Document:

DEPOSIT AND SALE AGREEMENT
               THE NATIONAL COLLEGIATE STUDENT LOAN TRUST [_____]

         This Deposit and Sale Agreement (the "Sale Agreement"), dated as of
[_________], between The National Collegiate Funding LLC, in its capacity as
seller (in such capacity, the "Seller"), and The National Collegiate Student
Loan Trust [_____], as purchaser (the "Purchaser"), shall be effective upon
execution by the parties hereto.

         WHEREAS, the Seller is the owner of certain student loans; and

         WHEREAS, the Seller desires to sell its interest in such student loans
and the Purchaser desires to purchase such loans from the Seller.

         NOW, THEREFORE, in connection with the mutual promises contained
herein, the parties hereto agree as follows:

ARTICLE I
                                      TERMS

         This Sale Agreement sets forth the terms under which the Seller is
selling and the Purchaser is purchasing the student loans listed on Schedule 2
to each of the Pool Supplements set forth on Schedule A attached hereto (the
"Transferred Student Loans").

                                   ARTICLE II
                                   DEFINITIONS

         Capitalized terms used but not otherwise defined herein shall have the
definitions set forth in Appendix A of the Indenture dated as of [________]
between [_______________] (the "Indenture Trustee") and the Purchaser.

                                  ARTICLE III
                                SALE AND PURCHASE

         Section 3.01. Sale of Loans. The Seller hereby sells and the Purchaser
hereby purchases the Transferred Student Loans.

         Section 3.02. Assignment of Rights. The Seller hereby assigns to the
Purchaser and the Purchaser hereby accepts all of the Seller's rights and
interests under each of the Pool Supplements listed on Schedule A attached
hereto and the related Student Loan Purchase Agreements listed on Schedule B
attached hereto.

         Section 3.03. Settlement of the Payment. The Purchaser shall pay the
Seller the purchase price set forth in Schedule 1 of each of the Pool
Supplements by wire transfer in immediately available funds to the account
specified by the Seller. In addition, the Purchaser will also issue the Class
[___] Notes and the Class [___] Notes to the Seller pursuant to the Indenture.

<PAGE>

         Section 3.04. Assistance by Seller. Following the execution of this
Sale Agreement, the Seller shall provide any reasonable assistance requested by
the Purchaser in determining that all required documentation on the Transferred
Student Loans is present and correct.

                                   ARTICLE IV
               REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER

         Section 4.01. General. The Seller represents and warrants to the
Purchaser that as of the date of this Sale Agreement:

         (a) The Seller is duly organized and existing under the laws of the
State of Delaware; and

         (b) The Seller has all requisite power and authority to enter into and
to perform the terms of this Sale Agreement.

         Section 4.02. Loan Representations. The Seller represents and warrants
to the Purchaser that with respect to each Transferred Student Loan purchased by
the Purchaser pursuant to this Sale Agreement, the Seller is making the same
representations and warranties made by the respective program lender with
respect to each Transferred Student Loan pursuant to the respective Student Loan
Purchase Agreement listed on Schedule B attached hereto.

         Section 4.03. Covenants. The Seller, in its capacity as purchaser of
the Transferred Student Loans pursuant to the Pool Supplements, hereby covenants
that it will enforce the covenants and agreements of each program lender in the
respective Student Loan Purchase Agreement and related Pool Supplement. The
Seller further covenants that it will not waive, amend, modify, supplement or
terminate any Student Loan Purchase Agreement or Pool Supplement or any
provision thereof without the consent of the Purchaser, which consent the
Purchaser hereby agrees not to provide without the prior written consent of the
Indenture Trustee and the Interested Noteholders in accordance with the
Purchaser's covenant in Section 3.07(c) of the Indenture.

                                   ARTICLE V
                        PURCHASE OF LOANS; REIMBURSEMENT

         Each party to this Sale Agreement shall give notice to the other such
parties and to the Servicers, First Marblehead Data Services, Inc. and
[____________________] (the "Owner Trustee") promptly, in writing, upon the
discovery of any breach of the Seller's representations and warranties made
pursuant to this Sale Agreement which has a materially adverse effect on the
interest of the Purchaser in any Transferred Student Loan. In the event of such
a material breach, the Seller shall cure or repurchase the Transferred Student
Loan in accordance with the remedies set forth in the respective Student Loan
Purchase Agreement.

                                   ARTICLE VI
                        LIABILITY OF SELLER; INDEMNITIES

         The Seller shall be liable in accordance herewith only to the extent of
the obligations specifically undertaken by the Seller under this Sale Agreement.

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<PAGE>

         (a) The Seller shall indemnify, defend and hold harmless the Purchaser
and the Owner Trustee in its individual capacity and their officers, directors,
employees and agents from and against any taxes that may at any time be asserted
against any such Person with respect to the transactions contemplated herein and
in the other Basic Documents (except any such income taxes arising out of fees
paid to the Owner Trustee), including any sales, gross receipts, general
corporation, tangible and intangible personal property, privilege or license
taxes and costs and expenses in defending against the same.

         (b) The Seller shall indemnify, defend and hold harmless the Purchaser
and the Owner Trustee in its individual capacity and their officers, directors,
employees and agents of the Purchaser and the Owner Trustee from and against any
and all costs, expenses, losses, claims, damages and liabilities arising out of,
or imposed upon such Person through, the Seller's willful misfeasance, bad faith
or gross negligence in the performance of its duties under this Sale Agreement,
or by reason of reckless disregard of its obligations and duties under this Sale
Agreement.

         Indemnification under this Section shall survive the termination of
this Sale Agreement and shall include reasonable fees and expenses of counsel
and expenses of litigation. If the Seller shall have made any indemnity payments
pursuant to this Section and the Person to or for the benefit of whom such
payments are made thereafter shall collect any of such amounts from others, such
Person shall promptly repay such amounts to the Seller, without interest.

                                  ARTICLE VII
                    MERGER OR CONSOLIDATION OF, OR ASSUMPTION
                          OF THE OBLIGATIONS OF SELLER

         Any Person (a) into which the Seller may be merged or consolidated, (b)
which may result from any merger or consolidation to which the Seller shall be a
party or (c) which may succeed to the properties and assets of the Seller
substantially as a whole, shall be the successor to the Seller without the
execution or filing of any document or any further act by any of the parties to
this Sale Agreement; provided, however, that the Seller hereby covenants that it
will not consummate any of the foregoing transactions except upon satisfaction
of the following: (i) the surviving Person, if other than the Seller, executes
an agreement of assumption to perform every obligation of the Seller under this
Sale Agreement, (ii) immediately after giving effect to such transaction, no
representation or warranty made pursuant to this Sale Agreement shall have been
breached, (iii) the surviving Person, if other than the Seller, shall have
delivered an Officers' Certificate and an opinion of counsel each stating that
such consolidation, merger or succession and such agreement of assumption comply
with this Section and that all conditions precedent, if any, provided for in
this Sale Agreement relating to such transaction have been complied with, and
that the Rating Agency Condition shall have been satisfied with respect to such
transaction, (iv) if the Seller is not the surviving entity, such transaction
will not result in a material adverse federal or state tax consequence to the
Purchaser or the Securityholders and (v) if the Seller is not the surviving
entity, the Seller shall have delivered an opinion of counsel either (A) stating
that, in the opinion of such counsel, all financing statements and continuation
statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of the Purchaser in the
Transferred Student Loans and reciting

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<PAGE>

the details of such filings, or (B) stating that, in the opinion of such
counsel, no such action shall be necessary to preserve and protect such
interests.

                                  ARTICLE VIII
                  LIMITATION ON LIABILITY OF SELLER AND OTHERS

         The Seller and any director or officer or employee or agent thereof may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person respecting any matters
arising hereunder (provided that such reliance shall not limit in any way the
Seller's obligations under this Sale Agreement). The Seller shall not be under
any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its obligations under this Sale Agreement or the Student Loan
Purchase Agreements, and that in its opinion may involve it in any expense or
liability.

                                   ARTICLE IX
                              SURVIVAL OF COVENANTS

         All covenants, agreements, representations and warranties made herein
shall survive the consummation of the purchase of the Transferred Student Loans;
provided, however, that to the extent any of the same relate to a corresponding
covenant, agreement, representation or warranty contained in a Student Loan
Purchase Agreement, the same shall survive to the extent that such corresponding
covenant, agreement, representation or warranty survives the applicable Student
Loan Purchase Agreement. All covenants, agreements, representations and
warranties made or furnished pursuant hereto by or for the benefit of the Seller
shall bind and inure to the benefit of any successors or assigns of the
Purchaser, including the Indenture Trustee and the Grantor Trustee. This Sale
Agreement may be changed, modified or discharged, and any rights or obligations
hereunder may be waived, only by a written instrument signed by a duly
authorized officer of the party against whom enforcement of any such waiver,
change, modification or discharge is sought. The waiver by the Indenture
Trustee, at the direction of the Noteholders (pursuant to the Indenture), and
the Grantor Trustee, at the direction of the Certificateholders (pursuant to the
Grantor Trust Agreement), of any covenant, agreement, representation or warranty
required to be made or furnished by the Seller or the waiver by the Indenture
Trustee, at the direction of the Noteholders (pursuant to the Indenture), and
the Grantor Trustee, at the direction of the Certificateholders (pursuant to the
Grantor Trust Agreement), of any provision herein contained shall not be deemed
to be a waiver of any breach of any other covenant, agreement, representation,
warranty or provision herein contained, nor shall any waiver or any custom or
practice which may evolve between the parties in the administration of the terms
hereof, be construed to lessen the right of the Indenture Trustee, at the
direction of the Noteholders (pursuant to the Indenture), and the Grantor
Trustee, at the direction of the Certificateholders (pursuant to the Grantor
Trust Agreement), to insist upon the performance by the Seller in strict
accordance with said terms.

                                   ARTICLE X
                      COMMUNICATION AND NOTICE REQUIREMENTS

         All communications, notices and approvals provided for hereunder shall
be in writing and mailed or delivered to the Seller or the Purchaser, as the
case may be. Notice given in any such

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<PAGE>

communication, mailed to the Seller or the Purchaser by appropriately addressed
registered mail, shall be deemed to have been given on the day following the
date of such mailing and shall be addressed as follows:

                  If to the Purchaser, to:

                           The National Collegiate Student Loan Trust [____]
                           c/o [___________________], as Owner Trustee
                           [Address of Owner Trustee]
                           Attention:  [___________]

                  If to the Seller, to:

                           The National Collegiate Funding LLC
                           c/o First Marblehead Data Services, Inc.
                           230 Park Avenue, 10th Floor
                           New York, NY 10169
                           Attention:  [__________]

                           with a copy to:

                           First Marblehead Corporation
                           The Prudential Tower
                           800 Boylston Street - 34th Floor
                           Boston, MA 02199-8157
                           Attention: [__________]

or to such other address as either party shall have provided to the other
parties in writing. Any notice required to be in writing hereunder shall be
deemed given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above.

                                   ARTICLE XI
                                    AMENDMENT

         This Sale Agreement may be amended by the parties hereto without the
consent of the related Securityholders for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Sale
Agreement or of modifying in any manner the rights of such Securityholders;
provided that such action will not, in the opinion of counsel satisfactory to
the Indenture Trustee and the Grantor Trustee, materially affect the interest of
any such Securityholder.

         In addition, this Sale Agreement may also be amended from time to time
by the Seller and the Purchaser, with the consent of the Noteholders of the
Notes evidencing a majority of the Outstanding Amount of the Notes and the
consent of the Certificateholders of the Certificates evidencing a majority of
the Outstanding Amount of the Certificates, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Sale Agreement or of modifying in any manner the rights of the Noteholders
or the Certificateholders,

                                       5
<PAGE>

respectively; provided, however, that no such amendment shall (a) increase or
reduce in any manner the amount of, or accelerate or delay the time of,
collections of payments with respect to Transferred Student Loans or
distributions that shall be required to be made for the benefit of the
Securityholders or (b) reduce the aforesaid percentage of the Outstanding Amount
of the Notes or the Certificates, the Noteholders or the Certificateholders of
which are required to consent to any such amendment, without the consent of all
outstanding Noteholders or Certificateholders, respectively.

         Promptly after the execution of any such amendment or consent (or, in
the case of the Rating Agencies, five Business Days prior thereto), the
Purchaser shall furnish written notification of the substance of such amendment
or consent to the Indenture Trustee, the Grantor Trustee and each of the Rating
Agencies.

         It shall not be necessary for the consent of Securityholders pursuant
to this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof.

         Prior to the execution of any amendment to this Sale Agreement, the
Owner Trustee shall be entitled to receive and rely upon an opinion of counsel
stating that execution of such amendment is authorized or permitted by this Sale
Agreement, the Owner Trustee may, but shall not be obligated to, enter into any
such amendment which affects the Owner Trustee's own rights, duties or
immunities under this Sale Agreement or otherwise.

                                  ARTICLE XII
                                   ASSIGNMENT

         The Seller hereby assigns its entire right, title and interest as
purchaser under this Sale Agreement and the Student Loan Purchase Agreement
thereunder to the Purchaser as of the date hereof and acknowledges that the
Purchaser will assign the same, together with the right, title and interest of
the Purchaser hereunder, to the Indenture Trustee under the Indenture.

                                  ARTICLE XIII
                                  GOVERNING LAW

         THIS SALE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTIONS 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, BUT OTHERWISE WITHOUT REGARD TO CONFLICT
OF LAW PRINCIPLES, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES,
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                  ARTICLE XIV
                    LIMITATION OF LIABILITY OF OWNER TRUSTEE

         Notwithstanding anything contained herein to the contrary, this
instrument has been executed by [__________________], not in its individual
capacity but solely in its capacity as Owner Trustee of the Purchaser, and in no
event shall [__________________] in its individual capacity or any beneficial
owner of the Purchaser have any liability for the representations,

                                       6
<PAGE>

warranties, covenants, agreements or other obligations of the Purchaser
hereunder, as to all of which recourse shall be had solely to the assets of the
Purchaser. For all purposes of this Sale Agreement, in the performance of any
duties or obligations of the Purchaser hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles VIII, IX and X of the Trust Agreement.

                            [Signature Pages Follow]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Sale Agreement
to be duly executed by their respective officers hereunto duly authorized, as of
the day and year first above written.

                                 THE NATIONAL COLLEGIATE FUNDING LLC, as
                                 Seller

                                 By: GATE Holdings, Inc., Member

                                 By:_______________________________________
                                    Name:
                                    Title:

                                 THE NATIONAL COLLEGIATE STUDENT LOAN
                                 TRUST [______], as Purchaser

                                 By: [___________________________________],
                                     not in its individual capacity but solely
                                     as Owner Trustee

                                     By:___________________________________
                                        Name:
                                        Title:

<PAGE>

                                   SCHEDULE A
                                Pool Supplements

o

<PAGE>

                                   SCHEDULE B
                        Student Loan Purchase AgreementsExhibit 10.1

                                                                  EXECUTION COPY

                      2004 EXTENSION AND FUNDING AGREEMENT

         This 2004  Extension  and Funding  Agreement  (the "2004  Extension and
Funding  Agreement"  or  "Agreement")  is  entered  into  as of the  8th  day of
September,  2004, by and among:  (1) Dell  Financial  Services  L.P., a Delaware
limited partnership  ("DFS"); (2) Dell Credit Company L.L.C., a Delaware limited
liability  company  ("General  Partner");  (3) DFS-SPV L.P., a Delaware  limited
partnership  ("DFS-SPV");  (4) DFS-GP, Inc., a Delaware corporation  ("DFS-GP");
(5) Dell Inc. , a Delaware  corporation  ("Dell");  (6) Dell Gen.  P.  Corp.,  a
Delaware  corporation  ("Dell Gen.  P."); (7) Dell DFS  Corporation,  a Delaware
corporation  ("Dell DFS"); (8) CIT Group Inc., a Delaware  corporation  ("CIT");
(9) CIT Financial USA, Inc., a Delaware corporation ("CIT Financial");  (10) CIT
DCC Inc.,  a Delaware  corporation  ("CIT  DCC");  (11) CIT DFS Inc., a Delaware
corporation ("CIT DFS"); (12) CIT Communications Finance Corporation, a Delaware
corporation  ("CIT  Communications");  and (13) CIT  Credit  Group USA  Inc.,  a
Delaware  corporation  ("CIT  USA")  (collectively  referred  to  herein  as the
"Parties").

                                    RECITALS:

         WHEREAS,  the Parties wish to extend the term of the DFS  Agreement (as
defined below) and amend the provisions thereof in certain respects; and

         WHEREAS,  the Parties  desire to amend and modify certain other related
agreements as set forth herein.

         NOW,  THEREFORE,  in  consideration  of the mutual  promises  contained
herein  and  for  other  good  and  valuable  consideration,   the  receipt  and
sufficiency of which are hereby acknowledged, the Parties agree as follows:

<PAGE>

         1.  Definitions.  Unless otherwise  provided herein,  capitalized terms
shall have the  meanings  set forth below or in the  provisions  and recitals of
this Agreement:

      "Affiliate" has the meaning set forth in the DFS Agreement.

      "Ancillary  Agreements"  has the meaning  set forth in the DFS  Agreement,
excluding this Agreement.

      "Business Day" has the meaning set forth in the DFS Agreement.

      "CIT Aggregate Interest" has the meaning set forth in the DFS Agreement.

      "CIT Bank" means CIT Bank N.A., a Utah industrial loan corporation  having
its principal location in Salt Lake City, Utah.

      "CIT Funding  Payment(s)" means the Quarterly CIT Funding Payments and the
Dell  Initiated  Lump Sum  Funding  Payment,  as  applicable,  as such terms are
defined in Section 3 of this Agreement.

      "CIT Termination Event" has the meaning set forth in the DFS Agreement.

      "Dell Purchase Option" has the meaning set forth in the DFS Agreement.

      "Dell's Public  Segment"  means that portion of the Dell business  segment
(howsoever  described or  organized in the future) that offers Dell  products to
federal, state and local governments.

      "Financing" or "Financing Services" means the offering or providing of
financings of the sale or the provision of products to customers, including,
without limitation, by means of leases, installment sales contracts, and
conditional sales contracts and loans (whether secured or unsecured).

      "Fiscal Year" has the meaning set forth in the DFS Agreement.

      "Funding  Mix" means the  allocation  of  Gain-Generated  Funding  between
various  customers,  based upon (i) the Dell customer  segment,  and (ii) credit
profile.

      "Funding  Termination  Factor" means a percentage to be agreed upon by the
Parties.

      "Gain-Generated  Funding" means any Transaction  funded through an RPU (as
defined in the Reserve Administration Agreement).

      "IDC" means International Data Corporation, or its successor entity.

      "Limited  Liability Company Agreement" means the Limited Liability Company
Agreement of Dell Credit  Company  L.L.C.,  dated April 12, 1997, by and between
Dell Gen P. Corp and CIT DCC Inc., as amended.

      "PCs" means desktops, notebooks, ultra portables, and X86 servers.

      "Omnibus Agreement" has the meaning set forth in the DFS Agreement.

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<PAGE>

      "Operating  and  Purchase  Agreement"  has the  meaning  set  forth in the
Omnibus  Agreement,  as such  Operating and Purchase  Agreement has been amended
from time to time.

      "Reserve  Administration   Agreement"  means  the  Reserve  Administration
Agreement,  entered into as of the 8th day of  September,  2004,  by and between
Dell and CIT and the other parties thereto.

      "Transactions" means leases and loans booked on the DFS system of record.

         2.  Amendment and  Restatement  of Agreement of Limited  Partnership of
DFS. The Agreement of Limited Partnership of DFS, dated as of April 14, 1997, as
amended, shall be amended and restated in the form attached hereto as Exhibit A,
and such  agreement,  as amended and  restated is referred to herein as the "DFS
Agreement."

         3. Funding Arrangements.

         (a) Funding Rights. Subject to the provisions below, CIT shall have the
         right to  purchase  Gain-Generated  Funding in each  Fiscal  Year in an
         amount equal to the percentage of DFS total  Gain-Generated  Funding as
         set forth on  Schedule A (such  right will be referred to herein as the
         "CIT Minimum Funding  Right").  In addition,  subject to the provisions
         below, Dell shall have the right to purchase  Gain-Generated Funding in
         each Fiscal  Year to the extent not covered by the CIT Minimum  Funding
         Right  (such   right,   expressed   as  a   percentage   of  DFS  total
         Gain-Generated  Funding will be referred to herein as the "Dell Funding
         Right";  and the Dell Funding  Right and the CIT Minimum  Funding Right
         are  collectively  referred  to  herein  as  the  "Funding  Rights"  or
         individually as a "Funding Right").

         (b) Funding  Term.  The term of the CIT Minimum  Funding Right and Dell
         Funding  Right shall  commence at the beginning of Fiscal Year 2006 and
         terminate at the end of Fiscal Year 2010 (the "Funding Term"). Upon the
         purchase of the CIT Aggregate Interest by Dell, the CIT Minimum Funding
         Right shall remain in effect through the expiration of the Funding Term
         unless Dell  exercises  the Funding  Termination  Option (as defined in
         Section 3(g)  hereof).  From the date Dell  acquires the CIT  Aggregate
         Interest, pursuant to the DFS Agreement, through the end of the Funding
         Term,  Dell  covenants as to itself and its  Affiliates to (A) preserve
         the  DFS and  DFS-SPV  business  structure,  operate  DFS and  DFS-SPV,
         respectively,  as separate  legal  entities and not merge,  sell assets
         (outside the ordinary course of business),  dissolve or otherwise alter
         the legal structure of DFS and DFS-SPV (except that Dell may seek CIT's
         consent to do any of the aforementioned  actions and such consent shall
         not be  unreasonably  withheld as long as such  actions will not have a
         negative  effect,  financial  or  otherwise,  on  CIT  or  any  of  its
         Affiliates);  and (B)  cause  the  business  of DFS and  DFS-SPV  to be
         conducted in good faith and in the ordinary course consistent with past
         practice in a manner  such that Dell does not take any action  designed
         to enhance Dell's  profitability  at the financial  detriment of CIT or
         its Affiliates.  Notwithstanding the provisions of any of the Ancillary
         Agreements,  none  of  the  Ancillary  Agreements  shall  automatically
         terminate  upon  the  purchase  by Dell of the CIT  Aggregate  Interest
         pursuant to the terms of the DFS Agreement, but instead such agreements
         (including this Agreement) shall remain in

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<PAGE>

         effect to the  extent  necessary  to  enable  CIT to  exercise  its CIT
         Minimum  Funding Right on the same terms and conditions as contemplated
         in this Agreement.

         (c) Dell Incremental  Funding Right. If Dell (including any assignee of
         Dell pursuant to Section 3(d) of this  Agreement) does not exercise its
         full Dell Funding  Right in a given Fiscal Year,  it shall be permitted
         to purchase in the next Fiscal  Year an  incremental  amount  above its
         Dell Funding Right for such Fiscal Year up to the amount (not to exceed
         in dollar value 5% of DFS total Gain-Generated  Funding in the previous
         Fiscal Year) by which Dell did not achieve its full Dell Funding  Right
         in the previous Fiscal Year. Conversely,  Dell (including any assignees
         of Dell  pursuant to Section  3(d) of this  Agreement)  may purchase an
         amount of  Gain-Generated  Funding  in excess of its full Dell  Funding
         Right in a given  Fiscal  Year  (other  than  Fiscal Year 2010) (not to
         exceed in dollar value 5% of DFS's total Gain-Generated Funding in such
         Fiscal Year) (the "Incremental  Funding Right"), and to the extent Dell
         exercises its Incremental  Funding Right, the CIT Minimum Funding Right
         in such Fiscal Year shall be  accordingly  reduced;  provided  that the
         Dell Funding Right for the subsequent Fiscal Year shall be reduced by a
         like  dollar  amount,  and  CIT  shall  have  the  right,  but  not the
         obligation,  to purchase  any portion of such amount of  Gain-Generated
         Fundings in such subsequent  Fiscal Year in addition to the CIT Minimum
         Funding  Right in such  subsequent  Fiscal Year (the "CIT Funding Right
         Adjustment") and the Dell Funding Right in such subsequent  Fiscal Year
         shall be accordingly  reduced. By way of example, if Dell purchased 19%
         of DFS total  Gain-Generated  Funding in Fiscal Year 2006,  it would be
         permitted   to  purchase  in  Fiscal  Year  2007,   35%  of  DFS  total
         Gain-Generated  Funding for Fiscal Year 2007 plus an additional  amount
         of DFS total  Gain-Generated  Funding  for Fiscal Year 2007 equal to 5%
         (and not 6%, as the Dell  Incremental  Funding is limited to 5%) of DFS
         total Gain-Generated  Funding for Fiscal Year 2006. Similarly,  if Dell
         purchased 29% of DFS total Gain-Generated  Funding in Fiscal Year 2006,
         it would be  permitted to purchase in Fiscal Year 2007 up to 35% of DFS
         total Gain-Generated Funding for Fiscal Year 2007 less an amount of DFS
         total Gain-Generated  Funding for Fiscal Year 2007 equal to 4% of total
         Gain-Generated  Funding  for Fiscal  Year 2006  (with  such  subtracted
         dollar amount equaling the CIT Funding Right Adjustment for Fiscal Year
         2007).

         (d) Assignment of Funding Right.

            (i) Dell,  at its sole  discretion,  shall  have the right to assign
            some or all of its Dell Funding Right  (including  its right to make
            incremental purchases pursuant to Section 3(c) of this Agreement) in
            any given Fiscal Year to a third party; provided,  however, that CIT
            will have a right to match the terms  offered  to Dell by such third
            party and  substitute  such third party as the  assignee of the Dell
            Funding Right.

               (A) Prior to assigning  its Dell Funding  Right to a third party,
               Dell shall provide to CIT, in writing,  the terms and  conditions
               upon which such third party will provide funding,

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<PAGE>

               and any other  information  as CIT may  reasonably  request  (the
               "Dell  Funding  Notice").  CIT shall have seven (7) Business Days
               (the "Evaluation Period") upon receipt of the Dell Funding Notice
               to agree to provide such funding on the same terms and conditions
               as described in the Dell Funding Notice; provided,  however, that
               if CIT accepts such terms and  conditions  within the  Evaluation
               Period,  Dell shall be obligated to assign its Dell Funding Right
               to CIT in connection with the  transaction  described in the Dell
               Funding  Notice and provided  further that Dell shall not solicit
               bids from  third  parties or accept  unsolicited  bids from third
               parties  in  connection  with such  transaction.  If CIT does not
               agree in  writing,  prior  to the  expiration  of the  Evaluation
               Period,  to provide  funding on the same terms and  conditions as
               set forth in the Dell  Funding  Notice,  Dell may assign its Dell
               Funding  Right  to  such  third  party  on  the  same  terms  and
               conditions described in the Dell Funding Notice.

               (B) If CIT elects to accept the  funding  described  above,  such
               funding  will be  considered  a Dell  funding  for the purpose of
               calculating  the Dell Funding  Right and the CIT Minimum  Funding
               Right.

            (ii) Except with respect to CIT's match right in connection  with an
            assignment by Dell of its Dell Funding Right (as described in clause
            (i) above),  Dell shall have the sole right to determine whether CIT
            may purchase  receivables in excess of its CIT Minimum Funding Right
            and CIT Funding Right Adjustment (where applicable).

         (e) Transaction Allocation and Funding Mix.

            (i) During the Funding  Term,  each of the Dell  Funding Mix and the
            CIT Funding Mix shall be consistent  with the total DFS Funding Mix,
            unless otherwise agreed to by Dell and CIT.

            (ii)  Subject  to  the  foregoing  provisions,   the  allocation  of
            Transactions  between  Dell and CIT (the  "Transaction  Allocation")
            shall be  random.  Neither  party  shall have  preference  as to the
            Transactions to be allocated to it.

               (A)  On  a  monthly  basis,  DFS  shall  determine   whether  the
               Transaction  Allocation resulted in (a) a Funding Mix for each of
               Dell and CIT that reflects the DFS Funding Mix and (b) funding by
               Dell

                                       5
<PAGE>

               and CIT equal to the relevant  Funding Right as exercised by Dell
               and CIT respectively.

               (B)  Notwithstanding  the first  sentence of Section  3(e)(ii) of
               this  Agreement,  if the Transaction  Allocation  after any given
               month (on a  cumulative  basis)  does not  result in the  correct
               Funding  Mix  between  Dell and CIT,  then in the next  month DFS
               shall provide the party that  experienced a Funding Mix shortfall
               with  an   allocation  of   Transactions   that  is  designed  to
               prospectively offset such shortfall (a "Funding Mix Correction").
               The process by which such Funding Mix Corrections  occur shall be
               set forth in a policy (which shall be  consistent  with the terms
               of  this  provision)  to be  adopted  by  the  Parties  and to be
               administered by DFS.

               (C)  Notwithstanding  the first  sentence of Section  3(e)(ii) of
               this  Agreement,  if the Transaction  Allocation  after any given
               month (on a cumulative basis) does not match the relevant Funding
               Right as exercised by Dell and CIT respectively, then in the next
               month DFS shall  provide  the party  that  experienced  a Funding
               Right  shortfall  with  an  allocation  of  Transactions  that is
               designed to prospectively offset such shortfall (a "Funding Right
               Correction");   provided,   however,  that  if  it  is  CIT  that
               experiences  the  shortfall  and CIT does not have a CIT  Funding
               Right  Adjustment in that Fiscal Year, and Dell has not exercised
               its  Incremental  Funding  Right in that Fiscal Year,  no Funding
               Right Correction shall be made,  unless the shortfall  exceeds 5%
               of the DFS total  Gain-Generated  Funding at the end of the month
               (on a  cumulative  basis)  and then  only to the  extent  of such
               excess.  Any  such  shortfall  for CIT up to 5% of the DFS  total
               Gain-Generated Funding, where no Funding Right Correction is made
               by DFS on behalf of CIT, pursuant to the previous sentence, shall
               be  deemed  to be an  exercise  by Dell of its  Dell  Incremental
               Funding   Right.   The  process  by  which  such  Funding   Right
               Corrections  occur shall be set forth in a policy (which shall be
               consistent with the terms of this provision) to be adopted by the
               Parties and to be administered by DFS.

         (f) Dell's Right to Enter into Receivables Purchase Agreements. Dell or
         any subsidiary thereof,  shall have the right to enter into receivables
         purchase  agreements and related  agreements with DFS,  DFS-SPV and CIT
         Bank  under  the  same  terms  and  conditions  as the CIT  Receivables
         Purchase  Agreement,  as amended;  the Commercial  Loan CIT Receivables
         Purchase Agreement, as amended; the DPA Receivables Purchase Agreement,
         as amended;  the DPA Servicing  Agreement,  as amended; and the DPA Sub
         Servicing Agreement, as amended; and any other

                                       6
<PAGE>

         agreements as are necessary to effectuate  the terms and  conditions of
         this Agreement.

         (g) Termination of CIT Minimum Funding Right.  Upon the occurrence of a
         CIT Termination  Event pursuant to Section  8.1(a)(vi) (a CIT Change of
         Control)  of the DFS  Agreement,  and the  exercise by Dell of its Dell
         Purchase Option pursuant to the terms of the DFS Agreement,  Dell shall
         have the right  through the  duration of the Funding  Term to terminate
         the CIT  Minimum  Funding  Right  theretofore  unexercised  by CIT (the
         "Funding  Termination  Option");  provided,  however,  that Dell  shall
         provide  CIT six (6)  months  prior  written  notice  of its  intent to
         exercise  the  Funding  Termination  Option  and  will  pay CIT the CIT
         Funding Payment(s) as defined below. The date on which Dell effectively
         exercises its Funding Termination Option shall be referred to herein as
         the "Funding Termination Date."

               (A)  CIT  Funding  Payment(s).  If  Dell  exercises  the  Funding
               Termination  Option in accordance with this Agreement,  then Dell
               shall pay to CIT the Quarterly  CIT Funding  Payments (as defined
               below);  provided,  however,  that after  February 1, 2008,  Dell
               shall pay to CIT the Dell Lump Sum  Funding  Payment  (as defined
               below) (the Quarterly CIT Funding  Payments and the Dell Lump Sum
               Funding  Payment are referred to herein  collectively as the "CIT
               Funding Payment(s)").

               (B) The "Quarterly CIT Funding  Payments"  shall be payments made
               within 15  Business  Days after the end of each  Fiscal  Quarter,
               beginning from the end of the Fiscal Quarter in which the Funding
               Termination  Date occurs  through  the end of the  Funding  Term,
               equal to the maximum  amount of  Gain-Generated  Funding that CIT
               could have  purchased  pursuant to the CIT Minimum  Funding Right
               for  the  relevant  Fiscal  Year if Dell  had not  exercised  its
               Funding  Termination Option, and calculated on a quarterly basis,
               multiplied by the Funding Termination Factor. The first Quarterly
               CIT Funding  Payment  shall be  calculated on a pro rata basis to
               account for the time within the relevant  Fiscal Quarter in which
               the Funding Termination Date occurred.

               (C) The "Dell Lump Sum Funding  Payment" shall be an amount equal
               to the present value of the total unexercised  amounts of the CIT
               Minimum  Funding  Right as of the later of either (i) the Funding
               Termination  Date, or (ii) the end of the last Fiscal Quarter for
               which Dell made a Quarterly  CIT Funding  Payment,  (the later of
               either  such date  referred  to  herein as the "Lump Sum  Payment
               Date"),  through the end of the Funding Term (based in good faith
               upon the actual DFS business  plan and the Dell volume  forecast,
               both  as  available  at that  time),  multiplied  by the  Funding
               Termination  Factor,  and then discounted to the Lump Sum Payment
               Date at 8.5% per annum.

                                       7
<PAGE>

         4. Exclusivity.

         (a) Section 4 of the Master  Agreement,  as amended by Section  7(d) of
         the Omnibus  Agreement,  is hereby deleted in its entirety and replaced
         with the following:

            "4. CIT's Exclusivity Covenants.

               (a)  Until the  earlier  of (i)  February  1,  2008,  or (ii) the
               occurrence  of a  CIT  Termination  Event  described  in  Section
               8.1(a)(vi) (a CIT Change of Control) of the DFS Agreement and the
               exercise by Dell of the Dell Purchase Option,  CIT shall not, and
               shall  cause  each  of  its  Affiliates   not  to,   directly  or
               indirectly,  enter  into  any  new  agreements,  arrangements  or
               understandings  relating to the provision in the United States of
               financings of the sale or the provision of products, including by
               means of leases,  installment sales contracts,  conditional sales
               contracts,  loans  (whether  secured or  unsecured)  and  related
               financial  services  (including  asset  management,  tracking and
               recovery services, refurbishing, remarketing and rental programs)
               (a "Competitive  Business") (such financing referred to herein as
               "Financing Services") to any Dell Competitor.

               (b) For purposes hereof, "Dell Competitor" is defined as follows:

                        (1)  Until February  2, 2007,  the  following  companies
                        reflected  on the "PC Tracker  Report"  published by IDC
                        (or if such PC  Tracker  Report  does not  exist at such
                        time, the nearest  equivalent list as determined jointly
                        by Dell and CIT at such time (the  "Substitute  List")):
                        (i) "Top Ten Vendors,  Worldwide PC Shipments"; and (ii)
                        "Top Ten Vendors, USA PC Shipments." Notwithstanding the
                        foregoing,  none of  Toshiba,  Apple  and Acer  shall be
                        considered a Dell Competitor.

                        (2)  Subsequent  to  February  2,  2007,  the  following
                        companies reflected on the "PC Tracker Report" published
                        by IDC (or if such PC Tracker  Report  does not exist at
                        such  time,  the  Substitute  List):  (i) the  top  five
                        vendors  listed  on  "Top  Ten  Vendors,   Worldwide  PC
                        Shipments"; and (ii) the top five vendors listed on "Top
                        Ten  Vendors,  USA PC  Shipments."  Notwithstanding  the
                        foregoing,  none of  Toshiba,  Apple  and Acer  shall be
                        considered a Dell Competitor.

                                       8
<PAGE>

                        (3)  If, at any time, CIT provides Financing Services to
                        a party that is not at that time a Dell Competitor, then
                        that  party  will  not  be   considered  to  be  a  Dell
                        Competitor  at any time in the future even if such party
                        subsequently  appears  on  any of  the  lists  described
                        above.

                        (4) Dell covenants that it will provide to CIT, promptly
                        after they become available, copies of and access to the
                        PC Tracker Report or the Substitute List;  provided that
                        until CIT  receives  an  updated  PC  Tracker  Report or
                        Substitute  List, CIT shall  rightfully rely on the last
                        PC Tracker Report or Substitute List provided by Dell.

               (c) Notwithstanding the foregoing,  the restrictions set forth in
               this  Section 4 shall not impair,  affect or  interfere  with the
               ability of CIT or any of its Affiliates to:

                        (1)  provide Financing  Services to any Dell Competitor,
                        provided  that CIT or the CIT  Affiliates  does not: (i)
                        provide   pricing  terms  that  are  better  than  those
                        provided to DFS or DFS-SPV as  applicable;  (ii) provide
                        financing on a private label basis; and/or (iii) provide
                        residual financing to the Dell Competitors;

                        (2)  effect  any   fundings  or  the   purchase  of  any
                        transactions originated outside the United States;

                        (3)  provide  Financing   Services  in  accordance  with
                        Section 6(c) of the Operating and Purchase Agreement; or

                        (4)  provide  Financing  Services  to a Dell  Competitor
                        without   restriction   for  the  purpose  of  financing
                        products   other   than   desktops,   notebooks,   ultra
                        portables, and X86 servers."

            (ii) Section 7(e) of the Omnibus  Agreement is hereby  deleted in it
            entirety.

                                       9
<PAGE>

         5. Transition Expenses.  Beginning at the Effective Date, DFS shall pay
for all Transition Expenses (as defined below) and Dell shall promptly reimburse
DFS for any costs  incurred by DFS that are  commercially  unreasonable  and not
reasonably  required in order to transition DFS to a more  integrated  financing
entity (the  "Transition");  provided,  however,  that until such a time as Dell
purchases  the CIT  Aggregate  Interest,  all  Transition  Expenses in excess of
$100,000,  individually or in the aggregate,  shall require a Supermajority Vote
(as  defined in the  Limited  Liability  Company  Agreement).  For the  purposes
hereof,  a "Transition  Expense" is any dollar expense amount that (i) would not
have  been  incurred  by DFS  absent  the  Transition;  and  (ii) is  reasonably
necessary in order to carry out such Transition.

         6. Governance of DFS.

         (a) Section 1.1 of the Limited Liability  Company  Agreement  (entitled
Definitions) shall be amended by:

         (i) adding the following definition in the proper alphabetical order:

         "Dell's Public Segment" means that portion of the Dell business segment
(howsoever  described or  organized in the future) that offers Dell  products to
federal, state and local governments.

         "Operating  and Purchase  Agreement"  means the  Operating and Purchase
Agreement, dated April 17, 1997, by and between Dell Inc. and DFS, as amended.

         "DFS-SPV  Credit  Agreement"  means  the  Credit  Agreement,  effective
October 31, 1998,  between  DFS-SPV (as  Borrower)  and CIT DFS (as Lender),  as
amended.

         (ii) deleting the definition of "Ancillary  Agreement" and replacing it
with the following:

         "Ancillary  Agreement"  has the  meaning  set forth in the DFS  Limited
Partnership Agreement and includes the DFS Limited Partnership Agreement.

         (iii)  deleting the definition of "DFS Limited  Partnership  Agreement"
and replacing it with:

         "DFS  Limited  Partnership  Agreement"  means the Amended and  Restated
Limited  Partnership  Agreement of Dell Financial Services L.P., dated September
8, 2004, by and between the Company,  Dell DFS  Corporation and CIT DFS Inc., as
amended from time to time.

         (v) deleting the  following  defined terms in their  entirety:  "Credit
Agreement"; Master Agreement"; "Receivables Purchase Agreement";

         (b) Deleting any reference in the Limited  Liability  Company Agreement
to Newcourt DCC Inc. and replacing it with CIT DCC Inc.  (which shall be defined
therein as "CIT") and correspondingly replacing the term Newcourt Directors with
CIT Directors.

         (c) Section 5.8 of the Limited Liability  Company  Agreement  (entitled
Decisions of the Board)  shall be deleted in its entirety and replaced  with the
following:

                                       10
<PAGE>

         "5.8 Decisions of the Board.

            (a) Normal  Decisions.  Subject to the provisions of Section 5.8(b),
(c) and (d), any decision or action of the Board shall require a Normal Vote.

            (b) Decisions Requiring Supermajority Vote.

            (i)   Actions   of  the   Company   as   General   Partner  of  DFS.
Notwithstanding the provisions of Section 5.8(a), the Company in its capacity as
General  Partner of DFS shall not take,  and shall not cause DFS to take, any of
the following actions without a Supermajority Vote:

                  (A) Authorizing,  approving or making a pledge, hypothecation,
            encumbrance  or other  voluntary  grant or  conveyance of a security
            interest in any of DFS's assets other than pursuant to the terms and
            provisions of any of the Ancillary Agreements;

                  (B)  Authorizing,  approving or making a Transfer  (whether by
            sale,    assignment,    merger,    consolidation,    reorganization,
            recapitalization  or otherwise) of all or substantially all of DFS's
            assets other than pursuant to the terms and provisions of any of the
            Ancillary Agreements;

                  (C) Except as provided in Section 5.8(d)(ii)(B),  authorizing,
            approving or making an amendment,  supplement or  modification to or
            termination or waiver of any of the terms,  conditions or provisions
            of any Ancillary Agreement;

                  (D)  Authorizing  or approving a "Partner Loan" (as defined in
            the DFS Limited  Partnership  Agreement)  other than pursuant to the
            terms and provisions of any of the Ancillary Agreements;

                  (E)  Authorizing,  approving  or making a  "Distribution"  (as
            defined in the DFS  Limited  Partnership  Agreement)  to any Partner
            other than in the manner  set forth in the DFS  Limited  Partnership
            Agreement or authorizing or approving the  suspension,  reduction or
            other restriction of a "Distribution" (as defined in the DFS Limited
            Partnership Agreement) pursuant to Section 4.2(c) of the DFS Limited
            Partnership Agreement;

                  (F) Authorizing,  approving or making a material change in the
            DFS Businesses;

                  (G) Authorizing, approving or making a material acquisition by
            DFS of  assets  or  capital  stock or other  ownership  interest  in
            another Person;

                  (H)  Authorizing  or approving the admission of, or admitting,
            additional  Partners to DFS other than the admission of a Substitute
            Partner pursuant to the terms,  conditions and provisions of the DFS
            Limited Partnership Agreement;

                                       11
<PAGE>

                        (I)  Authorizing  or approving a dissolution of DFS or a
            DFS Liquidation  other than pursuant to the terms of the DFS Limited
            Partnership Agreement;

                        (J) Selecting from time to time the independent auditors
            for DFS;

                        (K)  Authorizing  or approving any  modification  to the
            Funding  Administrative  Fee Percentages (as such term is defined in
            the DFS Limited  Partnership  Agreement)  for each  Fiscal  Quarter;
            provided that any such  modification  must be approved  prior to the
            end of each Fiscal Quarter and no approved  modification  shall have
            retroactive effect to the prior Fiscal Quarter;

                        (L)  Authorizing  or approving any  modification  to the
            Bonus  Referral  Fee (as such term is defined in the  Operating  and
            Purchase Agreement) for each Fiscal Quarter;  provided that any such
            modification  must be  approved  prior  to the  end of  each  Fiscal
            Quarter and no approved  modification  shall have retroactive effect
            to the prior Fiscal Quarter; or

                        (M) The  adoption,  implementation  and  maintenance  of
            administrative and accounting software systems for DFS;

                        (O)   Authorizing  or  approving  any   modification  or
            amendment with respect to the past  accounting  practices,  policies
            and procedures of DFS;

                        (P)   Authorizing  or  approving  any   modification  or
            amendment to the past practices, policies and procedures of DFS with
            respect to late fees on consumer and commercial accounts,  including
            those  relating to  assessment,  application  and collection of late
            fees,  unless such  modifications or amendments are required by law;
            or

                        (Q)  The  adoption,   implementation,   management   and
            suspension of any collections or repossession  policies,  procedures
            or activities of DFS.

            (ii)  Other  Actions.  Notwithstanding  the  provisions  of  Section
5.8(a), the Company shall not take, and the Board shall not cause the Company to
take, any of the following actions without a Supermajority Vote:

                        (A)   Authorizing,   approving   or   making  a  pledge,
            hypothecation, encumbrance or other voluntary grant or conveyance of
            a security interest in any of the Company's Property;

                        (B) Authorizing, approving or making a Transfer (whether
            by  sale,   assignment,   merger,   consolidation,   reorganization,
            recapitalization  or otherwise) of substantially all of the Property
            of the Company;

                        (C) Authorizing or approving a Member Loan;

                                       12
<PAGE>

                        (D) Authorizing, approving or making Distributions other
            than  in the  manner  provided  in  Section  4.2 or  authorizing  or
            approving  the  withholding  of a  Distribution  pursuant to Section
            4.2(c);

                        (E)  Authorizing,  approving or making a material change
            in the Business;

                        (F)   Authorizing,   approving   or  making  a  material
            acquisition of assets or capital stock or other  ownership  interest
            in another Person;

                        (G)  Authorizing  or  approving  the  admission  of,  or
            admitting,   additional  Members  to  the  Company  other  than  the
            admission of a Substitute  Member pursuant to the terms,  conditions
            and provisions of Section 7.2;

                        (H)   Authorizing   or   approving  a   dissolution   or
            Liquidation  of the Company other than pursuant to the terms of this
            Agreement; or

                        (I) Selecting from time to time the independent auditors
            for the Company.

                  (c)  Decisions  Requiring  Approval  of Only  Dell  Directors.
         Notwithstanding the provisions of Section 5.8(a), the following actions
         of the Company  shall  require  only the  approval of the Voting  Block
         consisting of the Dell Directors:

                        (i) Organizing,  or causing the organization of, the DFS
            Business into segments and arranging,  rearranging  or  reorganizing
            such segments, or adding or deleting segments,  from time to time in
            order  to  reflect  the  organization  and  division  of Dell  Inc's
            marketing and sales efforts; and

                        (ii)  Authorizing  or  approving  the  purchase  of, and
            causing DFS to purchase, residual value insurance.

                        (iii)  Authorizing or approving  actions that reasonably
            relate  to the  transition  of DFS  to a more  integrated  financing
            entity (the  "Transition"),  including,  but not limited to, actions
            relating  to  DFS's  operational   funding   capabilities,   systems
            transitions,  IT  decisions,   organizational  structure  and  human
            resources  decisions   (including  all  decisions  regarding  senior
            management);  provided,  however,  that  until  such a time  as Dell
            purchases the CIT Aggregate  Interest (as defined in the DFS Limited
            Partnership  Agreement),  any Transition Expense (whether reasonable
            or commercially unreasonable) in excess of $100,000, individually or
            in the  aggregate,  shall  require  a  Supermajority  Vote.  For the
            purposes  hereof,  a  "Transition  Expense" is any expense  that (i)
            would not have been incurred by DFS absent the Transition;  and (ii)
            is reasonably necessary in order to carry out the Transition.

                        (iv)  Causing  DFS to enter into one or more  agreements
            with  financial  services  vendors  to allow DFS to offer  financial
            services to customers in Dell's Public Segment;  provided,  however,
            that any exclusive arrangement between DFS and any such

                                       13
<PAGE>

            vendor  entered into during the Funding Term (as defined in the 2004
            Extension  and  Funding  Agreement)  shall  require a  Supermajority
            vote."

                  (d)  Decisions  Requiring  Approval  of  Only  CIT  Directors.
         Notwithstanding  the  provisions of Section  5.8(a),  until February 2,
         2007,  the  following  actions of the Company  shall  require  only the
         approval of the Voting Block consisting of the CIT Directors; provided,
         however,  that after February 2, 2007 and until such a time as Dell has
         purchased  the CIT  Aggregate  Interest  pursuant  to the  DFS  Limited
         Partnership  Agreement  the  following  actions  of the  Company  shall
         require a Supermajority Vote:

                        (i)  The  adoption,   implementation,   management   and
            supervision of any credit policies, procedures or activities of DFS;

                        (ii) Any  changes  to the  residual  policies  of DFS or
            DFS-SPV,  including setting the estimated book value of Equipment in
            order to  determine  the  Residual  Investment  (as  defined  in the
            DFS-SPV Credit Agreement).  Although the CIT Directors may use their
            absolute  discretion  in  setting  the  book  value  of a  piece  of
            Equipment in order to determine the Residual Investment,  unless the
            CIT Directors otherwise mandate, the book value of Equipment used to
            determine the Residual Investment shall automatically be adjusted as
            follows:

                              (A)  If the  actual  residual  realization  on all
               Equipment for the past four Fiscal  Quarters of DFS-SPV  (using a
               weighting of 40% for the most recent Fiscal Quarter,  30% for the
               second most recent Fiscal Quarter,  20% for the third most recent
               Fiscal Quarter and 10% for the fourth most recent Fiscal Quarter)
               is less than the anticipated residual realization (as established
               at the time of  inception)  on all  Equipment  for the past  four
               Fiscal   Quarters   of   DFS-SPV   (using   the  same   weighting
               percentages),  the  difference  being the  "Residual  Realization
               Shortfall",  then the book value of  Equipment  used to determine
               the future Residual  Investment  shall  automatically be adjusted
               downward from its then current levels by an amount  determined by
               multiplying the Residual Realization Shortfall by 1.2; and

                              (B)  If the  actual  residual  realization  on all
               Equipment for the past four Fiscal Quarters of DFS-SPV (using the
               same  weighting  percentages  from  above)  is  greater  than the
               anticipated  residual  realization (as established at the time of
               inception) on all Equipment for the past four Fiscal  Quarters of
               DFS-SPV  (using the same  weighting  percentages  from above) the
               difference  being the "Residual  Realization  Overage",  than the
               book value of  Equipment  used to determine  the future  Residual
               Investment  shall  automatically be adjusted upward from its then
               current  levels  by  an  amount  determined  by  multiplying  the
               Residual Realization Overage by .8. Notwithstanding the automatic
               residual  adjustments,  if in the  sole  discretion  of  the  CIT
               Directors additional or contradictory changes are required,  then
               the CIT Directors may ignore the automatic  adjustments  and make
               any adjustments that the CIT Directors deem necessary."

                                       14
<PAGE>

         7. Consumer Lending.  If requested by Dell, CIT shall reasonably assist
DFS in its efforts to create a consumer and small business lending platform. CIT
shall use its best  efforts,  subject to federal,  state or local law,  statute,
ordinance,  rule,  regulation,   judgment,  order,  injunction,  decree,  agency
requirement,  license or permit of any governmental  entity,  to cause CIT Bank,
throughout  the Funding  Term,  to  continue to provide the banking  services it
currently  provides  to DFS and  DFS-SPV  on  substantially  the same  terms and
conditions;  provided, however, that (i) Dell shall be permitted to cause DFS to
discontinue   such  services  and  terminate  any  related   agreement  if  Dell
establishes a consumer and small business lending platform; and (ii) the pricing
for such services shall be market-based and reevaluated on an annual basis.

         8.  Right  to  Systems  and  Data.   CIT  shall  grant  Dell  (and  its
subsidiaries)  and DFS the  right to  purchase  or  license  at fair  value  the
systems, processes and, to the extent assignable,  licenses owned or held by CIT
that may be needed by Dell and DFS to enable DFS to conduct  its  business  as a
more integrated  financing entity.  Subject to applicable  consumer privacy laws
and regulations,  CIT shall grant Dell (and its Affiliates) and DFS the right to
access  and use all CIT  portfolio  data  related  to DFS  that  Dell  (and  its
Affiliates)  and DFS may  reasonably  require in order to operate  DFS as a more
integrated  financing entity (particularly such data and other information as is
needed to allow Dell to  purchase  and sell  receivables).  Notwithstanding  the
foregoing,  CIT may restrict Dell's and DFS's access to information that CIT, at
its  sole  reasonable   discretion,   designates  as  either  "confidential"  or
"competitive".

         9. International Agreements.

         (a) CIT and Dell shall in good faith negotiate an extension of the term
         of that certain Program Agreement entered into between Dell and CIT (or
         their Affiliates) with respect to the provisions of Financing  Services
         to Dell's  customers in Canada,  to be coterminous with the term of the
         DFS Agreement.

         (b) CIT and Dell  shall in good faith  negotiate  an  extension  of the
         UK/Ireland  vendor   relationship  and  existing  vendor   relationship
         agreements in other European  countries to be coterminous with the term
         of the DFS Agreement.

         (c) CIT and Dell shall in good faith  negotiate  the  establishment  of
         exclusive  vendor  agreements  in New Zealand,  Australia  and parts of
         Asia.

         (d) All decisions  regarding  the above  international  agreements  are
         subject to the affirmative  consent of the local Dell business  leaders
         and such  decision-making  process is not subject to the foregoing good
         faith negotiation process.

         (e)  Section  8 of the  Omnibus  Agreement  is  hereby  deleted  in its
         entirety.

         10.  Effect  of  Amendment.  Except as  specifically  set forth in this
Agreement  and the DFS  Agreement,  the terms and  conditions  of the  Ancillary
Agreements  shall control the rights and obligations of the Parties  relating to
all aspects of the program. In the event of a conflict between the provisions of
this  Agreement or the DFS Agreement and any of the  Ancillary  Agreements,  the
provisions  of this  Agreement and the DFS Agreement  shall  control;  provided,

                                       15
<PAGE>

however,  that  to the  extent  not  explicitly  amended  by the  terms  of this
Agreement or the DFS  Agreement,  all of the  remaining  terms,  conditions  and
provisions of the Ancillary Agreements shall remain in full force and effect and
shall be read and interpreted as though the terms,  conditions and provisions of
this  Agreement  and  the DFS  Agreement  had  been  included  in the  Ancillary
Agreements effective as of the date of this Agreement.

         11.  Further  Assurances.  The  Parties  agree that they will take such
further  actions and make such further  amendments to the  Ancillary  Agreements
(and related agreements, as applicable) as are necessary or appropriate to fully
carry out and  implement the intent of the various  amendments  included in this
Agreement and the DFS Agreement.

         12. Multiple Counterparts and Facsimile. This Agreement may be executed
in one or  more  counterparts,  each  of  which  shall  be  deemed  an  original
instrument,  but all of  which  together  shall  constitute  one  and  the  same
agreement,  and shall  become  binding when one or more  counterparts  have been
executed  and  delivered  by each of the  Parties.  Facsimile  signatures  shall
constitute original signatures for purposes of this Agreement.

         13. Governing Law. This Agreement shall be governed by and construed in
accordance with the domestic laws of the State of Delaware without giving effect
to any choice or  conflict  of law  provision  or rule  (whether of the State of
Delaware or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Delaware.

         14.  Amendments  and Waivers.  No  amendment  of any  provision of this
Agreement  shall be valid unless the same shall be in writing and signed by both
Dell and CIT. No waiver by any Party of any  provision of this  Agreement or any
default, misrepresentation, or breach of warranty or covenant hereunder, whether
intentional  or not,  shall be valid  unless the same  shall be in  writing  and
signed by the Party making such waiver nor shall such waiver be deemed to extend
to any prior or subsequent default, misrepresentation,  or breach of warranty or
covenant  hereunder  or affect in any way any  rights  arising  by virtue of any
prior or subsequent  such default,  misrepresentation,  or breach of warranty or
covenant.

         15.  Severability.  Any term or  provision  of this  Agreement  that is
invalid or unenforceable  in any situation in any jurisdiction  shall not affect
the validity or  enforceability  of the remaining terms and provisions hereof or
the validity or  enforceability  of the offending term or provision in any other
situation or in any other jurisdiction.

         16.  Notices.  All  notices,  requests,   demands,  claims,  and  other
communications  hereunder  shall be in  writing.  Any notice,  request,  demand,
claim,  or other  communication  hereunder  shall be deemed  duly given (i) when
delivered  personally to the recipient,  (ii) 1 business day after being sent to
the recipient by reputable  overnight courier service (charges  prepaid),  (iii)
one business day after being sent to the recipient by facsimile  transmission or
electronic mail, receipt  confirmed,  or (iv) four (4) Business Days after being
mailed  to the  recipient  by  certified  or  registered  mail,  return  receipt
requested and postage  prepaid,  and addressed to the intended  recipient as set
forth below:

If to Dell or any Dell Affiliate:

One Dell Way
Round Rock, Texas 78682
Attention:  Treasurer:
Fax: (512) 283-9501

                                       16
<PAGE>

with a copy to:

Dell Inc.
One Dell Way
Round Rock, Texas 78682
Attention: General Corporate Counsel
Fax:  (512) 728-3773

If to CIT
1 CIT Drive
Livingston, NJ 07039
Attention: Heidi H. Smith
Vice President
Associate Chief Counsel
Fax: 973-740-5087

with a copy to:

Wachtell, Lipton, Rosen & Katz
51 West 52nd Street
New York, NY 10019
Attention:  Trevor S. Norwitz, Esq.
Fax: 212-403-2000

If to DFS:
J. Kevin Nater, CEO and President
Dell Financial Services L.P.
One Dell Way
Round Rock, Texas 78682
Facsimile:  (512) 728-8252

With a copy to:
General Counsel at the same address

Any Party may change the address to which notices,  requests,  demands,  claims,
and other  communications  hereunder  are to be  delivered  by giving  the other
Parties notice in the manner herein set forth.

         17. Specific  Performance.  Each Party acknowledges and agrees that the
other  Parties would be damaged  irreparably  in the event any provision of this
Agreement is not performed in accordance with its specific terms or otherwise is
breached,  so that a Party  shall be entitled  to  injunctive  relief to prevent
breaches of this  Agreement and to enforce  specifically  this

                                       17
<PAGE>

Agreement and the terms and provisions hereof in addition to any other remedy to
which  such  Party may be  entitled,  at law or in equity.  In  particular,  the
Parties  acknowledge  that the business of DFS and its  Affiliates is unique and
recognize and affirm that in the event Dell or CIT breach this Agreement,  money
damages  would be  inadequate  and Dell or CIT would have no adequate  remedy at
law, so that Dell and CIT shall have the right,  in addition to any other rights
and remedies existing in their respective favor, to enforce their rights and the
other Parties' obligations  hereunder not only by action for damages but also by
action for specific performance, injunctive, and/or other equitable relief.

         18.  Submission  to  Jurisdiction.  Each of the Parties  submits to the
jurisdiction  of any state or federal court sitting in Delaware in any action or
proceeding  arising  out of or relating  to this  Agreement  and agrees that all
claims in respect of the action or proceeding may be heard and determined in any
such court. Each of the Parties waives any defense of inconvenient  forum to the
maintenance of any action or proceeding so brought and waives any bond,  surety,
or other  security  that  might be  required  of any other  Party  with  respect
thereto.  Any Party may make service on any other Party by sending or delivering
a copy of the process to the Party to be served at the address and in the manner
provided for the giving of notices in this Agreement. Nothing in this Agreement,
however,  shall affect the right of any Party to bring any action or  proceeding
arising  out of or  relating  to this  Agreement  in any other court or to serve
legal  process in any other  manner  permitted  by law or at equity.  Each Party
agrees that a final  judgment in any action or  proceeding  so brought  shall be
conclusive  and may be enforced by suit on the  judgment or in any other  manner
provided by law or at equity.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       18
<PAGE>

IN WITNESS  WHEREOF,  the Parties have  executed  this  Agreement as of the date
first written above.

                                    DELL FINANCIAL SERVICES L.P.,
                                    a Delaware limited partnership

                                    By:   /s/ J. Kevin Nater
                                        ----------------------------------------
                                    Name: J. Kevin Nater
                                    Title: CEO and President

                                    DELL CREDIT COMPANY L.L.C.,
                                    a Delaware limited liability company

                                    By:   /s/ J. Kevin Nater
                                        ----------------------------------------
                                    Name: J. Kevin Nater
                                    Title: Chairman of the Board

                                    DFS-SPV L.P., a Delaware limited partnership

                                    By: DFS-GP, Inc.

                                    Its: General Partner

                                    By:   /s/ J. Kevin Nater
                                        ----------------------------------------
                                       Name: J. Kevin Nater
                                       Title: CEO and President

                                    DFS-GP, INC., a Delaware corporation

                                    By:   /s/ J. Kevin Nater
                                        ----------------------------------------
                                    Name: J. Kevin Nater
                                    Title: CEO and President

                                    DELL INC.,
                                    a Delaware corporation

                                    By:   /s/ Brian P. MacDonald
                                        ----------------------------------------
                                    Name: Brian P. MacDonald
                                    Title: Vice President and Treasurer

                                       19
<PAGE>

                                    DELL GEN. P. CORP.,
                                    a Delaware corporation

                                    By:   /s/ Brian P. MacDonald
                                        ----------------------------------------
                                    Name: Brian P. MacDonald
                                    Title: Vice President and Treasurer

                                    DELL DFS CORPORATION,
                                    a Delaware corporation

                                    By:   /s/ Brian P. MacDonald
                                        ----------------------------------------
                                    Name: Brian P. MacDonald
                                    Title: Vice President and Treasurer

                                    CIT GROUP INC.,
                                    a Delaware corporation

                                    By:   /s/ Thomas B. Hallman
                                        ----------------------------------------
                                    Name: Thomas B. Hallman
                                    Title: Vice Chairman

                                    CIT FINANCIAL USA, INC., a Delaware
                                    corporation

                                    By:   /s/ Jeffrey D. Simon
                                        ----------------------------------------
                                    Name: Jeffrey D. Simon
                                    Title: President-Vendor Technology Group

                                    CIT DCC INC., a Delaware corporation

                                    By:   /s/ Jeffrey D. Simon
                                        ----------------------------------------
                                    Name: Jeffrey D. Simon
                                    Title: President

                                    CIT DFS INC., a Delaware corporation

                                    By:   /s/ Jeffrey D. Simon
                                        ----------------------------------------
                                    Name: Jeffrey D. Simon
                                    Title: President

                                       20
<PAGE>

                                    CIT COMMUNICATIONS FINANCE
                                    CORPORATION, a Delaware corporation

                                    By:   /s/ Jeffrey D. Simon
                                        ----------------------------------------
                                    Name: Jeffrey D. Simon
                                    Title: President

                                    CIT CREDIT GROUP USA INC., a Delaware
                                    corporation

                                    By:   /s/ Jeffrey D. Simon
                                        ----------------------------------------
                                    Name: Jeffrey D. Simon
                                    Title: Executive Vice President

                                       21
<PAGE>

                                    Exhibit A
             Amended and Restated DFS Limited Partnership Agreement

         (Attached as Exhibit 10.2 to Form 8-K dated September 8, 2004.)

                                       22
<PAGE>

                                   Schedule A
                            CIT Minimum Funding Right

                         CIT Minimum Funding Right Table

--------------------------------------------------------------------------
            Fiscal Year               CIT Minimum Funding Right Percentage

--------------------------------------------------------------------------
                2006                                  75%

--------------------------------------------------------------------------
                2007                                  65%

--------------------------------------------------------------------------
                2008                                  50%

--------------------------------------------------------------------------
                2009                                  35%

--------------------------------------------------------------------------
                2010                                  25%

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

                                       23

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