLES.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Pages Follow&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly provided herein, the Credit Agreement and the other Loan Documents shall
remain unmodified and in full force and effect.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
<BR>
<B>BANK OF AMERICA, N.A.</B>, as<BR>
Administrative Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>


</TR>


<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;</B>Signature Pages Continue<B>&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BorgWarner Inc.<BR>
Letter Agreement<BR>
Signature Page
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" nowrap><B>BANK OF AMERICA, N.A.</B>, <br>as a
Lender, Issuing Bank and Swingline Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>


</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CITIBANK, N.A.</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DEUTSCHE BANK AG NEW YORK
BRANCH</B>,<br> as a Lender
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MORGAN STANLEY BANK, N.A.</B>,
as a Lender
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>KEYBANK NATIONAL ASSOCIATION</B>,
<br>as a Lender
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE BANK OF TOKYO-MITSUBISHI UFJ,
LTD.</B>, <br>as a Lender
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>

<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Pages Continue&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BorgWarner Inc.<BR>
Letter Agreement<BR>
Signature Page
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>THE NORTHERN TRUST COMPANY</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>INTESA SANPAOLO S.P.A.</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MERRILL LYNCH BANK USA</B>, as a Lender<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
<TD>&nbsp;</TD>

</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD  style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#091;</B>Signature Pages Continue<B>&#093;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BorgWarner Inc.<BR>
Letter Agreement<BR>
Signature Page
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3" align="left">Acknowledged and accepted by:</TD>
<TD valign="top" align="left">&nbsp;</TD>    <TD>&nbsp;</TD>
</TR>
<br>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER INC.</B>, as
Borrower<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>


<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER DIVERSIFIED
TRANSMISSION <BR>PRODUCTS INC.</B>, as Guarantor
&nbsp;</TD>
    <TD>&nbsp;</TD>
</tr>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER DIVERSIFIED TRANSMISSION <br>PRODUCTS SERVICES
INC.</B>,<br> as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER EMISSIONS SYSTEMS
HOLDING INC.</B>,<br> as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER EMISSIONS SYSTEMS
INC.</B>,<br> as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER EMISSIONS SYSTEMS OF
MICHIGAN INC.</B>,<br> as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Pages Continue&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BorgWarner Inc.<BR>
Letter Agreement<BR>
Signature Page
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER EUROPE INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER HOLDING INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER INVESTMENT HOLDING INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER JAPAN INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER MORSE TEC INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER NW INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER POWDERED METALS INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Pages Continue&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BorgWarner Inc.<BR>
Letter Agreement<BR>
Signature Page
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER SOUTH ASIA INC.</B>,
<br>as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER THERMAL SYSTEMS
INC.</B>, <br>as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER THERMAL SYSTEMS OF MICHIGAN INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER TORQTRANSFER SYSTEMS INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER TRANSMISSION SYSTEMS INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BORGWARNER TURBO SYSTEMS
INC.</B>, <br>as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BRONSON SPECIALTIES INC.</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BWA TURBO SYSTEMS HOLDING CORPORATION</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</table></div>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>KUHLMAN CORPORATION</B>, as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BWA RECEIVABLES CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">  <TD>&nbsp;</TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="left">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
<TD colspan="2" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

 <DIV align="center" style="font-size: 10pt; margin-top: 6pt">
BorgWarner Inc.<BR>
Letter Agreement<BR>
Signature Page
</div>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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