Document:

Exhibit 10.2

                                                              EXECUTION COPY

                              AMENDED AND RESTATED

                        AGREEMENT OF LIMITED PARTNERSHIP

                                       OF

                          DELL FINANCIAL SERVICES L.P.

                               SEPTEMBER 8, 2004

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

                                                                    Exhibit 10.2

                                                              EXECUTION COPY

                              AMENDED AND RESTATED

                        AGREEMENT OF LIMITED PARTNERSHIP

                                       OF

                          DELL FINANCIAL SERVICES L.P.

      THIS AMENDED AND RESTATED AGREEMENT OF LIMITED  PARTNERSHIP  ("Agreement")
is made and entered into on September  8, 2004  ("Effective  Date") by and among
Dell Credit Company L.L.C., a Delaware  limited  liability  company,  as general
partner (the "General  Partner" or "Dell Credit"),  and Dell DFS Corporation,  a
Delaware  Corporation  ("Dell-DFS"),  and CIT DFS Inc.,  a Delaware  corporation
("CIT DFS"), as limited partners  (Dell-DFS and CIT DFS sometimes being referred
to herein  individually as a "Limited  Partner" and collectively as the "Limited
Partners",  and the General  Partner and the Limited  Partners  sometimes  being
referred  to  herein  individually  as  a  "Partner"  and  collectively  as  the
"Partners").

                                    RECITALS:

      WHEREAS,  pursuant  to  the  Agreement  of  Limited  Partnership  of  Dell
Financial  Services  L.P.,  dated April 14, 1997, by and among the Partners (the
"Original  Limited  Partnership  Agreement"),  the Partners  agreed to form Dell
Financial  Services  L.P.  ("DFS") as a limited  partnership  under the Delaware
Revised Uniform Limited  Partnership Act, Del. Code Ann. tit. 6, ss.17-101,  et.
seq., as amended from time to time (the "Act"); and

      WHEREAS,  the Partners  have entered into the 2004  Extension  and Funding
Agreement (as defined below), dated as of the date hereof, pursuant to which the
parties  thereto  agreed to amend and restate the Original  Limited  Partnership
Agreement in the form of this  Agreement,  and the Partners do hereby adopt this
Agreement as the Amended and Restated  Agreement of Limited  Partnership  of DFS
for the purposes described in Section 2.1.

      NOW, THEREFORE,  in consideration of the foregoing premises and the mutual
promises,  covenants and agreements set forth below,  the Partners  hereby amend
and restate this Agreement in its entirety as follows:

                                    ARTICLE I

                                   DEFINITIONS

      1.1 Terms Defined Herein.  As used herein,  the following terms shall have
the following meanings:

      "Act" has the meaning set forth in the Recital above.

      "Adjusted  Reserve  Balance" means the sum of the Reserve Balances and the
FY '05 Q3 Reserve Modifier.

                                       1

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

*     "Adjusted Existing Portfolio Reserves" means * of the difference,  whether
such result is  numerically  positive  or  negative,  between  (a) the  Adjusted
Reserve Balance;  and (b) the sum of (i) the actual reserve  distributions  less
actual net recoveries less actual  investment  income on the Existing  Portfolio
during  the  Historical   Period  and  (ii)  the  estimated   remaining  reserve
distributions less estimated net recoveries less estimated  investment income on
the Existing  Portfolio  during the  Prospective  Period,  as determined in good
faith consistent with past practice.

      "Adjusted Net Late Fees" means * of the difference, whether such result is
numerically  positive or  negative,  between (a) the sum of (i) actual late fees
collected  on the  Existing  Portfolio  during  the  Historical  Period and (ii)
estimated  late  fees to be  collected  on the  Existing  Portfolio  during  the
Prospective  Period,  as determined in good faith consistent with past practice;
and (b) the FY '05 Q3 Late Fee Modifier.

      "Adjusted  Valuation Period  Reserves" means the difference,  whether such
result is  numerically  positive or negative,  between the (a) Initial  Reserves
booked on Valuation  Period  Assets;  and (b) the sum of (i) the actual  reserve
distributions  less actual net recoveries less actual  investment income on such
assets during the Historical  Period;  and (ii) the estimated  remaining reserve
distributions less estimated net recoveries less estimated  investment income on
Valuation  Period Assets during the  Prospective  Period,  as determined in good
faith consistent with past practice.

      "Advisory Committee" has the meaning set forth in Section 5.4.

      "Affected Party" has the meaning set forth in Section 11.11.

      "Affiliate"  means,  with  respect to a Person (the "First  Person"),  any
Person who,  directly or  indirectly,  controls,  is  controlled  by or is under
common control with the First Person. For purposes of this definition,  the term
"control"  (including,  with  correlative  meanings,  the  terms  "controlling",
"controlled  by" and "under common control with") of a Person means the power to
direct the  management  or policies  of such  Person,  directly  or  indirectly,
through the ownership of voting Securities, by contract or otherwise.

      "Agreement"   means  this  Amended  and  Restated   Agreement  of  Limited
Partnership, as amended, supplemented, restated or replaced in writing from time
to time.

      "Ancillary  Agreements"  means the Existing  Agreements  as defined in the
Omnibus  Agreement (as defined  below) and  including the following  agreements,
together  with all  schedules  and  exhibits  attached  thereto  and as amended,
modified, supplemented or restated from time to time):

            (a) The Omnibus  Agreement  dated November 1, 2000, by and among (1)
Dell Financial  Services L.P., a Delaware limited  partnership;  (2) Dell Credit
Company  L.L.C.,  a Delaware  limited  liability  company;  (3) DFS-SPV  L.P., a
Delaware limited partnership; (4) DFS-GP, Inc., a Delaware corporation; (5) Dell
Inc., a Delaware  corporation;  (6) Dell Gen. P. Corp., a Delaware  corporation;
(7) Dell DFS Corporation, a Delaware Corporation; (8) The CIT

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*     This  portion  has been  redacted  pursuant  to a  confidential  treatment
      request.

                                      -2-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

Group, Inc., a Delaware Corporation (as successor to CIT Credit Group Inc.); (9)
CIT Credit Group USA Inc., a Delaware corporation; (10) CIT Financial USA, Inc.,
a Delaware  corporation (f/k/a Newcourt Financial USA Inc.); (11) CIT DCC Inc. a
Delaware  corporation  (f/k/a Newcourt DCC Inc.);  (12) CIT DFS Inc., a Delaware
corporation  (f/k/a  Newcourt  DCC  Inc);  and (13) CIT  Communications  Finance
Corporation,  a Delaware  corporation  (f/k/a  Newcourt  Communications  Finance
Corporation) (the "Omnibus Agreement");

            (b) Receivables  Purchase Agreement by and between CIT Financial USA
Inc. and DFS-SPV L.P., dated July 28, 2000;

            (c) Receivables  Purchase  Agreement by and between DFS and DFS-SPV,
dated July 28, 2000;

            (d)  Amendment,  dated June 7,  2001,  to the  Receivables  Purchase
Agreement by and between DFS-SPV L.P. and CIT Financial USA Inc., dated July 28,
2000;

            (e) Closed-End  Loans Sale Agreement for BSDT Program by and between
CIT Online Bank and Dell Financial Services, L.P., dated June 7, 2001;

            (f) Sales  Financing  Agreement  for BSDT Program by and between CIT
Online Bank and Dell Financial Services, L.P., dated June 7, 2001;

            (g) Dell Preferred Account Origination  Agreement by and between CIT
Bank and Dell Financial Services L.P. dated April 30, 2002;

            (h) First Amendment,  dated June 30, 2003, to Dell Preferred Account
Origination Agreement by and between CIT Bank and Dell Financial Services, dated
April 30, 2002;

            (i) Dell Preferred  Account  Servicing  Agreement by and between CIT
Financial USA Inc. and DFS-SPV L.P. dated April 30, 2002;

            (j) First Amendment,  dated June 30, 2003, to Dell Preferred Account
Servicing  Agreement by and between  DFS-SPV,  L.P. and CIT Financial USA, Inc.,
dated April 30, 2002;

            (k) Dell Preferred  Account  Receivables  Purchase  Agreement by and
between CIT Bank and CIT Financial USA Inc. dated April 30, 2002;

            (l) Dell  Preferred  Account Sub Servicing  Agreement by and between
Dell Financial Services L.P. and DFS-SPV L.P. dated April 30, 2002;

            (m)  Amendment,  dated  August 15,  2002,  to  Receivables  Purchase
Agreement by and between DFS-SPV L.P. and CIT Financial USA Inc.,  dated October
31, 1998;

            (n) Agreement by and among Dell Financial  Services L.P., Dell Inc.,
Dell Gen P Corp.,  CIT DCC Inc.,  CIT Group Inc.,  Dell Credit Company LLC, Dell
DFS Corporation and CIT DFS Inc.,  dated February 4, 2003 (the "February 4, 2003
Agreement");

                                      -3-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

            (o)  Supplemental  Agreement by and between CIT Financial  USA, Inc.
and CIT Bank dated June 30, 2003;

            (p)  Letter re  Extended  Terms  Program  for Dell High End  Segment
Customers,  sent to Jeffrey  Simon of The CIT Group and Brian  MacDonald of Dell
Inc. dated July 21, 2003;

            (q) Letter re early  payment to Dell Inc.  sent to Jeffrey  Simon of
The CIT Group and Kevin Nater of Dell  Financial  Services  L.P.  dated July 28,
2003;

            (r) First Amendment,  dated June 30, 2003, to Dell Preferred Account
Sub-servicing Agreement between DFS-SPV, L.P. and Dell Financial Services, L.P.,
dated April 30, 2002;

            (s) First  Amended  and  Restated  Credit  Agreement  by and between
DFS-SPV L.P., as Borrower and CIT DFS Inc., as Lender dated October 31, 2000;

            (t) First Amendment, dated October 3, 2001, to the First Amended and
Restated Credit  Agreement by and between  DFS-SPV L.P. and CIT DFS Inc.,  dated
October 31, 2000;

            (u) Letter  Agreement  by and between  CIT  Financial  USA Inc.  and
DFS-SPV L.P. dated August 28, 2002 re definition of the Discount Rate to be used
in the CIT Receivable Purchase Agreement (as defined in the Omnibus Agreement);

            (v) Letter to Jeffrey Simon, of CIT Group, Inc., and Kevin Nater, of
Dell  Financial  Services,  re Dell Financial  Services L.P.,  dated January 31,
2003;

            (w) Letter to Jeffrey Simon, of CIT Group, Inc., and Kevin Nater, of
Dell Financial Services, re Tax Indemnification  Letter Agreement,  dated August
27, 2003;

            (x) Letter to Jeffrey Simon, of CIT Group, Inc., and Kevin Nater, of
Dell Financial Services, re lease agreements with AXA Technology Services,  SAS,
dated August 27, 2003;

            (y) Letter to Jeffrey Simon, of CIT Group, Inc., and Kevin Nater, of
Dell  Financial  Services,  re provisions  re leasing in amendment  number seven
dated August 1, 2002 to the Master  Purchase  Agreement  between Dell  Marketing
L.P. and EDS for purchase of equipment by EDS, dated April 15, 2003;

            (z) Letter to Jeffrey Simon, of CIT Group, Inc., and Kevin Nater, of
Dell  Financial  Services,  re provisions  re leasing in amendment  number seven
dated August 1, 2002 to the Master  Purchase  Agreement  between Dell  Marketing
L.P. and EDS for purchase of equipment by EDS, dated October 22, 2003;

            (aa) Letter to Jeffrey Simon of CIT Group,  Inc. and Brian MacDonald
of Dell Inc.  re cash  disbursement  to CIT from  Performance  Fee  Account  and
Amendment to True Up Model and Funding Model in the DPA Servicing  Agreement (as
defined therein), dated October 14, 2003;

                                      -4-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

            (bb)  Letter  to  Jeffrey   Simon  of  CIT  Group,   Inc.,  re  Dell
Securitization Funding Agreement, dated February 4, 2004;

            (cc) The Reserve  Administration  Agreement,  entered into as of the
8th day of  September,  2004,  by and between Dell and CIT and the other parties
thereto (the "Reserve Administration Agreement");

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

      "Available Cash" means the amount, if any, by which (a) the sum of (i) the
aggregate of the Partner's  capital  balances per DFS' financial  statements and
(ii) the  undistributed  Partners' gain or loss per DFS'  financial  statements;
exceeds (b) the Minimum Cash Balance.

      "Bankruptcy" means, with respect to a Person, (a) the entry of a decree or
order for relief against the Person by a court of competent  jurisdiction in any
involuntary case brought against the Person under any bankruptcy,  insolvency or
other  similar law  generally  affecting  the rights of creditors  and relief of
debtors now or hereafter in effect (collectively, "Debtor Relief Laws"), (b) the
appointment   of  a  receiver,   liquidator,   assignee,   custodian,   trustee,
sequestrator or other similar agent under applicable Debtor Relief Laws or other
applicable  laws for the  Person or for any  substantial  part of its  assets or
property,  (c) the  ordering of the winding up or  liquidation  of the  Person's
affairs,  (d) the filing of a petition in any such  involuntary  bankruptcy case
against the Person, which petition remains undismissed for a period of 180 days,
(e) the  commencement  by the Person of a  voluntary  case under any  applicable
Debtor Relief Law or (f) the making by the Partner of any general assignment for
the benefit of its creditors.

      "Best Buy" means (i) Best Buy Co., Inc., a Minnesota corporation, (ii) any
of its subsidiaries, and (iii) any related companies doing business as Best Buy.

      "Breach  Notice" means a written  notice of a breach or default under this
Agreement   which  notice  sets  forth  in  reasonable   detail  the  events  or
circumstances  upon which the nonbreaching  Partner based its determination that
such a material breach or default under this Agreement occurred.

      "Business" has the meaning set forth in Section 2.1.

      "Business  Day" means any day other than a  Saturday,  Sunday or any other
holiday on which commercial banks are authorized or required to be closed in New
York, New York.

                                      -5-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      "Buyout  Price" means the amount  determined  in  accordance  with Section
8.3(b)(ii) and Schedule 2.

      "Capital  Account"  means the separate  capital  account  established  and
maintained for each Partner by DFS pursuant to Section 3.2(a).

      "Capital  Contribution"  means the total amount of cash and the Fair Value
of Property (net of liabilities  secured by such Property that DFS is considered
to assume or take subject to under IRC ss.752)  contributed by a Partner (or its
predecessor in interest) to the capital of DFS.

      "Certificate"  means the  Certificate of Limited  Partnership of DFS filed
with the  Delaware  Secretary  of State,  as amended  and in effect from time to
time.

      "Circuit   City"  means  (i)  Circuit  City   Stores,   Inc.,  a  Virginia
corporation, (ii) any of its subsidiaries, and (iii) any related companies doing
business as Circuit City.

      "CIT Change of Control" means,  with respect to any of the CIT Parties the
occurrence of any of the following  events:  (a) the consummation of a merger or
consolidation  of any of the CIT Parties with a Controlling  Party  resulting in
holders of the voting Securities of any of the CIT Parties  receiving,  directly
or indirectly,  less than 50% of the voting  Securities of the surviving  entity
(or, if applicable, resulting holding company); (b) the sale, lease, exchange or
transfer of all or  substantially  all of CIT's assets,  or all or substantially
all of the assets of any of the CIT Parties,  to a  Controlling  Party;  (c) the
approval  by the holders of the voting  Securities  of any of the CIT Parties of
any plan or proposal for the  liquidation or dissolution of such party;  (d) the
acquisition by any Controlling Party (other than a holding company more than 50%
of the voting  Securities of which are owned by the stockholders of a CIT Party)
of 49% or more of the outstanding voting power of the Securities of a CIT Party;
or (e) a change in a majority of the directors of CIT in any period of less than
two years,  not  counting  persons  elected or  nominated  by a vote of at least
two-thirds  of the  directors in office at the beginning of such period or whose
election or nomination  was  previously  so approved,  the result of such change
being that a majority of the directors of CIT have been selected or appointed by
a Controlling Party;  provided,  however,  that no transaction with respect to a
CIT Party shall constitute a CIT Change of Control  hereunder if, following such
transaction,  100% of the capital stock or equity interests in such CIT Party is
owned directly or indirectly by CIT.

      "CIT" means CIT Group Inc., a Delaware corporation.

      "CIT Aggregate  Interest"  means  collectively,  CIT DFS's  Interest,  the
"Interest" (as defined in the Limited Liability Company Agreement) of CIT DCC in
Dell  Credit  and  the  equity  interest  of  CIT  DCC  in  DFS-GP,  a  Delaware
corporation.

      "CIT  Credit  Group  USA"  means CIT  Credit  Group USA Inc.,  a  Delaware
corporation and a wholly-owned subsidiary of CIT.

      "CIT DCC" means CIT DCC Inc., a Delaware  corporation  and a  wholly-owned
subsidiary of CIT Credit Group USA.

                                      -6-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      "CIT DFS" means CIT DFS Inc., a Delaware  corporation  and a  wholly-owned
subsidiary of CIT.

      "CIT DFS  Affiliate"  means an Affiliate of CIT DFS other than DFS or Dell
Credit.

      "CIT Equity Payments" has the meaning set forth in Section 8.3(b)(iii).

      "CIT  Financial  USA"  means  CIT  Financial  USA,  Inc.  (f/k/a  Newcourt
Financial USA Inc.), a Delaware corporation and a wholly-owned subsidiary of CIT
Credit Group USA.

      "CIT  Funding  Administration  Fee  Balance"  has the meaning set forth in
Section 8.3(b)(iv).

      "CIT  Funding  Payment(s)"  shall have the  meaning  set forth in the 2004
Extension and Funding Agreement.

      "CIT  Parties"  means CIT, CIT Credit Group USA, CIT Financial USA and CIT
DFS (and each individually a "CIT Party").

      "CIT Sale Option" has the meaning set forth in Section 8.3.

      "CIT Termination Event" has the meaning set forth in Section 8.1(a).

      "Claim"  means any claim of any nature  whatsoever,  including any demand,
liability,  obligation,  cause of action,  suit,  proceeding,  judgment,  award,
assessment or reassessment.

      "Confidential Information" has the meaning set forth in Section 11.11.

      "Controlling  Party"  means a Person  which  either (i) (a)  directly,  or
indirectly  through  an  Affiliate,   provides  Financing  Services  to  a  Dell
Competitor  under  which  the  annual  dollar  amount  of  customer   Financings
originated  (measured as of the end of the most recently completed calendar year
and  without  double-counting  any  customer  Financings)  in the United  States
exceeds  $250  million,  and (b)  within a  reasonable  time of Dell's  request,
declines  to  grant  DFS  exclusivity  on  the  same  terms  that  govern  CIT's
exclusivity  arrangement  under the 2004 Extension and Funding  Agreement,  with
respect to the provision of Financing  Services for PCs in the United States for
the term of this  Agreement;  or (ii) has a credit  rating of "A-" or lower from
S&P or A3 or lower from Moody's.

      "Covered  Person"  means (a) any Partner,  (b) any Affiliate of a Partner,
(c) any officer, director,  shareholder,  partner,  employee,  representative or
agent  of a  Partner  or any of its  Affiliates  or (d) any  officer,  director,
shareholder,  partner,  employee,  representative  or agent of DFS or any of its
Affiliates.

      "Credits"  means  all tax  credits  allowed  by the IRC  with  respect  to
activities of DFS or the Property.

                                      -7-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      "Damages" means any loss  whatsoever,  including  expenses,  debt,  costs,
damages, penalties, fines, charges, liabilities, interest, bonuses and all legal
and other fees and disbursements.

      "Debtor  Relief  Laws"  has the  meaning  set forth in the  definition  of
"Bankruptcy".

      "Dell" means Dell Inc., a Delaware corporation.

      "Dell 2008 Option" has the meaning set forth in Section 8.3.

      "Dell 2010 Buyout Obligation" has the meaning set forth in Section 8.3.

      "Dell-DFS"  means  Dell DFS  Corporation,  a Delaware  corporation  and an
indirect wholly-owned subsidiary of Dell Inc.

      "Dell-DFS  Affiliate"  means an  Affiliate  of Dell other than DFS or Dell
Credit.

      "Dell Competitor" means (i) the following  companies  reflected on the "PC
Tracker Report"  published by International  Data Corporation at the time of the
applicable  CIT Change of Control  (or if such  International  Data  Corporation
lists do not  exist at the time,  the  nearest  equivalent  lists,  as  mutually
determined by the Dell and CIT at such time): (a) "Top Ten Vendors, Worldwide PC
Shipments";  and (b) "Top Ten  Vendors,  USA PC  Shipments";  and (ii) Best Buy,
Circuit City, and Wal-Mart.

      "Dell  Change of Control"  means the  occurrence  of any of the  following
events:  (a) the  consummation of a merger or  consolidation of Dell or Dell-DFS
resulting  in  holders  of  Dell's or  Dell-DFS'  voting  Securities  receiving,
directly or indirectly,  less than 50% of the voting Securities of the surviving
entity (or, if applicable,  resulting  holding  company);  (b) the sale,  lease,
exchange  or  transfer  of all or  substantially  all of the  assets  of Dell or
Dell-DFS;  (c) the  approval  by the holders of the Dell's or  Dell-DFS'  voting
Securities of any plan or proposal for the liquidation or dissolution of Dell or
Dell-DFS;  (d) the  acquisition by any Person (other than a holding company more
than 50% of the voting Securities of which are owned by the stockholders of Dell
or a subsidiary  thereof,  including Dell-DFS) of 49% or more of the outstanding
voting power of Dell's or Dell-DFS' Securities; or (e) a change in a majority of
the directors of Dell in any period of less than two years, not counting persons
elected or nominated by a vote of at least two-thirds of the directors in office
at the beginning of such period or whose  election or nomination  was previously
so  approved;  provided,  however,  that no  transaction  with respect to a Dell
Affiliate shall constitute a Dell Change of Control hereunder if, following such
transaction,  100% of the  capital  stock  or  equity  interests  in  such  Dell
Affiliate is owned directly or indirectly by Dell.

      "Dell  Credit"  means Dell  Credit  Company  L.L.C.,  a  Delaware  limited
liability company.

      "Dell Purchase Option" has the meaning set forth in Section 8.3

      "Dell Termination Event" has the meaning set forth in Section 8.1(b).

                                      -8-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      "DFS" means Dell  Financial  Services L.P., a limited  partnership  formed
under the Act pursuant to the Original Limited Partnership Agreement.

      "DFS  Adjusted  Net Income"  means (a) the sum of (i) DFS pre tax GAAP net
income for the  Valuation  Period,  (ii) Bonus  Referral Fees (as defined in the
February 1, 2003 Agreement) expensed during the Valuation Period,  (iii) Funding
Administration  Fees (as  defined is Section  5.5  hereof)  expensed  during the
Valuation Period and (iv) Incremental Reserves.

      "DFS Look Back  Income  Calculation"  has the meaning set forth in Section
8.3(b)(ii)(B).

      "DFS-SPV" means DFS-SPV L.P., a Delaware limited liability partnership, in
which DFS-GP,  Inc., a Delaware  corporation,  acts as a general partner and DFS
acts as a limited partner.

      "Disclosing Party" has the meaning set forth in Section 11.11.

      "Distribution  Percentage"  means (a) with respect to the General Partner,
1.0%,  (b) with  respect to  Dell-DFS,  69.5%,  and (c) with respect to CIT DFS,
29.5%.

      "Distribution"  means  any  distribution  of  cash  or  Property  (net  of
liabilities secured by such Property) that the distributee Partner is considered
to assume or take subject to under IRC ss.752) by DFS to a Partner.

      "DPA or Dell Preferred  Account"  means the Dell  revolving  consumer loan
product.

      "DPA Implicit  Interest  Adjustment"  means * of the implicit  interest on
DPA, currently  estimated by DFS to be in the range of between $* million and $*
million,  as such number shall be updated for DFS third quarter fiscal year 2005
activity in the ordinary course consistent with past practice.

      "Effective Date" has the meaning  specified in the introductory  paragraph
of this Agreement.

      "Events of Termination" has the meaning set forth in Section 8.1.

      "Exercise  Notice"  means a written  notice  delivered by one Party to the
other notifying the other party that the notifying party intends to exercise the
Dell  2008  Option,  the  Dell  Purchase  Option  or the  CIT  Sale  Option,  as
applicable.

      "Existing  Portfolio"  means the consumer  and  commercial  portfolios  of
Gain-Generated  Funding  that are  outstanding  and as they exist on October 29,
2004.

      "Fair Value" of an asset means its fair market value, as determined by the
General Partner or, if applicable, the Liquidator.

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*     This  portion  has been  redacted  pursuant  to a  confidential  treatment
      request.

                                      -9-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      "Fee  Eligible   Transaction"   means  a  Transaction  other  than  a  SAC
Transaction  that is repaid in full prior to the  expiration  of the  applicable
Grace Period.

      "Finance  Contract"  means  a  lease,  loan,  conditional  sale  contract,
promissory  note or other financing  contract  entered into with a customer from
time to time with respect to a Financing and any and all amendments,  riders and
other documents which pertain thereto.

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

      "Fiscal  Month",  "Fiscal  Quarter" and "Fiscal Year" have the  respective
meanings set forth in Section 6.5.

      "Funding Administration Fee" has the meaning set forth in Section 5.5.

      "Funding  Fee  Administration  Percentages"  has the  meaning set forth in
Section 5.5.

      "Funding  Termination Option" shall have the meaning set forth in the 2004
Extension and Funding Agreement.

      "FY '05 Q3 Late Fee Modifier" means (a) $* million (which is the sum of $*
million of estimated late fee income,  and $* million of accrued late fees),  as
such numbers shall be updated for DFS third quarter fiscal year 2005 activity in
the ordinary  course  consistent  with past practice  minus (b) the DPA Implicit
Interest Adjustment.

      "FY '05 Q3 Reserve  Modifier"  means $* million,  as such number  shall be
updated for DFS third quarter  fiscal year 2005 activity in the ordinary  course
consistent with past practice.

      "GAAP" means generally accepted  accounting  principles  applicable in the
United States and in effect from time to time.

      "Gain-Generated  Funding" has the meaning set forth in the 2004  Extension
and Funding Agreement.

      "General  Partner"  means  Dell  Credit  or any  Substitute  Partner  that
succeeds such entity as general partner of DFS.

      "Grace Period" means the time in which the customer may pay off the entire
principal balance of the SAC Transaction without incurring finance charges,  for
example, 60 Days Same As Cash or 90 Days Same As Cash.

      "Historical  Period"  means the period  beginning  on October 29, 2004 and
ending on June 20, 2007 or the prior  Fiscal  Month end (for which ever end date
the relevant data is more readily available).

----------
*     This portion has been redacted pursuant to a confidential treatment
      request.

                                      -10-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

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

      "Income"  and "Loss"  mean,  respectively,  for each  Fiscal Year or other
period,  an amount equal to DFS's taxable income or loss for such Fiscal Year or
period,  determined  in  accordance  with IRC  ss.703(a),  except  that for this
purpose  (a) all  items  of  income,  gain,  deduction  or loss  required  to be
separately  stated by IRC  ss.703(a)(1)  shall be included in taxable  income or
loss,  (b) tax exempt income shall be added to taxable  income or loss,  (c) any
expenditures described in IRC ss.705(a)(2)(B) (or treated as IRC ss.705(a)(2)(B)
expenditures  pursuant to Treasury Regulation  ss.l.704-l(b)(2)(iv)(i))  and not
otherwise  taken  into  account  in  computing  taxable  income or loss shall be
subtracted  and (d) taxable income or loss shall be adjusted to reflect any item
of income or loss specifically allocated in Article IV.

      "Incremental Reserves" means any reserve activity,  excluding that related
to Initial Reserves and the FY '05 Q3 Reserve Modifier,  that is included in DFS
pre tax GAAP net income  during  the  Valuation  Period.  For  purposes  of this
definition,  reserve  activity  that  results in an  increase  to balance  sheet
reserves shall be deemed a positive value,  and reserve activity that results in
a decrease to balance sheet reserves shall be deemed a negative value.

      "Independent Firm" has the meaning set forth in Section 8.3(b)(ii)(C).

      "Initial   Calculation   Date"  has  the  meaning  set  forth  in  Section
8.3(b)(ii)(A)

      "Initial  Capital  Account  Balance"  has the meaning set forth in Section
3.1.

      "Initial   Reserves"  means  the  estimated   required  lifetime  reserves
established in accordance with the Reserve Administration Agreement on Valuation
Period Assets at the time of funding of each  Valuation  Period Asset through an
RPU.

      "Interest"  means all of a Partner's  rights and  interests  in DFS in its
capacity as a Partner,  as provided in the  Certificate,  this  Agreement or the
Act.

      "IRC" means the  Internal  Revenue  Code of 1986,  as amended from time to
time, or corresponding provisions of future laws.

      "Limited  Liability  Company  Agreement"  has the meaning set forth in the
Omnibus Agreement, as such Limited Liability Company Agreement has been amended.

      "Limited  Partner" means  Dell-DFS,  CIT DFS or any Transferee of all or a
part  of the  Interest  of a  Limited  Partner  if  such  Transferee  becomes  a
Substitute Partner pursuant to Section 7.2.

      "Liquidation"   has  the  meaning   set  forth  in   Treasury   Regulation
ss.l.704-1(b)(2)(ii)(g) and any amendatory or successor section of such Treasury
Regulation.

      "Liquidation Proceeds" means the proceeds from the sale of all Property at
the  time of  Liquidation  of DFS,  including  the  receipt  of a note or  other
instrument  providing  for  installment  payments,  and the  Fair  Value  of any
Property distributed in kind as a part of the Liquidation of DFS.

                                      -11-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      "Liquidator"  means the General  Partner or any other  Person  required or
authorized by law to wind up DFS's affairs.

      "Look Back  Income"  means the sum of (a) DFS  Adjusted  Net  Income;  (b)
Adjusted  Existing  Portfolio  Reserve;  (c)  Adjusted  Net Late  Fees;  and (d)
Adjusted Valuation Period Reserves.  Notwithstanding  the foregoing or any other
provision  of this  Agreement,  Look  Back  Income  shall be deemed to be (i) $*
million if the Look Back Income  calculation  described in this sentence is less
than $*  million;  and (ii) $* million if such Look Back Income  calculation  is
greater than $* million.

      "Minimum  Cash  Balance"  means an amount  which  shall  initially  be $15
million,  but which shall be reviewed  annually;  provided that the Minimum Cash
Balance shall only be revised by a Supermajority Vote (as defined in the Limited
Liability Company Agreement).

      "Moody's" means Moody's Investor Service.

      "Notice Party" has the meaning set forth in Section 11.7.

      "Original Limited Partnership  Agreement" has the meaning set forth in the
recitals to this Agreement.

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

      "Partner" means the General Partner or a Limited Partner.

      "Partner Loan" has the meaning set forth in Section 3.5.

      "Partner  Nonrecourse  Debt  Minimum  Gain" has the  meaning  set forth in
Section 4.1(b)(iv).

      "Partnership   Minimum   Gain"  has  the  meaning  set  forth  in  Section
4.1(b)(ii).

      "Partnership  Nonrecourse  Deduction" has the meaning set forth in Section
4.1(b)(v).

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

      "Person"  means  any  individual,   partnership,  joint  venture,  limited
liability  company,  limited liability  partnership,  corporation,  cooperative,
trust or other entity,  including any governmental  entity,  agency or political
subdivision.

      "Products" means all of the computer hardware, software, parts, equipment,
accessories  and other  products  that Dell (or its  subsidiaries),  in its sole
discretion,  may from time to time offer for purchase or license to customers in
the ordinary  course of its business,  whether  manufactured  by Dell,  any Dell
Affiliate or any other Person, all as revised by Dell (or its subsidiaries) from
time to time in its sole discretion.

----------
*     This  portion  has been  redacted  pursuant  to a  confidential  treatment
      request.

                                      -12-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      "Prospective  Period"  means the period  beginning on June 20, 2007 or the
prior Fiscal Month end  immediately  preceding  June 20, 2007 (on whichever date
the relevant data is more readily  available)  through the  estimated  remaining
life of the Existing Portfolio and the Valuation Period Assets.

      "Property" means all tangible and intangible  property in which DFS has an
interest or that DFS owns from time to time.

      "Purchase Closing" has the meaning set forth in Section 8.3(c)(i).

      "Purchase Closing Date" has the meaning set forth in Section 8.3(c)(i).

      "Purchase Price" has the meaning set forth in Section 8.3(b)(i).

      "Regulatory  Allocations"  means  the  allocations  described  in  Section
4.1(b).

      "Reserve Balances" means Credit Loss, Fraud, Prepay and Servicing Reserves
(each as defined in the Reserve Administration  Agreement) that are owned and/or
managed by DFS-SPV relative to the Existing Portfolio on October 29, 2004.

      "Revaluation"  means the occurrence of any event  described in clause (i),
(ii) or (iii) of Section  3.2(c) in which the book basis of Property is adjusted
to its Fair Value.

      "SAC Transaction"  means a Transaction  pursuant to a promotional  program
offered to customers  by or through DFS whereby Dell agrees to defer  receipt of
payment of the amount due under the  Operating  and Purchase  Agreement  for the
applicable Grace Period (defined below).

      "Securities" means any stock,  shares,  voting trust certificates,  bonds,
debentures,  notes or other  evidences of  indebtedness,  secured or  unsecured,
convertible,  subordinated or otherwise,  or in general any instruments commonly
known as "securities"  under applicable  federal or state securities laws or any
certificates  of  interest,  shares or  participations  in  temporary or interim
certificates  for the  purchase or  acquisition  of or any right to subscribe to
purchase or acquire any of the foregoing.

      "S&P" means the Standard & Poor's Rating Services.

      "Substitute  Partner" means a Transferee of an Interest admitted to DFS as
such pursuant to Section 7.2.

      "Term" has the meaning set forth in Section 2.5.

      "Transaction" means a Lease or Conditional Sale Arrangement (as defined in
the Operating and Purchase  Agreement) or a revolving credit facility offered to
customers by a third party funding  source,  such as the Dell Preferred  Account
currently offered by CIT Bank through a program with DFS.

      "Transfer" means (a) when used as a verb, to give, sell, exchange, assign,
pledge,  hypothecate,  bequeath, devise or otherwise dispose of or encumber, and
(b) when used as a noun,

                                      -13-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

the  nouns   corresponding   to  such  verbs,  in  either  case  voluntarily  or
involuntarily,  by operation of law or otherwise and the term  "Transferee"  and
"Transferor" shall have correlative meanings.

      "Treasury   Regulations"   means  the  final  and  temporary   regulations
promulgated  by the United States  Treasury  Department  pursuant to the IRC, as
such regulations are amended and in effect from time to time.

      "U.S. Rating Agency" means any of the following:  (a) S&P, (b) Moody's, or
(c) Fitch Investors Service, L.P.

      "Valuation  Period"  means the 12-month  fiscal  period ended  October 29,
2005.

      "Valuation Period Assets" means all Gain Generated Fundings (as defined in
the 2004 Extension and Funding Agreement) during the Valuation Period.

      "Wal-Mart" means (i) Wal-Mart Stores, Inc., a Delaware  corporation,  (ii)
any of its  subsidiaries,  including  Sam's Clubs,  and (iii) any other  related
companies doing business as Wal-Mart or Sam's Clubs.

      "Wind-Down Period" has the meaning set forth in Section 8.2.

      1.2 Other Definitional Provisions

            (a) As used in this Agreement,  accounting terms not defined in this
Agreement shall have the respective meanings given to them under GAAP.

            (b) Words of any  gender  (whether  masculine,  feminine  or neuter)
shall be deemed to include all other genders. Words of the singular number shall
be deemed to include the plural number, and vice versa, where applicable.

            (c) When used herein, the word "including" means "including, without
limitation".

            (d) Unless  otherwise  specified,  references  herein to Articles or
Sections  shall  be  deemed  to  be  references  to  Articles  or  Sections,  as
applicable,  of this Agreement. When used in this Agreement, the words "hereof",
"herein"  and  "hereunder"  and  words of  similar  import  shall  refer to this
Agreement as a whole and not to any particular provision of this Agreement.

                                   ARTICLE II

                           BUSINESS PURPOSES, OFFICES,
                        BUSINESS QUALIFICATIONS AND TERM

      2.1 Business Purpose.  The business purposes of DFS (the "Business") shall
be to (a) purchase Products from Dell Affiliates, (b) design, provide and manage
lease and other financing  programs in connection with the sale or lease of such
Products to customers of DFS or Dell and (c) own, operate and conduct such other
businesses  and activities as may from time to time be determined by the General
Partner; provided, however, that DFS may conduct Business outside

                                      -14-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

the United  States of America  only if and to the extent that both  Dell-DFS and
CIT DFS consent thereto.

      2.2 Principal  Place of Business.  The principal  place of business of DFS
shall be located at One Dell Way, Round Rock,  Texas 78682.  The General Partner
may change the location of DFS's  principal  place of business and may establish
additional   places  of  business  for  DFS  at  such   locations  and  in  such
jurisdictions as may be determined, from time to time, by the General Partner.

      2.3 Registered  Office and Registered  Agent. The registered office of DFS
in Delaware  shall be located at Corporation  Trust Center,  1209 Orange Street,
Wilmington, Delaware 19801. The registered agent for DFS at such office shall be
The  Corporation  Trust Company.  The General Partner may change the location of
DFS's registered  office in Delaware or the registered agent for DFS at any time
and from time to time,  provided  that the  appropriate  form of notice is filed
with the Delaware Secretary of State.

      2.4 Other Business Qualifications. DFS may qualify to transact business in
such  other  states  and  under  such  assumed  business  names  (for  which all
applicable  assumed business name  certificates or filings shall be made) as the
General Partner shall determine. Each Partner shall execute, acknowledge,  swear
to and deliver all  certificates or other documents  necessary or appropriate to
qualify,  continue and terminate DFS as a foreign  limited  partnership  in such
jurisdictions in which DFS may conduct business.

      2.5 Term.  The term of DFS commenced on April 14, 1997 and shall  continue
until January 29, 2010 (the "Term"),  unless DFS is dissolved prior to such date
pursuant to the  provisions  of Article VIII or the Partners  mutually  agree to
extend the Term.

                                  ARTICLE III

                     CAPITAL CONTRIBUTIONS AND PARTNER LOANS

      3.1 Capital Account Balances. As of the last Fiscal Month end prior to the
Effective  Date, each Partner has the Capital Account balance set forth opposite
such  Partner's  name on the books  and  records  of DFS.  No  Partner  shall be
required  to make any  Capital  Contributions  from and  after  the date  hereof
without the approval of all of the Partners.

      3.2 Capital Accounts.

            (a) A separate Capital Account shall be maintained for each Partner.
Each  Partner's  Capital  Account  initially  shall be  equal to such  Partner's
Initial  Capital Account  Balance.  Thereafter,  each Partner's  Capital Account
shall be (a)  increased  by (i) any  other  Capital  Contributions  made by such
Partner,  (ii) the amount of Income (or items thereof) allocated to such Partner
pursuant  to Article IV and (iii) the amount of any DFS  liabilities  assumed by
the Partner or which are secured by any Property  distributed  to such  Partner;
and (b) decreased by (i) the Distributions made by DFS to such Partner, (ii) the
amount of Loss (or items thereof)  allocated to such Partner pursuant to Article
IV and (iii) the amount of any liabilities of

                                      -15-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

the Partner  assumed by DFS or which are secured by any Property  contributed by
such Partner to DFS.

            (b) If any Interest is Transferred  in accordance  with the terms of
this  Agreement,  the  Transferee  shall  succeed to the Capital  Account of the
Transferor as provided in the last Sentence of Section 7.3.

            (c) In the event of (i) an additional  Capital  Contribution  by any
Partner of more than a de minimis amount of Property which results in a shift in
Interests,  (ii) a  Distribution  by DFS to a Partner  of more than a de minimis
amount of Property in  redemption of all or part of such  Partner's  Interest or
(iii) the  Liquidation  of DFS, the book basis of the Property shall be adjusted
to Fair  Value  as of the date of such  Capital  Contribution,  Distribution  or
Liquidation,  and the  Capital  Accounts of all the  Partners  shall be adjusted
simultaneously  to reflect the aggregate net  adjustment to book basis as if DFS
recognized  Income or Loss equal to the amount of such aggregate net adjustment;
provided,  however, that the adjustments resulting from clause (i) or (ii) above
shall be made only if the General Partner  determines that such  adjustments are
necessary  or  appropriate  to reflect the  relative  economic  interests of the
Partners.

            (d) If any  Property is subject to IRC  ss.704(c)  or is revalued on
the  books  of DFS in  accordance  with  Section  3.2(c)  pursuant  to  Treasury
Regulation  ss.1.704-1(b)(2)(iv)(f),  the Partners'  Capital  Accounts  shall be
adjusted in accordance  with  Treasury  Regulation  ss.1.704-1(b)(2)(iv)(g)  for
allocations to the Partners of  depreciation,  amortization and gain or loss, as
computed for book purposes (and not tax purposes) with respect to such Property.

            (e) The  foregoing  provisions  of this  Section  3.2 and the  other
provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Treasury  Regulation  ss.1.704-1(b)  and  ss.1.704-2 and
shall be  interpreted  and  applied in a manner  consistent  with such  Treasury
Regulations.  If the General Partner  determines that it is prudent or advisable
to  modify  the  manner in which  the  Capital  Accounts,  or any  increases  or
decreases  thereto,   are  computed  in  order  to  comply  with  such  Treasury
Regulations,  the  General  Partner  may  cause  such  modification  to be made,
provided that it is not likely to have a material  effect on the Buyout Price or
on amounts distributable to any Partner upon Liquidation of DFS.

      3.3 Negative Capital  Accounts.  No Partner shall be obligated to restore,
and neither DFS,  any other  Partner nor any third party shall have any right to
compel any Partner to restore,  any negative  balance in such Partner's  Capital
Account;  provided,  however,  that nothing in this Section 3.3 shall  relieve a
Partner of any liability it may otherwise have,  either pursuant to the terms of
this  Agreement  or pursuant to the terms of any  agreement to which DFS or such
Partner may be a party.

      3.4 Capital Withdrawal Rights, Interest and Priority.  Except as expressly
provided in this  Agreement,  no Partner  shall be entitled to (a)  withdraw its
Capital  Contributions or reduce the balance in such Partner's  Capital Account,
(b) receive any  Distributions  from DFS or (c) demand or receive Property other
than cash in return for its Capital Contributions.  No Partner shall be entitled
to receive or be credited with any interest on such Partner's Capital Account at
any time.  No Partner  shall have any priority  over any other Partner as to the
return of such Partner's Capital Interest.

                                      -16-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      3.5 Loans by Partners. Any Partner may make a loan to DFS ("Partner Loan")
in such amounts,  at such times,  on such terms and conditions and at such rates
of interest as may be approved by the General Partner;  provided,  however, that
nothing  in  this  Section  3.5  shall  require  approval  of any  Partner  Loan
contemplated  and authorized by the terms and provisions of any of the Ancillary
Agreements. Partner Loans shall not be considered Capital Contributions.

                                   ARTICLE IV

                          ALLOCATIONS AND DISTRIBUTIONS

      4.1 Allocations.

            (a) General. After giving effect to the Regulatory Allocations,  all
Income, Loss and Credits of DFS (including those resulting from a Liquidation of
DFS)  shall be  allocated  to the  Partners  pro rata in  accordance  with their
Distribution Percentages.

            (b) Regulatory Allocations.

                  (i) Qualified Income Offset.  Notwithstanding  the allocations
      provided  in  Section  4.1(a)  and except as  otherwise  provided  in this
      Section 4.1(b),  if any Partner receives an unexpected  allocation of Loss
      or  deduction  or an  unexpected  distribution  as  described  in Treasury
      Regulation  ss.l.704-1(b)(2)(ii)(d)(4),  (5) or  (6)  which  results  in a
      negative  balance in such  Partner's  Capital  Account  (after taking into
      account  reductions  for  the  items  set  forth  in  Treasury  Regulation
      ss.1.704-1(b)(2)(ii)(d)(4),  (5), or (6)) in excess of (A) the amount,  if
      any, of such negative Capital Account such Partner is obligated to restore
      pursuant  to the  terms  of this  Agreement  and (B)  the  amount  of such
      negative Capital Account such Partner is deemed to be obligated to restore
      pursuant   to   the   penultimate   sentences   of   Treasury   Regulation
      ss.1.704-2(g)(1)  and  ss.1.704-2(i)(5),  such  Partner  shall  receive an
      allocation  of gross  income or gain in the amount  necessary to eliminate
      such excess as quickly as possible.  This provision is intended to satisfy
      the  definition  of  "qualified  income  offset",  as defined in  Treasury
      Regulation ss.1.704-1(b)(2)(ii)(d).

                  (ii) Minimum Gain. Notwithstanding the allocations provided in
      Section 4.1(a) and except as otherwise provided in this Section 4.1(b), if
      there is a net  decrease  in  "Partnership  Minimum  Gain" (as  defined in
      Treasury  Regulation  ss.1.704-2(d))  during any Fiscal Year, each Partner
      with a negative  Capital  Account  balance at the end of such  Fiscal Year
      (decreased by the amount,  if any, of such negative  Capital  Account such
      Partner is  obligated to restore  pursuant to the terms of this  Agreement
      and the amount of such negative  Capital Account such Partner is deemed to
      be obligated to restore pursuant to the penultimate  sentences of Treasury
      Regulation  ss.1.704-2(g)(1) and ss.1.704-(2)(i)(5),  and increased by the
      items set forth in Treasury Regulation ss.1.704-1(b)(2)(ii)(d)(4),  (5) or
      (6)) shall be  allocated  items of gross  income and gain for such  Fiscal
      Year and, if necessary, for subsequent Fiscal Years, in an amount equal to
      such Partner's share of the net decrease in such Partnership Minimum Gain,
      determined in

                                      -17-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      accordance with Treasury Regulation ss.1.704-(2)(g)(2).  This provision is
      intended to satisfy  the  definition  of a "minimum  gain  chargeback"  as
      defined in Treasury Regulation ss.1.704-2(f).

                  (iii) Gross Income Allocation. Notwithstanding the allocations
      provided  in  Section  4.1(a)  and except as  otherwise  provided  in this
      Section 4.1(b), if any Partner has a negative Capital Account at the close
      of any  Fiscal  Year which is in excess of the sum of (A) the  amount,  if
      any, of such negative Capital Account such Partner is obligated to restore
      pursuant to any  provision  of this  Agreement  and (B) the amount of such
      negative Capital Account such Partner is deemed to be obligated to restore
      pursuant   to   the   penultimate   sentences   of   Treasury   Regulation
      ss.1.704-2(g)(1)  and  ss.1.704-2(i)(5),  such Partner  shall be specially
      allocated  items of gross  income and gain in the amount of such excess as
      quickly as possible,  provided that an allocation pursuant to this Section
      4.1(b)(iii)  shall be made only if and to the  extent  that  such  Partner
      would  have a  negative  Capital  Account  in excess of such sum after all
      other  allocations  provided  for in this Section 4.1 have been made as if
      Section 4.l(b)(i) and this Section 4.1(b)(iii) were not in this Agreement.

                  (iv) Partner  Nonrecourse  Deductions and Partner  Nonrecourse
      Debt Minimum Gain. Notwithstanding the allocations provided for in Section
      4.1(a)  and except as  otherwise  provided  in this  Section  4.1(b),  any
      "Partner  Nonrecourse   Deduction"  (as  defined  in  Treasury  Regulation
      ss.1.704-2(i)(2))  for any Fiscal Year shall be  allocated  to the Partner
      who bears the economic risk of loss in accordance with Treasury Regulation
      ss.1.704-2(i)(l),  and if there is a net decrease in "Partner  Nonrecourse
      Debt Minimum  Gain" (as defined in Treasury  Regulation  ss.1.704-2(i)(3))
      during any Fiscal Year,  each Partner with a negative  Capital  Account at
      the end of such Fiscal  Year  (decreased  by the  amount,  if any, of such
      negative  Capital Account such Partner is obligated to restore pursuant to
      the  terms of this  Agreement  and the  amount  of such  negative  Capital
      Account such Partner is deemed to be obligated to restore  pursuant to the
      penultimate   sentences  of  Treasury  Regulation   ss.1.704-2(g)(1)   and
      ss.1.704-2(i)(5),  and  increased  by the  items  set  forth  in  Treasury
      Regulations  ss.1.704-1(b)(2)(ii)(d)(4),  (5) or (6))  shall be  allocated
      items of gross income and gain for such Fiscal Year and, if necessary, for
      subsequent Fiscal Years, in an amount equal to such Partner's share of the
      net decrease in such Partner Nonrecourse Debt Minimum Gain,  determined in
      accordance with Treasury  Regulation  ss.1.704-2(i)(4).  This provision is
      intended to comply with the chargeback  provisions of Treasury  Regulation
      ss.1.704-2(i)(4).

                  (v) Partnership  Nonrecourse  Deductions.  Notwithstanding the
      allocations  provided  for in  Section  4.1(a)  and  except  as  otherwise
      provided in this Section 4.1(b), any "Partnership  Nonrecourse Deductions"
      (as  defined in  Treasury  Regulation  ss.1.704-2(c))  for any Fiscal Year
      shall be allocated to the Partners in accordance  with their  Distribution
      Percentages as provided under Treasury Regulation ss.1.704-2(e).

                  (vi) Curative  Allocations.  The  Regulatory  Allocations  are
      intended  to comply  with  certain  requirements  of  Treasury  Regulation
      ss.ss.1.704-1  and 1.704-2.  Notwithstanding  any other  provision of this
      Section  4.1  (other  than the  Regulatory  Allocations),  the  Regulatory
      Allocations shall be taken into account in allocating Income

                                      -18-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      and  Losses  and  items of gross  income,  gain and  deduction  among  the
      Partners  so  that,  to the  extent  possible,  the  net  amount  of  such
      allocations  to the  Partners  shall be equal to the net amount that would
      have been allocated to the Partners if the Regulatory  Allocations had not
      occurred.

            (c) Section 704(c) and Revaluation  Allocations.  In accordance with
IRC ss.704(c) and the Treasury  Regulations  thereunder,  income, gain, loss and
deduction with respect to any Property  contributed to the capital of DFS shall,
solely for tax purposes,  be allocated  among the Partners so as to take account
of any variation  between the adjusted basis of such Property to DFS for federal
income tax purposes and its Fair Value at the time of contribution. In the event
of a Revaluation,  subsequent  allocations of income,  gain,  loss and deduction
with respect to any Property  shall take  account of any  variation  between the
adjusted  basis of such property to DFS for federal  income tax purposes and its
Fair Value  immediately  after the  adjustment  in the same  manner as under IRC
ss.704(c)  and the  Treasury  Regulations  thereunder.  Any  elections  or other
decisions relating to such allocations shall be made by the General Partner in a
manner that  reasonably  reflects the purpose and  intention of this  Agreement.
Allocations  pursuant to this Section  4.1(c) are solely for income tax purposes
and shall not affect, or in any way be taken into account in computing, for book
purposes,  any Partner's Capital Account or share of Income or Loss, pursuant to
any provision of this Agreement.

            (d) General Allocation  Provisions.  Except as otherwise provided in
this  Agreement,  all items  that are  components  of  Income  or Loss  shall be
allocated among the Partners in the same proportion that such Income or Loss, as
the case may be, is allocated.  For purposes of determining the Income,  Loss or
any other  distributive  share  items for any period,  Income,  Loss or any such
other  items  shall  be  determined  on a daily,  monthly  or  other  basis,  as
determined by the General  Partner,  using any permissible  method under the IRC
and the Treasury Regulations.

            (e) Financial  Accounting  Allocations.  For each Fiscal Year, DFS's
net income or net loss,  determined in accordance with GAAP,  shall be allocated
to the Partners in the same manner in which the corresponding Income or Loss (or
items thereof) is allocated pursuant to the provisions of this Section 4.1.

      4.2 Distributions.

            (a) Non-Liquidating  Continuing Distributions.  Within 15 days after
the end of each Fiscal  Quarter  during the Term,  all of DFS's  Available  Cash
shall  be  distributed  to the  Partners  pro  rata  in  accordance  with  their
Distribution Percentages.

            (b)  Liquidation  Distributions.  In  the  event  of a  Liquidation,
Liquidation  Proceeds  shall be paid,  applied and  distributed in the following
order of priority:

                  (i) First,  any expenses,  costs or amounts owing with respect
      to the  Liquidation  and the debts and liabilities of DFS shall be paid in
      accordance  with the  priority  given to such costs,  expenses,  debts and
      liabilities under applicable law.

                  (ii)  Second,  Liquidation  Proceeds  shall be  applied to the
      setting  up of  such  reserves  as  the  Liquidator  may  reasonably  deem
      necessary or appropriate for any

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      disputed,  contingent or unforeseen  liabilities  or  obligations  of DFS;
      provided,  however,  that any such reserves may, in the  discretion of the
      Liquidator,  be paid over to an  independent  escrow agent,  to be held by
      such agent or its successor for such period as the  Liquidator  shall deem
      advisable  for the purpose of applying  such  reserves to the  payments of
      such liabilities or obligations and, at the expiration of such period, the
      balance of such  reserves,  if any,  shall be  distributed  as provided in
      Section 4.2(c)(iii); and

                  (iii)  Third,  to the Partners in  accordance  with and to the
      extent of the  positive  balances in their  respective  Capital  Accounts,
      after taking into account the allocation of all Income or Loss pursuant to
      this Agreement for the Fiscal Year in which the  Liquidation of DFS occurs
      and all adjustments to the Partners'  Capital Accounts pursuant to Section
      3.2.

            (c)  Withholding  of   Distributions.   Notwithstanding   any  other
provision  of this  Agreement,  the  General  Partner  (or, if  applicable,  the
Liquidator) may suspend,  reduce or otherwise restrict Distributions (whether of
Available  Cash  or  Liquidation  Proceeds)  if  the  General  Partner  (or,  if
applicable,  the Liquidator)  determines such action is in the best interests of
DFS. In addition,  notwithstanding  any other provision of this Agreement to the
contrary, DFS shall not make any Distribution if such Distribution would violate
ss.17-607 of the Act or other applicable law.

      4.3 No Priority.  Except as may be otherwise expressly provided herein, no
Partner  shall have priority  over any other  Partner as to  allocations  of DFS
Income, Loss, Credits or other distributive share items or Distributions.

      4.4  Tax  Withholding.   Notwithstanding   any  other  provision  of  this
Agreement,  the General  Partner may take any action  that is  determined  to be
necessary  or  appropriate   to  cause  DFS  to  comply  with  any   withholding
requirements  established under any federal,  state or local tax laws, including
withholding on any Distribution to any Partner. For all purposes of this Article
IV, any amount  withheld on any  Distribution  and paid over to the  appropriate
governmental  body  shall  be  treated  as if  such  amount  had  in  fact  been
distributed to the Partner.

                                   ARTICLE V

                                   MANAGEMENT

      5.1  Management by the General  Partner.  Except as otherwise  provided in
this Agreement and subject to the restrictions and limitations set forth herein,
the General  Partner  shall  conduct,  direct and exercise full control over all
activities  of DFS and no  Limited  Partner  shall  have any right of control or
management power over the Business or other affairs of DFS.

      5.2 Powers of the General Partner. Subject to the limitations set forth in
this  Agreement,  the General  Partner shall have full and  exclusive  power and
authority to do, on behalf of DFS, all things deemed  necessary,  appropriate or
desirable by it to conduct,  direct and manage the Business and other affairs of
DFS and, in connection therewith, shall have all powers, statutory or otherwise,
possessed  by general  partners  of limited  partnerships  under the laws of the
State of Delaware.

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      5.3 Officers of DFS.

            (a) The General Partner may appoint officers,  managers or agents of
DFS and may  delegate  to such  officers,  managers or agents all or part of the
powers,  authorities,  duties or responsibilities possessed by or imposed on the
General Partner pursuant to this Agreement.  Unless otherwise  determined by the
General  Partner,  the officers of DFS shall consist of, and the General Partner
shall  appoint,  a  President,  a Chief  Financial  Officer,  one or  more  Vice
Presidents,  a Treasurer,  one or more Assistant Treasurers, a Secretary, one or
more Assistant  Secretaries  and such other officers as the General  Partner may
from time to time appoint.  A single  Person may hold more than one office.  The
officers  shall be  appointed  from time to time by the  General  Partner.  Each
officer  shall hold office until his  successor  is chosen,  or until his death,
resignation or removal from office.

            (b) Each of such  officers  shall have such  powers and duties  with
respect to the Business  and other  affairs of DFS, and shall be subject to such
restrictions  and  limitations,  as are described below or otherwise  prescribed
from time to time by the General Partner;  provided,  however, that each officer
shall at all times be  subject  to the  direction  and  control  of the  General
Partner in the performance of such powers and duties.

                  (i)  President.  The  President  of DFS shall have all general
      executive  rights,  power,  authority,  duties and  responsibilities  with
      respect to the management and control of the Business and other affairs of
      DFS. The President  shall have full power and authority to bind DFS and to
      execute any and all contracts, agreements,  instruments or other documents
      for and on behalf of DFS, and any and all such actions  properly  taken by
      the  President  of DFS shall have the same force and effect as if taken by
      the General Partner.  Unless otherwise  determined by the General Partner,
      the President shall be the chief executive  officer of DFS and may include
      those words in his title.

                  (ii) Chief  Financial  Officer.  The Chief  Financial  Officer
      shall have primary  responsibility for DFS's financial  accounting systems
      and reporting,  the  preparation and filing of all tax returns for DFS and
      the overall management of DFS's accounting and financial reporting systems
      and shall perform such other duties and  responsibilities as may from time
      to time be assigned by the President. The Chief Financial Officer shall be
      deemed to be a Vice  President  of DFS and may include  those words in his
      title.

                  (iii) Vice Presidents.  The General Partner may appoint one or
      more  other  Vice  Presidents  of DFS and may  assign to each of such Vice
      Presidents  such duties and  responsibilities  as it considers  necessary,
      appropriate  or  desirable  for the conduct of the  Business and the other
      affairs of DFS; provided,  however,  that each Vice President shall at all
      times be subject to the  direction and  oversight of the  President.  Each
      Vice  President of DFS shall have full power and authority to bind DFS and
      to  execute  any and  all  contracts,  agreements,  instruments  or  other
      documents for and on behalf of DFS, and any and all such actions  properly
      taken by a Vice  President  of DFS shall have the same force and effect as
      if taken by the General Partner.

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                  (iv) Treasurer.  Subject to the supervision and control of the
      President (and such of the Vice  Presidents of DFS as may be designated by
      the  President),  the Treasurer of DFS shall have  responsibility  for the
      custody and  control of all funds of DFS and shall have such other  powers
      and duties as may from time to time be assigned by the President.

                  (v) Assistant Treasurers. The Treasurer of DFS may delegate to
      any  Assistant  Treasurer  of DFS  such  of  the  Treasurer's  duties  and
      responsibilities  as the Treasurer  deems  advisable,  and (subject to the
      control and  supervision  of the Treasurer)  such Assistant  Treasurer may
      exercise such delegated duties and responsibilities as fully, and with the
      same force and effect, as the Treasurer.

                  (vi) Secretary.  Subject to the supervision and control of the
      President (and such of the Vice  Presidents of DFS as may be designated by
      the  President),  the  Secretary  of DFS shall  prepare and  maintain  all
      records of DFS  proceedings and may attest the signature of any authorized
      officer of DFS on any contract,  agreement,  instrument or other  document
      and shall  have such  other  powers and duties as may from time to time be
      assigned by the President.

                  (vii) Assistant Secretaries. The Secretary of DFS may delegate
      to any  Assistant  Secretary  of DFS such of the  Secretary's  duties  and
      responsibilities  as the Secretary  deems  advisable,  and (subject to the
      control and  supervision  of the Secretary)  such Assistant  Secretary may
      exercise such delegated duties and responsibilities as fully, and with the
      same force and effect, as the Secretary.

Only the President or a Vice President of DFS shall have the power and authority
to bind DFS and to execute a contract,  agreement,  instrument or other document
for and on behalf of DFS;  neither the Treasurer,  an Assistant  Treasurer,  the
Secretary or an Assistant  Secretary of DFS shall have any power or authority to
bind or sign on behalf of DFS (unless  such Person is also a Vice  President  of
DFS, in which case, such power or authority must be exercised in his capacity as
a Vice President).  Notwithstanding the above, the General Partner may establish
from time to time  limits of  authority  for any or all of DFS's  officers  with
respect to the execution and delivery of negotiable instruments or contracts for
and on behalf of DFS.

      5.4 Advisory  Committee.  The General  Partner shall  maintain a committee
(the  "Advisory  Committee")  to advise and assist the Board of Directors of the
General Partner and the officers of DFS in the conduct of the Business and other
affairs of DFS. The Advisory  Committee  shall  include the President of DFS and
such other officers and employees of DFS as the General Partner  determines.  In
addition,  unless and until Dell-DFS and CIT DFS otherwise  agree,  the Advisory
Committee  shall  include  up to two  representatives  of  Dell-DFS  who are not
employees  of DFS (but who may,  but need not, be officers or  directors  of the
General Partner) and up to two  representatives of CIT DFS who are not employees
of DFS (but who may,  but need not,  be  officers  or  directors  of the General
Partner).  Meetings of the Advisory  Committee may be called by the President of
DFS, by either  non-employee  Dell-DFS  representative or by either non-employee
CIT DFS representative. The Advisory Committee shall have no management power or
authority, but rather shall serve in an advisory capacity only.

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      5.5 Funding  Administration  Fee. In  consideration  of the  provision  of
certain treasury and funding administration  functions for DFS, DFS shall pay to
CIT or CIT Financial USA (as designated by CIT) funding administration fees with
respect to each Fiscal Quarter (the "Funding  Administration  Fee"). The Funding
Administration Fee shall apply for each Fee Eligible  Transaction  originated in
the Fiscal  Quarter and shall be  calculated  by  multiplying  the Dell  invoice
amount for the Fee Eligible  Transaction by the percentage  established for each
DFS business  segment (such  percentages  referred to herein as the "Funding Fee
Administration  Percentages").  The  Funding  Administrative  Fee for  each  Fee
Eligible  Transaction  in the  Fiscal  Quarter  shall be paid on the  applicable
Funding Date (as defined in the Receivables Purchase Agreement dated October 31,
1998 between  DFS-SPV and CIT  Financial  USA).  If the Funding Date occurs in a
Fiscal  Quarter  after the  origination  of the Fee  Eligible  Transaction,  the
Funding Administrative Fee Percentage in effect on the Funding Date shall apply.
The Funding  Administrative  Fee  Percentages  for each Fiscal  Quarter  will be
established  on a  quarterly  basis  by  the  General  Partner  pursuant  to the
provisions of the Limited Liability Company Agreement. Notwithstanding the above
provisions  in this Section  5.5,  CIT shall not be entitled to receive  Funding
Administration  Fee payments after the CIT Aggregate  Interest has been acquired
by Dell,  other than (a) any  accrued  but  unpaid  Funding  Administration  Fee
payments and (b) the CIT Funding  Administration  Fee Balance  payments  made in
accordance with Section 8.3(b)(i)(A).

      5.6 Rights and Obligations of Limited Partners.

            (a) No  Management  Rights.  Except as  expressly  provided  in this
Agreement,  no Limited Partner shall participate in the management or control of
the  Business,  be authorized to transact any business for DFS or have the power
to act for or bind DFS. Each Limited  Partner hereby agrees that,  except to the
extent  expressly  provided in this  Agreement,  it will not  participate in the
management  or control of the  Business,  will not transact any business for DFS
and will not attempt to act for or bind DFS.

            (b) Liability of Limited Partners.  Except as provided by the Act or
by the terms of this  Agreement  or any other  agreement  with DFS,  no  Limited
Partner  shall  have any  personal  liability  to  contribute  money to, or with
respect to the  liabilities or obligations  of, DFS and no Limited Partner shall
be personally liable for any obligations of DFS.

            (c)  Rights of  Limited  Partners.  Each  Limited  Partner  shall be
entitled to such rights with respect to the Business and other affairs of DFS as
are provided by the Act or expressly stated in this Agreement.

                                   ARTICLE VI

                           ACCOUNTING AND TAX MATTERS

      6.1 Partnership Tax Status.  The Partners agree that DFS is intended to be
treated as a partnership for federal,  state and local income tax purposes,  and
each of the Partners  agrees (a) to make or file (and cause DFS to make or file)
such consents or elections,  if any, as are necessary to cause DFS to be treated
as a partnership for federal, state and local income tax purposes and

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

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(b) to not make or file (or cause DFS to make or file) any consents or elections
and to not take any other  action (or cause DFS to take any action)  which would
result in DFS not being  treated as a  partnership  for federal,  state or local
income tax purposes.

      6.2 Records and  Accounting.  DFS shall keep or cause to be kept  complete
and accurate  books and records with  respect to the  Business,  which books and
records shall reflect all DFS  transactions  and be appropriate and adequate for
the Business.  Such books and records shall be kept at DFS's principal  offices.
Each Partner (or such Partner's designated representative) shall have the right,
at reasonable  times and upon  reasonable  notice,  to inspect and copy (at such
Partner's own expense) all of such books and records.

      6.3  Appointment  of  Auditors.  For each Fiscal  Year,  DFS shall  engage
independent  auditors  to audit  DFS'S  books and  records  and to render  their
opinion to the  Partners on DFS's  financial  statements  for such Fiscal  Year.
Unless otherwise determined by the General Partner, DFS shall engage the firm of
PricewaterhouseCoopers LLP to act as DFS's independent auditors.

      6.4 Method of  Accounting.  DFS's books and records shall be maintained in
accordance with the accrual method for financial  reporting purposes pursuant to
U.S. GAAP  requirements  and shall be  maintained in accordance  with either the
accrual method or the cash method for federal income tax purposes (as determined
by the General Partner and permitted by applicable law).

      6.5 Fiscal Periods.

            (a) Fiscal Year. The fiscal year of DFS (the "Fiscal Year") shall be
the  fiscal  year that  corresponds  to the  fiscal  year of Dell,  which at the
Effective  Date is the period  commencing on the first day after the last day of
the  immediately  preceding  fiscal  year and  ending on the  Friday  closest to
January 31 of the next year.

            (b) Fiscal Quarter.  Each fiscal quarter of DFS (a "Fiscal Quarter")
shall be the fiscal  quarter  that  corresponds  to the fiscal  quarter of Dell,
which at the Effective Date is the period  commencing on the first day after the
last day of the  immediately  preceding  fiscal quarter and ending on the Friday
closest to the next April 30, July 31, October 31 or January 31, as the case may
be.

            (c) Fiscal Month.  Each fiscal month of DFS (a "Fiscal Month") shall
be the fiscal month that corresponds to the fiscal month of Dell, as established
from time to time by Dell and communicated to DFS.

      6.6 Financial and Other Reports to Partners.

            (a) On or before the sixth Business Day after the end of each Fiscal
Month, DFS shall deliver to each Partner an unaudited balance sheet of DFS as of
the end of such  Fiscal  Month and a related  income  statement  for such Fiscal
Month and for the Fiscal  Quarter-to-date and Fiscal  Year-to-date,  prepared in
accordance with GAAP.

            (b) Within 30 Business  Days after the end of each Fiscal Year,  DFS
shall  deliver to each Partner an audited  balance sheet of DFS as of the end of
such Fiscal Year and

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related audited financial statements for the Fiscal Year then ended, prepared in
accordance with GAAP.

            (c) In addition, DFS shall cooperate fully with each of the Partners
(including submitting requested forecasts, projections and other reports) as may
be  requested as part of such  Partner's  own  business  planning,  forecasting,
periodic accounting, internal control and internal auditing activities.

      6.7 Tax Reporting.

            (a) Filing of Tax Returns;  Elections.  DFS shall prepare and timely
file all  federal,  state and local  income,  sales  and use,  property  tax and
information  returns or other returns or statements  required by applicable law.
DFS shall  claim all  deductions  and make such  elections  for federal or state
income tax purposes which the General  Partner  determines will produce the most
favorable income tax results for the Partners.

            (b) Submission of Tax Information to Partners. Within 120 days after
the end of each Fiscal Year,  DFS shall  deliver to each Partner a copy of DFS's
federal income tax return and all other  information  with respect to DFS as may
be  reasonably  required by such Partner for the  completion  of such  Partner's
federal and state income tax returns.

            (c) Tax Matters  Partner.  The Partners  hereby  appoint the General
Partner as the "tax  matters  partner"  (as  defined in IRC  ss.6231(a)(7))  for
federal income tax purposes. As such, the General Partner shall be authorized to
take all action  regarding  the  determination,  assessment  and  collection  of
federal income tax under IRC ss.6232. All out-of-pocket expenses incurred by the
tax matters  partner shall be considered  expenses of DFS for which such Partner
shall be entitled to full reimbursement.

            (d)  Section 754  Election.  In the event of (i) a  distribution  of
Property  satisfying  the  provisions  of IRC  ss.734 or (ii) a  Transfer  of an
Interest  satisfying the provisions of IRC ss.743, upon the determination of the
General Partner, DFS shall elect, pursuant to IRC ss.754, to adjust the basis of
DFS's  Property  to the extent  allowed by IRC ss.734 or ss.743 and shall  cause
such adjustments to be made and maintained.  Any additional  accounting expenses
incurred  by DFS in  connection  with  making  or  maintaining  any  such  basis
adjustment  shall be reimbursed to DFS from time to time by the  distributee  or
transferee  who  benefits  from  the  making  and   maintenance  of  such  basis
adjustment.

                                  ARTICLE VII

                             TRANSFERS OF INTERESTS

      7.1 General Restrictions.  No Partner may Transfer all or any part of such
Partner's  Interest without the approval of both Dell-DFS and CIT DFS; provided,
however,  that without such  approval (a) Dell-DFS may Transfer all or a portion
of its  Interest to an entity 100% of the capital  stock or equity  interests in
which is owned  directly or indirectly by Dell, and (b) CIT DFS may Transfer all
or a portion of its  Interest to an entity  100% of the capital  stock or equity
interests  in  which is owned  directly  or  indirectly  by CIT.  Any  purported
Transfer of an Interest

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in  violation  of the terms of this Section 7.1 shall be null and void and of no
force or effect. No Transfer of an Interest shall relieve either Dell-DFS or CIT
DFS of any  obligation or  responsibility  under this Agreement or any Ancillary
Agreement to be performed or carried out in its individual  capacity rather than
in its capacity as a Partner.

      7.2  Substitute  Partners.  A Transferee  of all or part of an Interest in
compliance with the provisions of Section 7.1 shall become a Substitute  Partner
in place of the Transferor of such Interest only if:

            (a) The Transferor has expressly consented thereto in writing;

            (b)  Such  Transferee  has  executed  an  instrument  (in  form  and
substance  reasonably  satisfactory to the General Partner) accepting,  adopting
and agreeing to be bound by the terms and conditions of this Agreement;

            (c) The Transferor or Transferee has paid all reasonable expenses of
DFS in connection with the admission of the Transferee as a Substitute  Partner;
and

            (d) If so  requested  by the  General  Partner,  the  Transferor  or
Transferee  has  delivered  to DFS and the other  Partners an opinion of counsel
reasonably  satisfactory  to the General  Partner that (i) the Transfer will not
cause DFS or any Partner to violate any federal or state  securities  laws or to
jeopardize DFS's status as a partnership for federal, state and local income tax
purposes and (ii) the terms and  conditions of this Agreement  constitute  valid
and binding obligations of the Transferee.

Upon  satisfaction  of  all  of  the  foregoing  conditions  with  respect  to a
particular  Transferee,  the  Partners  shall  cause  this  Agreement  (and,  if
necessary,  the  Certificate) to be duly amended to reflect the admission of the
Transferee as a Substitute Partner.

      7.3 Effect of  Admission  as a  Substitute  Partner.  Until  admitted as a
Substitute Partner, a Transferee of all or a part of an Interest shall have only
the rights  afforded to an assignee of a  partnership  interest  pursuant to the
Act. A Transferee  which has become a  Substitute  Partner has, to the extent of
the Interest  transferred  to it, all of the rights and powers of the Person for
which it is substituted and is subject to the  restrictions and obligations of a
Partner under this Agreement and the Act. The portion of the Capital  Account of
a Transferor  which will be transferred to the Transferee  shall be equal to the
Capital  Account of the  Transferor  as of the  effective  date of the  Transfer
multiplied by a fraction, the numerator of which is the Distribution  Percentage
of the  Interest  subject to the Transfer  and the  denominator  of which is the
entire Distribution Percentage of the Transferor.

      7.4 Resignation of a Partner.  Except as provided herein, no Partner shall
be entitled to resign as a Partner  hereunder  prior to the  Liquidation  of DFS
without the prior written  consent of both Dell-DFS and CIT DFS. Any resignation
in  violation of this  Section 7.4 shall  constitute  a material  breach of this
Agreement  and shall  result in the  resigning  Partner  forfeiting  its  entire
Interest and being liable to DFS and the other Partners for any Damages suffered
or incurred by them as a result of such breach.

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                                  ARTICLE VIII

                                   TERMINATION

      8.1 Events of Termination.  The following events shall constitute  "Events
of Termination":

            (a) The  occurrence  of any of the following  events  (each,  a "CIT
Termination Event"):

                  (i) The  Bankruptcy or  dissolution of any of the CIT Parties,
      but not including a  dissolution  of any of the CIT Parties as a result of
      an  internal  reorganization  of the  CIT  Parties  by CIT so  long as CIT
      ensures that all of the  obligations of any of the affected CIT Parties as
      set forth in the  Ancillary  Agreements  are  maintained in full force and
      effect;

                  (ii) A  resignation  of CIT DFS in violation of  provisions of
      Section 7.4;

                  (iii) A  material  breach or  default  by CIT DFS  under  this
      Agreement  which is not cured to the reasonable  satisfaction  of Dell-DFS
      within  30 days  after  Dell-DFS  provides  a  Breach  Notice  to CIT DFS;
      provided,  however,  in any case in which  CIT DFS is not able to cure any
      such breach or default  within such 30-day cure  period,  if CIT DFS makes
      good faith  diligent  efforts to cure such breach or default  prior to the
      expiration  of the cure period,  such cure period shall be extended for so
      long as CIT DFS continues such good faith diligent efforts  (provided that
      CIT DFS  provides  written  notice  to  Dell-DFS  from  time to  time,  as
      requested by Dell-DFS,  describing the efforts it is then making), subject
      to a maximum  cure period of 120 days after  Dell-DFS  provides the Breach
      Notice to CIT DFS;

                  (iv) A  material  breach or  default  by CIT or any of the CIT
      Affiliates under any of the Ancillary Agreements which is not cured within
      any applicable cure period granted thereunder;

                  (v) CIT's  failure to  maintain  a  long-term  secured  credit
      rating  at a  level  which  is  published  as  "investment  grade"  or its
      equivalent  by at least one U.S.  Rating Agency which failure is not cured
      by a reinstatement  of such  investment  grade rating within 30 days after
      the date upon which such condition first exists; or

                  (vi) A CIT Change of Control;

            (b) The  occurrence  of any of the following  events (each,  a "Dell
Termination Event"):

                  (i) The  Bankruptcy or dissolution of Dell-DFS or Dell but not
      including  a   dissolution   of  Dell-DFS  as  a  result  of  an  internal
      reorganization by Dell so long as Dell ensures that all of the obligations
      of Dell-DFS as set forth in the  Ancillary  Agreements  are  maintained in
      full force and effect;

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

                  (ii) A resignation  of Dell-DFS in violation of the provisions
of Section 7.4;

                  (iii) A material  breach or default  by  Dell-DFS  or any Dell
      Affiliate  under this  Agreement or any Ancillary  Agreement  which is not
      cured to the reasonable  satisfaction  of CIT DFS within 30 days after CIT
      DFS provides a Breach Notice to Dell-DFS;  provided,  however, in any case
      in which  Dell-DFS  or such  Dell  Affiliate  is not able to cure any such
      breach or default within such 30-day cure period, if Dell-DFS or such Dell
      Affiliate makes good faith diligent efforts to cure such breach or default
      prior to the  expiration  of the cure  period,  such cure period  shall be
      extended  for so long as Dell-DFS or such Dell  Affiliate  continues  such
      good faith  diligent  efforts  (provided  that Dell-DFS  provides  written
      notice to CIT DFS from time to time,  as requested by CIT DFS,  describing
      the efforts it is then  making),  subject to a maximum  cure period of 120
      days after CIT DFS provides the Breach Notice to Dell-DFS;

                  (iv) A material  breach or default by  Dell-DFS  or any of the
Dell Affiliates under any of the Ancillary  Agreements which is not cured within
any applicable cure period granted thereunder; or

                  (v) a Dell Change of Control.

      8.2 Effect of Dissolution.  Upon the mutual agreement of the Partners, DFS
shall be dissolved.  Upon  dissolution  of DFS, the  Liquidator  shall take such
actions as may be required  pursuant  to the Act and shall  proceed to wind down
and  terminate  the Business  and affairs of DFS.  The period  during which such
winding  down and  termination  takes  place  shall be referred to herein as the
"Wind-Down  Period".  During the Wind-Down Period, the Liquidator shall have the
authority  to  liquidate  and  reduce  to  cash  (to  the  extent  necessary  or
appropriate)  the Property of DFS as promptly as is consistent  with obtaining a
Fair  Value  therefor;  provided,  however,  that the  Liquidator  shall  not be
required  to finally  liquidate  the  Property of DFS and  distribute  the final
Liquidation  Proceeds  until  the  last  lease  or  loan  that  is  part  of the
outstanding  portfolio  of leases and loans  serviced  by DFS-SPV at the time of
dissolution has been paid in full or satisfied.  The Liquidator  shall apply and
distribute all Liquidation Proceeds in accordance with the provisions of Section
4.2(b).  The  Liquidator  shall have authority to do any and all acts and things
authorized by, and in accordance with, the Act and other applicable laws for the
purpose of winding down, terminating and liquidating the Business and affairs of
DFS.

      8.3  Purchase  of CIT's  Interest.  On  February  1, 2008 (the  "Dell 2008
Option") or upon the occurrence of a CIT  Termination  Event (the "Dell Purchase
Option"),  Dell shall have the right (but not the  obligation)  to purchase from
CIT (and if Dell exercises such right,  CIT shall have the obligation to sell to
Dell) all, but not less than all, of the CIT  Aggregate  Interest in  accordance
with the terms and conditions set forth in this Section 8.3. Upon the occurrence
of a Dell  Termination  Event, CIT shall have the right (but not the obligation)
to sell to Dell (and if CIT exercises such right, Dell shall have the obligation
to purchase from CIT) all, but not less than all, of the CIT Aggregate  Interest
in accordance  with the terms and  conditions set forth in this Section 8.3 (the
"CIT Sale  Option").  If, prior to January 31, 2010,  Dell has not exercised the
Dell 2008 Option or the Dell Purchase Option, CIT has not exercised its CIT Sale
Option and DFS has not  dissolved  pursuant to Section  8.2,  then Dell shall be
obligated on such date to

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

purchase from CIT (and CIT shall be obligated to sell to Dell) all, but not less
than  all,  of the CIT  Aggregate  Interest  in  accordance  with the  terms and
conditions set forth in this Section 8.3 (the "Dell 2010 Buyout Obligation").

            (a) Notice Upon Exercise of Options.

                  (i) Notice Upon Exercise of the Dell Purchase Option. Dell may
      exercise the Dell Purchase  Option by delivering an Exercise Notice to CIT
      on or before the 30th day following the date which is the later of (A) the
      date of the CIT Termination  Event or (B) the final  determination  of the
      Purchase Price pursuant to Section 8.3(b).

                  (ii)  Notice  Upon  Exercise  of Dell  2008  Option.  Dell may
      exercise the Dell 2008 Option by delivering  an Exercise  Notice to CIT on
      or before  the date  which is the later of (A)  January  1, 2008 or (B) 30
      days  following  the  date  that  the  Purchase  Price  has  been  finally
      determined pursuant to Section 8.3(b).

                  (iii)  Notice  upon  Exercise  of CIT  Sale  Option.  CIT  may
      exercise the CIT Sale Option by delivering  an Exercise  Notice to Dell on
      or before  the 30th day  following  the date which is the later of (A) the
      date of the Dell Termination  Event or (B) the final  determination of the
      Purchase Price pursuant to Section 8.3(b).

            (b) Determination of Purchase Price.

                  (i) General. The purchase price for the CIT Aggregate Interest
      (the "Purchase Price") shall be calculated as follows:

                        (A) If a CIT  Termination  Event  described  in  Section
            8.1(a)(vi)  (a) (CIT Change of Control) has  occurred,  the Purchase
            Price for the CIT Aggregate  Interest pursuant to an exercise of the
            Dell  Purchase  Option shall be the sum of (1) the Buyout Price less
            $* million,  (2) the amount of the CIT capital  balance as reflected
            on DFS' financial  statements as of the date of  calculation,  (3) *
            percent (* %) of the Dell Credit  capital  balance as  reflected  on
            DFS' financial statements as of the date of the calculation, (4) the
            CIT Equity Payments,  (5) the CIT Funding Administration Fee Balance
            and (6) if Dell elects to exercise  the Funding  Termination  Option
            prior to the Purchase Closing Date, the CIT Funding Payment(s).

                        (B) In all other cases,  the Purchase Price shall be the
            sum of (1) the  Buyout  Price,  (2) the  amount  of the CIT  capital
            balance as reflected on DFS' financial  statements as of the date of
            calculation,  and (3) *  percent  (* %) of the Dell  Credit  capital
            balance as reflected on DFS' financial  statements as of the date of
            the calculation.

                  (ii)  Procedure  for  Determining  Look Back  Income.  For the
      purposes of  determining  the Buyout Price  pursuant to Schedule 2 of this
      Agreement, Look Back Income shall be determined as follows:

----------
*     This  portion  has been  redacted  pursuant  to a  confidential  treatment
      request.

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

                        (A)  DFS   management   shall   begin  the   process  of
            determining  the Look  Back  Income  amount  on June 20,  2007  (the
            "Initial Calculation Date"). The Partners agree that the calculation
            of the Look Back Income amount will be performed in accordance  with
            the past  practices,  policies and procedures of DFS. The process by
            which the Look Back Income amount is  calculated  shall be set forth
            in a policy  (which  shall  be  consistent  with  the  terms of this
            Agreement)  to be adopted by the Parties and to be  administered  by
            DFS, within six (6) months of the Effective Date.

                        (B) DFS  management  will  be  directed  by the  General
            Partner to submit its  calculation  of the Look Back  Income  amount
            (the "DFS Look Back  Income  Calculation")  to Dell and CIT no later
            than sixty (60) days  following  the Initial  Calculation  Date (the
            date Dell and CIT receive the DFS Look Back Income  Calculation from
            DFS management  shall be referred to herein as the "Look Back Income
            Receipt Date");

                        (C) If, on the 60th day  following  the Look Back Income
            Receipt Date,  CIT and Dell have not reached an agreement in writing
            as to the Look Back  Income,  either  Dell or CIT may submit the DFS
            Look Back Income  Calculation to an independent  accounting  firm or
            investment  bank to be  chosen  jointly  by Dell and CIT at the time
            (the "Independent  Firm"), for final  determination of the Look Back
            Income in accordance with this Agreement; provided, however, that if
            Dell  and CIT do not  choose  an  Independent  Firm  within  65 days
            following  the Look Back Income  Receipt  Date,  then within 68 days
            following the Look Back Receipt Date, Dell and CIT shall each choose
            an accounting  firm or investment  bank and within 72 days following
            the Look  Back  Income  Receipt  Date such two  firms  shall  choose
            jointly the Independent Firm.

                        (D)  The  determination  of  Look  Back  Income  by  the
            Independent Firm shall be rendered in writing within forty five (45)
            days after  referral  of such matter to such firm (and no later than
            117 days  after the Look Back  Income  Receipt  Date),  and shall be
            final and binding on the parties, absent mathematical error.

                  (iii)  CIT  Equity  Payments.   If  a  CIT  Termination  Event
      described in Section  8.1(a)(vi)  (a CIT Change of Control) has  occurred,
      and  Dell-DFS  exercises  the Dell  Purchase  Option and  acquires the CIT
      Aggregate  Interest  before  February 1, 2008,  then Dell-DFS shall pay to
      CIT, on a quarterly  basis,  beginning  on the  Purchase  Closing Date and
      continuing through January 31, 2008, an amount equal to CIT's Distribution
      Percentage,  calculated  as if CIT DFS had remained a Partner  during that
      time period (the "CIT Equity Payments").

                  (iv)  CIT  Funding   Administration  Fee  Balance.  If  a  CIT
      Termination  Event  described  in  Section  8.1(a)(vi)  (a CIT  Change  of
      Control) has occurred, and Dell-DFS exercises the Dell Purchase Option and
      acquires the CIT Aggregate Interest before February 1, 2008, then Dell-DFS
      shall pay to CIT, on a quarterly basis,  beginning on the Purchase Closing
      Date and continuing through January 31, 2008, an amount equal to the

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      Funding  Administration  Fee,  calculated  as if CIT  DFS had  remained  a
      Partner  during  that time  period (the "CIT  Funding  Administration  Fee
      Balance").

            (c)  Closing of the  Purchase  of the CIT  Aggregate  Interest.  The
following  terms and  conditions  shall  govern the purchase and sale of the CIT
Aggregate  Interest  pursuant to an exercise of the Dell 2008  Option,  the Dell
Purchase Option, the CIT Sale Option or the Dell 2010 Buyout Obligation:

                  (i)  Time and  Place of  Purchase  Closing.  Unless  otherwise
      agreed by Dell and CIT,  the  closing  (the  "Purchase  Closing")  of such
      purchase and sale shall occur at the principal offices of DFS on the tenth
      Business Day (the "Purchase Closing Date") following:

                        (A) In the case of the  delivery of an  Exercise  Notice
            pursuant to the Dell  Purchase  Option,  the date of delivery of the
            Exercise Notice;

                        (B) In the case of the  delivery of an  Exercise  Notice
            pursuant  to the Dell 2008  Option,  the date  which is the later of
            February 1, 2008 or the date of delivery of the Exercise Notice;

                        (C) In the case of the  delivery of an  Exercise  Notice
            pursuant  to the  CIT  Sale  Option,  the  date of  delivery  of the
            Exercise Notice.

                        (D) In the case of the Dell 2010 Buyout Obligation,  the
            date which is the later of the final  determination  of the Purchase
            Price or January 29, 2010.

                  (ii)  Title  to  CIT's  Aggregate  Interest.  At the  Purchase
      Closing,  CIT shall sell,  assign,  transfer and convey the CIT  Aggregate
      Interest (or the individual components thereto) to Dell, free and clear of
      all  liens,  claims  and other  encumbrances  (other  than  those  arising
      pursuant to this Agreement).

                  (iii) Payment of the Purchase Price. At the Purchase  Closing,
      Dell  shall  pay to CIT or a CIT  Affiliate  (designated  by CIT) the full
      Purchase Price in immediately available funds; provided,  however, that if
      Dell exercises the Dell Purchase Option  pursuant to Section  8.3(a)(i) of
      this Agreement, Dell shall not be obligated to provide CIT with payment of
      the Purchase  Price until February 1, 2008, but shall be obligated to make
      quarterly CIT Equity Payments and CIT Funding  Administration  Fee Balance
      payments,  to the extent  applicable,  CIT Funding  Payments in accordance
      with the terms of the 2004 Extension and Funding Agreement.

                  (iv)  Payment  of  Expenses.  Dell and CIT DFS shall each bear
      one-half  of any  third  party  fees  and  expenses  (such as the fees and
      expenses, if any, of DFS's independent auditors and the fees and expenses,
      if  any,  of any  public  accounting  firm  engaged  pursuant  to  Section
      8.3(b)(ii), but excluding legal fees paid or incurred by the Parties).

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

            (d)  Assignment  and  Redemption.  Dell may  assign  its  rights and
obligations to acquire the CIT Aggregate  Interest under this Section 8.3 to any
of its Affiliates or to DFS.  Subject to Dell's  covenants under Section 3(b) of
the 2004  Extension  and Funding  Agreement,  Dell may elect to dissolve DFS for
federal  tax  purposes  upon  acquisition  of the  CIT  Aggregate  Interest.  In
addition,  Dell may elect to have DFS redeem or otherwise purchase all or a part
of the CIT Aggregate  Interest in order to fulfill Dell's  corresponding  rights
and obligations under this Section 8.3.

                                   ARTICLE IX

                         REPRESENTATIONS AND WARRANTIES

      9.1  Representations  and Warranties of Dell-DFS.  Dell-DFS represents and
warrants to DFS and each other Partner and its successors and assigns, that:

            (a) Each of Dell-DFS and any Dell-DFS  Affiliate  that is a party to
any Ancillary  Agreement  (i) is duly  organized,  validly  existing and in good
standing under the laws of its respective jurisdiction of incorporation, (ii) is
duly qualified to do business in each other  jurisdiction where failure to be so
qualified could have a material adverse effect on its financial condition or its
ability to conduct its business,  (iii) has all powers and material governmental
licenses  required to conduct its business  and (iv) has full power,  authority,
and legal right to execute, deliver and perform this Agreement and the Ancillary
Agreements, as applicable, and to carry out the transactions contemplated hereby
or thereby;

            (b) The  execution,  delivery  and  performance  by  Dell-DFS or any
Dell-DFS  Affiliate of this  Agreement  and the  Ancillary  Agreements  to which
Dell-DFS or such Dell-DFS  Affiliate is a party have been duly authorized by all
necessary  action;  this  Agreement  has been duly  executed  and  delivered  by
Dell-DFS  or  such  Dell-DFS  Affiliate  and  constitutes  a valid  and  binding
obligation of Dell-DFS or such  Dell-DFS  Affiliate,  enforceable  in accordance
with its  terms,  except as limited  by Debtor  Relief  Laws;

            (c)  Neither  the  execution,   delivery  and  performance  of  this
Agreement  or the  Ancillary  Agreements  to  which  Dell-DFS  or  any  Dell-DFS
Affiliate  is a party  nor the  consummation  of the  transactions  contemplated
hereby or thereby by Dell-DFS or such Dell-DFS  Affiliate (i) will  constitute a
violation or default of any law, statute,  regulation,  rule, judgment or decree
of any court,  administrative  agency or governmental  body to which Dell-DFS or
such Dell-DFS Affiliate is or may be subject,  (ii) will require the approval or
consent of, or filing or registration  with, any governmental  body,  regulatory
authority,  agency  or  other  Person  that has not been  obtained,  (iii)  will
contravene  any  agreement  or  indenture  by which  Dell-DFS  or such  Dell-DFS
Affiliate  is bound or by which  its  properties  may be  affected  or (iv) will
contravene the constituent documents of Dell-DFS or such Dell-DFS Affiliate; and

            (d) There are no  actions,  suits,  proceedings,  claims or disputes
pending or, to its knowledge,  threatened  against or affecting  Dell-DFS or any
Dell-DFS  Affiliate  that is a party to any  Ancillary  Agreement or  Dell-DFS's
properties or the properties of any such Dell-DFS  Affiliate before any court or
governmental department,  commission,  board, bureau, agency or instrumentality,
domestic or foreign, in which there is a reasonable probability of an adverse

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

decision  that  would  have a material  adverse  effect on (i) the  consolidated
financial  position,  business  or  operations  of  Dell-DFS  or  such  Dell-DFS
Affiliate or (ii) the ability of Dell-DFS or such Dell-DFS  Affiliate to perform
its obligations under this Agreement or any Ancillary Agreement to which it is a
party.

      9.2  Representations  and Warranties of CIT DFS. CIT DFS hereby represents
and warrants to DFS and each other Partner and its successors and assigns that:

            (a) Each of CIT DFS and any CIT DFS Affiliate that is a party to any
Ancillary Agreement (i) is duly organized, validly existing and in good standing
under the laws of its respective  jurisdiction  of  incorporation,  (ii) is duly
qualified  to do  business  in each other  jurisdiction  where  failure to be so
qualified could have a material adverse effect on its financial condition or its
ability to conduct its business,  (iii) has all powers and material governmental
licenses  required to conduct its business  and (iv) has full power,  authority,
and legal right to execute, deliver and perform this Agreement and the Ancillary
Agreements, as applicable, and to carry out the transactions contemplated hereby
or thereby;

            (b) The  execution,  delivery and  performance by CIT DFS or any CIT
DFS Affiliate of this Agreement and the Ancillary Agreements to which CIT DFS or
such CIT DFS  Affiliate is a party have been duly  authorized  by all  necessary
action;  this  Agreement has been duly executed and delivered by CIT DFS or such
CIT DFS Affiliate and  constitutes a valid and binding  obligation of CIT DFS or
such CIT DFS  Affiliate,  enforceable  in accordance  with its terms,  except as
limited by Debtor Relief Laws;

            (c)  Neither  the  execution,   delivery  and  performance  of  this
Agreement or the Ancillary  Agreements to which CIT DFS or any CIT DFS Affiliate
is a party  nor the  consummation  of the  transactions  contemplated  hereby or
thereby by CIT DFS or such CIT DFS Affiliate (i) will  constitute a violation or
default of any law, statute,  regulation, rule, judgment or decree of any court,
administrative  agency  or  governmental  body to which  CIT DFS or such CIT DFS
Affiliate is or may be subject, (ii) will require the approval or consent of, or
filing or registration with, any governmental body, regulatory authority, agency
or other Person that has not been obtained,  (iii) will contravene any agreement
or indenture by which CIT DFS or such CIT DFS Affiliate is bound or by which its
properties may be affected or (iv) will contravene the constituent  documents of
CIT DFS or such CIT DFS Affiliate; and

            (d) There are no  actions,  suits,  proceedings,  claims or disputes
pending or, to its knowledge, threatened against or affecting CIT DFS or any CIT
DFS Affiliate that is a party to any Ancillary Agreement or CIT DFS's properties
or the properties of any such CIT DFS Affiliate before any court or governmental
department,  commission,  board, bureau, agency or instrumentality,  domestic or
foreign, in which there is a reasonable  probability of an adverse decision that
would have a material adverse effect on (i) the consolidated financial position,
business or  operations of CIT DFS or such CIT DFS Affiliate or (ii) the ability
of CIT DFS or such CIT DFS  Affiliate  to  perform  its  obligations  under this
Agreement or any Ancillary Agreement to which it is a party.

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

                                   ARTICLE X

                   LIABILITY, EXCULPATION AND INDEMNIFICATION

      10.1 Liability.

            (a) Except as otherwise  provided by the Act or by the terms of this
Agreement  or any  other  agreement  between  a  Partner  and  DFS,  the  debts,
obligations  and  liabilities  of DFS,  whether  arising  in  contract,  tort or
otherwise, shall be solely the debts, obligations and liabilities of DFS, and no
Covered Person shall be obligated  personally  for any such debt,  obligation or
liability of DFS solely by reason of being a Covered Person.

            (b) Except as otherwise expressly required by law or by the terms of
this Agreement or any other agreement between a Partner and DFS, a Partner shall
have no liability in excess of (i) the amount of its Capital Contributions, (ii)
its share of any Property and undistributed profits of DFS, (iii) its obligation
to make other  payments  expressly  provided for in this  Agreement and (iv) the
amount of any Distributions wrongfully made to it.

      10.2 Exculpation.

            (a) No Covered  Person  shall be liable to DFS or any other  Covered
Person for any Damages  incurred by reason of any act or omission  performed  or
omitted  by such  Covered  Person in good faith on behalf of DFS and in a manner
reasonably  believed  to be within  the  scope of  authority  conferred  on such
Covered Person by this  Agreement,  except that a Covered Person shall be liable
for any  such  Damages  incurred  by  reason  of  such  Covered  Person's  gross
negligence or willful misconduct.

            (b) A Covered  Person  shall be fully  protected  in relying in good
faith  upon the books and  records of DFS and upon such  information,  opinions,
reports or  statements  presented to DFS by any Person as to matters the Covered
Person reasonably believes are within such other Person's professional or expert
competence  and who has been  selected with  reasonable  care by or on behalf of
DFS, including information,  opinions, reports or statements as to the value and
amount  of  the  Property,  liabilities,  profits,  losses  or any  other  facts
pertinent to the existence and amount of Property  from which  Distributions  to
Partners might properly be paid.

      10.3 Duties and Liabilities of Covered Persons.

            (a) Unless  otherwise  expressly  provided  herein,  (i)  whenever a
conflict  of  interest  exists or arises  between  Covered  Persons or between a
Covered  Person and DFS or (ii) whenever this  Agreement or any other  agreement
contemplated herein or therein, or any duty imposed by law provides or requires,
or is deemed to provide or require,  that a Covered  Person act in a manner that
is fair and  reasonable  to DFS or any  Partner,  the  Covered  Person  shall be
entitled to, at its  discretion,  resolve such conflict of interest or take such
action by giving  preference in any case to its own interests over the interests
of DFS or any other Partner or Covered Person. Any resolution or action so made,
taken or provided by the Covered  Person  shall not  constitute  a breach of any
fiduciary duty to which such Covered Person would otherwise be subject.  Each of
the  Partners  hereby  expressly  waives any such  conflict  of interest or duty
imposed upon such Covered Person, subject only to the foregoing provisions.

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CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

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            (b)  Whenever in this  Agreement a Covered  Person is  permitted  or
required  to make a  decision  in its  "discretion"  or under a grant of similar
authority or  latitude,  the Covered  Person shall be entitled to consider  such
interest and factors as it desires,  including its own interests, and shall have
no duty or  obligation to give any  consideration  to any interest of or factors
affecting DFS or any other Person.  Whenever in this  Agreement a Covered Person
is permitted or required to make a decision in its "good faith" or under another
express  standard,  the Covered Person shall act under such express standard and
shall not be subject to any other or different  standard  imposed by  applicable
law.

            (c) The  provisions  of this  Agreement,  to the  extent  that  they
restrict the duties and  liabilities of a Covered Person  otherwise  existing at
law or in equity,  shall  replace  such other  duties  and  liabilities  of such
Covered Person to the extent permitted by law.

      10.4 Indemnification. To the fullest extent permitted by applicable law, a
Covered  Person  shall be  entitled  to  indemnification  from DFS for Claims or
Damages  suffered  or incurred  by such  Covered  Person by reason of any act or
omission  performed or omitted by such Covered Person in good faith on behalf of
DFS and in a manner  reasonably  believed  to be within  the scope of  authority
conferred  on such  Covered  Person by this  Agreement,  except  that no Covered
Person  shall be entitled to be  indemnified  in respect of any Claim or Damages
incurred  by  reason  of such  Covered  Person's  gross  negligence  or  willful
misconduct;  provided, however, that any indemnity under this Section 10.4 shall
be provided out of and to the extent of DFS Property  only, and no other Covered
Person shall have any personal liability on account thereof.

      10.5 Expenses.  To the fullest extent permitted by applicable law, Damages
(including  legal fees)  incurred  by a Covered  Person in  defending  any Claim
shall,  from time to time, be advanced by DFS prior to the final  disposition of
such Claim upon receipt by DFS of an  undertaking by or on behalf of the Covered
Person to repay such amount if it shall be determined that the Covered Person is
not entitled to be indemnified as authorized in Section 10.4.

      10.6 Insurance. DFS may purchase and maintain insurance, to the extent and
in such amounts as the General Partner, in its discretion,  deems reasonable, on
behalf of Covered  Persons and such other  Persons as the General  Partner shall
determine, against any Claim that may be asserted against or Damages that may be
incurred by any such Person in connection with the activities of DFS, regardless
of whether DFS would have the power to indemnify  such Person against such Claim
or Damages under the provisions of this Agreement.  DFS may enter into indemnity
contracts with Covered  Persons and adopt written  procedures  pursuant to which
arrangements  are made for the  advancement  of expenses  and  containing  other
procedures  regarding  indemnification,  so  long  as  the  provisions  of  such
indemnity  contracts  are  consistent  with the  provisions of Sections 10.4 and
10.5.

      10.7 Outside  Businesses.  Except to the extent otherwise  provided in the
Ancillary Agreements,  any Partner or Affiliate thereof may engage in or possess
an  interest  in  other  business   ventures  of  any  nature  or   description,
independently or with others, similar or dissimilar to the Business, and neither
DFS nor the Partners shall have any rights by virtue of this Agreement in and to
such independent  ventures or the income or profits derived  therefrom,  and the
pursuit of any such venture, even if competitive with the Business, shall not be
deemed  wrongful or  improper.  Except to the extent  otherwise  provided in the
Ancillary Agreements, no

                                      -35-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

Partner or  Affiliate  thereof  shall be  obligated  to present  any  particular
investment  opportunity to DFS even if such  opportunity is of a character that,
if presented to DFS, could be taken by DFS, and any Partner or Affiliate thereof
shall have the right to take for its own account  (individually or as a partner,
shareholder,  fiduciary  or  otherwise)  or to  recommend  to  others  any  such
particular investment opportunity.

      10.8 Indemnification by the Partners.

            (a)  Indemnification by Dell-DFS.  Dell-DFS shall indemnify and hold
harmless  DFS and each  Covered  Person  from  and  against  any and all  Claims
asserted against, or Damages suffered or incurred by, DFS or such Covered Person
as a result of, in connection with or arising out of:

                  (i) Any  failure by  Dell-DFS  or any  Dell-DFS  Affiliate  to
      perform or fulfill any covenant, obligation or duty of Dell-DFS under this
      Agreement or any  Ancillary  Agreement to which  Dell-DFS or such Dell-DFS
      Affiliate is a party;

                  (ii) Any  breach  of any  warranty  or the  inaccuracy  of any
      representation  made  or  given  by  Dell-DFS  or any  Dell-DFS  Affiliate
      pursuant to this Agreement or any Ancillary Agreement to which Dell-DFS or
      such Dell-DFS  Affiliate is a party or any other documents or certificates
      executed and delivered to DFS or a Covered  Person in  connection  with or
      pursuant to this Agreement; or

                  (iii) Any Claim or  Damages  caused by or  resulting  from the
      fraud,  deceit,  willful  misconduct  or gross  negligence of any officer,
      director,  stockholder,  partner,  employee,  representative  or  agent of
      Dell-DFS or any Dell-DFS Affiliate.

            (b)  Indemnification  by CIT DFS. CIT DFS shall  indemnify  and hold
harmless  DFS and each  Covered  Person  from  and  against  any and all  Claims
asserted against, or Damages suffered or incurred by, DFS or such Covered Person
as a result of, in connection with or arising out of:

                  (i) Any failure by CIT DFS or any CIT DFS Affiliate to perform
      or  fulfill  any  covenant,  obligation  or  duty of CIT  DFS  under  this
      Agreement  or any  Ancillary  Agreement  to which  CIT DFS or such CIT DFS
      Affiliate is a party;

                  (ii) Any  breach  of any  warranty  or the  inaccuracy  of any
      representation  made or given by CIT DFS or any CIT DFS Affiliate pursuant
      to this Agreement or any Ancillary  Agreement to which CIT DFS or such CIT
      DFS Affiliate is a party or any other documents or  certificates  executed
      and delivered to DFS or a Covered Person in connection with or pursuant to
      this Agreement; or

                  (iii) Any Claim or  Damages  caused by or  resulting  from the
      fraud,  deceit,  willful  misconduct  or gross  negligence of any officer,
      director, stockholder,  partner, employee,  representative or agent of CIT
      DFS or any CIT DFS Affiliate.

            (c)  Survival.  The  indemnification  obligations  set forth in this
Section 10.8 shall survive the termination of this Agreement for a period of two
years.

                                      -36-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

                                   ARTICLE XI

                                  MISCELLANEOUS

      11.1 Title to Assets.  Title to Property  acquired by DFS shall be held in
the name of DFS. No Partner shall  individually  have any ownership  interest or
rights in the Property of DFS,  except  indirectly  by virtue of such  Partner's
ownership  of an Interest.  No Partner  shall have any right to seek or obtain a
partition  of the  Property of DFS,  nor shall any Partner have the right to any
specific Property of DFS upon the Liquidation of or any Distribution from DFS.

      11.2 Nature of Interest in DFS. An Interest shall be personal property for
all purposes.

      11.3 Waiver of Default.  No consent or waiver,  express or implied, by DFS
or a Partner with respect to any breach or default by another Partner  hereunder
shall be deemed or construed to be a consent or waiver with respect to any other
breach or default by such Partner of the same  provision or any other  provision
of this  Agreement.  Failure on the part of DFS or a Partner to  complain of any
act or  failure to act of another  Partner or to declare  such other  Partner in
default  shall not be deemed or constitute a waiver by DFS or the Partner of any
rights  hereunder.  The  failure at any time of any  Partner to insist on strict
performance  of any  provision  of this  Agreement  (including  any delay in the
exercise of any rights  granted  hereunder)  shall not limit the ability of that
party to insist at any future time  whatsoever on the performance of the same or
any other  provision  (except insofar as that Partner may have given a valid and
effective written waiver or release).

      11.4 No Third  Party  Rights.  None of the  provisions  contained  in this
Agreement  shall be for the benefit of or enforceable by any third parties other
than Covered Persons, including creditors of DFS.

      11.5 Entire  Agreement and  Amendments.  This  Agreement and the Ancillary
Agreements and the other agreements and documents  referred to herein or therein
constitute the entire  agreement  between the parties  hereto  pertaining to the
subject  matter  hereof.   This  Agreement   supersedes  any  prior  agreements,
negotiations  and  discussions  of the parties in respect of the subject  matter
hereof.  No amendment,  waiver or termination of this Agreement shall be binding
unless  executed in writing by the parties and no such amendment or waiver shall
extend to anything other than the specific subject matter thereof.

      11.6 Further  Assurances.  Each of the Partners hereto shall, from time to
time at any other Partner's  reasonable  request and expense and without further
consideration,  execute and deliver such other instruments or documents and take
such  further  action as such other  Partner  may  require  to more  effectively
complete any matter provided for herein.

      11.7 Notices.  Unless otherwise  provided herein,  all notices,  requests,
consents and other communications  hereunder shall be in writing and may be sent
by first class United States mail, by hand or courier  delivery or by facsimile.
Any such notice  shall be deemed to be received  (a) if mailed,  four days after
such notice is sent via first class United States mail,  postage  prepaid to the
address  listed  below for the party to whom the notice is being  sent  ("Notice
Party"); (b) if hand delivered or delivered by courier,  upon actual delivery of
such

                                      -37-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

notice to the Notice Party at the address listed below for such Notice Party; or
(c) if sent by  facsimile,  on the  first  Business  Day  after  the date of the
sender's receipt of a confirmed  transmission of such notice to the Notice Party
at the facsimile  number  listed below for such Notice Party.  The addresses and
facsimile numbers for each Partner shall be as set forth opposite such Partner's
name on Schedule 1. Any  Partner may change its address or  facsimile  number by
providing  written notice,  in accordance with the foregoing  provisions of this
Section 11.7, to each other Partner of such change.

      11.8 Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed to be an original and which taken together shall be deemed
to constitute one and the same instrument.

      11.9 Amendment to Certificate.  Each Partner agrees to execute, and hereby
appoints the General Partner as its  attorney-in-fact  to execute, in its stead,
all certificates of amendments to the Certificate which are approved as provided
in this Agreement and which are required to be filed with the Delaware Secretary
of  State  pursuant  to the  Act.  Any  amendment  to the  Certificate  must  be
unanimously approved by the Partners. In addition,  each Partner agrees to amend
this Agreement to reflect any changes from time to time,  effected in accordance
with the  terms  and  conditions  of this  Agreement,  in the  Interests  of the
Partners.

      11.10  Severability.  If any  provision  of this  Agreement  is held to be
illegal,  invalid or  unenforceable  to any extent,  the  legality,  validity or
enforceability  of the remainder of this Agreement shall not be affected thereby
and shall remain in full force and effect and be enforced to the greatest extent
permitted by law.

      11.11 Confidentiality. Each Partner acknowledges that it or its Affiliates
has  acquired  or may  from  time to time  acquire  throughout  the  term of DFS
"Confidential Information",  as defined below, concerning DFS or another Partner
and its Affiliates  and their  respective  operations,  the use or disclosure of
which  could  cause such  other  Partner  and its  Affiliates  immeasurable  and
substantial  Damages for which no remedy at law would be adequate.  Accordingly,
each Partner agrees and covenants that neither it nor any of its Affiliates (the
"Disclosing Party") shall at any time directly or indirectly disclose or divulge
any  Confidential  Information  about any other Partner or any of its Affiliates
(the  "Affected  Party")  to any  Person  (other  than  any  officer,  director,
stockholder,  partner,  employee,  attorney,  representative  or  agent  of  the
Disclosing Party who is subject to a non-disclosure  agreement incorporating the
provisions  of this  Section  11.11)  without the prior  written  consent of the
Affected Party. The term "Confidential  Information" includes information not in
the public  domain and not  previously  disclosed  to the public or to the trade
with  respect to DFS or the  customers,  products,  facilities,  methods,  trade
secrets and other intellectual property,  systems,  hardware,  software,  credit
approval  processing  and scoring  systems,  technical  platform  and  know-how,
marketing  know-how  (other than the legal or business  structure of DFS or Dell
Credit), sales pitches,  telemarketing information,  confidential reports, price
lists, financial  information,  business plans, prospects and opportunities of a
Partner  or  any of its  Affiliates.  Notwithstanding  the  foregoing,  (a)  the
foregoing  restrictions shall not apply with respect to any matters specifically
covered by any Ancillary Agreement,  (b) Dell,  Dell-DFS,  CIT and CIT DFS shall
each be entitled to disclose Confidential Information to the extent, but only to
the least possible extent,  necessary to effect one or more  securitizations  or
one or more participations in the credit facilities provided to

                                      -38-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

DFS, (c) any Partner shall be entitled to disclose  Confidential  Information to
the extent  (i) it is legally  compelled  to do so under  applicable  law or any
administrative or judicial order (provided that prior to any such disclosure DFS
and each other Partner is given at least 15 days, or such shorter time as may be
compelled by such law or order,  advance written notice of such Partner's intent
to  disclose  pursuant  thereto) or (ii) it is pursuant to any action to enforce
this  Agreement,  (d) Dell and Dell-DFS  (and their  Affiliates)  shall have the
right to disclose Confidential Information to any Person other than a competitor
of CIT  (unless  CIT shall have  provided  its prior  written  consent  for such
disclosure,   which  consent  shall  not  be  unreasonably  withheld),  if  such
disclosure  is  reasonably  required  in order to  carry  out the  terms of this
Agreement or the Ancillary  Agreements or to facilitate the transition of DFS to
a more integrated financing entity; provided that, prior to any such disclosure,
the intended recipient of such Confidential Information executes and delivers to
DFS a form of agreement  pursuant to which such recipient  agrees to be bound by
the  provisions of this Section  11.11.,  and (e) upon the  occurrence of a Dell
Termination Event, CIT Termination Event (or the reasonable likelihood that such
events are imminent),  or in connection  with  Dell-DFS'  evaluation of the Dell
2008 Option,  the Dell Purchase Option or the Dell 2010 Buyout  Obligation,  the
Parties  shall  each have the  right to  disclose  information  about  DFS,  the
Business and its  Property to any Person other than a competitor  of CIT (unless
CIT shall have provided its prior  written  consent for such  disclosure,  which
consent shall not be unreasonably  withheld),  for the purpose of evaluating the
proposed transaction,  soliciting the interest of any Person in an investment or
other  participation  in DFS, the Business or its  Property or  negotiating  the
terms  of  such  investment  or  other  participation  (or  preparing  for  such
negotiation),  provided that prior to any such disclosure the intended recipient
of  such  Confidential  Information  executes  and  delivers  to DFS a  form  of
agreement  pursuant to which such recipient agrees to be bound by the provisions
of this Section 11.11.

      11.12 Equitable Relief. Each Partner agrees that there will be irreparable
Damage  to the  other  Partners  if the  provisions  of  Section  11.11  are not
specifically  enforced  or if a  breach  or  anticipated  breach  of any of such
provisions is not enjoined.  If a Partner which is required by this Agreement to
perform an act pursuant to any of such  provisions  fails to perform any of such
provisions,  the other  Partner may institute  and maintain  proceedings  in any
court of  competent  jurisdiction  to compel the  specific  performance  of such
provisions. In addition, if any Partner breaches any of such provisions (or if a
breach is reasonably anticipated),  any other Partner may institute and maintain
proceedings in any court of competent  jurisdiction to enjoin any such breach or
anticipated  breach,  and may  obtain  an  injunction  against  such  breach  or
reasonably anticipated breach. The prevailing Partner in any litigation pursuant
to this  Section  11.12  shall be entitled  to recover  from the  non-prevailing
Partner all of its costs paid or incurred in connection therewith.  The Partners
expressly waive any requirement  under applicable law or court that a party post
a bond or security to initiate or maintain an action under this  Section  11.12.
To the extent that any such waiver is  ineffective,  the Partners hereby express
their interest that the amount of any such bond or security be nominal.

      11.13 Currency.  All references to dollar amounts in this Agreement are in
United States currency.

                                      -39-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

      IN WITNESS WHEREOF,  the parties hereby have executed this Agreement as of
the day and year first above written.

                                            DELL CREDIT COMPANY LLC., a Delaware
                                            limited liability company

                                            By:   /s/ J. Kevin Nater
                                                --------------------------------

                                            Name: J. Kevin Nater

                                            Title:  Chairman of the Board

                                            DELL DFS CORPORATION, a Delaware
                                            corporation

                                            By:   /s/ Brian P. MacDonald
                                                --------------------------------

                                            Name: Brian P. MacDonald

                                            Title: Vice President and Treasurer

                                            CIT DFS INC., a Delaware corporation

                                            By:   /s/ Jeffrey D. Simon
                                                --------------------------------

                                            Name: Jeffrey D. Simon

                                            Title: President

                                      -40-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

                                   SCHEDULE 1

                   Addresses And Facsimile Numbers For Notice

<TABLE>
<CAPTION>
   Partner/Affiliate                         Address                                      Facsimile Number
   -----------------                         -------                                      ----------------

<S>                                    <C>                                                   <C>
Dell Credit Company LLC                One Dell Way                                          512-728-8252
                                       Round Rock, Texas 78682

                                       Attention:        President

Dell DFS Corporation                   One Dell Way                                          512-283-9501
                                       Round Rock, Texas 78682

                                       Attention: Treasurer

                                       With a copy to:

                                       One Dell Way
                                       Round Rock, Texas 78682

                                       Attention:  General Corporate Counsel                 512-728-3773

CIT Group Inc.                         1 CIT Drive                                           973-740-5087
                                       Livingston, NJ 07039

                                       Attention: Heidi H. Smith
                                       Vice President
                                       Associate Chief Counsel

                                       With a copy to:

                                       Wachtell, Lipton, Rosen & Katz
                                       51 West 52nd Street
                                       New York NY 10019

                                       Attention:  Trevor S. Norwitz, Esq.                   212-403-2000
</TABLE>

                                      -41-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

                                   SCHEDULE 2
                               BUYOUT PRICE MATRIX
                                  (in millions)

The Buyout Price shall be the number set forth  opposite the amount of Look Back
Income determined pursuant to Section 8.3(b)(ii) of this Agreement.

<TABLE>
<CAPTION>
      Look Back Income                Buy Out Price              Look Back Income               Buyout Price
      ----------------                -------------              ----------------               ------------
<S>          <C>                          <C>                           <C>                         <C>
                                                                        $ *                         $223
                                                                        $ *                         $226
             $ *                          $100                          $ *                         $229
             $ *                          $103                          $ *                         $232
             $ *                          $106                          $ *                         $235
             $ *                          $109                          $ *                         $238
             $ *                          $112                          $ *                         $241
             $ *                          $115                          $ *                         $244
             $ *                          $118                          $ *                         $247
             $ *                          $121                          $ *                         $250
             $ *                          $124                          $ *                         $253
             $ *                          $127                          $ *                         $256
             $ *                          $130                          $ *                         $259
             $ *                          $133                          $ *                         $262
             $ *                          $136                          $ *                         $265
             $ *                          $139                          $ *                         $268
             $ *                          $142                          $ *                         $271
             $ *                          $145                          $ *                         $274
             $ *                          $148                          $ *                         $277
             $ *                          $151                          $ *                         $280
             $ *                          $154                          $ *                         $283
             $ *                          $157                          $ *                         $286
             $ *                          $160                          $ *                         $289
             $ *                          $163                          $ *                         $292
             $ *                          $166                          $ *                         $295
             $ *                          $169                          $ *                         $298
             $ *                          $172                          $ *                         $301
             $ *                          $175                          $ *                         $304
             $ *                          $178                          $ *                         $307
             $ *                          $181                          $ *                         $310
             $ *                          $184                          $ *                         $313
             $ *                          $187                          $ *                         $316
             $ *                          $190                          $ *                         $319
             $ *                          $193                          $ *                         $322
             $ *                          $196                          $ *                         $325
</TABLE>

--------
* This portion has been redacted pursuant to a confidential treatment request.

                                      -42-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.

<PAGE>

<TABLE>
<CAPTION>
      Look Back Income                Buy Out Price              Look Back Income               Buyout Price
      ----------------                -------------              ----------------               ------------
<S>          <C>                          <C>                           <C>                         <C>
             $ *                          $199                          $ *                         $328
             $ *                          $202                          $ *                         $331
             $ *                          $205                          $ *                         $334
             $ *                          $208                          $ *                         $337
             $ *                          $211                          $ *                         $340
             $ *                          $214                          $ *                         $343
             $ *                          $217                          $ *                         $345
             $ *                          $220                          $ *                         $345
</TABLE>

--------
* This portion has been redacted pursuant to a confidential treatment request.

                                      -43-

CONFIDENTIAL TREATMENT REQUESTED BY CIT GROUP INC.Exhibit
  4.1

	
      COMMON
        

    	
      

    	
      

    	
      

    	
      

    	
      COMMON

    
	
      NUMBER

    	
      

    	
      

    	
      

    	
      

    	
      SHARES

    
	
      C

    	
      

    	
      [LOGO]
        DUCKWALL - ALCO STORES, INC.

    	
      

    	
      

    	
      

    
	
      

    	
      

    	
      

    	
      

    	
      

    	
      

    
	
      INCORPORATED
        UNDER THE

        LAWS OF THE STATE OF KANSAS

    	
      

    	
      

    	
      

    	
      

    	
      SEE
        REVERSE FOR CERTAIN 

        LEGENDS AND DEFINITIONS 

    
	
      

    
	
      THIS
        CERTIFIES THAT

    	
      

    	
      

    	
      

    	
      

    	
      CUSIP
        264142 10 0

    
	
      

    	
      

    	
      SPECIMEN

    	
      

    	
      

    	
      

    
	
       

    	
       

    	
       

    	
       

    	
       

    	
       

    
	is the registered
      holder of					
	
      

    

SHARES OF
  FULLY PAID AND NON-ASSESSABLE COMMON STOCK, PAR VALUE $.0001, OF

DUCKWALL-ALCO
  STORES, INC. 

CERTIFICATE
  OF STOCK 

transferable on the books of the
Company by the holder hereof in person or   by duly authorized attorney upon surrender of
this certificate properly endorsed.   This certificate is not valid until countersigned
by the Transfer Agent.  

                IN
  WITNESS WHEREOF, the Company has caused the facsimile signature of its President
  to be printed hereon and the facsimile of its seal to be printed hereon and
  attested by the facsimile signature of its Secretary printed hereon. 

	Dated:	 	 	 	 	 
	 	/s/ Charles
      E. Bogan	
      

    	
      SEAL

    	/s/ Glen
      L. Shank	 
	 	 	Secretary
      	 	 	President
      

	COUNTERSIGNED: 	 	 
	BY	UMB BANK, N.A.	 
	 	 	TRANSFER AGENT

 
	 	
	 

 

  
The following abbreviations,
    when used in the inscription on the face of this certificate, shall be construed
    as though they were written out in full according to applicable laws or regulations:

  	
        TEN COM 

      	- 	as tenants
        in common	 	
        UNIF GIFT MIN ACT-_______ as
          Custodian for _______

      	
        UNIF TRAN MIN ACT--_______ as
          Custodian for _______

      
	
         

      	 	 	 	
                       (Cust)

      	(Minor)	
                               (Cust)

      	(Minor)
	
        TEN ENT 

      	- 	as tenants
        by the entireties	 	
        under Uniform Gifts to Minors

      	 	
        under Uniform Transfers to Minors

      	 
	
         

      	 	 	 	
        Act _____________

      	 	
        Act _______________

      	 
	
        JT TEN 

      	- 	as joint
        tenants with right of survivorship and not as tenants in common	 	
                (State)

      	 	
                  (State)

      	 
	
         

      	 	 	 	
         

      	 	
         

      	 
	
        TOD 

      	- 	transfer
        on death direction in event of owner’s death, to person named on face	 	
         

      	 	
         

      	 
	 
	Additional
        abbreviations may also be used though not in the above list.

        

        _______________________________________________________________________________
	 
	 For
        value received, ________________ hereby sell, assign and transfer unto

  

  	PLEASE
        INSERT SOCIAL SECURITY OR OTHER

        IDENTIFYING NUMBER OF ASSIGNEE	 
	
        

        

      	 

  	
        

        (Please print or typewrite name
        and address, including zip code, of assignee) 
	 	 
	
        

      
	 	 
	
        

      
	 	 
	__________________________________________________________________________________	shares
	of the stock represented
        by the within Certificate, and do hereby irrevocably constitute and appoint	 
	__________________________________________________________________________________	attorney
	to transfer the said
        stock on the books of the within named Company with full power of substitution
        in the premises.	 

  Dated:

  X                                                                                                  
    

  	    	NOTICE:  THE SIGNATURE(S)
        TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE
        FACE OF THE CERTIFICATE IN EVERY PARTICU-LAR, WITHOUT ALTERATION OR ENLARGE-MENT
        OR ANY CHANGE WHATEVER.	 

   

  X                                                                                                  
    

	
        

      ALL GUARANTEES MUST BE MADE BY A FINANCIAL
      INSTITUTION (SUCH AS A BANK OR BROKER) WHICH IS A PARTICIPANT IN THE SECURITIES
      TRANSFER AGENTS MEDALLION PROGRAM (“STAMP”), THE NEW YORK STOCK
      EXCHANGE, INC. MEDALLION SIGNATURE PROGRAM (“MSP”), OR THE STOCK
      EXCHANGES MEDALLION PROGRAM (“SEMP”) AND MUST NOT BE DATED. GUARANTEES
      BY A NOTARY PUBLIC ARE NOT ACCEPTABLE.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]