Document:

Exhibit 4(xx)

	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 AIRCRAFT MORTGAGE AND SECURITY 

 	
  

 
	
  

 	
 AGREEMENT

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 DATED AS OF DECEMBER __, 2012

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 AMONG

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 THE INITIAL GRANTORS LISTED ON THE

 	
  

 
	
  

 	
 SIGNATURE PAGES HERETO

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 AND

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 THE ADDITIONAL GRANTORS REFERRED TO HEREIN

 	
  

 
	
  

 	
 AS THE GRANTORS

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 AND

 	
  

 
	
  

 	
  

 	
  

 
	
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,

 
	
  

 	
 AS SECURITY TRUSTEE

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 GENERAL ELECTRIC CAPITAL CORPORATION

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 SENIOR SECURED NOTES DUE          AND

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 

CONTENTS 

	
  

 	
  

 	
  

 	
  

 
	
 Clause

 	
  

 	
  

 	
 Page

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE I
 DEFINITIONS

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 1.01.

 	
 Definitions

 	
  

 	
 1

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 1.02.

 	
 Construction
 and Usage

 	
  

 	
 17

 
	
  

 	
  

 	
  

 
	
 ARTICLE II
 SECURITY

 	
  

 	
 18

 
	
  

 	
  

 	
  

 
	
 Section 2.01.

 	
 Grant of
 Security

 	
  

 	
 18

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.02.

 	
 Security for
 Obligations

 	
  

 	
 19

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.03.

 	
 Representations
 and Warranties of the Grantors

 	
  

 	
 19

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.04.

 	
 Grantors Remain Liable

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.05.

 	
 Delivery of
 Collateral; Chattel Paper and “Precautionary” UCC Financing Statements

 	
  

 	
 21

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.06.

 	
 As to the
 Assigned Leases

 	
  

 	
 22

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.07.

 	
 Cash
 Collateral Account

 	
  

 	
 23

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.08.

 	
 Required
 Cape Town Registrations; FAA Filings; Further Assurances

 	
  

 	
 24

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.09.

 	
 Records

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.10.

 	
 International
 Registry Requirements for Leases

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.11.

 	
 Liens

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.12.

 	
 Security
 Trustee Appointed Attorney-in-Fact

 	
  

 	
 29

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.13.

 	
 Security
 Trustee May Perform

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.14.

 	
 Covenant to
 Pay

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.15.

 	
 Delivery of
 Collateral Supplements

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.16.

 	
 Operational
 Covenants

 	
  

 	
 30

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.17.

 	
 Insurance

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.18.

 	
 Changes to
 the Designated Pool; Intermediate Lessees; Additional Grantors

 	
  

 	
 32

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.19.

 	
 Protection
 of Security Interest of the Security Trustee

 	
  

 	
 37

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.20.

 	
 Change of
 Name, etc.

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.21.

 	
 Ownership,
 Operation and Leasing of Pool Aircraft

 	
  

 	
 38

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.22.

 	
 Representations
 Regarding Operation

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.23.

 	
 Compliance
 with Laws, Etc.

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.24.

 	
 Information

 	
  

 	
 39

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 2.25.

 	
 Operation in
 the Ordinary Course

 	
  

 	
 39

 

- i -

	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE III REMEDIES

 	
  

 	
 40

 
	
  

 	
  

 	
  

 
	
 Section 3.01.

 	
 Remedies

 	
  

 	
 40

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.02.

 	
 Priority of
 Payments

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.03.

 	
 Action on
 Instructions

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 3.04.

 	
 Excluded
 Property

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE IV
 SECURITY INTEREST ABSOLUTE

 	
  

 	
 41

 
	
  

 	
  

 	
  

 
	
 Section 4.01.

 	
 Security
 Interest Absolute

 	
  

 	
 41

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 4.02.

 	
 Solvency

 	
  

 	
 42

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE V
 THE SECURITY TRUSTEE

 	
  

 	
 42

 
	
  

 	
  

 	
  

 
	
 Section 5.01.

 	
 Authorization
 and Action

 	
  

 	
 42

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 5.02.

 	
 Representations
 or Warranties

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 5.03.

 	
 Reliance;
 Agents; Advice of Counsel

 	
  

 	
 43

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 5.04.

 	
 Cape Town
 Convention

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 5.05.

 	
 No
 Individual Liability

 	
  

 	
 45

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VI
 SUCCESSOR SECURITY TRUSTEE

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 6.01.

 	
 Resignation
 and Removal of the Security Trustee

 	
  

 	
 46

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 6.02.

 	
 Appointment
 of Successor

 	
  

 	
 46

 
	
  

 	
  

 	
  

 
	
 ARTICLE VII
 INDEMNITY AND EXPENSES

 	
  

 	
 47

 
	
  

 	
  

 	
  

 
	
 Section 7.01.

 	
 Indemnity

 	
  

 	
 47

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 7.02.

 	
 Secured
 Parties’ Indemnity

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 7.03.

 	
 No Compensation
 from Secured Parties

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 7.04.

 	
 Security
 Trustee Fees

 	
  

 	
 48

 
	
  

 	
  

 	
  

 	
  

 
	
 ARTICLE VIII
 MISCELLANEOUS

 	
  

 	
 49

 
	
  

 	
  

 	
  

 
	
 Section 8.01.

 	
 Amendments; Waivers; Etc.

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.02.

 	
 Addresses
 for Notices

 	
  

 	
 49

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.03.

 	
 No Waiver;
 Remedies

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.04.

 	
 Severability

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.05.

 	
 Continuing
 Security Interest; Assignments

 	
  

 	
 50

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.06.

 	
 Release and
 Termination

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.07.

 	
 Compliance
 with TIA

 	
  

 	
 51

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.08.

 	
 Currency
 Conversion

 	
  

 	
 52

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.09.

 	
 Governing
 Law

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.10.

 	
 Jurisdiction;
 Consent to Service of Process

 	
  

 	
 53

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.11.

 	
 Counterparts

 	
  

 	
 54

 

- ii -

	
  

 	
  

 	
  

 	
  

 
	
 Section 8.12.

 	
 Table of
 Contents, Headings, Etc.

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.13.

 	
 Non-Invasive
 Provisions; Engine Substitutions; Certain Collateral Related Matters

 	
  

 	
 54

 
	
  

 	
  

 	
  

 	
  

 
	
 Section 8.14.

 	
 Limited
 Recourse

 	
  

 	
 56

 

SCHEDULES

	
  

 	
  

 
	
 Schedule I

 	
 Aircraft
 Objects

 
	
 Schedule II

 	
 List of
 Trust Agreements

 
	
 Schedule III

 	
 Trade Names

 
	
 Schedule IV

 	
 Location of
 Grantors

 
	
 Schedule V

 	
 Insurance

 
	
 Schedule VI

 	
 Aircraft
 Leases

 
	
  

 	
  

 
	
 EXHIBITS

 	
  

 
	
  

 	
  

 
	
 Exhibit A-1

 	
 Form of
 Collateral Supplement

 
	
 Exhibit A-2

 	
 Form of
 Grantor Supplement

 
	
 Exhibit B

 	
 Form of FAA
 Aircraft Mortgage 

 
	
 Exhibit C

 	
 Form of FAA
 Aircraft Mortgage and Lease Security Assignment 

 
	
 Exhibit D

 	
 Form of FAA
 Lease Security Assignment 

 
	
 Exhibit E-1

 	
 Form of
 Notice of Security Assignment [and Agreement of Quiet Enjoyment]

 
	
 Exhibit E-2

 	
 Form of
 Lessee Acknowledgment

 
	
 Exhibit F

 	
 Form of
 Account Control Agreement

 

- iii -

          THIS
AIRCRAFT MORTGAGE AND SECURITY AGREEMENT (this “Agreement”), dated as of December __,
2012, is made among the INITIAL GRANTORS
listed on the signature pages hereto (the “Initial
Grantors”) and the ADDITIONAL
GRANTORS who from time to time become grantors under this Agreement
(together with the Initial Grantors, the “Grantors”),
and WELLS FARGO BANK NORTHWEST, NATIONAL
ASSOCIATION, a national banking association (“Wells Fargo”), as the security trustee (in
such capacity, and together with any permitted successor or assign thereto or
any permitted replacement thereof, the “Security
Trustee”).

PRELIMINARY STATEMENTS:

          (1) GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as Issuer (the “Issuer”), The Bank of New York Mellon, as
Trustee, and the Security Trustee have entered into the Indenture dated as of
December __, 2012 (the “Indenture”),
pursuant to which the Issuer will issue the          Secured Notes (as defined below)
and          Secured Notes (as defined below). 

          (2) The
Grantors, being direct or indirect wholly-owned subsidiaries (including Owner
Trusts (as defined below)) of the Issuer, on the date hereof, and may from time
to time hereafter, wish to grant security for the benefit of the Trustee, the
Security Trustee and the Holders of such          Secured Notes (as defined below) and
such          Secured Notes (as defined below), all in accordance with and subject to
the terms and conditions of this Agreement. 

          (3) The
Issuer has agreed pursuant to the Indenture, and it is a condition precedent to
the issuance of the Secured Notes by the Issuer under the Indenture, that the
Grantors enter into this Agreement.

          (4) Each
Grantor will derive substantial direct and indirect benefit from the
transactions described above.

          (5) Wells
Fargo is willing to act as the Security Trustee under this Agreement.

          NOW,
THEREFORE, in consideration of the
premises, each Grantor hereby agrees with the Security Trustee for its benefit
and the benefit of the other Secured Parties, and the Security Trustee hereby
agrees on its own behalf and on behalf of the other Secured Parties, as
follows:

ARTICLE I

DEFINITIONS

          Section
1.01. Definitions. Certain Defined
Terms. For the purposes of this Agreement, the following terms have the meanings
indicated below:

	
  

 	
  

 
	
  

 	
 “          Secured Notes” means
 the    % Senior Secured Notes Due          and the Floating Rate Senior Secured Notes
 Due          issued by the Issuer pursuant to the Indenture.

 

	
  

 	
  

 
	
  

 	
 “          Secured Notes” means
 the    % Senior Secured Notes Due          issued by the Issuer pursuant to the Indenture.

 
	
  

 	
  

 
	
  

 	
 “Account Collateral” has the meaning specified in
 Section 2.01(d).

 
	
  

 	
  

 
	
  

 	
 “Account Control Agreement” means, if any of the
 Account Collateral is not held by the Security Trustee as provided in
 Section 2.07 as determined by any Grantor or the Security Trustee, one
 or more account control agreements substantially in the form of Exhibit F
 hereto to be entered into among the applicable Grantor or Grantors, the
 Security Trustee and the applicable depository/securities intermediary, for
 the holding of cash Collateral hereunder as and when required to be deposited
 hereunder.

 
	
  

 	
  

 
	
  

 	
 “Acquisition Agreement” means any agreement to provide
 warranties or any assignment of warranties in connection with any lease or
 agreement pursuant to which a Pool Aircraft has been or will be acquired by a
 Grantor.

 
	
  

 	
  

 
	
  

 	
 “Additional Grantor” has the meaning specified in
 Section 8.01(b).

 
	
  

 	
  

 
	
  

 	
 “Additional Pool Aircraft” means any Pool Aircraft added to
 the Designated Pool after the Effective Date pursuant to Sections 2.18(b),
 (c), (f), (h), (i) and (j).

 
	
  

 	
  

 
	
  

 	
 “Affiliate” means, with respect to any specified Person, any other Person directly or indirectly
 controlling or controlled by or under direct or indirect common control with
 such specified Person. For the purposes of this definition, ‘‘control’’ when
 used with respect to any specified Person means the power to direct the
 management and policies of such Person, directly or indirectly, whether
 through the ownership of voting securities, by contract or otherwise; and the
 terms ‘‘controlling’’ and ‘‘controlled’’ have meanings correlative to the
 foregoing.

 
	
  

 	
  

 
	
  

 	
 “Agreed Currency” has the meaning specified in
 Section 8.08.

 
	
  

 	
  

 
	
  

 	
 “Agreement” has the
 meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Aircraft Collateral” means all Collateral subject to this
 Agreement.

 
	
  

 	
  

 
	
  

 	
 “Aircraft Documents” means all technical data,
 manuals and log books, and all inspection, modification and overhaul records
 and other service, repair, maintenance and technical records in respect of a
 Pool Aircraft that are Owned by a Grantor and required pursuant to applicable
 law to be maintained with respect to such Pool Aircraft, and such term shall
 include all additions, renewals, revisions and replacements of any such
 materials from time to time required to be made pursuant to applicable law,
 and in each case in whatever form and by whatever means or medium (including
 microfiche, microfilm, paper or computer disk) such materials may be
 maintained or retained by the relevant Lessee.

 
	
  

 	
  

 
	
  

 	
 “Aircraft Objects” means, collectively, the
 Aircraft Objects (as defined in the Protocol) described on Schedule I
 hereto, as supplemented and amended by each Collateral Supplement or Grantor
 Supplement.

 

- 2 -

	
  

 	
  

 
	
  

 	
 “Airframe” means,
 individually, each of the airframes described on Schedule I hereto, as
 supplemented and amended by each Collateral Supplement or Grantor Supplement.

 
	
  

 	
  

 
	
  

 	
 “Appraisal” means with
 respect to any Pool Aircraft, a “desk top” appraisal of such Pool Aircraft by
 a Qualified Appraiser, which appraisal opines as to the Base Value of such
 Pool Aircraft, assuming that such Pool Aircraft is in “half-time” remaining
 maintenance condition life.

 
	
  

 	
  

 
	
  

 	
 “Appraised Value” means, with respect to any Pool
 Aircraft as of any date of determination thereof, the value of such Pool
 Aircraft as of such date, calculated by taking the lesser of the average and
 the median of the most recent three Appraisals conducted with respect to such
 Pool Aircraft.

 
	
  

 	
  

 
	
  

 	
 “Assigned Leases” has
 the meaning specified in Section 2.01(b).

 
	
  

 	
  

 
	
  

 	
 “Base Value” means, with respect to a Pool Aircraft, the
 value, expressed in dollars, of such Pool Aircraft, determined on the basis
 of an open, unrestricted, stable market environment with a reasonable balance
 of supply and demand and with full consideration of such Pool Aircraft’s
 “highest and best use”, presuming an arm’s length, cash transaction between
 willing, able and knowledgeable parties, acting prudently, with an absence of
 duress and with a reasonable period of time available for remarketing.

 
	
  

 	
  

 
	
  

 	
 “Business Day” means any
 day that is not a Saturday, Sunday or other day on which banking institutions
 are generally authorized or obligated by law or regulation to close in New
 York City.

 
	
  

 	
  

 
	
  

 	
 “Cape Town Convention”
 means, collectively, the Convention and the Protocol, together with all
 regulations and procedures issued in connection therewith, and all other
 rules, amendments, supplements, modifications, and revisions thereto (in each
 case using the English language version).

 
	
  

 	
  

 
	
  

 	
 “Cape Town Lease” means
 (i) any Lease or Intermediate Lease that has been entered into, extended,
 assigned or novated after March 1, 2006 (or such later date as the Cape Town
 Convention may be given effect under the law of any applicable jurisdiction)
 with a Cape Town Lessee and (ii) any Lease or Intermediate Lease that has
 been entered into, extended, assigned or novated after March 1, 2006 (or such
 later date as the Cape Town Convention may be given effect under the law of
 any applicable jurisdiction) with a Lessee that is not a Cape Town
 Lessee where the related Airframe Aircraft Object leased thereunder
 pertains to a Pool Aircraft that is registered in a “Contracting State,”
 provided that a Lease or Intermediate Lease described in this clause (ii) shall
 constitute a Cape Town Lease only in respect of such Airframe.

 
	
  

 	
  

 
	
  

 	
 “Cape Town Lessee” means a lessee under a Lease
 that is “situated in” a “Contracting State”.

 
	
  

 	
  

 
	
  

 	
 “Cash Collateral Account” means, collectively, the account
 defined as such in Section 2.07, and each account described in each
 applicable Account Control Agreement.

 

- 3 -

	
  

 	
  

 
	
  

 	
 “Chattel Paper Original” has the meaning specified in
 Section 2.05.

 
	
  

 	
  

 
	
  

 	
 “Collateral Supplement”
 means a supplement to this Agreement in substantially the form attached as
 Exhibit A-1 executed and delivered by a Grantor.

 
	
  

 	
  

 
	
  

 	
 “Collateral” has the
 meaning specified in Section 2.01.

 
	
  

 	
  

 
	
  

 	
 “Convention” means the
 Convention on International Interests in Mobile Equipment signed in Cape
 Town, South Africa on November 16, 2001.

 
	
  

 	
  

 
	
  

 	
 “Debtor Relief Laws”
 means the Bankruptcy Code of the United States, and all other liquidation,
 conservatorship, bankruptcy, assignment for the benefit of creditors,
 moratorium, rearrangement, receivership, insolvency, reorganization, or
 similar debtor relief Laws of the United States or other applicable
 jurisdictions from time to time in effect and affecting the rights of
 creditors generally.

 
	
  

 	
  

 
	
  

 	
 “Debt-to-Collateral Value Ratio”
 means, as of any date of determination, the ratio of (i) the aggregate
 principal amount of the Outstanding Secured Notes as of such date of
 determination (which in the case of any defeasance, shall not include the
 aggregate principal amount of the defeased series of Secured Notes for which
 cash and U.S. Government Obligations have been deposited), divided by
 (ii) the sum of (x) the aggregate Appraised Value of all Pool
 Aircraft included in the Designated Pool and in compliance with the Express
 Perfection Requirements as of such date of determination and reflected in the
 most recent Appraisals delivered pursuant to the Indenture and/or the
 Security Documents plus (y) the amount of any cash Collateral held in
 any Cash Collateral Account (which in the case of any defeasance, shall not
 include the amount of cash and U.S. Government Obligations deposited with
 respect to the defeased series of Secured Notes). 

 
	
  

 	
  

 
	
  

 	
 “Designated Pool” means
 the pool of aircraft consisting of the Pool Aircraft Owned by a Grantor on
 the Effective Date and listed on Schedule I hereto, and thereafter as
 amended, restated or supplemented from time to time pursuant to Sections
 2.15, 2.18 and/or 8.01.

 
	
  

 	
  

 
	
  

 	
 “Effective Date” means
 the date of initial issuance of the Secured Notes.

 
	
  

 	
  

 
	
  

 	
 “Eligible Institution”
 means (a) Wells Fargo in its capacity as the Security Trustee or Securities
 Intermediary under this Agreement; (b) any bank or other financial
 institution not organized under the laws of the United States so long as it
 has either (i) a long-term unsecured debt rating of A or better by
 Standard & Poor’s and A2 or better by Moody’s or (ii) a short-term
 unsecured debt rating of A-1+ by Standard & Poor’s and P-1 or better by
 Moody’s; or (c) any bank or other financial institution organized under
 the laws of the United States or any state thereof, or the District of Columbia
 (or any branch of a foreign bank licensed under any such laws), so long as it
 (i) has either (A) a long-term unsecured debt rating of A (or the
 equivalent) or better by each of Standard & Poor’s and Moody’s or
 (B) a short-term unsecured debt rating of A-l+ by Standard & Poor’s
 and P-1 by Moody’s and (ii) can act as a securities intermediary under
 the UCC.

 

- 4 -

	
  

 	
  

 	
  

 
	
  

 	
 “Eligible Lease” means a
 lease (other than an Intermediate Lease) of a Pool Aircraft containing terms
 and conditions and otherwise in a form consistent with Leasing Company
 Practice with respect to similar aircraft under lease, taking into
 consideration, among other things, the identity of the relevant lessee
 (including operating experience), the age and condition of such Pool Aircraft
 and the jurisdiction in which such Pool Aircraft will be operated or
 registered.

 
	
  

 	
  

 
	
  

 	
 “Eligible Person” means,
 subject to the Local Requirements Exception, any direct or indirect
 wholly-owned Subsidiary of the Issuer, including any Owner Trust.

 
	
  

 	
  

 
	
  

 	
 “Enforcement Event” is in existence and continuing at any
 particular time of determination if either:

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 at such time both an Event of Default shall have
     occurred and be continuing and all of the series of Secured Notes shall
     have been accelerated, provided that any
 Enforcement Event arising under this clause (a) shall cease to be in
 existence and continuing if such acceleration shall have been rescinded as
 provided in the Indenture or if the principal amount of  the Secured Notes and
 all accrued and unpaid interest thereon, and any related premium, if any, on
     such Secured Notes shall be paid in full; or 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 at such time an Event of Default shall have occurred and be
 continuing resulting from any failure to pay the principal amount of and
 premium, if any, on the Secured Notes of any series, and related accrued and
 unpaid interest, upon the Maturity of such series.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Engine” means,
 individually, each of the aircraft engines described on Schedule I
 hereto, as supplemented and amended by each Collateral Supplement or Grantor
 Supplement.

 
	
  

 	
  

 
	
  

 	
 “Event of Default” means
 any Event of Default (as defined in the Indenture) with respect to the
 Secured Notes. 

 
	
  

 	
  

 
	
  

 	
 “Event of Loss” means
 with respect to any Pool Aircraft (a) if the same is subject to a Lease,
 a “Total Loss,” “Casualty Occurrence” or “Event of Loss” or the like (in each
 case, however so defined in such Lease) and receipt by the applicable Grantor
 (or any Affiliate thereof) of payment from the Lessee in the amount required
 under such Lease; or (b) if the same is not subject to a Lease,
 (i) its actual, constructive, compromised, arranged or agreed total
 loss, (ii) its destruction, damage beyond repair or being rendered
 permanently unfit for normal use for any reason whatsoever,
 (iii) requisition for title, confiscation, forfeiture or any compulsory
 acquisition or seizure or requisition for hire (other than a confiscation,
 compulsory acquisition or seizure or requisition for hire for a consecutive
 period not exceeding 180 days) by or under the order of any government
 (whether civil, military or de facto) or public or local authority in each
 case other than by the United States or (iv) its hijacking, theft or
 disappearance, resulting in loss of possession by the owner or operator
 thereof for a period of 180 consecutive days or longer. An Event of Loss with
 respect to any Pool Aircraft shall be deemed to occur on the date on which
 such Event of Loss is deemed pursuant to the relevant Lease to have occurred
 and payment from the Lessee in the amount required under such Lease has been 

 

- 5 -

	
  

 	
  

 
	
  

 	
 received by the applicable Grantor (or any Affiliate thereof) or, if
 such Lease does not so deem or if the relevant Pool Aircraft is not subject
 to a Lease, (A) in the case of an actual total loss or destruction,
 damage beyond repair or being rendered permanently unfit, the date on which
 such loss, destruction, damage or rendering occurs (or, if the date of loss
 or destruction is not known, the date on which the relevant Pool Aircraft was
 last heard of); (B) in the case of a constructive, compromised, arranged
 or agreed total loss, the earlier of (1) the date 30 days after the
 date on which notice claiming such total loss is issued to the insurers or
 brokers and (2) the date on which such loss is agreed or compromised by
 the insurers; (C) in the case of requisition of title, confiscation,
 restraint, detention, forfeiture, compulsory acquisition or seizure, the date
 on which the same takes effect; (D) in the case of a requisition for
 hire, the expiration of a period of 180 days from the date on which such
 requisition commenced (or, if earlier, the date upon which insurers make
 payment on the basis of such requisition); or (E) in the case of
 clause (iv) above, the final day of the period of 180 consecutive
 days referred to therein.

 
	
  

 	
  

 
	
  

 	
 “Excluded Property”
 shall mean (a) proceeds of public liability insurance (or indemnities in
 lieu thereof from any Governmental Authority or other Person (including the
 Manufacturer, the Lessee and any sublessee of the Lessee)) paid or payable as
 a result of insurance claims made, or losses suffered, by any Grantor or the
 Issuer or their Affiliates, (b) proceeds of insurance maintained by any
 Grantor or the Issuer or their Affiliates for its or their own account or
 benefit (whether directly or through a Grantor) and not required by this
 Agreement and proceeds of insurance in excess of the amounts required
 hereunder, (c) the proceeds of any requisition for hire not required to
 be paid to the Security Trustee, (d) any general, Tax or other indemnity
 payments, expenses, reimbursements and similar payments and interest in
 respect thereof paid or payable in favor of any Grantor or the Issuer or
 their Affiliates or their respective successors or assigns, officers,
 directors, employees, agents, managers and servants, including any such
 payments pursuant to any Assigned Lease or sublease, (e) (i) any
 security interest or other Lien held by a Grantor, the Issuer or any of its
 Affiliates (or any agent or trustee therefor) in any assets of a Lessee
 (including the security assignment of any sublease) or any sublessee thereof
 or of any of their Affiliates (other than the Security Deposit under an
 Assigned Lease, or a letter of credit constituting a Related Collateral
 Document in lieu thereof), and the agreements evidencing the same, and (ii)
 any other credit support of any nature provided to or for the benefit of any
 Grantor or the Issuer or any of their Affiliates (other than a guarantee
 constituting a Related Collateral Document in respect of an Assigned Lease),
 and the agreements evidencing the same, (f) any interest that pursuant
 to an Assigned Lease or otherwise may from time to time accrue in respect of
 any of the amounts described in clauses (a) through (d) above,
 (g) all tax indemnity agreements, residual agreements, supplemental residual
 agreements, deficiency agreements, supplemental deficiency agreements,
 contracts with respect to third party service providers and Acquisition
 Agreements and all rights and payments and performance thereunder, (h) all
 rights to enforce, and to the proceeds from the enforcement of any right to
 enforce, the payment and performance of any amount or document described in
 clauses (a) to (g) above or any Lien on assets or credit support
 described above, and (i) any right to exercise any election, option or right
 or make any decision or determination, or to give or receive any notice,
 consent, waiver or approval, or to take any other action in respect of, but
 in each case, only to the extent relating to, any Excluded Property.

 

- 6 -

	
  

 	
  

 
	
  

 	
 “Express Perfection Requirements”
 means (a) with respect to each Pool Aircraft and the related Assigned
 Leases, the Required Cape Town Registrations pursuant to Section 2.08(c)
 of this Agreement, UCC Financing Statement filings, the execution and
 delivery to each Lessee of a Lessee Notice and the exercise of commercially
 reasonable efforts to procure, as promptly as practicable, a Lessee
 Acknowledgment; provided, however,
 that if a Lessee Acknowledgment
 with respect to a Lease of an Initial Pool Aircraft pursuant to which the
 leasing of such Pool Aircraft is in effect on the Effective Date cannot be
 procured from a Lessee after the exercise of commercially reasonable efforts,
 then, so long as the Issuer certifies to the Security Trustee that the Lessee
 received the Lessee Notice and that a lessee acknowledgement or consent is
 not required by the Lessee under the Lease or applicable Law in order for the
 lessor or the owner of the Pool Aircraft to grant the Lien in such Pool
 Aircraft or Lease contemplated hereby, such Lessee Acknowledgment shall not
 be required; provided, further, however, that, in the case of an Additional Pool Aircraft or
 a Lease of a Pool Aircraft pursuant to which the leasing of the Pool Aircraft
 thereunder commences after the Effective Date, the Lessee shall deliver the
 Lessee Acknowledgement therefor within 180 days after such Additional
 Pool Aircraft is added to the Designated Pool or the commencement of the
 leasing of such Pool Aircraft in the case of a Lease pursuant to which the
 leasing of the Pool Aircraft thereunder commences after the Effective Date,
 as the case may be; (b) with respect to each Pool Aircraft whose country
 of registration is the United States and the related Assigned Leases, the
 applicable FAA filings required pursuant to Section 2.08(d) of this
 Agreement; (c) with respect to each Pool Aircraft registered in any
 country that has not Ratified the Cape Town Convention, the Issuer has
 delivered a certificate of an officer of the Issuer to the Security Trustee,
 in which the Issuer certifies and represents that all actions have been taken
 (including the execution, delivery, registration and/or filing of any
 Security Documents and, if so required, related documents governed by the
 laws of the jurisdiction of registration of such Pool Aircraft, and all other
 necessary filings and/or recordings on the local aviation or other applicable
 register or other actions in the jurisdiction of registration of the
 applicable Pool Aircraft) that are necessary for the security interests under
 this Agreement in favor of the Security Trustee (for the benefit of the
 Secured Parties) in the applicable Aircraft Collateral as security for the
 Secured Obligations, to be recognized under the laws of such jurisdiction of
 registration, and enforceable in such jurisdiction against the applicable
 Grantors and creditors of and purchasers from such Grantors, and all such
 actions have been taken; provided, that,
 the Grantors may elect not to comply with the requirements of this clause
 (c) with respect to any Pool Aircraft the Appraised Value in respect of
 which, when added to the Appraised Value of any other Pool Aircraft as to
 which the Grantors have made this election, shall not cause the aggregate
 amount of Appraised Values of all Pool Aircraft as to which the Grantors have
 made an election under this proviso to exceed 3% of the aggregate Appraised
 Value under the Appraisals available on the Effective Date; (d) with
 respect to each Grantor not organized under the laws of the United States or
 a state thereof, the Issuer has delivered a certificate of an officer of the
 Issuer to the Security Trustee, in which the Issuer certifies and represents
 that all actions have been taken (including the execution, delivery,
 registration and/or filing of any Security Document, and, if so required,
 related documents governed by the laws of the jurisdiction of organization of
 such Grantor, and all other necessary filings and/or recording on any 

 

- 7 -

	
  
 	
  
 
	
  
 	
 applicable registry or other action in the jurisdiction of the
 organization of the applicable Grantor) that are necessary for the security
 interests under this Agreement in favor of the Security Trustee (for the
 benefit of the Secured Parties) in the Collateral in which such Grantor has
 any right, title or interest as security for the Secured Obligations to be
 recognized under the laws of such jurisdiction of organization, and
 enforceable in such jurisdiction against the applicable Grantor and creditors
 of and purchasers from such Grantor, and all such actions by the Issuer or
 the applicable Grantor have been taken; and (e) with respect to any Account
 Collateral, if a Cash Collateral Account is not held by the Security Trustee
 pursuant to Section 2.07, the execution and delivery of the Account
 Control Agreement in respect of such Cash Collateral Account and in each case
 the filing of a UCC Financing Statement naming the applicable Grantor as the
 debtor and the Security Trustee as the secured party and identifying the
 Account Collateral as the collateral in the jurisdiction of the location (for
 purposes of Section 9-307 of the UCC) of such Grantor. The Express Perfection
 Requirements do not require any actions, filings, registrations or recordings
 with respect to any subleases of Pool Aircraft or sublease assignments with
 respect thereto.
 
	
  
 	
  
 
	
  
 	
 “FAA” means the Federal
 Aviation Administration of the United States of America.
 
	
  
 	
  
 
	
  
 	
 “FAA Aircraft Mortgage and Lease Security Assignment”
 means an FAA Aircraft Mortgage and Lease Security Assignment with respect to
 a Pool Aircraft substantially in the form attached as Exhibit C hereto.
 
	
  
 	
  
 
	
  
 	
 “FAA Aircraft Mortgage”
 means an FAA Aircraft Mortgage with respect to a Pool Aircraft substantially
 in the form attached as Exhibit B hereto.
 
	
  
 	
  
 
	 
	“FAA Filings”
     means the filings with the FAA required pursuant to Section 2.08(d) of this
    Agreement.

	 
	 

	
  
 	
 “FAA Lease Security Assignment”
 means an FAA Lease Security Assignment with respect to an Assigned Lease of a
 Pool Aircraft in substantially the form attached as Exhibit D hereto.
 
	
  
 	
  
 
	
  
 	
 “GAAP” means generally
 accepted accounting principles as in effect from time to time in the United
 States, applied on a basis consistent (except for changes concurred in by the
 Issuer’s independent public accountants) with the most recent audited
 consolidated financial statements of the Issuer.
 
	
  
 	
  
 
	
  
 	
 “GECAS” means,
 collectively, GE Capital Aviation Services LLC, GE Capital Aviation Services
 Limited, and their successors and assigns.
 
	
  
 	
  
 
	
  
 	
 “Governmental Authority”
 means the government of the United States, any other nation or any state,
 locality or political subdivision of the United States or any other nation,
 and any agency, authority, instrumentality, regulatory body, court, central
 bank or other entity exercising executive, legislative, judicial, taxing,
 regulatory or administrative powers or functions of or pertaining to
 government.
 
	
  
 	
  
 
	
  
 	
 “Grantor Supplement”
 means a supplement to this Agreement in substantially the form attached as
 Exhibit A-2 executed and delivered by a Grantor.
 
	
  
 	
  
 
	
  
 	
 “Grantors” has the
 meaning specified in the recital of parties to this Agreement.
 

- 8 -

	
  

 	
  

 
	
  

 	
 “Holder” or “holder of Secured Notes” or other similar terms
 means the Person in whose name at the time a registered Secured Note is
 registered on the books of the Issuer kept for that purpose in accordance
 with the terms of the Indenture.

 
	
  

 	
  

 
	
  

 	
 “Indemnifying Holders” has the meaning set forth in Section
 7.02.

 
	
  

 	
  

 
	
  

 	
 “Indenture” has the meaning specified in the preliminary
 statements of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Initial Pool Aircraft”
 means the Pool Aircraft Owned by each Grantor and identified by its Airframe
 and Engines on Schedule I hereto as of the Effective Date.

 
	
  

 	
  

 
	
  

 	
 “Insurances” means, in
 relation to each Pool Aircraft, any and all contracts or policies of
 insurance and reinsurance complying with the provisions of Schedule V
 hereto or an indemnity from a Governmental Authority as indemnitor, as
 appropriate, and required to be effected and maintained in accordance with
 this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Intermediate Lease”
 means, in respect of any Pool Aircraft, the lease (if any) to be entered into
 between the Grantor that Owns such Pool Aircraft (as lessor) and an
 Intermediate Lessee (as lessee).

 
	
  

 	
  

 
	
  

 	
 “Intermediate Lessee”
 means, in respect of any Lease of a Pool Aircraft, a Person (other than the
 Grantor that Owns such Pool Aircraft) which, subject to the Local
 Requirements Exception, is wholly owned, directly or indirectly, by the
 Issuer and which the Issuer may determine is an Intermediate Lessee in
 accordance with the provisions of Section 2.18(d). 

 
	
  

 	
  

 
	
  

 	
 “International Registry”
 has the meaning given to it in the Cape Town Convention.

 
	
  

 	
  

 
	
  

 	
 “Ireland” means the
 Republic of Ireland.

 
	
  

 	
  

 
	
  

 	
 “Issuer” has the meaning
 specified in the preliminary statements of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Laws” means,
 collectively, all international, foreign, federal, state and local statutes,
 treaties, rules, guidelines, regulations, ordinances, codes and administrative
 or judicial precedents or authorities, including the interpretation or
 administration thereof by any Governmental Authority charged with the
 enforcement, interpretation or administration thereof, and all applicable
 administrative orders, directed duties, requests, licenses, authorizations
 and permits of, and agreements with, any Governmental Authority, in each case
 whether or not having the force of law.

 
	
  

 	
  

 
	
  

 	
 “Lease” means a lease
 agreement relating to any Pool Aircraft, which is listed on Schedule VI
 hereto, as such schedule is supplemented or amended (or, if not so
 supplemented or amended, required to be supplemented or amended) pursuant to
 the terms hereof from time to time, including to reference a successor or
 replacement lease agreement, between a Grantor or Intermediate Lessee (each
 as lessor), and a lessee, in each case together with all schedules,
 supplements and amendments thereto and each other document, agreement and
 instrument related thereto (excluding any sublease) that constitutes part of the
 “lease contract” (as defined in Section 2A-103(l) of the UCC) with respect to
 such Pool Aircraft, but excluding all Excluded Property.

 

- 9 -

	
  

 	
  

 
	
  

 	
 “Lease
 Assignment Documents” means, in respect of any Assigned Lease,
 (a) any agreement providing for the novation thereof to substitute, or
 the assignment thereof to, a Grantor as the lessor, (b) any agreement or
 instrument supplemental to this Agreement for the purpose of effecting and/or
 perfecting the assignment of, and the grant of a Lien upon, such Assigned
 Lease in favor of the Security Trustee under any applicable law (other than
 the law of the State of New York), (c) any notice provided to the
 applicable Lessee of the assignment thereof pursuant to this Agreement and/or
 such supplement, (d) any acknowledgment of such assignment by such
 Lessee and (e) any undertaking of quiet enjoyment given by the Security
 Trustee in respect thereof.

 
	
  

 	
  

 
	
  

 	
 “Lease Collateral” has
 the meaning specified in Section 2.01(b).

 
	
  

 	
  

 
	
  

 	
 “Leasing Company Practice”
 means, in relation to a Pool Aircraft and any particular issue or matter, the
 customary commercial practice of GECAS, having regard to the customary
 commercial practice that GECAS applies under similar circumstances in respect
 of other aircraft owned by it or its Affiliates and not subject to this
 Agreement, as such practice may be required to be adjusted by the
 requirements of the Indenture, this Agreement and the other Security
 Documents, including the requirements in respect of Collateral.

 
	
  

 	
  

 
	
  

 	
 “Lessee” means any party
 to a Lease or Intermediate Lease as lessee thereunder.

 
	
  

 	
  

 
	
  

 	
 “Lessee Acknowledgment” has the meaning set forth in
 Section 2.16(c)(ii).

 
	
  

 	
  

 
	
  

 	
 “Lessee Notice” has the
 meaning set forth in Section 2.16(c)(ii).

 
	
  

 	
  

 
	
  

 	
 “Lien” means, with
 respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
 hypothecation, encumbrance, charge or security interest in, on or of such
 asset (excluding, however, for
 purposes of clarification, the contract rights of any Person against the
 Issuer or a Grantor under any credit support, guarantee, indemnity, residual
 agreement or similar document or instrument, in each case constituting a part
 of the Excluded Property, whether arising by way of subrogation or
 otherwise), (b) the interest of a vendor or a lessor under any
 conditional sale agreement, capital lease or title retention agreement (or
 any financing lease having substantially the same economic effect as any of
 the foregoing) relating to such asset and (c) in the case of securities,
 any purchase option, call or similar right of a third party with respect to
 such securities.

 
	
  

 	
  

 
	
  

 	
 “Local Requirements Exception”
 means an exception for any equity interests of a Grantor or title to a Pool
 Aircraft to be held by directors, trustees, nominees, conditional vendors or
 similar persons under similar arrangements in order to meet local nationality
 or other local requirements regarding registration or ownership of aircraft
 or to minimize the impact of any Taxes on the applicable Grantor or Lessee.

 
	
  

 	
  

 
	
  

 	
 “Maintenance Rent”
 means, with respect to any Pool Aircraft, any payments based on usage in
 respect of such Pool Aircraft (or its engines or other parts) payable by the
 Lessee and/or sublessee of such Pool Aircraft for the purpose of paying,
 contributing to, reserving or calculating potential liability in respect of
 payments for future maintenance and repair of such Pool Aircraft.

 

- 10 -

	
  

 	
  

 	
  

 
	
  

 	
 “Manufacturer” means the manufacturer of the applicable
 Airframe or Engine and any successor thereof. 

 
	
  

 	
  

 
	
  

 	
 “Maturity” has, when used with respect to any Secured Notes,
 the meaning given to such term in the Indenture.

 
	
  

 	
  

 
	
  

 	
 “Measurement Period” means
 each six month period starting on January 1 and July 1 of each year (other
 than the initial Measurement Period which shall be from the date hereof
 through June 30, 2013). 

 
	
  

 	
  

 
	
  

 	
 “Officer’s Certificate” has the meaning given to such term in
 the Indenture.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Outstanding” has, when used with respect to any Secured
 Notes, the meaning given to such term in the Indenture.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Own” means, with
 respect to any Pool Aircraft, to hold title to such Pool Aircraft. The terms
 “Ownership” and “Owned by” have a correlative meaning.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Owner Trust” means any
 contractual or statutory trust, 100% of the beneficial ownership of which
 trust is held by the Issuer or a Subsidiary of the Issuer (subject to the
 Local Requirements Exception); moreover, where the context so requires,
 references to an “Owner Trust” shall be a reference to the owner trustee of
 such Owner Trust.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Parts” means all
 appliances, parts, components, instruments, appurtenances, accessories,
 furnishings, seats and other equipment of whatever nature (other than
 (a) Engines or engines, and (b) any appliance, part, component,
 instrument, appurtenance, accessory, furnishing, seat or other equipment that
 would qualify as a removable part and is leased by a Lessee from a third
 party or is subject to a security interest granted to a third party), that
 may from time to time be installed or incorporated in or attached or
 appurtenant to any Airframe or any Engine or removed therefrom and, if the
 applicable Pool Aircraft or Engine is subject to a Lease, is owned by a
 Grantor under the terms of such Lease.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Permitted Liens” means:

 
	
  

 	
  

 	
  

 
	
  

 	
 (a)

 	
 any Lien for Taxes if (i) such Taxes shall not be due and
 payable, or (ii) such Taxes are being disputed in good faith or
 contested in good faith by appropriate proceedings and reserves required by
 GAAP have been made therefor;

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 any Lien in respect of any Pool Aircraft for any fees or charges of
 any airport, air navigation or similar authority arising by statute or
 operation of law if (i) the payments for such fees or charges are not
 yet due or payable or (ii) such fees or charges are being disputed in
 good faith or contested in good faith by appropriate proceedings and reserves
 required by GAAP have been made therefor;

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 in respect of any Pool Aircraft, any repairer’s, carrier’s or hangar
 keeper’s, warehousemen’s, mechanic’s or materialmen’s Lien or employee and
 other like Liens arising in the ordinary course of business by operation of
 law or under customary terms of repair or modification agreements or any
 engine or parts-

 

- 11 -

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 pooling arrangements or other similar Liens if the payment for such
 Liens (i) is not due and payable or (ii) is not overdue for payment
 having regard to the relevant trade, in circumstances where no enforcement
 action against the Pool Aircraft has yet been taken by the relevant holder of
 the Lien or (iii) is disputed in good faith or contested in good faith
 by appropriate proceedings and reserves in accordance with GAAP have been
 made therefor;

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 any Lien assigned to or created in favor of the Security Trustee, for
 the benefit of the Secured Parties pursuant to the Indenture, this Agreement
 or other Security Documents;

 
	
  

 	
  

 	
  

 
	
  

 	
 (e)

 	
 any Lien affecting any Pool Aircraft (other than a Lien for Taxes)
 arising out of judgments or awards against the Issuer or any of the Grantors
 with respect to which at the time the period to file an appeal has not
 expired or an appeal is being presented in good faith and with respect to
 which within sixty (60) days thereafter there shall have been secured a
 stay of execution pending such appeal, and then only for the period of such
 stay, and reserves required in accordance with GAAP have been made therefor;

 
	
  

 	
  

 	
  

 
	
  

 	
 (f)

 	
 any permitted lien or encumbrance, as defined under any lease or
 sublease of a Pool Aircraft (other than Liens created by a Grantor except as
 described in this definition);

 
	
  

 	
  

 	
  

 
	
  

 	
 (g)

 	
 the respective rights of a Grantor and the lessee or any third party
 that owns or leases equipment installed on a Pool Aircraft under
 any lease relating to a Pool Aircraft, including any assignment of the
 relevant warranties relating to a Pool Aircraft (including restrictions on
 the Grantor’s right to grant a lien on or to transfer the applicable Lease or
 Pool Aircraft) (and the rights of any sublessee under any sublease relating
 to such lease) and the documents related thereto;

 
	
  

 	
  

 	
  

 
	
  

 	
 (h)

 	
 rights of insurers (or
 governmental indemnitors in lieu thereof) under insurance policies (or
 governmental indemnities in lieu thereof) carried by a Lessee or sublessee,
 or the customary rights of insurers (or governmental indemnitors in lieu
 thereof) under insurance policies (or governmental indemnities in lieu thereof)
 carried by any Grantor, the Issuer or an Affiliate thereof, in respect of a
 Pool Aircraft;

 
	
  

 	
  

 	
  

 
	
  

 	
 (i)

 	
 the interests of a voting or owner trustee, as applicable, or of an
 Intermediate Lessee in connection with the relevant Intermediate Lessee,
 including the interests of any Person in respect of any arrangements under
 the Local Requirements Exception;

 
	
  

 	
  

 	
  

 
	
  

 	
 (j)

 	
 any Lien bonded against by any Grantor, the Issuer or any Affiliate
 thereof, any Lessee or sublessee, or other similar third party security
 (which does not itself result in a Lien on a Pool Aircraft or any part
 thereof);

 
	
  

 	
  

 	
  

 
	
  

 	
 (k)

 	
 pledges of non-Aircraft Collateral or deposits required under a Lease
 to secure payment obligations of the applicable Grantor under that Lease;

 

- 12 -

	
  

 	
  

 	
  

 
	
  

 	
 (l)

 	
 any Lease entered into prior to the Effective Date;

 
	
  

 	
  

 	
  

 
	
  

 	
 (m)

 	
 any Eligible Lease or Intermediate Lease;

 
	
  

 	
  

 	
  

 
	
  

 	
 (n)

 	
 any Lien resulting from or constituting any Third Party Event; 

 
	
  

 	
  

 	
  

 
	
  

 	
 (o)

 	
 any head lease, lease, conditional sale agreement, purchase or sale
 agreement or purchase option granted by a Grantor or the Issuer or an
 Affiliate of either of them as to the leasing, purchase or sale of any Pool
 Aircraft or part thereof existing on the date such Pool Aircraft becomes such
 or thereafter granted in accordance with Leasing Company Practice and as to
 which the leasing, purchase or sale transaction contemplated thereby has not
 yet been effected; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (p)

 	
 Liens not consensually created or granted by a Grantor or any of its
 Affiliates not otherwise constituting Permitted Liens under clauses (a)
 through (o) of this definition so long as the aggregate outstanding amount of
 the obligations secured thereby in respect of all Pool Aircraft does not
 exceed $100,000,000 at any one time.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Person” means any individual, corporation, partnership,
 joint venture, association, joint stock company, trust, unincorporated
 organization or government or any agency or political subdivision thereof.

 
	
  

 	
  

 
	
  

 	
 “Pool Aircraft” means,
 as of any date, the aircraft consisting of the Initial Pool Aircraft and the
 Additional Pool Aircraft, listed on Schedule I hereto, as amended,
 restated or supplemented from time to time pursuant to Sections 2.15, 2.18
 and/or 8.01.

 
	
  

 	
  

 
	
  

 	
 “Post-Petition Interest”
 means any interest that accrues after the commencement of any case,
 proceeding or other action relating to the bankruptcy, insolvency or
 reorganization of the Issuer or any one or more of the Grantors (or would
 accrue but for the operation of applicable Debtor Relief Laws), whether or
 not such interest is allowed or allowable as a claim in any such proceeding.

 
	
  

 	
  

 
	
  

 	
 “Protocol” means the
 Protocol to the Convention on Matters Specific to Aircraft Equipment, as in
 effect in any applicable jurisdiction from time to time.

 
	
  

 	
  

 
	
  

 	
 “Qualified Appraiser”
 means, with respect to Appraisals used to calculate the Debt-to-Collateral
 Value Ratio and with respect to Appraisals for any other purpose under or in
 connection with the Indenture, this Agreement or the Security Documents, each
 of AVITAS, Inc., BK Associates, Inc., Morten Beyer & Agnew, Inc. and/or
 any other nationally recognized independent appraisal firms selected and
 retained by the Issuer, each of which appraisers is deemed approved by the
 Trustee under the Indenture.

 
	
  

 	
  

 
	
  

 	
 “Ratify” means
 ratification by any applicable jurisdiction of the Cape Town Convention. The
 term “Ratified” has a
 correlative meaning.

 
	
  

 	
  

 
	
  

 	
 “Received Currency” has
 the meaning specified in Section 8.08.

 

- 13 -

	
  

 	
  

 
	
  

 	
 “Related Collateral Documents”
 means, in respect of the Lease of any Pool Aircraft Owned by a Grantor, a
 letter of credit delivered to such Grantor pursuant to such Lease in lieu of
 a Security Deposit under such Lease or a third-party or bank guarantee
 provided to such Grantor pursuant to such Lease, in each case by or on behalf
 of the Lessee thereunder to secure the obligations of such Lessee solely
 under such Lease, and in each case to the extent assignable without the
 consent of a third party, but excluding all Excluded Property.

 
	
  

 	
  

 
	
  

 	
 “Relevant FAA Aircraft Mortgages
 and Lease Security Assignments” means, collectively, the FAA
 Aircraft Mortgage and Lease Security Assignments.

 
	
  

 	
  

 
	
  

 	
 “Relevant FAA Aircraft Mortgages”
 means, collectively, the FAA Aircraft Mortgages.

 
	
  

 	
  

 
	
  

 	
 “Relevant FAA Lease Security
 Assignments” means, collectively, the FAA Lease Security
 Assignments.

 
	
  

 	
  

 
	
  

 	
 “Replaced Aircraft” has
 the meaning set forth in Section 2.18(b).

 
	
  

 	
  

 
	
  

 	
 “Replacement Aircraft”
 has the meaning set forth in Section 2.18(b).

 
	
  

 	
  

 
	
  

 	
 “Required Cape Town Registrations”
 has the meaning set forth in Section 2.08(c).

 
	
  

 	
  

 
	
  

 	
 “Requirement of Law”
 means, as to any Person, any Law applicable to or binding upon such Person or
 any of its property or to which such Person or any of its property is
 subject, including, without limitation, each applicable foreign aviation law
 applicable to such Person or the aircraft owned or operated by it or as to
 which it has a contractual responsibility.

 
	
  

 	
  

 
	
  

 	
 “Rights” has the meaning set forth in Section 2.06(d).

 
	
  

 	
  

 
	
  

 	
 “Secured Notes” means,
 collectively, the          Secured Notes and the          Secured Notes. 

 
	
  

 	
  

 
	
  

 	
 “Secured Obligations” means (i) all principal of and premium, if
 any, on the Secured Notes Outstanding from time to time under the Indenture
 and all accrued unpaid interest (including Post-Petition Interest) on the
 Secured Notes Outstanding under the Indenture, (ii) all other amounts now or
 hereafter payable by the Issuer to the Holders of the Secured Notes or the
 Trustee under the Indenture, including, without limitation, amounts owing to
 the Trustee for its fees, expenses, indemnities or other amounts and (iii)
 any fees, expenses, indemnities or other amounts now or hereafter payable by
 the Issuer to the Security Trustee under the Security Documents or for acting
 in its capacity as such pursuant to a separate agreement among such parties,
 in each case, whether direct or indirect, absolute or contingent, due or to
 become due, now existing or hereafter arising.

 
	
  

 	
  

 
	
  

 	
 “Secured Party” means
 (i) the Security Trustee, on behalf of itself, (ii) the Trustee, on behalf of
 itself, and (iii) the Holders of the Secured Notes from time to time
 Outstanding.

 

- 14 -

	
  

 	
  

 
	
  

 	
 “Securities Account”
 means a securities account as defined in Section 8-501(a) of the
 UCC maintained in the name of the Security Trustee as “entitlement holder”
 (as defined in Section 8-102(a)(7) of the UCC) on the books and records
 of a Securities Intermediary whose “securities intermediary’s jurisdiction”
 (within the meaning of Section 8-110(e) of the UCC) is the State of New
 York.

 
	
  

 	
  

 
	
  

 	
 “Securities Intermediary”
 means (i) for purposes of Section 2.07, the Security Trustee and (ii) any
 “securities intermediary” as defined in 31 C.F.R. Section 357.2 or
 Section 8-102(a)(14) of the UCC. 

 
	
  

 	
  

 
	
  

 	
 “Security Deposit” means
 any security deposits and any payments made to reinstate security deposits
 payable by any Lessee under a Lease, in each case to secure the obligations
 of such Lessee solely under such Lease.

 
	
  

 	
  

 
	
  

 	
 “Security Documents”
 means this Agreement and each other agreement, supplement, instrument or
 document executed and delivered pursuant to Section 2.18 or 2.19 to
 secure any of the Secured Obligations.

 
	
  

 	
  

 
	
  

 	
 “Security Trustee” has
 the meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Solvent” means, with
 respect to any Person, that as of the date of determination, both (i) (a) the
 sum of such Person’s debts (including contingent liabilities) does not exceed
 the present fair saleable value of such Person’s present assets; (b) such
 Person’s capital is not unreasonably small in relation to its business as
 contemplated on the Effective Date; and (c) such Person has not incurred and
 does not intend to incur, or believe that it will incur, debts beyond its
 ability to pay such debts as they become due (whether at maturity or
 otherwise); and (ii) such Person is “solvent” within the meaning given that
 term and similar terms under the Bankruptcy Code and applicable laws relating
 to fraudulent transfers and conveyances. For purposes of this definition, the
 amount of any contingent liability at any time shall be computed as the
 amount that, in light of all of the facts and circumstances existing at such
 time, represents the amount that can reasonably be expected to become an
 actual or matured liability (irrespective of whether such contingent
 liabilities meet the criteria for accrual under Statement of Financial
 Accounting Standard No. 5).

 
	
  

 	
  

 
	
  

 	
 “Subsidiary” means (i) any corporation of which the
 Issuer or any Grantor directly or indirectly owns or controls at that time at
 least a majority of the outstanding stock having under ordinary circumstances
 (not dependent upon the happening of a contingency) voting power to elect a
 majority of the board of directors of such corporation or (ii) any other
 Person (other than a corporation) in which the Issuer or any Grantor directly
 or indirectly has at least a majority ownership interest and power to direct
 the policies, management and affairs thereto, including for purposes of the
 Security Documents, an Owner Trust.

 
	
  

 	
  

 
	
  

 	
 “Tax” means all present or future taxes, levies, imposts,
 duties, deductions, withholdings (including backup withholding), assessments,
 fees or other charges imposed by any 

 

- 15 -

	
  

 	
  

 
	
  

 	
 Governmental Authority, including any
 interest, additions to tax or penalties applicable thereto.

 

	
  

 	
  

 	
  

 
	
  

 	
 “Third Party Event”
 means any act or omission of a Lessee or sublessee or prior lessee or prior
 sublessee, or of any Person claiming by or through a Lessee or a sublessee or
 prior lessee or prior sublessee, or of any Person which has possession of any
 Pool Aircraft, Airframe, Engine or Part for the purpose of repairs,
 maintenance, modification or storage, or by virtue of any theft, requisition,
 seizure, or confiscation of any Pool Aircraft, or otherwise (other than
 seizure or confiscation arising from a breach by the Grantors themselves of
 Section 2.23), including a Lien
 or other matter for which a Lessee, sublessee, prior lessee or prior
 sublessee or any of the foregoing Persons is responsible for or is required
 to discharge or to indemnify for.

 
	
  

 	
  

 
	
  

 	
 “TIA” means the Trust Indenture Act of 1939, as amended, as
 it shall be in effect from time to time.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Trustee” means The Bank of New York Mellon or its successor
 pursuant to the Indenture.

 
	
  

 	
  

 	
  

 
	
  

 	
 “UCC Financing Statement”
 means any financing statement to be filed in any appropriate filing office in
 any UCC Jurisdiction and that (i) indicates the applicable Collateral by
 any description which reasonably approximates the description contained in
 this Agreement or as all applicable assets of the applicable Grantor or words
 of similar effect, regardless of whether any particular asset comprised in
 such Collateral falls within the scope of Article 9 of the UCC or other
 similar provisions of the UCC Jurisdiction, and (ii) contains any other
 information required by part 5 of Article 9 of the UCC, or by any other
 applicable provision under the laws of the UCC Jurisdiction, for the
 sufficiency or filing office acceptance of any financing statement or
 amendment.

 
	
  

 	
  

 
	
  

 	
 “UCC Jurisdiction” means
 any Uniform Commercial Code jurisdiction in which the filing of a UCC
 Financing Statement is effective to perfect a security interest in the
 Collateral under this Agreement, or any other Security Document.

 
	
  

 	
  

 
	
  

 	
 “UCC” means the Uniform
 Commercial Code as in effect on the date of determination in the State of New
 York; provided that if by reason
 of mandatory provisions of law, the perfection or the effect of perfection or
 non-perfection of the security interest in any Collateral is governed by the
 Uniform Commercial Code as in effect in a jurisdiction other than New York,
 “UCC” means the Uniform Commercial Code as in effect in such other
 jurisdiction for purposes of the provisions of this Agreement relating to
 such perfection or effect of perfection or non-perfection.

 
	
  

 	
  

 
	
  

 	
 “United States” means
 the United States of America.

 
	
  

 	
  

 	
  

 
	
  

 	
 “Wells Fargo” has the
 meaning specified in the recital of parties to this Agreement.

 

                    (a) Terms Defined in the Cape Town Convention.
The following terms shall have the respective meanings ascribed thereto in the
Cape Town Convention:

- 16 -

“Administrator”, “Contracting State”, “Contract of Sale”,
“International Interest”, “Professional User Entity”, “Prospective
International Interest”, “situated in” and “Transacting User Entity”.

                    (b)
Terms Defined in the Indenture.
For all purposes of this Agreement, all capitalized terms used but not defined
in this Agreement shall have the respective meanings assigned to such terms in
the Indenture.

          Section
1.02. Construction and Usage.
Unless the context otherwise requires:

                    (a)
A term has the meaning assigned to it and an accounting term not otherwise
defined has the meaning assigned to it in accordance with GAAP.

                    (b)
The terms “herein”, “hereof” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other
subdivision.

                    (c)
Unless otherwise indicated in context, all references to Articles, Sections,
Schedules or Exhibits refer to an Article or Section of, or a Schedule or
Exhibit to, this Agreement.

                    (d)
Words of the masculine, feminine or neuter gender shall mean and include the
correlative words of other genders, and words in the singular shall include the
plural, and vice versa.

                    (e)
The terms “include”, “including” and similar terms shall be construed as if
followed by the phrase “without limitation”.

                    (f)
References in this Agreement to an agreement or other document (including this
Agreement) or a schedule to this Agreement include references to such agreement
or document or schedule as amended, supplemented, replaced or otherwise
modified (without, however, limiting the effect of the provisions of this
Agreement with regard to any such amendment, replacement or modification), and
the provisions of this Agreement apply to successive events and transactions.
References to any Person shall include such Person’s successors in interest and
permitted assigns.

                    (g)
References in this Agreement to any statute or other legislative provision
shall include any statutory or legislative modification or re-enactment
thereof, or any substitution therefor, and references to any governmental
Person shall include reference to any governmental Person succeeding to the
relevant functions of such Person.

                    (h)
References in this Agreement to any action, remedy or method of judicial
proceeding for the enforcement of the rights of creditors or of security shall
be deemed to include, in respect of any jurisdiction other than the State of
New York, references to such action, remedy or method of judicial proceeding
for the enforcement of the rights of creditors or of security available or
appropriate in such jurisdiction as shall most nearly approximate such action,
remedy or method of judicial proceeding described or referred to in this
Agreement.

                    (i)
Where any payment is to be made, funds applied or any calculation is to be made
hereunder on a day which is not a Business Day, unless the Indenture or any
other

- 17 -

Security Document otherwise provides, such payment shall be made, funds
applied and calculation made on the next succeeding Business Day, and payments
shall be adjusted accordingly; provided, however, that no additional interest shall
be due in respect of such delay.

                    (j)
Terms used herein and not otherwise defined have the meaning set forth in the
Indenture.

ARTICLE II

SECURITY

          Section 2.01. Grant of Security.

          To secure
the Secured Obligations, as of the Effective Date each Grantor hereby assigns
as security to the Security Trustee, for its benefit and the benefit of the
other Secured Parties, and hereby grants to the Security Trustee, for its
benefit and the benefit of the other Secured Parties, a security interest in
all of such Grantor’s right, title and interest in and to the following,
whether now owned or hereafter acquired (collectively, the “Collateral”):

                    (a)
with respect to each Grantor, all of such Grantor’s right, title and interest
in and to (i) each Pool Aircraft Owned by such Grantor, including the
Airframe and Engines of such Pool Aircraft as the same is now and will
hereafter be constituted, and in the case of such Engines, whether or not any
such Engine shall be installed in or attached to such Airframe or any other
airframe, together with (ii) all Parts of such Pool Aircraft of whatever
nature, which are from time to time included within the definitions of
“Airframe” or “Engines”, including all substitutions, renewals and replacements
of and additions, improvements, accessions and accumulations to the Airframe
and Engines (other than additions, improvements, accessions and accumulations
which constitute appliances, parts, instruments, appurtenances, accessories,
furnishings or other equipment excluded from the definition of Parts),
(iii) all Aircraft Documents in respect of each such Pool Aircraft and
(iv) any money or non-money proceeds of the Airframe or an Engine of each such
Pool Aircraft arising from the total or partial loss or destruction of such
Airframe or Engine or its total or partial confiscation, condemnation or
requisition up to the amount of hull insurance in respect of such Pool Aircraft
required to be carried hereunder;

                    (b)
with respect to each Grantor, all of such Grantor’s right, title
and interest in and to all Leases and Intermediate Leases to which such Grantor
is or may from time to time be party with respect to each Pool Aircraft
together with all Related Collateral Documents in respect thereof (all such
Leases, Intermediate Leases and Related Collateral Documents, the “Assigned Leases”), including (i) all
rights of such Grantor to receive moneys due and to become due under or
pursuant to such Assigned Leases, (ii) all rights of such Grantor to
receive proceeds of any insurance, indemnity, warranty or guaranty with respect
to any such Assigned Leases up to the amount of hull insurance in respect of
the Pool Aircraft subject to such Assigned Lease required to be carried
hereunder, (iii) claims of such Grantor for damages arising out of or for
breach or default under such Assigned Leases and (iv) the right of such
Grantor to terminate such Assigned Leases and to compel performance of, and
otherwise to exercise all

- 18 -

remedies under, any Assigned Lease, whether arising under such Assigned
Leases or by statute or at law or in equity (the “Lease Collateral”); 

                    (c)
with respect to each Grantor, all of such Grantor’s right, title and interest
in and to the personal property identified as subject to the Lien of this
Agreement and part of the Collateral in a Grantor Supplement or a Collateral
Supplement executed and delivered by such Grantor to the Security Trustee; 

                    (d)
with respect to each Grantor, all right of such Grantor in and to the Cash
Collateral Account and all funds, cash, investment property, investments,
securities, instruments or other property (including all “financial assets” within
the meaning of Section 8-102(a)(9) of the UCC) at any time or from time to time
credited to any such account (collectively, the “Account Collateral”); and

                    (e)
all proceeds of any and all of the foregoing Collateral;

provided that the
Collateral shall not include any Excluded Property.

          Section
2.02. Security for Obligations.
This Agreement secures the payment and performance of all Secured Obligations
of the Issuer to each Secured Party and the Collateral shall be held by the
Security Trustee in trust for the Secured Parties. Without limiting the
generality of the foregoing, this Agreement secures the payment of all amounts
that constitute part of the Secured Obligations and would be owed by the Issuer
to any Secured Party but for the fact that Secured Obligations are
unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving the Issuer.

          Section
2.03. Representations and Warranties of the
Grantors. Each Grantor represents and warrants as of the date of
this Agreement, and as of each date on which such Grantor subjects an
Additional Pool Aircraft to this Agreement solely with respect to such
Additional Pool Aircraft and such Grantor, as follows:

                    (a)
Each Pool Aircraft indicated in Schedule I as being Owned by such Grantor is
Owned by such Grantor, in each case except to the extent of the Local
Requirements Exception. None of the Collateral is currently pledged,
assigned or otherwise encumbered by such Grantor except for Permitted Liens,
and no Collateral is described in (i) any UCC financing statements filed
against such Grantor other than UCC financing statements which have been or are
agreed to be terminated or assigned or agreed to be assigned to the Security Trustee
and the UCC financing statements filed in connection with Permitted Liens or
(ii) any other mortgage registries, including the International Registry (which
for the avoidance of doubt, shall not include any Contract of Sale in favor of
any Grantor), or filing records
that may be applicable to the Collateral in any other relevant jurisdiction,
other than such pledges, assignments or other encumbrances or such filings or
registrations that have been assigned or agreed to be assigned to the Security
Trustee or terminated or are agreed to be terminated or that have been made in
connection with Permitted Liens.

                    (b)
In each case as and to the extent required under the Express Perfection
Requirements, this Agreement creates a valid and (upon the taking of the
actions required hereby) perfected security interest in favor of the Security
Trustee in the Collateral as security

- 19 -

for the Secured Obligations, subject in priority to no other Liens
(other than Permitted Liens), and all filings and other actions necessary to
perfect and protect such security interest as a first priority security
interest of the Security Trustee have been (or to the extent permitted hereby,
or in the case of future Collateral, will be) duly taken and are enforceable
against such Grantor and creditors of and purchasers from such Grantor, except
in each case that only the Express Perfection Requirements shall be required to
be satisfied.

                    (c)
Such Grantor does not have any trade names except as set forth on
Schedule III hereto.

                    (d)
No consent of any other Person and no authorization, approval or other action
by, and no notice to or filing with, any Governmental Authority or other third
party (including the International Registry) is required under the laws of the
United States or Ireland (or, to the extent of the Express Perfection
Requirements, with respect to any Pool Aircraft that is not registered in a
jurisdiction that has Ratified the Cape Town Convention, and any related
Assigned Lease, under relevant local law) that is necessary to comply with the
Express Perfection Requirements (i) for the grant by such Grantor of the
assignment and security interest granted hereby, (ii) for the execution,
delivery or performance of this Agreement by such Grantor or (iii) for the
perfection or maintenance of the assignment and security interest created
hereby, except for (A) with respect to each Pool Aircraft whose country of
registration is the United States, the filing with the FAA, in due form for
recordation where applicable, pursuant to Section 40102 and
Section 44101 through Section 44112 of Title 49, United States Code,
“Transportation,” of any and all title, registration and financing
documentation necessary to accomplish the purposes of this Agreement, including
each of the Relevant FAA Aircraft Mortgages, each of the Relevant FAA
Aircraft Mortgages and Lease Security Assignments and/or each of the Relevant
FAA Lease Security Assignments, as applicable, with respect to such Pool Aircraft
and/or the related Assigned Lease, (B) the Required Cape Town
Registrations, (C) the filing of financing and continuation statements
under the UCC, (D) the applicable Irish filings pursuant to Section 2.08(e),
(E) to the extent of the Express Perfection Requirements, such other
filings as are required under relevant local law, in the case of a Grantor not
organized under the laws of the United States or a state thereof and in the
case of each Pool Aircraft that is not registered in a jurisdiction that has
Ratified the Cape Town Convention, and, in each case, the related Assigned
Leases and (F) the Lessee Notices and Lessee Acknowledgments, except in each case that only the
Express Perfection Requirements shall be required to be satisfied.

                    (e)
The “location” (for purposes of Section 9-307 of the UCC) of such Grantor is
specified opposite the name of such Grantor (or the name of the owner trustee
of such Grantor if it is an Owner Trust) on the attached Schedule IV
hereto. 

                    (f)
If such Grantor is the lessor under a Cape Town Lease, it has the right to
assign the International Interest provided for in such Cape Town Lease and all
associated rights in respect of such Cape Town Lease that form part of the
Collateral, including the right to discharge such Cape Town Lease on the
International Registry.

                    (g)
A true and complete copy of each Assigned Lease as in effect on the date hereof
to which such Grantor is a party has been delivered to the Security Trustee. 

- 20 -

          Section
2.04. Grantors Remain Liable.
Anything contained herein to the contrary notwithstanding, (a) each
Grantor shall remain liable under the contracts and agreements included in the
Collateral to the extent set forth therein to perform all of its duties and
obligations thereunder to the same extent as if this Agreement had not been
executed, (b) the exercise by the Security Trustee of any of its rights
hereunder shall not release any Grantor from any of its duties or obligations
under the contracts and agreements included in the Collateral and (c) in
each case, unless the Security Trustee or any other Secured Party, expressly in
writing or by operation of law, assumes or succeeds to the interests of any
Grantor hereunder, no Secured Party shall have any obligation or liability
under the contracts and agreements included in the Collateral by reason of this
Agreement, nor shall any Secured Party be obligated to perform any of the
obligations or duties of any Grantor under the contracts and agreements
included in the Collateral or to take any action to collect or enforce any
claim for payment assigned under this Agreement.

          Section
2.05. Delivery of Collateral; Chattel Paper
and “Precautionary” UCC Financing Statements. Notwithstanding
anything else to the contrary in the Indenture or this Agreement, no Grantor
shall be required to (a) deliver to the Security Trustee any Security Deposit
or any letter of credit, promissory note or other Related Collateral Document
issued or delivered pursuant to an Assigned Lease pertaining to any Pool
Aircraft unless an Enforcement Event has occurred and is continuing or (b) make
or designate any “chattel paper” original of any Assigned Lease pertaining to
any Pool Aircraft or (c) deliver to the Security Trustee any “chattel paper”
original of any Assigned Lease pertaining to any Pool Aircraft, except as
expressly required by the next sentence with respect to the “chattel paper”
original, if any, of an Assigned Lease pertaining to a Pool Aircraft whose
country of registration is not the United States or (d) make or require to be
made any “precautionary” UCC Financing Statement filing with respect to any
Assigned Lease pertaining to any Pool Aircraft or (e) assign to the Security
Trustee any “precautionary” UCC Financing Statement made with respect to any
Assigned Lease pertaining to any Pool Aircraft, except as expressly required by
the next sentence with respect to the “precautionary” UCC Financing Statement
filing, if any, with respect to an Assigned Lease pertaining to a Pool Aircraft
whose county of registration is not the United States. In respect of any
Assigned Lease pertaining to a Pool Aircraft whose country is registration is
not the United States, (i) to the extent that such Assigned Lease
constitutes “tangible chattel paper” (as defined in Section 9-102(a)(78)
of the UCC), and if the applicable Grantor has expressly designated an original
counterpart of such Assigned Lease as the “chattel paper original” thereof (the
“Chattel Paper Original”), such
Grantor shall, if it has such Chattel Paper Original of such Assigned Lease in
its possession, cause such Chattel Paper Original of such Assigned Lease to be
delivered to the Security Trustee promptly (and in any case no later than 30
days) after the later of (x) the execution and delivery of such Assigned Lease
by the parties thereto and (y) the date the Pool Aircraft to which such
Assigned Lease pertains becomes Collateral hereunder, and (ii) if the
applicable Grantor has made a “precautionary” UCC Financing Statement filing
with respect to such Assigned Lease, such “precautionary” UCC Financing
Statement shall be assigned to the Security Trustee. The provisions of this
Section 2.05 shall be deemed to modify the definition of Express Perfection
Requirements to the extent the requirements of such provisions of this Section
2.05 may be inconsistent with the requirements of such definition. Subject to
Section 2.06(d), the Issuer agrees that it will not permit any Grantor to sell
or otherwise transfer ownership of any “tangible chattel paper” pertaining to a
Pool Aircraft not delivered to the Security Trustee except pursuant to a sale,
transfer or other disposition of ownership of, or removal of, the Pool Aircraft
pertaining thereto permitted under Section 2.18. 

- 21 -

          Section
2.06. As to the Assigned Leases.
(a) Upon the inclusion of any Assigned Lease in the Collateral, within the
period set forth in the Express Perfection Requirements or elsewhere in this
Agreement and to the extent required by the Express Perfection Requirements,
the relevant Grantor (i) will deliver to the Security Trustee a copy of a
Lessee Notice and Lessee Acknowledgment with respect to such Assigned Lease and
(ii) will register or cause to be registered the Required Cape Town
Registrations (if any) with respect to such Assigned Lease as provided in
Section 2.08(c); provided, however, that with respect to any Assigned Lease
which is a replacement Lease referred to in Section 2.16(c), the foregoing
requirements of this Section 2.06(a) shall not be applicable to such Assigned
Lease until 30 days after the commencement of leasing of the applicable Pool
Aircraft under such replacement Lease. Upon the written request of the Issuer
or any Grantor, the Security Trustee (solely in its capacity as such) will
execute such undertakings of quiet enjoyment and other agreements of the
secured party in favor of the Lessee under any Assigned Lease, and/or, if
applicable, any sublessee, as are provided for in the Lease Assignment Documents
or as are substantially to the same effect as the undertakings of quiet
enjoyment and other agreements of the Grantor provided for in such Assigned
Lease or provided by the Grantor to such sublessee (if applicable) or of the
Security Trustee hereunder or which otherwise constitute or may be included in
a Lessee Notice or Lessee Acknowledgment. 

                    (b)
(i) Upon the inclusion of any Assigned Lease in the Collateral or (ii) within
thirty (30) days after the effectiveness of any material amendment, supplement
or waiver of any Assigned Lease or the effectiveness of any replacement
Assigned Lease with respect to any Pool Aircraft, the relevant Grantor will
deliver a copy thereof to the Security Trustee. 

                    (c)
Each Grantor shall:

                         (i)
use reasonable commercial efforts, in accordance with Leasing Company Practice,
to: (A) perform and observe all the terms and provisions of the Assigned
Leases to be performed or observed by it, and (B) after receipt of notice from
the Security Trustee to such effect (to the extent permitted by law), so long
as an Enforcement Event has occurred and is continuing, take all such action to
enforce the Assigned Leases as may be from time to time reasonably requested by
the Security Trustee; and

                         (ii)
furnish to the Security Trustee on the Effective Date a true and complete copy
of each Assigned Lease as in effect on the Effective Date with respect to the
Initial Pool Aircraft, and from time to time, subject to the provisions of the
applicable Assigned Lease relating to the Lessee’s obligation to furnish such
information and subject to any confidentiality provisions therein, and, so long
as an Enforcement Event has occurred and is continuing, (A) furnish to the
Security Trustee such information and reports regarding the Collateral as the
Security Trustee may reasonably request and (B) upon reasonable request of
the Security Trustee make to each other party to any Assigned Lease such
demands and requests for information and reports as such Grantor is entitled to
make thereunder.

                    (d)
So long as no Enforcement Event has occurred and is continuing, and so long as
during the existence of an Enforcement Event the Security Trustee has not, to
the extent permitted by law, notified such Grantor that it may no longer take
or not take such action, and notwithstanding any provision to the contrary in
this Agreement, each Grantor shall be entitled, to the exclusion of the
Security Trustee but subject always to the terms of this Agreement (x) to

- 22 -

exercise and receive, directly or indirectly through one or more
agents, any of the claims, rights, powers, privileges, remedies and other
benefits under, pursuant to, with respect to or arising out of the Assigned
Leases and (y) to take any action or to not take any action, directly or
indirectly through one or more agents, related to the Assigned Leases and the
lessees or counterparties thereunder, including entering into, amending,
supplementing, modifying, terminating, cancelling, performing, enforcing,
compelling performance of, exercising all remedies (whether arising under any
Assigned Lease or by statute or at law or in equity or otherwise) under,
exercising rights, elections or options or taking any other action under or in
respect of, granting or withholding notices, waivers, approvals and consents in
respect of, receiving, holding, using, applying, disposing of and otherwise
dealing with all accounts receivable, rent and other payments received or
receivable under (including any Maintenance Rent), dealing with any credit
support or collateral security in respect of, or taking any other action in
respect of, the Assigned Leases and contacting or otherwise having any dealings
with any lessee or counterparty thereunder; provided, however,
(i) so long as any Assigned Lease remains in effect, no Grantor will
abrogate any right, power or privilege granted expressly in favor of the
Security Trustee or any other Secured Party under any Lease Assignment Document
and (ii) during the continuance of an Enforcement Event, all such rights
of each Grantor (to the extent not constituting Excluded Property or rights in
respect thereof) (“Rights”) shall cease if the Security
Trustee shall, to the extent permitted by law, notify such Grantor of such
cessation, and upon such notice (to the extent permitted by law) all such
Rights shall become vested in the Security Trustee, which shall thereupon have
the sole right to exercise or refrain from exercising such Rights.

                    (e)
Unless the Security Trustee otherwise requests a hard copy thereof, the
Grantors shall be entitled to furnish to the Security Trustee copies (except
for Chattel Paper Originals) of the documents referred to in any of Sections
2.03(g), 2.06(b), 2.06(c)(ii), 2.16(c) and Schedules V and VI hereto by means
of posting such documents to a dedicated web site to which the Security Trustee
and it representatives, including legal counsel, shall have access at all
times. 

          Section 2.07.
Cash Collateral Account. The
Securities Intermediary agrees to hold any Account Collateral, which shall
constitute “cash Collateral” for purposes of this Agreement. The Securities
Intermediary, except in its capacity as such, waives any claim or lien against
any Account Collateral it may have, by operation of law or otherwise, for any
amount owed to it by the Issuer or any Grantor. The Securities Intermediary
hereby agrees that, notwithstanding anything to the contrary in this Agreement
(i) any amounts of Account Collateral to be held by the Securities
Intermediary and any investment earnings thereon will be credited to securities
account no. 39003700 (the “Cash Collateral
Account”), which account constitutes a securities account (as
defined in Section 8-501(a) of the UCC) for which it is a “securities
intermediary” (as defined in Section 8-102(a)(14) of the UCC) and the
Security Trustee is the “entitlement holder” (as defined in
Section 8-102(a)(7) of the UCC) of the “securities entitlement” (as
defined in Section 8-102(a)(17) of the UCC) with respect to each
“financial asset” (as defined in Section 8-102(a)(9) of the UCC) credited
to such Cash Collateral Account, (ii) all such amounts, and all other
property acquired with cash credited to the Cash Collateral Account will be
credited to the Cash Collateral Account, (iii) all items of property
(whether cash, investment property, other investments, securities, instruments
or other property) credited to the Cash Collateral Account will be treated as a
“financial asset” under Article 8 of the UCC, (iv) its “securities
intermediary’s

- 23 -

jurisdiction” (as defined in Section 8-110(e) of the UCC) with
respect to the Cash Collateral Account is the State of New York, and
(v) all securities, instruments and other property in order or registered
form and credited to the Cash Collateral Account shall be payable to or to the
order of, or registered in the name of, the Securities Intermediary or shall be
indorsed to the Securities Intermediary or in blank, and in no case whatsoever
shall any financial asset credited to the Cash Collateral Account be registered
in the name of the Issuer or any Grantor, payable to or to the order of the
Issuer or any Grantor or specially indorsed to the Issuer or any Grantor except
to the extent the foregoing have been specially indorsed by the Issuer or such
Grantor to the Securities Intermediary or indorsed in blank. The Security
Trustee agrees that it will hold (and will indicate clearly in its books and
records that it holds) its “securities entitlement” to the “financial assets”
credited to the Cash Collateral Account in trust for the benefit of the Secured
Parties. Without waiving any rights as set forth in the parentheticals to
Section 3.02(a) and (b) hereof, the Securities Intermediary and the Security
Trustee hereby waive any right of set-off, encumbrance, security interest, lien
or other claim at law or otherwise against any Account Collateral or the Cash
Collateral Account. The Issuer and each Grantor acknowledges that, by reason of
the Security Trustee being the “entitlement holder” in respect of the Cash
Collateral Account as provided above, the Security Trustee shall
have the sole right and discretion (except as provided in the next sentence
with respect to investment orders or instructions by the Issuer or any
Grantor), subject only to the terms of this Agreement, to give all “entitlement
orders” (as defined in Section 8-102(a)(8) of the UCC) with respect to the
Cash Collateral Account and any and all financial assets and other property
credited thereto to the exclusion of the Issuer and each Grantor; provided,
however, in no event shall the consent of the Issuer or any Grantor
be required as a condition to the Securities Intermediary complying with any
such entitlement order of the Security
Trustee. The Securities Intermediary shall comply with any investment
orders or instructions from the Issuer or any Grantor concerning the Cash
Collateral Account. If at any time, the Securities Intermediary is no longer
able to hold the Cash Collateral Account, the Issuer shall designate an
Eligible Institution that has executed an Account Control Agreement to hold the
Cash Collateral Account. Prior to subjecting any cash or other Account
Collateral to the Lien hereof that is not held by the Security Trustee under
this Section 2.07, which each Grantor shall have the right at its option
to do, the applicable Grantor and the Security Trustee shall enter into an
Account Control Agreement with respect thereto and the account to which such cash
or other Account Collateral is to be held, and such cash or other Account
Collateral shall constitute “cash Collateral” for purposes of this Agreement.

          Section
2.08. Required Cape Town Registrations; FAA
Filings; Further Assurances. (a) Each Grantor shall, in each case
only to the extent of the Express Perfection Requirements: (i) execute and file
such financing or continuation statements, or amendments thereto, and such
other instruments or notices, that may be necessary, as the Security Trustee may
reasonably request, in order to perfect and preserve the assignment and
security interest granted or purported to be granted hereby and
(ii) execute, file, record, or register such additional documents and
supplements to this Agreement, including any further mortgages, assignments,
security agreements, pledges, grants and transfers, as may be required under
the laws of any foreign jurisdiction as the Security Trustee may reasonably
request, to create, attach, perfect, validate, render enforceable, protect or
establish the priority of the security interest and Lien of this Agreement.
Upon the request of the Issuer or any Grantor, the Security Trustee shall
execute and deliver and, if applicable, pre-position with counsel identified in
such request, and instruct such counsel, as requested by the Issuer or such
Grantor, to file, record or register, as applicable, any

- 24 -

document referred to above in this Section 2.08(a), and no Grantor
shall be in breach of this Section or this Agreement should the Security
Trustee fail to do so as so requested. To the extent that (i) the Security
Trustee’s consent is required for any filing, recording or registration of any
document referred to above in this Section, or (ii) the Security Trustee
is required to initiate any such filing, recording or registration, the
Security Trustee shall act in accordance with the Issuer’s or the applicable
Grantor’s instructions to ensure that such consent or such initiation of such
filing, recording or registration is effected, and no Grantor shall be in
breach of this Section or this Agreement should the Security Trustee fail to do
so as so instructed (it being understood and agreed that in no event shall the
Security Trustee be liable for any failure to so file, record or register as a
result of the Issuer’s or such Grantor’s failure to provide any necessary
information or instruction required for such filing, recordation or
registration in a timely manner or if such information is inaccurate or
incomplete).

                    (b)
Each Grantor hereby authorizes the Security Trustee to file, in each case only
to the extent of the Express Perfection Requirements, one or more financing or
continuation statements, and amendments thereto, relating to all or any part of
the Collateral without the signature of such Grantor where permitted by law. A
photocopy or other reproduction of this Agreement or any financing statement
covering the Collateral or any part thereof shall be sufficient as a financing
statement where permitted by law.

                    (c)
Each Grantor shall ensure that at all times an individual shall
be appointed as administrator with respect to such Grantor for purposes of the
International Registry and shall register or cause to be registered (or if the
Security Trustee is making such registration, without relieving each Grantor of
such obligation, consent to such registration) with the International Registry
(collectively, the “Required Cape Town
Registrations”) within the applicable time periods specified in this
Agreement (including Section 2.10): (i) the International Interest
provided for hereunder with respect to (x) each Aircraft Object in respect of
Pool Aircraft where the relevant Grantor is situated in a Contracting State or
(y) an Aircraft Object which is an Airframe that pertains to a Pool Aircraft
registered in a Contracting State; (ii) the International Interest
provided for in any Cape Town Lease to which such Grantor is a lessor or
lessee; (iii) the assignment to the Security Trustee of each International
Interest described in clause (ii) and assigned to the Security
Trustee hereunder; and (iv) the Contract of Sale with respect to any
Aircraft Object by which title to such Aircraft Object is conveyed to such
Grantor due to a transfer occurring after the date the Pool Aircraft of which
such Aircraft Object is a part becomes a Pool Aircraft, but only if (x) the
seller under such Contract of Sale is situated in a Contracting State or, if
such Aircraft Object is an Airframe, it pertains to a Pool Aircraft registered
in a Contracting State and (y) such seller agrees to such registration; provided,
however, that with respect to any Lease which is a Cape Town Lease
and that is also a replacement Lease referred to in Section 2.16(c), the
foregoing requirements of this Section 2.08(c) shall not be applicable to such
Lease until 30 days after the commencement of leasing of such Pool Aircraft
under such replacement Lease. To the extent that (A) the Security
Trustee’s consent is required for any registration referred to above or below
in this Section 2.08(c), or (B) the Security Trustee is required to
initiate any such registration referred to above or below in this Section
2.08(c), the Security Trustee shall ensure that such consent or such initiation
of such registration is effected, and no Grantor shall be in breach of this
Section or this Agreement should the Security Trustee fail to do so in a proper
fashion (it being understood and agreed that in no event shall the Security
Trustee be liable for any failure to so register as a result of such Grantor’s
failure to

- 25 -

provide any necessary information required for such registration in a
timely manner or if such information is inaccurate or incomplete). It is
understood and agreed that the Required Cape Town Registrations with respect to
the International Interests described in clause (i) of this Section
2.08(c) and the assignment described in clause (iii) of this Section
2.08(c) with respect to each Cape Town Lease shall be registered in the name of
the Security Trustee; provided, however, that, notwithstanding
anything to the contrary contained herein, it is understood and agreed that
(and the following clauses of this sentence shall be deemed to modify the
definition of Required Cape Town Registrations to the extent (if any) the
requirements of such clauses of this Section 2.08(c) may be inconsistent with
the requirements of such such definition):

                              (I)
with respect to each Lease which is a Cape Town Lease to which a Grantor is a
lessor, such Grantor shall be entitled to retain in its own name on the
International Registry the right to discharge the Required Cape Town
Registration of (x) each International Interest described in
clause (ii) of this Section 2.08(c) provided for in such Cape Town
Lease and (y) the assignment to the Security Trustee described in
clause (iii) of this Section 2.08(c) of each International Interest
provided for in such Cape Town Lease and assigned to the Security Trustee
hereunder; 

                              (II)
with respect to each Lease which is a Cape Town Lease to which a Grantor is a
lessor, upon or at any time following the termination, cancellation or other
expiration of such Cape Town Lease or the leasing of the applicable Pool
Aircraft thereunder, such Grantor shall have the right and be entitled to
discharge or cause to be discharged from the International Registry the
Required Cape Town Registrations of (x) each International Interest described
in clause (ii) of this Section 2.08(c) provided for in such Cape Town
Lease and (y) the assignment to the Security Trustee described in
clause (iii) of this Section 2.08(c) of each International Interest
provided for in such Cape Town Lease and assigned to the Security Trustee
hereunder;

                              (III)
with respect to each Lease which is a Cape Town Lease to which a Grantor is a
lessor, during the continuance of an Event of Default, such Grantor shall
register or cause to be registered on the International Registry an assignment
to the Security Trustee of the right to discharge from the International
Registry the Required Cape Town Registrations of (x) each International
Interest described in clause (ii) of this Section 2.08(c) provided
for in such Cape Town Lease and (y) the assignment to the Security Trustee
described in clause (iii) of this Section 2.08(c) of each
International Interest provided for in such Cape Town Lease and assigned to the
Security Trustee hereunder; and

                              (IV)
for avoidance of doubt, with respect to each Lease to which a Grantor is a
lessor or lessee which is not a Cape Town Lease and with respect to each
sublease of a Pool Aircraft and any sublease assignment relating thereto, (x)
such Grantor shall not be required to make or cause to be made any registration
on the International Registry with respect to such Lease, sublease or sublease
assignment and (y) if any registration on the International Registry has been
made with respect to such Lease, sublease or sublease assignment, such Grantor
shall not be required to register an assignment of any such registration to the Security Trustee and such Grantor shall be
entitled to retain in its own name on the International Registry the right to
discharge any such registration and such Grantor shall have the right and be
entitled to discharge

- 26 -

or cause to be discharged any such registration at any time. 

The
parties hereto agree that, for the purposes of the definition of Prospective
International Interest under the Cape Town Convention, the issuance of the
Secured Notes by the Issuer shall constitute the stated event upon which the
applicable Grantor has created or provided for an International Interest
hereunder in favor of the Security Trustee in the Aircraft Objects and Assigned
Leases.

                    (d)
With respect to each Pool Aircraft Owned by a Grantor that is registered in the
United States and the related Assigned Lease pertaining to such Pool Aircraft,
such Grantor shall, so long as such Pool Aircraft is so registered, within the
applicable time periods specified in this Agreement, (i) in the case of a
Pool Aircraft that is not subject to an Assigned Lease under which the leasing
of such Pool Aircraft has commenced, so long as an FAA Aircraft Mortgage and
Lease Security Assignment with respect to such Pool Aircraft has not been
previously recorded with the FAA, record with the FAA an FAA Aircraft Mortgage
with respect to such Pool Aircraft; and (ii) in the case of a Pool
Aircraft that is subject to an Assigned Lease under which the leasing of such
Pool Aircraft has commenced, record with the FAA an FAA Aircraft Mortgage and
Lease Security Assignment with respect to such Pool Aircraft and Assigned Lease
or, if an FAA Aircraft Mortgage or an FAA Aircraft Mortgage and Lease Security
Assignment with respect to such Pool Aircraft has previously been recorded with
the FAA, record with the FAA an FAA Lease Security Assignment with respect to
such Assigned Lease; provided, however, that with respect to any
Assigned Lease pertaining to a Pool Aircraft registered in the United States
which is a replacement Lease referred to in Section 2.16(c), the foregoing
requirements of this Section 2.08(d) shall not be applicable to such Assigned
Lease until 30 days after the commencement of leasing of such Pool Aircraft
under such replacement Lease. Upon the request of the Issuer or any Grantor,
the Security Trustee shall execute and deliver and pre-position with FAA
counsel, and instruct FAA counsel to file and record with the FAA as requested
by the Issuer or such Grantor, any document to be filed or recorded with the
FAA referred to above in this Section 2.08(d), and no Grantor shall be in
breach of this Section or this Agreement should the Security Trustee fail to do
so as so requested (it being understood and agreed that in no event shall the
Security Trustee be liable for any failure to so file or record an FAA document
as a result of a Grantor’s failure to provide any necessary information
required by the Security Trustee for such filing or recording in a timely
manner or if such information is inaccurate or incomplete).

                    (e)
With respect to each Grantor incorporated under (i) the laws of Ireland,
such Grantor shall cause each Security Document executed by it or its relevant
particulars to be filed in the Irish Companies Registration Office and, where
applicable, the Irish Revenue Commissioners within 21 days of execution
thereof, or (ii) the laws of Bermuda, such Grantor shall cause each
Security Document executed by it or its relevant particulars to be filed in the
Bermudan Registrar of Companies and, where applicable, the Bermudan Department
of Civil Aviation. Upon the request of the Issuer or any Grantor, the Security
Trustee shall execute and deliver and, if applicable, pre-position with counsel
identified in such request, and instruct such counsel, as requested by the
Issuer or such Grantor, to file, record or register, as applicable, any
document referred to above in this Section 2.08(e) or otherwise necessary or
appropriate to satisfy the Express Perfection Requirements with respect to such
Grantor, and no Grantor shall be in breach of this Section or this Agreement
should the Security Trustee fail to do so as so

- 27 -

requested. To the extent that (1) the Security Trustee’s consent
is required for any filing, recording or registration of any document referred
to above in this Section, or (2) the Security Trustee is required to
initiate any such filing, recording or registration, the Security Trustee shall
act in accordance with the Issuer’s or the applicable Grantor’s instruction to
ensure that such consent or such initiation of such filing, recording or
registration is effected, and no Grantor shall be in breach of this Section or
this Agreement should the Security Trustee fail to do so as so instructed (it
being understood and agreed that in no event shall the Security Trustee be
liable for any failure to so file, record or register as a result of the
Issuer’s or such Grantor’s failure to provide any necessary information or instruction
required for such filing, recordation or registration in a timely manner or if
such information is inaccurate or incomplete).

                    (f)
With respect to Pool Aircraft that are registered in a Geneva Convention
country, the applicable Grantor shall cause each applicable local law security
document executed by the relevant Grantor or its relevant particulars to be
filed with the relevant local filing office or offices, as applicable, as and
to the extent required by the Express Perfection Requirements. Upon the request
of the Issuer or any Grantor, the Security Trustee shall execute and deliver
and, if applicable, pre-position with counsel identified in such request, and
instruct such counsel, as requested by the Issuer or such Grantor, to file,
record or register, as applicable, any document referred to above in this
Section 2.08(f) or otherwise necessary or appropriate to satisfy the Express
Perfection Requirements with respect to such Pool Aircraft and Grantor, and no
Grantor shall be in breach of this Section or this Agreement should the
Security Trustee fail to do so as so requested. To the extent that (i) the
Security Trustee’s consent is required for any filing, recording or
registration of any document referred to above in this Section, or
(ii) the Security Trustee is required to initiate any such filing,
recording or registration, the Security Trustee shall act in accordance with
the Issuer’s or the applicable Grantor’s instructions to ensure that such
consent or such initiation of such filing, recording or registration is
effected, and no Grantor shall be in breach of this Section or this Agreement
should the Security Trustee fail to do so as so instructed (it being understood
and agreed that in no event shall the Security Trustee be liable for any
failure to so file, record or register as a result of the Issuer’s or such
Grantor’s failure to provide any necessary information or instruction required
for such filing, recordation or registration in a timely manner or if such
information is inaccurate or incomplete).

                    (g)
With respect to Pool Aircraft that are not registered in either a Cape Town
Convention country or a Geneva Convention country, the applicable Grantor shall
cause each Security Document executed by the relevant Grantor or its relevant
particulars to be filed with the relevant local filing office or offices, as
applicable, as and to the extent required by the Express Perfection
Requirements. Upon the request of the Issuer or any Grantor, the Security Trustee
shall execute and deliver and, if applicable, pre-position with counsel
identified in such request, and instruct such counsel, as requested by the
Issuer or such Grantor, to file, record or register, as applicable, any
document referred to above in this Section 2.08(g) or otherwise necessary or
appropriate to satisfy the Express Perfection Requirements with respect to such
Pool Aircraft and Grantor, and no Grantor shall be in breach of this Section or
this Agreement should the Security Trustee fail to do so as so requested. To
the extent that (i) the Security Trustee’s consent is required for any
filing, recording or registration of any document referred to above in this
Section, or (ii) the Security Trustee is required to initiate any such filing,
recording or registration, the Security Trustee shall act in accordance with
the Issuer’s or the applicable Grantor’s instructions to ensure that such
consent or such initiation of such filing, recording or

- 28 -

registration is effected, and no Grantor shall be in breach of this
Section or this Agreement should the Security Trustee fail to do so as so
instructed (it being understood and agreed that in no event shall the Security
Trustee be liable for any failure to so file, record or register as a result of
the Issuer’s or such Grantor’s failure to provide any necessary information or
instruction required for such filing, recordation or registration in a timely
manner or if such information is inaccurate or incomplete).

                    (h)
The Grantors may have additional obligations pursuant to Section 8.07 hereof.

          Section
2.09. Records.
Subject to applicable confidentiality restrictions, each Grantor shall hold and
preserve its records concerning the Collateral and, so long as an Enforcement
Event has occurred and is continuing, shall permit representatives of the
Security Trustee upon reasonable prior notice at any time during normal
business hours reasonably to inspect and make abstracts from such records, all
at the sole cost and expense of such Grantor. 

          Section
2.10. International Registry Requirements for
Leases. Required Cape Town Registrations with respect to
International Interests in Leases that are not registered on the International
Registry as of the date of the later of (a) the date that the Pool Aircraft to
which it pertains is added to the Designated Pool, (b) the date of commencement of the leasing of
such Pool Aircraft under such Lease, or (c) the date such Lease becomes an
International Interest, shall be made as promptly as practicable, but in any
event no later than 180 days after such date.

          Section
2.11. Liens. No Grantor shall
directly or indirectly issue, assume, guarantee or secure payment of any
indebtedness for borrowed money secured by any Lien on or with respect to the
Collateral other than the Secured Notes. No Grantor shall create or suffer to
exist any Lien upon or with respect to any of the Collateral of such Grantor,
other than a Permitted Lien. 

          Section
2.12. Security Trustee Appointed Attorney-in-Fact.
Each Grantor hereby irrevocably appoints, as security for the Secured
Obligations, the Security Trustee as such Grantor’s attorney-in-fact, with full
authority in the place and stead of such Grantor and in the name of such
Grantor or otherwise, from time to time in the Security Trustee’s discretion,
so long as an Enforcement Event has occurred and is continuing, to take any
action and to execute any instrument that the Security Trustee may deem
necessary or advisable to accomplish the purposes of this Agreement, including:

                    (a)
to ask for, demand, collect, sue for, recover, compromise, receive and give
acquittance and receipts for moneys due and to become due under or in respect
of any of the Collateral;

                    (b)
to receive, indorse and collect any drafts or other instruments and documents
included in the Collateral;

                    (c)
to file any claims or take any action or institute any proceedings that the
Security Trustee may deem necessary for the collection of any of the Collateral
or otherwise to enforce the rights of the Security Trustee with respect to any
of the Collateral; and

- 29 -

                    (d)
to execute and file any financing or continuation statements, or amendments
thereto, and such other instruments or notices, as may be necessary, in order
to perfect and preserve the security interest granted hereby, to the extent of
the Express Perfection Requirements; 

provided that the
Security Trustee’s exercise of any such power shall be subject to
Section 2.06(d).

          Section
2.13. Security Trustee May Perform. If any Grantor fails to perform any
agreement contained in this Agreement, the Security Trustee may (but shall not
be obligated to) after such prior notice to such Grantor as may be reasonable
under the circumstances, itself perform, or cause performance of, such
agreement, and the expenses of the Security Trustee incurred in connection with
doing so shall be payable by the Issuer.

          Section
2.14. Covenant to Pay. The Issuer
covenants with the Security Trustee (for the benefit of the Secured Parties)
that it will pay or discharge any monies and liabilities whatsoever that are
now, or at any time hereafter may be due, owing or payable under this Agreement
by the Issuer or a Grantor in any currency, actually or contingently, solely
and/or jointly, and/or severally with another or others, as principal or surety
on any account whatsoever pursuant to this Agreement in accordance with its
terms. All such payments shall be made in accordance with Section 3.02.

          Section
2.15. Delivery of Collateral Supplements.
Upon the addition of any Additional Pool Aircraft to the Designated Pool, or
within thirty (30) days after the effectiveness of a replacement Lease in
respect of a Pool Aircraft, unless the Grantor Owning such Additional Pool
Aircraft or such Pool Aircraft shall execute a Grantor Supplement with respect
to such Additional Pool Aircraft, such Grantor shall execute and deliver to the
Security Trustee a Collateral Supplement duly completed with respect to all
Collateral subject thereto and shall take such steps within the applicable time
periods set forth in this Agreement with respect to the perfection of the
Security Trustee’s security interest in such Collateral as are called for by
this Agreement for Collateral of the same type; provided that the foregoing shall not be construed to require
the taking of any steps or other action with respect to perfection not required
by the Express Perfection Requirements; and provided,
further, that the failure of any Grantor to deliver any Collateral
Supplement as to any such Collateral shall not impair the Lien of this
Agreement as to such Collateral. 

          Section
2.16. Operational Covenants.

                    (a)
Identification of Security Trustee’s Interest.
With respect to each Pool Aircraft Owned by a Grantor, such Grantor agrees to
affix or cause to be affixed as promptly as practicable after the later of the
Effective Date and the date such Pool Aircraft is added to the Designated Pool,
and thereafter to maintain in the cockpit of such Pool Aircraft, in a clearly
visible location, and on each Engine of such Pool Aircraft, a nameplate bearing
the inscription “MORTGAGED TO WELLS FARGO BANK NORTHWEST, N.A., AS SECURITY
TRUSTEE” (such nameplate to be replaced, if necessary, with a nameplate
reflecting the name of any successor Security Trustee); provided that such
requirement shall not apply to any Pool

- 30 -

Aircraft or Engine of such Pool Aircraft that is registered in the
United States so long as such Pool Aircraft is so registered.

                    (b)
Registration. Each Grantor shall cause each Pool
Aircraft Owned by it to become (if registration is in process) or be duly
registered in the name of the relevant Grantor if so permitted under the
applicable registry; provided that
a Pool Aircraft may be unregistered for a temporary period in connection with
modification or maintenance of such Pool Aircraft or in connection with a
change in registries. The Security Trustee agrees that it will cooperate with
the relevant Grantor in changing the state of registration of any Pool Aircraft
at the cost of the Issuer and as the Issuer or the relevant Grantor may request
(which cooperation shall include the execution and delivery by the Security
Trustee of such documents, and the taking of such other actions by the Security
Trustee, as the Issuer or the relevant Grantor may request), provided that such request does not
conflict with the relevant Grantor’s obligations under this Agreement.

                    (c)
Replacement of
Leases. Within thirty
(30) days after the commencement of the leasing of a Pool Aircraft under any
replacement Lease (or such longer period as may be provided in the Express
Perfection Requirements or elsewhere in this Agreement in the case of a Lessee
Acknowledgment), the relevant Grantor shall comply with the provisions of
Sections 2.06(a), 2.08(c), 2.08(d) and 2.15 of this Agreement, as applicable,
and shall deliver the following to the Security Trustee:

                              (i)
the Chattel Paper Original, if any, of such replacement Lease if
the Pool Aircraft to which it pertains is not registered in the United States,
if such Chattel Paper Original is required to be delivered by such Grantor to
the Security Trustee pursuant to Section 2.05;

                              (ii)
a notice of assignment substantially in the form attached hereto as Exhibit E-1
or of a notice of assignment delivered on or prior to the Effective Date in
connection with an Assigned Lease or such other form as is provided in the
applicable Lease or as such Grantor may determine in accordance with Leasing
Company Practice (a “Lessee Notice”).
When required under the Express Perfection Requirements, such Grantor shall deliver
to the Security Trustee a lessee acknowledgment substantially in the form
attached hereto as Exhibit E-2 or a form of lessee acknowledgment delivered in
connection with a Lessee Notice delivered on or prior to the Effective Date in
connection with an Assigned Lease or such other form as is provided in the
applicable Lease or as such Grantor may accept pursuant to the Express
Perfection Requirements or in accordance with Leasing Company Practice (a “Lessee Acknowledgment”) addressed to, or for the benefit of, the
Security Trustee with respect to such Lease;

                              (iii)
certificates of insurance from qualified brokers of aircraft insurance (or
other evidence satisfactory to the Security Trustee), evidencing all insurance
required to be maintained by the applicable Lessee, together with the
endorsements required pursuant to Section 2.17 and Schedule V of this
Agreement;

                              (iv)
a copy of such Lease and a Collateral Supplement (if any); and

- 31 -

                              (v)
copies of such legal opinions with regard to compliance with the registration
requirements of the relevant jurisdiction, enforceability of such Lease and
such other matters customary for such transactions, in each case to the extent
that receiving such legal opinions is consistent with Leasing Company Practice.

          Section
2.17. Insurance. The relevant
Grantor shall maintain, or procure that the relevant Lessee or other Person
maintains, hull and third party liability insurance policies, maintained with
insurers or reinsured with reinsurers of recognized responsibility or pursuant
to governmental indemnities, in respect of each Pool Aircraft in accordance
with the terms of Schedule V hereto.

          Section
2.18. Changes to the Designated Pool;
Intermediate Lessees; Additional Grantors.

                    (a)
Restrictions on
Disposition of Aircraft. Except as expressly provided below in
this Section 2.18 with respect to a Pool Aircraft, but excluding in each case
any Pool Aircraft that is removed from the Designated Pool or replaced
(directly or by transfer of an Owner Trust), as provided below, no Grantor
shall sell, transfer or otherwise dispose of the ownership of any Pool Aircraft
(directly or by transfer of an Owner Trust). For purposes of clarification, the
foregoing restriction on the sale, transfer or other disposal of the ownership
of the Pool Aircraft by the Grantors does not apply to the leasing by Lease or
Intermediate Lease of Pool Aircraft in accordance with Leasing Company
Practice. 

                    (b)
Removal of Pool Aircraft from
the Designated Pool. So
long as no Enforcement Event shall remain in existence after such removal (provided
that the foregoing restriction shall not be applicable to a removal
in anticipation of or in connection with the exercise of any rights, options,
obligations or remedies of a Lessee or other Person who is not a Grantor or an
Affiliate of the Grantor pursuant to the applicable Lease or a Permitted Lien
referred to in clause (o) of the definition thereof), any Grantor or the Issuer
or any Subsidiary of the Issuer may remove (directly or by transfer of a
Grantor) any one or more Pool Aircraft from the Designated Pool so long as
either (i) such Pool Aircraft being removed from the Designated Pool (a “Replaced
Aircraft”)
is replaced by one or more aircraft to be included in the Designated Pool as
an Additional Pool Aircraft having an aggregate Appraised Value equal to or greater
than the Appraised Value of the Replaced Aircraft being removed (based on three
Appraisals of such Replaced Aircraft from Qualified Appraisers, each as of a
date no earlier than 180 days prior to the removal of such Replaced Aircraft
from the Designated Pool) and having an Eligible Lease thereof in effect (a “Replacement
Aircraft”) and the procedures
set forth in Section 2.18(c) below are satisfied with respect to such
Replacement Aircraft or (ii) such Grantor delivers or causes to be
delivered to the Security Trustee (directly under Section 2.07 or by delivery
to the Securities Intermediary under an Account Control Agreement for the
benefit of the Security Trustee, as applicable) an amount of cash, to be held
as Collateral, equal to or greater than such Appraised Value of the Replaced
Aircraft or (iii) such Grantor effects a combination of one or more Replacement
Aircraft and delivery of cash as set forth in the preceding clauses (i) and
(ii) such that the aggregate of the Appraised Value of such Replacement
Aircraft and the amount of such cash is equal to or greater than such Appraised
Value of the Replaced Aircraft. Upon satisfaction of the conditions set forth
in the preceding sentence with respect to any Replaced Aircraft, the Security
Trustee’s security
interest (including

- 32 -

International Interest) in, and Lien on, such Replaced
    Aircraft (and any other Aircraft Collateral directly related to such Replaced
    Aircraft) shall be automatically released and such Replaced Aircraft shall
be removed from the Designated Pool. The Security
Trustee shall promptly execute and deliver to the Issuer and the relevant
Grantor, at the Issuer’s expense, all documents, and take such actions,
at the Issuer’s expense, that the Issuer or the relevant Grantor shall reasonably
request to evidence the Security Trustee’s release of the security interests
(including International Interests) in, and Liens on, the applicable Replaced
Aircraft (and any other Aircraft Collateral directly related to such Replaced
Aircraft). The addition of one or more Replacement Aircraft to the Designated
Pool intended to replace one or more Replaced Aircraft may occur at any time
prior to or concurrently with the removal of the applicable Replaced Aircraft.
The Issuer or any Grantor may, at its option, designate portions of the applicable
Appraised Value of any Replacement Aircraft (the sum of which portions may not
exceed 100% of such Appraised Value) to be used under this Section 2.18(b), Section
2.18(h) and/or Section 2.18(i) hereof.

                    (c)
Addition of Non-Pool Aircraft to the
Designated Pool. Any
Grantor may add any aircraft to the Designated Pool as an Additional Pool
Aircraft at any time; provided that:
(i) such aircraft is Owned by such Grantor or by an Eligible Person that
becomes a Grantor hereunder at the time such aircraft becomes a Pool Aircraft
and has an Eligible Lease thereof in effect; (ii) the relevant Grantor
shall have provided three Appraisals of such aircraft from Qualified
Appraisers, each as of a date no earlier than 180 days before adding such
aircraft to the Designated Pool; (iii) the relevant Grantor shall have
executed and delivered to the Security Trustee a Collateral Supplement (or
Grantor Supplement if such Person is then becoming an Additional Grantor as
provided in Section 2.18(f)) and such documents (including UCC Financing
Statements, charge documents (if applicable) and registrations and recordings
with the FAA (if applicable) and the International Registry) as are required
to grant to the Security Trustee, for the benefit of the Secured Parties,
a perfected security interest in such aircraft (it being understood and agreed
that, with respect to the Aircraft Collateral, only the Express Perfection Requirements
shall be required to be satisfied); (iv) the relevant Grantor shall have
delivered a Lessee Notice to the applicable Lessee in accordance with this Agreement
and, as promptly as practicable after the commencement of the leasing of such
Additional Pool Aircraft and in any event no later than 180 days after such date
shall, to the extent required under the Express Perfection Requirements, procure
a Lessee Acknowledgement in accordance with this Agreement signed by the applicable
Lessee; and (v) no Enforcement Event shall remain in existence after such
addition (provided
that the foregoing restriction in this clause (v) shall not be
applicable to an addition at any time prior to or concurrently with a removal
in anticipation of or in connection with the exercise of any rights, options,
obligations or remedies of a Lessee or other Person who is not a Grantor or an
Affiliate of a Grantor pursuant to the applicable Lease or a Permitted Lien
referred to in clause (o) of the definition thereof). The Issuer or any Grantor
may, at its option, designate portions of the applicable Appraised Value of
such Additional Pool Aircraft (the sum of which portions may not exceed 100%
of such Appraised Value) to be used under Section 2.18(b), Section 2.18(h) and/or
Section 2.18(i) hereof. 

                    (d)
Intermediate Lessees. In connection with (i) the
replacement of any Lease of any Pool Aircraft, (ii) the inclusion in the
Designated Pool of any Additional Pool Aircraft pursuant to Section 2.18(c)
above, or (iii) any Requirement of Law applicable to a Grantor or a Lessee
or a Pool Aircraft, a Grantor holding title to a Pool Aircraft shall be
entitled,

- 33 -

by giving notice to the Security Trustee, to enter into an Intermediate
Lease with an Intermediate Lessee with respect to such Pool Aircraft; provided that:

                              (A)
such Intermediate Lessee shall have executed and delivered to the Security
Trustee (1) on or prior to entering into the Intermediate Lease (or, if
later, in the case of any Additional Pool Aircraft, on or prior to such
addition), a Grantor Supplement and/or Collateral Supplement, as applicable,
and (2) such documents (including UCC Financing Statements, charge
documents (if applicable) and registrations and recordings with the FAA (if
applicable) and the International Registry) as are required to grant to the
Security Trustee for the benefit of the Secured Parties a perfected security
interest in the Collateral owned by such Intermediate Lessee (it being
understood and agreed that, with respect to the Aircraft Collateral, only the
Express Perfection Requirements shall be required to be satisfied);

                              (B)
such Intermediate Lessee shall have delivered a Lessee Notice to the applicable
Lessee in accordance with this Agreement, and, to the extent required under the
Express Perfection Requirements, shall procure a Lessee Acknowledgement in accordance
with this Agreement signed by the applicable Lessee as promptly as practicable
after the date the aircraft is added to the Designated Pool (or, if later, on
or prior to entering into such Intermediate Lease) and in any event no later
than 180 days after such date; and

                              (C)
if such Intermediate Lessee is incorporated under the laws of Ireland, within
21 days following the execution of the Security Documents referred to in
clauses (A) - (B) above, the relevant Intermediate Lessee and/or
Issuer or the relevant Grantor, as applicable, shall cause each such Security
Document, or the particulars thereof, to be filed with the Irish Companies
Registration Office and, if applicable, the Irish Revenue Commissioners and in
each case shall provide evidence of such filings reasonably satisfactory to the
Security Trustee or, if such Intermediate Lessee is incorporated under the laws
of any other jurisdiction requiring specific filings or other actions, the
relevant Intermediate Lessee and/or Issuer or the relevant Grantor, as
applicable, shall cause such filings to be made or such other actions to be
taken.

                    (e)
Termination of Intermediate Lessee’s Status. Any Grantor may from time to time, upon
not less than five (5) days’ revocable prior written notice from Issuer to the
Security Trustee, at any time and from time to time assign the equity interests
in an Intermediate Lessee to any Person that is not a Subsidiary of Issuer or
otherwise terminate an Intermediate Lessee’s status as such, provided that such Intermediate Lessee is
not party to an Intermediate Lease or a Lease or will not be at the time such
transfer or other termination of such Intermediate Lessee’s status as such
takes effect. If an Intermediate Lessee’s status is terminated as such, the
Security Trustee’s security interests (including International Interests) in,
and Liens on, the assets of such Intermediate Lessee shall be automatically
released. The Security Trustee shall promptly execute and deliver to Issuer, at
Issuer’s expense, all documents, and take such actions, at the Issuer’s
expense, that Issuer shall reasonably request to evidence the Security
Trustee’s release of the security interests (including International Interests)
in and liens on, the applicable assets released in accordance with the previous
sentence.

                    (f)
Additional Grantors. The Issuer shall be entitled by giving
notice to the Security Trustee, to include Additional Grantors that Own a Pool
Aircraft (or an aircraft that is concurrently therewith becoming an Additional
Pool Aircraft) or permit a Pool Aircraft to be

- 34 -

Owned by another Eligible Person that is to become an Additional
Grantor (including by transferring such Ownership from a Grantor to such Eligible
Person or vice versa); provided that: 

                              (A)
such Person shall be an Eligible Person and shall have executed and delivered
to the Security Trustee (1) on or prior to Owning a Pool Aircraft, or, if
later, an aircraft owned by such Grantor becoming a Pool Aircraft hereunder, as
applicable, a Grantor Supplement (or Collateral Supplement if such Person is
already a Grantor hereunder) and (2) such documents (including UCC
Financing Statements, charge documents (if applicable) and registrations and
recordings with the FAA (if applicable) and the International Registry) as are
required to grant to the Security Trustee, for the benefit of the Secured Parties,
a perfected security interest in the Collateral Owned by such Additional Grantor
(it being understood and agreed that, with respect to the Aircraft Collateral,
only the Express Perfection Requirements shall be required to be satisfied);
and 

                              (B)
such Grantor (or Issuer or another Grantor) shall have delivered a Lessee
Notice to the applicable Lessee, and, to the extent required by the Express
Perfection Requirements, shall procure a Lessee Acknowledgement in accordance
with this Agreement signed by the applicable Lessee as promptly as practicable
after the date the Additional Pool Aircraft is added to the Designated Pool and
in any event no later than 180 days after such date. 

                    (g)
[reserved]. 

                    (h)
Requirements
Following an Event of Loss. If an Event of Loss occurs with respect
to any Pool Aircraft, any Grantor shall within 120 days of the deemed
occurrence of such Event of Loss either (i) replace the Pool Aircraft
subject to such Event of Loss with one or more Replacement Aircraft which at
such time have an aggregate Appraised Value that is equal to or greater than
the Appraised Value than such Pool Aircraft had at such time prior to such
Event of Loss (and the procedures set forth in Section 2.18(c) above are
satisfied with respect to such Replacement Aircraft) and having an Eligible
Lease thereof in effect, or (ii) deliver to the Security Trustee (directly
under Section 2.07 or by delivery to the Securities Intermediary under an
Account Control Agreement) an amount of cash, to be held as Collateral, equal
to or greater than such Appraised Value of such Pool Aircraft prior to such
Event of Loss, or (iii) effect a combination of one or more such Replacement
Aircraft and cash as set forth in the preceding clauses (i) and (ii) such that
the aggregate of the Appraised Value of such Replacement Aircraft and the amount
of such cash is equal to or greater than such Appraised Value of such Pool
Aircraft prior to such Event of Loss. Upon satisfaction of the conditions set
forth in the preceding sentence with respect to any Pool Aircraft subject to
such Event of Loss, the Security Trustee’s security interest (including
International Interest) in, and Lien on, the Pool Aircraft subject to such
Event of Loss (and any other Aircraft Collateral directly related to such Pool
Aircraft) shall be automatically released and such Pool Aircraft shall be
removed from the Designated Pool. The Security Trustee shall promptly execute
and deliver to the Issuer and the relevant Grantor, at the Issuer’s expense,
all documents, and take such actions, at the Issuer’s expense, that the Issuer
or the relevant Grantor shall reasonably request to evidence its release of the
security interests (including International Interests) in, and Liens on, the
applicable Pool Aircraft (and any other Aircraft Collateral directly related to
such Pool Aircraft). The Issuer or any Grantor may, at its option, designate
portions of the applicable Appraised Value of any

- 35 -

Replacement Aircraft (the sum of which portions may not exceed 100% of
such Appraised Value) to be used under this Section 2.18(h), Section 2.18(b),
and/or Section 2.18(i) hereof.

                    (i)
Release of Cash
Collateral. So long as no Enforcement Event shall continue to exist
thereafter, the Issuer or any Grantor shall have the right to request the
Security Trustee to release from the Lien of this Agreement, and to transfer
to the Person or account as requested by the Issuer or such Grantor, any cash
Collateral by adding  Additional Pool Aircraft to the Designated Pool
pursuant to the procedures set forth in Section 2.18(c) above and, upon
such addition, the Security Trustee will release from the Lien of this
Agreement, and instruct and require the applicable Securities Intermediary to
transfer to the Person or account as requested by the Issuer or such Grantor,
an amount of cash Collateral equal to the then Appraised Value of such
Additional Pool Aircraft or such portion of the Appraised Value of such
Additional Pool Aircraft equal to the cash Collateral to be released as
designated by the Issuer or any Grantor (or, if less, the balance of the cash
Collateral). The Issuer or any Grantor may, at its option, designate portions
of the applicable Appraised Value of any Additional Pool Aircraft (the sum of
which portions may not exceed 100% of such Appraised Value) to be used under this
Section 2.18(i), Section 2.18(b), and/or Section 2.18(h) hereof.

                    (j)
Repayment or Defeasance of Series of Secured
Notes. (i) Following the redemption, repayment or defeasance (legal
or covenant) of a series of Secured Notes in its entirety, the Issuer or a
Grantor may remove Pool Aircraft from the Designated Pool or may remove cash
from the Collateral (or any combination of the foregoing) at any time; provided that, after giving effect to any
such removal, the Debt-to-Collateral Value Ratio shall be determined and shall
not exceed 55%; provided, further,
that any other series of Secured Notes with an earlier
scheduled maturity has also been redeemed, repaid or defeased in its entirety.

                              (ii)
Any such determination of the Debt-to-Collateral Value Ratio pursuant to the
preceding paragraph (i) must be calculated on the basis of the Issuer obtaining
and delivering to the Security Trustee three (3) Appraisals of each Pool
Aircraft from Qualified Appraisers that were issued no more than 90 days prior
to the date of the removal.

                              (iii)
Upon receipt by the Security Trustee of a notice from the Issuer or a Grantor
that one or more Pool Aircraft is removed from the Designated Pool pursuant to
paragraph (i) of this Section 2.18(j), the Security Trustee’s security interest
(including International Interest) in, and Lien
on, such Pool Aircraft (and any other Aircraft Collateral directly related to
such Pool Aircraft) shall be automatically released
and such Pool Aircraft shall be removed from the Designated Pool. The Security Trustee shall promptly execute
and deliver to the Issuer and the relevant Grantor, at the Issuer’s expense,
all documents, and take such actions, at the Issuer’s expense, that the Issuer
or the relevant Grantor shall reasonably request to evidence the Security
Trustee’s release of the security interests in (including International
Interests), and Liens on, the such Pool Aircraft (and any other Aircraft Collateral directly related to such
Pool Aircraft).

                              (iv)
Upon receipt by the Security Trustee from the Issuer or a Grantor of a notice
to remove cash from the Collateral pursuant to paragraph (i) of this Section
2.18(j), the Security Trustee will release from the Lien of this Agreement, and
instruct and require the applicable Securities Intermediary to transfer to the
Person or account as notified by the Issuer or 

- 36 -

such Grantor, the amount of cash Collateral so notified to be removed
by the Issuer or such Grantor in such notice. 

                    (k)
Termination of Grantor’s Status.
The Issuer may at any time and from time to time, upon not less than five (5)
days’ revocable prior written notice from the Issuer to the Security Trustee,
terminate a Grantor’s status as such, provided
that such Grantor (i) does not Own any Pool Aircraft or will
not Own any Pool Aircraft at the time such termination of such Grantor’s status
as such takes effect and (ii) is not party to any Lease or Intermediate
Lease or will not be at the time such termination of such Grantor’s status as
such takes effect. If a Grantor’s status is terminated as such, the Security
Trustee’s security interests (including International Interests) in, and Liens
on, the assets of such Grantor shall be automatically released. The Security
Trustee shall promptly execute and deliver to the Issuer and the relevant
Grantor, at the Issuer’s expense, all documents that the Issuer or such Grantor
shall reasonably request to evidence the Security Trustee’s release of the
security interests (including International Interests) in and Liens on the
applicable assets released in accordance with the previous sentence.

          Section
2.19. Protection of Security Interest of the Security Trustee.
Each Grantor shall deliver to the Security Trustee such additional
supplements to this Agreement, charge documents, and other similar instruments,
agreements and documents (including UCC Financing Statements) as the Security
Trustee may reasonably request to effectuate the terms hereof under and in
accordance with the Security Documents and thereby to: grant, maintain, protect
and evidence security interests in favor of the Security Trustee for the
benefit of the Secured Parties, and take all actions necessary to perfect
security interests in favor of the Security Trustee, in accordance with
(a) the laws of the United States (or any instrumentality thereof)
(including but not limited to the filing of UCC Financing Statements in the
appropriate locations, and appropriate offices and registrations and recordings
with the FAA and the International Registry), (b) the Cape Town
Convention, (c) the laws of the jurisdiction of registration of each Pool
Aircraft and (d) the laws of the jurisdiction of organization of the
applicable Grantor hereunder, in any or all present and future property of such
Grantor which would constitute Collateral under and in accordance with the
terms of the Security Documents prior to the Liens of any Person, except to the
extent Permitted Liens may have priority; provided, however, that, only the Express Perfection
Requirements shall be required to be satisfied in respect of the Aircraft
Collateral. Upon the request of the Issuer or any Grantor, the Security Trustee
shall execute and deliver and, if applicable, pre-position with counsel
identified in such request, and instruct such counsel, as requested by the
Issuer or such Grantor, to file, record or register, as applicable, any
document referred to above in this Section 2.19, and no Grantor shall be in
breach of this Section or this Agreement should the Security Trustee fail to do
so as so requested. To the extent that (i) the Security Trustee’s consent
is required for any filing, recording or registration of any document referred
to above in this Section, or (ii) the Security Trustee is required to
initiate any such filing, recording or registration, the Security Trustee shall
act in accordance with the Issuer’s or the applicable Grantor’s instructions to
ensure that such consent or such initiation of such filing, recording or
registration is effected, and no Grantor shall be in breach of this Section or
this Agreement should the Security Trustee fail to do so as so instructed (it
being understood and agreed that in no event shall the Security Trustee be
liable for any failure to so file, record or register as a result of the
Issuer’s or such Grantor’s failure to provide any necessary information or

- 37 -

instruction required for such filing, recordation or registration in a
timely manner or if such information is inaccurate or incomplete).

          
Section 2.20. Change of Name, etc.
(a) No Grantor shall change its name unless such Grantor shall have given
the Security Trustee at least thirty (30) days’ prior written notice thereof; provided that, in any case in which such
change of name would or could make this Agreement, the other Security
Documents, any filings or registrations or any financing statement or
continuation statement filed pursuant to the terms hereof misleading within the
meaning of Section 9-507(c) of the UCC or any other applicable law, such
Grantor shall or, upon the Security Trustee’s reasonable request, shall, at the
Issuer’s expense, promptly file appropriate amendments to all previously made
filings or registrations and all previously filed financing statements and
continuation statements. Upon the request of the Issuer or any Grantor, the
Security Trustee shall execute and deliver and, if applicable, pre-position
with counsel identified in such request, and instruct such counsel, as
requested by the Issuer or such Grantor, to file, record or register, as
applicable, any document referred to above in this Section 2.20(a), and no
Grantor shall be in breach of this Section or this Agreement should the
Security Trustee fail to do so as so requested. To the extent that (i) the
Security Trustee’s consent is required for any filing, recording or
registration of any document referred to above in this Section, or
(ii) the Security Trustee is required to initiate any such filing,
recording or registration, the Security Trustee shall act in accordance with
the Issuer’s or the applicable Grantor’s instructions to ensure that such
consent or such initiation of such filing, recording or registration is
effected, and no Grantor shall be in breach of this Section or this Agreement
should the Security Trustee fail to do so as so instructed (it being understood
and agreed that in no event shall the Security Trustee be liable for any
failure to so file, record or register as a result of the Issuer’s or such
Grantor’s failure to provide any necessary information or instruction required
for such filing, recordation or registration in a timely manner or if such
information is inaccurate or incomplete.

                    (b)
Each Grantor shall give the Security Trustee at least thirty (30) days’ prior
written notice of any change of such Grantor’s location (for purposes of 9-307
of the UCC).

                    (c)
Each Grantor shall furnish to the Security Trustee from time to time such
statements and schedules further identifying and describing the Collateral as
the Security Trustee may reasonably request, all in reasonable detail.

          Section
2.21. Ownership, Operation and Leasing
of Pool Aircraft. No
Grantor shall:

                    (a)
other than in connection with a sale, transfer or other disposition or removal
permitted under Section 2.18, permit any Person other than the Issuer or
a Subsidiary of the Issuer (except to the extent of the Local Requirements
Exception) to own beneficially any Pool Aircraft, or permit any Person other
than a Grantor (except to the extent of the Local Requirements Exception) to
hold title to any Pool Aircraft;

                    (b)
other than in connection with a sale, transfer or other disposition or removal
permitted under Section 2.18, permit any Person other than the Issuer or
a Subsidiary of the Issuer (except to the extent of the Local Requirements Exception)
to hold any portion of the equity interest in any Intermediate Lessee;
and

- 38 -

                    
(c) enforce, terminate, cancel or amend, replace or waive any term of, or
otherwise modify, any Assigned Lease with respect to any Pool Aircraft other
than in a manner consistent with Leasing Company Practice.

          Section
2.22. Representations Regarding Operation. No Grantor shall represent
or hold out, or consent to any Lessee representing or holding out, the Trustee,
the Security Trustee or a Holder of the Secured Notes (solely in their capacities
as such) as (i) the owner or lessor of any Pool Aircraft, (ii) carrying
goods or passengers on any Pool Aircraft or (iii) being in any way
responsible for any operation of carriage (whether for hire or reward or
gratuitously) with respect to any Pool Aircraft.

          Section
2.23. Compliance with Laws, Etc.
Each Grantor shall comply in all material respects with all Requirements of
Laws applicable to it and preserve and maintain its corporate (or similar)
existence, rights, franchises, qualifications, and privileges, except to the
extent that the failure so to comply with such Requirements of Laws, or the
failure so to preserve and maintain such existence, rights, franchises,
qualifications, and privileges, is caused by a Third Party Event, or would not
materially adversely affect the Collateral, the collectability of monies owed
under the Leases or the ability of such Grantor to perform its obligations
under this Agreement.

          Without
limiting the foregoing, except as may be related to a Third Party Event, each
Grantor shall obtain all governmental (including regulatory) registrations,
certificates, licenses, permits and authorizations required to be obtained by
it in connection with this Agreement and for the Pool Aircraft Owned or leased
by it, including a current certificate of airworthiness for each Pool Aircraft
(issued by the applicable aviation authority and in the appropriate category
for the nature of operations of such Pool Aircraft) unless such Pool Aircraft
is not subject to a Lease or is undergoing maintenance or modification or the
failure to so obtain any such governmental (including regulatory) registration,
certificate, license, permit or authorization would not materially adversely
affect the Collateral, the collectability of monies owed under the Leases or
the ability of such Grantor to perform its obligations under this Agreement.

          Section
2.24. Information. The Issuer or a
Grantor shall notify the Security Trustee and Trustee promptly after an officer
of the Issuer responsible for matters related to this Agreement obtaining knowledge
thereof, in writing and in reasonable detail, of any Event of Loss with respect
to a Pool Aircraft.

          The
    Issuer shall furnish promptly, from time to time, subject to applicable
confidentiality restrictions such other information, documents, records or
reports respecting the Pool Aircraft and the Leases which are reasonably
available to any Grantor and which the Trustee or the Security Trustee may (but
shall not be obligated to), from time to time, reasonably request (including
any Appraisal) to the extent necessary for the Trustee or the Security Trustee
to confirm compliance with the terms of the Indenture or this Agreement.

          Section
2.25. Operation in the Ordinary Course.
A Grantor may take the actions described in Section 8.07(c) hereof. 

- 39 -

ARTICLE III

REMEDIES

          Section
3.01. Remedies. If any Enforcement
Event has occurred and is continuing, and in each case subject to the quiet
enjoyment rights of the applicable Lessee and/or sublessee of any Pool
Aircraft: 

                    (a)
The Security Trustee may exercise in respect of the Collateral, in addition to
other rights and remedies provided for herein, all of the rights and remedies
of a secured party upon default under the UCC (whether or not the UCC applies
to the affected Collateral) and all of the rights and remedies under applicable
law and also may (i) require any Grantor to, and such Grantor hereby agrees
that it shall, at the Issuer’s expense and upon written request of the Security
Trustee, forthwith assemble all or any part of the Collateral as directed by
the Security Trustee and make it available to the Security Trustee at a place
to be designated by the Security Trustee that is reasonably convenient and (ii)
without notice except as specified below, sell or cause the sale of the
Collateral or any part thereof in one or more parcels at public or private
sale, at any of the Security Trustee’s offices or elsewhere, for cash, on
credit or for future delivery, and upon such other terms as the Security
Trustee may deem commercially reasonable. Each Grantor agrees that, to the
extent notice of sale shall be required by law, at least ten days’ prior notice
to such Grantor of the time and place of any public sale or the time after
which any private sale is to be made shall constitute reasonable notification.
The Security Trustee shall not be obligated to make any sale of Collateral
regardless of notice of sale having been given. The Security Trustee may
adjourn any public or private sale from time to time by announcement at the time
and place fixed therefor, and such sale may, without further notice, be made at
the time and place to which it was so adjourned. 

                    (b)
The Security Trustee may, in addition to or in connection with any other
remedies available hereunder or under any other applicable law, exercise any
and all remedies granted under the Cape Town Convention as it shall determine
in its sole discretion. In connection therewith, the parties hereby agree to
the extent permitted by the UCC that (i) Article 9(1) and Article 9(2) of the
Cape Town Convention, wherein the parties may agree or the court may order that
any Collateral shall vest in the Security Trustee in or towards satisfaction of
the Secured Obligations, shall not preclude the Security Trustee from obtaining
title to any Collateral pursuant to any other remedies available under
applicable law (including but not limited to Section 9-620 of the UCC); (ii)
any surplus of cash or cash proceeds held by the Security Trustee and remaining
after payment in full of all the Secured Obligations owed to it shall be paid
over in accordance with Section 3.02 hereof; and (iii) the Security Trustee may
obtain from any applicable court, pending final determination of any claim
resulting from an Event of Default, speedy relief in the form of any of the
orders specified in Article 13 of the Cape Town Convention and Article X of the
Protocol as the Security Trustee shall determine in its sole and absolute
discretion, subject to any procedural requirements prescribed by applicable
laws. 

                    (c)
All cash proceeds received by the Security Trustee in respect of any sale of,
collection from, or other realization upon, all or any part of the Collateral
shall be applied in accordance with Section 3.02. Any sale or sales conducted
in accordance with the terms of this Section 3.01 shall be deemed conclusive
and binding on each Grantor and the Secured Parties. 

- 40 -

          Section
3.02. Priority of Payments. The
Security Trustee hereby agrees that all cash proceeds received by the Security
Trustee in respect of any Collateral pursuant to Section 3.01 hereof and any
payments by the Issuer to the Security Trustee following and during the
existence of an Enforcement Event, will be paid or held by the Security Trustee
in the order of priority set forth below: 

                    (a)
first, to be paid to the Trustee
(after repayment of the Trustee’s and the Security Trustee’s fees and expenses
and indemnities) for the benefit of the Holders of the Secured Notes until
repayment in full of the Secured Obligations then due and payable; 

                    (b)
second, to be held by the
Security Trustee as cash Collateral under Section 2.07 (after repayment of the
Trustee’s and the Security Trustee’s fees and expenses and indemnities) for any
series of Secured Notes that has not matured, until all such series of Secured
Notes shall have become due and payable, to be then paid to the Trustee to be
applied to repayment in full of the Secured Obligations in respect of all such
series (or released to the Issuer or a Grantor pursuant to Section 2.18(j)
hereof after the related redemption, repayment or defeasance of such Secured
Notes); and 

                    (c)
third, all remaining amounts to
be paid to the Grantors or to whomsoever a court of competent jurisdiction may
direct. 

          Section
3.03. Action on Instructions. The
rights and remedies of the Security Trustee hereunder are subject to Article 6
(Remedies of the Trustee and Holder on Event
of Default) of the Indenture, and the Security Trustee will only be
permitted, subject to applicable law, to exercise remedies, including to sell
the Collateral, at the direction of the Trustee or the Holders of a majority in
principal amount of the Outstanding Secured Notes. 

          Section
3.04. Excluded Property.
Notwithstanding anything to the contrary contained in the Indenture, this
Agreement and/or the other Security Documents, if the Security Trustee receives
any amounts, which the Issuer or a Grantor notifies the Security Trustee
constitutes Excluded Property, the Security Trustee shall promptly distribute
such amounts upon receipt by the Security Trustee directly to the Person or
Persons entitled thereto as so instructed by the Issuer or such Grantor. 

ARTICLE IV

SECURITY INTEREST ABSOLUTE

          Section
4.01. Security Interest Absolute.
Subject to Section 8.14, a separate action or actions may be brought and
prosecuted against each Grantor to enforce this Agreement, irrespective of
whether any action is brought against any other Grantor or whether any other
Grantor is joined in any such action or actions. Except as otherwise provided
in this Agreement, until the Secured Obligations then outstanding are paid in
full, all rights of the Security Trustee and the security interests and Liens
granted under, and all obligations of each Grantor under this Agreement shall
be absolute and unconditional, irrespective of: 

                    (a)
any lack of validity or enforceability of the Indenture, any Security Document,
Assigned Lease or any other agreement or instrument relating thereto; 

- 41 -

                    (b)
any change in the time, manner or place of payment of, the security for, or in
any other term of, all or any of the Secured Obligations, or any other amendment
or waiver of or any consent to any departure from the Indenture, any Security
Document, or Assigned Lease or any other agreement or instrument relating
thereto; 

                    (c)
any taking, exchange, release or non-perfection of the Collateral or any other
collateral or taking, release or amendment or waiver of or consent to departure
from a guaranty, if any, for all or any of the Secured Obligations; 

                    (d)
any manner of application of Collateral, or proceeds thereof, to all or any of
the Secured Obligations, or any manner of sale or other disposition of any
Collateral for all or any of the Secured Obligations; 

                    (e)
any change, restructuring or termination of the corporate structure or
existence of any Grantor; or 

                    (f)
any other circumstance that might otherwise constitute a defense available to,
or a discharge of, any Grantor or a third-party grantor of a security interest
or a Person deemed to be a surety. 

          Section
4.02. Solvency. Each Grantor
represents and warrants, and agrees, that it is Solvent after giving effect to
such Grantor’s grant of a security interest in its Collateral hereunder and
such grant is not subject to avoidance under Section 548 of the United States
Bankruptcy Code or any comparable provision of any other applicable law. Solely
for purposes of determining each Grantor’s compliance with the previous
sentence, any indebtedness of a Grantor owed to the Issuer or a Subsidiary of
the Issuer shall be treated as if it were not outstanding and the book value of
such indebtedness shall be treated as if it were equity. 

ARTICLE V

THE SECURITY TRUSTEE

          The
Security Trustee and the Secured Parties agree among themselves as follows: 

          Section
5.01. Authorization and Action.
(a) Each Secured Party by its acceptance of the benefits of this Agreement
hereby appoints and authorizes Wells Fargo as the initial Security Trustee to
take such action as trustee on behalf of the Secured Parties and to exercise
such powers and discretion under this Agreement and the Indenture as are
specifically delegated to the Security Trustee by the terms of this Agreement
and of the Indenture, and no implied duties and covenants shall be deemed to
arise against the Security Trustee. For the avoidance of doubt, each Secured
Party by its acceptance of the benefits of this Agreement hereby requests and
instructs the Security Trustee to enter into all Assigned Lease-related
documents and instruments on this date and as may arise from time to time for
the purpose of establishing and maintaining its security interest for itself
and for the benefit of the other Secured Parties in respect of any Assigned
Lease. 

                    (b)
The Security Trustee accepts such appointment and agrees to perform the same,
but only upon the terms of this Agreement (including any quiet enjoyment
covenants given to the Lessees and/or, if applicable, any sublessees), and
agrees to receive and disburse all 

- 42 -

moneys
received by it in accordance with the terms of this Agreement. The Security
Trustee in its individual capacity shall not be answerable or accountable under
any circumstances, except for its own willful misconduct or gross negligence
(or simple negligence in the handling of funds or breach of any of its
representations or warranties set forth in this Agreement), and the Security
Trustee shall not be liable for any action or inaction of any Grantor or any
other parties to any of this Agreement or the Indenture. 

                    (c) The
    powers conferred on the Security Trustee under this Agreement with respect
    to the Collateral are solely to protect its interests in this Agreement and
    shall not impose any duty upon it, except as explicitly set forth herein,
    to exercise any such powers. Except for the safe custody of any Collateral
    in its possession and the accounting for moneys actually received by it under
    this Agreement, the Security Trustee shall not have any duty as to any Collateral,
    as to ascertaining or taking action with respect to calls, conversions, exchanges,
    maturities, tenders or other matters relative to any Collateral, whether
    or not any Secured Party has or is deemed to have knowledge of such matters,
    or as to the taking of any necessary steps to preserve or perfect rights
    against any parties or any other rights pertaining to any Collateral. The
    Security Trustee shall not have any duty to ascertain or inquire as to the
    performance or observance of any covenants, conditions or agreements on the
    part of any Grantor or Lessee. The Security Trustee shall not be responsible
    for the existence, genuineness or value of any of the Collateral or for the
    validity, perfection, priority or enforceability of any Liens on any of the
    Collateral, whether impaired by operation of law or by reason of any action
    or omission to act on its part hereunder, except to the extent such action
    or omission constitutes gross negligence or willful misconduct on the part
    of the Security Trustee, for the validity or sufficiency of the Collateral
or any agreement or assignment contained therein, for the validity of the title
of any Grantor to the Collateral, for insuring the Collateral or for the
payment of taxes, charges, assessments or Liens upon the Collateral or
otherwise as to the maintenance of the Collateral. The Security Trustee shall
have no duty to ascertain or inquire as to the performance or observance of any
of the terms of the Indenture or any of the Security Documents.  

          Section
5.02. Representations or Warranties.
The Security Trustee shall not make, nor shall it be deemed to have made, any
representations or warranties as to the validity, legality or enforceability of
this Agreement, the Indenture or any other document or instrument or as to the
correctness of any statement contained in any thereof, or as to the validity or
sufficiency of any of the pledge and security interests granted hereby, except
that the Security Trustee in its individual capacity hereby represents and
warrants (a) that each such specified document to which it is a party has been
or will be duly executed and delivered by one of its officers who is and will
at such time be duly authorized to execute and deliver such document on its
behalf, and (b) that this Agreement is or will be the legal, valid and binding
obligation of the Security Trustee in its individual capacity, enforceable
against the Security Trustee in its individual capacity in accordance with its
terms, subject to the effect of any applicable bankruptcy, insolvency,
reorganization, moratorium or similar law affecting creditors’ rights
generally. 

          Section
5.03. Reliance; Agents; Advice of Counsel.
(a) The Security Trustee shall not incur any liability to anyone as a result of
acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed
by it to be genuine and believed by it to be signed by the proper party or
parties. The Security Trustee may accept a copy of a resolution of the board or
other governing body of any 

- 43 -

party to this Agreement or the Indenture, certified by the Secretary or
an Assistant Secretary thereof or other duly authorized Person of such party as
duly adopted and in full force and effect, as conclusive evidence that such
resolution has been duly adopted by said board or other governing body and that
the same is in full force and effect. As to any fact or matter the manner of
ascertainment of which is not specifically described in this Agreement, the
Security Trustee shall be entitled to receive and may for all purposes hereof
conclusively rely, and shall be fully protected in acting or refraining from
acting, on a certificate, signed by an officer of any duly authorized Person,
as to such fact or matter, and such certificate shall constitute full
protection to the Security Trustee for any action taken or omitted to be taken
by them in good faith in reliance thereon. The Security Trustee shall assume,
and shall be fully protected in assuming, that each other party to this
Agreement is authorized by its constitutional documents to enter into this
Agreement and to take all action permitted to be taken by it pursuant to the
provisions of this Agreement, and shall not inquire into the authorization of
such party with respect thereto. 

                    (b)
The Security Trustee may execute any of its powers hereunder or perform any
duties under this Agreement either directly or by or through agents, including
financial advisors, or attorneys or a custodian or nominee, provided, however,
that the appointment of any agent shall not relieve the Security Trustee of its
responsibilities or liabilities hereunder.  

                    (c)
The Security Trustee may consult with counsel and any opinion of counsel or any
advice of such counsel shall be full and complete authorization and protection
in respect of any action taken or suffered or omitted by it under this
Agreement in good faith and in accordance with such advice or opinion of
counsel. 

                    (d)
The Security Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Agreement, or to institute, conduct or defend
any litigation under this Agreement or in relation hereto, at the request,
order or direction of any of the Secured Parties, pursuant to the provisions of
this Agreement, unless such Secured Party shall have offered to the Security
Trustee security or indemnity reasonably satisfactory to it against the costs,
expenses and liabilities which may be incurred therein or thereby. 

                    (e)
The Security Trustee shall not be required to expend or risk its own funds or
otherwise incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if there is
reasonable ground for believing that the repayment of such funds or indemnity
reasonably satisfactory to it against such risk or liability is not reasonably
assured to it, and none of the provisions contained in this Agreement shall in
any event require the Security Trustee to perform, or be responsible or liable
for the manner of performance of, any obligations of any Grantor under this
Agreement or the other Security Documents. 

                    (f)
If the Security Trustee incurs expenses or renders services in connection with
an exercise of remedies specified in Section 3.01, such expenses (including the
fees and expenses of its counsel) and the compensation for such services are
intended to constitute expenses of administration under any bankruptcy law or
law relating to creditors’ rights generally. 

- 44 -

                    (g)
The Security Trustee shall not be deemed to have notice or knowledge of an
Event of Default or an Enforcement Event unless the Security Trustee obtains
actual knowledge of such event or receives written notice of such event from
the Issuer, a Grantor, the Trustee or the holders of at least 25% in principal
amount of all Secured Notes at the time Outstanding. 

                    (h)
The Security Trustee shall not have any duty to monitor the performance of any
Grantor or any other party to this Agreement, nor shall the Security Trustee
have any liability in connection with malfeasance or nonfeasance by such
parties. The Security Trustee shall not have any liability in connection with
compliance by any Grantor or any Lessee under a Lease with statutory or
regulatory requirements related to the Collateral, any Pool Aircraft or any
Lease. The Security Trustee shall not make or be deemed to have made any
representations or warranties with respect to the Collateral, any Pool Aircraft
or any Lease or the validity or sufficiency of any assignment or other
disposition of the Collateral, any Pool Aircraft or any Lease. 

                    (i)
The Security Trustee shall, without the need for any direction or consent or
other action of or by the Trustee, any Holders of the Secured Notes or any
other Person, (i) execute and deliver, approve of, consent to, file, record or
register, as applicable, all amendments, modifications and supplements to this
Agreement and/or the other Security Documents, or other instrument or document
relating to this Agreement and/or the other Security Documents, contemplated or
required to be executed, approved, consented to, filed, recorded or registered,
as applicable, by the Security Trustee in accordance with the terms of this
Agreement (whether pursuant to Article II or VIII hereof or otherwise) and (ii)
release the Security Trustee’s security interest (including International
Interests) in and liens on the Collateral, or applicable portion thereof, in
accordance with the terms of this Agreement (whether pursuant to Article II or
VIII hereof or otherwise), and shall, at the Issuer’s expense, execute and
deliver to the Issuer and the relevant Grantor all documents, and take such
actions, that the Issuer or the relevant Grantor shall reasonably request to
evidence the Security Trustee’s release of the Collateral, or applicable
portion thereof, in accordance with the terms of this Agreement (whether pursuant
to Article II or VIII hereof or otherwise). 

          Section
5.04. Cape Town Convention. The
Security Trustee, during the term of this Agreement, shall establish and
maintain a valid and existing account as a Transacting User Entity with the
International Registry and appoint an Administrator and/or a Professional User
Entity to make registrations and discharges in regard to the Collateral as
required by this Agreement. 

          Section
5.05. No Individual Liability. The
Security Trustee shall not have any individual liability in respect of all or
any part of the Secured Obligations, and all shall look, subject to the lien
and priorities of payment provided herein and in the Indenture, only to the
Collateral of the Grantors (to the extent provided herein) or in the case of
the Issuer as provided herein or in the Indenture for payment or satisfaction
of the Secured Obligations pursuant to this Agreement and the Indenture. 

- 45 -

ARTICLE VI 

SUCCESSOR SECURITY TRUSTEE 

          Section
6.01. Resignation and Removal of the Security
Trustee. The Security Trustee may resign at any time without cause
by giving at least 30 days’ prior written notice to the Issuer and the Trustee.
The Holders of a majority in principal amount of the Outstanding Secured Notes
by the instructions of said Holders of a majority in principal amount of the
Outstanding Secured Notes delivered to the Security Trustee, the Issuer and the
Trustee, may at any time remove the Security Trustee without cause. No
resignation by or removal of the Security Trustee pursuant to this Section 6.01
shall become effective prior to the date of appointment by the Trustee under
the Indenture upon the instructions from the Holders of a majority in principal
amount of the Outstanding Secured Notes of a successor Security Trustee and the
acceptance of such appointment by such successor Security Trustee. 

          Section
6.02. Appointment of Successor.
(a) In the case of the resignation or removal of the Security Trustee, Holders
of a majority in principal amount of the Outstanding Secured Notes by the
instructions of such Holders of a majority in principal amount of the
Outstanding Secured Notes delivered to the Trustee may instruct the Trustee to
appoint a successor Security Trustee, and the Trustee shall promptly make such
appointment. So long as no Event of Default shall have occurred and be
continuing, any such successor Security Trustee shall as a condition to its
appointment be reasonably acceptable to the Issuer. If a successor Security
Trustee shall not have been appointed and accepted its appointment hereunder
within 60 days after the Security Trustee gives notice of resignation, the
retiring Security Trustee, the Trustee, or the Holders of a majority in
principal amount of the Outstanding Secured Notes may petition any court of
competent jurisdiction for the appointment of a successor Security Trustee. Any
successor Security Trustee so appointed by such court shall immediately and
without further act be superseded by any successor Security Trustee appointed
as provided in the first sentence of this paragraph within one year from the
date of the appointment by such court. 

                    (b)
Any successor Security Trustee shall execute and deliver to the Issuer, the
Grantors and the relevant Secured Parties an instrument accepting such
appointment. Upon the acceptance of any appointment as Security Trustee
hereunder, a successor Security Trustee, upon the execution and filing or
recording of such financing statements, or amendments thereto, and such
amendments or supplements to this Agreement, and such other instruments or
notices, as may be necessary, or as the successor Security Trustee may
reasonably request in order to continue the perfection (if any) of the Liens
granted or purported to be granted hereby, shall succeed to and become vested
with all the rights, powers, discretion, privileges and duties of the retiring
Security Trustee, and the retiring Security Trustee shall be discharged from
its duties and obligations under this Agreement and the Indenture. The retiring
Security Trustee shall take all steps necessary to transfer all Collateral in
its possession and all its control over the Collateral to the successor
Security Trustee. All actions under this paragraph (b) shall be at the expense
of the Issuer; provided that if a successor Security Trustee has been
appointed, or otherwise becomes such, as a result of the circumstances
described in Section 6.02(d), any actions under this paragraph (b) as relating
to such appointment shall be at the expense of the successor Security Trustee. 

- 46 -

                    (c)
The successor Security Trustee shall be an Eligible Institution, if there be
such an institution willing, able and legally qualified to perform the duties
of the Security Trustee hereunder and, unless such institution is an Affiliate
of the initial Security Trustee or an Event of Default has occurred and is
continuing, reasonably acceptable to the Issuer. 

                    (d)
Any corporation or other entity into which the Security Trustee may be merged
or converted or with which it may be consolidated, or any corporation or other
entity resulting from any merger, conversion or consolidation to which the
Security Trustee shall be a party, or any corporation or other entity to which
substantially all the corporate trust business of the Security Trustee may be
transferred, shall be the Security Trustee under this Agreement without further
act. 

ARTICLE VII

INDEMNITY AND EXPENSES

          Section
7.01. Indemnity. (a) The Issuer shall
indemnify, defend and hold harmless the Security Trustee (and its officers,
directors, employees, representatives and agents) from and against, any loss,
liability or expense (including reasonable legal fees and expenses) incurred by
it without negligence or bad faith on its part in connection with the
acceptance or administration of this Agreement and its duties hereunder,
including the costs and expenses of defending itself against any claim or
liability and of complying with any process served upon it or any of its
officers in connection with the exercise or performance of any of its powers or
duties hereunder. The Security Trustee (i) must provide reasonably prompt
notice to the Issuer of any claim for which indemnification is sought, provided that the failure to provide notice
shall only limit the indemnification provided hereby to the extent of any
incremental expense or actual prejudice as a result of such failure; and (ii)
must not make any admissions of liability or incur any significant expenses
after receiving actual notice of the claim or agree to any settlement without
the written consent of the Issuer, which consent shall not be unreasonably
withheld. The Issuer shall not be required to reimburse any expense or
indemnify against any loss or liability incurred by the Security Trustee
through negligence or bad faith. 

          The Issuer
may, in its sole discretion and at its expense, control the defense of the
claim including, designating counsel for the Security Trustee and controlling
all negotiations, litigation, arbitration, settlements, compromises and appeals
of any claim; provided that (i) the Issuer may not agree to any settlement
involving any indemnified person that contains any element other than the
payment of money and complete indemnification of the indemnified person without
the prior written consent of the affected indemnified person, (ii) the Issuer
shall engage and pay the expenses of separate counsel for the indemnified
person to the extent that the interests of the Security Trustee are in conflict
with those of the Issuer and (iii) the indemnified person shall have the right
to disapprove the counsel designated by the Issuer which disapproval shall not
be unreasonably given.  

                    (b)
The Issuer shall within ten (10) Business Days after demand pay to the Security
Trustee the amount of any and all reasonable expenses, including the reasonable
fees and expenses of its counsel and of any experts and agents, that the
Security Trustee may incur in connection with (i) the administration of this
Agreement (in accordance with fee arrangements 

- 47 -

agreed between the Security Trustee and the Issuer), (ii) the custody,
preservation, use or operation of, or the sale of, collection from or other
realization upon, any of the Collateral, (iii) the exercise or enforcement of
any of the rights of the Security Trustee or any other Secured Party against
the Issuer or any Grantor hereunder or (iv) the failure by the Issuer or any
Grantor to perform or observe any of the provisions hereof. 

          Section
7.02. Secured Parties’ Indemnity.
(a) The Security Trustee shall be entitled to be indemnified (subject to the
limitations and requirements described in Section 7.01 mutatis mutandis) by the Holders (such
Holders providing such indemnity being referred to as the “Indemnifying Holders”) to the sole
satisfaction of the Security Trustee before proceeding to exercise any right or
power under this Agreement at the request or direction of the Trustee or the
Holders pursuant to the Indenture. 

                    (b)
In order to recover under Section 7.02 (a) above, the Security Trustee: (i)
must provide reasonably prompt notice to the Trustee and the Indemnifying
Holders of any claim for which indemnification is sought, provided that the failure to provide notice
shall only limit the indemnification provided hereby to the extent of any
incremental expense or actual prejudice as a result of such failure; and (ii)
must not make any admissions of liability or incur any significant expenses
after receiving actual notice of the claim or agree to any settlement without
the written consent of the Indemnifying Holders which consent shall not be
unreasonably withheld. No Holder shall be required to reimburse any expense or
indemnify against any loss or liability sustained by the Security Trustee
through negligence or bad faith. 

                    (c)
The Indemnifying Holders may, in their sole discretion, and at their expense,
control the defense of the claim including, designating counsel for the
Security Trustee and controlling all negotiations, litigation, arbitration,
settlements, compromises and appeals of any claim; provided that (i) the Indemnifying Holders may not agree to
any settlement involving any indemnified person that contains any element other
than the payment of money and complete indemnification of the indemnified
person without the prior written consent of the affected indemnified person,
(ii) the Indemnifying Holders shall engage and pay the expenses of separate
counsel for the indemnified person to the extent that the interests of the
Security Trustee are in conflict with those of the Indemnifying Holders and
(iii) the indemnified person shall have the right to disapprove the counsel
designated by the Indemnifying Holders which disapproval shall not be
unreasonably given. 

                    (d)
The provisions of Section 7.01 and this Section 7.02 shall survive the
termination of this Agreement or the earlier resignation or removal of the
Security Trustee. 

          Section 7.03.
No Compensation from Secured Parties.
The Security Trustee agrees that it shall have no right against the Secured
Parties for any fee as compensation for its services in such capacity. 

          Section
7.04. Security Trustee Fees. In
consideration of the Security Trustee’s performance of the services provided
for under this Agreement, the Issuer shall pay to the Security Trustee an
annual fee set forth under a separate agreement between the Issuer and the
Security Trustee and shall reimburse the Security Trustee for expenses incurred
including those associated with the International Registry. 

- 48 -

ARTICLE VIII

MISCELLANEOUS

          Section
8.01. Amendments; Waivers; Etc.
(a) No amendment or waiver of any provision of this Agreement shall in any event
be effective unless the same shall be in writing and signed by the Security
Trustee and each other applicable party hereto. No failure on the part of the
Security Trustee 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 such right preclude any other or further exercise thereof or the exercise
of any other right. The Security Trustee may, but shall have no obligation to,
execute and deliver any amendment or modification which would affect its
duties, powers, rights, immunities or indemnities hereunder.

                    (b)
Upon the execution and delivery by any Person of a Grantor Supplement, (i) such
Person shall be referred to as an “Additional
Grantor” and shall be and become a Grantor hereunder, and each
reference in this Agreement to “Grantor”
shall also mean and be a reference to such Additional Grantor, (ii) Annexes I,
II, III and IV attached to each Grantor Supplement shall be incorporated into,
become a part of and supplement and amend, as specified in such Grantor
Supplement, Schedules I, III, IV and VI, respectively, and the Security Trustee
may attach such Annexes as supplements to such Schedules; and each reference to
such Schedules shall be a reference to such Schedules as so supplemented and
amended, (iii) such Additional Grantor shall be a Grantor for all purposes
under this Agreement and shall be bound by and perform the obligations of the
Grantors hereunder, and (iv) the Security Trustee shall execute and deliver
such Grantor Supplement. 

                    (c)
Upon the execution and delivery by a Grantor of a Collateral Supplement, (i)
Annex I to each Collateral Supplement shall be incorporated into, become a part
of and supplement and amend, as specified in such Collateral Supplement,
Schedules I, III, IV and VI, respectively, and the Security Trustee may attach
such Annexes as supplements to such Schedules; and each reference to such
Schedules shall be a reference to such Schedules as so supplemented and
amended, and (ii) the Security Trustee shall execute and deliver such
Collateral Supplement. 

          Section
8.02. Addresses for Notices. All
notices and other communications provided for hereunder shall be in writing
(including telecopier and electronic mail) and telecopied, emailed or delivered
to the intended recipient at its address specified, as follows: 

	
  

 	
  

 
	
           If to the
 Issuer or a Grantor:

 
	
  

 
	
  

 	
 c/o GE
 Capital Aviation Services LLC

 
	
  

 	
 777 Long
 Ridge Road, Bldg C

 
	
  

 	
 Stamford, CT
 06927

 
	
  

 	
 Attention:
 Operations Leader

 
	
  

 	
 Facsimile:
 (203) 961-3911

 
	
  

 	
 Email:
 NAnotices@GECAS.com

 

- 49 -

	
  

 	
  

 
	
                   With a copy
 to:

 	
  

 
	
  

 
	
  

 	
 c/o General
 Electric Capital Corporation

 
	
  

 	
 201 High
 Ridge Road

 
	
  

 	
 Stamford, CT
 06927

 
	
  

 	
 Attention:
 Senior Vice President — Corporate Treasury

 
	
  

 	
 and Global
 Funding Operations

 
	
  

 	
 Facsimile:
 (203) 585-1191

 
	
  

 
	
           If to the
 Security Trustee:

 
	
  

 	
  

 
	
  

 	
 Wells Fargo
 Bank Northwest, N.A.

 
	
  

 	
 260 North
 Charles Lindbergh Drive

 
	
  

 	
 MAC:
 U1240-026

 
	
  

 	
 Salt Lake
 City, Utah 84116

 
	
  

 	
 Attention:
 Corporate Trust Lease Group

 
	
  

 	
 Fax: (801)
 246-7142

 

or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party complying as to delivery
with the terms of this Section 8.02. Each such notice shall be effective (a) on
the date personally delivered to an authorized officer of the party to which
sent, or (b) on the date transmitted by legible telecopier or electronic mail
transmission with a confirmation of receipt (except that, if not given during
normal business hours for the recipient, shall be deemed to have been given on
the next business day for the recipient). 

          Section
8.03. No Waiver; Remedies. No
failure on the part of the Security Trustee 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. The remedies
herein provided are cumulative and not exclusive of any remedies provided by law.

          Section
8.04. Severability. If any
provision of this Agreement shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions hereof shall
not in any way be affected or impaired. 

          Section
8.05. Continuing Security Interest;
Assignments. Subject to Section 8.06, this Agreement shall create a
continuing security interest in the Collateral and shall (a) remain in full
force and effect until the earliest of (i) the redemption or payment in full in
cash of the Secured Notes then Outstanding as provided in the Indenture, (ii)
defeasance (legal or covenant) of the Outstanding Secured Notes as and to the
extent provided in the Indenture or (iii) no Secured Notes being Outstanding as
provided in the Indenture, provided, that, in the case of clauses (i), (ii) and
(iii) above, all other Secured Obligations then due and payable shall have been
paid in full, (b) be binding upon each Grantor, its successors and assigns and
(c) inure, together with the rights and remedies of the Security Trustee
hereunder, to the benefit of and be binding upon the Secured Parties and their
respective successors, permitted transferees and permitted assigns. 

- 50 -

          Section
8.06. Release and Termination. (a)
Upon any sale, lease, transfer or other disposition or removal from the
Designated Pool of any Pool Aircraft or the removal or release of any Account
Collateral or sale, lease, transfer or other disposition of any other item of
Collateral in each case in accordance with the terms of this Agreement and the
Indenture, such item of Collateral and all related Collateral will be deemed
automatically, and without the need for further action by any Person, released
from the Lien hereof, and the Security Trustee will, at the Issuer’s expense,
(i) execute and deliver to the Issuer and the Grantor of such item of
Collateral and all related Collateral such documents as the Issuer or such
Grantor shall reasonably request and provide to the Security Trustee, and take
such other actions as the Issuer or such Grantor may reasonably request, to
evidence the release of such item of Collateral and all related Collateral from
the assignment and security interest (including International Interests and
Liens) granted or created hereby and (ii) deliver to such Grantor any Chattel
Paper Original of the Lease of such Pool Aircraft then held by the Security
Trustee pursuant to this Agreement, and to the extent that (A) the Security
Trustee’s consent is required for any discharge of the interests in such
released Collateral from the International Registry or other registry or (B)
the Security Trustee is required to initiate any such discharge, the Security
Trustee shall ensure that such consent or such initiation of such discharge is effected
upon the Issuer’s or a Grantor’s request therefor. 

                    (b)
Upon the occurrence of an event described in clauses (i), (ii) or (iii) of
Section 8.05(a) above and subject to the requirements of applicable Law, the
assignment and security interest granted by Section 2.01 hereof shall terminate
and all provisions of this Agreement (except for Section 7.01 or this Section
8.06(b)) relating to the Secured Obligations, the Lien hereof, the Secured
Parties or the Security Trustee shall cease to be of any effect. Upon any such
termination, the Security Trustee will, at the Issuer’s expense, (i) execute
and deliver to the Issuer and each relevant Grantor such documents as the
Issuer or such Grantor shall prepare and reasonably request, and take such
other actions as the Issuer or such Grantor may reasonably request, to evidence
such termination and (ii) deliver to each relevant Grantor the Chattel Paper
Originals then held by the Security Trustee pursuant to this Agreement, and to
the extent that (A) the Security Trustee’s consent is required for any
discharge of the interests in such released Collateral from the International
Registry or other registry or (B) the Security Trustee is required to initiate
any such discharge, the Security Trustee shall ensure that such consent or such
initiation of such discharge is effected upon the Issuer’s or a Grantor’s
request therefor. 

                    (c)
If, prior to the termination of this Agreement, the Security Trustee ceases to
be the Security Trustee in accordance with the provisions of Section 6.01, all
certificates, instruments, Chattel Paper Originals or other documents being
held by the Security Trustee at such time shall, within five (5) Business Days
from the date on which it ceases to be the Security Trustee, be delivered to
the successor Security Trustee. 

          Section
8.07. Compliance with TIA. 

                    (a)
The Issuer will comply with the provisions of Section 314(d) of the TIA if and
to the extent applicable to any release of or addition to Collateral; provided,
that the Issuer shall not be required to comply with the requirements of
Section 314(d) of the TIA if it reasonably determines that under the terms of
Section 314(d) of the TIA or any interpretation or guidance as to the meaning
thereof of the SEC and its staff, including “no action” letters or 

- 51 -

exemptive orders, existing from time to time, all or any portion of
Section 314(d) of the TIA is inapplicable to any release or series of releases
of Collateral. 

                    (b)
Any certificate or opinion required by Section 314(d) of the TIA may be made by
an officer of the Issuer, except in cases in which Section 314(d) of the TIA
requires that such certificate or opinion be made by an independent Person. The
release of any Collateral from the Lien hereof and of the Security Documents
pursuant to the terms of the Security Documents or the Indenture will be deemed
not to impair the security under the Indenture, this Agreement and the other
Security Documents in contravention of the provisions thereof or hereof. 

                    (c)
Subject to the other terms and conditions of the Indenture, this Agreement and
the other Security Documents, including Section 2.18, the Grantors may, without
any release or consent by the Trustee, the Security Trustee or the Holders of
the Secured Notes, conduct ordinary course activities in accordance with
Leasing Company Practice with respect to the Collateral, such as: (i) selling,
transferring, exchanging, abandoning, leasing or otherwise disposing of
property subject to the Liens securing the Secured Obligations, including
Airframe and Engine parts, components, ancillary equipment or devices included
within the Collateral; (ii) enforcing, terminating, canceling or amending, replacing
or waiving any term of, or otherwise modifying, any of the Assigned Leases or
other leasehold interests in the Collateral; (iii) holding, using, applying,
disposing of and otherwise dealing with any cash, accounts receivable or other
amounts from time to time received or receivable under the Assigned Leases or
otherwise in respect of the Collateral; (iv) altering, repairing or replacing
property subject to the Liens securing the Secured Obligations, including
Airframe and Engine parts, components, ancillary equipment or devices included
within the Collateral; and (v) selling, disposing of or transferring any
inventory that is Collateral. By the January 15 and July 15 following each
Measurement Period, the Issuer shall deliver to the Trustee and the Security
Trustee an Officer’s Certificate to the effect that all actions authorized
by this paragraph occurring during such Measurement Period occurred in the ordinary
course of the Issuer’s and the Grantors’ business and were permitted
by this Agreement and that all proceeds therefrom were used by the Issuer and
the Grantors in the ordinary course of their business or to make cash payments
not prohibited by the Indenture and by this Agreement. 

                    (d)
Each Grantor shall take such action as is necessary for the Issuer to furnish
any annual opinions required by Section 15.01 (Security)
of the Indenture relating to the validity of the Liens. 

                    (e)
If and to the extent required by the TIA, upon any application or demand by the
Issuer or any Grantor to the Security Trustee or the Trustee to take any action
under any of the provisions of this Agreement or the other Security Documents
(including, without limitation, if and to the extent required by the TIA, in
connection with the actions described in Sections 2.18, 8.06(a), 8.06(b),
8.13(b) and 8.13(c) hereof), the Issuer shall furnish to the Security Trustee
or the Trustee any certificates and/or the opinions described in Section 16.05
(Evidence of Compliance with Conditions
Precedent) of the Indenture relating to compliance with conditions
precedent. 

          Section
8.08. Currency Conversion. If any
amount payable by the Issuer under this Agreement is received or recovered by
the Security Trustee in a currency (the “Received

- 52 -

Currency”) other
than the currency in which such amount was expressed to be payable under this
Agreement (the “Agreed Currency”),
then the amount in the Received Currency actually received or recovered by the
Security Trustee, to the extent permitted by law, shall only constitute a
discharge of the Issuer to the extent of the amount of the Agreed Currency
which the Security Trustee was or would have been able in accordance with its
normal procedures to purchase on the date of actual receipt or recovery (or, if
that is not practicable, on the next date on which it is so practicable), and,
if the amount of the Agreed Currency which the Security Trustee is or would
have been so able to purchase is less than the amount of the Agreed Currency
which was originally payable by the Issuer, the Issuer shall pay to the
Security Trustee for the benefit of the Secured Parties such amount as it shall
determine to be necessary to indemnify the Security Trustee and the Secured
Parties against any loss sustained by it as a result (including the cost of
making any such purchase and any premiums, commissions or other charges paid or
incurred in connection therewith) and so that, to the extent permitted by law,
(i) such indemnity shall constitute a separate and independent obligation of
the Issuer distinct from its obligation to discharge the amount which was
originally payable by the Issuer and (ii) shall give rise to a separate and
independent cause of action and apply irrespective of any indulgence granted by
the Security Trustee and continue in full force and effect notwithstanding any
judgment, order, claim or proof for a liquidated amount in respect of the
amount originally payable by the Issuer or any judgment or order and no proof
or evidence of any actual loss shall be required. 

          Section
8.09. Governing Law. THIS
AGREEMENT IS DELIVERED IN THE STATE OF NEW YORK. THIS AGREEMENT AND ANY CLAIM,
CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, AND ALL
ISSUES CONCERNING THE RELATIONSHIP OF THE PARTIES HERETO AND THE ENFORCEMENT OF
THE RIGHTS AND DUTIES OF THE PARTIES HERETO, WILL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO
CONFLICT OF LAWS PRINCIPLES (WITH THE EXCEPTION OF SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW)). 

          Section
8.10. Jurisdiction; Consent to Service of
Process. (a) To the extent permitted by applicable law, each party,
and the Issuer, hereby irrevocably and unconditionally submits, for itself and
its property, to the non-exclusive jurisdiction of any New York State court or
federal court of the United States sitting in New York County, and any
appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or the other Security Documents, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such
action or proceeding may be heard and determined in such New York State or, to
the extent permitted by law, in such federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement shall affect
any right that any Secured Party may otherwise have to bring any action or
proceeding relating to this Agreement or the other Security Documents against
any Grantor or its properties in the courts of any jurisdiction. 

                    (b)
Each party, and the Issuer, hereby irrevocably and unconditionally waives, to
the fullest extent it may legally and effectively do so, any objection that it
may now or 

- 53 -

hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement or the other Security Documents in
any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such
court. 

                    (c)
Each party, and the Issuer, to this Agreement irrevocably consents to service
of process in the manner provided for notices in Section 8.02. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law. 

          Section
8.11. Counterparts. This Agreement
may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Agreement, the
other Security Documents and the Indenture constitute the entire contract among
the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the
subject matter hereof. This Agreement (i) will become effective when the
Security Trustee and the Issuer shall have received counterparts hereof that,
when taken together, bear the signatures of each of the parties hereto and (ii)
thereafter will be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy or electronic
mail will be effective as delivery of a manually executed counterpart of this
Agreement. 

          Section
8.12. Table of Contents, Headings, Etc.
The Table of Contents and headings of the Articles and Sections of this
Agreement have been inserted for convenience of reference only, are not to be
considered a part hereof and shall in no way modify or restrict any of the
terms and provisions hereof. 

          Section
8.13. Non-Invasive Provisions; Engine
Substitutions; Certain Collateral Related Matters. (a)
Notwithstanding any other provision of this Agreement, the Security Trustee
agrees that, so long as no Enforcement Event shall have occurred and be
continuing, it will not take any action or cause to be taken any action, or
permit any Person claiming by, through or on behalf of it to take any action or
cause any action, that would interfere with the possession, use, operation and
quiet enjoyment of and other rights with respect to any Pool Aircraft or
Collateral related thereto and all rents, revenues, profits and income
therefrom, including the right to enforce manufacturers’ warranties, the right
to apply or obtain insurance proceeds for damage to any Pool Aircraft or any
part thereof to the repair or replacement of any Pool Aircraft or any part
thereof or otherwise to the extent not required to be deposited as cash
Collateral hereunder, the right to require the re-registration of any Pool
Aircraft and the right to engage in pooling, leasing and similar actions, in
each case in accordance with the terms of this Agreement. 

                    (b)
Notwithstanding any other provision of this Agreement, the Security Trustee
agrees, (i) so long as no “Event of Default”
(or similar term) under and as defined in a Lease shall have occurred and be
continuing and as otherwise provided in such Lease, not to take any action or
cause to be taken any action, or permit any Person claiming by, through or on
behalf of it to take any action or cause any action, that would interfere with
the possession, use, 

- 54 -

operation and quiet enjoyment of and other rights of the Lessee (or, if
applicable, its sublessee) with respect to the Pool Aircraft or part thereof
subject to such Lease or Collateral related thereto and all rents, revenues,
profits and income therefrom, including, the right to enforce manufacturers’
warranties, the right to apply or obtain insurance proceeds for damage to such
Pool Aircraft or any part thereof to the repair of any Pool Aircraft or any part
thereof or otherwise as provided in such Lease and the right to engage in
pooling, leasing and similar actions, in each case in accordance with the terms
of such Lease, (ii) with respect to a sublease under which the sublessee has
been granted rights of quiet enjoyment by a Grantor, so long as no “Event of Default” (or similar term) under
and as defined in such sublease shall have occurred and be continuing and as
otherwise provided in such sublease, not to take any action or cause to be
taken any action, or permit any Person claiming by, through or on behalf of it
to take any action or cause any action, that would interfere with the
possession, use, operation and quiet enjoyment of and other rights of such
sublessee with respect to the Pool Aircraft or part thereof subject to such
sublease or Collateral related thereto and all rents, revenues, profits and
income therefrom, including, the right to enforce manufacturers’ warranties,
the right to apply or obtain insurance proceeds for damage to such Pool Aircraft
or any part thereof to the repair of any Pool Aircraft or any part thereof or
otherwise as provided in such sublease and the right to engage in pooling,
leasing and similar actions, in each case in accordance with the terms of such
sublease and (iii) to release any Lien the Security Trustee may have upon any
Pool Aircraft or any part thereof upon the exercise by the Lessee or sublessee
of such Pool Aircraft or part thereof of any right to purchase such Pool
Aircraft or any part thereof or obtain or require the conveyance of title to
such Pool Aircraft or any part thereof, in each case as contemplated by
Sections 2.18 and 8.07(c) hereof and in accordance with the terms of such Lease
or sublease or a Permitted Lien referred to in clause (o) of the definition of
Permitted Liens. 

                    (c)
The Security Trustee agrees to release any security interest (including
International Interests) and Lien the Security Trustee may have upon any
Engine, and such security interest and Lien is deemed automatically and without
further act to be released, upon (i) a Grantor providing the Security Trustee
with written notice of a transfer thereof and with a copy of the bill of sale
or other instrument evidencing the transfer of title of a replacement Engine to
a Grantor or (ii) the total loss payment being received (or Replacement
Aircraft being provided) in a case where the Airframe, but not such Engine, was
the subject of an Event of Loss; provided
that, for the avoidance of doubt, the Security Trustee shall not
release any Lien upon an Engine that is not replaced by a Grantor or a Lessee
or sublessee or other Person, unless such Engine is associated with an aircraft
that was subject to an Event of Loss or otherwise removed from the Designated
Pool (in which case the Security Trustee shall release any security interest
(including International Interests) and Lien the Security Trustee may have upon
such Engine, and such security interest and Lien is deemed automatically and
without further act to be released). The relevant Grantor shall at the request
of the Security Trustee execute a supplement to this Agreement to evidence that
any such replacement engine has become subject to the Lien of this Agreement
and the Security Trustee shall, at the Issuer’s expense and at the request of
the Issuer or the relevant Grantor, execute a supplement to this Agreement, and
execute and deliver such further documents and take such action as the Issuer
or the relevant Grantor shall reasonably request, to evidence the release of the
applicable Engine from the security interest (including International Interest)
and Lien of the Security Trustee. 

- 55 -

                    (d)
The Security Trustee, on behalf of each Secured Party, agrees that it will not
claim, and upon the request of the Issuer or the relevant Grantor, the Security
Trustee will confirm in writing that it does not claim, any right, title or
interest in any engine or part (including any audio, visual, telephonic,
seating, entertainment or similar equipment) that is installed on a Pool
Aircraft which does not constitute an “engine”
or “part” as defined in the
applicable Lease. 

                    (e)
For the avoidance of doubt, the Security Trustee agrees that a Grantor or an
Intermediate Lessee may from time to time lease out an engine that is part of a
Pool Aircraft or lease in an engine that is not part of a Pool Aircraft as it
determines in accordance with Leasing Company Practice. 

                    (f)
The Security Trustee shall, from time to time upon the request of the Issuer or
the relevant Grantor, provide a quiet enjoyment letter or agreement (in the
substance of Section 8.13(b) or as provided in Section 2.06(a), if applicable,
or as otherwise agreed with the Issuer or the relevant Grantor or in the form provided
for in the applicable Lease) relating to each Lease and/or, if applicable,
sublease of each aircraft that will be or is a Pool Aircraft. In furtherance of
the foregoing: 

                              (I)
if the applicable Lease so provides (or it is consistent with Leasing Company
Practice to so agree with the applicable Lessee), the Security Trustee shall
provide an agreement that if an “event of default” under the Lease shall not
have occurred and be continuing, the Security Trustee will not: (i) discharge
the registration with the International Registry of the International Interests
arising with respect to the Lease, or (ii) transfer the right to discharge any
of such International Interests to any other Person or cause any such right to
be so transferred; and 

                              (II)
if the term of the applicable Lease is extended or there is an engine
substitution or replacement under a Lease, the Security Trustee shall, upon the
request of the Issuer or the relevant Grantor, register on the International
Registry a subordination of the International Interest provided for hereunder
with respect to each Aircraft Object subject to such Lease to any International
Interest constituted by the extension of such term and/or the lease of such
substitute or replacement engine. 

          Section
8.14. Limited Recourse. (a) The
Grantors are not obligors with respect to the Secured Notes, and are not
guarantors with respect to the Secured Obligations except in respect of their
obligation to provide Collateral pursuant to Section 2.01. Accordingly, in the
event that the Collateral of a Grantor is insufficient, after payment of all
other claims, if any, ranking in priority to the claims of the Security Trustee
or any Secured Party hereunder, to pay in full claims of the Security Trustee
or such Secured Party (as the case may be) for payment of all Secured
Obligations payable hereunder, then the Security Trustee or such Secured Party
shall have no further claim against such Grantor in respect of any such unpaid
amounts. 

                    (b)
To the extent permitted by applicable law, no recourse under any obligation,
covenant or agreement of any party contained in this Agreement shall be had
against any shareholder, officer or director of the relevant party as such, by
the enforcement of any assessment or by any proceeding, by virtue of any
statute or otherwise; it being expressly agreed 

- 56 -

and understood that this Agreement is a corporate obligation of the
relevant party and no personal liability shall attach to or be incurred by the
shareholders, officers or directors of the relevant party as such, or any of
them under or by reason of any of the obligations, covenants or agreements of
such relevant party contained in this Agreement, or implied therefrom, and that
any and all personal liability for breaches by such party of any of such
obligations, covenants or agreements, either at law or by statute or
constitution, of every such shareholder, officer or director is hereby
expressly waived by the other parties as a condition of and consideration for
the execution of this Agreement. 

                    (c)
The guarantees, obligations, liabilities and undertakings granted by any
Grantor organized under the laws of France or a similar jurisdiction under this
Agreement and the other Security Documents shall, for each relevant financial
year, be, in any and all cases, strictly limited to 90% of the annual net
margin generated by such Grantor or Grantors in connection with back-to-back
leasing activities between it and any other Grantor with respect to the lease
of Pool Aircraft.

                    (d)
Each Grantor that is a bank or trust company that executes this Agreement or
any related document as an owner trustee is doing so solely in its capacity as
Owner Trustee under the relevant trust agreement and not in its individual
capacity, and in no case shall it (or any entity acting as successor Owner
Trustee under the relevant trust agreement) be personally liable for or on
account of any of the statements, representations, warranties, covenants or
obligations stated to be those of such Grantor, all such liability being hereby
waived; provided, however, that
it (or any successor Owner Trustee) shall be personally liable for its own
gross negligence, its own simple negligence in the handling of funds actually
received by it in accordance with the terms of this Agreement, its fraud or
willful misconduct; and provided, further,
that nothing contained in this
Section shall be construed to limit the exercise and enforcement in accordance
with the terms of this Agreement or any related document of rights and remedies
against the relevant trust estate. 

[The
Remainder of this Page is Intentionally Left Blank]

- 57 -

          IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and delivered by its representative or officer thereunto duly
authorized as of the date first above written. 

	
  

 	
  

 	
  

 
	
  

 	
 INITIAL GRANTORS:

 
	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS 52 LLC

 
	
  

 	
  

 
	
  

 	
 By:

 	
 National Aviation Solutions, Inc., its
 member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS 54 LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 National Aviation Solutions, Inc., its
 member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS 55 LLC

 
	
  

 	
  

 
	
  

 	
 By:

 	
 National Aviation Solutions, Inc., its
 member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS 56 LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 National Aviation Solutions, Inc., its
 member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 

[Signature Page – Aircraft Mortgage and Security Agreement]

	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS 57 LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 NAS Investments 3, Inc., its member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS 68 LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AFS Investments 67, Inc., its member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS 71 LLC

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
 AFS Investments 67, Inc., its member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 AFS INVESTMENTS XL-C LLC

 
	
  

 	
  

 
	
  

 	
 By:

 	
 NAS Investments 3, Inc., its member

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 CHARLES RIVER AIRCRAFT FINANCE, INC.

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title

 

[Signature Page – Aircraft Mortgage and Security Agreement]

	
  

 	
  

 	
  

 
	
  

 	
 TUOLUMNE RIVER AIRCRAFT FINANCE, INC.

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 

[Signature Page – Aircraft Mortgage and
Security Agreement]

	
  

 	
  

 	
  

 
	
  

 	
 U.S. BANK NATIONAL ASSOCIATION, not in its
 individual capacity, except as expressly provided herein, but solely as Owner
 Trustee under each Trust Agreement listed on Schedule II hereto to which it
 is a party

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 U.S. BANK TRUST NATIONAL ASSOCIATION, not
 in its individual capacity, except as expressly provided herein, but solely
 as Owner Trustee under each Trust Agreement listed on Schedule II hereto to
 which it is a party

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO BANK NORTHWEST, NATIONAL
 ASSOCIATION, not in its individual capacity, except as expressly provided
 herein, but solely as Owner Trustee under each Trust Agreement listed on
 Schedule II hereto to which it is a party

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
  

 	
 WILMINGTON TRUST COMPANY, not in its
 individual capacity, except as expressly provided herein, but solely as Owner
 Trustee under each Trust Agreement listed on Schedule II hereto to which it
 is a party

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 

[Signature Page – Aircraft Mortgage and Security
Agreement]

ISSUER
AGREEMENT

THE UNDERSIGNED HEREBY AGREES
TO BE BOUND BY AND PERFORM THE OBLIGATIONS OF THE “ISSUER” PROVIDED FOR IN THIS
AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

GENERAL
ELECTRIC CAPITAL CORPORATION

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Name: 

 	
  

 
	
  

 	
 Title:

 	
  

 

	
  

 	
  

 	
  

 
	
  

 	
 SECURITY TRUSTEE:

 
	
  

 	
  

 
	
  

 	
 WELLS FARGO BANK NORTHWEST, NATIONAL
 ASSOCIATION, not in its individual capacity but solely as the Security
 Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name: 

 
	
  

 	
  

 	
 Title:

 

[Signature Page – Aircraft Mortgage and
Security Agreement]

SCHEDULE
I
AIRCRAFT MORTGAGE
AND SECURITY AGREEMENT

AIRCRAFT OBJECTS

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Airframe 

 Manufacturer

 	
  

 	
 Airframe 

 Model

 	
  

 	
 Airframe 

 MSN

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Engine 

 MSNs

 	
  

 	
 Owned by

 
	
  

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 1

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 2

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 3

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 4

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 5

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 6

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 7

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 8

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 9

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 10

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 11

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 12

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 13

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 14

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 15

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 16

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 17

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 18

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 19

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 20

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

Sch. I-1

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Airframe 

 Manufacturer

 	
  

 	
 Airframe 

 Model

 	
  

 	
 Airframe 

 MSN

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Engine 

 MSNs

 	
  

 	
 Owned by

 
	
  

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 21

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 22  4

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 23

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 24

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 25

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 26

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 27

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 28

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 29

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 30

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 31

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 32

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 33

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 34

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 35

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 36

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 37

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 38

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 39

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 40

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 41

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 42

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

Sch. I-2

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Airframe 

 Manufacturer

 	
  

 	
 Airframe 

 Model

 	
  

 	
 Airframe 

 MSN

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Engine 

 MSNs

 	
  

 	
 Owned by

 
	
  

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 43

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 44

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 45

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 46

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 47

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 48

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 49

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 50

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 51

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 52

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 53

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 54

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 55

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 56

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 57

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 58

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 59

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 60

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 61

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 62

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 63

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 64

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

Sch. I-3

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Airframe 

 Manufacturer

 	
  

 	
 Airframe 

 Model

 	
  

 	
 Airframe 

 MSN

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Engine 

 MSNs

 	
  

 	
 Owned by

 
	
  

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 65

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 66

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 67

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 68

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 69

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 70

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 71

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 72

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 73

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 74

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 75

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 76

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 77

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 78

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 79

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 80

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 81

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 82

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 83

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 84

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 85

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 86

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

Sch. I-4

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Airframe 

 Manufacturer

 	
  

 	
 Airframe 

 Model

 	
  

 	
 Airframe 

 MSN

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Engine 

 MSNs

 	
  

 	
 Owned by

 
	
  

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 87

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 88

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 89

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 90

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 91

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 92

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 93

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 94

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 95

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 96

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 97

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 98

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 99

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 100

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 101

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 102

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 103

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 104

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 105

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 106

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 107

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 108

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

Sch. I-5

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Airframe 

 Manufacturer

 	
  

 	
 Airframe 

 Model

 	
  

 	
 Airframe 

 MSN

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Engine 

 MSNs

 	
  

 	
 Owned by

 
	
  

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 109

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 110

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 111

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 112

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 113

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 114

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 115

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 116

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 117

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 118

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 119

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 120

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 121

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 122

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 123

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 124

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 125

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 126

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 127

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 128

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 129

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 130

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

Sch. I-6

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Airframe 

 Manufacturer

 	
  

 	
 Airframe 

 Model

 	
  

 	
 Airframe 

 MSN

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Engine 

 MSNs

 	
  

 	
 Owned by

 
	
  

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
 131

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 132

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 133

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 134

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 135

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 136

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 137

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 

Sch. I-7

SCHEDULE II
AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

LIST OF TRUST AGREEMENTS

	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 

Sch. II-1

SCHEDULE III
AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

TRADE NAMES

Sch. III-1

SCHEDULE IV
AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

	
  

 	
  

 	
  

 
	
 Name of Grantor (or owner trustee of

 Grantor if an Owner Trust)

 	
  

 	
 “location” (for purposes of Section 9-307 of the UCC) 

 and Organizational ID (if applicable)

 
	

 

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
 AFS
 Investments 52 LLC

 	
  

 	
 Delaware

 
	
 AFS
 Investments 54 LLC

 	
  

 	
 Delaware

 
	
 AFS
 Investments 55 LLC

 	
  

 	
 Delaware

 
	
 AFS
 Investments 56 LLC

 	
  

 	
 Delaware

 
	
 AFS
 Investments 57 LLC

 	
  

 	
 Delaware

 
	
 AFS
 Investments 68 LLC

 	
  

 	
 Delaware

 
	
 AFS
 Investments 71 LLC

 	
  

 	
 Delaware

 
	
 AFS
 Investments XL-C LLC

 	
  

 	
 Delaware

 
	
 Charles
 River Aircraft Finance, Inc.

 	
  

 	
 Delaware

 
	
 Tuolumne
 River Aircraft Finance, Inc.

 	
  

 	
 Delaware

 
	
  

 	
  

 	
  

 
	
 Owner Trusts
 in which U.S. Bank National Association is the Owner Trustee

 	
  

 	
 Ohio

 
	
  

 	
  

 	
  

 
	
 Owner Trusts
 in which U.S. Bank Trust National Association is the Owner Trustee

 	
  

 	
 Delaware

 
	
  

 	
  

 	
  

 
	
 Owner Trusts
 in which Wells Fargo Bank Northwest, National Association is the Owner
 Trustee

 	
  

 	
 Utah

 
	
  

 	
  

 	
  

 
	
 Owner Trusts
 in which Wilmington Trust Company is the Owner Trustee

 	
  

 	
 Delaware

 

Sch. IV-1

SCHEDULE V
AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

INSURANCE

	
  

 	
  

 	
  

 
	
 1.

 	
 Obligation to Insure 

 
	
  

 	
  

 
	
  

 	
 Subject to
 the other paragraphs of this Schedule V, so long as this Agreement shall
 remain in effect, each Grantor will ensure that there is effected and
 maintained appropriate Insurances in respect of each Pool Aircraft Owned or
 leased by such Grantor and such Pool Aircraft’s operation including insurance
 for:

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 loss or
 damage to such Pool Aircraft and each part thereof; and 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 any
 liability for injury to or death of persons and damage to or the destruction
 of public or private property arising out of or in connection with the
 operation, storage, maintenance or use of (in each case to the extent
 available) such Pool Aircraft and of any other part thereof not belonging to
 or leased by such Grantor but from time to time installed on the airframe of
 such Pool Aircraft. 

 
	
  

 	
  

 	
  

 
	
 2.

 	
 Specific Insurances 

 
	
  

 	
  

 
	
  

 	
 Each Grantor
 will maintain or will cause to be maintained the following specific
 Insurances with respect to each Pool Aircraft Owned or leased by it (subject
 to the other paragraphs of this Schedule V):

 
	
  

 	
  

 
	
  

 	
  

 
	
  

 	
 (a)

 	
 All Risks Hull Insurance - All risks hull
 insurance policy on such Pool Aircraft in an amount at least equal to the
 “Agreed Value” or other minimum amount required to be carried by the Lessee
 under the applicable Lease (or if no Lease is in effect the Appraised Value)
 of such Pool Aircraft (the “Required
 Insured Value”) on an agreed value basis (it being understood and
 agreed that, so long as no Event of Default has occurred and is continuing,
 the Security Trustee is not required to be named as loss payee or a “Contract
 Party” in respect of such hull insurance, but that upon the occurrence and
 continuance of an Event of Default, the Security Trustee is required to be
 named as loss payee or “Contract Party,” as applicable, in respect of such
 hull insurance); 

 
	
  

 	
  

 	
  

 
	
  

 	
 (b)

 	
 Hull War Risk Insurance - Hull war risk and
 allied perils insurance, including hijacking, (excluding, however,
 confiscation by government of registry or country of domicile to the extent
 coverage of such risk is not generally available to the applicable Lessee in
 the relevant insurance market at a commercially reasonable cost or is not
 customarily obtained in accordance with Leasing Company Practice) on such
 Pool Aircraft where the custom in the industry is to carry war risk for
 aircraft operating on routes or kept in locations similar to such Pool
 Aircraft in an amount not less than the Required Insured Value on an agreed
 value basis (it being understood and agreed that, so long as no Event of
 Default has occurred and is continuing, the Security Trustee is not required
 to be named as loss payee or a “Contract Party” in respect of such hull
 insurance, but that upon the occurrence 

 

Sch. V-1

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 and
 continuance of an Event of Default, the Security Trustee is required to be
 named as loss payee or “Contract Party,” as applicable, in respect of such
 hull insurance);

 
	
  

 	
  

 	
  

 
	
  

 	
 (c)

 	
 Legal Liability Insurance - Third party
 legal liability insurance (including war and allied perils) for a combined
 single limit (bodily injured and property damage) of not less than such
 amount as is consistent with Leasing Company Practice. The Security Trustee
 shall be named as additional insured on such policies;

 
	
  

 	
  

 	
  

 
	
  

 	
 (d)

 	
 Aircraft Spares Insurance - Insurance for
 the engines and the parts while not installed on the airframe for their
 replacement cost or an agreed value basis.

 
	
  

 	
  

 	
  

 
	
 3.

 	
 Variations on Specific Insurance Requirements

 
	
  

 	
  

 	
  

 
	
  

 	
 In certain
 circumstances, it is customary that not all of the Insurances described in
 paragraph 1 or 2 of this Schedule V be carried for the Pool Aircraft. For
 example, when a Pool Aircraft is not on lease to a passenger air carrier or
 is in storage or is being repaired or maintained, ferry or ground rather than
 passenger flight coverage for such Pool Aircraft is applicable. Similarly,
 indemnities may be provided by a Governmental Authority or other Person in
 lieu of particular insurances. The relevant Grantor will determine the
 necessary coverage for the Pool Aircraft in such situations consistent with
 Leasing Company Practice with respect to similar aircraft.

 
	
  

 	
  

 	
  

 
	
 4.

 	
 Hull Insurances in Excess of Required Insurance Value

 
	
  

 	
  

 	
  

 
	
  

 	
 For the
 avoidance of doubt, any Grantor and/or any Lessee or sublessee may carry hull
 risks and hull war and allied perils insurance on any Pool Aircraft in excess
 of the Required Insured Value for such Pool Aircraft which will not be
 payable to the Security Trustee. Such excess insurances may be payable to any
 Person acceptable to such Grantor.

 
	
  

 	
  

 	
  

 
	
 5.

 	
 Currency

 
	
  

 	
  

 	
  

 
	
  

 	
 All
 insurance and reinsurances effected pursuant to this Schedule V shall be
 payable in Dollars, save that in the case of the Insurances referred to in
 paragraph 2(c) (if such denomination is (a) required by the law of the state
 of registration of the Pool Aircraft; or (b) the normal practice of airlines
 in the relevant country that operate aircraft leased from lessors located
 outside such country; or (c) otherwise accepted in accordance with Leasing
 Company Practice) or paragraph 2(d) of this Schedule V such Insurances may be
 payable in currencies other than Dollars.

 
	
  

 	
  

 	
  

 
	
 6.

 	
 Certain Specific
 Terms of Insurances outside the U.S. Insurance Market

 
	
  

 	
  

 	
  

 
	
  

 	
 With respect
 to any Pool Aircraft Owned or leased by a Grantor as to which the insurance
 policies required by this Schedule V with respect to such Pool Aircraft are
 led from the London and/or other non-US insurance market and which pertain to
 financed or leased aircraft equipment, such Grantor agrees that, so long as
 this Agreement shall remain in

 

Sch. V-2

	
  

 	
  

 
	
  

 	
 effect, such
 Pool Aircraft will be insured and such insurance policies endorsed either (i)
 in a manner consistent with AVN67B or a successor London market endorsement,
 as it may be amended or revised or its equivalent or (ii) as may then be
 customary in the airline industry for aircraft of the same type as such Pool Aircraft
 utilized by operators in the same country and whose operational network for
 such Pool Aircraft and credit status is similar to the type of business as
 the applicable Lessee (if any) and at the time commonly available in the
 insurance market. In all cases, the relevant Grantor will set the standards
 for, review and manage the Insurances on the Pool Aircraft consistent with
 Leasing Company Practice with respect to similar aircraft.

 
	
  

 	
  

 
	
 7.

 	
 Insurance Brokers and Insurers 

 
	
  

 	
  

 
	
  

 	
 In reviewing
 and accepting the insurance brokers (if any) and reinsurance brokers (if any)
 and insurers and reinsurers (if any) providing coverage with respect to the
 Pool Aircraft, the relevant Grantor will utilize standards consistent with
 Leasing Company Practice with respect to similar aircraft. It is recognized
 that airlines in certain countries are required to utilize brokers (and
 sometimes even no brokers) or carry insurance with local insurance brokers
 and insurers. If at any time any Pool Aircraft is not subject to a Lease, the
 relevant Grantor will cause its insurance brokers to provide the Security
 Trustee with evidence that the insurances required by this Schedule V are in
 full force and effect.

 
	
  

 	
  

 
	
 8.

 	
 Deductible Amounts, Self-Insurance and Reinsurance 

 
	
  

 	
  

 
	
  

 	
 With respect
 to the type of aircraft concerned, the nationality and creditworthiness of
 the airline operator, the airline operator’s use and operation thereof and to
 the scope of and the amount covered by the insurances carried by the Lessee,
 the relevant Grantor will apply standards consistent with Leasing Company
 Practice with respect to similar aircraft in reviewing and accepting the
 amount of any insurance deductibles, whether the Lessee may self-insure any
 of the risks covered by the insurances and the scope and terms of
 reinsurance, if any, including a cut-through clause. If any time a Pool
 Aircraft is not subject to a Lease, the relevant Grantor shall cause to be
 maintained the Insurances required hereunder but it may have deductibles
 consistent with Leasing Company Practice for other off-lease aircraft or be
 “self-insured” by the Issuer or General Electric Company in a manner
 consistent with Leasing Company Practice for other off-lease aircraft.

 
	
  

 	
  

 
	
 9.

 	
 Renewals 

 
	
  

 	
  

 
	
  

 	
 The Issuer
 will ensure that the Insurances on the Pool Aircraft and their expiration
 dates are monitored. The relevant Grantor shall, when requested by the
 Security Trustee, promptly inform the Security Trustee as to whether or not
 it has been advised that renewal instructions for any of the Insurances have
 been given by the airline operator or its broker prior to or on the scheduled
 expiry date of the relevant insurance. The relevant Grantor shall promptly
 notify the Security Trustee in writing if it receives notice that any of the
 Insurances have in fact expired without renewal. Promptly after receipt, the
 relevant Grantor will provide to the Security Trustee evidence of renewal of
 the Insurances and reinsurance (if any).

 

Sch. V-3

	
  

 	
  

 
	
 10.

 	
 Information 

 
	
  

 	
  

 
	
  

 	
 Subject to
 applicable confidentiality restrictions, each of the Grantors shall provide
 the Security Trustee or shall ensure that the Security Trustee is provided
 with any information reasonably requested by it from time to time concerning
 the Insurances maintained with respect to the Pool Aircraft or, if reasonably
 available to the Grantors, in connection with any claim being made or
 proposed to be made thereunder.

 

Sch. V-4

SCHEDULE VI

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

AIRCRAFT LEASES

Sch. VI-5

EXHIBIT A-1

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

FORM OF COLLATERAL SUPPLEMENT

Wells Fargo
Bank Northwest, N.A., as the Security Trustee
260 North Charles Lindbergh Drive

Salt Lake City, Utah 84116

Attention: Corporate Trust Services

[Date]

	
  

 	
  

 	
  

 
	
  

 	
 Re:

 	
 Aircraft
 Mortgage and Security Agreement, dated as of December __, 2012

 

Ladies and
Gentlemen:

          Reference
is made to the Aircraft Mortgage and Security Agreement, dated as of December
__, 2012 (the “Aircraft Mortgage and Security
Agreement”), among the INITIAL GRANTORS party thereto, and the
ADDITIONAL GRANTORS who become grantors under the Aircraft Mortgage and
Security Agreement from time to time (together, the “Grantors”) and WELLS FARGO BANK NORTHWEST, N.A., a national
banking association, as the Security Trustee. [INSERT IF APPLICABLE:
The “Trust Agreement” is that certain Trust Agreement [insert descriptors, if any]
dated as of [*] between the Owner Trustee referred to on the signature pages
hereof and the owner participant party thereto.] Capitalized terms used herein
and not otherwise defined herein shall have the meanings assigned to them in
the Aircraft Mortgage and Security Agreement.

          The
undersigned Grantor hereby delivers, as of the date first above written, the
attached Annex I pursuant to Section 2.15 of the Aircraft Mortgage
and Security Agreement.

          The
undersigned Grantor hereby confirms that the property described in the attached
Annex I (other than Excluded Property) (the “Supplementary Collateral”)
constitutes part of the Collateral and all action constituting Express
Perfection Requirements with respect to the Supplementary Collateral required
under the Aircraft Mortgage and Security Agreement to be accomplished by the
undersigned Grantor prior to the execution and delivery hereof have been
accomplished. The undersigned Grantor hereby makes each representation and
warranty set forth in Section 2.03 of the Aircraft Mortgage and Security Agreement
(as supplemented and amended by the attached Annex I). 

          Attached as
Annex I hereto is a duly completed description of [each of the Aircraft
Objects] [the Lease] constituting part of the Supplementary Collateral.
Schedules I [, III, IV]1
and VI of the Aircraft Mortgage and Security Agreement are hereby supplemented
and amended as set forth in Annex I hereto.

	
  

 	
  

 	
  

 
	

 

 	
  

 
	
 1

 	
 Include as
 applicable.

 

Exh. A-1-1

          This
Collateral Supplement and any claim, controversy or dispute arising under or
related to this Collateral Supplement, and all issues concerning the
relationship of the parties hereto and the enforcement of the rights and duties
of the parties hereto, will be governed by, and construed in accordance with,
the laws of the State of New York (without reference to conflict of laws
principles (with the exception of 5-1401 and 5-1402 of the New York General
Obligations Law).

Very truly
yours,

[_________________]
[INSERT IF APPLICABLE: , not

in its individual capacity, but solely as Owner Trustee

under the Trust Agreement]

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 

Acknowledged
and agreed to as of the date first above written:

WELLS FARGO BANK NORTHWEST, N.A.,

not in its individual capacity, but

solely as the Security Trustee

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 

Exh. A-1-2

ANNEX I

COLLATERAL SUPPLEMENT

 [AIRCRAFT OBJECTS]

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Airframe 

 MSN

 	
  

 	
 Airframe 

 Manufacturer and 

 Model

 	
  

 	
 Engine MSNs

 	
  

 	
 Engine 

 Manufacturer
 and Model

 	
  

 	
 Owned By

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

[LEASE]

Exh. A-1-3

EXHIBIT A-2

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

FORM OF GRANTOR SUPPLEMENT

WELLS FARGO
BANK NORTHWEST, N.A., as the Security Trustee
260 North Charles Lindbergh Drive

Salt Lake City, Utah 84116

Attention: Corporate Trust Services

[Date]

	
  

 	
  

 	
  

 
	
  

 	
 Re:

 	
 Aircraft
 Mortgage and Security Agreement, dated as of December __, 2012

 

Ladies and
Gentlemen:

          Reference
is made to the Aircraft Mortgage and Security Agreement, dated as of December
__, 2012 (the “Aircraft Mortgage and Security
Agreement”), among the INITIAL GRANTORS party thereto and the
ADDITIONAL GRANTORS who become grantors under the Aircraft Mortgage and
Security Agreement from time to time (together, the “Grantors”) and WELLS FARGO BANK NORTHWEST, N.A.,
a national banking association, as the Security Trustee. [INSERT IF APPLICABLE: The “Trust Agreement” is that
certain Trust Agreement [insert descriptors, if any] dated as of
[*] between the Owner Trustee referred to on the signature pages hereof and the
owner participant party thereto.] Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to them in the
Aircraft Mortgage and Security Agreement.

          The
undersigned hereby agrees, as of the date first above written, to become a
Grantor under the Aircraft Mortgage and Security Agreement as if it were an
original party thereto and agrees that, except as otherwise provided or the
context otherwise requires, each reference in the Aircraft Mortgage and
Security Agreement to “Grantor” shall also mean and be a reference to the undersigned.

          Grant of Security Interest. To secure the Secured Obligations,
the undersigned Grantor hereby assigns as security to the Security Trustee for
its benefit and the benefit of the other Secured Parties and hereby grants to
the Security Trustee for its benefit and the benefit of the other Secured
Parties a first priority security interest in, all of its right, title and
interest in and to the following (collectively, the “Supplementary Collateral”):

          (a)
all of such Grantor’s right, title and interest in and to (i) each Pool
Aircraft Owned by it, including the Airframe and Engines of such Pool Aircraft
as the same is now and will hereafter be constituted, and in the case of such
Engines, whether or not any such Engine shall be installed in or attached to
such Airframe or any other airframe, together with (ii) all Parts of the
Aircraft of whatever nature, which are from time to time included within the
definitions of “Airframe” or “Engines”, including all substitutions,
renewals and replacements of and additions, improvements, accessions and
accumulations to the Airframe and Engines (other than additions, improvements,
accessions and accumulations which constitute appliances, parts, instruments,
appurtenances, accessories, furnishings or other equipment excluded from the
definition of Parts), (iii) all Aircraft Documents and (iv) any money
or non-money proceeds of 

Exh. A-2-1

the Airframe or an Engine of a Pool Aircraft Owned by it arising from
the total or partial loss or destruction of such Airframe or Engine or its
total or partial confiscation, condemnation or requisition up to the amount of
hull insurance in respect of such Pool Aircraft required to be carried under
the Aircraft Mortgage and Security Agreement;

          (b) all of
such Grantor’s right, title and interest in and to all Leases or Intermediate
Leases to which such Grantor is or may from time to time be party with respect
to the Pool Aircraft together with all Related Collateral Documents in respect
thereof (all such Leases, Intermediate Leases and Related Collateral Documents,
the “Assigned Leases”), including
without limitation (i) all rights of such Grantor to receive moneys due
and to become due under or pursuant to such Assigned Leases, (ii) all
rights of such Grantor to receive proceeds of any insurance, indemnity,
warranty or guaranty with respect to any such Assigned Lease up to the amount
of hull insurance in respect of the Pool Aircraft subject to such Assigned
Lease required to be carried under the Aircraft Mortgage and Security
Agreement, (iii) claims of such Grantor for damages arising out of or for
breach or default under such Assigned Leases and (iv) the right of such
Grantor to terminate such Assigned Leases and to compel performance of, and
otherwise to exercise all remedies under, any Assigned Lease, whether arising
under such Assigned Leases or by statute or at law or in equity (the “Lease Collateral”);

          (c) all of
such Grantor’s right, title and interest in and to the personal property
identified as subject to the Lien of the Aircraft Mortgage and Security
Agreement in this Grantor Supplement or a Collateral Supplement executed and
delivered by such Grantor to the Security Trustee; 

          (d) all of
such Grantor’s right, title and interest in and to the Cash Collateral Account
and all funds, cash, investment property, investments, securities, instruments
or other property (including all “financial assets” within the meaning of
Section 8-102(a)(9) of the UCC) at any time or from time to time credited to
any such account (collectively, the “Account
Collateral”); and

          (e) all
proceeds of any and all of the foregoing Supplementary Collateral;

provided that the
Supplementary Collateral shall not include any Excluded Property.

          TO HAVE AND TO HOLD the Supplemental
Collateral unto the Security Trustee, and its successors and assigns, as
security for the Secured Obligations, and subject to the terms and provisions
set forth in the Aircraft Mortgage and Security Agreement.

          The undersigned
Grantor hereby makes each representation and warranty set forth in
Section 2.03 of the Aircraft Mortgage and Security Agreement (as
supplemented and amended by the attached Annexes), hereby confirms that all
requirements of the Aircraft Mortgage and Security Agreement constituting
Express Perfection Requirements with respect to the Supplementary Collateral
required under the Aircraft Mortgage and Security Agreement to be accomplished
by the undersigned Grantor prior to the execution and delivery hereof have been
accomplished, and hereby agrees that the foregoing Supplementary Collateral is
“Collateral” as defined in the Aircraft Mortgage and Security Agreement and
agrees to be bound as a Grantor by all of the terms and provisions of the
Aircraft Mortgage and Security Agreement. Each reference 

Exh. A-2-2

in the Aircraft Mortgage and Security Agreement to the Assigned Leases,
the Lease Collateral and the Account Collateral shall be construed to include a
reference to the corresponding Supplementary Collateral hereunder.

          Attached
are (i) as Annex I, a duly completed description of each of the Aircraft
Objects constituting part of the Supplementary Collateral, (ii) as Annex II, a
list of the Assigned Leases constituting part of the Supplementary Collateral,
(iii) as Annex III, a list of any trade names applicable to the undersigned
Grantor and (iv) as Annex IV, the “location” (for purposes of Section 9-307 of
the UCC) of the undersigned Grantor. Schedules I [, III, IV]2 and VI of the Aircraft Mortgage and Security Agreement are hereby supplemented
and amended as set forth in such Annexes.

[Signature
Page Follows]

	
  

 	
  

 	
  

 
	

 

 	
  

 
	
 2

 	
 Include as
 applicable.

 

Exh. A-2-3

          This
Grantor Supplement and any claim, controversy or dispute arising under or
related to this Grantor Supplement, and all issues concerning the relationship
of the parties hereto and the enforcement of the rights and duties of the
parties hereto, will be governed by, and construed in accordance with, the laws
of the State of New York (without reference to conflict of laws principles
(with the exception of 5-1401 and 5-1402 of the New York General Obligations
Law)).

Very truly
yours,

 [NAME OF GRANTOR] [INSERT IF APPLICABLE:
, not

in its individual capacity, but solely as Owner Trustee

under the Trust Agreement]

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 

Acknowledged
and agreed to as of the date first above written:

WELLS FARGO BANK NORTHWEST, N.A.,
not in its individual capacity, but solely as the
Security Trustee

	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
 Name:

 	
  

 
	
  

 	
 Title:

 	
  

 

Exh. A-2-4

ANNEX I

GRANTOR SUPPLEMENT

AIRCRAFT OBJECTS

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Airframe MSN

 	
  

 	
 Airframe 

 Manufacturer and 

 Model

 	
  

 	
 Engine MSNs

 	
  

 	
 Engine 

 Manufacturer 

 and Model

 	
  

 	
 Owned By

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

  

 	
  

 	

 

 

Exh. A-2-5

ANNEX II

GRANTOR SUPPLEMENT

ASSIGNED LEASES

Exh. A-2-6

ANNEX III

GRANTOR SUPPLEMENT

TRADE NAMES

Exh. A-2-7

ANNEX IV

GRANTOR SUPPLEMENT

	
  

 	
  

 	
  

 
	
 Name of Grantor (or owner 

 trustee of Grantor if an Owner 

 Trust)

 	
  

 	
  “location” (for purposes of Section 9-307
 of the UCC) 

 and Organizational ID (if applicable)

 
	

 

 	
  

 	

 

 

Exh. A-2-8

EXHIBIT B

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

FORM OF FAA AIRCRAFT MORTGAGE

FAA AIRCRAFT MORTGAGE (MSN [_____])

          THIS FAA AIRCRAFT MORTGAGE (MSN [_____]) (this “Agreement”) dated as of [__________], is
made by and between [_____], [INSERT IF
APPLICABLE: not in its individual capacity, but solely as Owner
Trustee under the Trust Agreement (as defined below),] as grantor (the “Grantor”), and WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national
banking association, as the Security Trustee (the “Security Trustee”) under the Aircraft Mortgage and Security
Agreement (the “Aircraft Mortgage”),
dated as of December [____], 2012, among the initial grantors party thereto and
the additional grantors referred to therein, as the grantors, and WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
as the Security Trustee. [INSERT
IF APPLICABLE: The “Trust Agreement” is that certain Trust
Agreement [insert descriptors, if any]
dated as of [____] between such Owner Trustee and the owner participant party
thereto.] Capitalized terms used and not defined herein are used as defined in
Appendix A hereto.

W I T N E S S E T H:

          WHEREAS,
General Electric Capital Corporation (“GE Capital”), the Security Trustee and
The Bank of New York Mellon, as Trustee, have entered into the Indenture,
pursuant to which GE Capital will issue the Secured Notes thereunder;
and

          WHEREAS,
the Grantor and the Security Trustee have entered into the Aircraft Mortgage in
order to secure the payment and performance of all Secured Obligations of GE
Capital under the Indenture and the Secured Notes; and

          WHEREAS,
the Grantor has agreed to secure the Secured Obligations by granting to the
Security Trustee for the benefit of the Secured Parties a security interest in
its interest in the airframe (the “Airframe”)
and engines (the “Engines”)
described in Schedule I hereto (collectively, the “Aircraft”) and on certain other property
and rights relating thereto; 

          NOW,
THEREFORE, in order to secure the prompt payment and performance of all
the Secured Obligations, the Grantor and the Security Trustee hereby agree as
follows:

	
  

 	
  

 
	
 1.

 	
 SECURITY INTEREST.

 

          The Grantor
does hereby assign as security and grant a first priority security interest to
the Security Trustee, for the benefit of the Secured Parties, in and to the
following property (collectively, the “Mortgage
Collateral”) attaching on the date of this Agreement:

                    (a)
all of the Grantor’s right, title and interest in and to (i) the Aircraft,
including the Airframe and Engines as the same is now and will hereafter be
constituted, and in the case of such Engines, whether or not any such Engine
shall be installed in or attached to the Airframe or any other airframe,
together with (ii) all Parts of the Aircraft of whatever nature, 

Exh. B-1

which are from time to time included within the definitions of
“Airframe” or “Engines”, including all substitutions, renewals and replacements
of and additions, improvements, accessions and accumulations to the Airframe
and Engines (other than additions, improvements, accessions and accumulations
which constitute appliances, parts, instruments, appurtenances, accessories,
furnishings or other equipment excluded from the definition of Parts), (iii) all
Aircraft Documents and (iv) any money or non-money proceeds of the
Airframe or an Engine of the Aircraft arising from the total or partial loss or
destruction of the Airframe or an Engine or its total or partial confiscation,
condemnation or requisition up to the amount of hull insurance in respect of
the Aircraft required to be carried under the Aircraft Mortgage; and

                    (b)
all proceeds of any and all of the foregoing Mortgage Collateral;

provided that the
Mortgage Collateral shall not include any Excluded Property.

          TO
HAVE AND TO HOLD the Mortgage Collateral unto the
Security Trustee, and its successors and assigns, as security for the Secured
Obligations, and subject to the terms and provisions set forth in the Aircraft Mortgage.

	
  

 	
  

 
	
 2.

 	
 INCORPORATION BY REFERENCE.
 THE SECURITY INTEREST IN THE MORTGAGE COLLATERAL CREATED UNDER THIS AGREEMENT
 IS GRANTED IN ACCORDANCE WITH THE AIRCRAFT MORTGAGE AND ALL OF THE TERMS AND
 CONDITIONS THEREOF, INCLUDING BUT NOT LIMITED TO PROVISIONS RELATING TO THE
 EXERCISE OF REMEDIES, SHALL BE INCORPORATED HEREIN BY REFERENCE.

 
	
  

 	
  

 
	
 3.

 	
 MISCELLANEOUS

 

          3.1 Successors and Assigns. All the terms,
provisions, conditions and covenants herein contained shall be binding upon and
shall inure to the benefit of the Grantor, the Security Trustee and their
respective successors, assigns and transferees.

          3.2 Severability. Any provision of this
Agreement prohibited by the laws of any jurisdiction or otherwise held to be
invalid by any court of law of any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition, or modified to conform with
such laws, without invalidating the remaining provisions hereof; and any such
prohibition in any jurisdiction shall not invalidate such provisions in any
other jurisdiction.

          3.3 Governing Law. THIS AGREEMENT AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, AND
ALL ISSUES CONCERNING THE RELATIONSHIP OF THE PARTIES HERETO AND THE ENFORCEMENT
OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO, WILL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REFERENCE TO CONFLICT OF LAWS PRINCIPLES (WITH THE EXCEPTION OF SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).

Exh. B-2

          3.4 Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures were upon the same
instrument.

[Remainder
of page intentionally left blank]

Exh. B-3

          IN
WITNESS WHEREOF, the parties hereto have caused this
FAA Aircraft Mortgage to be duly executed as of the day and year first above
written and to be delivered in the State of New York.

	
  

 	
  

 	
  

 
	
 GRANTOR:

 	
 [_____] [INSERT IF
 APPLICABLE:, not in its individual capacity, but
 solely as Owner Trustee under the Trust Agreement]

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
 SECURITY
 TRUSTEE:

 	
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Security Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

Exh. B-4

APPENDIX A

FAA AIRCRAFT MORTGAGE

DEFINITIONS

          For all
purposes of this Agreement, all capitalized terms used, but not defined, in
this Agreement shall have the respective meanings assigned to such terms in the
Aircraft Mortgage, and the following terms have the meanings indicated below:

	
  

 	
  

 
	
  

 	
 “Agreement” has the
 meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Aircraft” has the
 meaning specified in the third recital of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Aircraft Documents”
 means all technical data, manuals and log books, and all inspection,
 modification and overhaul records and other service, repair, maintenance and
 technical records in respect of the Aircraft that are owned by the Grantor
 and required pursuant to applicable law to be maintained with respect to the
 Aircraft, and such term shall include all additions, renewals, revisions and
 replacements of any such materials from time to time required to be made pursuant
 to applicable law, and in each case in whatever form and by whatever means or
 medium (including microfiche, microfilm, paper or computer disk) such
 materials may be maintained or retained by the relevant Lessee.

 
	
  

 	
  

 
	
  

 	
 “Aircraft Mortgage” has
 the meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Airframe” has the
 meaning specified in the third recital of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Engines” has the
 meaning specified in the third recital of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Excluded Property” has
 the meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Grantor” has the
 meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Indenture” has the
 meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Lease” means any lease
 agreement with respect to the Aircraft as may be in effect between the
 Grantor and a Lessee, as such agreement may be amended, modified, extended,
 supplemented, assigned or novated from time to time in accordance with the
 Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Lessee” means the
 lessee under any Lease.

 
	
  

 	
  

 
	
  

 	
 “Mortgage Collateral”
 has the meaning specified in Section 1 hereof.

 
	
  

 	
  

 
	
  

 	
 “Part” has the meaning
 specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Secured Obligations”
 has the meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Secured Parties” has
 the meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Security Trustee” has
 the meaning specified in the recital of parties to this Agreement.

 

Exh. B-5

SCHEDULE I

FAA AIRCRAFT MORTGAGE

MORTGAGE
COLLATERAL3

          Airframe: one (1) [__________] Model
[__________] (shown on the IR as __________) aircraft bearing manufacturer’s
serial number [_____] and FAA registration number [_____].

          Engines: two (2) [__________] Model
[__________] aircraft engines bearing manufacturer’s serial numbers [_____] and
[_____] respectively (shown on the IR as __________ [bearing manufacturer’s
serial numbers ___________ and ____________]) (each of which engines has 550 or
more rated takeoff horsepower or the equivalent thereof).

	
  

 	
  

 	
  

 
	

 

 	
  

 
	
 3

 	
 The description of the Mortgage Collateral
 may be revised as appropriate by FAA/IR counsel.

 

Exh. B-6

EXHIBIT C

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

FORM OF FAA AIRCRAFT MORTGAGE AND LEASE
SECURITY ASSIGNMENT

FAA AIRCRAFT MORTGAGE AND LEASE SECURITY
ASSIGNMENT (MSN [_____])

          THIS FAA AIRCRAFT MORTGAGE AND LEASE SECURITY
ASSIGNMENT (MSN [_____]) (this “Agreement”)
dated as of [__________], is made by and between [_____], [INSERT IF APPLICABLE:
not in its individual capacity, but solely as Owner Trustee under the Trust
Agreement (as defined below),] as
grantor (the “Grantor”), and WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national banking association, as the Security Trustee (the “Security Trustee”) under the Aircraft
Mortgage and Security Agreement (the “Aircraft
Mortgage”), dated as of December __, 2012, among the initial grantors party thereto and the additional grantors
referred to therein, as the grantors, and WELLS
FARGO BANK NORTHWEST, NATIONAL
ASSOCIATION, as the Security
Trustee. [INSERT IF APPLICABLE:
The “Trust Agreement” is that certain Trust Agreement [insert descriptors, if any] dated as of
[____] between such Owner Trustee and the owner participant party
thereto.] Capitalized terms used and not defined herein are used as defined in
Appendix A hereto.

W I T N E S S E T H:

          WHEREAS,
General Electric Capital Corporation (“GE Capital”), the Security Trustee and
The Bank of New York Mellon, as Trustee, have entered into the Indenture,
pursuant to which GE Capital will issue the Secured Notes thereunder; and

          WHEREAS,
the Grantor and the Security Trustee have entered into the Aircraft Mortgage in
order to secure the payment and performance of all Secured Obligations of GE
Capital under the Indenture and the Secured Notes; and

          WHEREAS,
the Grantor has agreed to secure the Secured Obligations by granting to the
Security Trustee for the benefit of the Secured Parties a security interest in
its interest in the airframe (the “Airframe”)
and engines (the “Engines”)
described in Schedule I hereto (collectively, the “Aircraft”) and by granting to the
Security Trustee a security interest in its rights under the lease agreement
described in Schedule I hereto (the “Assigned Lease”)4 and
on certain other property and rights relating thereto;5 

          NOW,
THEREFORE, in order to secure the prompt payment and performance of all the
Secured Obligations, the Grantor and the Security Trustee hereby agree as
follows:

	
  

 	
  

 	
  

 
	

 

 

 	
  

 
	
  4

 	
 [To
 be modified as applicable for multiple Aircraft and related lease security assignments.]

 
	
  5

 	
 [To be
 modified as applicable for Engines and related Engine lease security
 assignment.]

 

Exh. C-1

	
  

 	
  

 
	
 1.

 	
 SECURITY
 INTEREST.

 

          The Grantor
does hereby assign as security and grant a first priority security interest to
the Security Trustee, for the benefit of the Secured Parties, in the following
property (collectively, the “Mortgage
Collateral”) attaching on the date of this Agreement:

                    (a)
all of the Grantor’s right, title and interest in and to (i) the Aircraft,
including the Airframe and Engines as the same is now and will hereafter be
constituted, and in the case of such Engines, whether or not any such Engine
shall be installed in or attached to the Airframe or any other airframe,
together with (ii) all Parts of the Aircraft of whatever nature, which are
from time to time included within the definitions of “Airframe” or “Engines”,
including all substitutions, renewals and replacements of and additions,
improvements, accessions and accumulations to the Airframe and Engines (other
than additions, improvements, accessions and accumulations which constitute
appliances, parts, instruments, appurtenances, accessories, furnishings or
other equipment excluded from the definition of Parts), (iii) all Aircraft
Documents and (iv) any money or non-money proceeds of the Airframe or an
Engine of the Aircraft arising from the total or partial loss or destruction of
the Airframe or an Engine or its total or partial confiscation, condemnation or
requisition up to the amount of hull insurance in respect of the Aircraft
required to be carried under the Aircraft Mortgage;

                    (b)
all of the Grantor’s right, title and interest in and to the Assigned Lease
(including (i) all rights of the Grantor to receive moneys due and to
become due under or pursuant to such Assigned Lease, (ii) all rights of
the Grantor to receive proceeds of any insurance, indemnity, warranty or
guaranty with respect to such Assigned Lease up to the amount of hull insurance
in respect of the Aircraft required to be carried under the Aircraft Mortgage,
(iii) claims of the Grantor for damages arising out of or for breach or
default under such Assigned Lease, and (iv)  the right of the Grantor to
terminate such Assigned Lease and to compel performance of, and otherwise to
exercise all remedies under, such Assigned Lease, whether arising under such
Assigned Lease or by statute or at law or in equity (the “Lease Collateral”); and 

                    (c)
all proceeds of any and all of the foregoing Mortgage Collateral;

provided that the
Mortgage Collateral shall not include any Excluded Property.

          TO HAVE AND TO HOLD the Mortgage Collateral
unto the Security Trustee, and its successors and assigns, as security for the
Secured Obligations, and subject to the terms and provisions set forth in the
Aircraft Mortgage.

          2. INCORPORATION BY REFERENCE. THE SECURITY
INTEREST IN THE MORTGAGE COLLATERAL CREATED UNDER THIS AGREEMENT IS GRANTED IN
ACCORDANCE WITH THE AIRCRAFT MORTGAGE AND ALL OF THE TERMS AND CONDITIONS
THEREOF, INCLUDING BUT NOT LIMITED TO PROVISIONS RELATING TO THE GRANTOR’S
RIGHTS IN RESPECT OF DEALING WITH THE ASSIGNED LEASE AND THE SECURITY TRUSTEE’S
EXERCISE OF REMEDIES, SHALL BE INCORPORATED HEREIN BY REFERENCE.

Exh. C-2

	
  

 	
  

 
	
 3.

 	
 MISCELLANEOUS

 

          3.1 Successors and Assigns. All the terms,
provisions, conditions and covenants herein contained shall be binding upon and
shall inure to the benefit of the Grantor, the Security Trustee and their
respective successors, assigns and transferees.

          3.2 Severability. Any provision of this
Agreement prohibited by the laws of any jurisdiction or otherwise held to be
invalid by any court of law of any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition, or modified to conform with
such laws, without invalidating the remaining provisions hereof; and any such
prohibition in any jurisdiction shall not invalidate such provisions in any
other jurisdiction.

          3.3 Governing Law. THIS AGREEMENT AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, AND
ALL ISSUES CONCERNING THE RELATIONSHIP OF THE PARTIES HERETO AND THE
ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO, WILL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REFERENCE TO CONFLICT OF LAWS PRINCIPLES (WITH THE EXCEPTION OF
SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)).

          3.4 Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures were upon the same
instrument.

[Remainder
of page intentionally left blank]

Exh. C-3

          IN WITNESS WHEREOF, the parties hereto have
caused this FAA Aircraft Mortgage and Lease Security Assignment to be executed
as of the day and year first above written and to be delivered in the State of
New York.

	
  

 	
  

 	
  

 
	
 GRANTOR:

 	
 [_____] [INSERT IF
 APPLICABLE:, not in its individual capacity, but solely
 as Owner Trustee under the Trust Agreement]

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 
	
  

 	
  

 	
  

 
	
 SECURITY
 TRUSTEE:

 	
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
 not in its individual capacity but solely as Security Trustee

 
	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 
	
  

 	
  

 	
 Title:

 

Exh. C-4

APPENDIX A

FAA AIRCRAFT MORTGAGE AND LEASE SECURITY ASSIGNMENT

DEFINITIONS

          For all
purposes of this Agreement, all capitalized terms used, but not defined, in
this Agreement shall have the respective meanings assigned to such terms in the
Aircraft Mortgage, and the following terms have the meanings indicated below:

	
  

 	
  

 
	
  

 	
 “Agreement” has the
 meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Aircraft” has the
 meaning specified in the third recital of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Aircraft Documents”
 means all technical data, manuals and log books, and all inspection,
 modification and overhaul records and other service, repair, maintenance and
 technical records in respect of the Aircraft that are owned by the Grantor
 required pursuant to applicable law to be maintained with respect to the
 Aircraft, and such term shall include all additions, renewals, revisions and
 replacements of any such materials from time to time required to be made
 pursuant to applicable law, and in each case in whatever form and by whatever
 means or medium (including microfiche, microfilm, paper or computer disk)
 such materials may be maintained or retained by the relevant Lessee.

 
	
  

 	
  

 
	
  

 	
 “Aircraft Mortgage” has
 the meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Airframe” has the
 meaning specified in the third recital of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Assigned Lease” has the
 meaning specified in the third recital of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Engines” has the
 meaning specified in the third recital of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Excluded Property” has
 the meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Grantor” has the
 meaning specified in the recital of parties to this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Indenture” has the
 meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Lease” means any lease
 agreement with respect to the Aircraft as may be in effect between the
 Grantor and a Lessee, as such agreement may be amended, modified, extended,
 supplemented, assigned or novated from time to time in accordance with the
 Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Lease Collateral” has
 the meaning specified in Section 1(b) of this Agreement.

 
	
  

 	
  

 
	
  

 	
 “Lessee” means the
 lessee under any Lease.

 
	
  

 	
  

 
	
  

 	
 “Mortgage Collateral”
 has the meaning specified in Section 1 hereof.

 
	
  

 	
  

 
	
  

 	
 “Part” has the meaning
 specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Secured Obligations”
 has the meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Secured Parties” has
 the meaning specified in the Aircraft Mortgage.

 
	
  

 	
  

 
	
  

 	
 “Security Trustee” has
 the meaning specified in the recital of parties to this Agreement.

 

Exh. C-5

SCHEDULE I

FAA AIRCRAFT MORTGAGE AND LEASE SECURITY ASSIGNMENT

MORTGAGE COLLATERAL6

Airframe: one (1) [__________] Model
[__________] (shown on the IR as __________) aircraft bearing manufacturer’s
serial no. [_____] and FAA registration number [_____].

Engines: two (2) [__________] Model
[__________] aircraft engines bearing manufacturer’s serial nos. [_____] and
[_____] respectively (shown on the IR as __________ [bearing manufacturer’s
serial numbers ___________ and ____________]) (each of which engines has 550 or
more rated takeoff horsepower or the equivalent thereof).

Assigned Lease: [Lease
Agreement] dated [__________], between [__________] and [__________], which was
recorded by the Federal Aviation Administration on [__________] and assigned
Conveyance No. [__________].

	
  

 	
  

 	
  

 
	

 

 	
  

 
	
  6

 	
 The description of the Mortgage Collateral
 may be revised as appropriate by FAA/IR counsel.

 

Exh. C-6

EXHIBIT D 

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

FORM OF FAA LEASE SECURITY ASSIGNMENT

FAA LEASE SECURITY ASSIGNMENT (MSN [_____])

          THIS
FAA LEASE SECURITY ASSIGNMENT (MSN [_____]) (this “Agreement”) dated as of [__________], is
made by and between [_____], [INSERT IF APPLICABLE: not in its individual capacity,
but solely as Owner Trustee under the Trust Agreement (as defined below),] as
grantor (the “Grantor”), and WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION,
a national banking association, as the Security Trustee (the “Security Trustee”) under the Aircraft
Mortgage and Security Agreement (the “Aircraft
Mortgage”), dated as of December __, 2012, among the initial
grantors party thereto and the additional grantors referred to therein, as the
grantors, and WELLS FARGO BANK NORTHWEST,
NATIONAL ASSOCIATION, as
the Security Trustee. [INSERT
IF APPLICABLE: The “Trust Agreement” is that certain Trust
Agreement [insert descriptors, if any]
dated as of [____] between such Owner Trustee and the owner participant party
thereto.] Capitalized terms used and not defined herein are used as defined in
Appendix A hereto. 

W I T N E S S E T H:

          WHEREAS,
General Electric Capital Corporation (“GE
Capital”), the Security Trustee and The Bank of New York Mellon, as
Trustee, have entered into the Indenture, pursuant to which GE Capital will
issue the Secured Notes thereunder; and 

          WHEREAS,
the Grantor and the Security Trustee have entered into the Aircraft Mortgage in
order to secure the payment and performance of all Secured Obligations of GE
Capital under the Indenture and the Secured Notes; and 

          WHEREAS,
the Grantor has agreed to secure the Secured Obligations by granting to the
Security Trustee a security interest in the lease agreement described on
Schedule I hereto, and all amendments, supplements and schedules thereto (the “Assigned Lease”);7

          NOW
THEREFORE, the Grantor hereby agrees as follows with the Security Trustee for
its benefit and the benefit of the other Secured Parties: 

          1. The
Grantor hereby assigns as security and grants a first priority security
interest to the Security Trustee, for its benefit and the benefit of the other
Secured Parties, in all of the Grantor’s right, title and interest in and to: 

          (a) the
Assigned Lease, including (i) all rights of the Grantor to receive moneys due
and to become due under or pursuant to such Assigned Lease, (ii) all rights of
the Grantor to receive proceeds of any insurance, indemnity, warranty or guaranty
with respect to such Assigned Lease up to the amount of hull insurance in
respect of the Pool Aircraft (as more fully 

	
  

 	
  

 
	

 

 	
  

 
	
 7 [To be modified as
 applicable for an Engine lease security assignment.]

 

Exh. D-1

described in Schedule I hereto) subject to such Assigned Lease required
to be carried under the Aircraft Mortgage, (iii) claims of the Grantor for
damages arising out of or for breach or default under such Assigned Lease, and
(iv) the right of the Grantor to terminate such Assigned Lease and to compel
performance of, and otherwise to exercise all remedies under, such Assigned
Lease, whether arising under such Assigned Lease or by statute or at law or in
equity (the “Lease Collateral”);
and 

          (b) all
proceeds of the foregoing 

provided that the
Lease Collateral and such proceeds shall not include any Excluded Property. 

          TO
HAVE AND TO HOLD the Lease Collateral unto the
Security Trustee, and its successors and assigns, as security for the Secured
Obligations, and subject to the terms and provisions set forth in the Aircraft
Mortgage. 

          2. INCORPORATION BY REFERENCE. THE SECURITY
INTEREST CREATED UNDER THIS AGREEMENT IS GRANTED IN ACCORDANCE WITH THE
AIRCRAFT MORTGAGE AND ALL OF THE TERMS AND CONDITIONS THEREOF, INCLUDING BUT
NOT LIMITED TO PROVISIONS RELATING TO THE GRANTOR’S RIGHTS IN RESPECT OF
DEALING WITH THE ASSIGNED LEASE AND THE SECURITY TRUSTEE’S EXERCISE OF
REMEDIES, SHALL BE INCORPORATED HEREIN BY REFERENCE. 

          3. MISCELLANEOUS

          3.1 Successors and Assigns. All the terms,
provisions, conditions and covenants herein contained shall be binding upon and
shall inure to the benefit of the Grantor, the Security Trustee and their
respective successors, assigns and transferees. 

          3.2 Severability. Any provision of this
Agreement prohibited by the laws of any jurisdiction or otherwise held to be
invalid by any court of law of any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition, or modified to conform with
such laws, without invalidating the remaining provisions hereof; and any such
prohibition in any jurisdiction shall not invalidate such provisions in any
other jurisdiction. 

          3.3 Governing Law. THIS AGREEMENT AND ANY
CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, AND
ALL ISSUES CONCERNING THE RELATIONSHIP OF THE PARTIES HERETO AND THE
ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES HERETO, WILL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REFERENCE TO CONFLICT OF LAWS PRINCIPLES (WITH THE EXCEPTION OF SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW)). 

Exh. D-2

          3.4 Execution in Counterparts. This Agreement
may be executed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures were upon the same
instrument. 

[The
remainder of this page is intentionally blank.]

Exh. D-3

          IN
WITNESS WHEREOF, the undersigned have executed or
caused this FAA Lease Security Assignment to be executed on the day and year
first written above. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GRANTOR:

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 [_____] [INSERT IF APPLICABLE:,
 not in its individual capacity, but solely as Owner Trustee under the Trust
 Agreement]

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
         Name:

 	
  

 
	
  

 	
         Title:

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 SECURITY
 TRUSTEE:

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 WELLS FARGO BANK NORTHWEST, NATIONAL
 ASSOCIATION, not in its individual capacity but
 solely as Security Trustee

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 	
  

 
	
  

 	
         Name:

 	
  

 
	
  

 	
         Title:

 	
  

 

Exh. D-4

APPENDIX A 

FAA LEASE SECURITY ASSIGNMENT

DEFINITIONS

          For all
purposes of this Agreement, all capitalized terms used, but not defined, in
this Agreement shall have the respective meanings assigned to such terms in the
Aircraft Mortgage, and the following terms have the meanings indicated below: 

          “Agreement” has the meaning specified in the
recital of parties to this Agreement. 

          “Aircraft Mortgage” has the meaning
specified in the recital of parties to this Agreement. 

          “Assigned Lease” has the meaning specified
in the third recital of this Agreement.

          “Excluded Property” has the meaning
specified in the Aircraft Mortgage.

          “Grantor”
has the meaning specified in the recital of parties to this Agreement. 

          “Indenture” has the meaning specified in the
Aircraft Mortgage.

          “Lease Collateral”
has the meaning specified in Section 1(a) of this Agreement. 

          “Pool Aircraft”
means the aircraft referred to in Schedule I to this Agreement. 

          “Secured Obligations”
has the meaning specified in the Aircraft Mortgage.

          “Secured Parties”
has the meaning specified in the Aircraft Mortgage. 

          “Security Trustee” has the meaning specified
in the recital of parties to this Agreement. 

Exh. D-5

Schedule I

TO FAA LEASE SECURITY ASSIGNMENT (MSN [_____])

DESCRIPTION OF ASSIGNED LEASE 8

Assigned Lease: [Lease Agreement] dated [__________], between [__________] and [__________],
which was recorded by the Federal Aviation Administration on [__________] and
assigned Conveyance No. [__________]. 

[Aircraft/Engines]

	
  

 	
  

 	
  

 
	

 

 	
  

 
	
 8

 	
 The description of the
 Assigned Lease may be revised as appropriate by FAA/IR counsel. 

 

Exh. D-6

EXHIBIT E-1 

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

NOTICE OF SECURITY 

ASSIGNMENT [AND AGREEMENT OF QUIET ENJOYMENT]

	
  

 	
  

 
	
 From: 

 	
 [[INSERT NAME OF OWNER TRUSTEE], not in its individual capacity, but
 solely as Owner Trustee under each of the Trust Agreements listed on Schedule
 1 (in each such capacity, a “Lessor”)]

 
	
  

 	
  

 
	
  

 	
 [Each of the entities identified as a “Lessor” on Schedule 1 (each a
 “Lessor”)] 

 
	
  

 	
  

 
	
  

 	
 Wells Fargo Bank Northwest, National Association, as Security Trustee
 (the “Security Trustee”) 

 
	
  

 	
  

 
	
 To:

 	
 [NAME OF AIRLINE] (“Lessee”)
 

 
	
  

 	
  

 
	
 Date:

 	
 [_______________] 

 
	
  

 	
  

 
	
 Re:

 	
 Each [Aircraft] Lease Agreement between Lessee and a Lessor described
 on Schedule 1 attached to this Notice (as amended, supplemented or otherwise
 modified, each a “Lease”)
 relating to the corresponding aircraft listed on Schedule 1 (each an
 “Aircraft” and collectively, the “Aircraft”)
 

 
	
  

 	
  

 
	
 Ladies and Gentlemen:9

 
	
  

 	
  

 
	
 A.

 	
 Each Lessor hereby gives you the following notice and related
 instructions: 

 
	
  

 	
  

 
	
  

 	
           (i) by
 that certain Aircraft Mortgage and Security Agreement (the “Aircraft Mortgage”), dated as of December
 __, 2012, and made between the parties named therein including such Lessor
 and the Security Trustee, such Lessor has granted a security interest in the
 Aircraft to the Security Trustee and assigned to the Security Trustee, by way
 of security, all its right, title and interest in and to each Lease between
 you and such Lessor and the proceeds thereof (the “Security Assignment”), which security secures repayment of
 certain notes issued by General Electric Capital Corporation under an
 indenture with the indenture trustee described below; 

 
	
  

 	
  

 
	
  

 	
           (ii)
 [notwithstanding anything to the contrary in any Lease,] each of the Security
 Trustee and The Bank of New York Mellon, as indenture trustee for the holders
 of notes issued by General Electric Capital Corporation, [(i) is a [Financing
 Parties’ Representative (to be revised as
 required to conform to defined terms and Sections, if relevant, in each Lease)],
 as defined in each of the Leases, and (ii) notwithstanding anything to the
 contrary in any Lease,] must be included as an [Indemnitee] (to be revised as required to conform to defined
 terms and Sections, if relevant, in each Lease) and 

 

	
  

 	
  

 
	

 

 
	
 9

 	
 Brackets indicate optional provisions. Plural
 references may be modified to singular as needed when the document is used
 with regard to a single lease. 

 

Exh. E-1-1

	
  

 	
  

 
	
  

 	
 added as an additional insured on all liability policies of insurance
 required to be maintained by Lessee pursuant to each of the Leases; please
 furnish the Security Trustee with a copy of an insurance certificate with
 respect to each of the Leases reflecting the foregoing additions; 

 
	
  

 	
  

 
	
  

 	
           (iii) if
 the Security Trustee issues to you a notice that an enforcement event has
 occurred under and in accordance with the Aircraft Mortgage and that the
 Security Trustee instructs you as follows (a “Payments Notice”), you are hereby instructed: (a) to pay all
 rentals and any and all other amounts payable by you under the applicable
 Leases to the bank account specified by the Security Trustee in the Payments
 Notice; and (b) to name the Security Trustee, in place of each Lessor, as
 loss payee under all policies of hull insurance and spare parts insurance
 required to be maintained by Lessee pursuant to each of the Leases, and to
 furnish the Security Trustee with a copy of an insurance certificate with
 respect to each of the Leases reflecting such revisions; 

 
	
  

 	
  

 
	
  

 	
           (iv) if
 the Security Trustee issues to you a notice that an enforcement event has
 occurred under and in accordance with the Aircraft Mortgage and that the
 Security Trustee is exercising directly the rights of each of the Lessors
 under the Leases (a “Lessor’s Rights Notice”),
 the Security Trustee shall thereafter be entitled to exercise all rights,
 remedies, powers and privileges of each of the Lessors under each of the
 Leases to the same extent as if it were named “Lessor” under each of the
 Leases, and you shall have no obligation to any Lessor, and shall not
 recognize the exercise by any Lessor of any of its rights and powers under
 any of the Leases, unless and until such Lessor’s Rights Notice is rescinded
 or withdrawn by the Security Trustee; 

 
	
  

 	
  

 
	
  

 	
           (v)
 except to the extent provided in clauses (iii) and (iv) above, Lessee shall
 be entitled to deal exclusively with, and rely upon notices and other
 communications that it receives from, each Lessor as owner of each of the
 Aircraft and as “Lessor” under each of the Leases; and 

 
	
  

 	
  

 
	
  

 	
           (vi) the
 instructions contained in this paragraph are irrevocable except pursuant to a
 notice to you from the Security Trustee. 

 
	
  

 	
  

 
	
 B. In consideration of your providing the Acknowledgment requested
 below, the Security Trustee hereby joins in and agrees to be bound by the
 foregoing instructions of each of the Lessors, and further agrees with you as
 follows with respect to each Lease:

 
	
  

 	
  

 
	
  

 	
           (i) [Insert quiet enjoyment covenant
 from the Leases.]

 
	
  

 	
  

 
	
  

 	
           (ii) the
 Security Trustee agrees that any security interest the Security Trustee may
 have upon any Engine or Part (as such capitalized terms are defined in such
 Lease) will be released and discharged, without further act contemporaneously
 with title to such Engine or Part transferring to you pursuant to the terms
 of such Lease and further agrees to take such action as may be required of
 the Security Trustee pursuant to the terms of such Lease to evidence such
 release and discharge.

 

 [NB: If any specific
representations, acknowledgments or agreements are required by the terms of any
Lease or otherwise required by a Lessee, they should be inserted, either as
further 

Exh. E-1-2

subparagraphs of
Section B or as a new Section C, depending on whether coming from the Security
Trustee or from the Lessor (or both).] 

          Please
acknowledge receipt of this notice to the Security Trustee and each Lessor on
the enclosed Acknowledgment, it being provided hereby that your signature on
such Acknowledgment shall confirm your acknowledgment of and agreement for the
benefit of the Security Trustee that the Security Trustee shall not be bound
by, nor have any liability to you for the performance of, any of the obligations
of a Lessor under any Lease save and to the extent set forth above or otherwise
expressly agreed in writing by the Security Trustee with you. You are hereby
irrevocably authorized to assume the obligations expressed to be assumed by you
under the enclosed Acknowledgment to the effect that, so far as the same would
otherwise be incompatible with a Lease, your obligations to us under such Lease
shall be modified accordingly. 

          This
notice shall be governed by and construed in accordance with the
law governing each of the Leases. 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Very truly
 yours,

 	
  

 
	
  

 	
  

 
	
 [INSERT NAME OF OWNER TRUSTEE], not in its individual capacity, but
 solely as Owner Trustee under each Trust Agreement listed on Schedule 1

 	
  

 
	
  

 	
  

 
	
  

 	
  

 
	
  [NB: If separate
 corporate or LLC Lessors, insert a separate signature block for each entity.]

 	
  

 
	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 
	
 Name:

 	
  

 
	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Title:

 	
  

 
	
  

 	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 
	
 WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, not in its
 individual capacity but solely as Security Trustee

 	
  

 
	
  

 	
  

 
	
 By:

 	
  

 
	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 Name:

 	
  

 
	
  

 	

 

 	
  

 	
  

 
	
  

 	
  

 
	
 Title:

 	
  

 
	
  

 	
  

 	

 

 	
  

 	
  

 

Exh. E-1-3

Schedule 1

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Aircraft 

 Model

 	
  

 	
 Aircraft 

 MSN

 	
  

 	
 Aircraft 

 Reg. No.

 	
  

 	
 Lessor

 	
  

 	
  [Trust 

 Agreement ]

 	
  

 	
 Lease

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 
	
  

 
	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 	
  

 	

 

 

Exh. E-1-4

EXHIBIT E-2

AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

FORM OF LESSEE ACKNOWLEDGMENT

	
  

 	
  

 	
  

 
	
 From:

 	
 [LESSEE]
 (the “Lessee”)

 
	
  

 	
  

 	
  

 
	
 To:

 	
 WELLS FARGO BANK NORTHWEST, NATIONAL
 ASSOCIATION, as Security Trustee (the “Security
 Trustee”)

 
	
  

 	
  

 
	
  

 	
 [[INSERT NAME OF OWNER TRUSTEE], not in its
 individual capacity, but solely as Owner Trustee under each of the Trust
 Agreements listed on Schedule 1 to the Assignment Notice (as defined below)
 (in each such capacity, a “Lessor”)]

 
	
  

 	
  

 	
  

 
	
  

 	
 [Each of the entities identified as a
 “Lessor” on Schedule 1 to the Assignment Notice (as defined below) (each a “Lessor”)]

 
	
  

 	
  

 	
  

 
	
 Date:

 	
  

 	
  

 
	
  

 	

 

 

 	
  

 

Ladies and
Gentlemen:

We acknowledge receipt of a
Notice of Security Assignment and Agreement of Quiet Enjoyment dated ________,
20__ (the “Assignment Notice”),
relating to the assignment by each Lessor to the Security Trustee by way of
security of each of the [Aircraft] Lease Agreements entered into between Lessee
and such Lessor described on Schedule 1 to the Assignment Notice (as amended,
supplemented and modified, collectively the “Leases”)
relating to the corresponding aircraft listed on Schedule 1 to the Assignment
Notice pursuant to the Aircraft Mortgage. Any and all initially capitalized
terms used herein shall have the meanings ascribed thereto in the Assignment
Notice, unless specifically defined herein.

We acknowledge that each Lessor
has advised us that the intent and effect of the Security Assignment is to
assign by way of security to the Security Trustee all rights, title and
interest of such Lessor under the Lease(s) to which it is a party. In consideration
of the provision of the quiet enjoyment undertaking set forth in the Assignment
Notice and the payment to us of US$1, receipt of which we hereby acknowledge,
we hereby agree as follows:

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1.

 	
 We will
 comply with the provisions of the Assignment Notice.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.

 	
 This
 Acknowledgment shall be governed by and construed in accordance with the law
 governing each of the Leases.

 

Delivery of an executed
signature page of this Acknowledgment by telecopy or e-mail will be effective
as delivery of a manually executed signature page of such acknowledgment. This
Acknowledgment may be executed in one or more counterparts, each of which will
be deemed to be an original and all of which together will be deemed to be on
and the same instrument. 

Exh. E-2-1

	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Very truly
 yours,

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 [LESSEE]

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Name: 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Title: 

 	
  

 	
  

 	
  

 
	
  

 	

 

 	
  

 

Exh. E-2-2

EXHIBIT F
AIRCRAFT MORTGAGE AND SECURITY AGREEMENT

FORM OF ACCOUNT
CONTROL AGREEMENT

ACCOUNT CONTROL AGREEMENT

[●],[●]

[Securities Intermediary]

Whereas, [●] (“Pledgor”) has granted to Wells Fargo Bank
Northwest, National Association, as Security Trustee (“Pledgee”), for the benefit of
the Secured Parties, a security interest in Account number [●] (the “Cash
Collateral Account”) held by [●] (the “Securities Intermediary”),
together with all financial funds, investments, instruments, assets, investment
property, securities, cash and other property now or hereafter held therein,
and the proceeds thereof, including without limitation dividends payable in
cash or stock and shares or other proceeds of conversions or splits of any
securities in the Cash Collateral Account (collectively, the “Collateral”).
Pledgor, Pledgee and the Securities Intermediary agree that the Cash Collateral
Account is a “securities account” within the meaning of Article 8 of the
Uniform Commercial Code of the State of New York (the “UCC”) and that all Collateral
held in the Cash Collateral Account will be treated as a “financial asset”
within the meaning of Section 8-102(a)(9) of the UCC.

Whereas, the grant of security interest described above is pursuant to
that certain Aircraft Mortgage and Security Agreement dated as of December __,
2012 among the Pledgor, the other grantors referred to therein, and the Pledgee
(the “Security
Agreement”) in order to secure the Secured Obligations of General
Electric Capital Corporation (the “Issuer”) under the Secured Notes.

[INSERT IF APPLICABLE:
The “Trust Agreement” is that certain Trust Agreement [insert descriptors, if any]
dated as of [*] between the Owner Trustee referred to on the signature pages
hereof and the owner participant party thereto.]

Terms used but not defined herein shall have the meaning set forth in
the Security Agreement.

In connection therewith, the parties hereto agree (which agreement by
the Pledgor will be construed as instructions to the Securities Intermediary):

	
  

 	
  

 
	
 1.

 	
 The Securities Intermediary is instructed to register the security
 interest on its books. Securities Intermediary shall hold all certificated
 securities that comprise all or part of the Collateral with proper
 endorsements to the Securities Intermediary or in blank, or will deliver
 possession of such certificated securities to the Pledgee. The Securities
 Intermediary acknowledges the security interest granted by the Pledgor in
 favor of the Pledgee in the Collateral.

 

Exh.
F-1

	
  

 	
  

 
	
 2.

 	
 The Securities Intermediary represents, warrants and agrees that the
 Cash Collateral Account (i) has been established and is and will be
 maintained with the Securities Intermediary on its books and records and
 (ii) is and will be a “securities account” (as defined in Section
 8-501(a) of the UCC) in respect of which (A) the Securities
 Intermediary is a “securities intermediary” (as defined in Section
 8-102(a)(14) of the UCC), (B) the Pledgor is the “entitlement holder”
 (as defined in Section 8-102(a)(7) of the UCC) of the Cash Collateral Account
 subject to the “control” (as defined in Section 8-106 of the UCC) of the
 Pledgee, (C) the “securities intermediary’s jurisdiction” (as defined in
 Section 8-110(e) of the UCC) of the Securities Intermediary in respect of the
 Cash Collateral Account is New York and (D) all financial assets carried in
 the Cash Collateral Account will have been duly credited thereto in
 compliance with Section 8-501 of the UCC.

 
	
  

 	
  

 
	
 3.

 	
 The Securities Intermediary is instructed to deliver to the Pledgee
 copies of monthly statements on the Cash Collateral Account.

 
	
  

 	
  

 
	
 4.

 	
 The Cash Collateral Account will be styled: “[Grantor] Cash
 Collateral Account for Wells Fargo Bank Northwest, National Association, as
 Security Trustee”.

 
	
  

 	
  

 
	
 5.

 	
 All dividends, interest, gains and other profits with respect to the
 Cash Collateral Account will be reported in the name and tax identification
 number of the Pledgor.

 
	
  

 	
  

 
	
 6.

 	
 The Securities Intermediary may not, without the prior written
 consent of Pledgee, deliver, release or otherwise dispose of the Collateral
 or any interest therein unless the proceeds thereof are held or reinvested in
 the Cash Collateral Account as part of the Collateral or applied by
 Securities Intermediary to the satisfaction of an Unsubordinated Obligation
 (as defined below) owed to it. Except for such limitation and unless and
 until the Securities Intermediary receives and has a reasonable period of
 time to act upon written notice from the Pledgee in the form of Exhibit A
 hereto which states that Pledgee is exercising exclusive control over the
 Cash Collateral Account (a “Notice of Exclusive Control”), the
 Securities Intermediary shall comply with any investment orders or
 instructions from Pledgor or Issuer concerning the Cash Collateral Account. A
 Notice of Exclusive Control may be delivered by the Pledgee at any time upon
 the occurrence and continuance of an Enforcement Event (as defined in the
 Security Agreement), and shall designate the account, person or other
 location to which the financial assets in the Cash Collateral Account, and
 cash dividends, interest, income, earnings and other distributions received
 with respect thereto, shall thereafter be delivered. As between Pledgor and
 Pledgee, Pledgee agrees not to deliver a Notice of Exclusive Control until
 the occurrence of an Enforcement Event (as defined in the Security Agreement)
 that is continuing. For the avoidance of doubt, Securities Intermediary shall
 have no responsibility for monitoring or determining whether an Enforcement
 Event has occurred or is continuing.

 
	
  

 	
  

 
	
 7.

 	
 The Pledgor authorizes the Securities Intermediary, and the
 Securities Intermediary agrees, to comply with any entitlement order or
 instruction from Pledgee concerning the Cash Collateral Account, including an
 order or instruction directing sale, transfer (to the extent that the
 Collateral is transferable), release or redemption of all or part of the
 Collateral and the remittance of the proceeds thereof, if any, to Pledgee or
 as otherwise 

 

Exh. F-2

	
  

 	
  

 
	
  

 	
 instructed by the Pledgee, without further consent by the Pledgor.
 Securities Intermediary shall have no responsibility or liability to Pledgor
 for complying with any order or instruction, whether oral or written,
 concerning the Cash Collateral Account, the Collateral, any interest therein,
 or the proceeds thereof originated by Pledgee and shall have no
 responsibility to investigate the appropriateness of any such order or
 instruction, even if Pledgor notifies Securities Intermediary that Pledgee is
 not legally entitled to originate any such order or instruction. Securities
 Intermediary shall have no responsibility or liability to Pledgee for
 complying with any order or instruction, whether oral or written, concerning
 the Cash Collateral Account, the Collateral, any interest therein, or the
 proceeds thereof originated by Pledgor except to the extent such compliance
 would cause Securities Intermediary to violate (i) paragraph 6 hereof or
 (ii) written orders or instructions previously received from Pledgee,
 including without limitation, a Notice of Exclusive Control, but only to the
 extent Securities Intermediary has had reasonable opportunity to act thereon.
 Securities Intermediary shall be able to rely upon any notice, order or
 instruction that it reasonably believes to be genuine. Securities
 Intermediary shall have no responsibility or liability to Pledgee with
 respect to the value of the Cash Collateral Account or any of the Collateral.
 This Agreement does not create any obligation or duty on the part of Securities
 Intermediary other than those expressly set forth herein.

 
	
  

 	
  

 
	
 8.

 	
 The Issuer agrees to indemnify and hold the Securities Intermediary,
 its directors, officers, employees, and agents harmless from and against any
 and all claims, causes of action, liabilities, losses, lawsuits, demands,
 damages, costs and expenses, including without limitation court costs and
 reasonable attorneys’ fees and expenses, that may arise out of or in
 connection with this Agreement or any action taken or not taken pursuant hereto,
 except to the extent caused by Securities Intermediary’s gross negligence or
 willful misconduct. The obligations of the Issuer set forth in this paragraph
 8 shall survive the termination of this Agreement.

 
	
  

 	
  

 
	
 9.

 	
 The Securities Intermediary is instructed that the Cash Collateral
 Account is to remain a “cash account” within the meaning of Regulation T
 issued by the Board of Governors of the Federal Reserve System. The
 Securities Intermediary represents that it has not received notice regarding
 any lien, encumbrance or other claim to the Collateral or the Cash Collateral
 Account from any other person or entity and has not entered into an agreement
 with any third party to act on such third party’s instructions without
 further consent of the Pledgor. The Securities Intermediary further agrees
 not to enter into any such agreement with any third party.

 
	
  

 	
  

 
	
 10.

 	
 The Securities Intermediary subordinates to the lien and security
 interest of the Pledgee any right of setoff, encumbrance, security interest,
 lien or other claim that it may have against the Collateral, except for any
 lien, claim, encumbrance or right of set off against the Cash Collateral
 Account for (i) customary commissions and fees arising from permitted
 trading activity within the Cash Collateral Account, and (ii) payment
 owed to Securities Intermediary for open trade commitments for the purchase
 and/or sale of financial assets in and for the Cash Collateral Account (the “Unsubordinated
 Obligations”). 

 

Exh.
F-3

	
  

 	
  

 
	
 11.

 	
 To the extent a conflict exists between the terms of this Agreement
 and any account agreement between the Pledgor and the Securities
 Intermediary, the terms of this Agreement will control, provided that this
 Agreement shall not alter or affect any mandatory arbitration provision
 currently in effect between Securities Intermediary and Pledgor.

 
	
  

 	
  

 
	
 12.

 	
 The terms of this Agreement may not be modified except by a writing
 signed by all parties hereto.

 
	
  

 	
  

 
	
 13.

 	
 Securities Intermediary reserves the right, unilaterally, to
 terminate this Agreement, such termination to be effective thirty (30) days
 after written notice thereof is given to Pledgor and Pledgee. At the end of
 such thirty (30) day period, Securities Intermediary will deliver all assets
 held in the Cash Collateral Account to Pledgee unless Pledgee and Pledgor
 deliver joint instructions to Securities Intermediary during such thirty (30)
 day period to deliver or transfer the assets held in the Cash Collateral
 Account to another party or securities intermediary. In the event that it is
 not possible or practicable, in the judgment of the Securities Intermediary,
 to transfer the Collateral or deliver the Collateral to any other party, the
 Securities Intermediary will sell such assets and deliver the proceeds
 according to the instructions provided by the Pledgee or the joint
 instructions given by the Pledgee and Pledgor. Nothing set forth in this
 paragraph 13 shall be deemed to limit the right of Pledgee to issue orders or
 instructions to the Securities Intermediary pursuant to paragraph 6 hereof.
 Pledgee and Pledgor may terminate this Agreement by giving joint notice to
 Securities Intermediary. Termination shall not affect any of the rights or
 liabilities of the parties hereto incurred before the date of termination.

 
	
  

 	
  

 
	
 14.

 	
 This Agreement and the Security Agreement set forth the entire
 agreement of the parties hereto with respect to the subject matter hereof,
 and, subject to paragraph 10 above, supersedes any prior agreement and
 contemporaneous oral agreements of the parties concerning its subject matter.

 
	
  

 	
  

 
	
 15.

 	
 Except as otherwise expressly provided herein, any notice, order,
 instruction, request or other communication required or permitted to be given
 under this Agreement shall be in writing and may be delivered in person, sent
 by facsimile or other electronic means if electronic confirmation of error
 free receipt is received, or sent by United States mail, postage prepaid,
 addressed to the party at the address set forth below.

 
	
  

 	
  

 
	
 16.

 	
 The Securities Intermediary will be excused from failing to act or
 delay in acting, and no such failure or delay shall constitute a breach of
 this Agreement or otherwise give rise to any liability of the Securities
 Intermediary, if (i) such failure or delay is caused by circumstances
 beyond the reasonable control of the Securities Intermediary, including
 without limitation legal constraint, emergency conditions, action or inaction
 of governmental, civil or military authority, terrorism, fire, strike,
 lockout or other labor dispute, war, riot, theft, flood, earthquake or other
 natural disaster, breakdown of public or private or common carrier
 communication or transmission facilities, equipment failure, or act,
 negligence or default of Pledgor or (ii) such failure or delay resulted
 from Securities Intermediary’s reasonable belief that the action would have
 violated any guideline, rule or regulation of any governmental authority.

 

Exh.
F-4

	
  

 	
  

 
	
 17.

 	
 Issuer agrees to pay Securities Intermediary, upon receipt of
 Securities Intermediary’s invoice, all reasonable costs, expenses and
 attorneys’ fees incurred in the preparation and administration of this
 Agreement (including any amendments hereto or instruments or agreements
 required hereunder). Issuer agrees to pay Securities Intermediary, upon
 receipt of Securities Intermediary’s invoice, all reasonable costs, expenses
 and attorneys’ fees incurred by Securities Intermediary in connection with
 the enforcement of this Agreement or any instrument or agreement required
 hereunder, including without limitation any reasonable costs, expenses, and
 fees arising out of the resolution of any conflict, dispute, motion regarding
 entitlement to rights or rights of action, or other action to enforce
 Securities Intermediary’s rights hereunder in a case arising under Title 11,
 United States Code. This paragraph 17 shall survive termination of this
 Agreement. 

 
	
  

 	
  

 
	
 18.

 	
 Notwithstanding any of the other provisions of this Agreement, in the
 event of the commencement of a case pursuant to Title 11, United States Code,
 filed by or against Pledgor, or in the event of the commencement of any
 similar case under then applicable federal or state law providing for the
 relief of debtors or the protection of creditors by or against Pledgor,
 Securities Intermediary may act as Securities Intermediary deems necessary to
 comply with all applicable provisions of governing statutes and Pledgor shall
 not assert any claim against Securities Intermediary for so doing.

 
	
  

 	
  

 
	
 19.

 	
 If any term or provision of this Agreement shall be invalid or
 unenforceable, the remainder of this Agreement, or the application of such
 term or provision to persons or circumstances other than those to which it is
 held invalid or unenforceable, shall be construed in all respects as if such
 invalid or unenforceable term or provision were omitted.

 
	
  

 	
  

 
	
 20.

 	
 This Agreement may be executed in counterparts, each of which shall
 be an original, and all of which shall constitute one and the same agreement.
 

 
	
  

 	
  

 
	
 21.

 	
 This Agreement and any claim, controversy or dispute arising under or
 related to this Agreement, and all issues concerning the relationship of the
 parties and the enforcement of the rights and duties of the parties, will be
 governed by, and construed in accordance with, the laws of the State of New
 York (without reference to conflict of laws
 principles (with the exception of 5-1401 and 5-1402 of the New York General
 Obligations Law)).

 

*          *          *          *           *           *

Exh.
F-5

          IN WITNESS
WHEREOF, the Pledgor and the Pledgee have agreed to the terms of this Agreement
as of the date indicated above.

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
 PLEDGOR:

 	
  

 	
 PLEDGEE:

 
	
  

 
	
  [_______] [INSERT IF APPLICABLE:,
 not in its individual capacity, but solely as Owner Trustee under the Trust
 Agreement]

 	
  

 	
 WELLS FARGO BANK
 NORTHWEST, NATIONAL ASSOCIATION, as Security Trustee

 
	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 	
 By:

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
 Name:

 	
  

 	
  

 	
 Name:

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
 Title:

 	
  

 	
  

 	
 Title:

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Telephone
 No.:

 	
  

 	
  

 	
 Telephone
 No.:

 	
  

 
	
  

 	

 

 	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 Address:

 

 [*]

 	
  

 	
 Address:

 
260 North Charles Lindbergh Drive

 MAC: U1240-026

 Salt Lake City, Utah 84116

 Attention: Corporate Trust Services

 Facsimile No. (801) 246-7142

 

Exh. F-6

Acknowledged
and Agreed to:

SECURITIES
INTERMEDIARY

 [_______]

	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 
	
 Name:

 	
  

 	
  

 
	
  

 	

 

 	
  

 

	
  

 	
  

 	
  

 
	
 Title:

 	
  

 	
  

 
	
  

 	

 

 	
  

 

	
  

 	
  

 	
  

 
	
 Date:

 	
  

 	
  

 
	
  

 	

 

 	
  

 

[Address] 

Exh. F-7

THE UNDERSIGNED HEREBY AGREES TO BE BOUND BY AND PERFORM THE
OBLIGATIONS OF THE “ISSUER” PROVIDED FOR IN THIS AGREEMENT.

GENERAL ELECTRIC
CAPITAL CORPORATION

	
  

 	
  

 	
  

 	
  

 
	
 By:

 	
  

 	
  

 
	
  

 	

 

 	
  

 
	
  

 	
  

 
	
 Name:

 	
  

 	
  

 
	
  

 	

 

 	
  

 

	
  

 	
  

 	
  

 
	
 Title:

 	
  

 	
  

 
	
  

 	

 

 	
  

 

Exh. F-8

Exhibit
A

 [Letterhead of the Pledgee]

 [Date]

BY FACSIMILE TRANSMISSION AND CERTIFIED MAIL

[Securities Intermediary]

	
  

 	
  

 
	
  

 	
 Re:
       Account No. [●]

 

NOTICE OF EXCLUSIVE CONTROL

Ladies and Gentlemen:

As
referenced in the Account Control Agreement, dated as of [●], [●], among [_________], as Pledgor, Wells Fargo Bank Northwest, National
Association, as Security Trustee for the Secured Parties, as Pledgee, and
______________, as Securities Intermediary, we hereby give you notice of our
exclusive control over securities account number [●] (the “Cash Collateral Account”) and
all financial assets credited thereto. You are hereby instructed not to accept
any direction, instruction or entitlement order with respect to the Cash
Collateral Account or the financial assets credited thereto from any person
other than the undersigned.

You
are hereby instructed to [deliver][invest] the financial assets in the Cash
Collateral Account and cash dividends, interest, income, earning, and other
distributions received with respect thereto, as follows:

	
  

 	
  

 	
  

 
	
  

 	
 [____________________________

 	
  

 
	
  

 	
 ____________________________

 	
  

 
	
  

 	
 ____________________________

 	
  

 
	
  

 	
 ____________________________]

 	
  

 

	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Very truly yours,

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 WELLS
 FARGO BANK NORTHWEST, NATIONAL ASSOCIATION., as Security Trustee

 
	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 By: 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Name: 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Title: 

 	
  

 	
  

 
	
  

 	
  

 	
  

 	

 

 	
  

 
	
  

 	
  

 	
  

 	
  

 	
  

 
	
 cc:

 	
 General
 Electric Capital Corporation

 	
  

 	
  

 	
  

 

Exh. F-9Exhibit 4 (yy)

 
	
 EXECUTION VERSION

 
	
  

 
	
 ELEVENTH AMENDED AND RESTATED
 FISCAL AND 

 PAYING AGENCY AGREEMENT

 
	
  

 
	
 DATED AS OF
 APRIL 5, 2012

 
	
  

 
	
 among

 
	
  

 
	
 GENERAL ELECTRIC CAPITAL CORPORATION

 
	
 GE CAPITAL AUSTRALIA FUNDING PTY. LTD.
 (A.B.N. 67 085 675 467)

 
	
 GE CAPITAL EUROPEAN FUNDING

 
	
 GE CAPITAL UK FUNDING

 
	
  

 
	
 and

 
	
  

 
	
 THE BANK OF NEW YORK MELLON

 
	
  

 
	
 and

 
	
  

 
	
 THE BANK OF NEW YORK MELLON (LUXEMBOURG)
 S.A.

 
	
  

 
	
 Programme for the Issuance of Euro
 Medium-Term Notes and Other Debt Securities Due

 
	
 9 Months or More from Date of Issue

 

Allen & Overy LLP

TABLE OF CONTENTS

	
  

 	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Page

 
	
 1.

 	
 Appointment
 of Paying Agents

 	
  

 	
 2

 	 
	
 2.

 	
 Notes
 Issuable in Series

 	
  

 	
 2

 	 
	
 3.

 	
 Execution and Authentication of Notes; Date and Denomination of Notes

 	
  

 	
 5

 	 
	
 4.

 	
 Exchange and Registration of Transfer of Notes

 	
  

 	
 9

 	 
	
 5.

 	
 Payments of Principal, Premium and Interest; Paying Agents

 	
  

 	
 11

 	 
	
 6.

 	
 Redemption; Sinking Funds; Repayment at the Option of the Holder

 	
  

 	
 15

 	 
	
 7.

 	
 Mutilated, Destroyed, Stolen or Lost Notes

 	
  

 	
 18

 	 
	
 8.

 	
 Events of Default

 	
  

 	
 19

 	 
	
 9.

 	
 Additional Payments; Tax Redemption

 	
  

 	
 22

 	 
	
 10.

 	
 Covenant of the Issuers and the Guarantor

 	
  

 	
 30

 	 
	
 11.

 	
 Obligations of the Fiscal and Paying Agent

 	
  

 	
 31

 	 
	
 12.

 	
 Maintenance and Resignation of Fiscal and Paying Agent

 	
  

 	
 33

 	 
	
 13.

 	
 Paying Agency

 	
  

 	
 34

 	 
	
 14.

 	
 Merger, Consolidation, Sale or Conveyance

 	
  

 	
 35

 	 
	
 15.

 	
 Meetings of Holders of the Notes

 	
  

 	
 35

 	 
	
 16.

 	
 Consent of Holders

 	
  

 	
 38

 	 
	
 17.

 	
 Stamp Taxes

 	
  

 	
 39

 	 
	
 18.

 	
 Modifications and Amendments

 	
  

 	
 39

 	 
	
 19.

 	
 Accession of Additional Issuers

 	
  

 	
 40

 	 
	
 20.

 	
 Notices to Parties

 	
  

 	
 40

 	 
	
 21.

 	
 Notices to and by Holders of the Notes

 	
  

 	
 42

 	 
	
 22.

 	
 Business Day

 	
  

 	
 43

 	 
	
 23.

 	
 Central Bank Reporting Requirements

 	
  

 	
 43

 	 
	
 24.

 	
 Governing Law

 	
  

 	
 43

 	 
	
 25.

 	
 Consent to Service

 	
  

 	
 43

 	 
	
 26.

 	
 Counterparts

 	
  

 	
 43

 	 
	
 27.

 	
 Inspection of Documents

 	
  

 	
 43

 	 
	
 28.

 	
 Descriptive Headings

 	
  

 	
 44

 	 
	
 29.

 	
 Provisions Binding on Successors

 	
  

 	
 44

 	 
	
 30.

 	
 Official Acts by Successor Corporation

 	
  

 	
 44

 	 
	
 31.

 	
 Severability

 	
  

 	
 44

 	 

          ELEVENTH
AMENDED AND RESTATED FISCAL AND PAYING AGENCY AGREEMENT, dated as of April 5, 2012 between GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation (“GE Capital”), GE CAPITAL
AUSTRALIA FUNDING PTY. LTD. (A.B.N. 67 085 675 467), a company incorporated
under the laws of the Commonwealth of Australia (“GE Capital Australia Funding”),
GE CAPITAL EUROPEAN FUNDING (“GECEF”) and GE CAPITAL UK FUNDING (“GECUKF”,
and together with GECEF, the “Irish Issuers” and each an “Irish Issuer”,
each of which was incorporated as a public unlimited liability company under
the Irish Companies Acts 1963-2009) (GE Capital, GE Capital Australia Funding,
the Irish Issuers and each Additional Issuer (as defined herein) acceding
hereto pursuant to Section 19 hereof, each an “Issuer” and collectively, the
“Issuers”),
THE BANK OF NEW YORK MELLON, as fiscal and principal paying agent, and THE BANK
OF NEW YORK MELLON (LUXEMBOURG) S.A., as initial registrar and transfer agent
(such agreement, as further amended and supplemented from time to time, the “Agreement”).

          Pursuant
to the Thirteenth Amended and Restated Distribution Agreement, dated April 5,
2012, among the Issuers (including GE Capital in its capacity as guarantor (the
“Guarantor”)
of Notes issued by an Issuer other than GE Capital) and the dealers named
therein (the “Dealers”) (as further amended from time to time, the “Distribution
Agreement”), each Issuer has agreed to issue from time to time its
Euro Medium-Term Notes (“Medium Term Notes”) and other debt
securities (“Other Debt Securities”) having maturities from 9 months or
more from date of issue (collectively, Medium Term Notes and Other Debt
Securities are referred to herein as the “Notes”). The Guarantor has agreed to
guarantee Notes issued pursuant to this Agreement by each Issuer other than GE
Capital in the form of the guarantee attached hereto as Exhibit D-1 (the “Guarantee”).
Administrative procedures, which have been agreed to by the Issuers (including
GE Capital in its capacity as Guarantor) and the Dealers as of the date hereof,
are attached as Exhibit A hereto (such procedures, as amended from time to time
pursuant to the Distribution Agreement, are hereinafter referred to as the “Administrative
Procedures”).

          Pursuant
to this Agreement, the Tenth Amended and Restated Fiscal and Paying Agency
Agreement dated April 6, 2011 (the “Prior Agency Agreement”) shall be amended
and restated on the terms of this Agreement. Any Notes issued on or after the
date of this Agreement shall be issued pursuant to this Agreement, but this
shall not affect any Notes issued prior to the date of this Agreement. Subject
to such amendment and restatement, the Prior Agency Agreement shall continue in
full force and effect.

1

          1.          Appointment
of Paying Agents. Each Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor hereby appoint The Bank of New York
Mellon, acting through its London Branch located at One Canada Square, London
E14 5AL, as the fiscal agent and as the principal paying agent (in such
capacities and including any successor fiscal and paying agent appointed
hereunder, the “Fiscal and Paying Agent”, and, together with any other paying
agents appointed by the relevant Issuer and the Guarantor, the “Paying
Agents”), in respect of the Notes, upon the terms and subject to the
conditions stated herein and in the Notes certified from time to time pursuant
to Section 2 hereof. The Fiscal and Paying Agent hereby accepts such
appointment and agrees, upon such terms and subject to such conditions, to
perform its obligations under this Agreement, the Notes certified from time to
time pursuant to Section 2 hereof and the Administrative Procedures. In
addition, unless otherwise agreed by the parties hereto, the Fiscal and Paying
Agent agrees to appoint its local branch or affiliate located in the
jurisdiction of the country where any Notes are listed from time to time as an
additional paying agent, to the extent required by the rules and regulations of
the applicable exchange and to the extent the Fiscal and Paying Agent has a
branch or affiliate located in such jurisdiction. 

          2.          Notes
Issuable in Series. 

          (a)         Each
Issuer may issue Notes hereunder in one or more series of Notes, each series (a
“Series”)
having identical terms but for authentication date, effectuation date (in the
case of an NGN or Registered Note issued under the NSS, each as defined below)
and public offering price; provided that a Series of Notes may not comprise
Notes in bearer form (“Bearer Notes”) and Notes in registered form
(“Registered
Notes”). Each such Series may contain one or more tranches of Notes,
each such tranche (a “Tranche”) having identical terms, including
authentication date and public offering price; provided that a Tranche of Notes
may not comprise Bearer Notes and Registered Notes.

          (b)         Notes
issued hereunder shall be issued pursuant to authority granted by the Board of
Directors of the relevant Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor or any duly authorized committee thereof
and shall be in such form as shall be certified to the Fiscal and Paying Agent
from time to time by any one authorized person, as specified in Section 3(a)
hereof. 

          (c)         Prior
to the issue of the first Tranche of Notes of a Series hereunder, the relevant
Issuer and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor shall advise the Fiscal and Paying Agent in writing of the following
terms which shall be applicable to such Series of Notes (each such set of
written instructions shall be provided by such persons as are designated by an Issuer
Authorized Representative (as defined in Section 3(a)) from time to time in an
incumbency certificate delivered to the Fiscal and Paying Agent and shall
hereinafter be referred to as a “Corporate Order”):

	
  

 	
  

 
	
  

 	
              (1)      the
 title of the Series (which shall distinguish the Notes of such Series from
 all other Notes), including identifying whether such series will be issued as
 Medium Term Notes or Other Debt Securities;

 
	
  

 	
  

 
	
  

 	
              (2)     
 any limit upon the aggregate principal amount of the Notes of such Series
 which may be authenticated and effectuated (as applicable) and delivered
 under this Agreement (except for Notes authenticated and effectuated (as
 applicable) and delivered upon registration of transfer of, or in exchange
 for, or in lieu of, other Notes of the Series pursuant to Sections 3, 4, 6
 and 7);

 

2

	
  

 	
  

 
	
  

 	
           (3)       the
 date or dates on which the principal of and premium, if any, on the Notes of
 the Series are payable;

 
	
  

 	
  

 
	
  

 	
           (4)       the
 rate or rates, or the method of determination thereof, at which the Notes of
 the Series shall bear interest, if any, the date or dates from which such
 interest shall accrue, the interest payment dates on which such interest
 shall be payable and, in the case of any Registered Note, if other than as
 set forth in Section 3, the record dates for the determination of holders to
 whom interest is payable;

 
	
  

 	
  

 
	
  

 	
           (5)       the
 place or places where the principal of, and premium, if any, and interest on
 Notes of the Series shall be payable;

 
	
  

 	
  

 
	
  

 	
           (6)       the
 currency or composite currency in which the Notes of such Series are
 denominated (the “Specified Currency”);

 
	
  

 	
  

 
	
  

 	
           (7)       the
 currency or currencies in which payments on the Notes of such Series are
 payable, if other than the Specified Currency;

 
	
  

 	
  

 
	
  

 	
           (8)       the
 price or prices at which, the period or periods within which and the terms
 and conditions upon which the Notes of such Series may be redeemed, in whole
 or in part, at the option of the relevant Issuer, pursuant to any sinking
 fund or otherwise;

 
	
  

 	
  

 
	
  

 	
           (9)       the
 obligation, if any, of the relevant Issuer or the Guarantor as the case may
 be, to redeem, purchase or repay the Notes of such Series pursuant to any
 right to do so contained in the Notes or pursuant to sinking fund or
 analogous provisions or at the option of a holder thereof and the price or
 prices at which and the period or periods within which and the terms and
 conditions upon which the Notes of such Series shall be redeemed, purchased
 or repaid, in whole or in part, pursuant to such obligation;

 
	
  

 	
  

 
	
  

 	
           (10)     the
 denominations in which the Notes of such Series shall be issuable, in all
 cases subject to compliance with all applicable laws and regulations;

 
	
  

 	
  

 
	
  

 	
           (11)     if other than the principal amount thereof,
 the portion of the principal amount of the Notes of such Series which shall
 be payable upon declaration of acceleration of the maturity thereof pursuant
 to Section 8;

 
	
  

 	
  

 
	
  

 	
           (12)     if
 the principal of, premium, if any, or interest on the Notes of such Series
 are to be payable, at the election of the relevant Issuer or the Guarantor,
 as the case may be, or a holder thereof, in a currency other than the
 Specified Currency, the period or periods within which, and the terms and
 conditions upon which, such election may be made; 

 
	
  

 	
  

 
	
  

 	
           (13)     if
 the amount of payments of principal, of premium, if any, and of interest on
 the Notes of such Series may be determined with reference to an index based
 on currency other than the Specified Currency, the manner in which such
 amounts shall be determined;

 
	
  

 	
  

 
	
  

 	
           (14)     if other than as provided in Sections 3, 4 and 5
 hereof, whether the Notes of such Series will be issuable as Registered Notes
 or Bearer Notes (with or without coupons), or any combination of the
 foregoing, any restriction applicable to the offer, sale or delivery of
 Bearer 

 

3

	
  

 	
  

 
	
  

 	
 Notes or the payment of interest thereon and the terms
 upon which Bearer Notes of any Series may be exchanged for Registered Notes
 of such Series, except that the Notes of such Series shall not be issuable as
 Bearer Notes unless such issuance is permitted under U.S. federal income tax
 law at the time of issuance without adverse consequences to the relevant
 Issuer;

 
	
  

 	
  

 
	
  

 	
           (15)     if
 Bearer Notes are to be issued, whether the temporary global Note and
 permanent global Note to be issued are intended to be issued in new global
 note (“NGN”)
 form or classic global note (“CGN”) form and whether a NGN is intended
 to be held in a manner which would allow Eurosystem eligibility (a “Eurosystem-eligible
 NGN”);

 
	
  

 	
  

 
	
  

 	
           (16)     if Registered Notes are to be issued in
 global form, whether the global Note to be issued is intended to be issued
 under the new safekeeping structure (the “NSS”) or under the classic
 safekeeping structure (“CSS”) and whether a global Note issued
 under the NSS is intended to be held in a manner which would allow Eurosystem
 eligibility (a “Eurosystem-eligible NSS”);

 
	
  

 	
  

 
	
  

 	
           (17)     any
 Events of Default with respect to the Notes of such Series, if not set forth
 herein;

 
	
  

 	
  

 
	
  

 	
           (18)     if
 other than those named herein, any other depositaries, authenticating or
 paying agents, transfer agents or registrars or any other agents with respect
 to such Series; 

 
	
  

 	
  

 
	
  

 	
           (19)     the
 stock exchange,
 competent authority and/or market, if any, on
 or by which the Notes will be listed
 and/or admitted to trading and related
 information;

 
	
  

 	
  

 
	
  

 	
           (20)     any applicable restrictions on the transfer of any
 of the Notes of such Series; 

 
	
  

 	
  

 
	
  

 	
           (21)     whether Notes of such Series and/or the
 related Guarantee, if any, are senior or subordinated and, if such Notes
 and/or Guarantee are subordinated, the terms of such subordination; and

 
	
  

 	
  

 
	
  

 	
           (22)     any
 other terms of the Series (which terms shall not be inconsistent with the
 provisions of this Agreement).

 

          All
Notes of any one Series and coupons, if any, appertaining thereto, shall be
substantially identical except as to denomination and except as may otherwise
be provided in or pursuant to such Corporate Order. The Notes and the coupons,
if any, appertaining thereto shall be in substantially such form as shall be
established pursuant to a resolution of the Board of Directors of the relevant
Issuer and the Guarantor (in the case of the Notes issued by an Issuer other
than GE Capital), in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Agreement, and may have such legends or endorsements placed thereon as the
officers executing the same may approve (execution thereof to be conclusive
evidence of such approval) and as are not inconsistent with the provisions of
this Agreement, or as may be required to comply with the directions of Euroclear Bank SA/NV (“Euroclear”),
Clearstream Banking, société
anonyme (“Clearstream,
Luxembourg”) or any other clearance
system specified for a particular Tranche or Series of Notes, or any successors
thereto, or with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any stock exchange, competent
authority and/or market on or by which such Notes may be listed and/or admitted
to trading or to conform to usage.

4

          (d)          An additional Tranche of the same Series may be
issued subsequent to the original issue date of any Notes of such Series
(hereinafter called “Additional Notes”) following the receipt by
the Fiscal and Paying Agent of a Corporate Order pertaining to such Tranche,
which Corporate Order will identify the Series to which such Tranche belongs
and the issue date and aggregate principal amount of the Notes of such Tranche.
Any such Additional Notes shall be issued initially as provided in Section 3.
In the event Additional Notes are issued prior to the Exchange Date (as
hereinafter defined) for a temporary global Bearer Note representing a prior
Tranche of Notes of the same Series, the Exchange Date for such prior Tranche
of Notes may be extended to a date not less than 40 days after the issue date
of such Additional Notes; provided however, in no event shall the Exchange Date
for any Tranche of Notes be extended to a date more than 160 days after their
issue date. Additional Notes, together with each prior and subsequent Tranche
of Notes of the same Series, shall constitute one and the same Series of Notes
for all purposes under this Agreement; provided, however, that such
consolidation of Additional Notes issued after the Exchange Date will occur
only following the exchange of interests in the Temporary Global Note for
interests in the Permanent Global Note or Definitive Notes upon certification
of non-U.S. beneficial ownership.

          (e)          Notwithstanding
anything in this Section 2 to the contrary, Notes may not be issued in the form
of Bearer Notes unless such issuance is permitted under U.S. federal income tax
law at the time of issuance without adverse consequences to the relevant
Issuer.

          3.           Execution
and Authentication of Notes; Date and Denomination of Notes

          (a)          Execution, delivery and safekeeping of Notes. The Notes and, if applicable, coupons appertaining
thereto in the form certified to the Fiscal and Paying Agent pursuant to the
provisions of Section 2(b) shall each be executed (i) in the case of Notes
issued by GE Capital, by any one of GE Capital’s Chairman, one of its
Presidents, its Vice Chairman and Chief Financial Officer, its Senior Vice
President-Corporate Treasury and Global Funding Operation or by a duly
authorized attorney-in-fact of GE Capital or (ii) in the case of Notes issued
by an Issuer other than GE Capital, by a duly authorized officer of such Issuer
or a duly authorized attorney-in-fact of such Issuer (each an “Issuer
Authorized Representative”). Such signatures may be the manual or
facsimile signatures of any person who, at the time of such execution, holds
any such office or of a duly authorized attorney-in-fact. Any signature in
facsimile may be imprinted or otherwise reproduced on the Notes or the coupons.
Each definitive Note shall have imprinted thereon a facsimile of the corporate
seal of the relevant Issuer attested by the Secretary or any Assistant
Secretary of such Issuer. In case any authorized officer of such Issuer or
attorney-in-fact who shall have signed any Note or coupon shall cease to hold
such office or be such attorney-in-fact before the Note so signed (or the Note
to which the coupon so signed is attached) shall be authenticated and delivered
by the Fiscal and Paying Agent or disposed of by such Issuer, such Note or
coupon nevertheless may be authenticated and delivered or disposed of as though
the person who signed such Note or coupon had not ceased to hold such office or
be such attorney-in-fact; and any Note or coupon may be signed on behalf of
such Issuer by any person who, as at the actual date of the execution of such
Note or coupon, shall hold such office or be an attorney-in-fact, although at
the date of the execution and delivery of this Agreement any such person did
not hold such office or was not an attorney-in-fact. 

          The
relevant Issuer will furnish the Fiscal and Paying Agent with an adequate
supply of Notes, which will be blank as to certain terms of such Notes, having
attached thereto appropriate coupons, if any, in the forms approved in
accordance with Section 2(b) of this Agreement, bearing consecutive control
numbers. Such blank Notes shall have been executed by an Issuer Authorized
Representative and attested 

5

by the Secretary or an Assistant Secretary of such Issuer in
accordance with this Section. The Fiscal and Paying Agent or its designated
agent will hold such blank Notes in safekeeping in accordance with its
customary practice. Only upon notice from the Company of the Final Terms for an
issuance of Notes in accordance with this Agreement and the Administrative
Procedures set forth in Exhibit A, the Fiscal and Paying Agent shall, in
accordance with the Administrative Procedures, append the Final Terms to such
blank Note, authenticate and issue such Notes in the order of the control
numbers imprinted thereon. Once such Notes have been executed, authenticated
and effectuated in accordance with this Agreement and the Administrative
Procedures, the presence of blanks or placeholders in the Notes alone shall not
affect the validity of such Notes. The Fiscal and Paying Agent will permit the
relevant Issuer and its agents, at all reasonable times and upon reasonable
notice, to examine the Notes and all books, records and other materials and
information of the Fiscal and Paying Agent relating thereto.

          (b)          Execution of Guarantee. The Guarantee endorsed on Notes issued by an Issuer
other than GE Capital shall be executed on behalf of the Guarantor by any one of
its Chairman, one of its Presidents, its Vice Chairman and Chief Financial
Officer, its Senior Vice President-Corporate Treasury and Global Funding
Operation or by a duly authorized attorney-in-fact. Such signatures may be the
manual or facsimile signatures of any person who, at the time of such
execution, holds any such office or of a duly authorized attorney-in-fact. Any
signature in facsimile may be imprinted or otherwise reproduced on the
Guarantee endorsed on such Notes. Each Guarantee endorsed on each definitive
Note shall have imprinted thereon a facsimile of the corporate seal of the
Guarantor. In case any authorized officer of the Guarantor or attorney-in-fact
who shall have signed any Guarantee shall cease to hold such office or be such
attorney-in-fact before the Note endorsed with the Guarantee so signed shall be
authenticated and delivered by the Fiscal and Paying Agent or disposed of by
the relevant Issuer, such Note or coupon nevertheless may be authenticated and
delivered or disposed of as though the person who signed such Guarantee
endorsed on such Note had not ceased to hold such office or be such
attorney-in-fact; and any Guarantee may be signed on behalf of the Guarantor by
any person who, as at the actual date of the execution of such Guarantee, shall
hold such office or be an attorney-in-fact, although at the date of the
execution and delivery of this Agreement any such person did not hold such
office or was not an attorney-in-fact.

          (c)          Authentication of temporary global Notes. Unless otherwise specified in the applicable
Corporate Order or by the relevant Dealer or Dealers, each Tranche of Bearer
Notes, including any Tranche of Additional Notes issued prior to the Exchange
Date for a prior Tranche of Bearer Notes of the same Series, shall initially be
issued in the form of a single temporary global Note. The temporary global
Notes shall be authenticated by the Fiscal and Paying Agent or by a duly
authorized officer or attorney-in-fact of the Fiscal and Paying Agent, upon the
same conditions, in substantially the same manner and with the same effect as
the definitive Notes, and shall be deposited with a common depositary (the “Common Depositary”) (if the temporary global Note is a CGN) or specified common safekeeper
(the “Common
Safekeeper”) (if the temporary global Note is a NGN) for the
accounts of Euroclear and Clearstream, Luxembourg or any other recognized and agreed clearance system (in the case of a
CGN). In the case of the temporary global Note which is a Eurosystem-eligible
NGN, the Fiscal and Paying Agent will instruct the Common Safekeeper to
effectuate the same. The Fiscal and Paying Agent shall instruct Euroclear and
Clearstream, Luxembourg to make appropriate entries in their records to reflect
the initial outstanding aggregrate principal amount of the relevant Tranche of
Notes (if the temporary global Note is an NGN) and credit the respective
securities clearance accounts of the relevant Dealers (or to such other
accounts as they may have directed) maintained with Euroclear, Clearstream,
Luxembourg or other recognized and agreed
clearance system. For purposes of this Agreement “Exchange Date” for any Series
of Notes shall mean the first Business Day that is at least 40 days after the
issue date of such Series; provided that in the 

6

event a Tranche of Additional Notes of the same Series is
issued prior to the Exchange Date of a prior Tranche of such Series (as such
Exchange Date may have been extended pursuant to this sentence), such Exchange
Date shall be extended (or further extended, as the case may be) to a date not
earlier than 40 days after the issue date of such subsequent Tranche; provided
however, in no event shall the Exchange Date for any Tranche of Notes be
extended to a date more than 160 days after their issue date. No such exchange
will be made on a day that is not a London Business Day, but shall instead be
made on the next succeeding day that is a London Business Day. For the
purposes of this Clause 3(c) “London Business Day” means a day upon which
banks are generally open for business (including
dealings in foreign currency) in London, England.

          (d)          Exchange of temporary global Bearer Notes;
certification requirements. On or up
to 10 days prior to the Exchange Date for any Series of Notes held in temporary
global form, the holders of such temporary global Note shall deliver to
Euroclear, Clearstream, Luxembourg or
other recognized and agreed clearance system, as the case may be, in accordance
with the rules of the relevant clearance system, certification of non-U.S.
beneficial ownership substantially similar to the form set forth in Exhibit
B-1. On or after the Exchange Date for any Series of Notes, upon the request of
the Common Depositary (in the case of a
CGN) or the common service provider as described in Appendix 1 hereto (a “Common
Service Provider”) (in the case of a NGN), acting on behalf of
Euroclear, Clearstream, Luxembourg or
such other clearance system (in the case of a CGN), acting in turn on behalf of
such holders, the Fiscal and Paying Agent shall authenticate a permanent global
Note in bearer form or (if specified in the applicable Corporate Order)
definitive Bearer Notes and/or definitive Registered Notes in the amounts
requested in an aggregate principal amount equal to the aggregate principal
amount of the temporary global Note beneficially owned by such owners, but only
upon delivery by Euroclear, Clearstream, Luxembourg and/or such other clearance system, acting on behalf
of such owners, to the Fiscal and Paying Agent or its duly authorized
attorney-in-fact of certification of non-U.S. beneficial ownership
substantially similar to the form set forth in Exhibit B-2. Such permanent
global Note, if any, shall be authenticated by the Fiscal and Paying Agent or
by a duly authorized officer or attorney-in-fact of the Fiscal and Paying
Agent, upon the same conditions, in substantially the same manner and with the
same effect as the definitive Notes, and shall be deposited with the Common
Depositary (if the permanent global Note is a
CGN) or the Common Safekeeper (if the permanent global Note is a NGN) for the
accounts of Euroclear, Clearstream, Luxembourg and/or such other clearance system (in the case of a CGN) for credit to
the respective accounts of such holders. In the case of a permanent global Note
which is a Eurosystem-eligible NGN, the Fiscal and Paying Agent shall instruct
the Common Safekeeper to effectuate the same.

          Upon
any such exchange of all or a portion of a temporary global Note for a
permanent global Note or definitive Notes, the Fiscal and Paying Agent shall
(i) in the case of a permanent global Note which is a NGN, instruct Euroclear
and Clearstream, Luxembourg to make appropriate entries in their records to
reflect such exchange or (ii) in the case of any global Note which is a CGN,
procure that the relevant global Note be endorsed by the Fiscal and Paying
Agent or its duly authorized attorney-in-fact to reflect the reduction of its
principal amount by an amount equal to the aggregate principal amount of such
permanent global Note or definitive Notes as to which certification has been
provided as set forth in the preceding paragraph. 

          (e)          Delivery of authenticated global Note by electronic
means. Where the Fiscal and Paying Agent
delivers any authenticated global Note which is either an NGN or a global
Registered Note issued under the NSS to a Common Safekeeper for effectuation
using electronic means, it is authorised and 

7

instructed to destroy such global Note retained by it
following its receipt of confirmation from the Common Safekeeper that the
relevant global Note has been effectuated.

          (f)          Exchange of permanent global Note; certification
requirements. Holders of Notes
desiring to exchange their interests in any permanent global Note for
definitive Notes in bearer form or (if the relevant Corporate Order so allows)
for definitive Notes in registered form shall instruct Euroclear, Clearstream,
Luxembourg or such other clearance system, as
the case may be, to request such exchange on their behalf and shall deliver to
Euroclear, Clearstream, Luxembourg or
such other clearance system, as the case may be, a certificate substantially in
the form set forth in Exhibit C-1 hereto, copies of which certificate shall be
available at the offices of Euroclear, Clearstream, Luxembourg or such other clearance system, the Fiscal and
Paying Agent and each other paying agent of the relevant Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor. Upon
the request of the Common Depositary (in
the case of a CGN) or the Common Service Provider (in the case of a NGN),
acting on behalf of Euroclear, Clearstream, Luxembourg and/or such other clearance system (in the case of a
CGN), acting in turn on behalf of such holders, the Fiscal and Paying Agent
shall, upon 30 days’ written notice, authenticate and deliver outside the
United States and outside the jurisdiction of incorporation or organization of
the relevant Issuer (except in compliance with the securities and other laws
and regulations of such jurisdiction, including any applicable laws and
regulations of any political subdivision thereof) to or for the account of such
holders, definitive Notes in an aggregate principal amount equal to the aggregate
principal amount of such permanent global Note, but only upon delivery by
Euroclear, Clearstream, Luxembourg
and/or such other clearance system, acting on behalf of such owners, to the
Fiscal and Paying Agent or its duly authorized attorney-in-fact of a
certificate or certificates substantially in the form set forth in Exhibit C-2
hereto. All expenses incurred as a result of any such exchange shall be paid by
the relevant Issuer or (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor. Notwithstanding anything to the contrary contained in
this subsection 3(e), the Fiscal Agent shall not be required to exchange the
entire aggregate principal amount of a permanent global Note for definitive
Bearer Notes in the event holders of less than the entire aggregate principal
amount of the permanent global Note have requested definitive Bearer Notes, but
only to the extent that the operating rules and regulations of the clearance
system then in effect would permit less than the entire aggregate principal
amount of the permanent global Note to be so exchanged.

          Each
permanent global Note shall in all respects be entitled to the same benefits
under this Agreement as definitive Notes authenticated and delivered hereunder.

          Any
certification referred to in Section 3(c) or (d) above which is delivered to
the Fiscal and Paying Agent by Euroclear, Clearstream, Luxembourg or such other
clearance system, as the case may be, may be relied upon by the Fiscal and
Paying Agent as conclusive evidence that the corresponding certification or
certifications of the holder or holders have been delivered to Euroclear, Clearstream,
Luxembourg or such other clearance system, as
the case may be, pursuant to the terms of this Agreement and the terms of the
Notes.

          (g)          Authentication of Registered Notes. If so specified in the applicable Corporate Order,
Notes of any Series may be issued in fully registered form. Such Corporate
Order will specify whether Registered Notes of such Series may be issued in
exchange for Bearer Notes of such Series and whether the Notes of such Series
may initially be issued in permanent global or definitive form. In the case of
permanent global Registered Notes, (i) if the global Registered Note is intended
to be issued under the CSS, it shall be registered in the name of a
nominee for and deposited with the Common
Depositary for the accounts of Euroclear, Clearstream,
Luxembourg, and/or another recognized clearance
system, or (ii) 

8

if the global Registered Note is intended to be issued under
the NSS, it shall be registered in the name of a nominee of the Common
Safekeeper for Euroclear and Clearstream, Luxembourg, in each case for credit
to the respective securities clearance accounts of the relevant Dealer (or to
such other accounts as they may have directed) maintained with Euroclear, Clearstream, Luxembourg, another clearance system or The Depository Trust
Company in New York City for credit to the respective accounts of the relevant
Dealers (or to such other accounts as they may have directed) maintained with
The Depository Trust Company or such other clearance and settlement
organization as is specified in the applicable Corporate Order. Unless
otherwise specified in the applicable Corporate Order or by the relevant Dealer
or Dealers, each Tranche of global Registered Notes, shall initially be issued
in the form of a single global Registered Note. The global Registered Note
shall be authenticated by the Fiscal and Paying Agent or by a duly authorized
officer or attorney-in-fact of the Fiscal and Paying Agent, upon the same
conditions, in substantially the same manner and with the same effect as any
definitive Registered Notes, and shall be registered in the name of a nominee
for, and deposited with the Common Depository (if the global Registered Note is
issued under the CSS) or the Common Safekeeper (if the global Registered Note
is issued under the NSS) for the accounts of Euroclear and Clearstream,
Luxembourg or any other recognized and agreed
clearance system (in the case of a CSS). If the global Registered Note is
intended to be a Eurosystem-eligible NSS, the Fiscal and Paying Agent will
instruct the Common Safekeeper to effectuate the same. 

          4.           Exchange
and Registration of Transfer of Notes. 

          (a)          Exchange of Registered Notes. Registered Notes of any Series may be exchanged for
a like aggregate principal amount of Registered Notes of the same Series of
other authorized denominations. Bearer Notes will not be issuable in exchange
for Registered Notes.

          If
so provided in the relevant Corporate Order, Bearer Notes of any Series (with
all unmatured coupons, if any, and all matured coupons, if any, then in
default, attached thereto) will be exchangeable (upon the terms, set forth in
Section 3) for Registered Notes of the same Series of any authorized
denominations and in an equal aggregate principal amount. Bearer Notes
surrendered in exchange for Registered Notes after the close of business on (i)
any record date with respect to any regular payment of interest and before the
opening of business at such office on the relevant interest payment date or
(ii) any record date to be established for the payment of defaulted interest
and before the opening of business on the related proposed date for payment of
defaulted interest, shall be surrendered without the coupon relating to such
date for payment of interest.

          Notes
to be exchanged pursuant to the preceding two paragraphs shall be surrendered,
at the option of the holders thereof, either at the office or agency designated
and maintained by the relevant Issuer and (in the case of Notes issued by an
Issuer other than GE Capital) the Guarantor for such purpose in accordance with
the provisions of Section 5 or at any of such other offices or agencies as may
be designated and maintained by such Issuer and the Guarantor (in the case of
Notes issued by an Issuer other than GE Capital) for such purpose in accordance
with the provisions of Section 5, and such Issuer shall execute and register,
the Guarantor shall (in the case of Notes issued by an Issuer other than GE
Capital) cause the Guarantee to be endorsed thereon and the Fiscal and Paying
Agent shall authenticate and deliver in exchange therefor the Note or Notes
which the Noteholder making the exchange shall be entitled to receive. The term
“Noteholder”,
“holder
of Notes” or other similar terms, shall mean, (a) with respect
to any Registered Note, the person in whose name at the time such Registered
Note is registered on the books of the relevant Issuer kept for that purpose in
accordance with the terms hereof or (b) with respect to any Bearer Note,
the bearer thereof. Each person designated by the relevant Issuer as a person 

9

authorized to register and register transfer of the Notes is
sometimes herein referred to as a “Registrar”. In no event shall such Issuer
designate more than one Registrar for each Series of Registered Notes. No
person shall at any time be designated as or act as a Registrar unless such
person is at such time empowered under applicable law to act as such and duly
registered to act as such under and to the extent required by applicable law
and regulations.

          (b)          Transfers of Registered Notes. Each Registrar shall keep, at each such office or
agency outside of the United Kingdom, a register for each Series of Notes (for
which it has been appointed Registrar) issuable in registered form (the
registers of all Registrars being herein sometimes collectively referred to as
the “Register”)
in which, subject to such reasonable regulations as it may prescribe, the
Registrar shall register Registered Notes and shall register the transfer of
Registered Notes as herein provided. The Register shall be in written form or
in any other form capable of being converted into written form within a
reasonable time. At all reasonable times the Register shall be open for
inspection by the relevant Issuer, the Guarantor (in the case of Notes issued
by an Issuer other than GE Capital), the Fiscal and Paying Agent and any
Registrar. Upon due presentment for registration of transfer of any Registered
Note of any Series at any designated office or agency, such Issuer shall
execute, the Guarantor shall (in the case of Notes issued by an Issuer other than
GE Capital) cause the Guarantee to be endorsed thereon, the Registrar shall
register and the Fiscal and Paying Agent shall authenticate and deliver in the
name of the transferee or transferees a new Registered Note or Registered Notes
of the same Series for an equal aggregate principal amount. Registration or
registration of transfer of any Registered Note by any Registrar in the
Register maintained by such Registrar, and delivery of such Registered Note,
duly authenticated, shall be deemed to complete the registration or
registration of transfer of such Registered Note.

          All
Registered Notes presented for registration of transfer or for exchange,
redemption, repayment or payment shall (i) be duly endorsed by, or be
accompanied by a written instrument or instruments of transfer or exchange in
form satisfactory to the Issuer, the Guarantor (in the case of Notes issued by
an Issuer other than GE Capital) and the Registrar duly executed by, the holder
or his attorney duly authorized in writing and (ii) be accompanied by a duly
completed Form W-8BEN or other applicable form required by the United States
Internal Revenue Code of 1986, as amended, of the transferee.

          If
so specified in the applicable Corporate Order, the transfer of some or all of
the Registered Notes of any Series may be subject to the restrictions set forth
therein. If so specified in such Corporate Order, the Registrar for such Notes
shall not register the transfer of any such Notes absent compliance with such
restrictions.

          (c)          Exchange and transfer of Bearer Notes. Bearer Notes in definitive form of any Series will
be exchangeable for Bearer Notes in definitive form of the same Series in other
authorized denominations, in an equal aggregate principal amount. Bearer Notes
to be so exchanged shall be surrendered, at the option of the holders thereof,
at the office of any Paying Agent appointed by the relevant Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor to
perform such service in accordance with the provisions of Section 5, and such
Issuer shall execute, the Guarantor shall (in the case of Notes issued by an
Issuer other than GE Capital) cause the Guarantee to be endorsed thereon and
such Paying Agent shall authenticate and deliver in exchange therefor the
Bearer Note or Notes which the Noteholder making the exchange shall be entitled
to receive. Bearer Notes and any coupons appertaining thereto will be
transferable by delivery.

10

          (d)          Repository of master list of holders of Registered
Notes. The relevant Issuer will at
all times designate one person (who may be such Issuer and who need not be the
Registrar of any Series) to act as repository of a master list of names and
addresses of the holders of the Registered Notes. The Bank of New York Mellon
(Luxembourg) S.A. shall act as such repository unless and until some other
person is, by written notice from such Issuer to The Bank of New York Mellon
(Luxembourg) S.A., copied to the fiscal and paying agent and each Registrar,
designated by such Issuer to act as such. Such Issuer shall cause each
Registrar to furnish to such repository, on a current basis, such information
as to all registrations of transfer and exchanges effected by such Registrar,
as may be necessary to enable such repository to maintain such master list on
as current a basis as is practicable. For so long as any permanent global
Registered Note is held under the NSS, a nominee for the Common Safekeeper for
Euroclear and Clearstream, Luxembourg shall be the registered holder of such
Notes and the permanent global Registered Note representing such Notes shall
include a legend to the foregoing effect.

          (e)          Miscellaneous. Except as provided in Section 3(d), no service charge shall be made for
any exchange or registration of transfer of Notes, but the relevant Issuer and
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor
may require payment of a sum sufficient to cover any transfer taxes or other governmental
charge that may be imposed in connection therewith.

          The
relevant Issuer shall not be required (i) to issue, register the transfer of or
exchange Notes to be redeemed for a period of fifteen calendar days preceding
the first publication of the relevant notice of redemption, or if Registered
Notes are outstanding and there is no publication, the mailing of the relevant
notice of redemption, or (ii) to register the transfer of or exchange any
Registered Notes selected for redemption, in whole or in part, except the
unredeemed portion of any such Registered Notes being redeemed in part, or
(iii) to exchange any Bearer Notes selected for redemption, except that such
Bearer Notes may be exchanged for Registered Notes of like tenor, provided that
such Registered Notes shall be simultaneously surrendered for redemption or
(iv) to register transfer of or exchange any Notes surrendered for optional
repayment, in whole or in part.

          Notwithstanding
anything herein or in the terms of any Notes to the contrary, none of the
relevant Issuer, the Fiscal and Paying Agent or any agent of such Issuer or the
Fiscal and Paying Agent shall be required to exchange any Bearer Note for a
Registered Note if such exchange would result in adverse income tax consequences
to such Issuer (such as, for example, the inability of such Issuer to deduct
from its income, as computed for income tax purposes, the interest payable on
the Bearer Notes) under (i) then applicable United States Federal income tax
laws, or (ii) in the case of an Issuer other than GE Capital, then applicable
income tax laws or regulations of the jurisdiction of incorporation or
organization of the Issuer or any political subdivision thereof or therein.

          5.           Payments
of Principal, Premium and Interest; Paying Agents.

          (a)          Payment generally. In order to provide for the payment of the principal of, premium and
interest on each Series of Notes as the same shall become due and payable on
any payment date, the relevant Issuer hereby agrees to pay to the Fiscal and
Paying Agent at the place and in the manner specified below or to such account
or at such offices of any paying agent outside of the United States and, in the
case of Notes issued by an Issuer other than GE Capital, outside the
jurisdiction of incorporation or organization of the relevant Issuer, as the
Fiscal and Paying Agent shall specify in writing to such Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor, such
writing to be delivered not less than five calendar days prior to the payment
date, in such currency or currency units as shall be required to make the
payment due on such payment date, on each interest payment date and on 

11

the maturity date of such Series of Notes or any date fixed
for redemption or acceleration of such Series of Notes (in each case determined
in accordance with the terms of such Notes), in immediately available funds
available on such interest payment, maturity, redemption or acceleration date,
as the case may be, in an aggregate amount which (together with any funds then
held by the Fiscal and Paying Agent and available for the purpose) shall be
sufficient to pay the entire amount of the principal of, premium and interest
on such Series of Notes (including Additional Amounts (as defined below), if
any, becoming due on such interest payment, maturity, redemption or
acceleration date), and the Fiscal and Paying Agent shall hold such amount in
trust and apply it to the payment of any such principal, premium or interest on
such interest payment, maturity, redemption or acceleration date. Nothing
contained herein shall be construed to require the Fiscal and Paying Agent or
any other paying agent to make any payment to the holder of a Note until funds
have been received from the relevant Issuer pursuant to this Section.

          (b)          Payments on temporary global Notes; certification
requirements. Holders of any
temporary global Note may receive interest payments prior to the Exchange Date
of such temporary global Note; provided such holders deliver (in accordance
with the rules of the relevant clearance system) certification of non-U.S.
beneficial ownership substantially similar to the form set forth in Exhibit B-1
and instruct Euroclear, Clearstream, Luxembourg or, if specified in the Corporate Order, other recognized clearance system
to request such interest payment on their behalf. Upon the request of the
Common Depositary (in the case of a CGN) or the Common Service Provider (in the
case of a NGN), acting on behalf of Euroclear, Clearstream, Luxembourg or such other clearance system, acting in turn on
behalf of holders of Notes, the Fiscal and Paying Agent shall make payments of
interest to the holders of interests in temporary global Notes, but only upon
delivery by Euroclear, Clearstream, Luxembourg, or such other clearance system, acting on behalf of such owners, to the
Fiscal and Paying Agent or its duly authorized attorney-in-fact of a
certificate or certificates of non-U.S. beneficial ownership substantially
similar to the form set forth in Exhibit B-2.

          In
the event of redemption or acceleration of all or any part of any temporary
global Note prior to its Exchange Date, holders will be entitled to receive
payment on or after the date fixed for such redemption or on which such
acceleration occurs upon compliance by such holders and Euroclear, Clearstream, Luxembourg or such other clearance system, as applicable, with
the provisions of the preceding paragraph of this Section.

          (c)          Payments on Registered Notes. The person in whose name any Registered Note of a
particular Series is registered at the close of business or on any Record Date
(as hereinafter defined) with respect to any interest payment date for such
Series shall be entitled to receive the interest payable on such interest
payment date notwithstanding the cancellation of such Registered Note upon any
registration of transfer or exchange subsequent to the Record Date and prior to
such interest payment date; provided however, that (i) if and to the extent
that the relevant Issuer shall default in the payment of the interest on such
interest payment date, such defaulted interest shall be paid to the persons in
whose names outstanding Registered Notes of such Series are registered on a
subsequent Record Date established by notice given by mail by or on behalf of
such Issuer to the holders of such Registered Notes not less than 15 calendar
days preceding such subsequent Record Date, such Record Date to be not less
than five calendar days preceding the date or payment of such defaulted
interest and (ii) interest payable at maturity, redemption or repayment of such
Registered Note shall be payable to the person to whom principal shall be
payable. The term “Record Date” as used in this Section with
respect to any regular interest payment date, shall mean the calendar day
preceding such interest payment date, whether or not such calendar day shall be
a Business Day (as defined in Section 22).

12

          Interest on Registered Notes may at the option of the
relevant Issuer be paid by check mailed to the persons entitled thereto at
their respective addresses as such appear in the Register, or, at the option of
any holder of $5,000,000 (or the equivalent thereof in one or more foreign or
composite currencies) or more aggregate principal amount of Registered Notes of
any Series and subject to applicable laws and regulations, be made by transfer
to an account denominated in the currency in which such payment is to be made,
maintained by such holder, if appropriate wire transfer instructions have been
received by such Issuer or its agent not less than 10 calendar days prior to
the applicable interest payment date.

          (d)          Payments on Bearer Notes. Payments on Bearer Notes or the coupons
appertaining thereto will, upon presentation of such Notes or coupons at a
designated office outside of the United States, at the holder’s option and
subject to applicable laws and regulations, be made by check or wire transfer
to an account denominated in the Specified Currency (unless otherwise provided
in the applicable Corporate Order) in which such payment is to be made,
maintained by such holder with a bank outside the United States and (in the
case of Notes issued by an Issuer other than GE Capital) outside the
jurisdiction of organization of the Issuer, if appropriate wire transfer
instructions have been received by the relevant Issuer or its agent not less
than 10 calendar days prior to the applicable interest payment date.

          The
relevant Issuer will maintain one or more offices or agencies
in a city or cities located outside the United States and (in the case of Notes
issued by an Issuer other than GE Capital) outside the country of incorporation
or organization of the relevant Issuer (including any city or country in which
such an agency is required to be maintained under the rules of any stock
exchange on which any of the Notes are listed) where any Bearer Notes issued
hereunder and coupons, if any, appertaining thereto may be presented for
payment. No payment on any Bearer Note or coupon will be made upon presentation
of such Bearer Note or coupon at an agency of the relevant Issuer or the
Guarantor, as the case may be, within the United States or (in the case of
Notes issued by an Issuer other than GE Capital) within the country of
incorporation or organization of the relevant Issuer nor will any payment be
made by transfer to an account in, or by check mailed to an address in, the
United States or (in the case of Notes issued by an Issuer other than GE
Capital) in the country of incorporation or organization of the relevant Issuer
unless pursuant to applicable United States law or the laws or regulations of
the country of incorporation or organization of the relevant Issuer or any
political subdivision thereof or therein (in the case of Notes issued by an
Issuer other than GE Capital) then in effect, such payment can be made without
adverse tax consequences to such Issuer. Notwithstanding the foregoing, (a)
payments in U.S. dollars on Bearer Notes and coupons appertaining thereto may
be made at an agency of such Issuer maintained in the Borough of Manhattan, The
City of New York if such payment in U.S. dollars at each agency maintained by
such Issuer outside the United States for payment on such Bearer Notes is
illegal or effectively precluded by exchange controls or other similar
restrictions, (b) payments in Canadian dollars on Bearer Notes and Coupons
appertaining thereto may be made at an agency of such Issuer maintained in the
City of Toronto if such payment in Canadian dollars at each agency maintained
by such Issuer outside Canada for payment on such Bearer Notes is illegal or
effectively precluded by exchange controls or similar restrictions, and (c) (in
the case of Notes issued by an Issuer other than GE Capital) payments in such
other currencies on Bearer Notes and Coupons appertaining thereto may be made
at such location within the country of incorporation or organization of the
relevant Issuer (other than the United States) as may be specified in the
applicable Corporate Order or otherwise as permitted by applicable laws and
regulations of such country or any political subdivision thereof or therein.

          (e)          Place of payment. As long as any Registered Notes remain outstanding hereunder, the
relevant Issuer will designate and maintain in London, England an office or
agency where such Registered Notes may be presented for payment, and where such
Notes may be presented for registration

13

of transfer and for exchange as provided in this Agreement and, for so
long as any Registered Notes are listed and/or admitted to trading on or by any
stock exchange, competent authority and or market there will at all times be an
office or agency for such purposes with a specified office in each location
required by the rules and regulations of the relevant stock exchange(s),
competent authority(ies) and/or market(s), provided always that the Register
for such Registered Notes shall be maintained outside of the United Kingdom. 

          The
relevant Issuer may from time to time designate one or more additional offices
or agencies where Notes and any coupons appertaining thereto may be presented
for payment, where Notes may be presented for exchange as provided in this
Agreement and where Registered Notes may be presented for registration of
transfer as in this Agreement provided, and such Issuer may from time to time
rescind any such designation, as such Issuer may deem desirable or expedient;
provided, however, that no such designation or rescission shall in any manner
relieve such Issuer of its obligation to maintain the agencies provided for in
this Section. Such Issuer will give to the Fiscal and Paying Agent prompt
written notice of any such designation or rescission thereof.

          The
relevant Issuer will give to the Fiscal and Paying Agent written notice of the
location of each such office or agency and of any change of location thereof.
In case such Issuer shall fail to give such notice of the location or of any
change in the location thereof, presentations and demands may be made and
notices may be served at the principal office of the Fiscal and Paying Agent in
London, England.

          The
relevant Issuer and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor hereby initially designates the offices of The Bank of
New York Mellon (Luxembourg) S.A. as the office or agency where Registered
Notes may be presented for payment, for registration of transfer and for
exchange as in this Agreement provided. Such office of The Bank of New York
Mellon (Luxembourg) S.A. is also designated as repository pursuant to Section 4
for the master list of the names and addresses of the holders of Registered
Notes. 

          (f)          Payments
by the Guarantor. If the relevant Issuer shall fail to provide for the
amounts payable on any Notes issued by an Issuer other than GE Capital, or
coupons appertaining thereto, if any, the Guarantor shall, subject to its right
to avail itself of defenses under all relevant laws for the prescription of
actions in respect of such Notes and coupons appertaining thereto, forthwith
upon receipt of notice of such failure from the Fiscal and Paying Agent (who
shall give such notice forthwith upon such failure) deliver or cause to be
delivered to the Fiscal and Paying Agent the amount thereof (to the extent that
the same has not then been delivered by the relevant Issuer), which amount
shall be held and applied in payment of such amounts by the Fiscal Agent and
Paying Agent in all respects as if received from the relevant Issuer under this
Agreement.

         (g)          Taxes;
foreign exchange clearance. The Fiscal Agent hereby agrees to use its best
efforts to obtain, prior to any payment date on the Notes, any tax or foreign
exchange clearance or other authorization required under the laws of the United
States or of the country of incorporation or organization of the relevant
Issuer (in the case of Notes issued by an Issuer other than GE Capital) or any
political subdivision thereof or therein or any applicable foreign country or
other authority with respect to the payment to be made on the Notes on such
date.

14

          6.          Redemption;
Sinking Funds; Repayment at the Option of the Holder.

          (a)         The
provisions of this Section shall be applicable, as the case may be, (i) to any
Notes which are redeemable or subject to repayment at the option of the holder
before their maturity and (ii) to any sinking fund for the retirement of any Notes,
in either case except as otherwise specified as contemplated by Section 2 for
any Series of Notes.

          The minimum
amount of any sinking fund payment provided for by the terms of any Notes is
herein referred to as a “mandatory sinking fund payment”, and any
payment in excess of such minimum amount provided for by the terms of such
Notes is herein referred to as an “optional sinking fund payment”.

          In case the
relevant Issuer shall desire to exercise any right to redeem all, or, as the case
may be, any part of, the Notes of any Series in accordance with their terms, it
shall fix a date for redemption. Notice of redemption to the holders of
Registered Notes to be redeemed in whole or in part at the option of such
Issuer shall be given by mailing notice of such redemption by first class mail,
postage prepaid, at least 30 days and not more than 60 days prior to the date
fixed for redemption to such holders at their last addresses as they shall
appear in the Register. Notice of redemption to holders of Bearer Notes shall
be published in one leading English language daily newspaper with general
circulation in London, England or, if publication in London is not practical,
elsewhere in Western Europe. Notice of redemption to holders of Bearer Notes
that have been listed on any stock exchange, competent authority and/or market
shall be published in accordance with the applicable rules and regulations
promulgated by such exchange, competent authority and/or market. The term “daily
newspaper” shall mean a newspaper customarily published on each
business day in morning editions, whether or not it shall be published in
Saturday, Sunday or holiday editions. Such notice is expected to be published
in the Financial Times, and shall be published at least once a week for three
successive weeks prior to the date fixed for redemption, the first such
publication to be not less than 30 days nor more than 60 days prior to the date
fixed for redemption. If by reason of the temporary or permanent suspension of
publication of any newspaper or by reason of any other cause, it shall be
impossible to make publication of such notice in a daily newspaper as herein
provided, then such publication or other notice in lieu thereof as shall be
made by the Fiscal and Paying Agent shall constitute sufficient publication of
such notice, if such publication or other notice shall, so far as may be
possible, approximate the terms and conditions of the publication in lieu of
which it is given. The Fiscal and Paying Agent shall promptly furnish to the
relevant Issuer and to each other paying agent of such Issuer a copy of each
notice of redemption so published. Any notice if given in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not
the holder receives such notice. In any case, failure to give notice or any
defect in the notice to the holder of any Note of a Series designated for
redemption in whole or in part shall not affect the validity of the proceedings
for the redemption of any other Note of such Series.

          Each such
notice of redemption shall specify the date fixed for redemption, the
redemption price at which the Notes of such Series are to be redeemed, the
place or places of payment, that payment will be made upon presentation and
surrender of such Notes and, in the case of Notes issued with coupons, of all
coupons appertaining thereto maturing after the date fixed for redemption, that
any interest accrued to the date fixed for redemption will be paid as specified
in said notice, and that on and after said date any interest thereon or on the
portions thereof to be redeemed will cease to accrue. If less than all the
Notes of a Series are to be redeemed the notice of redemption shall specify the
number or numbers of the Notes to be redeemed. In case any Note is to be
redeemed in part only, the notice of redemption shall state the portion of the
principal amount thereof to be redeemed and shall state that on and after the
date fixed for 

15

redemption, upon surrender of such Note, a new Note or Notes of the
same Series in principal amount equal to the unredeemed portion thereof,
together with any unmatured coupons appertaining thereto, will be issued.

          On or prior
to the redemption date specified in the notice of redemption given as provided
in this Section, the relevant Issuer will deposit with the Fiscal and Paying
Agent or with one or more paying agents an amount of money sufficient to redeem
on the redemption date all the Notes or portions thereof so called for redemption,
together with accrued interest to the date fixed for redemption. If less than
all the Notes of a Series are to be redeemed such Issuer will give the Fiscal
and Paying Agent notice not less than 60 days prior to the redemption date as
to the aggregate principal amount of Notes of such Series to be redeemed and
the Fiscal and Paying Agent shall select or cause to be selected, in such
manner as in its sole discretion it shall deem appropriate and fair, the Notes
or portions thereof to be redeemed. Notes of a Series may be redeemed in part
only in multiples of the smallest authorized denomination of that Series.

          (b)         If
notice of redemption has been given as provided in this Section, the Notes or
portions of Notes of the Series with respect to which such notice has been
given shall become due and payable on the date and at the place or places
stated in such notice at the applicable redemption price together with any
interest accrued to the date fixed for redemption, and on and after said date
(unless the relevant Issuer shall default in the payment of Notes or portions
of such Notes, together with any interest accrued to said date) any interest on
the Notes or portions of Notes of such Series so called for redemption shall
cease to accrue, and the unmatured coupons, if any, appertaining thereto shall
be void. On presentation and surrender of such Notes at a place of payment in
said notice specified, together with all coupons, if any, appertaining thereto
maturing after the date fixed for redemption, the said Notes or the specified
portions thereof shall be paid and redeemed by the relevant Issuer at the
applicable redemption price, together with any interest accrued thereon to the
date fixed for redemption; provided, however, that payment of interest becoming
due on the date fixed for redemption shall be payable in the case of Notes with
coupons attached thereto, to the holders of the coupons for such interest upon
surrender thereof, and in the case of Registered Notes, to the persons to whom the
principal thereof shall be payable.

          If any Note
issued with coupons is surrendered for redemption and is not accompanied by all
appurtenant coupons maturing after the date fixed for redemption, the surrender
of such missing coupon or coupons may be waived by the relevant Issuer and the
Fiscal and Paying Agent, if there be furnished to each of them such security or
indemnity as they may require to save each of them harmless.

          Upon
presentation of any Note redeemed in part only, the relevant Issuer shall
execute and the Fiscal and Paying Agent shall authenticate and deliver to the
holder thereof, at the expense of such Issuer, a new Note or Notes of the same
Series, of authorized denominations, together with all unmatured coupons, if
any, appertaining thereto, in aggregate principal amount equal to the
unredeemed portion of the Note so presented.

          In lieu of
making all or any part of any mandatory sinking fund payment with respect to
any Notes in cash the relevant Issuer may at its option (a) deliver to the
Fiscal and Paying Agent Notes, together with all unmatured coupons, if any,
appertaining thereto, of the same Series theretofore purchased or otherwise
acquired by such Issuer, or (b) receive credit for the principal amount of Notes
of the same Series which have been redeemed either at the election of such
Issuer pursuant to the terms of such Notes or through the application of
permitted optional sinking fund payments pursuant to the terms of such Notes;
provided that such Notes have not previously been so credited. Such Notes shall
be received and credited for such purpose by the Fiscal and Paying Agent at the
redemption price specified 

16

in such Notes for redemption through operation of the sinking fund and
the amount of such mandatory sinking fund payment shall be reduced accordingly.

          Not less
than 60 days prior to each sinking fund payment date for any Notes, the
relevant Issuer will deliver to the Fiscal and Paying Agent a certificate
signed by an Issuer Authorized Representative specifying the amount of the next
ensuing sinking fund payment for such Notes pursuant to the terms thereof, the
portion thereof, if any, which is to be satisfied by payment of cash (which
cash may be deposited with the Fiscal and Paying Agent or with one or more
paying agents) and the portion thereof, if any, which is to be satisfied by
delivering and crediting Notes of the same Series pursuant to this Section
(which Notes, if not theretofore delivered, will accompany such certificate) and
whether such Issuer intends to exercise its right to make a permitted optional
sinking fund payment with respect to such Notes. Such certificate shall also
state that no Event of Default (as defined in Section 8 below) has occurred and
is continuing with respect to such Notes. Such certificate shall be irrevocable
and upon its delivery the relevant Issuer shall be obligated to make the cash
payment or payments therein referred to, if any, on or before the next
succeeding sinking fund payment date. In the case of the failure of the
relevant Issuer to deliver such certificate (or to deliver the Notes specified
in this paragraph), the sinking fund payment due on the next succeeding sinking
fund payment date for such Notes shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of such Notes subject to a mandatory
sinking fund payment without the option to deliver or credit Notes as provided
in this Section and without the right to make any optional sinking fund
payment, if any, with respect to such Notes.

          Any sinking
fund payment or payments (mandatory or optional) made in cash plus any unused
balance of any preceding sinking fund payments made in cash which shall equal
or exceed 100,000 units of the Specified Currency with respect to the
particular Series (or a lesser sum if the relevant Issuer shall so request or
determine) with respect to any Notes shall be applied by the Fiscal and Paying
Agent on the sinking fund payment date on which such payment is made (or, if
such payment is made before a sinking fund payment date, on the next sinking
fund payment date following the date of such payment) to the redemption of such
Notes at the redemption price specified in such Notes for operation of the
sinking fund together with accrued interest, if any, to the date fixed for
redemption. Any sinking fund moneys not so applied or allocated by the Fiscal
and Paying Agent to the redemption of Notes shall be added to the next cash
sinking fund payment received by the Fiscal and Paying Agent for such Notes
and, together with such payment (or such amount so segregated) shall be applied
in accordance with the provisions of this Section. Any and all sinking fund
moneys with respect to any Notes held by the Fiscal and Paying Agent on the last
sinking fund payment date with respect to such Notes and not held for the
payment or redemption of particular Notes of such Series shall be applied by
the Fiscal and Paying Agent, together with other moneys, if necessary, to be
deposited (or segregated) sufficient for the purpose, to the payment of the
principal of the Notes of that Series at maturity.

          The Fiscal
and Paying Agent shall select or cause to be selected the Notes to be redeemed
upon such sinking fund payment date in the manner specified in the last
paragraph of subsection (a) and the relevant Issuer shall cause notice of the
redemption thereof to be given in the manner provided in subsection (b) except
that the notice of redemption shall also state that the Notes are being
redeemed by operation of the sinking fund. Such notice having been duly given,
the redemption of such Notes shall be made upon any Series of Notes the terms
and in the manner stated in subsection (b).

          On or
before each sinking fund payment date, the relevant Issuer shall pay to the
Fiscal and Paying Agent in cash a sum equal to any interest accrued to the date
fixed for redemption of Notes or portions thereof to be redeemed on such
sinking fund payment date pursuant to this Section.

17

          Neither the
Fiscal and Paying Agent nor the relevant Issuer shall redeem any Notes of any
Series with sinking fund moneys or give any notice of redemption of such Notes
by operation of the sinking fund for such Series during the continuance of a
default in payment of interest, if any, on such Notes or of any Event of
Default (other than an Event of Default occurring as a consequence of this
paragraph) with respect to Notes of such Series, except that if the notice of
redemption of any such Notes shall theretofore have been given in accordance
with the provisions hereof, the Fiscal and Paying Agent shall redeem such Notes
if cash sufficient for that purpose shall be deposited with the Fiscal and
Paying Agent for that purpose in accordance with the terms of this Section.
Except as aforesaid, any moneys in the sinking fund for Notes of such Series at
the time when any such default or Event of Default shall occur and any moneys
thereafter paid into such sinking fund shall, during the continuance of such
default or Event of Default, be held as security for the payment of such Notes;
provided, however, that in case such default or Event of Default shall have
been cured or waived as provided herein, such moneys shall thereafter be
applied on the next sinking fund payment date for Notes of such Series on which
such moneys may be applied pursuant to the provisions of this Section.

          (c)         Any
Series of Notes may be made, by provision contained in or established pursuant
to a Corporate Order pursuant to Section 2(c) hereof, subject to repayment, in
whole or in part, at the option of the holder on a date or dates specified
prior to maturity, at a price equal to 100% of the principal amount thereof,
together with accrued interest to but excluding the date of repayment, on such
notice as may be required, provided, however, that the holder of a Note of such
Series may only elect partial repayment in an amount that will result in the
portion of such Note that will remain outstanding after such repayment
constituting an authorized denomination, or combination thereof, of Notes of
such Series.

          7.          Mutilated,
Destroyed, Stolen or Lost Notes.

          (a)         The
Fiscal and Paying Agent is hereby authorized to authenticate (and instruct the
Common Safekeeper to effectuate any Eurosystem-eligible NGN) and deliver from
time to time Notes of any Series, with all unmatured coupons attached, in
exchange for or in lieu of Notes of such Series which become mutilated,
defaced, destroyed, stolen or lost or Notes of such Series to which mutilated,
defaced, destroyed, stolen or lost coupons appertain. In every case the
applicant for a substituted Note of such Series or coupon appertaining thereto
shall furnish to the relevant Issuer, the Guarantor (in the case of Notes
issued by an Issuer other than GE Capital) and to the Fiscal and Paying Agent
such security or indemnity as may be required by them to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall
also furnish to such Issuer, the Guarantor (in the case of Notes issued by an
Issuer other than GE Capital) and to the Fiscal and Paying Agent evidence to
their satisfaction of the destruction, loss or theft of such Note or coupon and
of the ownership thereof. Each Note authenticated, effectuated (as applicable)
and delivered in exchange for or in lieu of any such Note shall carry all the
rights to interest accrued and unpaid and to accrue which were carried by such
Note and shall have attached thereto coupons such that neither gain nor loss in
interest shall result from such exchange or substitution.

          Upon the
issuance of any substituted Note or coupon, the relevant Issuer may require the
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in relation thereto and any other expenses connected therewith.
In case any Note or coupon which has matured or is about to mature shall become
mutilated or be destroyed, lost or stolen, the relevant Issuer may, instead of
issuing a substituted Note, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Note or coupon) if the
applicant for such payment shall furnish to such Issuer, the Guarantor (in the
case of Notes issued by an Issuer other than GE Capital) and to the Fiscal and
Paying 

18

Agent such security or indemnity as may be required by them to save
each of them harmless and, in case of destruction, loss or theft, evidence
satisfactory to such Issuer, the Guarantor and the Fiscal and Paying Agent of
the destruction, loss or theft of such Note or coupon and the ownership
thereof.

          (b)         All
Notes and coupons surrendered for payment, redemption, repayment, exchange or
registration of transfer or for credit against any sinking fund shall be
delivered to, or to the order of, the Fiscal and Paying Agent for cancellation.
The Fiscal and Paying Agent shall cancel and destroy, or procure the
cancellation and destruction of, all such Notes and coupons and shall deliver a
certificate of destruction to the relevant Issuer and (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor. In the case of any
global Note initially issued in temporary global form, which shall be destroyed
by the Fiscal and Paying Agent upon exchange in full, the certificate of
destruction shall state that a certification in the form required pursuant to
the terms of such global Note was received with respect to each portion thereof
exchanged for an interest in a Note in permanent global form or in definitive
form. The Fiscal and Paying Agent is authorized by the relevant Issuer and
instructed to, in the case of any Global Note which is a NGN, instruct
Euroclear and Clearstream, Luxembourg to make appropriate entries in their
records to reflect any such cancellation, as the case may be.

          8.          Events
of Default. The term “Events of Default” whenever used herein
with respect to Notes of any Series which are expressed in the relevant Final
Terms or Securities Note, as the case may be, as being senior and
unsubordinated notes means any one of the following events and such other
events as may be established with respect to the Notes of such Series as
contemplated by Section 2 hereof, continued for the period of time, if any, and
after the giving of notice, if any, designated in this Agreement or as may be
established with respect to such Notes as contemplated by Section 2 hereof, as
the case may be, unless it is either inapplicable or is specifically deleted or
modified in the applicable Corporate Order under which such Series of Notes is
issued, as the case may be, as contemplated by Section 2:

	
  

 	
  

 
	
  

 	
             (i)          default
 in the payment of any installment of interest (including Additional Amounts)
 upon any Note of such Series as and when the same shall become due and
 payable, and continuance of such default for a period of 30 days; or

 
	
  

 	
  

 
	
  

 	
             (ii)         default
 in the payment of the principal of, or premium, if any, on any Note of such
 Series as and when the same shall become due and payable whether at maturity,
 upon redemption, by declaration, repayment or otherwise; or

 
	
  

 	
  

 
	
  

 	
             (iii)        default
 in the making or satisfaction of any sinking fund payment or analogous
 obligation as and when the same shall become due and payable by the terms of
 any Notes of such Series; or

 
	
  

 	
  

 
	
  

 	
             (iv)        failure
 on the part of the relevant Issuer and (in the case of Notes issued by an
 Issuer other than GE Capital) the Guarantor duly to observe or perform any
 other of the covenants or agreements on the part of such Issuer or the
 Guarantor, as the case may be, in respect of the Notes of such Series
 contained in such Notes or this Agreement (other than a covenant or agreement
 in respect of the Notes of such Series a default in whose observance or
 performance is elsewhere in this Section specifically dealt with) continued
 for a period of 60 days after the date on which written notice of such
 failure, requiring such Issuer or the Guarantor, as the case may be, to remedy
 the same, shall have been given to such Issuer, the Guarantor, as the case
 may be,

 

19

	
  

 	
  

 
	
  

 	
 and the Fiscal and Paying Agent by the holders of at least
 twenty-five percent in aggregate principal amount of the Notes of such Series
 at the time outstanding; or

 
	
  

 	
  

 
	
  

 	
            (v)         an
 event of default with respect to any other Series of Notes issued or
 hereafter issued pursuant to this Agreement or as defined in any indenture or
 instrument evidencing or under which GE Capital has at the date of this Agreement
 or shall hereafter have outstanding any indebtedness for borrowed money shall
 happen and be continuing and such other Series of Notes or such indebtedness,
 as the case may be, shall have been accelerated so that the same shall be or
 become due and payable prior to the date on which the same would otherwise
 have become due and payable, and such acceleration shall not be rescinded or
 annulled within ten calendar days after written notice thereof shall have
 been given to the relevant Issuer, the Guarantor, as the case may be, and the
 Fiscal and Paying Agent by the holders of at least twenty-five percent in
 aggregate principal amount of the Notes of such Series at the time
 outstanding; provided, however, that if such event of default with respect to
 such other Series of Notes or under such indenture or instrument, as the case
 may be, shall be timely remedied or cured by GE Capital, or timely waived by
 the holders of such other Series of Notes or of such indebtedness, as the
 case may be, then the Event of Default hereunder by reason thereof shall be
 deemed likewise to have been thereupon remedied, cured or waived without
 further action upon the part of either the Fiscal and Paying Agent or any of
 the Noteholders of such Series; or

 
	
  

 	
  

 
	
  

 	
            (vi)        in
 the case of Notes issued by GE Capital Australia Funding, an event of default
 with respect to any other Series of Notes issued or hereafter issued by GE
 Capital Australia Funding pursuant to this Agreement or as defined in any
 indenture or instrument evidencing or under which GE Capital Australia
 Funding has at the date of this Agreement or shall hereafter have outstanding
 any indebtedness for borrowed money in the aggregate principal amount of at
 least A$10,000,000 (or the equivalent thereof in one or more foreign or
 composite currencies) shall happen and be continuing and such other Series of
 Notes or such indebtedness, as the case may be, of GE Capital Australia
 Funding shall have been accelerated so that the same shall be or become due and payable
 prior to the date on which the same would otherwise have become due and
 payable, and such acceleration shall not be rescinded or annulled within ten
 calendar days after written notice thereof shall have been given to GE
 Capital Australia Funding, as the case may be, the Guarantor and the Fiscal
 and Paying Agent by the holders of at least twenty-five percent in aggregate
 principal amount of the Notes of such Series at the time outstanding;
 provided, however, that if such event of default with respect to such other
 Series of Notes or under such indenture or instrument, as the case may be,
 shall be timely remedied or cured by GE Capital Australia Funding or the
 Guarantor, or timely waived by the holders of such other Series of Notes or
 of such indebtedness, as the case may be, then the Event of Default hereunder
 by reason thereof shall be deemed likewise to have been thereupon remedied,
 cured or waived without further action upon the part of either the Fiscal and
 Paying Agent or any of the Noteholders of such Series; or

 
	
  

 	
  

 
	
  

 	
            (vii)        in
 the case of Notes issued by an Irish Issuer, an event of default with respect
 to any other Series of Notes issued or hereafter issued by such Irish Issuer
 pursuant to this Agreement or as defined in any indenture or instrument
 evidencing or under which such Irish Issuer has at the date of this Agreement
 or shall hereafter have outstanding any indebtedness for borrowed money in
 the aggregate principal amount of at least U.S.$10,000,000 (or the equivalent
 thereof in one or more foreign or composite currencies) shall happen and be
 continuing and such other Series of Notes or such indebtedness, as the case
 may be, of such Irish Issuer shall have

 

20

	
  

 	
  

 
	
  

 	
 been accelerated so that the same
 shall be or become due and payable prior to the date on which the same would
 otherwise have become due and payable, and such acceleration shall not be
 rescinded or annulled within ten calendar days after written notice thereof
 shall have been given to such Irish Issuer, as the case may be, the Guarantor
 and the Fiscal and Paying Agent by the holders of at least twenty-five
 percent in aggregate principal amount of the Notes of such Series at the time
 outstanding; provided, however, that if such event of default with respect to
 such other Series of Notes or under such indenture or instrument, as the case
 may be, shall be timely remedied or cured by such Irish Issuer or the
 Guarantor, or timely waived by the holders of such other Series of Notes or
 of such indebtedness, as the case may be, then the Event of Default hereunder
 by reason thereof shall be deemed likewise to have been thereupon remedied,
 cured or waived without further action upon the part of either the Fiscal and
 Paying Agent or any of the Noteholders of such Series; or

 
	
  

 	
  

 
	
  

 	
            (viii)        a
 decree or order by a court having jurisdiction in the premises shall have
 been entered adjudging GE Capital bankrupt or insolvent, or approving as
 properly filed a petition seeking reorganization of GE Capital under the
 United States Federal Bankruptcy Code or any other similar applicable United
 States Federal or State law, and such decree and order shall have continued
 undischarged and unstayed for a period of 60 days; or a decree or order of a
 court having jurisdiction in the premises for the appointment of a receiver
 or liquidator or trustee or assignee (or other similar official) in
 bankruptcy or insolvency of GE Capital or of all or substantially all of its
 property, or for the winding up or liquidation of its affairs, shall have been
 entered, and such decree and order shall have continued undischarged and
 unstayed for a period of 60 days; or

 
	
  

 	
  

 
	
  

 	
            (ix)       GE
 Capital shall institute proceedings to be adjudicated voluntarily bankrupt,
 or shall consent to the filing of a bankruptcy proceeding against it, or
 shall file a petition or answer or consent seeking reorganization under the
 United States Federal Bankruptcy Code or any other similar applicable United
 States Federal or State law, or shall consent to the filing of any such
 petition, or shall consent to the appointment of a receiver or liquidator or
 trustee or assignee (or other similar official) in bankruptcy or insolvency
 of it or of its property, or shall make an assignment for the benefit or
 creditors, or shall admit in writing its inability to pays its debts
 generally as they become due; or

 
	
  

 	
  

 
	
  

 	
            (x)         in
 the case of Notes issued by GE Capital Australia Funding, GE Capital
 Australia Funding shall be declared bankrupt, or a liquidator, a receiver,
 manager, receiver and manager, administrator or any other officer with
 similar powers shall be appointed with respect to GE Capital Australia
 Funding or all or substantially all of the property of GE Capital Australia
 Funding, and, in all such cases, continues both undischarged and unstayed for
 a period of 90 days; or

 
	
  

 	
  

 
	
  

 	
            (xi)        in
 the case of Notes issued by an Irish Issuer, such Irish Issuer shall be
 declared bankrupt, or a liquidator, a receiver, manager, receiver and
 manager, administrator, examiner or any other official with similar powers
 shall be appointed with respect to such Irish Issuer or all or substantially
 all of the property of such Irish Issuer, and, in all such cases, continues
 both undischarged and unstayed for a period of 90 days; or

 
	
  

 	
  

 
	
  

 	
            (xii)       any
 other Event of Default provided in the applicable Corporate Order under which
 such Series of Notes is issued as contemplated by Section 2(c); or

 

21

	
  

 	
  

 
	
  

 	
            (xiii)       with
 respect to each Additional Issuer acceding hereto pursuant to Section 19 hereof,
 such Events of Default to the foregoing effect as are provided in the form of
 Notes certified to the Fiscal and Paying Agent in accordance with Section
 2(b) hereof and any other Events of Default provided in the applicable
 Corporate Order under which a Series of Notes is issued by such Additional
 Issuer as contemplated by Section 2(c) hereof.

 

          If an Event
of Default with respect to Notes of any Series at the time outstanding occurs
and is continuing, then and in each and every case, unless the principal of the
Notes of such Series shall have already become due and payable, each Note of
such Series shall, at the option of and upon written notice to the relevant
Issuer, the Guarantor, as the case may be, and the Fiscal and Paying Agent by
the then holder thereof, mature and become due and payable upon the date that
such written notice is received by such Issuer, the Guarantor, as the case may
be, and the Fiscal and Paying Agent at a price equal to 100% of the principal
amount thereof (or, if such Note provides for an amount less than the principal
amount thereof to be due and payable upon redemption or a declaration of
acceleration of the maturity thereof pursuant to this Section (hereinafter an “Original
Issue Discount Note”), such portion of the principal amount as may
be specified in the terms of such Note), together with accrued interest to such
date, upon presentation and surrender of such Note and all coupons appertaining
thereto maturing after such date, unless prior to such date all Events of
Default in respect of all such Notes of such Series shall have been cured.

          9.          Additional
Payments; Tax Redemption.

          (a)         U.S.
Additional Amounts. The relevant Issuer or (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor will, subject to certain
exceptions and limitations set forth below, pay such additional amounts (the “U.S.
Additional Amounts” and, together with the Australian Additional
Amounts, the Irish Additional Amounts and Other Additional Amounts (as such
terms are hereinafter defined), the “Additional Amounts”) to the holder of any
Note of any Series or of any interest coupon appertaining thereto who is a
United States Alien (as defined below) as may be necessary in order that every
net payment of the principal of, premium and interest, including original issue
discount, on such Note and any other amounts payable on such Note, after
withholding for or on account of any present or future tax, assessment or other
governmental charge imposed upon or as a result of such payment by the United
States (or any political subdivision or taxing authority thereof or therein),
will not be less than the amount provided for in such Note or coupon to be then
due and payable. However, the relevant Issuer or the Guarantor, as the case may
be, will not be required to make any payment of U.S. Additional Amounts to any
such holder for or on account of:

	
  

 	
  

 
	
  

 	
            (i)          any
 such tax, assessment or other governmental charge which would not have been
 so imposed but for (1) the existence of any present or former connection
 between such holder (or between a fiduciary, settlor, beneficiary, member or
 shareholder of such holder, if such holder is an estate, a trust, a
 partnership or a corporation) and the United States, including, without
 limitation, such holder (or such fiduciary, settlor, beneficiary, member or
 shareholder) being or having been a citizen or resident thereof or being or
 having been engaged in a trade or business or present therein or having, or
 having had, a permanent establishment therein or (2) the presentation by the
 holder of any such Note or coupon for payment on a date more than 15 calendar
 days after the date on which such payment became due and payable or the date
 on which payment thereof is duly provided for, whichever occurs later;

 

22

	
  

 	
  

 
	
  

 	
            (ii)         any
 estate, inheritance, gift, sales, transfer or personal property tax or any
 similar tax, assessment or governmental charge;

 
	
  

 	
  

 
	
  

 	
            (iii)        any
 tax, assessment or other governmental charge imposed by reason of such
 holder’s past or present status as a personal holding company or foreign
 personal holding company or controlled foreign corporation or passive foreign
 investment company with respect to the United States or as a corporation
 which accumulates earnings to avoid United States federal income tax or as a
 private foundation or other tax-exempt organization;

 
	
  

 	
  

 
	
  

 	
           (iv)          any
 tax, assessment or other governmental charge which is payable otherwise than
 by withholding from payments on or in respect of any Note;

 
	
  

 	
  

 
	
  

 	
           (v)          any
 tax, assessment or other governmental charge which would not have been
 imposed but for the failure to comply with certification, information or
 other reporting requirements concerning the nationality, residence or
 identity of the holder or beneficial owner of such Note, if such compliance
 is required by statute or by regulation of the United States or of any
 political subdivision or taxing authority thereof or therein as a
 precondition to relief or exemption from such tax, assessment or other
 governmental charge;

 
	
  

 	
  

 
	
  

 	
           (vi)        any
 tax, assessment or other governmental charge that would not have been imposed
 but for a failure by the holder or beneficial owner (or any financial
 institution through which the holder or beneficial owner holds any Note or
 coupon or through which payment on the Note or coupon is made) to comply with
 any certification, information, identification, documentation or other
 reporting requirements (including entering into and complying with an
 agreement with the Internal Revenue Service) imposed pursuant to Sections
 1471 through 1474 of the Internal Revenue Code as in effect on the date of
 issuance of the Notes or any successor or amended version of these
 provisions, to the extent such successor or amended version is not materially
 more onerous than these provisions as enacted on such date;

 
	
  

 	
  

 
	
  

 	
           (vii)        any
 tax, assessment or other governmental charge imposed by reason of such
 holder’s past or present status as the actual or constructive owner of 10% or
 more of the total combined voting power of all classes of stock entitled to
 vote of the relevant Issuer or of the Guarantor or as a direct or indirect
 subsidiary of the relevant Issuer or of the Guarantor; 

 
	
  

 	
  

 
	
  

 	
           (viii)       any
 tax, assessment or other governmental charge required to be deducted or
 withheld by any Paying Agent from a payment on a Note or coupon, if such
 payment can be made without such deduction or withholding by any other Paying
 Agent; or

 
	
  

 	
  

 
	
  

 	
           (ix)         any
 combination of any of items (i), (ii), (iii), (iv), (v), (vi), (vii) and
 (viii);

 

          nor shall
U.S. Additional Amounts be paid with respect to any payment on any such Note to
a United States Alien who is a fiduciary or partnership or other than the sole
beneficial owner of such payment to the extent such payment would be required
by the laws of the United States (or any political subdivision thereof) to be
included in the income, for tax purposes, of a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a beneficial owner
who would not have been entitled to the U.S. Additional Amounts had such
beneficiary, settlor, member or beneficial owner been the holder of such Note.

23

          The term “United
States Alien” means a beneficial owner of a Note that is not, for
United States federal income tax purposes, (i) a citizen or resident of the
United States, (ii) a corporation, partnership or other entity created or
organized in or under the laws of the United States or any political
subdivision thereof, (iii) an estate whose income is subject to United States
federal income tax regardless of its source, or (iv) a trust if a court within
the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons have the
authority to control all substantial decisions of the trust or if such trust
has a valid election in effect under applicable U.S. Treasury regulations to be
treated as a United States person.

           (b)      Australian
Additional Amounts. All payments of principal and interest in respect of
Notes issued by GE Capital Australia Funding and any coupons relating thereto
will be made without withholding of or deduction for, or on account of, any
present or future taxes, duties, assessments or governmental charges of
whatever nature imposed or levied by or on behalf of the Commonwealth of
Australia or any political subdivision thereof or any authority or agency
therein or thereof having power to tax unless the withholding or deduction of
such taxes, duties, assessments or charges is required by law or the application,
administration or interpretation thereof. In that event, GE Capital Australia
Funding or the Guarantor (if the Guarantor is required to make payments under
the Guarantee) shall pay (subject to the right of redemption of GE Capital
Australia Funding referred to above in Section 9(g) – “Tax Redemption: Notes Issued by GE
Capital Australia Funding”) such additional amounts (the “Australian
Additional Amounts”) as may be necessary in order that the net
amounts received by the holders of such Notes or coupons after such withholding
or deduction shall equal the respective amounts of principal and interest which
otherwise would have been received by them in respect of the Notes or coupons,
as the case may be, in the absence of such withholding or deduction, except
that no Australian Additional Amounts shall be payable with respect to any Note
or coupon presented for payment:

	
  

 	
  

 
	
  

 	
             (i)          by
 or on behalf of a holder who is subject to such taxes, duties, assessments or
 governmental charges by reason of his being resident or deemed to be resident
 in Australia or otherwise than merely by the holding or use or deemed holding
 or use outside Australia or ownership as a non-resident of Australia of such
 Notes or coupons; or

 
	
  

 	
  

 
	
  

 	
             (ii)         by
 or on behalf of a holder who is a resident of Australia where no additional
 amount would have been required to be paid had a tax file number, Australian
 business number or other exemption details been quoted to GE Capital
 Australia Funding in respect of the relevant Note before the due date for
 payment in respect of the relevant Note (“resident”, “tax file
 number” and “Australian business number” having the
 same meaning for this purpose as they have in the Income Tax Assessment Act
 1936 (the “Australian Tax Act”), Income Tax Assessment Act 1997 and the
 Taxation Administrative Act 1953 (each as amended) of Australia); or

 
	
  

 	
  

 
	
  

 	
             (iii)       by
 or on behalf of a holder who is subject to such taxes, duties, assessments or
 government charges which would not have been so imposed but for the
 presentation by the holder of any such Note or coupon for payment on a date
 more than 15 days after the date on which such payment became due and payable
 or the date on which payment thereof is duly provided for, whichever occurs
 later; or

 
	
  

 	
  

 
	
  

 	
             (iv)        if
 the holder of such Note or coupon or any entity which directly or indirectly
 has an interest in or right in respect of such Note or coupon is a “resident
 of Australia” or a “non-resident” who is engaged in carrying on business in
 Australia at or through a “permanent 

 

24

	
  

 	
  

 
	
  

 	
 establishment” of that non-resident in Australia (the expressions “resident
 of Australia”, “non-resident” and “permanent establishment”
 having the meanings given to them by the Australian Tax Act) if, and to the
 extent that, Section 126 of the Australian Tax Act (or any equivalent
 provision) requires GE Capital Australia Funding to pay income tax in respect
 of interest payable on such Note or coupon and the income tax would not be
 payable were the holder or such entity not such a “resident of Australia” or
 “non-resident”; or

 
	
  

 	
  

 
	
  

 	
           (v)          by
 or on behalf of a holder who is an associate of GE Capital Australia Funding
 within the meaning of Section 128F of the Australian Tax Act where interest withholding
 tax is payable in respect of that payment by reason of Section 128F(6) of
 that Act. 

 

          (c)      Irish
Additional Amounts. All payments of principal and interest in respect of
Notes issued by an Irish Issuer will be made without withholding of or
deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by or
on behalf of the Government of Ireland or any authority or agency therein or
thereof having power to tax unless the withholding or deduction of such taxes,
duties, assessments or charges is required by law or the application,
administration or interpretation thereof. In the event that such withholding or
deduction is so required, the relevant Irish Issuer or the Guarantor (if the
Guarantor is required to make payments under the Guarantee) shall pay (subject
to the Issuer’s right of redemption referred to in paragraph (j) below) such
additional amounts (the “Irish Additional Amounts”) as may be
necessary in order that the net amounts received by the holder of such Notes
and coupons appertaining thereto after such withholding or deduction shall
equal the respective amounts of principal and interest which otherwise would have
been received in respect of such Notes or the coupons appertaining thereto, as
the case may be, in the absence of such withholding or deduction, except that
no Irish Additional Amounts shall be payable with respect to any such Note or a
coupon appertaining thereto presented for payment:

	
  

 	
  

 
	
  

 	
            (i)          by
 or on behalf of a holder who is subject to such taxes, duties, assessments or
 charges otherwise than merely by the holding or use or deemed holding or use
 outside Ireland or ownership as a non-resident of Ireland of such Notes or
 coupon appertaining thereto;

 
	
  

 	
  

 
	
  

 	
           (ii)          by
 or on behalf of a holder who is subject to such taxes, duties, assessments or
 charges or government charges which would not have been so imposed but for
 the presentation by the holder of any such Note or coupon for payment on a
 date more than 15 days after the date on which such payment became due and
 payable or the date on which payment thereof is duly provided for, whichever
 occurs later; or 

 
	
  

 	
  

 
	
  

 	
           (iii)         by
 or on behalf of a holder who is subject to such taxes, duties, assessments or
 charges or government chargers which are deducted or withheld by an Irish
 paying agent, if the payment could have been made by another paying agent
 without such deduction or withholding. 

 

          There is
also no obligation of an Irish Issuer or the Guarantor to pay such Irish
Additional Amounts if such deduction or withholding taxes, duties or
governmental charges could be prevented or reduced by the fulfillment of
information or other obligations.

          (d)      European
Union. The relevant Issuer or Guarantor, as the case may be, will not be
required to make any payment of
Additional Amounts to any such holder for or on the account of:

25

	
  

 	
  

 
	
  

 	
           (i)          any
 tax, duty, assessment or other governmental charge required to be withheld by
 any Paying Agent from any payment of principal of, or interest on, any Note,
 if such payment can be made without such withholding by any other Paying
 Agent in a member state of the European Union; or 

 
	
  

 	
  

 
	
  

 	
           (ii)         any
 tax, duty, assessment or other governmental charge required to be imposed or
 withheld on a payment to an individual and which is required to be made
 pursuant to any European Union Directive on the taxation of savings
 (including European Council Directive 2003/48/EC, the “EU Savings Directive”) or
 any law implementing or complying with, or introduced in order to conform to,
 such Directive. 

 

          (e)      Other
Additional Amounts. In the case of Notes issued by an Additional Issuer
acceding to this Agreement pursuant to Section 19 hereof, all payments of
principal and interest in respect of Notes issued by such Issuer and any
interest coupons appertaining thereto will be made without withholding of or
deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by or
on behalf of the jurisdiction of organization of such Issuer or any political
subdivision thereof or any authority or agency therein or thereof having power
to tax unless the withholding or deduction of such taxes, duties, assessments
or charges is required by law or the application, administration or
interpretation thereof. In the event that such withholding or deduction is so
required, such Issuer or the Guarantor (if the Guarantor is required to make
payments under the Guarantee) shall pay such additional amounts (the “Other
Additional Amounts”) as may be necessary in order that the net
amounts received by the holders of Notes and coupons appertaining thereto after
such withholding or deduction shall equal the respective amounts of principal
and interest which otherwise would have been received by them in respect of the
Notes or coupons, as the case may be, in the absence of such withholding or
deduction, except that no Other Additional Amounts shall be payable with
respect to any Note or coupon as are provided in the form of Notes certified to
the Fiscal and Paying Agent in accordance with Section 2(b) hereof or otherwise
provided in such applicable Corporate Order under which a Series of Notes is
issued by such Additional Issuer as contemplated by Section 2(c) hereof;
provided, however, that the form of Notes certified to the Fiscal and Paying
Agent in accordance with Section 2(b) hereof or the applicable Corporate Order
under which a Series of Notes is issued by an Additional Issuer as contemplated
by Section 2(c) hereof may amend, modify or replace these provisions, as
necessary to conform such Issuer’s obligation to pay additional amounts on such
Notes to applicable laws, rules or regulations of the country of incorporation
or organization of such Issuer or any political subdivision thereof or any
authority or agency therein or thereof having power to tax, or to comply with
any official position regarding the application or interpretation of such laws,
rules or regulations, including any guidance from an official source.

          (f)      Tax
Redemption - General. All Notes of the same Series may be redeemed in whole
but not in part, at the option of the relevant Issuer at any time prior to
maturity, upon the giving of a notice of redemption, if the relevant Issuer or
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor
determines that, as a result of any change in or amendment to the laws (or any
regulations or ruling promulgated thereunder) of the United States or of any
political subdivision or taxing authority thereof or therein affecting taxation,
or any change in official position regarding the application or interpretation
of such laws, regulations or ruling, which change or amendment becomes
effective on or after the date of issuance of the first Tranche of Notes of
such Series (if sold on an agency basis) or the date on which an Agent acting
as principal agreed to purchase such Tranche of Notes, the relevant Issuer or
the Guarantor, as the case may be, has or will become obligated to pay U.S.
Additional Amounts with respect to such Notes as described under Section 9(a)
hereof. The redemption price (except as otherwise 

26

specified herein or in the applicable Final Terms or Securities Note
(each as defined in the Distribution Agreement) (as the case may be)) shall be
equal to 100% of the principal amount thereof, together with accrued interest
to the date fixed for redemption, or in the case of Discount Notes, at 100% of
the portion of the face amount thereof that has accreted on a straight-line
basis to the date of redemption, or in the case of Notes issued at a premium,
at 100% of the issue price less the amount of the premium amortized on a
straight-line basis to the date of redemption. Prior to the giving of any
notice of redemption pursuant to this paragraph, the relevant Issuer shall
deliver to the Fiscal and Paying Agent, (i) a certificate stating that the
relevant Issuer is entitled to effect such redemption and setting forth a
statement of facts showing that the conditions precedent to the right of such
Issuer to so redeem have occurred (the date on which such certificate is
delivered to the Fiscal and Paying Agent is herein called the “Redemption
Determination Date”), and (ii) an opinion of counsel satisfactory to
the Fiscal Agent to such effect based on such statement of facts; provided that
no such notice of redemption shall be given earlier than 90 days prior to the
earliest date on which the relevant Issuer or the Guarantor, as the case may
be, would be obligated to pay such U.S. Additional Amounts if a payment in
respect of such Notes were then due.

          Notice of
redemption will be given not less than 30 nor more than 60 days prior to the
date fixed for redemption, which date and the applicable redemption price will
be specified in the notice.

          If any date
fixed for redemption is a date prior to the Exchange Date for a temporary
global Bearer Note, payment on such redemption date will be made subject to
receipt of delivery by Euroclear, Clearstream, Luxembourg and/or such other
clearance system, acting on behalf of such owners, to the Fiscal and Paying
Agent or its duly authorized attorney-in-fact of certification of non-U.S.
beneficial ownership substantially similar to the form set forth in Exhibit
B-2, which certification must be based on certifications of non-U.S. beneficial
ownership substantially similar to the form set forth in Exhibit B-1, delivery
of which is a condition to payment of such Note.

          (g)          Tax
Redemption: Notes Issued by GE Capital Australia Funding. All Notes of the
same Series issued by GE Capital Australia Funding may be redeemed, at the
option of such GE Capital Australia Funding in whole but not in part, at any
time prior to maturity, upon the giving of a notice of redemption as described
under Section 9(g) hereof, if GE Capital Australia Funding or the Guarantor, as
the case may be, determines that, as a result of any change in or amendment to
the laws (or any regulations or rulings promulgated thereunder) of Australia or
of any political subdivision or taxing authority thereof or therein affecting
taxation, or any change in official position regarding the application or
interpretation of such laws, regulations or rulings, including any change
effected by guidance in any form from an official source, which change or
amendment becomes effective on or after the date of issuance of the first
Tranche of Notes of such Series (if sold on an agency basis) or the date on
which an Agent acting as principal agrees to purchase such Tranche of Notes GE
Capital Australia Funding or the Guarantor, as the case may be, has or will
become obligated to pay Australian Additional Amounts with respect to the Notes
as described under Section 9(b) hereof. The redemption price (except as
otherwise specified herein or in the applicable Final Terms or Securities Note
(as the case may be)) shall be equal to 100% of the principal amount thereof,
together with accrued interest to the date fixed for redemption, or in the case
of Discount Notes, at 100% of the portion of the face amount thereof that has
accreted on a straight-line basis to the date of
redemption, or in the case of Notes issued at a premium, at 100% of the issue
price less the amount of the premium amortized on a straight-line basis to the
date of redemption. Prior to the giving of any notice of redemption pursuant to
this paragraph GE Capital Australia Funding or the Guarantor, as the case may
be, shall deliver to the Fiscal Agent (i) a certificate stating that GE Capital
Australia Funding is entitled to effect redemption and setting forth a
statement of facts showing that the conditions precedent to the right of GE
Capital Australia Funding to so redeem have occurred and 

27

(ii) an opinion of counsel satisfactory to the Fiscal Agent to such
effect based on such statement of facts; provided that no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on
which GE Capital Australia Funding or the Guarantor, as the case may be, would
be obligated to pay such Australian Additional Amounts if a payment in respect
of such Notes were then due.

          (h)          Tax
Redemption: Notes Issued by an Irish Issuer. All Notes of the same Series
issued by an Irish Issuer may be redeemed, at the option of such Irish Issuer
(in the case of Notes issued by such Irish Issuer) in whole but not in part, at
any time prior to maturity, upon the giving of a notice of redemption as
described under Section 9(h) hereof, if such Irish Issuer or the Guarantor, as
the case may be, determines that, as a result of any change in or amendment to the
laws (or any regulations or rulings promulgated thereunder) of Ireland or of
any province or territory or political subdivision thereof or any authority or
agency therein or thereof having power to tax, or any change in official
position regarding the application or interpretation of such laws, regulations
or rulings, including any change effected by guidance in any form from an
official source, which change or amendment becomes effective on or after the
date of issuance of the first Tranche of Notes of such Series (if sold on an
agency basis) or the date on which an Agent acting as principal agreed to
purchase such Tranche of Notes, such Irish Issuer or the Guarantor, as the case
may be, has or will become obligated to pay Irish Additional Amounts with respect
to the Notes as described under Section 9(c) hereof. The redemption price
(except as otherwise specified herein or in the applicable Final Terms or
Securities Note (as the case may be)) shall be equal to 100% of the principal
amount thereof, together with accrued interest to the date fixed for
redemption, or in the case of Discount Notes, at 100% of the portion of the
face amount thereof that has accreted on a straight-line basis to the date of
redemption, or in the case of Notes issued at a premium, at 100% of the issue
price less the amount of the premium amortized on a straight-line basis to the
date of redemption. Prior to the giving of any notice of redemption pursuant to
this paragraph, the relevant Irish Issuer or the Guarantor, as the case may be,
shall deliver to the Fiscal Agent (i) a certificate stating that such Irish
Issuer is entitled to effect such redemption and setting forth a statement of
facts showing that the conditions precedent to the right of such Irish Issuer,
to so redeem have occurred and (ii) an opinion of counsel satisfactory to the
Fiscal Agent to such effect based on such statement of facts; provided that no
such notice of redemption shall be given earlier than 90 days prior to the
earliest date on which such Irish Issuer or the Guarantor, as the case may be,
would be obligated to pay such Irish Additional Amounts if a payment in respect
of such Notes were then due.

          (i)          Tax
Redemption: Notes Issued by Additional Issuers. All Notes of the same
Series issued by an Additional Issuer acceding to this Agreement pursuant to
Section 19 hereof may be redeemed, at the option of such Issuer, in whole but
not in part, at any time prior to maturity, upon the giving of a notice of
redemption as described under Section 9(i) hereof, if such Issuer or the
Guarantor, as the case may be, determines that, as a result of any change in or
amendment to the laws (or any regulations or rulings promulgated thereunder) of
the jurisdiction of such Issuer’s organization or of any political subdivision
thereof or any authority or agency therein or thereof having power to tax, or
any change in official position regarding the application or interpretation of
such laws, regulations or rulings, including any change effected by guidance in
any form from an official source, which change or amendment becomes effective
on or after the date of issuance of the first Tranche of Notes of such Series
(if sold on an agency basis) or the date on which an Agent acting as principal
agreed to purchase such Tranche of Notes, such Issuer or the Guarantor, as the
case may be, has or will become obligated to pay Other Additional Amounts with
respect to the Notes as described under Section 9(e) hereof. The redemption
price (except as otherwise specified herein or in the applicable Final Terms or
Securities Note (as the case may be)) shall be equal to 100% of the principal
amount thereof, together with accrued interest to the date fixed for
redemption, or in the case of Discount Notes, at 100% of the portion of the

28

face amount thereof that has
accreted on a straight-line basis to the date of redemption, or in the case of
Notes issued at a premium, at 100% of the issue price less the amount of the
premium amortized on a straight-line basis to the date of redemption. Prior to the giving of any notice of redemption
pursuant to this paragraph, such Issuer or the Guarantor, as the case may be,
shall deliver to the Fiscal Agent (i) a certificate stating that such Issuer is
entitled to effect such redemption and setting forth a statement of facts
showing that the conditions precedent to the right of such Issuer to so redeem
have occurred and (ii) an opinion of counsel satisfactory to the Fiscal Agent
to such effect based on such statement of facts; provided that no such notice
of redemption shall be given earlier than 90 days prior to the earliest date on
which such Issuer or the Guarantor, as the case may be, would be obligated to
pay such Other Additional Amounts if a payment in respect of such Notes were
then due; provided, however, that the form of Notes certified to the Fiscal and
Paying Agent in accordance with Section 2(b) hereof or the applicable Corporate
Order under which a Series of Notes is issued by such Additional Issuer as
contemplated by Section 2(c) hereof may amend, modify or replace these
provisions, as necessary to conform such Issuer’s right to redeem the Notes to
applicable laws, rules or regulations of the country or organization of such
Issuer or any political subdivisions thereof or any authority or agency therein
or thereof having power to tax, or to comply with any official position
regarding the application or interpretation of such laws, rules or regulations,
including any guidance from an official source.

          (j)          Special Tax Redemption of Bearer Notes. If the relevant Issuer or (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor shall determine that
any payment made outside the United States by such Issuer, the Guarantor (if
the Guarantor is required to make payments under the relevant Guarantee) or any
Paying Agent of principal or interest, including original discount, due in respect of any Bearer Notes of any Series
would, under any present or future laws or regulations of the United States, be
subject to any certification, identification or other information reporting
requirement of any kind, the effect of which requirement is the disclosure to
such Issuer, the Guarantor, any Paying Agent or any governmental authority of
the nationality, residence or identity of a beneficial owner of such Bearer
Note or coupon who is a United States Alien (other than such a requirement (a)
which would not be applicable to a payment made by such Issuer, the Guarantor,
as the case may be, or any Paying Agent (i) directly to the beneficial owner or
(ii) to a custodian, nominee or other agent of the beneficial owner, or (b)
which can be satisfied by such custodian, nominee or other agent certifying to
the effect that such beneficial owner is a United States Alien, provided that in
each case referred to in clauses (a)(ii) and (b) payment by such custodian,
nominee or agent to such beneficial owner is not otherwise subject to any such
requirement), the relevant Issuer shall redeem the Bearer Notes of such Series,
in whole, or if the conditions of the next paragraph are satisfied, pay the
additional amounts specified in such paragraph. The redemption price
(except as otherwise specified herein or in the applicable Final Terms or
Securities Note (as the case may be)) shall be equal to 100% of the principal
amount thereof, together with accrued interest to the date fixed for
redemption, or in the case of Discount Notes, 100% of the portion of the face
amount thereof that has accreted on a straight-line basis to the date of
redemption, or in the case of Notes issued at a premium, 100% of the issue
price less the amount of the premium amortized on a straight-line basis to the
date of redemption. The relevant Issuer or the
Guarantor, as the case may be, shall make such determination and election as
soon as practicable and publish prompt notice thereof (the “Determination
Notice”) stating the effective date of such certification,
identification or other information reporting requirements, whether such Issuer
will redeem the Bearer Notes of such Series, or whether such Issuer or the
Guarantor, as the case may be, has elected to pay the U.S. Additional Amounts
specified in the next paragraph, and (if applicable) the last date by which the
redemption of the Bearer Notes of such Series must take place, as provided in
the next succeeding sentence. If the relevant Issuer redeems the Bearer Notes
of such Series, such redemption shall take place on such date, not later than
one year after the publication of the Determination Notice, as the relevant
Issuer or the Guarantor, as the case may be, shall 

29

elect by notice to the Fiscal and Paying
Agent at least 60 days prior to the date fixed for redemption. Notice of such
redemption of the Bearer Notes of such Series will be given to the holders of
such Bearer Notes not more than 60 nor less than 30 days prior to the date
fixed for redemption. Such redemption notice shall include a statement as to
the last date by which the Bearer Notes of such Series to be redeemed may be
exchanged for Registered Notes. Notwithstanding the foregoing, the relevant
Issuer shall not so redeem such Bearer Notes if such Issuer or the Guarantor
shall subsequently determine, not less than 30 days prior to the date fixed for
redemption, that subsequent payments would not be subject to any such
requirement, in which case such Issuer or the Guarantor shall publish prompt
notice of such determination and any earlier redemption notice shall be revoked
and of no further effect. The right of the holders of Bearer Notes called for
redemption pursuant to this paragraph to exchange such Bearer Notes for
Registered Notes will terminate at the close of business of the Principal
Paying Agent on the fifteenth day prior to the date fixed for redemption, and
no further exchanges of such Series of Bearer Notes for Registered Notes shall
be permitted.

          If
and so long as the certification, identification or other information reporting
requirements referred to above in the preceding paragraph would be fully
satisfied by payment of a withholding tax or similar charge, the relevant
Issuer or the Guarantor, as the case may be, may elect to pay as U.S.
Additional Amounts such amounts as may be necessary so that every net payment
made outside the United States following the effective date of such requirements
by such Issuer, the Guarantor or any Paying Agent of principal or interest,
including original issue discount, due in respect of any Bearer Note or any
coupon of which the beneficial owner is a United States Alien Holder (but
without any requirement that the nationality residence of identity of such
beneficial owner be disclosed to such Issuer, the Guarantor, any Paying Agent
or any governmental authority, with respect to the payment of such additional
amounts), after deduction or withholding for or on account of such withholding
tax or similar charge (other than a withholding tax or similar charge that (i)
would not be applicable in the circumstances referred to in the third
parenthetical clause of the first sentence of the preceding paragraph, or (ii) is
imposed as a result of presentation of such Bearer Note or coupon for payment
more than 15 days after the date on which such payment becomes due and payable
or on which payment thereof is duly provided for, whichever occurs later), will
not be less than the amount provided for in such Bearer Note or coupon to be
then due and payable. In the event the relevant Issuer or the Guarantor, as the
case may be, elects to pay any U.S. Additional Amounts pursuant to this
paragraph, such Issuer shall have the right to redeem the Bearer Notes of such
Series in whole at any time pursuant to the applicable provisions of the
preceding paragraph and the redemption price of such Bearer Notes shall not be
reduced for applicable withholding taxes. If such Issuer or the Guarantor, as
the case may be, elects to pay U.S. Additional Amounts pursuant to this
paragraph and the condition specified in the first sentence of this paragraph
should no longer be satisfied, then such Issuer shall redeem the Bearer Notes
of such Series in whole, pursuant to the applicable provisions of the preceding
paragraph.

          10.         Covenant
of the Issuers and the Guarantor. Each Issuer and (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor covenant and agree for
the benefit of holders of all Notes issued hereunder that they will duly and
punctually pay or cause to be paid the principal of, premium, if any, and
interest, if any, on all such Notes (together with any Additional Amounts
payable pursuant to Section 9) at the places, at the respective times and in
the manner provided in such Notes, in the coupons, if any appertaining thereto,
and in this Agreement. The interest on Notes issued with coupons (together with
any Additional Amounts payable pursuant to Section 9) shall be payable only
upon presentation and surrender of the several coupons for such interest
installments as are evidenced thereby as they severally mature. If any
temporary Bearer Note provides that interest thereon may be paid while such Note
is in temporary form, the interest on any such temporary Bearer Note (together
with any 

30

Additional Amounts payable pursuant to
Section 9) shall be paid, as to the installments of interest only, (i) in the
case of a CGN, upon presentation and surrender thereof, and, as to the other
installments of interest, if any, only upon presentation of such Notes for
notation thereon of the payment of such interest, or (ii) in the case of any
temporary global Note which is a NGN, upon the Fiscal and Paying Agent instructing
Euroclear and Clearstream, Luxembourg to make appropriate entries in their
records to reflect such payments, in each case subject to the restrictions set
forth in Section 5. 

          11.        Obligations
of the Fiscal and Paying Agent. The Fiscal and Paying Agent accepts its
obligations set forth herein and in the Notes upon the terms and conditions
hereof and thereof, including the following, to all of which each Issuer and
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor
agree and to all of which the rights of the holders from time to time of the
Notes of each Series shall be subject:

          (a)          The Fiscal and Paying Agent shall be entitled to the
compensation to be agreed upon with the relevant Issuer and the Guarantor (in
the case of Notes issued by an Issuer other than GE Capital) for all services
rendered by it, and such Issuer and the Guarantor agree promptly to pay such
compensation and to reimburse the Fiscal and Paying Agent for its reasonable
out-of-pocket expenses (including fees and expenses of counsel) incurred by it
in connection with the services rendered by it hereunder. The relevant Issuer
and the Guarantor (in the case of Notes issued by an Issuer other than GE
Capital) also agree to indemnify the Fiscal and Paying Agent and each paying
agent of such Issuer and the Guarantor for, and to hold each of them harmless
against, any loss, liability or expense incurred without negligence or bad
faith on their part arising out of or in connection with their acting as Fiscal
and Paying Agent or paying agent of such Issuer and the Guarantor hereunder.
The obligations of such Issuer and the Guarantor under this subsection (a)
shall survive the payment of the Notes and the resignation or removal of the
Fiscal and Paying Agent and each paying agent of such Issuer and the Guarantor,
as the case may be.

          (b)          In acting under this Agreement and in connection with
the Notes, the Fiscal and Paying Agent and each paying agent of the relevant
Issuer and (in the case of Notes issued by an Issuer other than GE Capital) the
Guarantor is acting solely as agent of such Issuer and (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor and does not assume
any obligation towards or relationship of agency or trust for or with any of
the beneficial owners or holders of the Notes except that all funds held by the
Fiscal and Paying Agent or any other paying agent of such Issuer and (in the
case of Notes issued by an Issuer other than GE Capital) the Guarantor for the
payment of principal, of premium and of interest on (and Additional Amounts, if
any, with respect to) the Notes shall be held in trust by them and applied as
set forth herein and in the Notes, but need not be segregated from other funds
held by them, except as required by law; provided that moneys paid by the
relevant Issuer or the Guarantor, as the case may be, to the Fiscal and Paying
Agent or any other paying agent of such Issuer or the Guarantor, as the case
may be for the payment of the principal of, premium and interest on (and
Additional Amounts, if any, with respect to) any of the Notes and remaining
unclaimed at the end of three years after the date on which such principal,
premium or interest (or Additional Amounts, if any) shall have become due and
payable shall be repaid to the relevant Issuer or the Guarantor, as the case
may be, as provided and in the manner set forth in Section 5, whereupon the
aforesaid trust shall terminate and all liability of the Fiscal and Paying
Agent or any other paying agent of the relevant Issuer and the Guarantor, as
the case may be, to such Issuer or the Guarantor, as the case may be, with
respect to such moneys shall cease.

          (c)          The Fiscal and Paying Agent may consult with counsel
and any advice or written opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken, 

31

suffered or omitted to be taken by it
hereunder in good faith and in accordance with such advice or opinion.

          (d)          The Fiscal and Paying Agent and each paying agent of
the relevant Issuer and the Guarantor (in the case of Notes issued by an Issuer
other than GE Capital) shall be protected and shall incur no liability for or
in respect of any action taken or omitted to be taken or thing suffered by them
in reliance upon any Note, coupon, notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by them to
be genuine and to have been presented or signed by the proper party or parties.

          (e)          The Fiscal and Paying Agent or any paying agent of
the relevant Issuer or the Guarantor, as the case may be, may, in its
individual capacity or any other capacity, become the owner of, or acquire any
interest in, any Notes or other obligations of such Issuer or the Guarantor
with the same rights that it would have if it were not the Fiscal and Paying
Agent or such paying agent of such Issuer or the Guarantor, as the case may be,
and may engage or be interested in any financial or other transaction with such
Issuer or the Guarantor and may act on, or as depositary, trustee or agent for,
any committee or body of beneficial owners or holders of Notes or other
obligations of such Issuer or the Guarantor as freely as if it were not the
Fiscal and Paying Agent or such paying agent of such Issuer or the Guarantor.

          (f)           Neither the Fiscal and Paying Agent nor any other
paying agent of the relevant Issuer or the Guarantor shall be under any
liability for interest on any moneys received by it pursuant to any of the
provisions of this Agreement or the Notes.

          (g)          The recitals contained herein and in the Notes
(except in the Fiscal and Paying Agent’s certificate of authentication) shall
be taken as the statements of the relevant Issuer and the Guarantor (in the
case of Notes issued by an Issuer other than GE Capital), and the Fiscal and
Paying Agent assumes no responsibility for the correctness of the same. The
Fiscal and Paying Agent does not make any representation as to the validity or
sufficiency of this Agreement or the Notes. Neither the Fiscal and Paying Agent
nor any paying agent of the relevant Issuer and (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor shall be accountable for the use
or application by such Issuer of any of the Notes or the proceeds thereof.

          (h)          The Fiscal and Paying Agent and each paying agent of
the relevant Issuer and the Guarantor shall be obligated to perform such duties
and only such duties as are herein and in the Notes specifically set forth
(including Appendix 1 (New Global Note Provisions) and Appendix 2
(New
Safekeeping Structure Provisions) in the case of the Fiscal and
Paying Agent), and no implied duties or obligations shall be read into this
Agreement or the Notes against the Fiscal and Paying Agent or any such paying
agent. Each paying agent of the relevant Issuer (other than the Fiscal and
Paying Agent) agrees that if any information that is required by the paying
agent to perform the duties set out in Appendix 1 (New Global Note Provisions)
or Appendix 2 (New Safekeeping Structure Provisions) becomes known to it,
it will promptly provide such information to the Fiscal and Paying Agent. The
Fiscal and Paying Agent shall not be under any obligation to take any action
hereunder which may tend to involve it in any expense or liability, the payment
of which within a reasonable time is not, in its reasonable opinion, assured to
it.

          (i)           Unless otherwise specifically provided herein or in
the Notes, any order, certificate, notice, request, direction or other
communication from the relevant Issuer or the Guarantor made or given under any
provision of this Agreement shall be sufficient if signed by the President, the
Chief Executive 

32

Officer, any Senior Vice President or Vice
President, the Secretary or any Assistant Secretary or any duly authorized
attorney-in-fact of the relevant Issuer or the Guarantor, as the case may be.

          (j)           The
Fiscal and Paying Agent and each paying agent of the relevant Issuer and (in the case of Notes issued by an Issuer other than
GE Capital) the Guarantor shall be obligated to collect IRS Form W-8BEN
or other applicable form required by the United States Internal Revenue Code of
1986, as amended.

          12.          Maintenance
and Resignation of Fiscal and Paying Agent.

          (a)          The relevant Issuer and (in the case of Notes issued
by an Issuer other than GE Capital) the Guarantor agree, for the benefit of the
beneficial owners from time to time of the Notes, that, until all of the Notes
and coupons are no longer outstanding or until moneys for the payment of all of
the principal of, premium and interest on all outstanding Notes (and Additional
Amounts, if any) shall have been made available at the principal office of the
Fiscal and Paying Agent, and shall have been returned to the relevant Issuer or
(in the case of Notes issued by an Issuer other than GE Capital) the Guarantor
as provided in Section 11(b), whichever occurs earlier, there shall at all
times be a Fiscal and Paying Agent hereunder. The Fiscal and Paying Agent shall
at all times maintain a place of business in, or in lieu thereof maintain an
agent for service of process located in, London, England.

          (b)          Each
Issuer and the Guarantor further agrees that (i) so long as any Notes are
listed and/or admitted to trading on or by a stock exchange, competent
authority and/or market, there will at all times be a Paying Agent (or the
Fiscal and Paying Agent) having a specified office in each location required by
the relevant rules of such stock exchange, competent authority and/or market;
(ii) there will at all times be a Paying Agent (or the Fiscal and Paying Agent)
with a specified office in a city in a member state of the European Union; and
(iii) they will ensure that to the extent practicable it maintains a Paying
Agent (or the Fiscal and Paying Agent) in a Member State of the European Union
that will not be obliged to withhold or deduct tax from payment in respect of
the Notes pursuant to the EU Savings Directive or any law implementing or
complying with, or introduced in order to conform to, such Directive.

          (c)          The Fiscal and Paying Agent may at any time resign by
giving written notice of its resignation mailed to the relevant Issuer and the
Guarantor specifying the date on which its resignation shall become effective;
provided that such date shall be at least 90 days after the date on which such
notice is given unless such Issuer and the Guarantor agree to accept less
notice. Upon receiving such notice of resignation, the relevant Issuer and the
Guarantor shall promptly appoint a successor fiscal and paying agent, qualified
as aforesaid, by written instrument in duplicate signed on behalf of such
Issuer and the Guarantor, one copy of which shall be delivered to the resigning
Fiscal and Paying Agent and one copy to the successor fiscal and paying agent.
Such resignation shall become effective upon the earlier of (i) the effective
date of such resignation or (ii) the acceptance of appointment by the successor
fiscal and paying agent as provided in this subsection (c). The relevant Issuer
and the Guarantor may, at any time and for any reason, and shall, upon any
event set forth in the next succeeding sentence, remove the Fiscal and Paying
Agent and appoint a successor fiscal and paying agent, qualified as aforesaid,
by written instrument in duplicate signed on behalf of such Issuer and the
Guarantor, one copy of which shall be delivered to the Fiscal and Paying Agent
being removed and one copy to the successor fiscal and paying agent. The Fiscal
and Paying Agent shall be removed as aforesaid if it shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Fiscal
and Paying Agent or of its property shall be appointed, or any public officer
shall take charge or control of it or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation. Any removal of the
Fiscal and Paying Agent

33

and any appointment of a successor fiscal and
paying agent shall become effective upon acceptance of appointment by the
successor fiscal and paying agent as provided in this subsection (c). Upon its
resignation or removal, the Fiscal and Paying Agent shall be entitled to the
payment by the relevant Issuer or the Guarantor of its compensation for the
services rendered hereunder and to the reimbursement of all reasonable out-of-pocket
expenses incurred in connection with the services rendered by it hereunder
(including any resignation expenses of the Fiscal and Paying Agent and fees and
expenses of counsel).

          (d)      Any successor fiscal and paying agent appointed as
provided in subsection (b) shall execute and deliver to its predecessor and to
the relevant Issuer and the Guarantor an instrument accepting such appointment
hereunder, and thereupon such successor fiscal and paying agent, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, duties and obligations of its predecessor hereunder, with like effect
as if originally named as Fiscal and Paying Agent hereunder, and such
predecessor, upon payment of its compensation and out-of-pocket expenses then
unpaid, shall pay over to such successor agent all moneys or other property at
the time held by it hereunder.

          (e)      Any corporation or bank into which the Fiscal and
Paying Agent may be merged or converted, or with which the Fiscal and Paying
Agent may be consolidated, or any corporation or bank resulting from any
merger, conversion, banking business transfer or consolidation to which the
Fiscal and Paying Agent shall be a party, or any corporation or bank succeeding
to the fiscal agency business of the Fiscal and Paying Agent shall be the
successor to the Fiscal and Paying Agent hereunder (provided that such
corporation or bank shall be qualified as aforesaid) without the execution or
filing of any paper or any further act on the part of any of the parties
hereto.

          13.     Paying
Agency. Each Issuer and the Guarantor shall cause each Paying Agent
appointed by such Issuer and the Guarantor to execute and deliver to the Fiscal
and Paying Agent an instrument in which such agent shall agree with the Fiscal
and Paying Agent, subject to the provisions of this Section,

	
  

 	
  

 
	
  

 	
           (1)          that
 it will hold all sums held by it as such agent for the payment of the
 principal of, premium, if any, or interest, if any, on such Notes (whether
 such sums have been paid to it by the Issuer or the Guarantor or by any other
 obligor on such Notes) in trust for the benefit of the holders of such Notes,
 or the coupons appertaining thereto, if any;

 
	
  

 	
  

 
	
  

 	
           (2)          that
 it will give the Fiscal and Paying Agent notice of any failure by any such
 Issuer or the Guarantor (or by any other obligor on such Notes) to make any
 payment of the principal of, premium, if any, or interest, if any, on such
 Notes when the same shall be due and payable; and

 
	
  

 	
  

 
	
  

 	
           (3)          that at any time during the continuance of any
 failure by any such Issuer or the Guarantor (or by any other obligor on such
 Notes) specified in the preceding paragraph (2), such paying agent will, upon
 the written request of the Fiscal and Paying Agent, forthwith pay to the
 Fiscal and Paying Agent all sums so held in trust by it.

 

          The
Fiscal and Paying Agent shall arrange with all such paying agencies for the
payment, from funds furnished by each Issuer and the Guarantor, as the case may
be, to the Fiscal and Paying Agent pursuant to this Agreement, of the principal
of, premium and interest on the Notes (and Additional Amounts, if any, with
respect to the Notes). 

34

          14.         Merger,
Consolidation, Sale or Conveyance.

          (a)          Each Issuer and (in the case of Notes issued by an
Issuer other than GE Capital) the Guarantor covenant that they will not merge
or consolidate with any other corporation or sell, convey, transfer or
otherwise dispose of all or substantially all of their respective assets to any
corporation, unless (i) either such Issuer or the Guarantor, as the case may
be, shall be the continuing corporation, or the successor corporation (if other
than such Issuer or the Guarantor) shall be (a) with respect to GE Capital, a
corporation organized and existing under the laws of the United States of
America or a state thereof, (b) with respect to GE Capital Australia Funding, a
corporation incorporated under the laws of Australia or any political
subdivision thereof, (c) with respect to any Irish Issuer, a company
incorporated under the Companies Acts of Ireland, 1963-2009 and (d) with
respect to each Additional Issuer, a corporation incorporated under the laws of
the country of incorporation or organization of such Issuer, and in each case
such successor corporation shall expressly assume the due and punctual payment
of the principal of, and premium, if any, and interest, if any, on all the
Notes and coupons, if any, according to their tenor, and the due and punctual
performance and observance of all of the covenants and conditions of this
Agreement, the Notes and the Guarantee to be performed by such Issuer or the
Guarantor, as the case may be, executed and delivered to the Fiscal and Paying
Agent by such corporation, and (ii) such Issuer or the Guarantor or such
successor corporation, as the case may be, shall not, immediately after such
merger or consolidation, or such sale, conveyance, transfer or other disposition,
be in default in the performance of any such covenants or conditions. 

          (b)          In case of any such consolidation, merger, sale,
conveyance (other than by way of lease), transfer or other disposition, and
upon any such assumption by the successor corporation, such successor
corporation shall succeed to and be substituted for the relevant Issuer or the
Guarantor, as the case may be, with the same effect as if it had been named
herein as such Issuer or the Guarantor, and such Issuer or the Guarantor shall
be relieved of any further obligation under this Agreement and under the Notes
and coupons, if any, and may be dissolved, wound up and liquidated at any time
thereafter. Such successor corporation thereupon may cause to be signed, and may
issue either in its own name or in the name of the relevant Issuer or the
Guarantor, as the case may be, any or all of the Notes issuable hereunder
together with any coupons appertaining thereto which theretofore shall not have
been signed by such Issuer or the Guarantor and delivered to the Fiscal and
Paying Agent; and, upon the order of such successor corporation, instead of
such Issuer or the Guarantor and subject to all the terms, conditions and
limitations in this Agreement prescribed, the Fiscal and Paying Agent shall
authenticate and shall deliver any Notes together with any coupons appertaining
thereto which previously shall have been signed and delivered to the Fiscal and
Paying Agent for that purpose. All Notes appertaining thereto shall in all
respects have the same legal rank and benefit under this Agreement as the Notes
theretofore or thereafter issued in accordance with the terms of this Agreement
as though all or such Notes had been issued at the date of the execution
hereof.

          In
case of any such consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in substance) may be
made in the Notes and coupons thereafter to be issued as may be appropriate.

          15.         Meetings
of Holders of the Notes.

          (a)          Each Issuer or (in the case of Notes issued by an
Issuer other than GE Capital) the Guarantor may at any time call a meeting of
the holders of the Notes of any or all Series, such meeting to be held at such
time and at such place as such Issuer or the Guarantor shall determine, for the
purpose of 

35

obtaining a waiver of or an amendment to any
provision of this Agreement or the Notes of any Series (to the extent permitted
in Section 18 hereof). For purposes of this Section, the “holders of Notes” means, in
the case of any global Bearer Note, those persons shown on the records of
Euroclear, Clearstream, Luxembourg, or another clearance system in which such Notes are held, as the case may
be, as having interests in such global Bearer Note credited to their respective
securities clearance accounts on the date on which notice of the meeting is
given. Notice of any meeting of Noteholders, setting forth the time and place
of such meeting and in general terms the action proposed to be taken at such
meeting, shall be (i) if any Bearer Notes of a Series affected are then
outstanding, published prior to the date fixed for the meeting at least once a
week for three successive weeks in one leading English language daily newspaper
with general circulation in London, England, or, if publication in London is
not practical, elsewhere in Western Europe and (ii) if any Registered Notes of
a Series affected are then outstanding, mailed to the holders of then
outstanding Registered Notes of each Series affected at their addresses as they
shall appear on the books of the Registrar. The first publication or mailing of
notice, in the case of Registered Notes, shall be made not less than 20 nor
more than 180 days prior to the date fixed for such meeting. Such publication
is expected to be made in the Financial Times. Notice of any meeting of holders
of Bearer Notes that have been listed and/or admitted to trading on any stock
exchange, competent authority and/or market shall be published in accordance
with the applicable rules and regulations promulgated by such exchange,
competent authority and/or market. To be entitled to vote at any meeting of
holders of Notes a person shall be (i) a holder of one of more Notes of
the relevant Series with respect to which such meeting is being held or
(ii) a person appointed by an instrument in writing as proxy by the holder
of one or more such Notes. The only persons who shall be entitled to be present
or to speak at any meeting of the holders of the Notes of any Series shall be
the persons entitled to vote at such meeting and their counsel and any
representatives of the relevant Issuer, the Guarantor and their counsel.

          (b)          Persons representing a majority in principal amount of
the Notes of the relevant Series at the time outstanding shall constitute a
quorum for the purpose of obtaining any such waiver or amendment. No business
shall be transacted in the absence of a quorum, unless a quorum is present when
the meeting is called to order. In the absence of a quorum within 30 minutes of
the time appointed for any such meeting, the meeting shall be adjourned for a
period of not less than 10 calendar days as determined by the chairman of the
meeting. In the absence of a quorum within 30 minutes of the time appointed for
any such adjourned meeting, such adjourned meeting shall be further adjourned
for a period of not less than 10 calendar days as determined by the chairman of
the meeting. Notice of the reconvening of any adjourned meeting shall be given
as provided above except that such notice need be published only once, but must
be mailed or published not less than five days prior to the date on which the
meeting is scheduled to be reconvened. Subject to the foregoing, at the reconvening
of any meeting further adjourned for lack of a quorum, persons representing 25%
in principal amount of the Notes of the relevant Series at the time outstanding
shall constitute a quorum for the taking of any action set forth in the notice
of the original meeting. Notice of the reconvening of an adjourned meeting
shall state expressly the percentage of the aggregate principal amount of the
outstanding Notes of the relevant Series which shall constitute a quorum.

          (c)          At a meeting or an adjourned meeting duly reconvened
and at which a quorum is present as aforesaid, any resolution with respect to
such waiver or amendment shall be effectively passed and decided if passed and
decided by the favorable vote of persons entitled to vote the lesser of
(i) a majority in the principal amount of the Notes of the relevant Series
then outstanding or (ii) 75% in principal amount of such Notes represented
and voting at the meeting. Any Noteholder who has executed an instrument in
writing appointing a person as proxy shall be deemed to be present for the
purposes of determining a quorum and be deemed to have voted; provided that
such Noteholder shall be considered as 

36

present and voting only with respect to the
matters covered by such instrument in writing (which may include authorization
to vote on any other matters as may come before the meeting). Any resolution
passed or decision taken at any meeting of Noteholders duly held in accordance
with this Section shall be conclusive and binding on all the Noteholders of the
relevant Series whether or not present or represented at the meeting.

          (d)          The holding of definitive Bearer Notes of the
relevant Series for purposes of this Section shall be proved by the production
of such Notes or by a certificate executed by any trust company, bank, banker
or recognized securities dealer satisfactory to the relevant Issuer and the
Guarantor, wherever situated, if such certificate shall be deemed by such
Issuer and the Guarantor to be satisfactory. Each such certificate shall be
dated and shall state that on the date thereof a Note of the relevant Series
bearing a specified identifying number was deposited with or exhibited to such
trust company, bank, banker or recognized securities dealer by the person named
in such certificate. Any such certificate may be issued in respect of one or
more such Bearer Notes specified therein. The holding of an interest in any
global Bearer Note of the relevant Series shall be proved by a certificate of
Euroclear, Clearstream, Luxembourg or
another clearance system in which such Notes are held, as the case may be. The
holding by the person named in any such certificate of any such Bearer Note or
interest in a global Bearer Note specified therein shall be presumed to
continue for a period of one year from the date of such certificate unless at
the time of any determination of such holding (i) another certificate
bearing a later date issued in respect of the same Bearer Note or interest in a
global Bearer Note shall be produced, (ii) such Bearer Note specified in
such certificate shall be produced by some other person or (iii) such
Bearer Note specified in such certificate shall have ceased to be outstanding.
The appointment of any proxy shall be proved by having the signature of the
person executing the proxy witnessed or guaranteed by any bank, banker, trust
company or New York Stock Exchange member firm satisfactory to the relevant
Issuer and the Guarantor.

          (e)          Each Issuer and the Guarantor shall appoint a
temporary chairman of the meeting. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the holders of a majority
in principal amount of the Notes of the relevant Series represented at the
meeting. At any meeting each Noteholder of the relevant Series or proxy shall
be entitled to one vote for each $1,000 (or the equivalent thereof in any
foreign or composite currency) of principal amount (in the case of Original
Issue Discount Notes of the relevant Series, such principal amount thereof that
would be due and payable as of the date of such meeting upon a declaration of
acceleration of the maturity thereof pursuant to Section 8) of such Notes held
or represented by such Noteholder or proxy; provided, however, that no vote
shall be cast or counted at any meeting in respect of any Note of the relevant
Series challenged as not outstanding and ruled by the chairman of the meeting
to be not outstanding. The chairman of the meeting shall have no right to vote
except as a Noteholder or proxy. Any meeting of Noteholders duly called at
which a quorum is present may be adjourned from time to time, and the meeting
may be held as so adjourned without further notice. 

          (f)           The vote upon any resolution submitted to any meeting
of Noteholders shall be by written ballot on which shall be subscribed the
signatures of such Noteholders or proxies and on which shall be inscribed the
principal amount (in the case of Original Issue Discount Notes of the relevant
Series, such principal amount thereof that would be due and payable as of the
date of such vote upon a declaration of acceleration of the maturity thereof
pursuant to Section 8) and the identifying number or numbers of the Notes of
such Series held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the
meeting for or against any resolution and who shall make and file with the
secretary of the meeting their verified written reports in duplicate of all
votes 

37

cast at the meeting. A record in duplicate of
the proceedings of each meeting of Noteholders shall be prepared by the
secretary of the meeting and there shall be attached to said record the
original reports of the inspectors of votes on any vote by ballot taken thereat
and affidavits by one or more persons having knowledge of the facts setting
forth a copy of the notice of the meeting and showing that said notice was
published as provided above. The record will show the principal amount of the
Notes (in the case of Original Issue Discount Notes, such principal amount
thereof that would be due and payable as of the date of such vote upon a
declaration of acceleration of the maturity thereof pursuant to Section 8)
voting in favor of or against any resolution. The record shall be signed and
verified by the permanent chairman and secretary of the meeting and one of the
duplicates shall be delivered to the relevant Issuer or the Guarantor and the
other to the Fiscal and Paying Agent to be preserved by the Fiscal and Paying
Agent, the latter to have attached thereto the ballots voted at the meeting.
Any record so signed and verified shall be conclusive evidence of the matters
therein stated. 

          16.         Consent
of Holders.

          (a)          Any authorization, direction, notice, consent,
waiver, amendment or other action provided by the provisions of this Agreement
or the Notes of any Series to be given or taken by holders (which term as used
in this Section shall mean with respect to any global Bearer Note those persons
shown on the records of Euroclear, Clearstream, Luxembourg and/or another clearance system, as the case may be,
as having interests in such global Bearer Note credited to their respective
securities clearance accounts) of Notes of such Series may be embodied in and
evidenced by one or more instruments of substantially similar tenor, listing
the serial number of the Note or Notes of such Series in respect of which each
such instrument is submitted, signed by the requisite number of such holders in
person or by their agent duly appointed in writing; and, except as herein or
therein expressly provided, any such instrument shall become irrevocable when
delivered, and such action shall become effective when such instrument signed
by such holders is delivered to the Fiscal and Paying Agent or other paying
agency of the relevant Issuer and (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor. Proof of execution of any such instrument
or of a writing appointing any such agent by the holder of any such Note shall
be sufficient for any such purpose of this Agreement or such Notes and
conclusive in favor of (i) the Fiscal and Paying Agent or other paying agency
of such Issuer and the Guarantor and (ii) such Issuer and the Guarantor if made
in the manner provided in this Section.

          (b)          The fact and date of execution of any such instrument
and the fact that any person is the holder of the Note or Notes of any Series
of which the serial numbers are listed in such instrument may be proved by the
certificate of a financial institution of recognized standing to such effect,
or in any other manner which the relevant Issuer and the Guarantor deem
sufficient.

          (c)          Any authorization, direction, notice, consent, waiver
or other action by the holder of any Note shall bind every future holder of
such Note in respect of anything done, omitted or suffered to be done in
reliance thereon, whether or not notation of such action is made upon such
Note.

38

          17.         Stamp
Taxes. The relevant Issuer or the Guarantor, as the case may be, will pay
all stamp or other documentary taxes or duties, if any, to which the execution
or delivery of this Agreement or the issuance of the Notes of any Series or any
coupons appertaining thereto may be subject.

          18.         Modifications
and Amendments.

          (a)          This Agreement may be amended by the parties hereto,
without the consent of the holder (which term as used in this Section shall
mean with respect to any global Bearer Note those persons shown on the records
of Euroclear, Clearstream, Luxembourg or
another clearance system, as the case may be, as having interests in such
global Bearer Note credited to their respective securities clearance accounts)
of any Note, for the purposes of (i) providing for the issuance of Notes
pursuant to Section 2 hereof; (ii) curing any ambiguity or correcting or
supplementing any provision contained herein which may be defective or
inconsistent with any other provision contained herein; (iii) adding to the
covenants of the relevant Issuer or (in the case of Notes issued by an Issuer
other than GE Capital) the Guarantor for the protection of the holders of all
or any Series of the Notes; (iv) effecting any assumption of the relevant
Issuer’s or the Guarantor’s obligations hereunder and under the Notes or the
Guarantee by a successor corporation pursuant to Section 14(a) of this
Agreement; (v) evidencing and providing for the acceptance of appointment
hereunder by a successor Fiscal and Paying Agent with respect to the Notes of
one or more Series; or (vi) amending this Agreement in any other manner which
the parties may mutually deem necessary or desirable and which shall not adversely
affect the interests of the holders of the Notes of any Series outstanding on
the date of such amendment. Nothing in this Agreement prevents the Issuers, the Guarantor and the Fiscal and
Paying Agent from amending this Agreement in such a manner as to only have a
prospective effect on Notes issued on or after the date of such amendment.

          (b)          Modifications and amendments to this Agreement or the
Notes of any Series or the Guarantee may also be made, and future compliance
therewith or past Event of Default by the relevant Issuer or the Guarantor may
be waived, by holders of not less than a majority in aggregate principal amount
of the Notes of such Series (or, in each case, such lesser amount as shall have
acted at a meeting of holders of such Notes, pursuant to Section 15 of this
Agreement); provided, however, that no such modification or amendment to this
Agreement or the Notes may, without the consent of the holders of each such
Note of such Series affected thereby, (i) change the stated maturity of the
principal of any such Note of such Series or extend the time for payment of
interest thereon; (ii) change the amount of the principal of an Original Issue
Discount Note of such Series that would be due and payable upon an acceleration
of the maturity thereof; (iii) reduce the amount of interest payable thereon or
the amount payable thereon in the event of redemption or acceleration; (iv)
change the currency of payment of principal of or any other amounts payable on
any such Note; (v) impair the right to institute suit for the enforcement of
any such payment on or with respect to any such Note or the Guarantee; (vi)
reduce the above-stated percentage of the principal amount of Notes of such
Series the consent of whose holders is necessary to modify or amend this
Agreement or the Notes of such Series or reduce the percentage of Note of such
Series required for the taking of action or the quorum required at any such
meeting of holders of Notes of such Series; or (vii) modify the foregoing requirements
to reduce the percentage of outstanding Notes of such Series necessary to waive
any future compliance or past default.

          (c)          Any such modification or amendments will be
conclusive and binding on all holders of Notes of the relevant Series and on
all future holders of such Notes, whether or not they have consented to such
modifications or amendments and whether or not notation of such modifications
or amendments is made upon the Notes of such Series.

39

          19.     Accession
of Additional Issuers. Each of the Issuers, the Guarantor and the Fiscal
and Paying Agent acknowledge and agree that one or more additional Issuers
(each, an “Additional Issuer”) may from time to time accede to this
Agreement upon the terms and conditions set forth below. On and after the
Accession Date (as defined below) with respect to an Additional Issuer, such
Additional Issuer shall be bound by the terms of this Agreement and shall be
entitled to all rights and benefits, and subject to all duties and obligations,
of an Issuer hereunder.

          (a)      Requirements as to Additional Issuers. Each
Additional Issuer shall (i) be a Subsidiary (as hereinafter defined) of GE
Capital and (ii) only issue Notes which are unconditionally and irrevocably
guaranteed by GE Capital. As used herein, “Subsidiary” shall have the meaning as set
forth in Rule 1-02(x) of Regulation S-X under the U.S. Securities Act of 1933,
as amended.

          (b)      Conditions Precedent to Accession. On or prior to the
date on which an Additional Issuer shall accede as a party to this Agreement
(the “Accession
Date”), each of the following conditions precedents must be
fulfilled:

	
  

 	
  

 
	
  

 	
           (i)          such
 Additional Issuer, the Guarantor and the Fiscal and Paying Agent shall have
 executed and delivered an Issuer Accession Letter, substantially in the form
 attached hereto as Exhibit E (each, an “Issuer Accession Letter”), together with
 the attachments described therein; 

 
	
  

 	
  

 
	
  

 	
           (ii)          such
 Additional Issuer and the Guarantor shall certify to the Fiscal and Paying
 Agent the form of Notes to be executed and authenticated from time to time
 for each Series of Notes issued by such Additional Issuer as provided in
 Section 2(b) hereof, including the form of the Guarantee to appear thereon
 which shall be substantially in the form of Exhibit D-1 hereto, modified as
 appropriate to refer to such Additional Issuer;

 
	
  

 	
  

 
	
  

 	
           (iii)          such
 Additional Issuer shall confirm that the Notes are being issued pursuant to
 authority granted by its Board of Directors or similar governing body,
 including any duly authorized committee thereof, and certify the persons who
 are Issuer Authorized Representatives of such Additional Issuer as provided
 in Section 3(a) hereof; and

 
	
  

 	
  

 
	
  

 	
           (iv)          such
 Additional Issuer shall confirm that it has sent to each Agent under the
 Distribution Agreement an Issuer Accession Notice (as defined in the
 Distribution Agreement) and provide a copy of such Issuer Accession Notice to
 the Fiscal and Paying Agent together with such attachments as are described
 therein.

 

          20.     Notices
to Parties. All notices hereunder to the parties hereto shall be deemed to
have been given when sent by certified or registered mail, postage prepaid, or
by facsimile transmission, addressed to any party hereto as follows:

40

	
  

 	
  

 	
  

 
	
 GE Capital:

 
	
  

 	
  

 	
  

 
	
  

 	
 General Electric Capital Corporation

 
	
  

 	
 201 High Ridge Road

 
	
  

 	
 Stamford, Connecticut 06927 U.S.A.

 
	
  

 	
 Attention:

 	
 Senior Vice President-Corporate Treasury 

 
	
  

 	
  

 	
 and Global Funding Operation

 
	
  

 	
 Facsimile:

 	
 + 1 203 585 1191

 
	
  

 	
 Telephone:

 	
 + 1 203 357 6199

 
	
  

 	
  

 	
  

 
	
 GE Capital Australia Funding:

 
	
  

 
	
  

 	
 GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)

 
	
  

 	
 572 Swan Street

 
	
  

 	
 Richmond, Victoria 3121

 
	
  

 	
 Australia

 
	
  

 	
 Attention:

 	
 Secretary

 
	
  

 	
 Facsimile:

 	
 +61 3 9921 6541

 
	
  

 	
 Telephone:

 	
 +61 3 9921 6177

 
	
  

 	
  

 	
  

 
	
  

 	
 in each case with a copy to GE Capital in its capacity as Guarantor
 delivered in accordance with this Section 20;

 
	
  

 	
  

 	
  

 
	
 GE Capital European Funding:

 
	
 GE Capital UK Funding:

 
	
  

 	
  

 	
  

 
	
  

 	
 WIL House 

 
	
  

 	
 Shannon Business Park

 
	
  

 	
 Shannon, Co. Clare

 
	
  

 	
 Ireland

 
	
  

 	
 Attention:

 	
 Company Secretary

 
	
  

 	
 Facsimile:

 	
 +353 61 362 010

 
	
  

 	
 Telephone:

 	
 +353 61 362 322

 
	
  

 	
  

 	
  

 
	
  

 	
 in each case
 with a copy to GE Capital in its capacity as Guarantor delivered in accordance
 with this Section 20;

 
	
  

 	
  

 
	
 Fiscal and Paying Agent:

 
	
  

 
	
  

 	
 The Bank of New York Mellon

 
	
  

 	
 One Canada Square

 
	
  

 	
 London E14 5AL

 
	
  

 	
 United Kingdom

 
	
  

 	
 Attention:

 	
 Corporate Trust Services

 
	
  

 	
 Facsimile:

 	
 +44 20 7964 2536 

 
	
  

 	
 Telephone: +44 20 7964 7031/4288/5683

 
	
  

 	
 Email: corpsovamericas@bnymellon.com

 

41

	
  

 	
  

 	
  

 
	
 Registrar and Transfer Agent:

 
	
  

 
	
  

 	
 The Bank of New York Mellon (Luxembourg) S.A.

 
	
  

 	
 Vertigo Building – Polaris

 
	
  

 	
 2-4 rue Eugène Ruppert

 
	
  

 	
 L-2453 Luxembourg

 
	
  

 	
 Attention:

 	
 Structured Product Services

 
	
  

 	
 Facsimile:

 	
 +352 2452 42 04

 
	
  

 	
 Telephone:

 	
 +352 2452 53 29

 
	
  

 	
 Email:

 	
 LUXMB_SPS@bnymellon.com

 

or at any other address of which either of
the foregoing shall have notified the other in writing.

          Any
notice, direction, request or demand by any holder of Notes or coupons to or
upon the Fiscal and Paying Agent shall be deemed to have been sufficiently
given or made, for all purposes, if given or made in writing at the principal
London office of the Fiscal and Paying Agent, addressed to the attention of its
corporate trust office.

          21.          Notices
to and by Holders of the Notes. Each Issuer and (in the case of Notes
issued by an Issuer other than GE Capital) the Guarantor will give notice
promptly to the holders of the Notes of the termination of appointment of any
paying agent of such Issuer and the Guarantor. Such notice shall be published
in one leading English language daily newspaper with general circulation in
London, England, or, if publication in London is not practical, elsewhere in
Western Europe. Such publication is expected to be made in the Financial Times.
Notice of termination of appointment of any paying agent to the holders of
Notes that have been listed or admitted to trading on any stock exchange,
competent authority and/or market shall be published in accordance with the
applicable rules and regulations promulgated by such exchange, competent
authority and/or market. Any notice to the holders of Notes by publication
shall be deemed to have been given on the date of such publication, or if published
in newspapers on different dates, on the date of the first such publication. 

          So
long as no definitive Notes are in issue in respect of a particular Series,
there may, so long as the global Note(s) for such Series is or are held in its
or their entirety on behalf of Euroclear, Clearstream, Luxembourg and/or another clearance system, as the case may be,
and the Notes for such Series are not listed and/or admitted to trading on a
stock exchange, competent authority and/or market (or, if so listed or admitted
to trading, for so long as the relevant stock exchange, competent authority
and/or market so permits), be substituted for such publication in such
newspaper(s) the delivery of the relevant notice to Euroclear, Clearstream,
Luxembourg and/or such other clearance system
for communication by them to the holders of the Notes. Any such notice shall be
deemed to have been given to the holders of the Notes on the seventh day after
the day on which the said notice was given to Euroclear, Clearstream,
Luxembourg and/or such other clearance system. 

          Notices
to be given by a Noteholder shall be in writing and given by lodging the same,
together with the relative Note or Notes, with the Paying Agent. Whilst any
Notes are represented by a global Note, such notice may be given by a
Noteholder to the Fiscal and Paying Agent via Euroclear, Clearstream, Luxembourg and/or another clearance system, as the case may be, in such manner as the
Paying Agent and Euroclear, Clearstream, Luxembourg and/or such other clearance system may approve for
this purpose.

42

          22.          Business
Day. For the purposes of this Agreement, “Business Day” shall mean,
unless otherwise specified in the form of Notes certified to the Fiscal and
Paying Agent pursuant to Section 2(b) hereof or contained in the Corporate
Order delivered pursuant to Section 2(c) hereof with respect to a particular
Series of Notes, any day other than a Saturday or Sunday or any other day on
which banking institutions are generally authorized or obligated by law or
regulation to close in (i) the principal financial center of the country in
which the relevant Issuer is incorporated, (ii) the principal financial center
of the country of the currency in which the Notes are denominated, (iii)
London, England, and (iv) any additional financial center specified in the
applicable Final Terms or Securities Note (as the case my be); provided,
however, that with respect to Notes denominated in Euro, such day is a day on
which the Trans-European Automated Real-Time Gross Settlement Express Transfer
(TARGET) System is open. For purposes of this definition, the principal
financial center of the United States is New York, the principal financial
center of Australia is Sydney and Melbourne and the principal financial center
of Canada is Toronto, Ontario.

          23.          Central
Bank Reporting Requirements. In addition to its other duties set forth in
this Agreement, the Fiscal and Paying Agent is hereby designated as the
relevant Issuer’s and (in the case of Notes issued by an Issuer other than GE
Capital) the Guarantor’s agent for the purpose of complying with notification,
reporting or other applicable requirements of the various central banks or
similar monetary authorities regulating Notes issued in Specified Currencies
other than U.S. dollars. Without limiting the generality of the foregoing, at
the date hereof such duties shall include the information reporting
requirements of the Bank of England with respect to any Series of Notes where
the Specified Currency is Pounds Sterling. 

          24.          Governing
Law. THIS AGREEMENT, THE NOTES AND ANY COUPONS APPERTAINING THERETO SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, U.S.A.

          25.          Consent
to Service. Each Issuer and (in the case of Notes issued by an Issuer other
than GE Capital) the Guarantor has designated the Senior Vice
President-Corporate Treasury and Global Funding Operation of the Guarantor as
authorized agent for service of process in any legal action or proceeding
arising out of or relating this
Agreement, the Notes or the Guarantees brought in any federal or state court in
the Borough of Manhattan, the City of New York, State of New York and
irrevocably submit to the non-exclusive jurisdiction of such courts for such
purposes (and only for such purposes) as long as there are any outstanding
Notes. 

          26.          Counterparts. This
Agreement may be signed in any number of counterparts, each of which shall be
an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. Such counterparts shall together constitute but one
and the same instrument.

          27.          Inspection
of Documents. A copy of this Agreement shall be made available by the
Fiscal and Paying Agent for inspection at all reasonable times at its office as
stated in Section 20 and at the offices of the paying agents specified in the
Notes.

          The Fiscal
Paying Agent shall hold available for inspection at its office as stated in
Section 20 during normal business hours copies of all documents required to be
so available as required to be so available by the rules of any relevant stock
exchange, competent authority and/or market on or by which such Notes may be
listed and/or admitted to trading.

43

          28.          Descriptive
Headings. The descriptive headings in this Agreement are for convenience of
reference only and shall not define or limit the provisions of this Agreement.

          29.          Provisions
Binding on Successors. All the covenants, stipulations, promises and
agreements in this Agreement contained by the relevant Issuer and (in the case
of Notes issued by an Issuer other than GE Capital) the Guarantor shall bind
its successors and assigns whether so expressed or not.

          30.          Official
Acts by Successor Corporation. Any act or proceeding by any provision of
this Agreement authorized or required to be done or performed by any board,
committee or officer of the relevant Issuer or (in the case of Notes issued by
an Issuer other than GE Capital) the Guarantor shall and may be done and
performed with like force and effect by the like board, committee or officer of
any corporation that shall at the time be the lawful sole successor of such
Issuer or the Guarantor.

          31.          Severability.
In case any provision in this Agreement or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provision shall not in any way be affected or impaired thereby.

44

          IN
WITNESS WHEREOF, the parties hereto, including GE Capital in its capacity both
as Issuer and as Guarantor of Notes to be issued by Issuers other than GE
Capital, have caused this Eleventh Amended and Restated Fiscal and Paying
Agency Agreement to be duly executed as of the day and year first above
written.

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GENERAL ELECTRIC
 CAPITAL CORPORATION

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  /s/ Kathryn
 A. Cassidy

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: Kathryn A.
 Cassidy

 	
  

 
	
  

 	
 Title: Senior Vice President – Corporate Treasury

 	
  

 
	
  

 	
  

 	
    and Global Funding Operation

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL
 AUSTRALIA FUNDING PTY. LTD

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  /s/ Eric C.
 Duenwald

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: Eric C. Duenwald

 	
  

 
	
  

 	
 Title: Authorized Signatory

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL EUROPEAN FUNDING

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  /s/ Frank
 Cantillon

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: Frank Cantillon

 	
  

 
	
  

 	
 Title: Director

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 GE CAPITAL UK FUNDING

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  /s/ Columba
 Glavin

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: Columba Glavin

 	
  

 
	
  

 	
 Title: Director

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF NEW YORK MELLON 

 	
  

 
	
  

 	
 as Fiscal and Paying Agent

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  /s/ Paul
 Cattermole

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: Paul Cattermole

 	
  

 
	
  

 	
 Title: Vice President

 	
  

 

45

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 THE BANK OF NEW YORK MELLON (LUXEMBOURG)

 S.A.

 
	
  

 	
 as Registrar
 and Transfer Agent

 	
  

 
	
  

 	
  

 	
  

 
	
  

 	
 By: 

 	
  /s/ Paul
 Cattermole

 	
  

 
	
  

 	
  

 	 

 	
  

 
	
  

 	
 Name: Paul Cattermole

 	
  

 
	
  

 	
 Title: Vice President

 	
  

 

46

APPENDIX 1

NEW
GLOBAL NOTE PROVISIONS

In relation to each Series of Notes that are NGNs, the Fiscal and
Paying Agent will comply with the following provisions:

	
  

 	
  

 
	
 1.

 	
 The Fiscal and Paying Agent will inform each of Euroclear and
 Clearstream, Luxembourg (the “ICSDs”),
 through the common service provider appointed by the ICSDs to service the
 Notes (the “CSP”), of the
 initial issue outstanding amount (“IOA”)
 for each Tranche on or prior to the relevant original issue date.

 
	
  

 	
  

 
	
 2.

 	
 If any event occurs that requires a mark up or mark down of the
 records which an ICSD holds for its customers to reflect such customers’
 interest in the Notes, the Fiscal and Paying Agent will (to the extent known
 to it) promptly provide details of the amount of such mark up or mark down,
 together with a description of the event that requires it, to the ICSDs
 (through the CSP)to ensure that the records of the
 ICSDs reflecting the IOA of the Notes remains at all times accurate.

 
	
  

 	
  

 
	
 3.

 	
 The
 Fiscal and Paying Agent will regularly reconcile its record of the IOA of the
 Notes with information received from the ICSDs (through the CSP) with respect
 to the IOA maintained by the ICSDs for the Notes and will promptly inform the
 ICSDs (through the CSP) of any discrepancies.

 
	
  

 	
  

 
	
 4.

 	
 The
 Fiscal and Paying Agent will promptly assist the ICSDs (through the CSP) in
 resolving any discrepancy identified in the records of the ICSDs reflecting
 the IOA of the Notes.

 
	
  

 	
  

 
	
 5.

 	
 The
 Fiscal and Paying Agent will promptly provide to the ICSDs (through the CSP)
 details of all amounts paid by it under the Notes (or, where the Notes
 provide for delivery of assets other than cash, of the assets so delivered).

 
	
  

 	
  

 
	
 6.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to
 the ICSDs (through the CSP) notice of any changes to the Notes that will
 affect the amount of, or date for, any payment due under the Notes.

 
	
  

 	
  

 
	
 7.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to
 the ICSDs (through the CSP) copies of all information that is given to the
 holders of the Notes.

 
	
  

 	
  

 
	
 8.

 	
 The
 Fiscal and Paying Agent will promptly pass on to the relevant Issuer all
 communications it receives from the ICSDs directly or through the CSP
 relating to the Notes.

 
	
  

 	
  

 
	
 9.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly notify the
 ICSDs (through the CSP) of any failure by the relevant Issuer to make any
 payment or delivery due under the Notes when due.

 

1

APPENDIX 2

NEW
SAFEKEEPING STRUCTURE PROVISIONS

In relation to each Series of Notes that are issued under the NSS, the
Fiscal and Paying Agent will comply with the following provisions:

	
  

 	
  

 
	
 1.

 	
 The Fiscal and Paying Agent will inform each of Euroclear and
 Clearstream, Luxembourg (the “ICSDs”),
 through the common service provider appointed by the ICSDs to service the
 Notes (the “CSP”), of the
 initial issue outstanding amount (“IOA”)
 for each Tranche on or prior to the relevant original issue date.

 
	
  

 	
  

 
	
 2.

 	
 If
 any event occurs that requires a mark up or mark down of the records which an
 ICSD holds for its customers to reflect such customers’ interest in the
 Notes, the Fiscal and Paying Agent will (to the extent known to it) promptly
 provide details of the amount of such mark up or mark down, together with a
 description of the event that requires it, to the ICSDs (through the CSP)to
 ensure that the records of the ICSDs reflecting the IOA of the Notes remains
 at all times accurate.

 
	
  

 	
  

 
	
 3.

 	
 The
 Fiscal and Paying Agent will regularly reconcile its record of the IOA of the
 Notes with information received from the ICSDs (through the CSP) with respect
 to the IOA maintained by the ICSDs for the Notes and will promptly inform the
 ICSDs (through the CSP) of any discrepancies.

 
	
  

 	
  

 
	
 4.

 	
 The
 Fiscal and Paying Agent will promptly assist the ICSDs (through the CSP) in
 resolving any discrepancy identified in the records of the ICSDs reflecting
 the IOA of the Notes.

 
	
  

 	
  

 
	
 5.

 	
 The
 Fiscal and Paying Agent will promptly provide to the ICSDs (through the CSP)
 details of all amounts paid by it under the Notes (or, where the Notes
 provide for delivery of assets other than cash, of the assets so delivered).

 
	
  

 	
  

 
	
 6.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to
 the ICSDs (through the CSP) notice of any changes to the Notes that will
 affect the amount of, or date for, any payment due under the Notes.

 
	
  

 	
  

 
	
 7.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly provide to
 the ICSDs (through the CSP) copies of all information that is given to the
 holders of the Notes.

 
	
  

 	
  

 
	
 8.

 	
 The
 Fiscal and Paying Agent will promptly pass on to the relevant Issuer all
 communications it receives from the ICSDs directly or through the CSP
 relating to the Notes.

 
	
  

 	
  

 
	
 9.

 	
 The
 Fiscal and Paying Agent will (to the extent known to it) promptly notify the
 ICSDs (through the CSP) of any failure by the relevant Issuer to make any
 payment or delivery due under the Notes when due.

 

2

EXHIBIT
A

GENERAL
ELECTRIC CAPITAL CORPORATION

AND AFFILIATES

PROGRAMME FOR THE ISSUANCE OF EURO
MEDIUM-TERM NOTES AND 

OTHER DEBT SECURITIES DUE 9 MONTHS OR MORE FROM DATE OF ISSUE

ADMINISTRATIVE
PROCEDURES

5
APRIL 2012

          Reference
is made to Section 2(c) of the Thirteenth Amended and Restated Euro Medium-Term
Note Distribution Agreement, dated April 5, 2012 (as the same may be further
amended or supplemented from time to time, the “Distribution Agreement”)
pursuant to which Euro Medium-Term Notes and other debt securities (the “Notes”)
are to be offered on a continuous basis by General Electric Capital Corporation
(“GE Capital”),
and each of the other Issuers named therein or made a party thereto from time
to time (together with GE Capital, each an “Issuer”). Notes issued by
each Issuer other than GE Capital will be unconditionally and irrevocably
guaranteed by GE Capital (the “Guarantor”). Each of the Dealers named in
the Distribution Agreement (each a “Dealer”) has agreed to use its best efforts
to solicit offers to purchase the Notes. Each Dealer, as principal, may also
purchase Notes for its own account and if it does so, the relevant Issuer, the
Guarantor (in the case of Notes issued by an Issuer other than GE Capital) and
such Dealer will enter into a terms agreement, as contemplated by the
Distribution Agreement. Each Issuer and the Guarantor has reserved the right in
the Distribution Agreement from time to time to appoint one or more additional
persons either to solicit purchases of Notes from the relevant Issuer by others
or to purchase Notes directly from the relevant Issuer as principal for resale
to others, and any reference herein to “Dealer” shall include each such additional
persons.

          The Notes
will be issued under a Eleventh Amended and Restated Fiscal and Paying Agency
Agreement dated as of April 5, 2012, among each Issuer (including GE Capital in
its capacity as Guarantor of Notes issued by an Issuer other than GE Capital),
The Bank of New York Mellon, as fiscal agent (in such capacity, the “Fiscal Agent”)
and principal paying agent (in such capacity, the “Principal Paying Agent”),
The Bank of New York Mellon (Luxembourg) S.A., as initial registrar and
transfer agent as further amended or supplemented from time to time (the “Fiscal
Agency Agreement”). Unless otherwise specified with respect to a
particular series of Notes, the Fiscal Agent will also act as the
authenticating agent (the “Authenticating Agent”) for the Notes. The
Bank of New York Mellon (Luxembourg) S.A. will be the Registrar for the
Registered Notes (as defined below) and will also perform the duties specified
herein and in the Fiscal Agency Agreement. The Bank of New York Mellon will
also act as Calculation Agent with respect to the Notes unless a different
Calculation Agent is appointed by an Issuer or the Guarantor with respect to a
specific series of Notes. If the relevant Issuer issues any Notes denominated
in Hong Kong dollars, the Principal Paying Agent will act through one of its
branches or agencies located outside of Hong Kong and will request of Euroclear
and Clearstream, Luxembourg (each as defined below) that the common depositary
or, as the case may be, the common safekeeper, act through an office outside of
Hong Kong, or as may otherwise be required by applicable laws or regulations. 

          Series of
Notes may be issued that will not be listed on any stock exchange. As used
herein, the term “series of Notes” shall refer to all Notes
having identical terms but for authentication date and public offering price,
and the term “tranche of Notes” shall refer to all Notes having identical
terms, including authentication date and public offering price.

A-1

          Notes
will bear interest at a fixed rate per annum (the “Fixed Rate Notes”), which may
be zero in the case of certain original issue discount notes (the “OID Notes”),
or at floating rates per annum (the “Floating Rate Notes”). Notes may be
denominated in any currency, subject to any applicable laws and regulations
(the “Specified
Currency”). Unless otherwise specified in the applicable Final Terms
or Securities Note (as the case may be) (each as defined below), the Notes of
each tranche will be in fully registered form (“Registered Notes”). If any
Registered Note is issued in global form (each, a “Global Registered Note”),
then: (i) if such Global Registered Note is intended to be issued under the new
safekeeping structure (“NSS”), such Notes will be registered in the
name of a nominee for Euroclear Bank SA/NV (“Euroclear”) and Clearstream
Banking, Société anonyme (“Clearstream, Luxembourg”) acting as the
common safekeeper (“Common Safekeeper”); and (ii) if such
Global Registered Note is not intended to be issued under the NSS but instead
will be registered in the name of a nominee for the common depositary located
outside the United States (the “Common Depositary”) for Euroclear and
Clearstream under the classic safekeeping structure (“CSS”), such Notes will
continue to be issued in such manner without the use of a Common Safekeeper
under the NSS. 

          If
specified in the applicable Final Terms or Securities Note (as the case may
be), Notes may also be issued in bearer form (“Bearer Notes”), but only if
such issuance is permitted under U.S. federal income tax law at the time of
issuance without adverse consequences to the relevant Issuer. Unless otherwise
specified in the applicable Final Terms or Securities Note (as the case may
be), Bearer Notes will initially be represented by one or more temporary global
Notes (each, a “Temporary Global Note”), without interest coupons attached,
and will (i) if the Global Note (as defined below) is intended to be issued in
new global note (“NGN”) form, as stated in the applicable
Final Terms or Securities Note (as the case may be), be delivered on or prior
to the original issue date of the tranche of Notes to a Common Safekeeper for
Euroclear and Clearstream; and (ii) if the Global Note is to be issued in
classic global note (“CGN”) form, be delivered to a Common
Depository for Euroclear and Clearstream, Luxembourg and subsequently by a
permanent global Note (each, a “Permanent Global Note”) and/or one or more
definitive Bearer Notes (each, a “Definitive Bearer Note”), with coupons, if
any, attached. 

          As used in
this Agreement, the term “Note” includes any Temporary Global Note,
Permanent Global Note, Global Registered Note or Definitive Note issued
pursuant to the Fiscal Agency Agreement and “Global Note” means (i) in the
case of Registered Notes, a Global Registered Note and (ii) in the case of
Bearer Notes, a Temporary Global Note or a Permanent Global Note.

          References
to “Bearer
Notes” shall, except where otherwise indicated, include interests in
a Temporary Global Note or Permanent Global Note as well as Definitive Bearer
Notes and any coupons attached thereto. If so specified in the applicable Final
Terms or Securities Note (as the case may be), a tranche or series of Notes may
also be held in alternative clearance systems.

          The Notes
may be described in an Offering Document prepared by each Issuer (including GE
Capital in its capacity as Guarantor of Notes issued by an Issuer other than GE
Capital), which may be amended from time to time (the “Offering Document”). The
terms of each tranche of Notes issued under the Fiscal Agency Agreement will be
described in either:

	
  

 	
  

 	
  

 
	
  

 	
           (i)      a supplement to the Base Prospectus (each such supplement hereinafter
 referred to as the “Final Terms”). The term “Prospectus”
 is used herein to describe the Base Prospectus together with the applicable
 Final Terms unless the context otherwise requires; or

 

A-2

	
  

 	
  

 	
  

 
	
  

 	
           (ii)      a supplement to the Registration Document (each supplement
 hereinafter referred to as the “Securities Note”). The term “Registration
 Document” is used herein to describe the Registration Document
 together with the applicable Securities Note unless the context otherwise
 requires.

 

          In case of any conflict between these Administrative Procedures and
either the Distribution Agreement or the Fiscal Agency Agreement, the terms of
the Distribution Agreement or the Fiscal Agency Agreement, respectively, shall
govern. Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Distribution Agreement or in the Fiscal Agency
Agreement.

ADMINISTRATIVE PROCEDURES

	
  

 	
  

 	
  

 
	
 Issuance:

 	
 Bearer Notes. Each
 Bearer Note in global form which is intended to be issued in CGN form will be
 dated and issued as of the date of authentication by the Fiscal Agent. Each
 Bearer Note in global form which is intended to be issued in NGN form and is
 intended to be Eurosystem-eligible collateral (a “Eurosystem-eligible NGN”)
 will be dated and issued as of the date of both authentication by the Fiscal
 Agent and effectuation by the Common Safekeeper. Each Note will bear an
 original issue date, which will be (i) with respect to a Temporary Global
 Note (or any portion thereof), the date of its original issue as specified in
 such Temporary Global Note or (ii) with respect to any Permanent Global Note
 or Definitive Bearer Note (or portion thereof) issued subsequently upon
 transfer or exchange of a Bearer Note or in lieu of a destroyed, lost or
 stolen Bearer Note, the original issue date of the predecessor Bearer Note,
 regardless of the date of authentication (and effectuation, as applicable) of
 such subsequently issued Bearer Note. 

 
	
  

 	
  

 
	
  

 	
 Each Bearer Note (including any global Note) and interest coupon, if
 any, will bear the following legend:

 
	
  

 	
  

 
	
  

 	
  

 	
 “Any United States person who holds this obligation will be subject
 to limitations under the United States Income Tax laws, including the
 limitations provided for in sections 165(j) and 1287(a) of the Code.”

 
	
  

 	
  

 	
  

 
	
  

 	
 Each Bearer Note issued by an Irish Issuer with a maturity of less
 than one year shall carry the title “Commercial Paper”, include a statement to
 the effect that it is guaranteed and identify the Guarantor by name and bear
 the following legend:

 
	
  

 	
  

 
	
  

 	
  

 	
 “This Note is issued in accordance with an exemption granted by the
 Central Bank of Ireland (the “Central Bank”) under section 8(2) of the
 Central Bank Act, 1971 of Ireland, as inserted by section 31 of the Central
 Bank Act, 1989 of Ireland, as amended by section 70(d) of the Central Bank
 Act, 1997 of Ireland and as amended by Schedule 3 of Part 4 of the Central
 Bank and Financial Services Authority of Ireland Act, 2004. [Insert
 name of

 

A-3

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 relevant Irish Issuer] is not regulated by the Central
 Bank arising from the issue of Notes. An investment in Notes issued by [insert
 name of relevant Irish
 Issuer] with a maturity of less than one year does
 not have the status of a bank deposit and is not within the scope of the
 Deposit Protection Scheme operated by the Central Bank.”.

 
	
  

 	
  

 	
  

 
	
  

 	
 Registered Notes.
 Except as described below, each Registered Note will be dated and issued as
 of the date of its authentication by the Authenticating Agent. Each
 Registered Note will bear an original issue date, which will be (i) with
 respect to an original Registered Note (or any portion thereof), its original
 issuance date (which will be the settlement date), (ii) with respect to any
 Registered Note (or portion thereof) issued subsequently upon transfer or
 exchange of a Registered Note or in lieu of a destroyed, lost or stolen
 Registered Note, the original issuance date of the predecessor Registered
 Note, regardless of the date of authentication of such subsequently issued
 Registered Note and (iii) with respect to any Registered Note (or portion thereof)
 issued in exchange for an interest in a Permanent Global Note, the last date
 on which interest was paid on such Permanent Global Note or any predecessor
 Note. 

 
	
  

 	
  

 	
  

 
	
  

 	
 Each
 Global Registered Note that is intended to be issued under the NSS and is
 intended to be Eurosystem-eligible collateral (a “Eurosystem-eligible NSS”)
 will be: (i) dated and issued as of the date of both authentication by the
 Fiscal Agent and effectuation by the Common Safekeeper and (ii) registered in
 the name of a nominee for Euroclear and Clearstream acting as the Common
 Safekeeper. Each Global Registered Note that is not intended to be issued
 under the NSS but instead will be registered in the name of a nominee for the
 Common Depositary for Euroclear and Clearstream under the CSS, will continue
 to be issued in the manner prescribed in the preceding paragraph without the
 use of a Common Safekeeper under the NSS.

 
	
  

 	
  

 	
  

 
	
  

 	
 Each Registered Note issued by an Irish Issuer with a maturity of
 less than one year shall carry the title “Commercial Paper”, include a statement
 to the effect that it is guaranteed and identify the Guarantor by name and
 bear the following legend:

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 “This Note is issued in accordance with an exemption granted by the
 Central Bank of Ireland (the “Central Bank”) under section 8(2) of the
 Central Bank Act, 1971 of Ireland, as inserted by section 31 of the Central
 Bank Act, 1989 of Ireland, as amended by section 70(d) of the Central Bank
 Act, 1997 of Ireland and as amended by Schedule 3 of Part 4 of the Central
 Bank and Financial Services Authority of Ireland Act 2004. [Insert
 name of relevant Irish Issuer] is not regulated by the Central
 Bank arising from the issue of Notes. An 

 

A-4

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 investment in Notes issued by [insert name of relevant Irish Issuer]
 with a maturity of less than one year does not have the status of a bank
 deposit and is not within the scope of the Deposit Protection Scheme operated
 by the Central Bank.”.

 
	
  

 	
  

 	
  

 
	
 Registration:

 	
 Registered Notes will be issued only in fully registered form without
 coupons. 

 
	
  

 	
  

 	
  

 
	
 Guarantee:

 	
 Each Note issued by an Issuer other than GE Capital will have the
 Guarantee of the Guarantor endorsed thereon.

 
	
  

 	
  

 	
  

 
	
 Transfers and

 	
  

 	
  

 
	
 Exchanges:

 	
 Bearer Notes. For so long as any of the Notes are
 represented by a global Note, each person who is for the time being shown in
 the records of Euroclear or Clearstream, Luxembourg as the holder of a
 particular principal amount of Notes (in which regard any certificate or
 other document issued by Euroclear or Clearstream, Luxembourg as to the
 principal amount of such Notes standing to the account of any person shall be
 conclusive and binding for all purposes except in the case of manifest error)
 shall be treated as the holder of such principal amount of such Notes for all
 purposes other than with respect to the payment of principal or interest on
 the Notes, the right to which shall be vested, as against the Issuers, the
 Fiscal Agent and any Paying Agent solely in the bearer of the relevant global
 Note in accordance with and subject to its terms. Transfers of interests in a
 Temporary or Permanent Global Note will be made by Euroclear or Clearstream,
 Luxembourg in accordance with its
 customary operating procedures. Title to definitive Bearer Notes and coupons
 will pass by physical delivery. The bearer of each coupon, whether or not
 attached to a definitive Bearer Note, shall be subject to and bound by all
 the provisions contained in the definitive Bearer Note to which such coupon
 relates. The bearer of any definitive Bearer Note and any coupon may, to the
 fullest extent permitted by applicable law, be treated at all times, by all
 persons and for all purposes as the absolute owner of such definitive Bearer
 Note or coupon, as the case may be, regardless of any notice of ownership,
 theft or loss or of any writing thereon. Bearer Notes may be exchanged, if so
 provided in the applicable Final Terms or Securities Note (as the case may
 be), for Registered Notes. 

 
	
  

 	
  

 	
  

 
	
  

 	
 Registered Notes. A Registered Note may be presented for
 transfer or exchange at the corporate trust office of the Registrar or any
 Transfer Agent appointed under the Fiscal Agency Agreement. Registered Notes
 will be exchangeable for other Registered Notes having identical terms but
 different denominations without service charge. Registered Notes will not be
 exchangeable for Bearer Notes.

 
	
  

 	
  

 	
  

 
	
 Maturities:

 	
 Each Note will mature on a date from nine months or more from its
 date of issue; provided, however, Notes denominated in 

 

A-5

	
  

 	
  

 	
  

 
	
  

 	
 Specified Currencies other than US dollars may be subject to
 restrictions on maturities as provided for in the Distribution Agreement or
 as otherwise may be required by regulations of the applicable central bank or
 similar monetary authority of the country issuing the Specified Currency.

 
	
  

 	
  

 	
  

 
	
 Specified
 Currency:

 	
 The currency denomination with respect to any Note and the payment of
 interest and the repayment of principal with respect to any such Note shall
 be as set forth therein and in the applicable Final Terms or Securities Note
 (as the case may be). 

 
	
  

 	
  

 	
  

 
	
 Denominations:

 	
 Notes will be issued in such denominations as may be agreed between
 the Issuer and the relevant Dealer(s) and as indicated in the applicable
 Final Terms or Securities Note (as the case may be) provided always that (i)
 the minimum denomination of each Note will be such as may be allowed or
 required from time to time by the relevant central bank (or equivalent body)
 or any laws or regulations applicable to the relevant Specified Currency; and
 (ii) Notes issued by an Irish Issuer will be subject to a minimum
 denomination of €1,000 (or the equivalent in another Specified Currency).
 Notes issued by the Irish Issuer with a maturity date of less than one year
 will be subject to a minimum denomination of €125,000 or its foreign currency
 equivalent. For the avoidance of doubt, so long as any Notes are listed on
 the SGX-ST and the rules of the SGX-ST so require, such Notes will be traded
 on the SGX-ST in a minimum board lot size of S$200,000 or its equivalent in
 other currencies.

 
	
  

 	
  

 	
  

 
	
 Global Notes
 and Definitive

 	
  

 	
  

 
	
 Bearer and
 Registered Notes:

 	
 Bearer Notes.
 Until the 40th day following the date of issuance of any tranche of Bearer
 Notes or such other date as may be required to comply with the terms of
 Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as
 amended, as described in the Distribution Agreement (the “Exchange
 Date”), and until Final Certification (as defined below) in
 accordance with TEFRA D, such tranche of Bearer Notes will be represented by
 one or more Temporary Global Notes in bearer form without interest coupons.
 The relevant Issuer shall execute, and upon the instructions of the relevant
 Issuer the Authenticating Agent shall complete and authenticate, and with
 respect to a Eurosystem-eligible NGN the Authenticating Agent shall also
 instruct the Common Safekeeper to effectuate, such Temporary Global Note upon
 the same conditions and in substantially the same manner, and with the same
 effect, as an individual definitive Bearer Note. On or prior to the
 settlement date (which will normally be the original issue date) with respect
 to such Notes, the Authenticating Agent shall (i) with respect to a Temporary
 Global Note which is intended to be issued in NGN form, deposit the
 authenticated and effectuated Temporary Global Note with the Common
 Safekeeper and (ii) with respect to a Temporary Global Note which is intended
 to be issued in CGN form deposit the Temporary Global Note with the Common Depositary,
 in each case, in the manner specified below under “Settlement 

 

A-6

	
  

 	
  

 
	
  

 	
 Procedures; Bearer
 Notes”. The interest of each beneficial owner of
 Bearer Notes represented by such Temporary Global Note will be credited to
 the appropriate account with Euroclear or Clearstream, Luxembourg, as
 specified below under “Interest ― General; Bearer Notes”.

 
	
  

 	
  

 
	
  

 	
 On or after the Exchange Date and provided that Final Certification
 (as described below) has occurred, the interest of the beneficial owners of
 the Notes represented by the Temporary Global Note shall be cancelled and
 such interests shall thereafter be represented by a Permanent Global Note or
 Definitive Bearer Notes or, if provided in the applicable Final Terms or
 Securities Note (as the case may be), by definitive Registered Notes. The
 interest of each beneficial owner of Bearer Notes represented by a Permanent
 Global Note will be credited to the appropriate account with Euroclear or
 Clearstream, Luxembourg.

 
	
  

 	
  

 
	
  

 	
 The beneficial owner of an interest in a Permanent Global Note may,
 at any time, upon 30 days’ written notice to the Fiscal Agent as provided in
 the Fiscal Agency Agreement given by such beneficial owner through either
 Euroclear or Clearstream, Luxembourg, as the case may be, exchange its
 beneficial interest in such Permanent Global Note for one or more Definitive
 Bearer Notes (or, if provided in the applicable Final Terms or Securities
 Note (as the case may be), a Registered Note) equal in aggregate principal
 amount to such beneficial interest. Upon receipt by the Fiscal Agent of an
 initial request to exchange an interest in a Permanent Global Note for a
 Definitive Bearer Note or Notes, all other interests in such Permanent Global
 Note shall, so long as Euroclear or Clearstream, Luxembourg shall so require,
 be exchanged for Definitive Bearer Notes. Such exchange shall occur at no
 expense to the beneficial owners as soon as practicable after the receipt of
 the initial request for Definitive Bearer Notes. After such exchange has
 occurred, all remaining interests in the Temporary Global Note will be
 exchangeable only for definitive Bearer Notes or (if so provided in the
 applicable Final Terms or Securities Note (as the case may be)) for
 definitive Registered Notes.

 
	
  

 	
  

 
	
  

 	
 In all events, Bearer Notes will be delivered by the Fiscal Agent
 only outside the United States to non-U.S. persons. 

 
	
  

 	
  

 
	
  

 	
 Registered Notes.
 If the applicable Final Terms or Securities provides for the issuance of
 Global Registered Notes, then the relevant Issuer shall execute, and upon the
 instructions of the relevant Issuer, the Authenticating Agent shall complete
 and authenticate, and with respect to a Eurosystem-eligible NSS, the
 Authenticating Agent shall also instruct the Common Safekeeper to effectuate,
 such Global Register Note. On or prior to the settlement date (which will
 normally be the original issue date) with respect to such Notes, the
 Authenticating Agent shall (i) with respect to each Global Registered Note
 intended to be issued 

 

A-7

	
  

 	
  

 
	
  

 	
 under the NSS, cause the note to be registered in the name of a
 nominee for the Common Safekeeper and deposit the authenticated and
 effectuated Global Registered Note with the Common Safekeeper and (ii) with
 respect to a Global Registered Note which is intended to be issued under the
 CSS, cause the note to be registered in the name of a nominee for the Common
 Depositary and deposit the Global Registered Note with the Common Depositary,
 in each case, in the manner specified below under “Settlement Procedures; Registered
 Notes”.

 
	
  

 	
  

 
	
 Final
 Certification:

 	
 Bearer Notes.
 Final Certification with respect to a Temporary Global Note shall mean the
 delivery by Euroclear or Clearstream, Luxembourg, as the case may be, to the
 Fiscal Agent of certification of non-U.S. beneficial ownership substantially
 similar to the form set forth in Exhibit B-2 to the Fiscal Agency Agreement (a
 “Clearance
 System Certificate”) with respect to the Notes being exchanged,
 dated no earlier than the Exchange Date for such Notes, to the effect that
 Euroclear or Clearstream, Luxembourg, as the case may be, has received certificates
 of non-U.S. beneficial ownership (“Certificates of Non-U.S. Beneficial Ownership”)
 in the form set forth in Exhibit B-1 to the Fiscal Agency Agreement with
 respect to each of such Notes, which Certificates of Non-U.S. Beneficial
 Ownership shall be dated no earlier than ten days before the Exchange Date
 and shall be delivered by the account holders appearing on its records as
 entitled to such Notes. 

 
	
  

 	
  

 
	
 Interest:

 	
 The following is a summary of terms of the Notes with respect to
 interest and is for informational purposes only; the terms of each Note as
 described in the applicable Final Terms and the Prospectus (in the case of
 Notes issued by way of the Prospectus) or the applicable Securities Note and
 Registration Document (in the case of Notes issued by way of the Registration
 Document) shall govern in the case of any conflict with the provisions set
 forth below. Terms used but not defined herein shall have the meanings
 assigned to them in the Offering Document. 

 

A-8

	
  

 	
  

 
	
  

 	
 General: Bearer
 Notes. Interest on each Bearer Note will accrue from
 and including the original issue date of such Note for the first interest
 period and from and including the most recent date to which interest has been
 paid for all subsequent interest periods. Each payment of interest on a
 Bearer Note will include interest accrued from and including the next
 preceding Interest Payment Date in respect of which interest has been paid
 (or from and including the date of issue, if no interest has been paid) to
 but excluding the Interest Payment Date; provided, however, that in the case
 of Floating Rate Notes on which the interest rate is reset daily or weekly,
 each interest payment will include interest accrued from and including the
 date of issue or from but excluding the fifteenth calendar day preceding the
 next preceding Interest Payment Date (whether or not such fifteenth calendar
 day is a Business Day), unless otherwise specified in the applicable Final
 Terms or Securities Note (as the case may be); and provided, further, that interest
 in respect of any Interest Payment Date on any interest in a Temporary Global
 Note for which Final Certification has not been made shall not be paid until
 the occurrence of the earlier of (1) Final Certification with respect to such
 interest in such Temporary Global Note and (2) in the case of an Interest
 Payment Date occurring between the original issue date and the Exchange Date,
 delivery by Euroclear or Clearstream, Luxembourg, as the case may be, to the
 Fiscal Agent of a Clearance System Certificate dated no earlier than such
 Interest Payment Date to the effect that Euroclear or Clearstream, Luxembourg,
 as the case may be, has received Certificates of Non-U.S. Beneficial
 Ownership with respect to such interests in the Temporary Global Note, which
 Certificates of Non-U.S. Beneficial Ownership shall have been dated no
 earlier than ten days before such Interest Payment Date and shall be signed
 by the account holders appearing on its records as entitled to such Notes.

 
	
  

 	
  

 
	
  

 	
 Fixed Rate Bearer
 Notes. Unless otherwise specified in the applicable
 Final Terms or Securities Note (as the case may be), interest payments on
 Fixed Rate Bearer Notes will be made on the dates specified in the applicable
 Final Terms or Securities Note (as the case may be) and at maturity or upon
 any earlier redemption or repayment. 

 
	
  

 	
  

 
	
  

 	
 Floating Rate
 Bearer Notes. Interest payments will be made on
 Floating Rate Bearer Notes monthly, quarterly, semi-annually or annually.
 Except as provided below or as specified in the applicable Final Terms or
 Securities Note (as the case may be), interest will be payable, in the case
 of Floating Rate Bearer Notes with a daily, weekly or monthly Interest Reset
 Date, on the third Wednesday of each month or on the third Wednesday of
 March, June, September and December, as specified pursuant to “A”
 under “Settlement
 Procedures; Bearer Notes” below (“Settlement Procedure “A”
 ”); in the case of Notes with a quarterly Interest Reset Date, on the third
 Wednesday of March, 

 

A-9

	
  

 	
  

 
	
  

 	
 June, September and December of each year; in the case of Notes with
 a semi-annual Interest Reset Date, on the third Wednesday of the two months
 specified pursuant to Settlement Procedure “A” and in the case of Notes with
 an annual Interest Reset Date, on the third Wednesday of the month specified
 pursuant to Settlement Procedure “A” and, in each case, on the Maturity Date.
 If any such Interest Payment Date is not a Business Day, the provisions set
 forth under “Payments of Principal and Interest ― Bearer Notes”
 shall apply.

 
	
  

 	
  

 
	
  

 	
 General:
 Registered Notes. Interest on each Registered Note
 will accrue from and including the original issue date of such Note for the
 first interest period and from and including the most recent date to which
 interest has been paid for all subsequent interest periods. Each payment of
 interest on a Registered Note will include interest accrued from and
 including the next preceding Interest Payment Date in respect of which
 interest has been paid (or from and including the date of issue, if no
 interest has been paid) to but excluding the Interest Payment Date, provided,
 however, that in the case of Floating Rate Notes which reset daily or weekly,
 interest payments will include interest from and including the date of issue
 or from but excluding the last Record Date to which interest has been paid,
 as the case may be, through and including the Record Date next preceding the
 Interest Payment Date, unless otherwise specified in the applicable Final
 Terms or Securities Note (as the case may be); and provided, further, that at
 the Maturity Date, the interest payable will include interest accrued to but
 excluding the Maturity Date. 

 
	
  

 	
  

 
	
  

 	
 Fixed Rate
 Registered Notes. Unless otherwise specified in the
 applicable Final Terms or Securities Note (as the case may be), interest
 payments on Fixed Rate Registered Notes will be made on the dates specified
 in the applicable Final Terms or Securities Note (as the case may be) and at
 the Maturity Date; provided, however, that in the case of Registered Fixed
 Rate Notes issued between a Record Date and an Interest Payment Date, the
 first interest payment will be made on the Interest Payment Date following
 the next succeeding Record Date. 

 
	
  

 	
  

 
	
  

 	
 Floating Rate
 Registered Notes. Interest payments will be made on
 Floating Rate Registered Notes monthly, quarterly, semiannually or annually.
 Except as provided below or as specified in the applicable Final Terms or
 Securities Note (as the case may be), interest will be payable, in the case
 of Floating Rate Registered Notes with a daily, weekly or monthly Interest
 Reset Date, on the third Wednesday of each month or on the third Wednesday of
 March, June, September and December, as specified pursuant to “AA” below
 under “Settlement
 Procedures; Registered Notes” (“Settlement Procedure “AA”
 ”); in the case of Notes with a quarterly Interest Reset Date, on the third
 Wednesday of March, June, September and December of each year; in the case of
 Notes with a semi-annual Interest Reset Date, 

 

A-10

	
  

 	
  

 	
  

 
	
  

 	
 on the third Wednesday of the two months specified pursuant to
 Settlement Procedure “AA”; and in the case of Notes with an annual Interest
 Reset Date, on the third Wednesday of the month specified pursuant to
 Settlement Procedure “AA” and, in each case, on the Maturity Date; provided,
 however, that in the case of Registered Floating Rate Notes issued between a
 Record Date and an Interest Payment Date, the first interest payment will be
 made on the Interest Payment Date following the next succeeding Record Date.
 If any such Interest Payment Date is not a Business Day, the provisions set
 forth under “Payments of Principal and Interest ― Registered Notes”
 shall apply.

 
	
  

 	
  

 	
  

 
	
 Calculation
 of Interest:

 	
 The following is a summary of terms of the Notes with respect to the
 calculation of interest and is for informational purposes only; the terms of
 each Note as described in the applicable Final Terms and the Prospectus (in
 the case of Notes issued by way of the Prospectus) or the applicable
 Securities Note and Registration Document (in the case of Notes issued by way
 of the Registration Document) shall govern in the case of any conflict with the
 provisions set forth below. Terms used but not defined herein shall have the
 meanings assigned to them in the Offering Document. 

 
	
  

 	
  

 	
  

 
	
  

 	
 Fixed Rate Notes.
 Interest will be calculated as specified in either (i) the Base Prospectus or
 as modified in the applicable Final Terms or (ii) the Securities Note (as the
 case may be).

 
	
  

 	
  

 	
  

 
	
  

 	
 Floating Rate
 Notes. Interest will be calculated as specified in
 either (i) the Base Prospectus or as modified in the applicable Final Terms
 or (ii) the Securities Note (as the case may be).

 
	
  

 	
  

 	
  

 
	
 Payments of
 Principal

 	
  

 	
  

 
	
 and
 Interest:

 	
 The following is a summary of terms of the Notes with respect to the
 payment of principal and interest and is for informational purposes only; the
 terms of each Note (as described in either (i) the Final Terms and the Base
 Prospectus or (ii) the Registration Document and the Securities Note (as the
 case may be)) and the Fiscal Agency Agreement shall govern in the case of any
 conflict with the provisions set forth below. Terms used but not defined
 herein shall have the meanings assigned to them in the Fiscal Agency
 Agreement.

 
	
  

 	
  

 	
  

 
	
  

 	
 Bearer Notes.
 Except as otherwise provided in the Bearer Notes, payment of the principal
 amount of each Bearer Note at the Maturity Date thereof will be made only
 upon presentation and surrender of such Bearer Note to the Principal Paying
 Agent or any Paying Agent outside the United States. Such payment, together
 with payment of interest due at the Maturity Date of such Note, will be made
 in funds available for immediate use by the Principal Paying Agent or such
 Paying Agent and in turn by the holder of such Note. Bearer Notes presented
 to the Principal 

 

A-11

	
  

 	
  

 	
  

 
	
  

 	
 Paying Agent or a Paying Agent at the Maturity Date for payment will
 be cancelled or destroyed by such paying agent and delivered to the relevant
 Issuer with a certificate of cancellation or destruction, as applicable. All
 interest payments on a Bearer Note (other than interest due at the Maturity
 Date) will be made by check drawn on the Principal Paying Agent (or another
 person appointed by the Principal Paying Agent) and delivered to an address
 outside the United States by the Principal Paying Agent to the person
 entitled thereto or by wire transfer of immediately available funds to an
 account maintained by the payee with a bank located outside the United
 States.

 
	
  

 	
  

 	
  

 
	
  

 	
 Except as specified in “Interest ― General; Bearer Notes”
 above, interest on a Global Note shall be payable to the beneficial owner
 thereof through credit to the account of such owner or of the custodian bank
 of such owner with Euroclear or Clearstream, Luxembourg. On the occasion of each payment, (i) in the
 case of a CGN, the Paying Agent to which any Global Note was presented for
 the purpose of making the payment shall cause the appropriate schedule to the
 relevant Global Note to be annotated so as to evidence the amounts and dates
 of the payments of principal and/or interest as applicable or (ii) in the
 case of any Global Note which is a NGN, the Fiscal Agent shall instruct
 Euroclear and Clearstream, Luxembourg to make appropriate entries in their
 records to reflect such payment. Except as otherwise provided in the
 Bearer Notes, interest on a definitive Bearer Note shall be payable to the
 holder of the appropriate coupon appertaining thereto only upon presentation
 and surrender of such coupon at the office of the Principal Paying Agent or
 any other Paying Agent outside the United States.

 
	
  

 	
  

 	
  

 
	
  

 	
 If any Fixed Interest Payment Date or the Maturity Date or redemption
 or repayment date of a Fixed Rate Bearer Note is not a Business Day, the
 payment due on such day shall be made on the next succeeding Business Day and
 no interest shall accrue on such payment for the period from and after such
 Fixed Interest Payment Date or Maturity Date, as the case may be. If any
 Interest Payment Date (other than the Maturity Date) for any Floating Rate
 Bearer Note would fall on a day that is not a Business Day with respect to
 such Note, such Interest Payment Date will be the following day that is a
 Business Day with respect to such Note at which time the Issuer will pay
 additional interest that has accrued up to but excluding such following
 Business Day, except that, if such Business Day is in the next succeeding
 calendar month, such Interest Payment Date shall be the immediately preceding
 day that is a Business Day. If the Maturity Date for any Floating Rate Bearer
 Note would fall on a day that is not a Business Day with respect to such
 Note, the payment of principal, premium, if any, and interest, if any, will
 be made on the following day that is a Business Day with respect to such
 Note, and no interest shall accrue for the period from and after such
 Maturity Date.

 

A-12

	
  

 	
  

 	
  

 
	
  

 	
 Registered Notes.
 Except as otherwise provided in a Registered Note, the Principal Paying Agent
 will pay the principal amount of each Registered Note at the Maturity Date
 upon presentation and surrender of such Note to its offices. Such payment,
 together with payment of interest due at the Maturity Date of such Note, will
 be made in funds available for immediate use by the Principal Paying Agent
 and in turn by the holder of such Note. Registered Notes presented to the
 Principal Paying Agent at the Maturity Date for payment will be cancelled or
 destroyed and delivered to the relevant Issuer with a certificate of
 cancellation or destruction, as applicable. All interest payments on a
 Registered Note (other than interest due at the Maturity Date) will be made
 by check drawn on the Principal Paying Agent (or another person appointed by
 the Principal Paying Agent) and mailed by the Principal Paying Agent to the
 person entitled thereto as provided in such Note and the Fiscal Agency
 Agreement or by wire transfer of immediately available funds. Following each
 Record Date, the Principal Paying Agent will furnish the relevant Issuer with
 a list of interest payments to be made on the following Interest Payment Date
 for each Registered Note and in total for all Registered Notes. Interest at
 the Maturity Date will be payable to the person to whom the payment of
 principal is payable. The Principal Paying Agent will provide monthly to the
 relevant Issuer lists of principal and interest, to the extent ascertainable,
 to be paid on Registered Notes maturing or to be redeemed in the next month.
 The Principal Paying Agent will be responsible for withholding taxes on
 interest paid on Registered Notes as required by applicable law. 

 
	
  

 	
  

 
	
  

 	
 If any Fixed Interest Payment Date or the Maturity Date of a Fixed
 Rate Registered Note is not a Business Day, the payment due on such day shall
 be made on the next succeeding Business Day and no interest shall accrue on
 such payment for the period from and after such Fixed Interest Payment Date
 or Maturity Date, as the case may be. If any Interest Payment Date (other
 than the Maturity Date) for any Floating Rate Registered Note would fall on a
 day that is not a Business Day with respect to such Note, such Interest
 Payment Date will be the following day that is a Business Day with respect to
 such Note at which time the Issuer will pay additional interest that has
 accrued up to but excluding such following Business Day, except that, if such
 Business Day is in the next succeeding calendar month, such Interest Payment
 Date shall be the immediately preceding day that is a Business Day. If the
 Maturity Date for any Floating Rate Registered Note would fall on a day that
 is not a Business Day with respect to such Note, the payment of principal,
 premium, if any, and interest, if any, will be made on the following day that
 is a Business Day with respect to such Note, and no interest shall accrue for
 the period from and after such Maturity Date.

 

A-13

	
  

 	
  

 	
  

 
	
 Preparation of
Final Terms:

 	
 
If
 any offer to purchase a tranche of Notes is accepted by or on behalf of the
 relevant Issuer, and the tranche of Notes is to be issued and documented by
 way of the Prospectus, the relevant Issuer and (in the case of Notes issued
 by an Issuer other than GE Capital) the Guarantor will prepare the final
 terms (the “Final Terms”) reflecting the terms of such tranche of Note
 and will deliver a copy of such Final Terms to the relevant Dealer as such
 Dealer shall request as soon as practicable, but in no event later than 5
 Business Days following the date such offer to purchase Notes is accepted.
 The relevant Dealer will cause such Final Terms together with the Base
 Prospectus to be delivered to each purchaser of such tranche of Note. In
 addition, the relevant Issuer shall forward the Final Terms to the Fiscal
 Agent as soon as it becomes available but in no event later than the issue date.

 
	
  

 	
  

 	
  

 
	
  

 	
 In each instance that Final Terms are prepared, the Dealers receiving
 such Final Terms will affix the Final Terms to the Base Prospectus prior to
 their use. Outdated Final Terms, and the Base Prospectus to which they are
 attached (other than those retained for files), will be destroyed.

 
	
  

 	
  

 
	
 Preparation
 of

 	
  

 	
  

 
	
 Securities Note:

 	
 If
 any offer to purchase a tranche of Notes is accepted by or on behalf of the
 relevant Issuer, and the tranche of Notes is to be issued by way of the
 Registration Document and documented in a securities note supplemental to the
 Registration Docuement, the relevant Issuer and (in the case of Notes issued
 by an Issuer other than GE Capital) the Guarantor will prepare such
 securities note (the “Securities Note”) reflecting the terms of
 such tranche of Note and will deliver a copy of such Securities Note to the
 relevant Dealer as such Dealer shall request as soon as practicable, but in
 no event later than 5 Business Days following the date such offer to purchase
 Notes is accepted. The relevant Dealer will cause such Securities Note
 together with the Base Prospectus to be delivered to each purchaser of such
 tranche of Note. In addition, the relevant Issuer shall forward the
 Securities 

 
	
  

 	
  

 	
  

 
	
  

 	
 Note to the Fiscal Agent
 as soon as it becomes available but in no event later than the issue date

 
	
  

 	
  

 	
  

 
	
  

 	
 In each instance that a Securities Note is prepared, the Dealers receiving such Securities Note will affix the Securities Note to the Registration
 Document prior to their use. Outdated Securities
 Notes, and the Registration Document to which they are attached (other
 than those retained for files), will be destroyed.

 
	
  

 	
  

 
	
 Settlement:

 	
 The receipt by the relevant Issuer of immediately available funds in
 exchange for: (i) in the case of a Global Note issued in CGN form, the
 delivery of an authenticated Temporary Global Note to the Common Depositary;
 or (ii) in the case of a Global Note issued in NGN form, the delivery of an
 authenticated Temporary Global Note to, and which is then effectuated by, the
 Common 

 

A-14

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Safekeeper, in each case, in the manner described in “Settlement
 Procedures; Bearer Notes” below; or (iii) in the case of a Global
 Registered Note held under the CSS, an authenticated Global Registered Note,
 completed by appending the Final Terms to the executed blank Note previously
 delivered by the Issuer, and authenticated by and registered in the name of a
 nominee for the Common Depository; or (iv) in the case of a Global Registered
 Note issued under the NSS, the delivery of an authenticated Global Registered
 Note, completed by appending the Final Terms to the executed blank Note
 previously delivered by the Issuer, and which is then effectuated by, and
 registered in the name of a nominee for, the Common Safekeeper, in each case
 shall constitute “settlement” with respect to such Note.
 All orders accepted by the relevant Issuer will be settled on such date as
 the relevant Issuer and the purchaser shall agree upon.

 
	
  

 	
  

 	
  

 	
  

 
	
 Settlement
 Procedures;

 	
  

 	
  

 	
  

 
	
 Bearer
 Notes:

 	
 Settlement Procedures with regard to each Bearer Note sold by each
 Issuer to or through a Dealer shall be as follows:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 A.

 	
 The relevant
 Dealer will advise the relevant Issuer by telephone that such Note is
 initially a Bearer Note and of the following settlement information: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1.

 	
 Principal
 amount.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.

 	
 Maturity
 Date.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 3.

 	
 In the case of a Fixed Rate Bearer Note, the Fixed Interest Rate, the
 Interest Payment Period, the Fixed Interest Payment Dates, the Determination
 Dates, the Interest Commencement Date, the Fixed Day Count Fraction, and
 whether such Note is an Amortizing Note and, if so, the amortization
 schedule.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 In the case of a Floating Rate Bearer Note, the Initial Interest Rate
 (if known at such time), the Interest Payment Dates, the Interest Payment
 Period, the Calculation Agent, the Base Rate, the Index Maturity, the
 Interest Reset Period, the Interest Determination Date, the Interest Reset
 Dates, the Spread or Spread Multiplier (if any), the Minimum Interest Rate
 (if any), the Maximum Interest Rate (if any), the Alternate Rate Event Spread
 (if any) and the Floating Day Count Fraction.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 4.

 	
 Redemption
 or repayment provisions, if any.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 5.

 	
 Settlement
 date and time.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 6.

 	
 Issue Price.

 

A-15

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 7.

 	
 Denominations.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 8.

 	
 Specified Currency.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 9.

 	
 Ranking.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 10.

 	
 Dealer’s commission, if any, determined as provided in the
 Distribution Agreement.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 11.

 	
 Dealer’s account number at Clearstream or Euroclear.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 12.

 	
 Whether the Global Note constituting the Notes will be issued in CGN
 form or NGN form.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 13.

 	
 Whether the Note is an Indexed Note, and if it is an Indexed Note,
 the Indexed Currency, the Currency Base Rate and the Determination Agent.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 14.

 	
 Whether the Note is a Dual Currency Note, and if it is a Dual
 Currency Note, the Face Amount Currency, the Optional Payment Currency, the
 Designated Exchange Rate, the Option Election Dates and the Option Value
 Calculation Agent. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 15.

 	
 Whether the Note is an Extendible Note, and if it is an Extendible
 Note, the Initial Maturity Date, the Election Date and the Final Maturity
 Date.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 16.

 	
 If applicable, wire transfer instructions including name of banking
 institution where transfer is to be made and account number.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 17.

 	
 Whether such Note is to be listed on the Official List of the United
 Kingdom Listing Authority (the “UKLA”) and admitted to trading on the
 regulated market of the London Stock Exchange, the Singapore Exchange
 Securities Trading Limited or on or by any other stock exchange, competent
 authority and/or market. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 18.

 	
 Any other applicable terms.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 B.

 	
 The relevant Issuer will advise the Fiscal Agent by telephone or
 electronic transmission confirmed in writing at any time on the sale date of
 the information set forth in Settlement Procedure A above. The relevant
 Issuer will also give the Fiscal Agent written instructions regarding the
 transfer of funds. The relevant Issuer will send a copy of such instructions
 to the relevant Dealer or Dealers. 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The Fiscal Agent shall telephone each of Euroclear or Clearstream,
 Luxembourg with a request for a security 

 

A-16

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 code for each tranche agreed to be issued, which security code or
 codes will be notified by the Fiscal Agent to the relevant Issuer and the
 relevant Dealer or Dealers.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The relevant Issuer and (in the case of Notes issued by an Issuer
 other than GE Capital) the Guarantor shall prepare and cause to be delivered
 to the Fiscal Agent either (i) the applicable Final Terms supplemental to the
 Base Prospectus or (ii) the Securities Note supplemental to the Registration
 Document (as the case may be) describing the terms of the particular tranche
 of Notes.

 
	
  

 	
  

 	
  

 
	
  

 	
 C.

 	
 In accordance with the written instructions and the applicable Final
 Terms or Securities Note (as the case may be), the Fiscal Agent shall: 

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (i) with respect to Global Notes in CGN form, prepare, complete, by
 appending the Final Terms to the executed blank note previously delivered by
 the Issuer and authenticate a Temporary Global Note for each tranche which
 the relevant Issuer has agreed to sell, the settlement for which tranche is
 to occur on the settlement date. The Temporary Global Note will then be
 delivered to the Common Depositary. The Fiscal Agent will also give
 instructions to Euroclear or Clearstream, Luxembourg to credit the Notes
 represented by such Temporary Global Notes delivered to such Common Depositary
 to the Fiscal Agent’s distribution account at Euroclear or Clearstream,
 Luxembourg, as the case may be; or

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii) with
 respect to Global Notes in NGN form, prepare, complete, by appending
 the Final Terms to the executed blank note previously delivered by the Issuer and authenticate a Temporary Global Note
 for each tranche which the relevant Issuer has agreed to sell, the settlement
 for which tranche is to occur on the settlement date. The Temporary Global
 Note will then be delivered to the specified Common Safekeeper and, in the
 case of an NGN which is a Eurosystem-eligible NGN, the Fiscal Agent will
 instruct the Common Safekeeper to effectuate the same. The Fiscal Agent will
 also give instructions to Euroclear or Clearstream, Luxembourg to make the
 appropriate entries in their records to reflect the initial outstanding
 aggregate principal amount of the relevant tranche of Notes and to credit the
 Notes represented by such Temporary Global Note delivered to such Common
 Safekeeper to the Fiscal Agent’s distribution account at Euroclear or
 Clearstream, Luxembourg, as the case may be.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 In
 each case, the Fiscal Agent will instruct Euroclear or Clearstream,
 Luxembourg to debit, on the settlement date, from the distribution account of
 the Fiscal Agent the 

 

A-17

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 number of Notes of each Tranche with respect to which the relevant
 Dealer has solicited an offer to purchase and to credit, on the settlement
 date, such Notes to the account of such Dealer with Euroclear or Clearstream,
 Luxembourg against payment of the issue price of such Notes. Each relevant
 Dealer shall give corresponding instructions to Euroclear or Clearstream, Luxembourg.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 D.

 	
 Euroclear and Clearstream, Luxembourg shall debit and credit accounts
 in accordance with instructions received by them. The Fiscal Agent shall pay
 the relevant Issuer the aggregate net proceeds received by it in immediately
 available funds via a transfer of funds to the account of the relevant Issuer
 with a bank selected by such Issuer notified to the Fiscal Agent from time to
 time in writing. 

 
	
  

 	
  

 	
  

 	
  

 
	
 Settlement
 Procedures

 	
  

 	
  

 	
  

 
	
 Timetable; Bearer Notes:

 	
 For
 sales by each Issuer of Bearer Notes to or through a Dealer, Bearer
 Settlement Procedures “A” through “D” above shall be completed on or before
 the respective times set forth below:

 
	
  

 	
  

 
	
  

 	
 Settlement Procedure

 
	
  

 	
 Bearer Notes     Time

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 A

 	
 12:00 P.M. (NYC time) three days before settlement date

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 B

 	
 9:00 A.M. (London time) two days before settlement date 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 C

 	
 3:45 P.M. (London time) on day before settlement date 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 D

 	
 5:00 P.M. (NYC time) on settlement date

 
	
  

 	
  

 	
  

 	
  

 
	
 Settlement
 Procedures;

 	
  

 	
  

 	
  

 
	
 Registered
 Notes:

 	
 Settlement Procedures
 with regard to each Registered Note sold by each Issuer to or through a
 Dealer shall be as follows:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 AA.

 	
 The relevant Dealer will advise the relevant Issuer by telephone that
 such Note is a Registered Note and of the following settlement information: 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 1.

 	
 Name in which such Note is to be registered (“Registered Owner”). 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 2.

 	
 Address of the Registered Owner and address for payment of principal
 and interest. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 3.

 	
 Taxpayer identification number of the Registered Owner (if available);
 the Dealer shall request that the purchasers of the Notes prepare a Form
 W-8BEN or other applicable form required by the United States Internal
 Revenue Code of 1986, as 

 

A-18

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 amended (the “Code”) and cause such form to be
 delivered to the Fiscal and Paying Agent on or prior to the settlement date.

 
	
  

 	
  

 	
  

 
	
  

 	
 4.

 	
 Principal
 amount.

 
	
  

 	
  

 	
  

 
	
  

 	
 5.

 	
 Maturity
 Date.

 
	
  

 	
  

 	
  

 
	
  

 	
 6.

 	
 In the case of a Fixed Rate Registered Note, the Fixed Interest Rate,
 the Interest Payment Period, the Fixed Interest Payment Dates, the Determination
 Dates, the Interest Commencement Date, the Fixed Day Count Fraction, and
 whether such Note is an Amortizing Note and, if so, the amortization
 schedule.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 In the case of a Floating Rate Registered Note, the Initial Interest
 Rate (if known at such time), the Interest Payment Dates, the Interest
 Payment Period, the Calculation Agent, the Base Rate, the Index Maturity, the
 Interest Reset Period, the Interest Determination Date, the Interest Reset
 Dates, the Spread or Spread Multiplier (if any), the Minimum Interest Rate
 (if any), the Maximum Interest Rate (if any), the Alternate Rate Event Spread
 (if any), the Floating Day Count Fraction and the Record Dates.

 
	
  

 	
  

 	
  

 
	
  

 	
 7.

 	
 Redemption or repayment provisions, if any. 

 
	
  

 	
  

 	
  

 
	
  

 	
 8.

 	
 Settlement date and time.

 
	
  

 	
  

 	
  

 
	
  

 	
 9.

 	
 Issue Price.

 
	
  

 	
  

 	
  

 
	
  

 	
 10.

 	
 Denominations. 

 
	
  

 	
  

 	
  

 
	
  

 	
 11.

 	
 Specified Currency. 

 
	
  

 	
  

 	
  

 
	
  

 	
 12.

 	
 Ranking.

 
	
  

 	
  

 	
  

 
	
  

 	
 13.

 	
 Dealer’s commission, if any, determined as provided in the
 Distribution Agreement. 

 
	
  

 	
  

 	
  

 
	
  

 	
 14.

 	
 Whether the Note is issued with more than a de minimis amount of
 discount. 

 
	
  

 	
  

 	
  

 
	
  

 	
 15.

 	
 Whether the Note is an Indexed Note, and if it is an Indexed Note,
 the Indexed Currency, the Currency Base Rate and the Determination Agent. 

 
	
  

 	
  

 	
  

 
	
  

 	
 16.

 	
 Whether the Note is a Dual Currency Note, and if it is a Dual Currency
 Note, the Face Amount Currency, the Optional Payment Currency, the 

 

A-19

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
  

 	
 Designated Exchange Rate, the Option Election Dates and the Option
 Value Calculation Agent.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 17.

 	
 Whether the Note is an Extendible Note, and if it is an Extendible
 Note, the Initial Maturity Date, the Election Date and the Final Maturity
 Date.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 18.

 	
 If applicable, wire transfer instructions, including name of banking
 institution where transfer is to be made and account number. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 19.

 	
 Whether such Note is to be listed on the Official List of the UKLA
 and admitted to trading on the regulated market of the London Stock Exchange,
 the Singapore Exchange Securities Trading Limited or on or by any other stock
 exchange, competent authority and/or market. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 20.

 	
 Whether the Global Note constituting the Notes will be issued under
 the CSS or the NSS and whether it is intended to be Eurosystem-eligible
 collateral.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 21.

 	
 Any other applicable terms. 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 BB.

 	
 The relevant Issuer will advise the Fiscal Agent by telephone or
 electronic transmission (confirmed in writing at any time on the sale date)
 of the information set forth in Settlement Procedure “AA” above.

 
	
  

 	
  

 	
  

 
	
  

 	
 CC.

 	
 (i) Registered Notes in definitive form. The relevant Issuer
 will have delivered to the Authenticating Agent an executed blank Note. The
 Authenticating Agent will complete such executed blank Note by appending the
 Final Terms to such executed blank Note and authenticate such Note and
 deliver it through the Fiscal Agent (with the confirmation) to the relevant
 Dealer, and such Dealer will acknowledge receipt of the Note. Such delivery
 will be made only against such acknowledgment of receipt and evidence that
 instructions have been given by such Dealer for payment to the account of the
 relevant Issuer, in funds available for immediate use, of an amount equal to
 the price of such Note less such Dealer’s commission, if any; provided
 however, the relevant Issuer and the Fiscal Agent may agree on different
 delivery procedures for definitive Registered Notes denominated in Specified
 Currencies other than U.S. dollars. In the event that the instructions given
 by such Agent for payment to the account of such Issuer are revoked, such
 Issuer will as promptly as possible wire transfer to the account of such
 Dealer an amount of immediately available funds equal to the amount of such
 payment made. 

 

A-20

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 (ii)

 	
 Global Registered
 Notes. In accordance with the written instructions
 and the applicable Final Terms or Securities Note (as the case may be), the
 Fiscal Agent shall:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (a)

 	
 with respect to Global Registered Notes to be issued under the CSS,
 prepare, complete, by appending the Final Terms to the executed blank Note
 previously delivered by the Issuer, and authenticate a Global Registered Note
 for each tranche which the relevant Issuer has agreed to sell, the settlement
 for which tranche is to occur on the settlement date. The Global Registered
 Note will be registered in the name of and delivered to the Common Depositary.
 The Fiscal Agent will also give instructions to Euroclear or Clearstream,
 Luxembourg to credit the Notes represented by such Global Registered Note
 delivered to such Common Depositary to the Fiscal Agent’s distribution
 account at Euroclear or Clearstream, Luxembourg, as the case may be; or 

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (b)

 	
 with
 respect to Global Registered Notes to be issued under the NSS, prepare,
 complete, by appending the Final Terms to the executed blank Note previously
 delivered by the Issuer, and
 authenticate a Global Registered Note for each tranche which the relevant
 Issuer has agreed to sell, the settlement for which tranche is to occur on
 the settlement date. The Global Registered Note will then be registered in
 the name of and delivered to the specified Common Safekeeper and, in the case
 of a Global Registered Note which is intended to be a Eurosystem-eligible
 NSS, the Fiscal Agent will instruct the Common Safekeeper to effectuate the
 same. The Fiscal Agent will also give instructions to Euroclear or
 Clearstream, Luxembourg to make the appropriate entries in their records to
 reflect the initial outstanding aggregate principal amount of the relevant
 tranche of Notes and to credit the Notes represented by such Global
 Registered Note delivered to such Common Safekeeper to the Fiscal Agent’s
 distribution account at Euroclear or Clearstream, Luxembourg, as the case may
 be. 

 

A-21

	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 The Principal Paying Agent shall pay the relevant Issuer the
 aggregate net proceeds received by it in immediately available funds via a
 transfer of funds to the account of the relevant Issuer maintained at a bank
 selected by such Issuer notified to the Principal Paying Agent from time to
 time in writing.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 DD.

 	
 (i)          Registered
 Notes in definitive form. Unless the relevant Dealer purchased
 such Note for its own account, such Dealer will deliver such Note (with
 confirmation) to the customer against payment in immediately payable funds.
 Such Dealer will obtain the acknowledgment of receipt of such Note. If the
 relevant Dealer purchased such Note for its own account, such Dealer will
 accept delivery of such Note against payment in immediately available funds,
 and will deliver an acknowledgement of receipt of such Note.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
 (ii)

 	
 Global Registered
 Notes. The receipt by the relevant Issuer of
 immediately available funds in exchange for (i) in the case of a Global
 Registered Note held under the CSS, an authenticated Global Registered Note,
 authenticated by, and registered in the name of, a nominee for the Common
 Depositary, or (ii) in the case of a Global Registered Note issued under the
 NSS, the delivery of an authenticated Global Registered Note to, and which is
 then effectuated by, and registered in the name of a nominee for, the Common
 Safekeeper, in each case shall constitute “settlement” with respect to such
 Global Registered Note.

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 EE.

 	
 Periodically,
 the Fiscal Agent will send to the relevant Issuer a statement setting forth
 the principal amount of the Registered Notes outstanding as of that date
 under the Fiscal Agency Agreement and setting forth a brief description of
 any sales of which such Issuer has advised the Fiscal Agent but which have
 not yet been settled.

 
	
  

 	
  

 	
  

 	
  

 
	
 Settlement
 Procedures

 	
  

 	
  

 	
  

 
	
 Timetable;
 Registered

 	
  

 	
  

 	
  

 
	
 Notes:

 	
 For sales by
 the relevant Issuer of Registered Notes to or through a Dealer, Registered
 Settlement Procedures “AA” through “DD” set forth above shall be completed on
 or before the respective times (London Time) set forth below:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Settlement

 
	
  

 	
 Procedure;

 
	
  

 	
 Registered

 
	
  

 	
 Notes                    Time

 

A-22

	
  

 	
  

 	
  

 
	
  

 	
 AA

 	
 2:00 P.M. on
 day before settlement date

 
	
  

 	
  

 	
  

 
	
  

 	
 BB

 	
 3:00 P.M. on
 day before settlement date

 
	
  

 	
  

 	
  

 
	
  

 	
 CC

 	
 2:15 P.M. on
 settlement date

 
	
  

 	
  

 	
  

 
	
  

 	
 DD

 	
 3:00 P.M. on
 settlement date

 
	
  

 	
  

 	
  

 
	
 Failure to
 Settle:

 	
 Bearer Notes.
 If any Dealer shall have advanced its own funds for payment against
 subsequent receipt of funds from the purchaser and if a purchaser shall fail
 to make payment for a Note, such Dealer will promptly notify the relevant
 Issuer, the Fiscal Agent, the Principal Paying Agent, the Common Depositary
 or Common Service Provider appointed by the relevant Issuer and Common
 Safekeeper (as the case may be) and Euroclear and Clearstream, Luxembourg by
 telephone, promptly confirmed in writing (but no later than the next Business
 Day). In such event, the relevant Issuer shall promptly instruct the Fiscal
 Agent to cancel the purchaser’s interest in the appropriate Temporary Global
 Note representing such Note. Upon (i) confirmation from the Fiscal Agent in
 writing (which may be given by facsimile) that the Fiscal Agent has cancelled
 such purchaser’s interest in such Temporary Global Note and (ii) confirmation
 from such Dealer in writing (which may be given by facsimile) that such
 Dealer has not received payment from the purchaser, the relevant Issuer will
 promptly pay to such Dealer an amount in immediately available funds equal to
 the amount previously paid by such Dealer in respect of such Bearer Note.
 Such payment will be made on the settlement date, if possible, and in any
 event not later than 12:00 noon (New York City time) on the Business Day
 following the settlement date. The Fiscal Agent and the Common Depositary
 will make or cause to be made such revisions to such Temporary Global Note
 (if the Temporary Global Note is a CGN) or the Fiscal Agent will instruct Euroclear
 and Clearstream, Luxembourg to make the appropriate entries in their records
 in each case (if the Temporary Global Note is a NGN) as are necessary to
 reflect the cancellation of such portion of such Temporary Global Note. 

 
	
  

 	
  

 	
  

 
	
  

 	
 If a purchaser shall fail to make payment for the Note for any reason
 other than the failure of such Dealer to provide the necessary information to
 the relevant Issuer as described above for settlement or to provide a
 confirmation to the purchaser within a reasonable period of time as described
 above, and if such Dealer shall have otherwise complied with its obligations
 hereunder and in the Distribution Agreement, the relevant Issuer will
 reimburse such Dealer on an equitable basis for such Dealer’s loss of the use
 of funds during the period when they were credited to account of such Issuer
 or the Fiscal Agent.

 

A-23

	
  

 	
  

 
	
  

 	
 Immediately upon such cancellation, the Fiscal Agent will make
 appropriate entries in its records to reflect the fact that a settlement did
 not occur with respect to such Note.

 
	
  

 	
  

 
	
  

 	
 Registered Notes.
 If a purchaser fails to accept delivery of and make payment for any
 Registered Note, the relevant Dealer will notify the relevant Issuer and the
 Fiscal Agent by telephone and return such Note to the Fiscal Agent. Upon
 receipt of such notice, the relevant Issuer will immediately wire transfer to
 the account of such Dealer an amount equal to the amount previously credited
 thereto in respect of such Note. Such wire transfer will be made on the
 settlement date, if possible, and in any event not later than the Business
 Day following the settlement date. If a purchaser shall fail to make payment
 for the Note for any reason other than the failure of such Dealer to provide
 the necessary information to the relevant Issuer as described above for
 settlement or to provide a confirmation to the purchaser within a reasonable
 period of time as described above, and if such Dealer shall have otherwise
 complied with its obligations hereunder and in the Distribution Agreement, then
 the relevant Issuer will reimburse such Dealer or the Principal Paying Agent,
 as appropriate, on an equitable basis for its loss of the use of the funds
 during the period when they were credited to the account of such Issuer.
 Immediately upon receipt of the Registered Note in respect of which such
 failure occurred, the Principal Paying Agent will mark such Note “cancelled”,
 make appropriate entries in the Principal Paying Agent’s records and send
 such Note to the relevant Issuer.

 
	
  

 	
  

 
	
 Notice of
 Issuance to

 	
  

 
	
 London Stock

 	
  

 
	
 Exchange:

 	
 The Fiscal Agent will provide information with respect to each
 tranche of Notes to be listed on the Official List of UKLA and admitted to
 trading on the regulated market of the London Stock Exchange to such Exchange
 and will advise the relevant Issuer and the relevant Dealer in writing as to
 the effectiveness of the listing of such Notes by the close of business on
 the related settlement date. To the extent required by the UKLA and/or London
 Stock Exchange, the Dealers will provide the Fiscal Agent with secondary
 market information regarding any tranche of Notes listed on the London Stock
 Exchange and the Fiscal Agent will provide such information to the UKLA and
 the London Stock Exchange.

 
	
  

 	
  

 
	
 Notice of
 Issuance to

 	
  

 
	
 Any Other
 Stock

 	
  

 
	
 Exchange,
 Competent

 	
  

 
	
 Authority:

 	
 The Fiscal Agent will provide information with respect to each
 tranche of Notes to be listed or admitted to trading on any stock exchange,
 competent authority and/or market to such stock exchange, competent authority
 and/or market and will advise the relevant Issuer and the relevant Dealer in
 writing as to the 

 

A-24

	
  

 	
  

 
	
  

 	
 effectiveness of the listing and or admission to trading of such
 Notes by the close of business on the related settlement date.

 
	
  

 	
  

 
	
 Listing:

 	
 The Fiscal Agent will, on a regular basis and as applicable, provide
 the UKLA and the London Stock Exchange and/or any other stock exchange,
 competent authority and/or market with such information as the UKLA and the
 London Stock Exchange or any other stock exchange, competent authority and/or
 market may require regarding any tranches of Notes that are listed on the
 Official List of the UKLA and admitted to trading on the London Stock
 Exchange or listed or admitted to trading on any other stock exchange,
 competent authority and/or market and are issued and outstanding. 

 

A-25

EXHIBIT B-1

 [FORM OF CERTIFICATE TO BE GIVEN BY AN
ACCOUNT

HOLDER OF EUROCLEAR OR CLEARSTREAM, LUXEMBOURG ]

CERTIFICATE

 [General Electric Capital Corporation]

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)]

[GE Capital European Funding]

[GE Capital UK Funding]

Euro Medium-Term Notes or Other Debt
Securities

 [Unconditionally Guaranteed by

General Electric Capital Corporation]

Represented by Temporary Global Note No. __.

This
is to certify that as of the date hereof, and except as set forth below, the
above-captioned Notes held by you for our account (i) are owned by person(s)
that are not citizens or residents of the United States, corporations,
partnerships or other entities created or organized in or under the laws of the
United States or any political subdivision thereof, estates whose income is
subject to United States federal income tax regardless of its source, or trusts
if a court within the United States is able to exercise primary supervision
over the administration of the trust and one or more United States persons have
the authority to control all substantial decisions of the trust or if such
trust has a valid election in effect under applicable U.S. Treasury regulations
to be treated as a United States person (“United
States person(s)”), (ii) are owned by United States person(s) that
(a) are foreign branches of United States financial institutions (as defined in
U.S. Treasury Regulations Section 1.165-12(c)(1)(iv)) (“financial institutions”) purchasing for
their own account or for resale, or (b) acquired the Notes through foreign
branches of United States financial institutions and who hold the Notes through
such United States financial institutions on the date hereof (and in either
case (a) or (b), each such United States financial institution hereby agrees,
on its own behalf or through its agent, that you may advise the Issuer or the
Issuer’s agent that it will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and
the regulations thereunder), or (iii) are owned by United States or foreign
financial institution(s) for purposes of resale during the restricted period
(as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and
in addition if the owner of the Notes is a United States or foreign financial
institution described in clause (iii) above (whether or not also described in
clause (i) or (ii)) such financial institution has not acquired the Notes for
purposes of resale directly or indirectly to a United States person or to a
person within the United States or its possessions.

As used herein, “United States”
means the United States of America (including the States and the District of
Columbia) and its “possessions”
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.

B-1-1

We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the Notes
held by you for our account in accordance with your Operating Procedures if any
applicable statement herein is not correct on such date, and in the absence of
any such notification it may be assumed that this certification applies as of
such date.

This certification excepts and does not relate to [Currency][Amount]
of such interest in the above Notes in respect of which we are not able to
certify and as to which we understand exchange and delivery of definitive Notes
(or, if relevant, exercise of any rights or collection of any interest) cannot
be made until we do so certify.

We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or would
be relevant, we irrevocably authorize you to produce this certification to any
interested party in such proceedings.

Dated:
                    ___________

[To be dated
no earlier than the 10th day before

[insert date of Interest Payment Date prior to Exchange Date]

[insert date of redemption or acceleration prior to Exchange Date]

[insert Exchange Date]]

          [Name
of Account Holder]

By: 

       (Authorized
Signatory)

Name:

Title:

EXHIBIT B-2

 [FORM OF CERTIFICATE TO BE GIVEN BY

EUROCLEAR OR CLEARSTREAM, LUXEMBOURG]

CERTIFICATE

 [General Electric Capital Corporation]

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)]

[GE Capital European Funding]

[GE Capital UK Funding]

Euro Medium-Term Notes or Other Debt
Securities

 [Unconditionally Guaranteed by

General Electric Capital Corporation]

Represented by Temporary Global Note No.
____.

This is to certify that, based solely on certifications we have received
in writing, by tested telex or by electronic transmission from member
organizations appearing in our records as persons being entitled to a portion
of the principal amount set forth below (our “Member
Organizations”) substantially to the effect set forth in Exhibit B-1
to the Eleventh Amended and Restated Fiscal and Paying Agency Agreement dated
April 5, 2012, as of the date hereof, [Currency][Amount] principal amount of
the above-captioned Notes (i) is owned by persons that are not citizens or
residents of the United States, corporations, partnerships or other entities
created or organized in or under the laws of the United States or any political
subdivision thereof, estates whose income is subject to United States federal
income tax regardless of its source, or trusts if a court within the United
States is able to exercise primary supervision over the administration of the
trust and one or more United States persons have the authority to control all
substantial decisions of the trust or if such trust has a valid election in
effect under applicable U.S. Treasury regulations to be treated as a United
States person (“United States persons”),
(ii) is owned by United States persons that (a) are foreign branches of United
States financial institutions (as defined in U.S. Treasury Regulations Section
1.165-12(c)(1)(iv) (“financial institutions”)
purchasing for their own account or for resale, or (b) acquired the Notes
through foreign branches of United States financial institutions and who hold
the Notes through such United States financial institutions on the date hereof
(and in either case (a) or (b), each such United States financial institution
has agreed, on its own behalf or through its agent, that we may advise the
Issuer or the Issuer’s agent that it will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as
amended, and the regulations thereunder), or (iii) is owned by United States or
foreign financial institutions for purposes of resale during the restricted
period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7),
and to the further effect that United States or foreign financial institutions
described in clause (iii) above (whether or not also described in clause (i) or
(ii)) have certified that they have not acquired the Notes for purposes of
resale directly or indirectly to a United States person or to a person within
the United States or its possessions. As used herein, “United States” means the United States of

America (including the States and the District of Columbia) and its “possessions” include Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana
Islands.

We further certify (i) that we are not making available herewith for
exchange any portion of the temporary global Note excepted as set forth herein
and (ii) that as of the date hereof we have not received any notification from
any of our Member Organizations to the effect that the statements made by such
Member Organizations with respect to any portion of the part submitted herewith
are no longer true and cannot be relied upon as of the date hereof.

We understand that this certification is required in connection with
certain tax laws and, if applicable, certain securities laws of the United
States. In connection therewith, if administrative or legal proceedings are
commenced or threatened in connection with which this certification is or would
be relevant, we irrevocably authorize you to produce this certification to any
interested party in such proceedings.

Dated:
                    _____________

[To be dated no earlier than

[insert date of Interest Payment Date prior to Exchange Date]

[insert date of redemption or acceleration prior to Exchange Date]

[insert Exchange Date]]

	
  

 	
  

 
	
  

 	
 [EUROCLEAR BANK SA/NV]

 
	
  

 	
  

 
	
  

 	
 [CLEARSTREAM BANKING, société

 anonyme]

 
	
  

 	
  

 
	
  

 	
 [OTHER CLEARANCE SYSTEM]

 
	
  

 	
  

 
	
  

 	
 By: 

 

EXHIBIT C-1

 [FORM OF CERTIFICATE TO BE GIVEN BY AN
ACCOUNT

HOLDER OF EUROCLEAR AND CLEARSTREAM, LUXEMBOURG]

CERTIFICATE

 [General Electric Capital Corporation]

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)]

[GE Capital European Funding]

[GE Capital UK Funding]

Programme for the Issuance of Euro
Medium-Term Notes and Other Debt Securities Due
9 Months or More from Date of Issue

 [Unconditionally guaranteed by

General Electric Capital Corporation]

Represented by Permanent Global Note No. __.

This is to certify that as of the date hereof, and except as set forth
below, the above-captioned Notes held by you for our account (i) are owned by
person(s) requesting definitive [Registered/Bearer] Notes in exchange for their
interests in the above-referenced permanent Global Note and (ii) such persons
desire to exchange _____ principal amount of the above-captioned Notes for
definitive [Registered/Bearer] Notes.

We undertake to advise you promptly by tested telex on or prior to the
date on which you intend to submit your certification relating to the Notes
held by you for our account in accordance with your Operating Procedures if any
applicable statement herein is not correct on such date, and in the absence of
any such notification it may be assumed that this certification applies as of
such date.

This certification excepts and does not relate to $
          of such interest in the above Notes
in respect of which we do not desire to exchange for definitive Notes.

	
  

 	
  

 
	
 Dated:
                     _______

 	
  

 
	
  

 	
  [Name of Account Holder]

 
	
  

 	
  

 
	
  

 	
 By:

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

C-1

EXHIBIT C-2

 [FORM OF CERTIFICATE TO BE GIVEN BY

EUROCLEAR AND CLEARSTREAM, LUXEMBOURG]

CERTIFICATE

 [General Electric Capital Corporation]

[GE Capital Australia Funding Pty. Ltd. (A.B.N. 67 085 675 467)]
 [GE Capital European Funding]

[GE Capital UK Funding]

Programme for the Issuance of Euro
Medium-Term Notes and Other Debt Securities Due
9 Months or More from Date of Issue

 [Unconditionally Guaranteed by

General Electric Capital Corporation]

Represented by Permanent Global Note No.
____.

          This is to
certify that, based solely on certifications we have received in writing, by
tested telex or by electronic transmission from member organizations appearing
in our records as persons being entitled to a portion of the principal amount
set forth below (our “Member Organizations”) substantially to the effect set
forth in Exhibit C-1 to the Eleventh Amended and Restated Fiscal and Paying
Agency Agreement relating to such Notes, as of the date hereof, principal
amount of the above-captioned Notes (i) is owned by person(s) requesting
definitive [Registered/Bearer] Notes in exchange for their interests in the
above-referenced permanent Global Note and (ii) such persons desire to exchange
______ principal amount of the above-captioned Notes for definitive
[Registered/Bearer] Notes. 

          We further
certify (i) that we are making available herewith for exchange all interests in
the permanent global Note and (ii) that as of the date hereof we have not
received any notification from any of our Member Organizations to the effect
that the statements made by such Member Organizations with respect to any portion
of the permanent global Note submitted herewith are no longer true and cannot
be relied upon as the date hereof.

Dated:
__________________

	
  

 	
  

 
	
  

 	
  [EUROCLEAR BANK SA/NV]

 
	
  

 	
  

 
	
  

 	
  [CLEARSTREAM BANKING, société

 anonyme]

 
	
  

 	
  

 
	
  

 	
  [OTHER CLEARANCE SYSTEM]

 

C-2

EXHIBIT D-1

 [FORM OF GUARANTEE TO BE ENDORSED ON NOTES]

          1.          FOR
VALUE RECEIVED, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation
(the “Guarantor”), hereby
unconditionally and irrevocably guarantees to the holder of the Note upon which
this guarantee is endorsed the due and punctual payment of any and all amounts
required to be paid upon said Note according to its terms, when, where and as
the same shall become due and payable, whether on an interest payment date, at
maturity, upon redemption or purchase or otherwise, in accordance with the
terms thereof. Terms and expressions defined in the Eleventh Amended and
Restated Fiscal and Paying Agency Agreement dated as of April 5, 2012, as it
may be further amended or supplemented from time to time, among General
Electric Capital Corporation, GE Capital Australia Funding Pty. Ltd., GE
Capital European Funding, GE Capital UK Funding, The Bank of New York Mellon
and The Bank of New York Mellon (Luxembourg) S.A. (as amended and supplemented from
time to time, the “Fiscal Agency Agreement”),
and the Notes shall have the same meanings herein, except as otherwise defined
herein or unless there is something in the subject matter or context
inconsistent therewith.

          2.          (a)          In
case of failure by [GE Capital Australia Funding Pty. Ltd.] [GE Capital
European Funding] [GE Capital UK Funding] [Name of Additional Issuer acceding
to the Fiscal Agency Agreement pursuant to Section 19 thereof] or its
successors or assigns (the “Issuer”)
punctually to pay any such amount, the Guarantor hereby agrees to cause such
payment to be made punctually when, where and as the same shall become due and
payable, whether at maturity, upon redemption or otherwise, and as if such
payment were made by the Issuer. The Guarantor hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
legality or enforceability of the Note, the absence of any action to enforce
the same, the waiver or consent by the holder of the Note with respect to any
provisions thereof, the recovery of any judgment against the Issuer or any
action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor.

	
  

 	
  

 
	
  

 	
             (b)          The Guarantor
 shall be subrogated to all rights of the holder of the Note against the
 Issuer in respect of any amounts paid by the Guarantor pursuant to the
 provisions of this Guarantee; provided that the Guarantor shall not be
 entitled to enforce or receive any payment arising out of, or based upon,
 such right of subrogation until all amounts due on or to become due on or in
 respect of all of the Notes shall have been paid in full or duly provided
 for.

 
	
  

 	
  

 
	
  

 	
             (c)          The
 Guarantor hereby waives notice of acceptance of this Guarantee and also
 waives notice of nonpayment of any and all amounts payable or in respect of
 said Note or any part thereof.

 
	
  

 	
  

 
	
  

 	
             (d)          This
 Guarantee is unsecured and ranks equally with all other unsecured and
 unsubordinated obligations of the Guarantor.

 

          3.         (a)          The
Guarantor will not merge or consolidate with any other corporation or sell,
convey, transfer or otherwise dispose of all or substantially all of its properties
to any other corporation, unless (i) either the Guarantor shall be the
continuing corporation or the successor corporation (if other than the
Guarantor) (the “successor corporation”)
shall be a corporation organized under the laws of the United States of America
or of a state thereof and such successor corporation shall expressly assume the
due and punctual payments of all amounts

D-1-1

due under this Guarantee and the due and punctual performance of all of
the covenants and obligations of the Guarantor under this Guarantee endorsed on
all the Notes, by supplemental agreement satisfactory to the Fiscal and Paying
Agent executed and delivered to such Fiscal and Paying Agent by the successor
corporation and the Guarantor and (ii) the Guarantor or such successor
corporation, as the case may be, shall not, immediately after such merger or
consolidation, or such sale, conveyance, transfer or other disposition, be in
default in the performance of any such covenant or obligation.

	
  

 	
  

 
	
  

 	
             (b)          Upon
 any such merger or consolidation, sale, conveyance, transfer or other
 disposition, such successor corporation shall succeed to and be substituted
 for, and may exercise every right and power of and shall be subject to all
 the obligations of, the Guarantor under this Guarantee, with the same effect
 as if such successor corporation had been named as the Guarantor herein, and
 the Guarantor shall be released from its liability as Guarantor under this
 Guarantee and under the Fiscal Agency Agreement.

 

          4.          The
Guarantor hereby certifies and warrants that all acts, conditions and things
required to be done and performed and to have happened precedent to the creation
and issuance of this Guarantee, and to constitute the same the legal, valid and
binding obligation of the Guarantor enforceable in accordance with its terms,
except that enforcement may be limited by bankruptcy, insolvency, liquidation,
reorganization and other laws of general application relating to or affecting
the rights of creditors or by general principles of equity, including the
limitation that specific performance, being an equitable remedy, is
discretionary and may not be ordered, have been done and performed and have
happened in due and strict compliance with all applicable laws.

          5.          This
Guarantee shall be construed in accordance with and governed by the laws of the
State of New York, United States of America.

          6.          This
Guarantee is dated the date of the Note upon which it is endorsed.

IN WITNESS
WHEREOF, the Guarantor has caused this Guarantee to be duly executed.

	
  

 	
  

 
	
  

 	
 GENERAL ELECTRIC CAPITAL

 CORPORATION

 
	
  

 	
  

 
	
  

 	
 By:___________________________

 

D-1-2

EXHIBIT E

 [FORM OF ISSUER ACCESSION LETTER]

ISSUER ACCESSION LETTER

[DATE]

	
  

 	
  

 
	
 GENERAL ELECTRIC
 CAPITAL CORPORATION 

 
	
 201 High
 Ridge Road

 
	
 Stamford, CT
 06927

 
	
 Attention:

 	
 Senior Vice
 President - Corporate Treasury

 and Global Funding Operation

 

[Name of
Additional Issuer]

[Address]

Attention:_________________________

THE BANK OF
NEW YORK MELLON

One Canada Square

London E14 5AL

United Kingdom

Attention:   [Manager, Institutional Trust Services] 

Ladies and
Gentlemen:

Reference is hereby made to the Eleventh Amended and Restated Fiscal
and Paying Agency Agreement dated as of April 5, 2012 (the “Fiscal Agency Agreement”) among General
Electric Capital Corporation, as an issuer and as guarantor (“GE Capital”), the other issuers named
therein or acceded thereto (together with GE Capital, each an “Issuer”), The Bank of New York Mellon, as
fiscal and paying agent (the “Fiscal and
Paying Agent”), The Bank of New York Mellon (Luxembourg) S.A., as
initial registrar and Luxembourg transfer agent pursuant to which Euro
Medium-Term Notes and Other Debt Securities of each such Issuer are distributed
from time to time. Capitalized terms used but not defined herein have the
meanings assigned to such terms in the Fiscal Agency Agreement. 

	
  

 	
  

 
	
 1.

 	
 Pursuant to Section 19(b)(i) of the Fiscal Agency Agreement, this
 Issuer Accession Letter is being entered into by GE Capital, [Name of
 Additional Issuer] (the “Company”),
 the Fiscal and Paying Agent and the Paying Agent to provide for the accession
 of the Company as an Additional Issuer party to the Fiscal Agency Agreement
 as of the date hereof (the “Accession Date”).

 
	
  

 	
  

 
	
 2.

 	
 In accordance with Section 19(a) of the Fiscal Agency Agreement, GE
 Capital and the Company hereby confirm that the Company is a Subsidiary of GE
 Capital and that each Note issued by the Company shall be irrevocably and
 unconditionally guaranteed by GE Capital.

 
	
  

 	
  

 
	
 3.

 	
 In accordance with Section 19(b)(ii) and 19(b)(iii) of the Fiscal
 Agency Agreement, GE Capital and the Company hereby certify to the Fiscal and
 Paying Agent that each of the persons signing this Issuer Accession Letter on
 behalf of the GE Capital and the Company is an Issuer Authorized
 Representative as defined in Section 3(a) of the Fiscal Agency Agreement and
 that each of the forms of Notes, including the form of the 

 

E-1-1

	
  

 	
  

 
	
  

 	
 Guarantee appearing thereon, attached hereto as Annex A-1 through A-[__]
 has been approved pursuant to the authority delegated to such Issuer
 Authorized Representative by the Board of Directors of each of GE Capital and
 the Company. In addition to the above, the following persons are Issuer
 Authorized Representatives of the Company: [List each Additional Issuer
 Authorized Representative, if any.]

 
	
  

 	
  

 
	
 4.

 	
 In accordance with Section 19(b)(iv) of the Fiscal Agency Agreement,
 the Company and the Guarantor hereby confirm that an Issuer Accession Notice
 has been sent to each of the Dealers party to the Distribution Agreement, a
 copy of which is attached hereto as Annex B.

 
	
  

 	
  

 
	
 5.

 	
 All notices to the Company under Section 20 of the Fiscal Agency
 Agreement shall be deemed to have been given when sent by certified or
 registered mail, postage prepaid, or by facsimile transmission to the Company
 as follows (in each case with a copy to GE Capital at the address or
 facsimile number appearing in Section 20 of the Fiscal Agency Agreement):

 

	
  

 	
  

 	
  

 
	
  

 	
 [Company
 Name]

 	
  

 
	
  

 	
 [Address]

 	
  

 
	
  

 	
 Attention:__________________

 	
  

 
	
  

 	
 Phone:
 ____________________

 	
  

 
	
  

 	
 Fax:
 ______________________

 	
  

 

          Please
countersign where indicated below to indicate your acceptance and agreement to
the foregoing, whereupon this Issuer Accession Letter shall become a valid and
binding agreement of the parties as of the date first above written.

	
  

 	
  

 
	
  

 	
 Very truly
 yours,

 
	
  

 	
  

 
	
  

 	
 GENERAL ELECTRIC CAPITAL

           CORPORATION

 
	
  

 	
  

 
	
  

 	
 By:__________________________

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
  

 	
  [NAME OF ADDITIONAL ISSUER]

 
	
  

 	
  

 
	
  

 	
 By:__________________________

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 

E-1-2

	
  

 
	
 Accepted and
 Agreed:

 
	
  

 
	
 THE BANK OF NEW YORK MELLON

 
	
  

 
	
 By:________________________________

 
	
 Name:

 
	
 Title:

 
	
  

 
	
 THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A.

 
	
  

 
	
 By:________________________________

 
	
 Name:

 
	
 Title:

 

E-1-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]